# EDGAR Filing Document

**Accession Number:** 0001987221
**File Stem:** 0001193125-26-217152
**Filing Date:** 2026-5
**Character Count:** 277389
**Document Hash:** 20ff57a0e4ec003e090923cc1254e739
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-217152.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001193125-26-217152

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** John Hancock Comvest Private Income Fund
- **CENTRAL INDEX KEY:** 0001987221

**ORGANIZATION NAME:**
- **EIN:** 932227144
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01669
- **FILM NUMBER:** 26964581

**BUSINESS ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVENUE, SUITE 1700
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** (561) 727-2200

**MAIL ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVENUE, SUITE 1700
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMG Comvest Senior Lending Fund
- **DATE OF NAME CHANGE:** 20231024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Comvest Credit Partners BDC Fund, L.P.
- **DATE OF NAME CHANGE:** 20230725

?xml version='1.0' encoding='ASCII'? 10-Q

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

------

**FORM** 10-Q

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **March 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission File Number:** 814-01669

------

John Hancock Comvest Private Income Fund

**(Exact Name of Registrant as Specified in Charter)**

------

---

| | |
|:---|:---|
| Delaware | 93-4109571 |
| **(State or Other Jurisdiction of** <br>**Incorporation or Organization)** | **(I.R.S. Employer** <br>**Identification No.)** |
| 360 S Rosemary Avenue**,** Suite 1700**,** |  |
| West Palm Beach**,** FL | 33401 |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**(**561**)** 727-2001

**(Registrant's telephone number, including area code)**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of Each Class**<br>| &nbsp;&nbsp;&nbsp;**Trading**<br>**Symbol(s)**<br>| &nbsp;&nbsp;&nbsp;**Name of Each Exchange**<br>**on Which Registered**<br>|
| **None** | **None** | **None** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer  | ☐ |
| Non-accelerated filer  | ☒ | Smaller reporting company | ☐ |
| Emerging growth company  | ☒ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 18,631,636 issued and outstanding shares of the registrant's Class I common shares of beneficial interest, $0.001 par value per share, on May 11, 2026.

------

**John Hancock Comvest Private Income Fund**

**Quarterly Report on Form 10-Q**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **<u>PART I.</u>** | [**<u>FINANCIAL INFORMATION</u>**](#statement_of_assets_and_liabilities) | 1 |
| <u>Item 1.</u> | [<u>Financial Statements</u>](#statement_of_assets_and_liabilities) | 1 |
| [<u>Item 2.</u>](#mda) | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#mda) | 54 |
| <u>Item 3.</u> | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#quantitative_and_qualitative_disclosures) | 65 |
| <u>Item 4.</u> | [<u>Controls and Procedures</u>](#controls_and_procedures) | 66 |
| **<u>PART II.</u>** | [**<u>OTHER INFORMATION</u>**](#other_information) | 66 |
| <u>Item 1.</u> | [<u>Legal Proceedings</u>](#legal_proceedings) | 66 |
| <u>Item 1A.</u> | [<u>Risk Factors</u>](#risk_factors) | 67 |
| <u>Item 2.</u> | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#unregistered_sales) | 67 |
| <u>Item 3.</u> | [<u>Defaults Upon Senior Securities</u>](#defaults) | 68 |
| <u>Item 4.</u> | [<u>Mine Safety Disclosures</u>](#safety_disclosures) | 68 |
| <u>Item 5.</u> | [<u>Other Information</u>](#item5_other_information) | 68 |
| <u>Item 6.</u> | [<u>Exhibits</u>](#exhibits) | 69 |
| [**<u>SIGNATURES</u>**](#signatures) | [**<u>SIGNATURES</u>**](#signatures) | 70 |

---

------

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(amounts in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** |  |
|  | **<u>(Unaudited)</u>** | **December 31, 2025** |
| **Assets** |  |  |
| Non-controlled, non-affiliated investments, at fair value (amortized cost of $875,057 and $920,814, respectively) | $871888 | $921760 |
| Non-controlled, affiliated investments (amortized cost of $1,941 and $2,510, respectively) | 1963 | 2458 |
| Controlled, affiliated investments (amortized cost of $13,529 and $13,500, respectively) | 13756 | 13507 |
| &nbsp;&nbsp;Total investments, at fair value (amortized cost of $890,527 and $936,824, respectively) | 887607 | 937725 |
| Cash | 893 | 94 |
| Cash Equivalents | 6567 | 3334 |
| Restricted cash | 6722 | 6807 |
| Receivables: |  |  |
| &nbsp;&nbsp;Receivable for paydowns of investments | 759 | 613 |
| &nbsp;&nbsp;Interest receivable | 6236 | 7853 |
| &nbsp;&nbsp;Due from affiliates (Note 4) | 1140 | 1437 |
| Prepaid expenses and other assets | 1024 | 1549 |
| &nbsp;&nbsp;**Total Assets** | $910948 | $959412 |
| **Liabilities** |  |  |
| Secured Loan Facility (net of deferred financing costs of $2,548 and $2,740, respectively) | $331334 | $390565 |
| Credit Facility (net of deferred financing costs of $556 and $630, respectively) | 100444 | 87370 |
| Payables: |  |  |
| &nbsp;&nbsp;Dividend distributions payable | 3935 | 4052 |
| &nbsp;&nbsp;Management fee payable, net (Note 4) | 1450 | 1443 |
| &nbsp;&nbsp;Deferred tax liability | 95 | 88 |
| &nbsp;&nbsp;Interest payable | 2862 | 2297 |
| &nbsp;&nbsp;Incentive fee payable | 1679 | 1440 |
| &nbsp;&nbsp;Accrued other general and administrative expenses | 1865 | 1519 |
| &nbsp;&nbsp;**Total Liabilities** | $443664 | $488774 |
| Commitments and contingencies (Note 6) |  |  |
| **Net Assets** |  |  |
| Class I shares, $0.001 par value; unlimited authorized; 18,631,636 and 18,631,405 shares issued and outstanding, respectively | $19 | $19 |
| Additional paid-in capital | 469998 | 469992 |
| Total distributable earnings (accumulated deficit) | (2733) | 627 |
| &nbsp;&nbsp;**Total Net Assets** | $467284 | $470638 |
| &nbsp;&nbsp;**Total Liabilities and Net Assets** | $910948 | $959412 |
| &nbsp;&nbsp;**Net Asset Value Per Share** | $25.08 | $25.26 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(amounts in thousands, except share and per share data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months<br>Ended March 31,** | **For the Three Months<br>Ended March 31,** |
|  | **2026** | **2025** |
| **Income:** |  |  |
| Investment income from non-controlled, non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $22632 | $12211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 713 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 837 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/non-affiliate company investments | 24182 | 12606 |
| Investment income from controlled, affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 29 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from controlled/affiliate company investments | 49 |  |
| **Total Investment Income** | 24231 | 12606 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 1450 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 1574 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 290 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 7589 | 4098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 659 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 65 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizational and offering expenses | 198 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general expenses | 572 | 209 |
| **Total Expenses** | 12397 | 7056 |
| &nbsp;&nbsp;Less: Expense reimbursement (Note 4) | (255) | (267) |
| &nbsp;&nbsp;**Net expenses** | 12142 | 6789 |
| **Net Investment Income (Loss)** | 12089 | 5817 |
| **Realized and unrealized gains (losses) on investments and foreign currency transactions** |  |  |
| Net realized gains (losses): |  |  |
| &nbsp;&nbsp;Non-controlled, non-affiliated investments | 88 |  |
| **Total net realized gains (losses)** | 88 |  |
| Net change in unrealized gains (losses): |  |  |
| &nbsp;&nbsp;Non-controlled, non-affiliated investments | (4115) | 904 |
| &nbsp;&nbsp;Non-controlled, affiliated investments | 74 |  |
| &nbsp;&nbsp;Controlled, affiliated investments | 220 |  |
| &nbsp;&nbsp;Net change in deferred tax liability | (8) | (8) |
| **Total net change in unrealized gains (losses)** | (3829) | 896 |
| **Total realized and unrealized gains (losses)** | (3741) | 896 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $8348 | $6713 |
| **<u>Per Share Data:</u>** |  |  |
| **Basic and diluted net investment income/(loss) per share** | $0.65 | $0.54 |
| **Basic and diluted net increase/(decrease) in net assets resulting from operations per share** | $0.45 | $0.63 |
| **Weighted Average Shares Outstanding - Basic and Diluted** | 18631485 | 10684405 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months<br>Ended March 31,** | **For the Three Months<br>Ended March 31,** |
|  | **2026** | **2025** |
| **Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $12089 | $5817 |
| &nbsp;&nbsp;Net realized gains (losses) on investments | 88 |  |
| &nbsp;&nbsp;Net change in unrealized gains (losses) on investments | (3829) | 896 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | 8348 | 6713 |
| **Net Decrease in Net Assets Resulting from Shareholder Distributions** | (11708) | (5656) |
| **Increase in Net Assets Resulting from Capital Share Transactions** |  |  |
| &nbsp;&nbsp;Proceeds of issuance of common shares |  | 70150 |
| &nbsp;&nbsp;Reinvestment of distributions | 6 | 3 |
| **Proceeds from issuance of shares** | 6 | 70153 |
| **Total Increase (Decrease) in Net Assets** | (3354) | 71210 |
| Net Assets, Beginning of Period | 470638 | 201270 |
| **Net Assets, End of Period** | $467284 | $272480 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months<br>Ended March 31,** | **For the Three Months<br>Ended March 31,** |
|  | **2026** | **2025** |
| **Cash Flows from Operating Activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $8348 | $6713 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains) losses on investments | (88) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gains) losses (net of the change in deferred tax liability) | 3829 | (896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount on investments | (739) | (408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 266 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment in-kind interest income | (733) | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of portfolio investments | (24456) | (153097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales or repayments of portfolio investments | 72314 | 4486 |
| Increase (decrease) in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in interest receivable | 1617 | (1944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in due from affiliates | 297 | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in receivable for paydowns of investments | (146) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in prepaid expenses and other assets | 525 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in payable for investments purchased |  | 9893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in management fees payable | 7 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in interest payable | 565 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in incentive fee payable | 239 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in due to affiliates |  | (271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued other general and administrative expenses | 346 | 574 |
| &nbsp;&nbsp;**Net cash provided by (used in) operating activities** | 62191 | (133728) |
| &nbsp;&nbsp;**Cash Flows provided by (used in) Financing Activities:** |  |  |
| &nbsp;&nbsp;Borrowings on Secured Loan Facility | 3000 | 157000 |
| &nbsp;&nbsp;Repayments on Secured Loan Facility | (62423) | (54000) |
| &nbsp;&nbsp;Borrowings on Credit Facility | 13000 |  |
| &nbsp;&nbsp;Proceeds from Secured Borrowing |  | 35434 |
| &nbsp;&nbsp;Repayments on Secured Borrowing |  | (67969) |
| &nbsp;&nbsp;Deferred financing costs paid |  | (2750) |
| &nbsp;&nbsp;Distributions paid in cash | (11821) | (3517) |
| &nbsp;&nbsp;Proceeds from issuance of shares |  | 70150 |
| **Net cash provided by (used in) financing activities** | (58244) | 134348 |
| **Net increase (decrease) in cash and cash equivalents** | 3947 | 620 |
| Cash and cash equivalents and restricted cash, beginning of period | 10235 | 22885 |
| **Cash and cash equivalents and restricted cash, end of period** | $14182 | $23505 |
| **Supplemental and Non-Cash Information:** |  |  |
| Interest paid during the period | $7024 | $3876 |
| Reinvestment of distributions during the period | $6 | $3 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**(amounts in thousands, except per share data)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Ag Bells LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 4.75% (0.75% floor) | 8.42% | 8/19/2030 | $- | $(10) | $- | 0.0% |
| Ag Bells LLC - Term Loan | Consumer Services | SOFR + 4.75% (0.75% floor) | 8.42% | 8/19/2031 | 10306 | 10211 | 10306 | 2.2% |
| Allbridge, LLC - Delayed Draw Term Loan (6) | Telecommunication Services | SOFR + 5.50% (1.00% floor) | 9.20% | 6/5/2030 | - | (1) | - | 0.0% |
| Allbridge, LLC - Revolving Credit Line (6) | Telecommunication Services | SOFR + 5.50% (1.00% floor) | 9.20% | 6/5/2030 | - | (1) | - | 0.0% |
| Allbridge, LLC - Term Loan (7) | Telecommunication Services | SOFR + 5.50% (1.00% floor) | 9.20% | 6/5/2030 | 1759 | 1743 | 1759 | 0.4% |
| Allied OMS Intermediate Company, LLC - Delayed Draw Term Loan (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.89% | 12/12/2030 | - | (13) | (27) | 0.0% |
| Allied OMS Intermediate Company, LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.89% | 12/12/2030 | - | (8) | (9) | 0.0% |
| Allied OMS Intermediate Company, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.89% | 12/12/2030 | 8114 | 8041 | 8041 | 1.7% |
| Ampler QSR Holdings LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.00% (0.75% floor) | 8.67% | 8/19/2030 | - | (14) | (6) | 0.0% |
| Ampler QSR Holdings LLC - Term Loan | Consumer Services | SOFR + 5.00% (0.75% floor) | 8.67% | 8/19/2031 | 10468 | 10372 | 10426 | 2.2% |
| Archtop Fiber Intermediate LLC - Delayed Draw Term Loan (6) | Telecommunication Services | SOFR + 6.25% (2.75% floor) | 9.92% | 4/1/2030 | 3005 | 2907 | 2923 | 0.6% |
| Archtop Fiber Intermediate LLC - Term Loan | Telecommunication Services | SOFR + 6.25% (2.75% floor) | 9.92% | 4/1/2030 | 4508 | 4432 | 4454 | 1.0% |
| Armanino Advisory LLC - Delayed Draw Term Loan (6)(13) | Commercial & Professional Services | SOFR + 5.75% (1.00% floor) | 9.42% | 10/18/2029 | 498 | 473 | 498 | 0.1% |
| Armanino Advisory LLC - Revolving Credit Line (6)(13) | Commercial & Professional Services | SOFR + 5.75% (1.00% floor) | 9.43% | 10/18/2029 | 1037 | 1010 | 1037 | 0.2% |
| Armanino Advisory LLC - Term Loan (13) | Commercial & Professional Services | SOFR + 5.75% (1.00% floor) | 9.42% | 10/18/2029 | 13274 | 13081 | 13274 | 2.8% |
| Aspire General Holding Company LLC - Delayed Draw Term Loan (6) | Insurance | SOFR + 6.00% (2.00% floor) | 9.70% | 8/1/2030 | - | (23) | (5) | 0.0% |
| Aspire General Holding Company LLC - Revoling Credit Line (6) | Insurance | SOFR + 6.00% (2.00% floor) | 9.70% | 8/1/2030 | - | (6) | (1) | 0.0% |
| Aspire General Holding Company LLC - Term Loan | Insurance | SOFR + 6.00% (2.00% floor) | 9.70% | 8/1/2030 | 18066 | 17902 | 18030 | 3.9% |
| Batteries Plus Holding Corporation - Revolving Credit Line (6)(8) | Technology Hardware & Equipment | SOFR + 6.75% (1.00% floor) | 10.52% | 6/27/2028 | 12 | 12 | 12 | 0.0% |
| Batteries Plus Holding Corporation - Term Loan (7)(8) | Technology Hardware & Equipment | SOFR + 6.75% (1.00% floor) | 10.52% | 6/27/2028 | 470 | 467 | 470 | 0.1% |
| BHP Management Holdings, LLC - Delayed Draw Term Loan (7)(8) | Health Care Equipment & Services | SOFR + 4.50% (1.00% floor) | 8.35% | 10/27/2028 | 718 | 715 | 711 | 0.2% |
| BHP Management Holdings, LLC - Term Loan (7)(8) | Health Care Equipment & Services | SOFR + 4.50% (1.00% floor) | 8.35% | 10/27/2028 | 1243 | 1238 | 1232 | 0.3% |
| Billhighway, LLC - Delayed Draw Term Loan (8) | Software & Services | SOFR + 5.25% (1.00% floor) | 8.92% | 2/8/2029 | 60 | 60 | 60 | 0.0% |
| Billhighway, LLC - Revolving Credit Line (6)(8) | Software & Services | SOFR + 5.25% (1.00% floor) | 8.92% | 2/8/2029 | - | (1) | - | 0.0% |
| Billhighway, LLC - Term Loan (8) | Software & Services | SOFR + 5.25% (1.00% floor) | 8.92% | 2/8/2029 | 958 | 949 | 957 | 0.2% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Bishop Street Underwriters LLC - Delayed Draw Term Loan | Financial Services | SOFR + 5.25% (1.00% floor) | 8.92% | 7/31/2031 | $6829 | $6767 | $6788 | 1.5% |
| Bishop Street Underwriters LLC - Term Loan | Financial Services | SOFR + 5.25% (1.00% floor) | 8.92% | 7/31/2031 | 10217 | 10122 | 10156 | 2.2% |
| Brown & Root Industrial Services, LLC - Revolving Credit Line (6) | Commercial & Professional Services | SOFR + 5.00% (1.00% floor) | 8.67% | 10/3/2030 | 1644 | 1586 | 1580 | 0.3% |
| Brown & Root Industrial Services, LLC - Term Loan | Commercial & Professional Services | SOFR + 5.00% (1.00% floor) | 8.70% | 10/3/2030 | 18723 | 18466 | 18442 | 3.9% |
| Calidris Investment Partners Holdings Ltd - Term Loan (9)(23) | Insurance | SOFR + 7.50% | 11.20% | 12/31/2030 | 8251 | 8129 | 8146 | 1.7% |
| Cardiology Management Holdings, LLC - Delayed Draw Term Loan A (7)(8) | Health Care Equipment & Services | SOFR + 5.75% (1.00% floor) | 9.60% | 1/31/2029 | 483 | 477 | 483 | 0.1% |
| Cardiology Management Holdings, LLC - Delayed Draw Term Loan B (7)(8) | Health Care Equipment & Services | SOFR + 5.75% (1.00% floor) | 9.60% | 1/31/2029 | 473 | 468 | 473 | 0.1% |
| Cardiology Management Holdings, LLC - Term Loan (7)(8) | Health Care Equipment & Services | SOFR + 5.75% (1.00% floor) | 9.60% | 1/31/2029 | 685 | 676 | 685 | 0.1% |
| CheckedUp, Inc - Delayed Draw Term Loan (7)(8) | Media & Entertainment | SOFR + 5.00% (1.00% floor) | 8.77% | 10/20/2027 | 242 | 241 | 242 | 0.1% |
| CheckedUp, Inc - Revolving Credit Line (6)(8) | Media & Entertainment | SOFR + 5.00% (1.00% floor) | 8.77% | 10/20/2027 | 110 | 110 | 110 | 0.0% |
| CheckedUp, Inc - Term Loan (7)(8) | Media & Entertainment | SOFR + 5.00% (1.00% floor) | 8.77% | 10/20/2027 | 864 | 862 | 864 | 0.2% |
| Complete Paper Inc. - Term Loan | Materials | SOFR + 5.00% (0.75% floor) | 8.67% | 2/4/2031 | 19800 | 19553 | 18473 | 4.0% |
| Compu-Link Corporation - Revolving Credit Line (6) | Financial Services | SOFR + 6.00% (1.00% floor) | 9.68% | 4/4/2030 | - | (19) | (24) | 0.0% |
| Cooper's Hawk Intermediate Holding,LLC - Delayed Draw Term Loan (6) | Consumer Services | SOFR + 5.50% (0.75% floor) | 9.17% | 7/29/2031 | - | (12) | (31) | 0.0% |
| Cooper's Hawk Intermediate Holding,LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.50% (0.75% floor) | 9.17% | 7/29/2031 | - | (25) | (31) | 0.0% |
| Cooper's Hawk Intermediate Holding,LLC - Term Loan | Consumer Services | SOFR + 5.50% (0.75% floor) | 9.17% | 7/29/2031 | 21263 | 20979 | 20901 | 4.5% |
| CRA Funding 1, LLC - Term Loan | Financial Services | SOFR + 4.75% (2.00% floor) | 8.42% | 3/16/2029 | 26952 | 26744 | 26917 | 5.8% |
| CrossLink Professional Tax Solutions, LLC - Revolving Credit Line (6) | Software & Services | SOFR + 5.25% (1.00% floor) | 8.95% | 6/30/2028 | - | (10) | (8) | 0.0% |
| CrossLink Professional Tax Solutions, LLC - Term Loan | Software & Services | SOFR + 5.25% (1.00% floor) | 8.95% | 6/30/2028 | 9020 | 8949 | 8966 | 1.9% |
| D4C Dental Brands, Inc. - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 4.50% (3.00% floor) | 8.21% | 11/27/2029 | 713 | 699 | 711 | 0.2% |
| D4C Dental Brands, Inc. - Term Loan | Health Care Equipment & Services | SOFR + 4.50% (3.00% floor) | 8.23% | 11/27/2029 | 19681 | 19531 | 19662 | 4.2% |
| Diesco Industries Ltd. - Term Loan (9)(19) | Food, Beverage & Tobacco | SOFR + 6.50% (2.00% floor) | 10.20% | 12/31/2029 | 25334 | 25046 | 24878 | 5.3% |
| Diesco Industries Ltd. - Term Loan B (9)(19) | Food, Beverage & Tobacco | SOFR + 6.50% (2.00% floor) | 10.20% | 12/31/2029 | 1378 | 1360 | 1353 | 0.3% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Discovery SL Management, LLC - Delayed Draw Term Loan A (7) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.42% | 3/18/2030 | $354 | $352 | $354 | 0.1% |
| Discovery SL Management, LLC - Delayed Draw Term Loan B (6) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.42% | 3/18/2030 | 1162 | 1155 | 1162 | 0.2% |
| Discovery SL Management, LLC - Delayed Draw Term Loan C (6) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.42% | 3/18/2030 | - | (14) | - | 0.0% |
| Discovery SL Management, LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.42% | 3/18/2030 | - | (6) | - | 0.0% |
| Discovery SL Management, LLC - Term Loan (7) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.42% | 3/18/2030 | 2115 | 2097 | 2115 | 0.5% |
| DMA Holding Company - Revolving Credit Line | Software & Services | SOFR + 7.00% (1.00% floor) | 10.77% | 7/19/2028 | 115 | 113 | 110 | 0.0% |
| DMA Holding Company - Term Loan | Software & Services | SOFR + 7.00% (1.00% floor) | 10.77% | 7/19/2028 | 1039 | 1025 | 992 | 0.2% |
| Drive Assurance Corporation - Term Loan (7)(9) | Insurance | SOFR + 7.00% (2.00% floor) | 10.67% | 7/10/2030 | 3645 | 3618 | 3645 | 0.8% |
| eHealthInsurance Services, Inc. - Revolving Credit Line | Insurance | SOFR + 6.50% (2.00% floor) | 10.17% | 12/29/2028 | 13148 | 12967 | 12938 | 2.8% |
| Ensemble Music Schools LLC - Delayed Draw Term Loan B | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.17% | 3/28/2030 | 4209 | 4154 | 4180 | 0.9% |
| Ensemble Music Schools LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.17% | 3/28/2030 | - | (17) | (10) | 0.0% |
| Ensemble Music Schools LLC - Term Loan | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.17% | 3/28/2030 | 9066 | 8953 | 9003 | 1.9% |
| FloWorks International, LLC - Delayed Draw Term Loan | Capital Goods | SOFR + 4.75% (0.75% floor) | 8.42% | 11/26/2031 | 2409 | 2399 | 2380 | 0.5% |
| FloWorks International, LLC - Term Loan | Capital Goods | SOFR + 4.75% (0.75% floor) | 8.42% | 11/26/2031 | 19080 | 18922 | 18851 | 4.0% |
| Fullsteam Operations LLC - Delayed Draw Term Loan (6) | Software & Services | SOFR + 5.25% (0.75% floor) | 8.89% | 8/8/2031 | - | (26) | (190) | 0.0% |
| Fullsteam Operations LLC - Revolving Credit Line (6) | Software & Services | SOFR + 5.25% (0.75% floor) | 8.89% | 8/8/2031 | - | (17) | (63) | 0.0% |
| Fullsteam Operations LLC - Term Loan | Software & Services | SOFR + 5.25% (0.75% floor) | 8.89% | 8/8/2031 | 17308 | 17149 | 16737 | 3.6% |
| HAH Group Holding Company, LLC - Term Loan (10) | Health Care Equipment & Services | SOFR + 5.00% | 8.67% | 9/24/2031 | 9875 | 9752 | 8487 | 1.8% |
| Handgards, LLC - Term Loan | Materials | SOFR + 4.75% (1.00% floor) | 8.42% | 4/10/2031 | 21465 | 21374 | 21465 | 4.6% |
| Hasa Acquisition, LLC - Delayed Draw Term Loan (6)(8) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.17% | 1/10/2029 | 12 | 10 | 11 | 0.0% |
| Hasa Acquisition, LLC - Revolving Credit Line (6)(8) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.16% | 1/10/2029 | 103 | 101 | 102 | 0.0% |
| Hasa Acquisition, LLC - Term Loan (7)(8) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.16% | 1/10/2029 | 1382 | 1364 | 1377 | 0.3% |
| Heathos LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.42% | 9/19/2031 | - | (10) | (13) | 0.0% |
| Heathos LLC - Term Loan | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.42% | 9/19/2031 | 12128 | 11962 | 11910 | 2.5% |
| Hornblower Sub LLC - Revolving Credit Line (6) | Transportation | SOFR + 5.50% (1.00% floor) | 9.18% | 7/3/2029 | 455 | 452 | 431 | 0.1% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Hornblower Sub LLC - Term Loan (7) | Transportation | SOFR + 5.50% (1.00% floor) + 1.50% PIK | 9.15% | 7/3/2029 | $2874 | $2854 | $2725 | 0.6% |
| Integrity Marketing Acquisition, LLC - Delayed Draw Term Loan (6) | Financial Services | SOFR + 5.00% (0.75% floor) | 8.67% | 8/25/2028 | - | (3) | - | 0.0% |
| Integrity Marketing Acquisition, LLC - Revolving Credit Line (6) | Financial Services | SOFR + 5.00% (0.75% floor) | 8.67% | 8/25/2028 | - | (1) | - | 0.0% |
| Integrity Marketing Acquisition, LLC - Term Loan | Financial Services | SOFR + 5.00% (0.75% floor) | 8.67% | 8/25/2028 | 17936 | 17928 | 17936 | 3.8% |
| Juvare, LLC - Delayed Draw Term Loan (6) | Software & Services | SOFR + 5.25% (0.50% floor) | 8.91% | 5/1/2031 | - | - | (16) | 0.0% |
| Juvare, LLC - Revolving Credit Line (6) | Software & Services | SOFR + 5.25% (0.50% floor) | 8.91% | 5/1/2031 | 501 | 494 | 474 | 0.1% |
| Juvare, LLC - Term Loan | Software & Services | SOFR + 5.25% (0.50% floor) | 8.91% | 5/1/2031 | 11850 | 11796 | 11672 | 2.5% |
| KCK Ltd - Revolving Credit Line (9)(20) | Financial Services | SOFR + 5.55% | 9.25% | 9/27/2027 | 7026 | 7009 | 7026 | 1.5% |
| KCK Ltd - Term Loan (9)(20) | Financial Services | SOFR + 5.55% | 9.25% | 9/27/2027 | 12495 | 12465 | 12495 | 2.7% |
| KCK Ltd - Term Loan B (9)(20) | Financial Services | SOFR + 5.55% | 9.25% | 9/27/2027 | 1608 | 1608 | 1608 | 0.3% |
| KCK Ltd - Term Loan C (9)(20) | Financial Services | SOFR + 5.55% | 9.25% | 9/27/2027 | 26 | 26 | 26 | 0.0% |
| Kemper Sports Management, LLC - Delayed Draw Term Loan (7)(8) | Consumer Services | SOFR + 4.50% (0.75% floor) | 8.17% | 10/11/2029 | 440 | 438 | 439 | 0.1% |
| Kemper Sports Management, LLC - Revolving Credit Line (6)(8) | Consumer Services | SOFR + 4.50% (0.75% floor) | 8.17% | 10/11/2029 | - | (1) | 1 | 0.0% |
| Kemper Sports Management, LLC - Term Loan (7)(8) | Consumer Services | SOFR + 4.50% (0.75% floor) | 8.17% | 10/11/2029 | 1813 | 1804 | 1808 | 0.4% |
| Learn-it Systems, LLC - Delayed Draw Term Loan A (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.89% | 7/10/2031 | 305 | 279 | 305 | 0.1% |
| Learn-it Systems, LLC - Delayed Draw Term Loan B (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.89% | 7/10/2031 | - | - | - | 0.0% |
| Learn-it Systems, LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.89% | 7/10/2031 | - | (24) | - | 0.0% |
| Learn-it Systems, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.89% | 7/10/2031 | 13761 | 13567 | 13761 | 2.9% |
| Lindstrom, LLC - Revolving Credit Line (6)(8) | Capital Goods | SOFR + 5.50% (0.75% floor) | 9.24% | 12/30/2032 | 360 | 332 | 321 | 0.1% |
| Lindstrom, LLC - Term Loan (8) | Capital Goods | SOFR + 5.50% (0.75% floor) | 9.24% | 12/30/2032 | 13071 | 12884 | 12809 | 2.7% |
| Military Retail Solutions, LLC - Delayed Draw Term Loan (6)(8) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 8.92% | 6/28/2029 | - | (10) | - | 0.0% |
| Military Retail Solutions, LLC - Revolving Credit Line (6)(8) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 8.92% | 6/28/2029 | 404 | 394 | 404 | 0.1% |
| Military Retail Solutions, LLC - Term Loan (8) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 8.92% | 6/28/2029 | 12422 | 12247 | 12422 | 2.7% |
| National Debt Relief, LLC - Delayed Draw Term Loan (7)(8) | Financial Services | SOFR + 6.50% (2.50% floor) | 10.28% | 2/7/2028 | 598 | 596 | 598 | 0.1% |
| National Debt Relief, LLC - Revolving Credit Line (8) | Financial Services | SOFR + 6.50% (2.50% floor) | 10.28% | 2/7/2028 | 120 | 119 | 120 | 0.0% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| National Debt Relief, LLC - Term Loan (7)(8) | Financial Services | SOFR + 6.50% (2.50% floor) | 10.28% | 2/7/2028 | $718 | $716 | $718 | 0.2% |
| Nuclear Care Partners Holdings, Inc. - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 4.25% (1.00% floor) | 7.92% | 10/1/2030 | - | (18) | - | 0.0% |
| Nuclear Care Partners Holdings, Inc. - Term Loan | Health Care Equipment & Services | SOFR + 4.25% (1.00% floor) | 7.92% | 10/1/2030 | 6541 | 6464 | 6541 | 1.4% |
| Obra CICS Finance, LLC - Term Loan (9) | Insurance | SOFR + 4.75% (3.00% floor) | 8.42% | 12/31/2030 | 23571 | 23497 | 23570 | 5.0% |
| OEP Wheeler Buyer, LLC - Revolving Credit Line (6) | Capital Goods | SOFR + 5.25% (1.00% floor) | 8.92% | 4/1/2030 | - | (38) | (82) | 0.0% |
| OEP Wheeler Buyer, LLC - Term Loan | Capital Goods | SOFR + 5.25% (1.00% floor) | 8.92% | 4/1/2030 | 9406 | 9286 | 9161 | 2.0% |
| OL Texas Restaurants, LLC - Revolving Credit Line (6)(8) | Consumer Services | SOFR + 5.00% (1.00% floor) | 8.93% | 8/29/2029 | 163 | 162 | 146 | 0.0% |
| OL Texas Restaurants, LLC - Term Loan (7) | Consumer Services | SOFR + 5.00% (1.00% floor) | 8.93% | 8/29/2029 | 1435 | 1430 | 1330 | 0.3% |
| OpCo Borrower, LLC - Term Loan B | Health Care Equipment & Services | SOFR + 6.00% (1.00% floor) | 9.66% | 4/26/2029 | 10041 | 9923 | 10041 | 2.1% |
| Palmetto Longevity Fund, LLC - Delayed Draw Term Loan (6) | Insurance | SOFR + 6.50% (1.50% floor) | 10.17% | 4/11/2030 | 2061 | 2032 | 2056 | 0.4% |
| Palmetto Longevity Fund, LLC - Revolving Credit Line (6) | Insurance | SOFR + 6.50% (1.50% floor) | 10.17% | 4/11/2030 | 1102 | 1053 | 1093 | 0.2% |
| Palmetto Longevity Fund, LLC - Term Loan | Insurance | SOFR + 6.50% (1.50% floor) | 10.17% | 4/11/2030 | 13583 | 13421 | 13556 | 2.9% |
| Pansophic Learning US, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.42% | 5/15/2029 | 1474 | 1451 | 1475 | 0.3% |
| Pansophic Learning US, LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.42% | 5/15/2029 | - | (14) | - | 0.0% |
| Pansophic Learning US, LLC - Term Loan (7) | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.42% | 5/15/2029 | 11786 | 11603 | 11786 | 2.5% |
| Pediatric Home Respiratory Services, LLC - Delayed Draw Term Loan (6) | Health Care Equipment & Services | SOFR + 5.50% (0.75% floor) | 9.19% | 12/23/2030 | - | (4) | (10) | 0.0% |
| Pediatric Home Respiratory Services, LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 5.50% (0.75% floor) | 9.19% | 12/23/2030 | 213 | 209 | 208 | 0.0% |
| Pediatric Home Respiratory Services, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.50% (0.75% floor) | 9.10% | 12/23/2030 | 9696 | 9659 | 9647 | 2.1% |
| Pediatric Home Respiratory Services, LLC - Term Loan B (8) | Health Care Equipment & Services | SOFR + 5.50% (0.75% floor) | 9.10% | 12/23/2030 | 988 | 984 | 983 | 0.2% |
| Peer Advisors LLC - Term Loan | Financial Services | SOFR + 6.00% (1.00% floor) | 9.68% | 4/4/2030 | 20507 | 20245 | 20199 | 4.3% |
| Periscope Cybermaxx Buyer, Inc - Delayed Draw Term Loan (6)(14) | Software & Services | SOFR + 5.50% (1.00% floor) | 9.17% | 11/5/2029 | 278 | 265 | 230 | 0.0% |
| Periscope Cybermaxx Buyer, Inc - Revolving Credit Line (6)(14) | Software & Services | SOFR + 5.50% (1.00% floor) | 9.17% | 11/5/2029 | 413 | 405 | 397 | 0.1% |
| Periscope Cybermaxx Buyer, Inc - Term Loan (14) | Software & Services | SOFR + 5.50% (1.00% floor) | 9.17% | 11/5/2029 | 7565 | 7481 | 7391 | 1.6% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Petvet Care Centers, LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 6.00% (0.75% floor) | 9.67% | 11/15/2030 | $354 | $331 | $145 | 0.0% |
| Petvet Care Centers, LLC - Term Loan | Health Care Equipment & Services | SOFR + 6.00% (0.75% floor) | 9.67% | 11/15/2030 | 13254 | 13062 | 11690 | 2.5% |
| PF Carrus Careers, LLC - Revolving Credit Line (6)(8) | Consumer Services | SOFR + 4.75% (3.00% floor) | 8.45% | 11/13/2031 | 357 | 349 | 354 | 0.1% |
| PF Carrus Careers, LLC - Term Loan A (8) | Consumer Services | SOFR + 4.75% (3.00% floor) | 8.45% | 11/13/2031 | 3621 | 3587 | 3610 | 0.8% |
| PF Carrus Careers, LLC - Term Loan B (8) | Consumer Services | SOFR + 8.93% (3.00% floor) | 12.63% | 11/13/2031 | 1657 | 1606 | 1631 | 0.3% |
| Project Pathfinder Borrower, LLC - Revolving Credit Line (6) | Software & Services | SOFR + 2.37% (0.75% floor) | 8.68% | 1/22/2032 | - | (16) | (20) | 0.0% |
| Project Pathfinder Borrower, LLC - Term Loan | Software & Services | SOFR + 2.37% (0.75% floor) + 2.67% PIK | 8.68% | 1/22/2032 | 20077 | 19910 | 19876 | 4.3% |
| Project Pathfinder Borrower, LLC - Term Loan B | Software & Services | SOFR + 2.37% (0.75% floor) + 2.67% PIK | 8.68% | 1/22/2032 | 1503 | 1490 | 1488 | 0.3% |
| PURIS, LLC - Term Loan | Commercial & Professional Services | SOFR + 5.75% (1.00% floor) | 9.45% | 6/27/2031 | 19789 | 19986 | 19611 | 4.2% |
| Rails International, LLC - Revolving Credit Line (6) | Consumer Discretionary Distribution & Retail | SOFR + 6.25% (2.00% floor) | 9.92% | 12/20/2029 | - | (35) | (40) | 0.0% |
| Rails International, LLC - Term Loan | Consumer Discretionary Distribution & Retail | SOFR + 6.25% (2.00% floor) | 9.92% | 12/20/2029 | 13039 | 12836 | 12817 | 2.7% |
| Restaurant Holding Company, LLC - Term Loan (7)(8)(21) | Consumer Services | SOFR + 6.25% (1.00% floor) | 10.03% | 2/25/2028 | 1965 | 1961 | 1965 | 0.4% |
| Rialto Management Group, LLC - Revolving Credit Line (6) | Financial Services | SOFR + 4.75% (0.75% floor) | 8.42% | 12/5/2030 | - | (9) | (6) | 0.0% |
| Rialto Management Group, LLC - Term Loan | Financial Services | SOFR + 4.75% (0.75% floor) | 8.42% | 12/5/2030 | 17867 | 17722 | 17759 | 3.8% |
| Rialto Management Group, LLC - Term Loan B | Financial Services | SOFR + 4.75% (0.75% floor) | 8.42% | 12/5/2030 | 4000 | 3982 | 3976 | 0.9% |
| Salisbury House, LLC - Delayed Draw Term Loan (6) | Consumer Services | SOFR + 4.75% (0.75% floor) | 8.48% | 8/18/2032 | - | (11) | - | 0.0% |
| Salisbury House, LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 4.75% (0.75% floor) | 8.48% | 8/18/2032 | - | (14) | - | 0.0% |
| Salisbury House, LLC - Term Loan | Consumer Services | SOFR + 4.75% (0.75% floor) | 8.48% | 8/18/2032 | 11762 | 11654 | 11762 | 2.5% |
| Salt US Holdco, LLC - Delayed Draw Term Loan (6) | Transportation | SOFR + 5.73% (1.00% floor) | 9.43% | 7/31/2029 | 569 | 564 | 569 | 0.1% |
| Salt US Holdco, LLC - Delayed Draw Term Loan B (6) | Transportation | SOFR + 5.00% (1.00% floor) | 9.43% | 7/31/2029 | - | (13) | - | 0.0% |
| Salt US Holdco, LLC - Term Loan (7) | Transportation | SOFR + 5.73% (1.00% floor) | 9.43% | 7/31/2029 | 1974 | 1960 | 1974 | 0.4% |
| Sarasota US Intermediate, Inc. - Term Loan | Consumer Services | SOFR + 4.75% (1.00% floor) | 8.45% | 12/15/2031 | 12198 | 12051 | 12100 | 2.6% |
| Seatex Merger Sub, LLC - Delayed Draw Term Loan | Materials | SOFR + 5.75% (1.00% floor) | 9.42% | 10/22/2029 | 2845 | 2810 | 2817 | 0.6% |
| Seatex Merger Sub, LLC - Revolving Credit Line | Materials | SOFR + 5.75% (1.00% floor) | 9.42% | 10/22/2029 | 1426 | 1411 | 1412 | 0.3% |
| Seatex Merger Sub, LLC - Term Loan | Materials | SOFR + 5.75% (1.00% floor) | 9.42% | 10/22/2029 | 7746 | 7660 | 7669 | 1.6% |
| Select Rehabilitation, LLC - Term Loan A | Health Care Equipment & Services | SOFR + 5.00% (5.00% floor) | 10.00% | 12/29/2028 | 617 | 617 | 617 | 0.1% |
| Select Rehabilitation, LLC - Term Loan B (11) | Health Care Equipment & Services | FIXED 7.50% PIK | 7.50% | 12/29/2028 | 1309 | 620 | 301 | 0.1% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.90% | 3/20/2030 | $1508 | $1485 | $1508 | 0.3% |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan B (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.90% | 3/20/2030 | - | (27) | - | 0.0% |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan (7) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.90% | 3/20/2030 | 3475 | 3426 | 3475 | 0.7% |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan B | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.90% | 3/20/2030 | 8868 | 8776 | 8868 | 1.9% |
| SitusAMC Holdings Corporation - Term Loan | Financial Services | SOFR + 5.50% (0.75% floor) | 9.20% | 5/14/2031 | 21574 | 21474 | 21444 | 4.6% |
| SL Buyer Corp. - Delayed Draw Term Loan (6) | Software & Services | SOFR + 7.25% (1.00% floor) | 10.92% | 4/16/2030 | 578 | 558 | 466 | 0.1% |
| SL Buyer Corp. - Revolving Credit Line (6) | Software & Services | SOFR + 7.25% (1.00% floor) | 10.92% | 4/16/2030 | - | (8) | (22) | 0.0% |
| SL Buyer Corp. - Term Loan | Software & Services | SOFR + 7.50% (1.00% floor) | 11.17% | 4/16/2030 | 17807 | 17615 | 17291 | 3.7% |
| Solidcore Topco, LLC - Delayed Draw Term Loan (6) | Consumer Services | SOFR + 5.75% (1.50% floor) | 9.41% | 11/4/2030 | - | (25) | - | 0.0% |
| Solidcore Topco, LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.75% (1.50% floor) | 9.41% | 11/4/2030 | 389 | 364 | 389 | 0.1% |
| Solidcore Topco, LLC - Term Loan | Consumer Services | SOFR + 5.75% (1.50% floor) | 9.41% | 11/4/2030 | 16057 | 15801 | 16057 | 3.4% |
| Sparkle Holdco 2 Corp. - Revolving Credit Line (6) | Consumer Services | SOFR + 7.25% (1.00% floor) | 10.93% | 1/16/2031 | - | (17) | (17) | 0.0% |
| Sparkle Holdco 2 Corp. - Term Loan | Consumer Services | SOFR + 7.25% (1.00% floor) | 10.93% | 1/16/2031 | 4503 | 4375 | 4373 | 0.9% |
| Sparta Capital Management, LLC - Term Loan | Financial Services | SOFR + 5.25% (1.50% floor) | 8.92% | 8/17/2029 | 6182 | 6129 | 6133 | 1.3% |
| Sparta Capital Management, LLC - Delayed Draw Term Loan (6) | Financial Services | SOFR + 5.25% (1.50% floor) | 8.92% | 8/17/2029 | 2705 | 2659 | 2661 | 0.6% |
| Spartan CP, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.42% | 6/28/2029 | 2042 | 2018 | 2032 | 0.4% |
| Spartan CP, LLC - Delayed Draw Term Loan B (6) | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.42% | 6/28/2029 | 2685 | 2629 | 2665 | 0.6% |
| Spartan CP, LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.42% | 6/28/2029 | 248 | 240 | 246 | 0.1% |
| Spartan CP, LLC - Term Loan (7) | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.42% | 6/28/2029 | 4474 | 4411 | 4453 | 1.0% |
| Spartan CP, LLC - Term Loan B | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.42% | 6/28/2029 | 3969 | 3905 | 3949 | 0.8% |
| Sportime Clubs, LLC - Delayed Draw Term Loan A (6) | Consumer Services | FIXED 12.25% | 12.25% | 10/17/2029 | 97 | 44 | 89 | 0.0% |
| Sportime Clubs, LLC - Delayed Draw Term Loan B (6) | Consumer Services | FIXED 18.00% | 18.00% | 10/17/2029 | 427 | 427 | 403 | 0.1% |
| Sportime Clubs, LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 6.50% (1.00% floor) | 10.17% | 10/17/2029 | - | (4) | (1) | 0.0% |
| Sportime Clubs, LLC - Term Loan A | Consumer Services | SOFR + 6.50% (1.00% floor) | 10.17% | 10/17/2029 | 6759 | 6657 | 6746 | 1.4% |
| Sportime Clubs, LLC - Term Loan B | Consumer Services | FIXED 18.00% | 18.00% | 10/17/2029 | 1443 | 1409 | 1424 | 0.3% |
| Sylmar Group Holdco LLC - Delayed Draw Term Loan (6)(8) | Utilities | SOFR + 5.25% (1.00% floor) | 8.92% | 11/24/2031 | - | (20) | (25) | 0.0% |
| Sylmar Group Holdco LLC - Revolving Credit Line (6)(8) | Utilities | SOFR + 5.25% (1.00% floor) | 8.92% | 11/24/2031 | 623 | 609 | 614 | 0.1% |
| Sylmar Group Holdco LLC - Term Loan (8) | Utilities | SOFR + 5.25% (1.00% floor) | 8.92% | 11/24/2031 | 7791 | 7717 | 7744 | 1.7% |
| The Mutual Group LLC - Revolving Credit Line (6) | Insurance | SOFR + 5.75% (1.00% floor) | 9.42% | 1/31/2030 | - | (8) | - | 0.0% |
| The Mutual Group LLC - Term Loan | Insurance | SOFR + 5.75% (1.00% floor) | 9.42% | 1/31/2030 | 9311 | 9204 | 9311 | 2.0% |
| Total Fleet Buyer, LLC - Revolving Credit Line (6) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.13% | 7/15/2030 | - | (14) | - | 0.0% |
| Total Fleet Buyer, LLC - Term Loan (7) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.13% | 7/15/2030 | 5592 | 5517 | 5592 | 1.2% |
| Total Fleet Buyer, LLC - Term Loan B | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.13% | 7/15/2030 | 1548 | 1525 | 1548 | 0.3% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| U.S. Anesthesia Partners, Inc. - Term Loan | Health Care Equipment & Services | SOFR + 7.50% (0.50% floor) | 11.28% | 10/1/2029 | $9926 | $9059 | $9618 | 2.1% |
| Univista Intermediate Holdco LLC - Term Loan A | Insurance | SOFR + 3.85% (1.50% floor) | 7.52% | 1/10/2031 | 4695 | 4667 | 4592 | 1.0% |
| Univista Intermediate Holdco LLC - Term Loan B | Insurance | SOFR + 5.25% (1.50% floor) | 8.92% | 1/10/2031 | 7837 | 7758 | 7578 | 1.6% |
| XDimensional Technologies, Inc. - Delayed Draw Term Loan (8) | Software & Services | SOFR + 7.50% (2.00% floor) | 11.27% | 6/13/2028 | 12 | 12 | 12 | 0.0% |
| XDimensional Technologies, Inc. - Revolving Credit Line (6)(8) | Software & Services | SOFR + 7.50% (2.00% floor) | 11.27% | 6/13/2028 | - | - | (2) | 0.0% |
| XDimensional Technologies, Inc. - Term Loan (8) | Software & Services | SOFR + 7.50% (2.00% floor) | 11.27% | 6/13/2028 | 885 | 881 | 862 | 0.2% |
| **Total First Lien Senior Secured** |  |  |  |  | **877318** | **866376** | **863375** | **184.5%** |
| **Second Lien Senior Secured** |  |  |  |  |  |  |  |  |
| GRAM ABF Vision Holdings, L.P. - Promissory Note | Insurance | FIXED 15.00% | 15.00% | 1/10/2031 | $774 | $754 | $674 | 0.1% |
| Mitchell International, Inc. - Term Loan (10) | Software & Services | SOFR + 5.25% (0.50% floor) | 8.92% | 6/17/2032 | 4080 | 4006 | 3708 | 0.8% |
| **Total Second Lien Senior Secured** |  |  |  |  | **4854** | **4760** | **4382** | **0.9%** |
| **Total Debt Investments** |  |  |  |  | $**882172** | $**871136** | $**867757** | **185.4%** |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**March 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Acquisition Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| **Private Companies** |  |  |  |  |  |  |  |  |
| Allied OMS Intermediate Company, LLC - Preferred Units | Health Care Equipment & Services | NA | NA | 6/9/2025 | 12148 | $650 | $768 | 0.2% |
| Amplify FG Holdco, L.P. - Class A Units (12)(13) | Commercial & Professional Services | NA | NA | 10/18/2024 | 384 | 385 | 442 | 0.1% |
| Calidris Investment Partners Holdings Ltd - Preferred Equity (9)(23) | Insurance | NA | NA | 12/31/2025 | 275806 | 5400 | 5610 | 1.2% |
| CyberMaxx Holdings, LLC - Class A Common Units (14) | Software & Services | NA | NA | 11/4/2024 | 90374 | - | - | 0.0% |
| CyberMaxx Holdings, LLC - Class A-1 Preferred Units (14) | Software & Services | FIXED 8.00% | 8.00% PIK | 11/4/2024 | 344 | 383 | 237 | 0.1% |
| Ensemble Performing Arts Partners LLC - Series E Preferred Units | Consumer Services | NA | NA | 3/28/2025 | 6110 | 703 | 703 | 0.2% |
| iCreditWorks Inc. - Series D Preferred Stock | Financial Services | FIXED 10.00% + 7.50% PIK | 17.50% | 12/27/2024 | 28542 | 5391 | 5370 | 1.1% |
| ORECV, LLC - Membership Interest (6)(9)(22) | Real Estate Management & Development | NA | NA | 8/8/2025 | NA | 1941 | 1963 | 0.4% |
| Senior Support Holdings, LP - Class A-1 Units (12)(15) | Health Care Equipment & Services | NA | NA | 3/20/2024 | 371 | 371 | 452 | 0.1% |
| Senior Support Holdings, LP - Class B Units (12)(15) | Health Care Equipment & Services | NA | NA | 3/20/2024 | 371 | - | 117 | 0.0% |
| Sparkle Aggregator, LP - Common Units | Consumer Services | NA | NA | 1/16/2026 | 115 | - | 462 | 0.1% |
| Sparkle Aggregator, LP - Preferred Units | Consumer Services | NA | NA | 1/16/2026 | 4167 | 4167 | 3675 | 0.8% |
| **Total Private Companies** |  |  |  |  |  | **19391** | **19799** | **4.3%** |
| **Total Equity Investments** |  |  |  |  |  | $**19391** | $**19799** | **4.3%** |
| **Warrants** |  |  |  |  |  |  |  |  |
| GRAM ABF Vision Holdings, L.P. (16) | Insurance | NA | NA | 1/10/2025 | 47 | $- | $51 | 0.0% |
| iCreditWorks Inc. (16) | Financial Services | NA | NA | 12/27/2024 | 11372 | - | - | 0.0% |
| **Total Warrants** |  |  |  |  |  | **-** | **51** | **0.0%** |
| **Total Investments** |  |  |  |  |  | $**890527** | $**887607** | **189.7%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| First American Government Obligations Fund - X Class (10)(17) | Cash Equivalents | NA | 5.05% | NA | $6567 | $6567 | $6567 | 1.4% |
| **Cash Equivalents Total** |  |  |  |  |  | $**6567** | $**6567** | **1.4%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  | $**897094** | $**894174** | **191.1%** |
| **Other Assets, Less Liabilities** <sup>(18)</sup> |  |  |  |  |  |  | $(426890) | (91.1)% |
| **Net Assets** |  |  |  |  |  |  | $**467284** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Unless otherwise noted, the fair value of investments with respect to securities for which market quotations are not readily available are valued using significant unobservable inputs (See Note 3—Fair Value of Financial Instruments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)All investments domiciled in the United States unless otherwise noted.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The Fund updated certain descriptions of its portfolio companies presented in the consolidated financial statements as of March 31, 2026 to align with the legal issuer name, where applicable. These updates had no impact on the Consolidated Statements of Assets and Liabilities as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Percentages are based on net assets as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") which resets monthly, quarterly, semiannually, or annually. For each, the Fund has provided the spread over the reference rate and the current interest rate in effect at the reporting date. As of March 31, 2026, the reference rates for the Fund's variable rate loans were the 1 month SOFR at 3.66%, the 3 month SOFR at 3.68%, and the 6 month SOFR at 3.70%. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until the commitments are called and funded. Please refer to Note 6—Commitments and Contingencies for details of these unfunded commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Investment held in Comvest Senior Lending Fund LL1 SPV, LLC, a wholly-owned subsidiary of the Fund, as collateral for the Secured Loan Facility. Please refer to Note 7—Borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Positions that have a SOFR reference rate, from time to time have an additional spread adjustment. This spread adjustment ranges from 0.00% - 0.37% depending on the contractual arrangement. These spread adjustments have been included in the all-in rate shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)The investment is not a qualifying asset, under Section 55(a) of the Investment Company Act of 1940. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of March 31, 2026, 9.92% of the Fund's total assets are represented by investments at fair value that are considered non-qualifying assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Security's value was determined by using significant observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)Investment is on non-accrual status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)Investment is held by Comvest Senior Lending Blocker MF SPV, LLC, a wholly-owned subsidiary of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)This security is restricted and not available for resale. On October 18, 2023, the Fund purchased Armanino Advisory LLC – Delayed Draw Term Loan, Armanino Advisory LLC – Revolving Credit Line and Armanino Advisory LLC – Term Loan. These investments are offered by the same issuer and are not restricted to resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)This security is restricted and not available for resale. On November 4, 2024, the Fund purchased Periscope Cybermaxx Buyer, Inc – Delayed Draw Term Loan, Periscope Cybermaxx Buyer, Inc – Revolving Credit Line and Periscope Cybermaxx Buyer, Inc –Term Loan. These investments are offered by the same issuer and are not restricted to resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)This security is restricted and not available for resale. On March 20, 2024, the Fund purchased Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan and Senior Support Holdings (Franchise) Acquisition, Inc. – Term Loan. These investments are offered by the same issuer and are not restricted to resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)This security is restricted and not available for resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)A copy of the security's annual report to shareholders may be obtained without charge on the SEC's website (http://www.sec.gov).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)Included in the total is an amount of $6,722 held for collateral to meet requirements associated with the Secured Loan Facility. Please refer to Note 7—Borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)Domiciled in the Dominican Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)Domiciled in Bermuda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)Domiciled in Puerto Rico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)Investment is deemed an affiliated investment. Affiliated Investments generally are defined by the 1940 Act as investments in portfolio companies in which the Fund owns between 5% and 25% of the voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the portfolio company was an affiliated investment (but not a portfolio company that the Fund is deemed to control).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)As defined in the 1940 Act, the Fund is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as it owns more than 25% of the portfolio company's voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the

Fund is deemed to Control.

PIK - Payment-in-kind

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**March 31, 2026**

**(Unaudited)**

The following table shows the portfolio composition by industry grouping based on fair value at March 31, 2026.

---

| | | |
|:---|:---|:---|
| **Industry** | **Investments and <br>Cash Equivalents <br>at Fair Value** | **Percentage of<br>Fair Value** |
| Financial Services | $161900 | 18.1% |
| Consumer Services | 150793 | 16.9% |
| Health Care Equipment & Services | 135012 | 15.1% |
| Insurance | 110844 | 12.4% |
| Software & Services | 91605 | 10.3% |
| Commercial & Professional Services | 54884 | 6.2% |
| Capital Goods | 52070 | 5.8% |
| Materials | 51836 | 5.8% |
| Food, Beverage & Tobacco | 26231 | 3.0% |
| Consumer Staples Distribution & Retail | 12826 | 1.4% |
| Consumer Discretionary Distribution & Retail | 12777 | 1.4% |
| Telecommunication Services | 9136 | 1.0% |
| Utilities | 8333 | 0.9% |
| Cash Equivalents | 6567 | 0.7% |
| Transportation | 5699 | 0.6% |
| Real Estate Management & Development | 1963 | 0.2% |
| Media & Entertainment | 1216 | 0.1% |
| Technology Hardware & Equipment | 482 | 0.1% |
|  | $**894174** | **100.0%** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**(amounts in thousands, except per share data)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Ag Bells LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.00% (0.75% floor) | 8.72% | 8/19/2030 | $- | $(11) | $(13) | 0.0% |
| Ag Bells LLC - Term Loan | Consumer Services | SOFR + 5.00% (0.75% floor) | 8.72% | 8/19/2031 | 10332 | 10231 | 10218 | 2.2% |
| Allbridge, LLC - Delayed Draw Term Loan (6) | Telecommunication Services | SOFR + 5.50% (1.00% floor) | 9.17% | 6/5/2030 | - | (1) | - | 0.0% |
| Allbridge, LLC - Revolving Credit Line (6) | Telecommunication Services | SOFR + 5.50% (1.00% floor) | 9.17% | 6/5/2030 | - | (2) | - | 0.0% |
| Allbridge, LLC - Term Loan (7) | Telecommunication Services | SOFR + 5.50% (1.00% floor) | 9.17% | 6/5/2030 | 1763 | 1746 | 1763 | 0.4% |
| Allied OMS Intermediate Company, LLC - Delayed Draw Term Loan (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.01% | 12/12/2030 | - | (13) | (9) | 0.0% |
| Allied OMS Intermediate Company, LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.01% | 12/12/2030 | - | (9) | (3) | 0.0% |
| Allied OMS Intermediate Company, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.01% | 12/12/2030 | 8135 | 8058 | 8110 | 1.7% |
| Ampler QSR Holdings LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.00% (0.75% floor) | 8.72% | 8/19/2030 | - | (15) | (19) | 0.0% |
| Ampler QSR Holdings LLC - Term Loan | Consumer Services | SOFR + 5.00% (0.75% floor) | 8.72% | 8/19/2031 | 10494 | 10392 | 10369 | 2.2% |
| Archtop Fiber Intermediate LLC - Delayed Draw Term Loan (6) | Telecommunication Services | SOFR + 6.25% (2.75% floor) | 10.03% | 4/1/2030 | 1202 | 1107 | 1119 | 0.2% |
| Archtop Fiber Intermediate LLC - Term Loan | Telecommunication Services | SOFR + 6.25% (2.75% floor) | 10.12% | 4/1/2030 | 4508 | 4427 | 4454 | 0.9% |
| Armanino Advisory LLC - Delayed Draw Term Loan (6) | Commercial & Professional Services | SOFR + 6.00% (1.00% floor) | 9.72% | 10/18/2029 | 326 | 300 | 326 | 0.1% |
| Armanino Advisory LLC - Revolving Credit Line (6) | Commercial & Professional Services | SOFR + 6.00% (1.00% floor) | 9.73% | 10/18/2029 | - | (29) | - | 0.0% |
| Armanino Advisory LLC - Term Loan | Commercial & Professional Services | SOFR + 6.00% (1.00% floor) | 9.73% | 10/18/2029 | 13307 | 13099 | 13307 | 2.8% |
| Aspire General Holding Company LLC - Delayed Draw Term Loan (6) | Insurance | SOFR + 6.00% (2.00% floor) | 9.67% | 8/1/2030 | - | (24) | (26) | 0.0% |
| Aspire General Holding Company LLC - Revoling Credit Line (6) | Insurance | SOFR + 6.00% (2.00% floor) | 9.67% | 8/1/2030 | - | (6) | (7) | 0.0% |
| Aspire General Holding Company LLC - Term Loan | Insurance | SOFR + 6.00% (2.00% floor) | 9.67% | 8/1/2030 | 18112 | 17937 | 17931 | 3.8% |
| Batteries Plus Holding Corporation - Revolving Credit Line (6)(8) | Technology Hardware & Equipment | SOFR + 6.75% (1.00% floor) | 10.57% | 6/27/2028 | - | - | - | 0.0% |
| Batteries Plus Holding Corporation - Term Loan (7)(8) | Technology Hardware & Equipment | SOFR + 6.75% (1.00% floor) | 10.57% | 6/27/2028 | 471 | 468 | 471 | 0.1% |
| BHP Management Holdings, LLC - Delayed Draw Term Loan (7)(8) | Health Care Equipment & Services | SOFR + 4.50% (1.00% floor) | 8.32% | 10/27/2028 | 720 | 716 | 716 | 0.2% |
| BHP Management Holdings, LLC - Term Loan (7)(8) | Health Care Equipment & Services | SOFR + 4.50% (1.00% floor) | 8.32% | 10/27/2028 | 1246 | 1241 | 1240 | 0.3% |
| Billhighway, LLC - Delayed Draw Term Loan (8) | Software & Services | SOFR + 5.25% (1.00% floor) | 8.97% | 2/8/2029 | 61 | 60 | 61 | 0.0% |
| Billhighway, LLC - Revolving Credit Line (6)(8) | Software & Services | SOFR + 5.25% (1.00% floor) | 8.97% | 2/8/2029 | - | (1) | - | 0.0% |
| Billhighway, LLC - Term Loan (8) | Software & Services | SOFR + 5.25% (1.00% floor) | 8.97% | 2/8/2029 | 960 | 950 | 960 | 0.2% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Bishop Street Underwriters LLC - Delayed Draw Term Loan | Financial Services | SOFR + 5.50% (1.00% floor) | 9.22% | 7/31/2031 | $6846 | $6780 | $6784 | 1.4% |
| Bishop Street Underwriters LLC - Term Loan | Financial Services | SOFR + 5.50% (1.00% floor) | 9.22% | 7/31/2031 | 10243 | 10143 | 10151 | 2.2% |
| Brown & Root Industrial Services, LLC - Revolving Credit Line (6) | Commercial & Professional Services | SOFR + 5.00% (1.00% floor) | 8.84% | 10/3/2030 | 1314 | 1253 | 1250 | 0.3% |
| Brown & Root Industrial Services, LLC - Term Loan | Commercial & Professional Services | SOFR + 5.00% (1.00% floor) | 8.67% | 10/3/2030 | 18723 | 18450 | 18442 | 3.9% |
| Calidris Investment Partners Holdings Ltd - Term Loan (9)(25) | Insurance | SOFR + 7.50% | 11.17% | 12/31/2030 | 8231 | 8100 | 8107 | 1.7% |
| Cardiology Management Holdings, LLC - Delayed Draw Term Loan A (7)(8) | Health Care Equipment & Services | SOFR + 5.75% (1.00% floor) | 9.62% | 1/31/2029 | 485 | 478 | 485 | 0.1% |
| Cardiology Management Holdings, LLC - Delayed Draw Term Loan B (7)(8) | Health Care Equipment & Services | SOFR + 5.75% (1.00% floor) | 9.62% | 1/31/2029 | 474 | 468 | 474 | 0.1% |
| Cardiology Management Holdings, LLC - Term Loan (7)(8) | Health Care Equipment & Services | SOFR + 5.75% (1.00% floor) | 9.62% | 1/31/2029 | 687 | 677 | 687 | 0.1% |
| CheckedUp, Inc - Delayed Draw Term Loan (7)(8) | Media & Entertainment | SOFR + 5.00% (1.00% floor) | 8.82% | 10/20/2027 | 243 | 242 | 243 | 0.1% |
| CheckedUp, Inc - Revolving Credit Line (6)(8) | Media & Entertainment | SOFR + 5.00% (1.00% floor) | 8.82% | 10/20/2027 | 128 | 128 | 128 | 0.0% |
| CheckedUp, Inc - Term Loan (7)(8) | Media & Entertainment | SOFR + 5.00% (1.00% floor) | 8.82% | 10/20/2027 | 866 | 864 | 866 | 0.2% |
| Complete Paper Inc. - Term Loan | Materials | SOFR + 5.00% (0.75% floor) | 8.67% | 2/4/2031 | 19850 | 19586 | 19155 | 4.1% |
| Compu-Link Corporation - Revolving Credit Line (6) | Financial Services | SOFR + 6.25% (1.00% floor) | 9.77% | 4/4/2030 | - | (20) | (19) | 0.0% |
| Cooper's Hawk Intermediate Holding,LLC - Delayed Draw Term Loan (6) | Consumer Services | SOFR + 5.50% (0.75% floor) | 9.32% | 7/29/2031 | - | (20) | (38) | 0.0% |
| Cooper's Hawk Intermediate Holding,LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.50% (0.75% floor) | 9.32% | 7/29/2031 | 263 | 237 | 239 | 0.1% |
| Cooper's Hawk Intermediate Holding,LLC - Term Loan | Consumer Services | SOFR + 5.50% (0.75% floor) | 9.32% | 7/29/2031 | 20263 | 19976 | 20000 | 4.2% |
| CRA Funding 1, LLC - Term Loan | Financial Services | SOFR + 4.75% (2.00% floor) | 8.47% | 3/16/2029 | 26952 | 26718 | 26882 | 5.7% |
| CrossLink Professional Tax Solutions, LLC - Revolving Credit Line (6) | Software & Services | SOFR + 5.25% (1.00% floor) | 8.92% | 6/30/2028 | 749 | 738 | 749 | 0.2% |
| CrossLink Professional Tax Solutions, LLC - Term Loan | Software & Services | SOFR + 5.25% (1.00% floor) | 8.92% | 6/30/2028 | 9020 | 8939 | 9020 | 1.9% |
| D4C Dental Brands, Inc. - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 4.50% (3.00% floor) | 8.21% | 11/27/2029 | 713 | 698 | 707 | 0.2% |
| D4C Dental Brands, Inc. - Term Loan | Health Care Equipment & Services | SOFR + 4.50% (3.00% floor) | 8.23% | 11/27/2029 | 19731 | 19569 | 19672 | 4.2% |
| Diesco Industries Ltd. - Term Loan (9)(20) | Food, Beverage & Tobacco | SOFR + 6.50% (2.00% floor) | 10.19% | 12/31/2029 | 25397 | 25079 | 24991 | 5.3% |
| Diesco Industries Ltd. - Term Loan B (9)(20) | Food, Beverage & Tobacco | SOFR + 6.50% (2.00% floor) | 10.19% | 12/31/2029 | 1381 | 1362 | 1359 | 0.3% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Discovery SL Management, LLC - Delayed Draw Term Loan A (7) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.47% | 3/18/2030 | $355 | $353 | $354 | 0.1% |
| Discovery SL Management, LLC - Delayed Draw Term Loan B (6) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.47% | 3/18/2030 | 1135 | 1128 | 1132 | 0.2% |
| Discovery SL Management, LLC - Delayed Draw Term Loan C (6) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.47% | 3/18/2030 | - | (15) | (5) | 0.0% |
| Discovery SL Management, LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.47% | 3/18/2030 | - | (6) | (1) | 0.0% |
| Discovery SL Management, LLC - Term Loan (7) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.47% | 3/18/2030 | 2121 | 2101 | 2117 | 0.4% |
| DMA Holding Company - Revolving Credit Line | Software & Services | SOFR + 7.00% (1.00% floor) | 10.82% | 7/19/2028 | 115 | 113 | 110 | 0.0% |
| DMA Holding Company - Term Loan | Software & Services | SOFR + 7.00% (1.00% floor) | 10.82% | 7/19/2028 | 1041 | 1025 | 1001 | 0.2% |
| Drive Assurance Corporation - Term Loan (7)(9) | Insurance | SOFR + 7.00% (2.00% floor) | 10.72% | 7/10/2030 | 3645 | 3616 | 3645 | 0.8% |
| eHealthInsurance Services, Inc. - Revolving Credit Line | Insurance | SOFR + 6.50% (2.00% floor) | 10.22% | 12/29/2028 | 13148 | 12951 | 12951 | 2.8% |
| Ensemble Music Schools LLC - Delayed Draw Term Loan B (6) | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.23% | 3/28/2030 | 2811 | 2763 | 2769 | 0.6% |
| Ensemble Music Schools LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.22% | 3/28/2030 | - | (18) | (14) | 0.0% |
| Ensemble Music Schools LLC - Term Loan | Consumer Services | SOFR + 5.50% (1.00% floor) | 9.22% | 3/28/2030 | 9089 | 8966 | 8998 | 1.9% |
| FloWorks International, LLC - Delayed Draw Term Loan | Capital Goods | SOFR + 4.75% (0.75% floor) | 8.57% | 11/26/2031 | 2409 | 2399 | 2380 | 0.5% |
| FloWorks International, LLC - Term Loan | Capital Goods | SOFR + 4.75% (0.75% floor) | 8.57% | 11/26/2031 | 19128 | 18962 | 18899 | 4.0% |
| Fullsteam Operations LLC - Delayed Draw Term Loan (6) | Software & Services | SOFR + 5.25% (0.75% floor) | 9.11% | 8/8/2031 | - | (27) | (69) | 0.0% |
| Fullsteam Operations LLC - Revolving Credit Line (6) | Software & Services | SOFR + 5.25% (0.75% floor) | 9.11% | 8/8/2031 | - | (18) | (23) | 0.0% |
| Fullsteam Operations LLC - Term Loan | Software & Services | SOFR + 5.25% (0.75% floor) | 9.11% | 8/8/2031 | 17308 | 17139 | 17100 | 3.6% |
| HAH Group Holding Company, LLC - Term Loan (10) | Health Care Equipment & Services | SOFR + 5.00% | 8.72% | 9/24/2031 | 9900 | 9771 | 8715 | 1.9% |
| Handgards, LLC - Term Loan | Materials | SOFR + 4.75% (1.00% floor) | 8.47% | 4/10/2031 | 21519 | 21421 | 21476 | 4.6% |
| Hasa Acquisition, LLC - Delayed Draw Term Loan (6)(8) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.34% | 1/10/2029 | 12 | 10 | 11 | 0.0% |
| Hasa Acquisition, LLC - Revolving Credit Line (6)(8) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.40% | 1/10/2029 | 51 | 49 | 51 | 0.0% |
| Hasa Acquisition, LLC - Term Loan (7)(8) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.46% | 1/10/2029 | 1386 | 1365 | 1380 | 0.3% |
| Heathos LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.47% | 9/19/2031 | - | (10) | (11) | 0.0% |
| Heathos LLC - Term Loan | Health Care Equipment & Services | SOFR + 4.75% (1.00% floor) | 8.47% | 9/19/2031 | 12158 | 11982 | 11964 | 2.5% |
| Hornblower Sub LLC - Revolving Credit Line (6) | Transportation | SOFR + 5.50% (1.00% floor) | 9.19% | 7/3/2029 | 443 | 439 | 418 | 0.1% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Hornblower Sub LLC - Term Loan (7) | Transportation | SOFR + 5.50% (1.00% floor) | 9.46% | 7/3/2029 | $2856 | $2833 | $2704 | 0.6% |
| Integrity Marketing Acquisition, LLC - Delayed Draw Term Loan (6) | Financial Services | SOFR + 5.00% (0.75% floor) | 8.82% | 8/25/2028 | - | (4) | - | 0.0% |
| Integrity Marketing Acquisition, LLC - Revolving Credit Line (6) | Financial Services | SOFR + 5.00% (0.75% floor) | 8.82% | 8/25/2028 | - | (1) | - | 0.0% |
| Integrity Marketing Acquisition, LLC - Term Loan | Financial Services | SOFR + 5.00% (0.75% floor) | 8.82% | 8/25/2028 | 17982 | 17970 | 17982 | 3.8% |
| Juvare, LLC - Delayed Draw Term Loan (6) | Software & Services | SOFR + 5.25% (0.50% floor) | 9.10% | 5/1/2031 | - | - | (5) | 0.0% |
| Juvare, LLC - Revolving Credit Line (6) | Software & Services | SOFR + 5.25% (0.50% floor) | 9.10% | 5/1/2031 | - | (8) | (9) | 0.0% |
| Juvare, LLC - Term Loan | Software & Services | SOFR + 5.25% (0.50% floor) | 9.10% | 5/1/2031 | 11850 | 11790 | 11790 | 2.5% |
| KCK Ltd - Revolving Credit Line (9)(21) | Financial Services | SOFR + 5.55% | 9.22% | 9/27/2027 | 7026 | 7006 | 7026 | 1.5% |
| KCK Ltd - Term Loan (9)(21) | Financial Services | SOFR + 5.55% | 9.22% | 9/27/2027 | 12495 | 12456 | 12495 | 2.7% |
| KCK Ltd - Term Loan B (9)(21) | Financial Services | SOFR + 5.55% | 9.22% | 9/27/2027 | 1608 | 1608 | 1608 | 0.3% |
| KCK Ltd - Term Loan C (9)(21) | Financial Services | SOFR + 5.55% | 9.22% | 9/27/2027 | 26 | 26 | 26 | 0.0% |
| Kemper Sports Management, LLC - Delayed Draw Term Loan (7)(8) | Consumer Services | SOFR + 5.00% (1.00% floor) | 8.72% | 10/11/2029 | 440 | 438 | 440 | 0.1% |
| Kemper Sports Management, LLC - Revolving Credit Line (6)(8) | Consumer Services | SOFR + 5.00% (1.00% floor) | 8.72% | 10/11/2029 | - | (1) | - | 0.0% |
| Kemper Sports Management, LLC - Term Loan (7)(8) | Consumer Services | SOFR + 5.00% (1.00% floor) | 8.72% | 10/11/2029 | 1813 | 1803 | 1813 | 0.4% |
| Learn-it Systems, LLC - Delayed Draw Term Loan A (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.12% | 7/10/2031 | 305 | 277 | 265 | 0.1% |
| Learn-it Systems, LLC - Delayed Draw Term Loan B (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.46% | 7/10/2031 | - | - | (8) | 0.0% |
| Learn-it Systems, LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.46% | 7/10/2031 | - | (25) | (20) | 0.0% |
| Learn-it Systems, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 9.46% | 7/10/2031 | 13761 | 13556 | 13610 | 2.9% |
| Lindstrom, LLC - Revolving Credit Line (6)(8) | Capital Goods | SOFR + 5.50% (0.75% floor) | 9.20% | 12/30/2032 | 707 | 678 | 678 | 0.1% |
| Lindstrom, LLC - Term Loan (8) | Capital Goods | SOFR + 5.50% (0.75% floor) | 9.20% | 12/30/2032 | 13071 | 12875 | 12875 | 2.7% |
| Military Retail Solutions, LLC - Delayed Draw Term Loan (6)(8) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 9.00% | 6/28/2029 | - | (11) | - | 0.0% |
| Military Retail Solutions, LLC - Revolving Credit Line (6)(8) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 9.00% | 6/28/2029 | 202 | 191 | 202 | 0.0% |
| Military Retail Solutions, LLC - Term Loan (8) | Consumer Staples Distribution & Retail | SOFR + 5.25% (1.00% floor) | 8.97% | 6/28/2029 | 12453 | 12265 | 12453 | 2.6% |
| National Debt Relief, LLC - Delayed Draw Term Loan (7)(8) | Financial Services | SOFR + 6.50% (2.50% floor) | 10.33% | 2/7/2028 | 598 | 596 | 597 | 0.1% |
| National Debt Relief, LLC - Revolving Credit Line (8) | Financial Services | SOFR + 6.50% (2.50% floor) | 10.33% | 2/7/2028 | 120 | 119 | 119 | 0.0% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| National Debt Relief, LLC - Term Loan (7)(8) | Financial Services | SOFR + 6.50% (2.50% floor) | 10.33% | 2/7/2028 | $718 | $715 | $717 | 0.2% |
| Nuclear Care Partners Holdings, Inc. - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 4.50% (1.00% floor) | 8.27% | 10/1/2030 | - | (19) | (3) | 0.0% |
| Nuclear Care Partners Holdings, Inc. - Term Loan | Health Care Equipment & Services | SOFR + 4.50% (1.00% floor) | 8.27% | 10/1/2030 | 7188 | 7097 | 7174 | 1.5% |
| Obra CICS Finance, LLC - Term Loan (9) | Insurance | SOFR + 4.75% (3.00% floor) | 8.47% | 12/31/2030 | 23571 | 23492 | 23571 | 5.0% |
| OEP Wheeler Buyer, LLC - Revolving Credit Line (6) | Capital Goods | SOFR + 5.25% (1.00% floor) | 9.16% | 4/1/2030 | - | (40) | (35) | 0.0% |
| OEP Wheeler Buyer, LLC - Term Loan | Capital Goods | SOFR + 5.25% (1.00% floor) | 9.16% | 4/1/2030 | 10978 | 10829 | 10857 | 2.3% |
| OL Texas Restaurants, LLC - Revolving Credit Line (6)(8) | Consumer Services | SOFR + 5.00% (1.00% floor) | 8.92% | 8/29/2029 | 23 | 22 | 23 | 0.0% |
| OL Texas Restaurants, LLC - Term Loan (7) | Consumer Services | SOFR + 5.00% (1.00% floor) | 9.08% | 8/29/2029 | 1435 | 1430 | 1431 | 0.3% |
| OmniMax International, LLC - Delayed Draw Term Loan | Capital Goods | SOFR + 5.75% (1.00% floor) | 9.42% | 12/6/2030 | 5078 | 4988 | 5068 | 1.1% |
| OmniMax International, LLC - Term Loan | Capital Goods | SOFR + 5.75% (1.00% floor) | 9.42% | 12/6/2030 | 16441 | 16157 | 16408 | 3.5% |
| OpCo Borrower, LLC - Term Loan B | Health Care Equipment & Services | SOFR + 6.25% (1.00% floor) | 10.23% | 4/26/2029 | 10041 | 9913 | 10041 | 2.1% |
| Palmetto Longevity Fund, LLC - Delayed Draw Term Loan (6) | Insurance | SOFR + 6.50% (1.50% floor) | 10.22% | 4/11/2030 | 2072 | 2041 | 2063 | 0.4% |
| Palmetto Longevity Fund, LLC - Revolving Credit Line (6) | Insurance | SOFR + 6.50% (1.50% floor) | 10.22% | 4/11/2030 | 1060 | 1008 | 1044 | 0.2% |
| Palmetto Longevity Fund, LLC - Term Loan | Insurance | SOFR + 6.50% (1.50% floor) | 10.22% | 4/11/2030 | 13818 | 13637 | 13763 | 2.9% |
| Pansophic Learning US, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.47% | 5/15/2029 | 1478 | 1453 | 1478 | 0.3% |
| Pansophic Learning US, LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.47% | 5/15/2029 | - | (15) | - | 0.0% |
| Pansophic Learning US, LLC - Term Loan (7) | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.47% | 5/15/2029 | 11816 | 11618 | 11816 | 2.5% |
| Pediatric Home Respiratory Services, LLC - Delayed Draw Term Loan (6) | Health Care Equipment & Services | SOFR + 5.50% (0.75% floor) | 9.10% | 12/23/2030 | - | (4) | (4) | 0.0% |
| Pediatric Home Respiratory Services, LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 5.50% (0.75% floor) | 9.10% | 12/23/2030 | - | (4) | (2) | 0.0% |
| Pediatric Home Respiratory Services, LLC - Term Loan | Health Care Equipment & Services | SOFR + 5.50% (0.75% floor) | 9.10% | 12/23/2030 | 9720 | 9679 | 9701 | 2.1% |
| Pediatric Home Respiratory Services, LLC - Term Loan B (8) | Health Care Equipment & Services | SOFR + 5.50% (0.75% floor) | 9.10% | 12/23/2030 | 990 | 986 | 988 | 0.2% |
| Peer Advisors LLC - Term Loan | Financial Services | SOFR + 6.00% (1.00% floor) | 9.77% | 4/4/2030 | 21292 | 21000 | 21037 | 4.5% |
| Periscope Cybermaxx Buyer, Inc - Delayed Draw Term Loan (6) | Software & Services | SOFR + 5.50% (1.00% floor) | 9.22% | 11/5/2029 | 227 | 213 | 206 | 0.0% |
| Periscope Cybermaxx Buyer, Inc - Revolving Credit Line (6) | Software & Services | SOFR + 5.50% (1.00% floor) | 9.22% | 11/5/2029 | 275 | 267 | 268 | 0.1% |
| Periscope Cybermaxx Buyer, Inc - Term Loan | Software & Services | SOFR + 5.50% (1.00% floor) | 9.22% | 11/5/2029 | 7565 | 7473 | 7490 | 1.6% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Petvet Care Centers, LLC - Revolving Credit Line (6) | Health Care Equipment & Services | SOFR + 6.00% (0.75% floor) | 9.84% | 11/15/2030 | $177 | $152 | $(5) | 0.0% |
| Petvet Care Centers, LLC - Term Loan | Health Care Equipment & Services | SOFR + 6.00% (0.75% floor) | 9.72% | 11/15/2030 | 13288 | 13086 | 11919 | 2.5% |
| PF Carrus Careers, LLC - Revolving Credit Line (6)(8) | Consumer Services | SOFR + 4.75% (3.00% floor) | 8.42% | 11/13/2031 | 274 | 266 | 266 | 0.1% |
| PF Carrus Careers, LLC - Term Loan A (8) | Consumer Services | SOFR + 4.75% (3.00% floor) | 8.42% | 11/13/2031 | 3621 | 3585 | 3585 | 0.8% |
| PF Carrus Careers, LLC - Term Loan B (8) | Consumer Services | SOFR + 8.93% (3.00% floor) | 12.60% | 11/13/2031 | 1631 | 1592 | 1591 | 0.3% |
| Project Pathfinder Borrower, LLC - Revolving Credit Line (6) | Software & Services | SOFR + 5.00% (0.75% floor) | 8.86% | 1/22/2032 | - | (17) | - | 0.0% |
| Project Pathfinder Borrower, LLC - Term Loan | Software & Services | SOFR + 5.00% (0.75% floor) | 8.86% | 1/22/2032 | 19985 | 19807 | 19985 | 4.2% |
| Project Pathfinder Borrower, LLC - Term Loan B | Software & Services | SOFR + 5.00% (0.75% floor) | 8.86% | 1/22/2032 | 1496 | 1482 | 1496 | 0.3% |
| PURIS, LLC - Term Loan | Commercial & Professional Services | SOFR + 5.75% (1.00% floor) | 9.45% | 6/27/2031 | 19839 | 20038 | 18966 | 4.0% |
| Rails International, LLC - Revolving Credit Line (6) | Consumer Discretionary Distribution & Retail | SOFR + 6.25% (2.00% floor) | 9.97% | 12/20/2029 | - | (37) | (45) | 0.0% |
| Rails International, LLC - Term Loan | Consumer Discretionary Distribution & Retail | SOFR + 6.25% (2.00% floor) | 9.97% | 12/20/2029 | 13039 | 12821 | 12791 | 2.7% |
| Restaurant Holding Company, LLC - Term Loan (7)(8)(22) | Consumer Services | SOFR + 6.25% (1.00% floor) | 10.08% | 2/25/2028 | 1978 | 1973 | 1978 | 0.4% |
| Rialto Management Group, LLC - Revolving Credit Line (6) | Financial Services | SOFR + 5.00% (0.75% floor) | 8.72% | 12/5/2030 | - | (9) | - | 0.0% |
| Rialto Management Group, LLC - Term Loan | Financial Services | SOFR + 5.00% (0.75% floor) | 8.72% | 12/5/2030 | 17867 | 17713 | 17867 | 3.8% |
| Rialto Management Group, LLC - Term Loan B | Financial Services | SOFR + 5.00% (0.75% floor) | 8.72% | 12/5/2030 | 4000 | 3980 | 4000 | 0.8% |
| Salisbury House, LLC - Delayed Draw Term Loan (6) | Consumer Services | SOFR + 5.00% (0.75% floor) | 8.72% | 8/18/2032 | - | (11) | (9) | 0.0% |
| Salisbury House, LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.00% (0.75% floor) | 8.72% | 8/18/2032 | 237 | 222 | 231 | 0.0% |
| Salisbury House, LLC - Term Loan | Consumer Services | SOFR + 5.00% (0.75% floor) | 8.73% | 8/18/2032 | 11791 | 11677 | 11744 | 2.5% |
| Salt US Holdco, LLC - Delayed Draw Term Loan (6) | Transportation | SOFR + 5.73% (1.00% floor) | 9.40% | 7/31/2029 | 343 | 340 | 343 | 0.1% |
| Salt US Holdco, LLC - Term Loan (7) | Transportation | SOFR + 5.73% (1.00% floor) | 9.40% | 7/31/2029 | 1979 | 1963 | 1979 | 0.4% |
| Sarasota US Intermediate, Inc. - Revolving Credit Line (6) | Consumer Services | SOFR + 4.75% (1.00% floor) | 8.47% | 12/15/2031 | 391 | 371 | 371 | 0.1% |
| Sarasota US Intermediate, Inc. - Term Loan | Consumer Services | SOFR + 4.75% (1.00% floor) | 8.47% | 12/15/2031 | 14674 | 14491 | 14490 | 3.1% |
| Seatex Merger Sub, LLC - Delayed Draw Term Loan | Materials | SOFR + 5.75% (1.00% floor) | 9.44% | 10/22/2029 | 2853 | 2815 | 2838 | 0.6% |
| Seatex Merger Sub, LLC - Revolving Credit Line (6) | Materials | SOFR + 5.75% (1.00% floor) | 9.69% | 10/22/2029 | 285 | 269 | 278 | 0.1% |
| Seatex Merger Sub, LLC - Term Loan | Materials | SOFR + 5.75% (1.00% floor) | 9.61% | 10/22/2029 | 7766 | 7673 | 7727 | 1.6% |
| Select Rehabilitation, LLC - Term Loan A | Health Care Equipment & Services | SOFR + 5.00% (5.00% floor) | 10.00% | 12/29/2028 | 625 | 625 | 625 | 0.1% |
| Select Rehabilitation, LLC - Term Loan B (12) | Health Care Equipment & Services | FIXED 7.50% PIK | 7.50% | 12/29/2028 | 1285 | 620 | 678 | 0.1% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.94% | 3/20/2030 | $1512 | $1487 | $1512 | 0.3% |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan B (6) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.94% | 3/20/2030 | - | (29) | - | 0.0% |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan (7) | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.94% | 3/20/2030 | 3484 | 3431 | 3484 | 0.7% |
| Senior Support Holdings (Franchise) Acquisition, Inc. - Term Loan B | Health Care Equipment & Services | SOFR + 5.25% (1.00% floor) | 8.94% | 3/20/2030 | 8891 | 8791 | 8891 | 1.9% |
| SitusAMC Holdings Corporation - Term Loan | Financial Services | SOFR + 5.50% (0.75% floor) | 9.17% | 5/14/2031 | 21628 | 21520 | 21628 | 4.6% |
| SL Buyer Corp. - Delayed Draw Term Loan (6) | Software & Services | SOFR + 7.25% (1.00% floor) | 11.09% | 4/16/2030 | 364 | 343 | 310 | 0.1% |
| SL Buyer Corp. - Revolving Credit Line (6) | Software & Services | SOFR + 7.25% (1.00% floor) | 11.09% | 4/16/2030 | - | (8) | (11) | 0.0% |
| SL Buyer Corp. - Term Loan | Software & Services | SOFR + 7.25% (1.00% floor) | 11.09% | 4/16/2030 | 17807 | 17602 | 17558 | 3.7% |
| Solidcore Topco, LLC - Delayed Draw Term Loan (6) | Consumer Services | SOFR + 5.75% (1.50% floor) | 9.65% | 11/4/2030 | - | (26) | - | 0.0% |
| Solidcore Topco, LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.75% (1.50% floor) | 9.65% | 11/4/2030 | - | (26) | - | 0.0% |
| Solidcore Topco, LLC - Term Loan | Consumer Services | SOFR + 5.75% (1.50% floor) | 9.65% | 11/4/2030 | 16098 | 15825 | 16098 | 3.4% |
| Sparta Capital Management, LLC - Term Loan | Financial Services | SOFR + 5.25% (1.50% floor) | 8.97% | 8/20/2029 | 6182 | 6124 | 6139 | 1.3% |
| Sparta Capital Management, LLC - Delayed Draw Term Loan (6) | Financial Services | SOFR + 5.25% (1.50% floor) | 8.97% | 8/20/2029 | 1803 | 1754 | 1765 | 0.4% |
| Spartan CP, LLC - Delayed Draw Term Loan | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.47% | 6/28/2029 | 2047 | 2021 | 2041 | 0.4% |
| Spartan CP, LLC - Delayed Draw Term Loan B (6) | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.47% | 6/28/2029 | 2692 | 2631 | 2680 | 0.6% |
| Spartan CP, LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.47% | 6/28/2029 | - | (9) | (1) | 0.0% |
| Spartan CP, LLC - Term Loan (7) | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.47% | 6/28/2029 | 4486 | 4418 | 4472 | 1.0% |
| Spartan CP, LLC - Term Loan B | Consumer Services | SOFR + 5.75% (1.00% floor) | 9.47% | 6/28/2029 | 3979 | 3910 | 3967 | 0.8% |
| Sportime Clubs, LLC - Delayed Draw Term Loan A (6) | Consumer Services | FIXED 12.25% | 12.25% | 10/17/2029 | 97 | 40 | 64 | 0.0% |
| Sportime Clubs, LLC - Delayed Draw Term Loan B (6) | Consumer Services | FIXED 18.00% | 18.00% | 10/17/2029 | 347 | 347 | 300 | 0.1% |
| Sportime Clubs, LLC - Revolving Credit Line (6) | Consumer Services | SOFR + 6.50% (1.00% floor) | 10.22% | 10/17/2029 | - | (4) | (3) | 0.0% |
| Sportime Clubs, LLC - Term Loan A | Consumer Services | SOFR + 6.50% (1.00% floor) | 10.22% | 10/17/2029 | 6776 | 6666 | 6715 | 1.4% |
| Sportime Clubs, LLC - Term Loan B | Consumer Services | FIXED 18.00% | 18.00% | 10/17/2029 | 1443 | 1407 | 1407 | 0.3% |
| Sylmar Group Holdco LLC - Delayed Draw Term Loan (6)(8) | Utilities | SOFR + 5.25% (1.00% floor) | 8.97% | 11/24/2031 | - | (21) | (42) | 0.0% |
| Sylmar Group Holdco LLC - Revolving Credit Line (6)(8) | Utilities | SOFR + 5.25% (1.00% floor) | 8.97% | 11/24/2031 | 364 | 348 | 348 | 0.1% |
| Sylmar Group Holdco LLC - Term Loan (8) | Utilities | SOFR + 5.25% (1.00% floor) | 8.97% | 11/24/2031 | 7791 | 7714 | 7713 | 1.6% |
| The Mutual Group LLC - Revolving Credit Line (6) | Insurance | SOFR + 5.75% (1.00% floor) | 9.51% | 1/31/2030 | - | (8) | (8) | 0.0% |
| The Mutual Group LLC - Term Loan | Insurance | SOFR + 5.75% (1.00% floor) | 9.51% | 1/31/2030 | 9335 | 9220 | 9218 | 2.0% |
| Total Fleet Buyer, LLC - Revolving Credit Line (6) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.28% | 7/15/2030 | - | (15) | - | 0.0% |
| Total Fleet Buyer, LLC - Term Loan (7) | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.28% | 7/15/2030 | 5606 | 5526 | 5606 | 1.2% |
| Total Fleet Buyer, LLC - Term Loan B | Capital Goods | SOFR + 4.50% (1.00% floor) | 8.48% | 7/15/2030 | 1552 | 1527 | 1552 | 0.3% |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Maturity Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Debt Investments** <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Senior Secured** |  |  |  |  |  |  |  |  |
| U.S. Anesthesia Partners, Inc. - Term Loan | Health Care Equipment & Services | SOFR + 7.50% (0.50% floor) | 11.49% | 10/1/2029 | $9926 | $9008 | $9648 | 2.0% |
| Univista Intermediate Holdco LLC - Term Loan A | Insurance | SOFR + 3.85% (1.50% floor) | 7.57% | 1/10/2031 | 4745 | 4715 | 4627 | 1.0% |
| Univista Intermediate Holdco LLC - Term Loan B | Insurance | SOFR + 5.25% (1.50% floor) | 10.23% | 1/10/2031 | 7837 | 7754 | 7563 | 1.6% |
| WildBrain Ltd. - Revolving Credit Line (6)(9)(23) | Media & Entertainment | SOFR + 5.50% (1.00% floor) | 9.36% | 7/23/2029 | 1237 | 1210 | 1237 | 0.3% |
| WildBrain Ltd. - Term Loan (7)(9)(23) | Media & Entertainment | SOFR + 5.50% (1.00% floor) | 9.36% | 7/23/2029 | 17403 | 17130 | 17734 | 3.8% |
| XDimensional Technologies, Inc. - Delayed Draw Term Loan (8) | Software & Services | SOFR + 7.25% (2.00% floor) | 11.07% | 6/13/2028 | 12 | 12 | 12 | 0.0% |
| XDimensional Technologies, Inc. - Revolving Credit Line (6)(8) | Software & Services | SOFR + 7.25% (2.00% floor) | 11.07% | 6/13/2028 | - | - | (1) | 0.0% |
| XDimensional Technologies, Inc. - Term Loan (8) | Software & Services | SOFR + 7.25% (2.00% floor) | 11.07% | 6/13/2028 | 887 | 888 | 871 | 0.2% |
| **Total First Lien Senior Secured** |  |  |  |  | **910824** | **898608** | **899174** | **190.8%** |
| **Second Lien Senior Secured** |  |  |  |  |  |  |  |  |
| GRAM ABF Vision Holdings, L.P. - Promissory Note | Insurance | FIXED 15.00% | 15.00% | 1/10/2031 | $746 | $727 | $645 | 0.1% |
| Hometown Food Company - Term Loan B | Consumer Staples Distribution & Retail | SOFR + 7.50% (1.50% floor) | 11.28% | 6/3/2031 | 15000 | 14932 | 14955 | 3.2% |
| Mitchell International, Inc. - Term Loan (10) | Software & Services | SOFR + 5.25% (0.50% floor) | 8.97% | 6/17/2032 | 7080 | 6954 | 7045 | 1.5% |
| **Total Second Lien Senior Secured** |  |  |  |  | **22826** | **22613** | **22645** | **4.8%** |
| **Total Debt Investments** |  |  |  |  | $**933650** | $**921221** | $**921819** | **195.6%** |

---

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)(2)(3)</sup> | **Industry** | **Spread Above Index** | **Interest Rate** | **Acquisition Date** | **Principal/ Shares** | **Amortized Cost** | **Fair Value** | **Percentage of Net Assets** <sup>(4)</sup> |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| **Private Companies** |  |  |  |  |  |  |  |  |
| Allied OMS Intermediate Company, LLC - Preferred Units | Health Care Equipment & Services | NA | NA | 6/9/2025 | 10780 | $568 | $646 | 0.1% |
| Amplify FG Holdco, L.P. - Class A Units (13)(14) | Commercial & Professional Services | NA | NA | 10/18/2024 | 384 | 385 | 432 | 0.1% |
| Calidris Investment Partners Holdings Ltd - Preferred Equity (9)(25) | Insurance | NA | NA | 12/31/2025 | 275806 | 5400 | 5400 | 1.1% |
| CyberMaxx Holdings, LLC - Class A Common Units (15) | Software & Services | NA | NA | 11/4/2024 | 90374 | - | - | 0.0% |
| CyberMaxx Holdings, LLC - Class A-1 Preferred Units (15) | Software & Services | FIXED 8.00% | 8.00% PIK | 11/4/2024 | 344 | 376 | 313 | 0.1% |
| Ensemble Performing Arts Partners LLC - Series E Preferred Units | Consumer Services | NA | NA | 3/28/2025 | 6110 | 703 | 703 | 0.1% |
| iCreditWorks Inc. - Series D Preferred Stock | Financial Services | FIXED 10.00% + 7.50% PIK | 17.50% | 12/27/2024 | 28542 | 5290 | 5298 | 1.1% |
| ORECV, LLC - Membership Interest (6)(9)(24) | Real Estate Management & Development | NA | NA | 8/8/2025 | NA | 2510 | 2458 | 0.5% |
| Senior Support Holdings, LP - Class A-1 Units (13)(16) | Health Care Equipment & Services | NA | NA | 3/20/2024 | 371 | 371 | 439 | 0.1% |
| Senior Support Holdings, LP - Class B Units (13)(16) | Health Care Equipment & Services | NA | NA | 3/20/2024 | 371 | - | 167 | 0.0% |
| **Total Private Companies** |  |  |  |  |  | **15603** | **15856** | **3.2%** |
| **Total Equity Investments** |  |  |  |  |  | $**15603** | $**15856** | **3.2%** |
| **Warrants** |  |  |  |  |  |  |  |  |
| GRAM ABF Vision Holdings, L.P. (17) | Insurance | NA | NA | 1/10/2025 | 47 | $- | $50 | 0.0% |
| iCreditWorks Inc. (17) | Financial Services | NA | NA | 12/27/2024 | 11372 | - | - | 0.0% |
| **Total Warrants** |  |  |  |  |  | **-** | **50** | **0.0%** |
| **Total Investments** |  |  |  |  |  | $**936824** | $**937725** | **198.8%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| First American Government Obligations Fund - X Class (10)(18) | Cash Equivalents | NA | 5.05% | NA | $3334 | $3334 | $3334 | 0.7% |
| **Cash Equivalents Total** |  |  |  |  |  | $**3334** | $**3334** | **0.7%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  | $**940158** | $**941059** | **199.5%** |
| **Other Assets, Less Liabilities** <sup>(19)</sup> |  |  |  |  |  |  | $(470421) | (99.5)% |
| **Net Assets** |  |  |  |  |  |  | $**470638** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Unless otherwise noted, the fair value of investments with respect to securities for which market quotations are not readily available are valued using significant unobservable inputs (See Note 3—Fair Value of Financial Instruments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)All investments domiciled in the United States unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The Fund updated certain descriptions of its portfolio companies presented in the consolidated financial statements as of December 31, 2025 to align with the legal issuer name, where applicable. These updates had no impact on the Consolidated Statements of Assets and Liabilities as of December 31, 2025.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Percentages are based on net assets as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") which resets monthly, quarterly, semiannually, or annually. For each, the Fund has provided the spread over the reference rate and the current interest rate in effect at the reporting date. As of December 31, 2025, the reference rates for the Fund's variable rate loans were the 1 month SOFR at 3.69%, the 3 month SOFR at 3.65%, and the 6 month SOFR at 3.57%. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until the commitments are called and funded. Please refer to Note 6—Commitments and Contingencies for details of these unfunded commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Investment held in Comvest Senior Lending Fund LL1 SPV, LLC, a wholly-owned subsidiary of the Fund, as collateral for the Secured Loan Facility. Please refer to Note 7—Borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Positions that have a SOFR reference rate, from time to time have an additional spread adjustment. This spread adjustment ranges from 0.00% - 0.37% depending on the contractual arrangement. These spread adjustments have been included in the all-in rate shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)The investment is not a qualifying asset, under Section 55(a) of the Investment Company Act of 1940. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of December 31, 2025, 11.43% of the Fund's total assets are represented by investments at fair value that are considered non-qualifying assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Security's value was determined by using significant observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)Investment subject to the Participation Agreement and acts as collateral for the Secured Borrowing. Please refer to Note 7—Borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)Investment is on non-accrual status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)Investment is held by Comvest Senior Lending Blocker MF SPV, LLC, a wholly-owned subsidiary of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)This security is restricted and not available for resale. On October 18, 2023, the Fund purchased Armanino Advisory LLC – Delayed Draw Term Loan, Armanino Advisory LLC – Revolving Credit Line and Armanino Advisory LLC – Term Loan. These investments are offered by the same issuer as the Private Companies and are not restricted to resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)This security is restricted and not available for resale. On November 4, 2024, the Fund purchased Periscope Cybermaxx Buyer, Inc – Delayed Draw Term Loan, Periscope Cybermaxx Buyer, Inc – Revolving Credit Line and Periscope Cybermaxx Buyer, Inc –Term Loan. These investments are offered by the same issuer as the Private Companies and are not restricted to resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)This security is restricted and not available for resale. On March 20, 2024, the Fund purchased Senior Support Holdings (Franchise) Acquisition, Inc. - Delayed Draw Loan and Senior Support Holdings (Franchise) Acquisition, Inc. – Term Loan. These investments are offered by the same issuer as the Private Companies and are not restricted to resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)This security is restricted and not available for resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)A copy of the security's annual report to shareholders may be obtained without charge on the SEC's website (http://www.sec.gov).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)Included in the total is an amount of $6,807 held for collateral to meet requirements associated with the Secured Loan Facility. Please refer to Note 7—Borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)Domiciled in the Dominican Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)Domiciled in Bermuda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)Domiciled in Puerto Rico.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)Domiciled in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)Investment is deemed an affiliated investment. Affiliated Investments generally are defined by the 1940 Act as investments in portfolio companies in which the Fund owns between 5% and 25% of the voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the portfolio company was an affiliated investment (but not a portfolio company that the Fund is deemed to control).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25)As defined in the 1940 Act, the Fund is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as it owns more than 25% of the portfolio company's voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the

Fund is deemed to Control.

PIK - Payment-in-kind

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**(amounts in thousands, except per share data)**

**December 31, 2025**

The following table shows the portfolio composition by industry grouping based on fair value at December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Industry**<sup>(1)</sup> | **Investments and <br>Cash Equivalents <br>at Fair Value** | **Percentage of<br>Fair Value** |
| Financial Services | $162102 | 17.2% |
| Consumer Services | 142200 | 15.1% |
| Health Care Equipment & Services | 136090 | 14.5% |
| Insurance | 110537 | 11.7% |
| Software & Services | 96227 | 10.2% |
| Capital Goods | 75730 | 8.0% |
| Commercial & Professional Services | 52723 | 5.6% |
| Materials | 51474 | 5.5% |
| Consumer Staples Distribution & Retail | 27610 | 2.9% |
| Food, Beverage & Tobacco | 26350 | 2.8% |
| Media & Entertainment | 20208 | 2.1% |
| Consumer Discretionary Distribution & Retail | 12746 | 1.4% |
| Utilities | 8019 | 0.8% |
| Telecommunication Services | 7336 | 0.8% |
| Transportation | 5444 | 0.6% |
| Cash Equivalents | 3334 | 0.4% |
| Real Estate Management & Development | 2458 | 0.3% |
| Technology Hardware & Equipment | 471 | 0.1% |
|  | $**941059** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Fund reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2025, to align with Global Industry Classification Standards ("GICS"), where applicable. These reclassifications had no impact on the Consolidated Statements of Assets and Liabilities as of December 31, 2025.

The accompanying notes are an integral part of these consolidated financial statements.

------

**JOHN HANCOCK COMVEST PRIVATE INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(amounts in thousands, except share and per share amounts, percentages, and as otherwise indicated)**

**March 31, 2026**

**(Unaudited)**

## Note 1—Organization and Business Purpose
*Organization* 

John Hancock Comvest Private Income Fund (the "Fund") is a Delaware statutory trust. The Fund was formed under the name Comvest Credit Partners BDC Fund, L.P. as a limited partnership on June 28, 2023, under the laws of the state of Delaware. The Fund changed its name to AMG Comvest Senior Lending Fund on October 23, 2023 and elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") on October 24, 2023. On November 3, 2025, Manulife Financial Corporation ("Manulife") acquired 75% of Comvest's (as defined below) private credit business (the "Manulife Transaction"). In connection with the closing of the Manulife Transaction, the Fund changed its name to John Hancock Comvest Private Income Fund. The Fund is a diversified, closed-end management investment company that has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Fund is managed by Comvest Credit Managers, LLC (the "Investment Adviser"), a Delaware limited liability company. The Investment Adviser is an affiliate of Comvest Capital Advisors LLC, Comvest Credit Advisors LLC and Commonwealth Credit Advisors LLC (collectively with their affiliates, "Comvest"), and Manulife (collectively with Comvest, "Manulife \| Comvest Credit Partners"). The Investment Adviser is registered as an investment adviser with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended.

The Fund's seed inception date was September 29, 2023 ("Inception Date"), and the commencement of investment operations date was October 18, 2023.

On March 11, 2024, the Fund established Comvest Senior Lending Blocker MF SPV, LLC ("Subsidiary I"), a wholly-owned subsidiary and Delaware limited liability company to hold equity securities of portfolio companies organized as a pass-through entity while continuing to satisfy the requirements of a RIC under the Code. Subsidiary I has filed an election to be treated as a corporation for tax purposes.

On April 15, 2024, the Fund established Comvest Senior Lending Fund LL1 SPV, LLC ("Subsidiary II"), a wholly-owned financing subsidiary and Delaware limited liability company, for the purpose of holding pledged investments as collateral under a Secured Loan Facility, as defined in Note 7—Borrowings. Subsidiary II is a disregarded entity for tax purposes.

On May 30, 2024, the Fund established Comvest SLF California, LLC ("Subsidiary III", collectively with Subsidiary I and Subsidiary II, the "Subsidiaries"), a wholly-owned subsidiary and Delaware limited liability company, which has been established to acquire investments in the state of California, as required by California law. Subsidiary III is a disregarded entity for tax purposes.

On December 13, 2024, the Fund received a notice of effectiveness from the SEC related to the Fund's Form N-2 Registration Statement, on the basis of which the Fund publicly offers on a continuous basis up to $2.0 billion of common shares of the Fund pursuant to the Securities Act of 1933, as amended (the "Securities Act") (the "Public Offering"). The Fund has established Class I shares, Class S shares, Class F shares, and Class D shares. Prior to December 13, 2024, the Fund offered its common shares pursuant to the terms set forth in the Fund's Confidential Private Placement Memorandum and subscription agreements that it entered into with investors in connection with its private offering of common shares (the "Private Offering"). The common shares in the Private Offering were sold under the exemption provided by Section 4(a)(2) of the Securities Act, only to investors that are "accredited investors" in accordance with Rule 506 of Regulation D promulgated under the Securities Act, and other exemptions of similar import in the laws of the states and jurisdictions where the Private Offering was made. All common shares issued under the Private Offering are now classified as Class I shares.

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*Business Purpose* 

The Fund's investment objective is to generate current income and capital appreciation. The Fund's primary focus is to provide risk-adjusted returns and current income to investors by investing primarily in middle-market companies with earnings before interest, taxes, depreciation, and amortization ("EBITDA") generally between $10 million and $100 million within a wide range of industries, although the Fund intends to focus on industries in which the Investment Adviser and its affiliates have investing experience and access to operating resources, including but not limited to healthcare, financial services, business & technology services, industrials, consumer products, and franchisors/retail.

## Note 2—Summary of Significant Accounting Policies
*Basis of Presentation*

The Fund's consolidated interim financial statements include the accounts of the Subsidiaries and are prepared in accordance with Generally Accepted Accounting Principles ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, the Fund's consolidated interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. The consolidated interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in the Fund's Form 10-K for the year ended December 31, 2025, as filed with the SEC. The Fund is an investment company and accordingly applies specific accounting and financial reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, *Financial Services – Investments Companies.*

All intercompany balances and transactions between the Fund and the Subsidiaries have been eliminated.

Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net investment income, net assets, or changes in net assets. Reclassifications were made within the presentation of the Consolidated Statements of Cash Flows. Specifically, amortization of deferred financing costs has been separately disclosed under operating activities.

*Use of Estimates*

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates.

*Valuation of Portfolio Investments*

The Investment Adviser applies fair value accounting in accordance with GAAP and valuation policies and procedures (the "Valuation Policy") adopted by the Board of Trustees of the Fund (the "Board"). Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Fund's Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Fund's Consolidated Statements of Operations as "Net change in unrealized gains (losses) of investments".

The Investment Adviser values the Fund's portfolio investments in accordance with the Valuation Policy and the 1940 Act. For purposes of the 1940 Act, the Board has designated the Investment Adviser as the Fund's valuation designee (the "Valuation Designee") under Rule 2a-5 under the 1940 Act. The Board provides oversight of the Investment Adviser's monthly good faith fair value determinations of the Fund's portfolio investments, including investments that are not publicly traded and those whose market prices are not readily available.

One or more independent valuation firms (each a "Valuation Agent") are engaged to independently value the Fund's investments, in consultation with the Investment Adviser. The Fund's valuation procedures, which are the procedures that are followed by such Valuation Agent are set forth in more detail below:

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1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and if so, the quote is used. In the event that the Investment Adviser, with the assistance of the Valuation Agent, determines that the bond quotes are not readily available or otherwise not determinable pursuant to the Fund's valuation procedures, or not reliable, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) For investments other than bonds, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, look at the number of quotes readily available and perform the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If quotes from pricing services differ by +/- five points or if the spread between the bid and ask for a quote is greater than 10 points, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value;

ii) Investments for which one quote is received from a pricing service are validated by the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser. The personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Valuation Agent will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, are unable to sufficiently validate the quote internally and if the investment's par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi- step valuation process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Each portfolio company or investment is initially valued by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Valuation Agent undertakes a comprehensive valuation analysis, which includes an enterprise and/or collateral valuation, and subsequently a fundamental credit analysis and valuation with respect to both credit quality and market factors, for each of the portfolio companies or investments and provides a range of values on such investments to the Investment Adviser. The Valuation Agent also provides analyses to support its valuation methodology and calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Investment Adviser then reviews each valuation recommendation to confirm they have been calculated in accordance with the Valuation Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Investment Adviser determines the fair value of each investment in the portfolio in good faith based on the input of the Investment Adviser's valuation team and, where applicable, the Valuation Agent or other external service providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The Board provides oversight of the valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Investment Adviser or the Valuation Agent and the fair valuation determinations made by the Investment Adviser.

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For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period and the fluctuations could be material.

*Investment Classification*

The Fund classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, "control" is defined as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. In addition, in accordance with Section 2(a)(9) of the 1940 Act, any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than 25% of the voting securities of any company and/or does not have the power to exercise control over the management or policies of such portfolio company shall be presumed not to control such company. Consistent with the 1940 Act, "Affiliated Investments" are defined as those investments in companies in which the Fund owns 5% or more of the voting securities. Consistent with the 1940 Act, "Non-affiliated Investments" are defined as investments that are neither control investments nor Affiliated Investments. As of March 31, 2026 and December 31, 2025, the Fund did not "control" and was not an "affiliated person" of any of its portfolio companies, each as defined in the 1940 Act, except as noted as of March 31, 2026 and December 31, 2025 in the consolidated schedules of investments.

*Security Transactions*

Security transactions are accounted for on a trade date basis.

*Cash and Cash Equivalents*

Cash and cash equivalents include cash held in banks and short-term, liquid investments in a money market account. Such cash and cash equivalents, at times, may exceed federally insured limits. Cash and cash equivalents are carried at cost which approximates fair value. Certain cash amounts are held in a segregated account to collateralize outstanding borrowings under the secured loan facility, and are subject to restrictions of use.

The Fund considers all highly liquid investments that can be converted to cash, or having a maturity date, within three months, when acquired, to be cash equivalents. As of March 31, 2026 and December 31, 2025, the Fund held cash equivalents in the form of money market fund shares held in First American Government Obligations Fund, X Class. The fair value of cash and cash equivalents as of March 31, 2026 and December 31, 2025, were $7,460 and $3,428, respectively, representing 1.6% and 0.7%, respectively, of the Fund's net assets. Cash equivalents in the form of money market fund shares are valued at their reported net asset value (generally $1 per share) on the measurement date, and are categorized within Level 1 of the fair value hierarchy under ASC Topic 820, Fair Value Measurements and Disclosure ("ASC 820"), as inputs in the valuation are observable.

*Organizational Expenses and Offering Costs*

The Fund bore the organizational expenses incurred in connection with its formation and will bear offering costs incurred in connection with the offering of its common shares of beneficial interest, including the out-of-pocket expenses of the Investment Adviser and its agents and affiliates. Additionally, the Fund bore the organizational expenses and offering costs incurred in connection with the formation of Comvest Senior Lending Feeder Fund LLC ("Feeder Fund I") and Comvest Senior Lending Feeder Fund II LLC ("Feeder Fund II").

Organizational expenses are expensed as incurred, while offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of investment operations, or effectiveness of the Public Offering or when the service was rendered. As of March 31, 2026 and December 31, 2025, unamortized offering costs of $71 and $269, respectively, were deferred and are reflected in the Consolidated Statements of Assets and Liabilities as part of prepaid expenses and other assets. For the three months ended March 31, 2026 and 2025, the Fund expensed organizational and offering costs in the amount of $198 and $436, respectively.

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*Deferred Financing Costs*

Financing costs incurred in connection with the Fund's credit facilities are capitalized and amortized into expenses using the straight-line method, which approximates the effective yield method over the life of the respective facility. See Note 7—Borrowings.

*Revenue Recognition*

**Interest Income**

Interest income, including amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield method. Loan origination fees, original issue discount ("OID") and market discounts or premiums are capitalized and amortized into interest income using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income. The Fund may have loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when deemed by the issuer. For the three months ended March 31, 2026 and 2025, the Fund recognized PIK interest from investments of $733 and $199, respectively, which is included in "Payment-in-kind interest income" on the Consolidated Statements of Operations.

**Non-accrual**

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued cash and PIK interest is generally reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

**Fee Income**

Fee income, such as structuring fees, loan monitoring, amendment, syndication, commitment, termination, and other loan fees are recognized as income when earned, either upon receipt or amortized into fee income. Upon the re-payment of a loan or debt security, any prepayment penalties received, and unamortized loan fees are recorded as fee income.

**Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss**

Gain or loss on the sale of investments is calculated using the specific identification method. Net change in unrealized gain or loss will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when a gain or loss is realized.

***Income Taxes***

The Fund has elected to be treated for federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code and intends to operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Fund is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its shareholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Fund intends to make the required distributions to its shareholders to maintain its ability to be taxed as a RIC each year, which will generally relieve the Fund from U.S. federal income taxes with respect to all income distributed to its shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

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Additionally, in order to avoid the imposition of a U.S. federal excise tax, the Fund is required to distribute, in respect of each calendar year, dividends to the Fund's shareholders of an amount at least equal to the sum of 98% of the Fund's calendar year net ordinary income (taking into account certain deferrals and elections); 98.2% of the Fund's capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which the Fund previously did not incur any U.S. federal income tax. If the Fund fails to qualify as a RIC for any reason and becomes subject to corporate tax, the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions.

Subsidiary I filed an election with the Internal Revenue Service to be treated as a corporation for tax purposes and is subject to U.S. federal and state income taxes. The consolidated financial statements include the accounts of Subsidiary I, for which a provision for corporate income taxes has been recorded. Deferred income tax is generally computed by applying the federal statutory income tax rate of 21% and estimated applicable state tax statutory rates (net of federal tax benefit) to unrealized gains/(losses) on investments before taxes. As of March 31, 2026 and December 31, 2025, the deferred tax liability on the Statements of Assets and Liabilities were $95 and $88, respectively. For the three months ended March 31, 2026 and 2025, the net change in deferred tax liability on the Statements of Operations were $8 and $8, respectively. Additionally, the Fund has not paid taxes to any jurisdiction during the three months ended March 31, 2026 and 2025.

***Segment Reporting***

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) ("ASC 280"), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments were effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. In accordance with ASC 280, the Fund has determined that it has a single operating and reporting segment. As a result, the Fund's segment accounting policies are the same as described herein and the Fund does not have any intra-segment sales and transfers of assets.

The Fund operates through a single operating and reporting segment with an investment objective to generate current income and capital appreciation primarily by investing in middle-market companies. The chief operating decision maker (the "CODM") is comprised of the Fund's chief executive officer, and chief financial officer. The CODM assesses the performance and makes operating decisions for the Fund primarily based on the Fund's change in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Fund's net assets, total return, and ratios of net and gross expenses to average net assets as a key metric in reviewing the performance of the Fund. As the Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "Total Assets" and the significant segment expenses are listed on the Consolidated Statement of Operations.

***Recent Accounting Standards Update***

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. The Fund incorporated the provisions of the ASU, and there was no material impact to the Fund's financial statements.

## Note 3—Fair Value of Financial Instruments
Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3—Unobservable inputs that reflect the Fund's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but are instead derived from particular valuation techniques.

The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Fund evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.

Determination of fair values involves subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements.

The following table presents fair value measurements of investments and cash equivalents, by major class, as of March 31, 2026, according to the fair value hierarchy.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| First Lien Senior Secured | $— | $8487 | $854888 | $863375 |
| Second Lien Senior Secured |  | 3708 | 674 | 4382 |
| Equity |  |  | 19799 | 19799 |
| Warrants |  |  | 51 | 51 |
| Cash Equivalents | 6567 |  |  | 6567 |
| Total | $6567 | $12195 | $875412 | $894174 |

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The following table presents fair value measurements of investments and cash equivalents, by major class, as of December 31, 2025, according to the fair value hierarchy.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Totals** |
| First Lien Senior Secured | $— | $8715 | $890459 | $899174 |
| Second Lien Senior Secured |  | 7045 | 15600 | 22645 |
| Equity |  |  | 15856 | 15856 |
| Warrants |  |  | 50 | 50 |
| Cash Equivalents | 3334 |  |  | 3334 |
| Total | $3334 | $15760 | $921965 | $941059 |

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The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2026.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien Senior Secured** | **Second Lien Senior Secured** | **Equity** | **Warrants** | **Total Investments** |
| Balance as of December 31, 2025 | $890459 | $15600 | $15856 | $50 | $921965 |
| Purchases and other adjustments to cost | 20805 | 28 | 4357 |  | 25190 |
| Sales and repayments | (53732) | (15000) | (568) |  | (69300) |
| Net realized gain/ (loss) on investments | (19) | 68 |  |  | 49 |
| Net change in unrealized gain/ (loss) on investments | (3356) | (22) | 154 | 1 | (3223) |
| Net accretion of discount on investments | 731 |  |  |  | 731 |
| Balance as of March 31, 2026 | $**854888** | $**674** | $**19799** | $**51** | $**875412** |
| Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026 | $(2402) | $2 | $154 | $— | $(2246) |

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For the three months ended March 31, 2026, there were no transfers between levels of the fair value hierarchy.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien Senior Secured** | **Second Lien Senior Secured** | **Equity** | **Warrants** | **Total Investments** |
| Balance as of December 31, 2024 | $393203 | $— | $6065 | $— | $399268 |
| Purchases and other adjustments to cost | 142665 | 10520 | 110 |  | 153295 |
| Sales and repayments | (4541) |  |  |  | (4541) |
| Net change in unrealized gain/ (loss) on investments | 995 | (119) | (44) | 72 | 904 |
| Net accretion of discount on investments | 409 |  |  |  | 409 |
| Balance as of March 31, 2025 | $**532731** | $**10401** | $**6131** | $**72** | $**549335** |
| Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025 | 1000 | (119) | (41) | 72 | 912 |

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For the three months ended March 31, 2025, there were no transfers between levels of the fair value hierarchy.

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**Significant Unobservable Inputs**

The following table summarizes the significant unobservable inputs used to value Level 3 investments as of March 31, 2026. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Selected Input Range** | **Selected Input Range** | **Selected Input Range** | **Selected Input Range** |  |  | **Impact to** |
| **Asset Category** | **Fair Value** | **Primary Valuation Technique** | **Unobservable Inputs** | **Minimum** |  | **Maximum** |  | **Weighted Average (a)** |  | **Valuation from an Increase in Input (b)** |
| First Lien Senior Secured | $853970 | Discounted Cash Flow | Discount Rate | 4.9 | % | 20.1 | % | 9.1 | % | Decrease |
| First Lien Senior Secured | 918 | Market Comparables | EBITDA Multiple | 7.3 | x | 8.8 | x | 8.0 | x | Increase |
| Second Lien Senior Secured | 674 | Discounted Cash Flow | Discount Rate | 19.5 | % | 19.5 | % | 19.5 | % | Decrease |
| Equity | 12943 | Discounted Cash Flow | Discount Rate | 11.0 | % | 19.8 | % | 17.4 | % | Decrease |
| Equity | 6619 | Market Comparables | EBITDA Multiple | 7.5 | x | 14.0 | x | 9.8 | x | Increase |
| Equity | 237 | Market Comparables | Revenue Multiple | 2.5 | x | 3.5 | x | 3.0 | x | Increase |
| Warrant | 51 | Market Comparables | EBITDA Multiple | 10.8 | x | 11.8 | x | 11.3 | x | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $875412 |  |  |  |  |  |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Weighted averages are calculated based on fair value of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding inputs as of a period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at the period end.

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The following table summarizes the significant unobservable inputs used to value Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Selected Input Range** | **Selected Input Range** | **Selected Input Range** | **Selected Input Range** |  |  | **Impact to** |
| **Asset Category** | **Fair Value** | **Primary Valuation Technique** | **Unobservable Inputs** | **Minimum** |  | **Maximum** |  | **Weighted Average (a)** |  | **Valuation from an Increase in Input (b)** |
| First Lien Senior Secured | $822454 | Discounted Cash Flow | Discount Rate | 4.8 | % | 20.6 | % | 9.0 | % | Decrease |
| First Lien Senior Secured | 66701 | Recent Transaction Price | Recent Transaction Price | N/A |  | N/A |  | N/A |  | Increase |
| First Lien Senior Secured | 1303 | Market Comparables | EBITDA Multiple | 6.8 | x | 8.3 | x | 7.5 | x | Increase |
| Second Lien Senior Secured | 15600 | Discounted Cash Flow | Discount Rate | 11.1 | % | 19.5 | % | 11.8 | % | Decrease |
| Equity | 7756 | Discounted Cash Flow | Discount Rate | 11.0 | % | 19.6 | % | 17.5 | % | Decrease |
| Equity | 5400 | Recent Transaction Price | Recent Transaction Price | N/A |  | N/A |  | N/A |  | Increase |
| Equity | 2388 | Market Comparables | EBITDA Multiple | 10.8 | x | 14.0 | x | 13.0 | x | Increase |
| Equity | 313 | Market Comparables | Revenue Multiple | 3.0 | x | 4.0 | x | 3.5 | x | Increase |
| Warrant | 50 | Market Comparables | EBITDA Multiple | 11.0 | x | 12.0 | x | 11.5 | x | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $921965 |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Weighted averages are calculated based on fair value of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding inputs as of a period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at the period end.

There were no significant changes in valuation approach or technique as of March 31, 2026 and December 31, 2025.

Level 3 inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities where the fair value is based on unobservable inputs.

The income and market approaches were used in the determination of fair value of certain Level 3 assets as of March 31, 2026. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments and any other end of term fees, as applicable. Included in the consideration and selection of discount rates are factors such as risk of default, interest rate risk, and changes in credit quality. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies.

------

As of March 31, 2026, the Fund had one portfolio investment on a non-accrual status. As of December 31, 2025, the Fund had one portfolio investment on a non-accrual status. Refer to Note 2—Summary of Significant Accounting Policies for additional details regarding the Fund's non-accrual policy.

The following table shows the amortized cost and fair value of the Fund's performing and non-accrual investments as of March 31, 2026 and December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Portfolio Company** | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Performing | $889907 | $887306 | $936204 | $937047 |
| Non-accrual | 620 | 301 | 620 | 678 |
| Total | $890527 | $887607 | $936824 | $937725 |

---

For a discussion of the fair value measurement of the Fund's borrowings, refer to Note 7—Borrowings.

## Note 4—Related Party Transactions
*Investment Management Agreement*

The Manulife Transaction resulted in the automatic termination of the Fund's prior investment management agreement with the Investment Adviser (the "Prior Investment Management Agreement") under the 1940 Act. Prior thereto, on August 27, 2025, the Board approved a new investment management agreement between the Fund and the Investment Adviser (the "Investment Management Agreement"), subject to shareholder approval. At a special meeting of shareholders on September 24, 2025, shareholders approved the Investment Management Agreement, which became effective upon the closing of the Manulife Transaction. All material terms remain unchanged from the Prior Investment Management Agreement to the Investment Management Agreement, including the management and incentive fees payable by the Fund. The Investment Management Agreement was most recently amended and restated as of February 19, 2026.

*Management Fee*

The Management Fee will be calculated and payable quarterly in arrears at an annual rate of 1.25% of net assets as of the beginning of the first calendar day of the applicable quarter. The Management Fee will be appropriately adjusted for any share issuances or repurchases during the applicable quarter.

For the three months ended March 31, 2026 and 2025, the Fund incurred $1,450.4 and $836.6, respectively, in Management Fees under the Investment Management Agreement. As of March 31, 2026 and December 31, 2025, the payable related to the Management Fees were $1,450 and $1,443, respectively.

*Incentive Fee*

The Incentive Fee consists of two components that are independent of each other. A portion of the Incentive Fee is based on a percentage of the Fund's income and a portion is based on a percentage of the Fund's capital gains, each as described below:

The first part is calculated and payable quarterly in arrears on the Fund's Pre-Incentive Fee Net Investment Income Returns. For this purpose, Pre-Incentive Fee Net Investment Income Returns means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by Investment Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity), accrued during the month, minus the Fund's operating expenses for the month (including the Management Fee, taxes, any expenses payable under the Investment Management Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the incentive fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment

------

Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a percentage of the value of the Fund's net assets at the end of the immediately preceding quarter, is compared to a hurdle. The Fund will pay the Investment Adviser an incentive fee with respect to Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No incentive fee in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.25% per quarter (5.00% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) is referred to as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 12.5% of the Fund's Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of the amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are paid to the Investment Adviser.

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the applicable quarter.

The second part of the Incentive Fee, the capital gains incentive fee, will be payable in arrears as of the end of each calendar year and will equal 12.5% of the Fund's cumulative realized capital gains, if any, from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation, less the aggregate amount of any previously paid incentive fees on fees on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Investment Adviser if the Fund were to sell the relevant investment and realize a capital gain. For purposes of computing the Fund's Incentive Fee on capital gains, the calculation methodology looks through derivative financial instruments or swaps, if owned, as if the Fund owned the reference assets directly.

The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated.

For the three months ended March 31, 2026 and 2025, the Fund incurred $1,680.9 and $810.8, respectively, in Incentive Fees related to the Pre-Incentive Fee Net Investment Income Returns, and recognized a net reversal of previously accrued Incentive Fees of $107.4 and net accrued Incentive Fees of $113.0, respectively, related to the capital gains incentive fee, respectively. Any fees waived under the Investment Management Agreement are not subject to future reimbursement to the Investment Adviser pursuant to the Expense Limitation and Reimbursement Agreement (as defined below). As of March 31, 2026 and December 31, 2025, the payable related to the Pre-Incentive Fee Net Investment Income Returns were $1,679.4 and $1,332.7, respectively, and the payable related to Incentive Fees related to the capital gains incentive fee were $0.0 and $107.4, respectively.

*Administration Agreement*

The Fund entered into an administration agreement (the "Administration Agreement") with AMG Funds LLC, a Delaware limited liability company and wholly-owned subsidiary of Affiliated Managers Group, Inc. (the "Administrator"), under which the Administrator performs or oversees the performance of certain administrative services for the Fund. Effective December 13, 2024, the Fund pays the Administrator a fee (the "Administration Fee") at the rate of 0.25% per annum of the Fund's net assets as of the beginning of the first calendar day of the applicable month, adjusted for any share issuances or repurchases during the applicable month. The Administration Fee was accrued monthly and payable quarterly in arrears.

For the three months ended March 31, 2026 and 2025, the Fund incurred $290.0 and $167.6, respectively, in administration fees under its the administration agreement with AMG. Any fees waived under the Administration Agreement are not subject to future reimbursement to the Administrator pursuant to the Expense Limitation and Reimbursement Agreement.

------

*Managing Dealer Agreement*

On November 6, 2025, the Fund entered into a managing dealer agreement with John Hancock Investment Management Distributors LLC (the "Managing Dealer" and the "Managing Dealer Agreement"). Under the Managing Dealer Agreement, the Managing Dealer manages the Fund's relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of shares, which the Fund refers to as "participating brokers," and financial advisors.

Under a Distribution and Servicing Plan, the Fund will pay the Managing Dealer, subject to FINRA and other limitations, with respect to the Class S, Class D and Class F shares, 0.85%, 0.25% and 0.50%, respectively, on an annualized basis as a percentage of the net asset value for such class. Class I shares are not subject to any shareholder servicing or distribution fees. The shareholder servicing and/or distribution fees will be paid monthly in arrears, calculated using the net assets of the applicable class as of the beginning of the first calendar day of the month. No such fees have been incurred to date as there have been no subscriptions to these classes.

*Expense Limitation and Reimbursement Agreement*

The Fund entered into the Third Amended and Restated Expense Limitation and Reimbursement Agreement with the Investment Adviser effective as of November 3, 2025, which will terminate on May 1, 2026, unless renewed by mutual agreement of the Investment Adviser and the Fund, or unless otherwise terminated by the Fund's Board upon at least thirty (30) days written notice to the Investment Adviser (the "Expense Limitation and Reimbursement Agreement"). Pursuant to the Expense Limitation and Reimbursement Agreement, the Investment Adviser is obligated to pay, absorb or reimburse all of the Fund's operating costs and expenses incurred, including, but not limited to organization and offering costs and legal, administration, accounting, printing, mailing, subscription processing and filing fees and expenses, as determined in accordance with GAAP ("Operating Expenses") above 1.25% of the value of the Fund's monthly net assets as of the beginning of the first calendar day of the applicable month adjusted for any share issuances or repurchases during the applicable month during the period of time that the Fund operates as a publicly-offered, non-traded BDC (each such payment, absorption or reimbursement, a "Required Expense Payment"). Any Required Expense Payment must be paid by the Investment Adviser in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Investment Adviser or its affiliates. Prior to November 3, 2025, the Fund operated under the Second Amended Expense Limitation and Reimbursement Agreement, pursuant to which the Investment Adviser and the Administrator were each obligated to pay and absorb the Fund's operating costs and expenses incurred above 1.25% of the value of the Fund's monthly net assets as of the beginning of the first calendar day of the applicable month adjusted for any share issuances or repurchases during the applicable month.

For the three months ended March 31, 2026 and 2025, the Fund was reimbursed $255 and $267, respectively, by the Investment Adviser and the Administrator. As of March 31, 2026 and December 31, 2025, the Fund owed the Investment Adviser $0 in recoupment, which is reflected in the Consolidated Statement of Assets and Liabilities under "Due to affiliates". As of March 31, 2026 and December 31, 2025, the Investment Adviser owed the Fund $1,140 and $1,437, respectively, in expense reimbursement, which is reflected in the Consolidated Statements of Assets and Liabilities under "Due from affiliates". At March 31, 2026, the Fund's expiration of reimbursements subject to recoupment was as follows:

---

| | |
|:---|:---|
| **Expiration Period** |  |
| Less than 1 year | $1482 |
| 1-2 years | 2453 |
| 2-3 years | 2483 |
| Total | $6418 |

---

------

*SEC Exemptive Relief*

As a BDC, the Fund is subject to certain regulatory restrictions in making its investments. The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. On May 6, 2026, the SEC granted certain affiliates of Manulife an exemptive order (the "Co-Investment Order") that allows the Fund to enter into certain negotiated co-investment transactions alongside other funds managed by the Investment Adviser or its affiliates in a manner consistent with its investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with conditions. The Co-Investment Order, which supersedes the prior co-investment order issued to certain affiliates of Manulife on December 12, 2023, is a new form of co-investment exemptive relief that adopts a more flexible requirement that allocations be "fair and equitable" to the Fund and that the Investment Adviser considers the interests of the Fund and any other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order in allocations and which minimizes certain board approval requirements as compared to the prior form of co-investment exemptive relief. Among other things, under the Co-Investment Order, the terms, conditions, price, class of securities to be purchased in respect of a particular investment, the date on which such investment is to be made and any registration rights applicable thereto, must be generally the same for the Fund and each other participating affiliated entity. The requirements of the Co-Investment Order (including any requirements for board approval thereunder), as well as other regulatory requirements associated with the Fund and any other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order, potentially will impact the investment allocations among participating entities (including, for the avoidance of doubt, the Fund) or otherwise impact allocation results. Any changes to the Co-Investment Order or the rules and other guidance promulgated by the SEC and its staff under the 1940 Act could impact allocations made available to the Fund and thereby affect (and potentially decrease) the allocation made to us or otherwise impact the process for allocations in transactions in which we participate.

On March 14, 2025, the SEC issued an order (the "Multi-Class Order") granting the Fund's application for exemptive relief from Sections 18(a)(2), 18(c), 18(i) and 61(a) under the 1940 Act. Under the terms of the Multi-Class Order, the Fund is permitted to offer multiple classes of its Common Shares with varying sales loads and asset-based distribution and/or service fees. For the three months ended March 31, 2026, the Fund did not issue any Class S, Class D, or Class F shares.

## Note 5—Transactions with Affiliated Investments
A non-controlled affiliated investment is an investment in which the Fund has an ownership interest of 5% or more of its voting securities. A controlled affiliate investment is an investment in which the Fund has an ownership interest of more than 25% of its voting securities. Please see the Fund's consolidated schedule of investments for the type of investment, principal amount/shares and interest rate including the spread and the maturity date. Transactions related to the Fund's investments with affiliates for the three months ended March 31, 2026 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Type of Asset** | **Amount of interest included in income** | **Beginning Fair Value at December 31, 2025** | **Gross additions**<sup>(1)</sup> | **Gross reductions**<sup>(2)</sup> | **Realized Gain/(Loss)** | **Change in Unrealized Gain (Loss)** | **Fair Value at March 31, 2026** |
| **Affiliated investments:** |  |  |  |  |  |  |  |  |
| Calidris Investment Partners Holdings Ltd - Preferred Equity <sup>(3)</sup> | Equity Investment | $— | $5400 | $— | $— | $— | $210 | $5610 |
| Calidris Investment Partners Holdings Ltd - Term Loan <sup>(3)</sup> | First Lien Senior Secured | 29 | 8107 | 29 |  |  | 10 | 8146 |
| ORECV, LLC - Membership Interest | Equity Investment |  | 2458 |  | (569) |  | 74 | 1963 |
| Total affiliated Investments |  | $29 | $15965 | $29 | $(569) | $— | $294 | $15719 |

---

(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category.

------

(3)As defined in the 1940 Act, the Fund is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as it owns more than 25% of the portfolio company's voting securities.

Other than the investments disclosed above, the Fund did not have any additional affiliated or controlled investments, as defined under the 1940 Act, as of March 31, 2026, or during the three months then ended.

For the three months ended March 31, 2025, the Fund held no investments that were deemed affiliated or controlled.

## Note 6—Commitments and Contingencies
*Commitments*

In the ordinary course of business, the Fund may enter into future funding commitments. As of March 31, 2026, the Fund had unfunded commitments on delayed draw term loans, revolving credit lines, and membership interests of $66,186, $49,762, and $3,141, respectively. As of December 31, 2025, the Fund had unfunded commitments on delayed draw term loans, revolving credit lines, and membership interests of $66,601, $55,075, and $2,574, respectively. The Fund maintains sufficient cash, uncalled commitments, and borrowing capacity on hand to satisfy such unfunded commitments.

As of March 31, 2026, the Fund's unfunded commitments consisted of the following.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company Name** | Investment Type | **Commitment Type** | **Unfunded Commitments** |
| Ag Bells LLC | First Lien Senior Secured | Revolving Credit Line | $1165 |
| Allbridge, LLC | First Lien Senior Secured | Delayed Draw Loan | 166 |
| Allbridge, LLC | First Lien Senior Secured | Revolving Credit Line | 166 |
| Allied OMS Intermediate Company, LLC | First Lien Senior Secured | Delayed Draw Loan | 2973 |
| Allied OMS Intermediate Company, LLC | First Lien Senior Secured | Revolving Credit Line | 991 |
| Ampler QSR Holdings LLC | First Lien Senior Secured | Revolving Credit Line | 1533 |
| Archtop Fiber Intermediate LLC | First Lien Senior Secured | Delayed Draw Loan | 3907 |
| Armanino Advisory LLC | First Lien Senior Secured | Delayed Draw Loan | 2381 |
| Armanino Advisory LLC | First Lien Senior Secured | Revolving Credit Line | 883 |
| Aspire General Holding Company LLC | First Lien Senior Secured | Delayed Draw Loan | 2638 |
| Aspire General Holding Company LLC | First Lien Senior Secured | Revolving Credit Line | 694 |
| Batteries Plus Holding Corporation | First Lien Senior Secured | Revolving Credit Line | 51 |
| Billhighway, LLC | First Lien Senior Secured | Revolving Credit Line | 80 |
| Brown & Root Industrial Services, LLC | First Lien Senior Secured | Revolving Credit Line | 2626 |
| CheckedUp, Inc | First Lien Senior Secured | Revolving Credit Line | 73 |
| Compu-Link Corporation | First Lien Senior Secured | Revolving Credit Line | 1570 |
| Cooper's Hawk Intermediate Holding,LLC | First Lien Senior Secured | Delayed Draw Loan | 1842 |
| Cooper's Hawk Intermediate Holding,LLC | First Lien Senior Secured | Revolving Credit Line | 1842 |
| CrossLink Professional Tax Solutions, LLC | First Lien Senior Secured | Revolving Credit Line | 1348 |
| D4C Dental Brands, Inc. | First Lien Senior Secured | Revolving Credit Line | 1189 |
| Discovery SL Management, LLC | First Lien Senior Secured | Delayed Draw Loan | 330 |
| Discovery SL Management, LLC | First Lien Senior Secured | Delayed Draw Loan | 2568 |
| Discovery SL Management, LLC | First Lien Senior Secured | Revolving Credit Line | 621 |
| Ensemble Music Schools LLC | First Lien Senior Secured | Revolving Credit Line | 1405 |
| Fullsteam Operations LLC | First Lien Senior Secured | Delayed Draw Loan | 5769 |
| Fullsteam Operations LLC | First Lien Senior Secured | Revolving Credit Line | 1923 |
| Hasa Acquisition, LLC | First Lien Senior Secured | Delayed Draw Loan | 145 |
| Hasa Acquisition, LLC | First Lien Senior Secured | Revolving Credit Line | 48 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company Name** | **Investment Type** | **Commitment Type** | **Unfunded Commitments** |
| Heathos LLC | First Lien Senior Secured | Revolving Credit Line | $707 |
| Hornblower Sub LLC | First Lien Senior Secured | Revolving Credit Line |  |
| Integrity Marketing Acquisition, LLC | First Lien Senior Secured | Delayed Draw Loan | 878 |
| Integrity Marketing Acquisition, LLC | First Lien Senior Secured | Revolving Credit Line | 962 |
| Juvare, LLC | First Lien Senior Secured | Delayed Draw Loan | 1066 |
| Juvare, LLC | First Lien Senior Secured | Revolving Credit Line | 1322 |
| Kemper Sports Management, LLC | First Lien Senior Secured | Revolving Credit Line | 163 |
| Learn-it Systems, LLC | First Lien Senior Secured | Delayed Draw Loan | 3365 |
| Learn-it Systems, LLC | First Lien Senior Secured | Delayed Draw Loan | 734 |
| Learn-it Systems, LLC | First Lien Senior Secured | Revolving Credit Line | 1835 |
| Lindstrom, LLC | First Lien Senior Secured | Revolving Credit Line | 1569 |
| Military Retail Solutions, LLC | First Lien Senior Secured | Delayed Draw Loan | 1515 |
| Military Retail Solutions, LLC | First Lien Senior Secured | Revolving Credit Line | 353 |
| Nuclear Care Partners Holdings, Inc. | First Lien Senior Secured | Revolving Credit Line | 1616 |
| OEP Wheeler Buyer, LLC | First Lien Senior Secured | Revolving Credit Line | 3144 |
| OL Texas Restaurants, LLC | First Lien Senior Secured | Revolving Credit Line | 70 |
| ORECV, LLC | Equity | Membership Interest | 3141 |
| Palmetto Longevity Fund, LLC | First Lien Senior Secured | Delayed Draw Loan | 127 |
| Palmetto Longevity Fund, LLC | First Lien Senior Secured | Revolving Credit Line | 2969 |
| Pansophic Learning US, LLC | First Lien Senior Secured | Revolving Credit Line | 997 |
| Pediatric Home Respiratory Services, LLC | First Lien Senior Secured | Delayed Draw Loan | 1916 |
| Pediatric Home Respiratory Services, LLC | First Lien Senior Secured | Revolving Credit Line | 852 |
| Periscope Cybermaxx Buyer, Inc | First Lien Senior Secured | Delayed Draw Loan | 1785 |
| Periscope Cybermaxx Buyer, Inc | First Lien Senior Secured | Revolving Credit Line | 275 |
| Petvet Care Centers, LLC | First Lien Senior Secured | Revolving Credit Line | 1415 |
| PF Carrus Careers, LLC | First Lien Senior Secured | Revolving Credit Line | 471 |
| Project Pathfinder Borrower, LLC | First Lien Senior Secured | Revolving Credit Line | 1960 |
| Rails International, LLC | First Lien Senior Secured | Revolving Credit Line | 2342 |
| Rialto Management Group, LLC | First Lien Senior Secured | Revolving Credit Line | 1067 |
| Salisbury House, LLC | First Lien Senior Secured | Delayed Draw Loan | 2371 |
| Salisbury House, LLC | First Lien Senior Secured | Revolving Credit Line | 1581 |
| Salt US Holdco, LLC | First Lien Senior Secured | Delayed Draw Loan | 5618 |
| Senior Support Holdings (Franchise) Acquisition, Inc. | First Lien Senior Secured | Delayed Draw Loan | 4468 |
| SL Buyer Corp. | First Lien Senior Secured | Delayed Draw Loan | 3293 |
| SL Buyer Corp. | First Lien Senior Secured | Revolving Credit Line | 774 |
| Solidcore Topco, LLC | First Lien Senior Secured | Delayed Draw Loan | 3244 |
| Solidcore Topco, LLC | First Lien Senior Secured | Revolving Credit Line | 1233 |
| Sparkle Holdco 2 Corp. | First Lien Senior Secured | Revolving Credit Line | 603 |
| Sparta Capital Management, LLC | First Lien Senior Secured | Delayed Draw Loan | 2705 |
| Spartan CP, LLC | First Lien Senior Secured | Delayed Draw Loan | 1291 |
| Spartan CP, LLC | First Lien Senior Secured | Revolving Credit Line | 166 |
| Sportime Clubs, LLC | First Lien Senior Secured | Delayed Draw Loan | 4936 |
| Sportime Clubs, LLC | First Lien Senior Secured | Revolving Credit Line | 293 |
| Sylmar Group Holdco LLC | First Lien Senior Secured | Delayed Draw Loan | 4155 |
| Sylmar Group Holdco LLC | First Lien Senior Secured | Revolving Credit Line | 935 |
| The Mutual Group LLC | First Lien Senior Secured | Revolving Credit Line | 672 |
| Total Fleet Buyer, LLC | First Lien Senior Secured | Revolving Credit Line | 1148 |
| XDimensional Technologies, Inc. | First Lien Senior Secured | Revolving Credit Line | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $119089 |

---

------

As of December 31, 2025, the Fund's unfunded commitments consisted of the following.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company Name** | Investment Type | **Commitment Type** | **Unfunded<br>Commitments** |
| Ag Bells LLC | First Lien Senior Secured | Revolving Credit Line | $1165 |
| Allbridge, LLC | First Lien Senior Secured | Delayed Draw Loan | 166 |
| Allbridge, LLC | First Lien Senior Secured | Revolving Credit Line | 166 |
| Allied OMS Intermediate Company, LLC | First Lien Senior Secured | Delayed Draw Loan | 2973 |
| Allied OMS Intermediate Company, LLC | First Lien Senior Secured | Revolving Credit Line | 991 |
| Ampler QSR Holdings LLC | First Lien Senior Secured | Revolving Credit Line | 1553 |
| Archtop Fiber Intermediate LLC | First Lien Senior Secured | Delayed Draw Loan | 5710 |
| Armanino Advisory LLC | First Lien Senior Secured | Delayed Draw Loan | 2554 |
| Armanino Advisory LLC | First Lien Senior Secured | Revolving Credit Line | 1920 |
| Aspire General Holding Company LLC | First Lien Senior Secured | Delayed Draw Loan | 2638 |
| Aspire General Holding Company LLC | First Lien Senior Secured | Revolving Credit Line | 694 |
| Batteries Plus Holding Corporation | First Lien Senior Secured | Revolving Credit Line | 63 |
| Billhighway, LLC | First Lien Senior Secured | Revolving Credit Line | 80 |
| Brown & Root Industrial Services, LLC | First Lien Senior Secured | Revolving Credit Line | 2956 |
| CheckedUp, Inc | First Lien Senior Secured | Revolving Credit Line | 55 |
| Compu-Link Corporation | First Lien Senior Secured | Revolving Credit Line | 1570 |
| Cooper's Hawk Intermediate Holding,LLC | First Lien Senior Secured | Delayed Draw Loan | 2895 |
| Cooper's Hawk Intermediate Holding,LLC | First Lien Senior Secured | Revolving Credit Line | 1579 |
| CrossLink Professional Tax Solutions, LLC | First Lien Senior Secured | Revolving Credit Line | 599 |
| D4C Dental Brands, Inc. | First Lien Senior Secured | Revolving Credit Line | 1189 |
| Discovery SL Management, LLC | First Lien Senior Secured | Delayed Draw Loan | 360 |
| Discovery SL Management, LLC | First Lien Senior Secured | Delayed Draw Loan | 2568 |
| Discovery SL Management, LLC | First Lien Senior Secured | Revolving Credit Line | 621 |
| Ensemble Music Schools LLC | First Lien Senior Secured | Delayed Draw Loan | 1405 |
| Ensemble Music Schools LLC | First Lien Senior Secured | Revolving Credit Line | 1405 |
| Fullsteam Operations LLC | First Lien Senior Secured | Delayed Draw Loan | 5769 |
| Fullsteam Operations LLC | First Lien Senior Secured | Revolving Credit Line | 1923 |
| Hasa Acquisition, LLC | First Lien Senior Secured | Delayed Draw Loan | 145 |
| Hasa Acquisition, LLC | First Lien Senior Secured | Revolving Credit Line | 100 |
| Heathos LLC | First Lien Senior Secured | Revolving Credit Line | 707 |
| Hornblower Sub LLC | First Lien Senior Secured | Revolving Credit Line | 10 |
| Integrity Marketing Acquisition, LLC | First Lien Senior Secured | Delayed Draw Loan | 878 |
| Integrity Marketing Acquisition, LLC | First Lien Senior Secured | Revolving Credit Line | 962 |
| Juvare, LLC | First Lien Senior Secured | Delayed Draw Loan | 1066 |
| Juvare, LLC | First Lien Senior Secured | Revolving Credit Line | 1823 |
| Kemper Sports Management, LLC | First Lien Senior Secured | Revolving Credit Line | 163 |
| Learn-it Systems, LLC | First Lien Senior Secured | Delayed Draw Loan | 3365 |
| Learn-it Systems, LLC | First Lien Senior Secured | Delayed Draw Loan | 734 |
| Learn-it Systems, LLC | First Lien Senior Secured | Revolving Credit Line | 1835 |
| Lindstrom, LLC | First Lien Senior Secured | Revolving Credit Line | 1222 |
| Military Retail Solutions, LLC | First Lien Senior Secured | Delayed Draw Loan | 1515 |
| Military Retail Solutions, LLC | First Lien Senior Secured | Revolving Credit Line | 555 |
| Nuclear Care Partners Holdings, Inc. | First Lien Senior Secured | Revolving Credit Line | 1616 |
| OEP Wheeler Buyer, LLC | First Lien Senior Secured | Revolving Credit Line | 3144 |
| OL Texas Restaurants, LLC | First Lien Senior Secured | Revolving Credit Line | 210 |
| ORECV, LLC | Equity | Membership Interest | 2574 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company Name** | **Investment Type** | **Commitment Type** | **Unfunded<br>Commitments** |
| Palmetto Longevity Fund, LLC | First Lien Senior Secured | Delayed Draw Loan | $127 |
| Palmetto Longevity Fund, LLC | First Lien Senior Secured | Revolving Credit Line | 3002 |
| Pansophic Learning US, LLC | First Lien Senior Secured | Revolving Credit Line | 997 |
| Pediatric Home Respiratory Services, LLC | First Lien Senior Secured | Delayed Draw Loan | 1916 |
| Pediatric Home Respiratory Services, LLC | First Lien Senior Secured | Revolving Credit Line | 1065 |
| Periscope Cybermaxx Buyer, Inc | First Lien Senior Secured | Delayed Draw Loan | 1836 |
| Periscope Cybermaxx Buyer, Inc | First Lien Senior Secured | Revolving Credit Line | 413 |
| Petvet Care Centers, LLC | First Lien Senior Secured | Revolving Credit Line | 1592 |
| PF Carrus Careers, LLC | First Lien Senior Secured | Revolving Credit Line | 553 |
| Project Pathfinder Borrower, LLC | First Lien Senior Secured | Revolving Credit Line | 1960 |
| Rails International, LLC | First Lien Senior Secured | Revolving Credit Line | 2342 |
| Rialto Management Group, LLC | First Lien Senior Secured | Revolving Credit Line | 1707 |
| Salisbury House, LLC | First Lien Senior Secured | Delayed Draw Loan | 2371 |
| Salisbury House, LLC | First Lien Senior Secured | Revolving Credit Line | 1344 |
| Salt US Holdco, LLC | First Lien Senior Secured | Delayed Draw Loan | 323 |
| Sarasota US Intermediate, Inc. | First Lien Senior Secured | Revolving Credit Line | 1239 |
| Seatex Merger Sub, LLC | First Lien Senior Secured | Revolving Credit Line | 1141 |
| Senior Support Holdings (Franchise) Acquisition, Inc. | First Lien Senior Secured | Delayed Draw Loan | 4468 |
| SL Buyer Corp. | First Lien Senior Secured | Delayed Draw Loan | 3507 |
| SL Buyer Corp. | First Lien Senior Secured | Revolving Credit Line | 774 |
| Solidcore Topco, LLC | First Lien Senior Secured | Delayed Draw Loan | 3244 |
| Solidcore Topco, LLC | First Lien Senior Secured | Revolving Credit Line | 1622 |
| Sparta Capital Management, LLC | First Lien Senior Secured | Delayed Draw Loan | 3606 |
| Spartan CP, LLC | First Lien Senior Secured | Delayed Draw Loan | 1291 |
| Spartan CP, LLC | First Lien Senior Secured | Revolving Credit Line | 414 |
| Sportime Clubs, LLC | First Lien Senior Secured | Delayed Draw Loan | 5016 |
| Sportime Clubs, LLC | First Lien Senior Secured | Revolving Credit Line | 293 |
| Sylmar Group Holdco LLC | First Lien Senior Secured | Delayed Draw Loan | 4155 |
| Sylmar Group Holdco LLC | First Lien Senior Secured | Revolving Credit Line | 1195 |
| The Mutual Group LLC | First Lien Senior Secured | Revolving Credit Line | 672 |
| Total Fleet Buyer, LLC | First Lien Senior Secured | Revolving Credit Line | 1148 |
| WildBrain Ltd. | First Lien Senior Secured | Revolving Credit Line | 666 |
| XDimensional Technologies, Inc. | First Lien Senior Secured | Revolving Credit Line | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $124250 |

---

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded in the consolidated financial statements and reflected as an adjustment to the valuation of the related security in the Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025. The par amount of the unfunded portfolio company commitments is not recognized by the Fund until the commitment is funded.

------

Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Fund. The Fund believes that it maintains sufficient liquidity in the form of cash and financing capacity to cover any outstanding unfunded portfolio company commitments that the Fund may be required to fund.

*Litigation and Regulatory Matters*

In the ordinary course of its business, the Fund may become subject to litigation, claims, and regulatory matters. The Fund has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Fund at this time.

*Indemnifications*

In the ordinary course of its business, the Fund may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Fund. Management believes that the likelihood of such an event is remote.

## Note 7—Borrowings
In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As a result of complying with the requirements set forth in Section 61 of the 1940 Act, the Fund is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of March 31, 2026 and December 31, 2025, the Fund's asset coverage ratios were 206.85% and 197.52%, respectively.

## *Secured Loan Facility* 
On July 16, 2024 and as most recently amended on October 15, 2025, Subsidiary II has entered into a Loan and Servicing Agreement (as amended, the "Secured Loan Facility"), with Sumitomo Mitsui Banking Corporation, as collateral agent, administrative agent and a lender, Webster Bank, N.A., as a lender, and Western Alliance Trust Company, N.A., as account bank, collateral custodian and collateral administrator. The Secured Loan Facility provides for borrowings in U.S. dollars up to a maximum principal amount of $445 million for a six-month period beginning on October 15, 2025 (the "Upsize Period") and $400 million after the Upsize Period. Proceeds from the borrowings under the Secured Loan Facility will be used primarily to finance the purchase or origination of loans. Unless otherwise terminated, the Secured Loan Facility will mature on July 16, 2029. The interest rate on outstanding loans will be calculated by the 1-month SOFR rate plus a spread of 2.20%. Prior to March 27, 2025, the interest rate on outstanding loan was calculated by taking the highest of the Prime Rate, the Federal Funds Rate plus 0.50%, the 1-month SOFR rate plus 1.0% or zero, plus a spread of 2.60%. Subsidiary II paid an upfront fee of $3 million that was due by March 31, 2025, and pays an administrative fee of $5 thousand per month. On March 27, 2025, Subsidiary II paid an additional upfront fee of $750 thousand related to the amended Secured Loan Facility. On any date when the undrawn commitment is less than or equal to 50% of the aggregate commitment, the non-usage fee will be 0.50% per annum. On any date when the undrawn commitment is greater than 50% of the aggregate commitment, the non-usage fee will be 1.00% per annum.

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings under the Secured Loan Facility as of March 31, 2026 and March 31, 2025 was 5.88% and 6.92%, respectively. The average daily debt outstanding as of March 31, 2026 and March 31, 2025 was $371,954 and $186,233, respectively. The maximum debt outstanding as of March 31, 2026 and March 31, 2025 was $393,305 and $263,100, respectively.

The following table represents borrowings under the Secured Loan Facility as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Aggregate Borrowing Capacity** | **Total Principal Outstanding** | **Less Deferred Financing Costs** | **Amount per Consolidated Statements of Assets and Liabilities** |
| Secured Loan Facility | $445000 | $333882 | $2548 | $331334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $445000 | $333882 | $2548 | $331334 |

---

------

The following table represents borrowings under the Secured Loan Facility as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Aggregate Borrowing Capacity** | **Total Principal Outstanding** | **Less Deferred Financing Costs** | **Amount per Consolidated Statements of Assets and Liabilities** |
| Secured Loan Facility | $445000 | $393305 | $2740 | $390565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $445000 | $393305 | $2740 | $390565 |

---

The following table represents interest and debt fees under the Secured Loan Facility for the three months ended March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Rate**<sup>(1)</sup> | **Interest Expense** | **Deferred Financing Costs** <sup>(2)</sup> | **Other Fees** <sup>(2)</sup> |
| Secured Loan Facility | SOFR + 2.20% | $5900 | $166 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $5900 | $166 | $— |

---

(1)As of March 31, 2026, the 1-month SOFR rate was 3.66%.

(2)Amortization of deferred financing costs and other fees are included in "interest expense" on the Consolidated Statements of Operations.

The following table represents interest and debt fees under the Secured Loan Facility for the three months ended March 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Rate**<sup>(1)</sup> | **Interest Expense** | **Deferred Financing Costs** <sup>(2)</sup> | **Other Fees** <sup>(2)</sup> |
| Secured Loan Facility | SOFR + 2.20% | $3159 | $150 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $3159 | $150 | $— |

---

(1)As of March 31, 2025, the 1-month SOFR rate was 4.32%.

(2)Amortization of deferred financing costs and other fees are included in "interest expense" on the Consolidated Statements of Operations.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's borrowings on the Secured Loan Facility approximated their fair value in accordance with ASC 820. As of March 31, 2026 and December 31, 2025, the Fund's borrowings are deemed to be a Level 3 measurement, as defined in Note 3—Fair Value of Financial Instruments.

*Credit Facility*

On December 2, 2025, the Fund entered into a senior secured revolving credit agreement with the Fund, as borrower, the lenders from time to time parties thereto, The Bank of Nova Scotia, as administrative agent, collateral agent, issuing bank, swingline lender and as lead arranger (the "Credit Facility"). The Credit Facility will be guaranteed by the Fund. Proceeds from the borrowings under the Credit Facility will be used for general corporate purposes, including the funding of portfolio investments. The maximum principal amount of the Credit Facility is $150 million, consisting of a $75 million permanent commitment maturing on December 3, 2029 and a $75 million temporary commitment maturing on December 2, 2026, subject to availability under the borrowing base, which is based on the Fund's eligible portfolio investments. Maximum capacity under the Facility may be increased up to $300 million through the exercise by the Fund of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $50 million limit for swingline loans.

The availability period under the permanent commitment of the Credit Facility will terminate on December 3, 2029 (the "Commitment Termination Date") and the permanent commitment will mature on December 2, 2030 (the "Final Maturity Date"). The temporary commitment will mature on December 2, 2026. During the period from the Commitment Termination Date to the Final Maturity Date, the Fund will be obligated to make mandatory prepayments under the Credit Facility out of the proceeds of certain asset sales and other

------

recovery events and equity and debt issuances. The Fund may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Facility in U.S. dollars will bear interest at either Term SOFR plus a margin, or the "alternate base rate" (which is the highest of (a) the prime rate, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) Term SOFR plus 1% plus a margin). The Fund may elect either the Term SOFR or alternate base rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Fund's option, subject to certain conditions. Amounts drawn under the Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Fund also will pay a fee of 0.375% per annum on the average daily unused amounts under the Credit Facility.

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings under the Credit Facility as of March 31, 2026 was 5.68%. The average daily debt outstanding and maximum debt outstanding for the three months ended March 31, 2026 was $96,733 and $101,000, respectively.

The following table represents borrowings under the Credit Facility as of March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Aggregate Borrowing Capacity** | **Total Principal Outstanding** | **Less Deferred Financing Costs** | **Amount per Consolidated Statements of Assets and Liabilities** |
| Credit Facility | $150000 | $101000 | $556 | $100444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $150000 | $101000 | $556 | $100444 |

---

The following table represents borrowings under the Credit Facility as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Aggregate Borrowing Capacity** | **Total Principal Outstanding** | **Less Deferred Financing Costs** | **Amount per Consolidated Statements of Assets and Liabilities** |
| Credit Facility | $150000 | $88000 | $630 | $87370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $150000 | $88000 | $630 | $87370 |

---

The following table represents interest and debt fees for the three months ended March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Rate**<sup>(1)</sup> | **Interest Expense** | **Deferred Financing Costs** <sup>(2)</sup> | **Other Fees** <sup>(2)</sup> |
| Credit Facility | SOFR + 2.00% | $1423 | $100 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $1423 | $100 | $— |

---

(1)As of March 31, 2026, the 1-month SOFR rate was 3.66%.

(2)Amortization of deferred financing costs and other fees are included in "interest expense" on the Consolidated Statements of Operations.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's borrowings on the Credit Facility approximated their fair value in accordance with ASC 820. As of March 31, 2026 and December 31, 2025, the Fund's borrowings are deemed to be a Level 3 measurement, as defined in Note 3—Fair Value of Financial Instruments.

*Secured Borrowing Agreement*

On July 22, 2024, the Fund entered into a participation agreement (the "Participation Agreement") with Macquarie Bank Limited ("Macquarie"). The Fund will transfer investments to Macquarie for cash and repurchase the same investment on a forward settlement basis. The repurchase transaction will have a settlement date of up to 90 days. The repurchase

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transaction under the Participation Agreement is a type of secured borrowing, in which the Fund will retain the economics of the investment and will pay an interest charge. Interest expense incurred under the Participation Agreement is included on the Consolidated Statements of Operations as "Interest expense".

The Fund did not have any outstanding borrowings under the Participation Agreement as of March 31, 2026 and December 31, 2025, and for three months ended March 31, 2026, the Fund did not have any activity under the Participation Agreement.

The weighted average annualized interest cost (excluding amortization of deferred financing costs and other fees) for all borrowings under the Secured Loan Facility as of March 31, 2025 was 7.54%. The average daily debt outstanding for the three months ended March 31, 2025 was $41,575.

The following table represents interest and debt fees under the Secured Borrowing Facility for the three months ended March 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Rate**<sup>(1)</sup> | **Interest Expense** | **Deferred Financing Costs** <sup>(2)</sup> | **Other Fees** <sup>(2)</sup> |
| Secured Borrowing Facility | SOFR + 7.54% | $789 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $789 | $— | $— |

---

(1)The effective interest rate reflects SOFR plus a weighted average spread across all secured borrowings. As of March 31, 2025, the 3-month SOFR rate was 4.29%.

(2)Amortization of deferred financing costs and other fees are included in "interest expense" on the Consolidated Statements of Operations.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's borrowings on the Secured Borrowing Facility approximated their fair value in accordance with ASC 820. As of March 31, 2026 and December 31, 2025, the Fund's borrowings are deemed to be a Level 3 measurement, as defined in Note 3—Fair Value of Financial Instruments.

## Note 8—Capital
During the three months ended March 31, 2026 and 2025, the Fund's capital stock activity was as follows:

*Share Issuances*

There were no shares issued related for subscriptions for the three months ended March 31, 2026.

The following table summarizes the total shares issued and net proceeds (in thousands) through the dividend reinvestment plan ("DRIP") for the three months ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Net Proceeds Received** |
| &nbsp;&nbsp;&nbsp;&nbsp;January 30, 2026 | 76 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;February 27, 2026 | 76 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;March 31, 2026 | 79 | 2 |
| Total Shares Issued | 231 | $6 |

---

The following table summarizes the total shares issued and net proceeds (in thousands) for the three months ended March 31, 2025.

---

| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Net Proceeds Received** |
| &nbsp;&nbsp;&nbsp;&nbsp;January 2, 2025 | 2769444 | $70150 |
| Total Shares Issued | 2769444 | $70150 |

---

The following table summarizes the total shares issued and net proceeds (in thousands) through the DRIP for the three months ended March 31, 2025.

------

---

| | | |
|:---|:---|:---|
| **Share Issue Date** | **Shares Issued** | **Net Proceeds** |
| &nbsp;&nbsp;&nbsp;&nbsp;January 31, 2025 | 38 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;February 28, 2025 | 39 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 | 47 | 1 |
| Total Shares Issued | 124 | $3 |

---

As of March 31, 2026 and December 31, 2025, Comvest Group Holdings SPV II LLC, a wholly-owned subsidiary of an affiliate of Manulife \| Comvest Credit Partners, owned 409 and 409, respectively, of the Fund's Class I shares, Feeder Fund I owned 9,955,652 and 9,955,652, respectively, of the Fund's Class I shares, and Feeder Fund II owned 7,874,687 and 7,874,687, respectively, of the Fund's Class I shares.

## *Distributions and Dividends* 
Distributions declared during the three months ended March 31, 2026 and 2025, totaled $11,708 and $5,656.

The following table reflects distributions, including dividends and returns of capital, if any, declared per share by the Board for the three months ended March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| January 29, 2026 | January 29, 2026 | February 23, 2026 | $0.21 |
| February 26, 2026 | February 26, 2026 | March 26, 2026 | $0.21 |
| March 30, 2026 | March 30, 2026 | April 22, 2026 | $0.21 |

---

The following table reflects distributions, including dividends and returns of capital, if any, declared per share by the Board for the three months ended March 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| January 29, 2025 | January 30, 2025 | February 21, 2025 | $0.16 |
| February 27, 2025 | February 27, 2025 | March 24, 2025 | $0.17 |
| March 27, 2025 | March 28, 2025 | April 24, 2025 | $0.20 |

---

Distributions to the Fund's shareholders are recorded on the last business day of the month. The Fund intends to make distributions to its shareholders that will be sufficient to enable the Fund to qualify and maintain its status as a RIC.

The Fund has adopted a DRIP whereby shareholders, at the time of completing their subscription agreement, must select whether to receive their distributions in cash or automatically reinvest such distributions in additional shares.

The Fund uses only newly-issued Shares to implement the DRIP. The number of Shares issued to a shareholder that has not elected to have its distributions in cash shall be determined by dividing the total dollar amount of the distribution payable to such participant by the net asset value per share as of the last day of the month immediately preceding the date such distribution was declared (the "Reference NAV"); provided that in the event a distribution is declared on the last day of the month, the Reference NAV shall be deemed to be the net asset value per share as of such day. In addition, dividend reinvestment will be made net of any applicable U.S. withholding taxes.

------

## Note 9—Net Assets
The following table reflects the net assets activity for the three months ended March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares - par** | **Additional paid in capital** | **Total distributable earnings (accumulated deficit)** | **Total net<br>assets** |
| Balance as of December 31, 2025 | 18631405 | $19 | $469992 | $627 | $470638 |
| Distributions to shareholders |  |  |  | (11708) | (11708) |
| Reinvestment of distributions | 231 |  | 6 |  | 6 |
| Net investment income (loss) |  |  |  | 12089 | 12089 |
| Net realized gain (loss) from investment transactions |  |  |  | 88 | 88 |
| Net change in unrealized gain (loss) on investments |  |  |  | (3829) | (3829) |
| Balance as of March 31, 2026 | 18631636 | $19 | $469998 | $(2733) | $467284 |

---

The following table reflects the net assets activity for the three months ended March 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares - par** | **Additional paid in capital** | **Total distributable earnings (accumulated deficit)** | **Total net assets** |
| Balance as of December 31, 2024 | 7945702 | $8 | $199800 | $1462 | $201270 |
| Issuance of shares, net of issuance costs | 2769568 | 3 | 70150 |  | 70153 |
| Distributions to shareholders |  |  |  | (5656) | (5656) |
| Net investment income (loss) |  |  |  | 5817 | 5817 |
| Net change in unrealized gain (loss) on investments |  |  |  | 896 | 896 |
| Balance as of March 31, 2025 | 10715270 | $11 | $269950 | $2519 | $272480 |

---

## Note 10—Earnings Per Share
Basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. For the three months ended March 31, 2026 and 2025, there were no dilutive securities. The following information sets forth the computation of the weighted average basic and diluted net change in net assets per share resulting from operations for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
|  | **For the Three Months<br>Ended March 31,** | **For the Three Months<br>Ended March 31,** |
|  | **2026** | **2025** |
| Increase (decrease) in net assets resulting from operations | $8348 | $6713 |
| Weighted average shares outstanding | 18631485 | 10684405 |
| Earnings (loss) per share - basic and diluted | $0.45 | $0.63 |

---

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## Note 11—Financial Highlights
The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
|  | **For the Three Months<br>Ended March 31,** | **For the Three Months<br>Ended March 31,** |
|  | **2026** | **2025** |
| **<u>Per Share Operating Performance</u>** |  |  |
| Net Asset Value, Beginning of Period: | $25.26 | $25.33 |
| Results of Operations:<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | 0.65 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | (0.20) | 0.09 |
| Increase (Decrease) in Net Assets Resulting from Operations | 0.45 | 0.63 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from Net Investment Income | (0.63) | (0.53) |
| Decrease in Net Assets Resulting from Distributions | (0.63) | (0.53) |
| Net Asset Value, End of Period | $25.08 | $25.43 |
| Shares Outstanding, End of Period | 18631636 | 10715270 |
| Total return<sup>(2)(3)</sup> | 1.79% | 2.49% |
| Net assets, end of period | $467284 | $272480 |
| **<u>Ratio/Supplemental Data</u>** |  |  |
| Weighted average shares outstanding | 18631485 | 10684405 |
| Ratio of net investment income (loss) to average net assets, without expense reimbursement<sup>(4)</sup> | 10.08% | 8.80% |
| Ratio of net investment income (loss) to average net assets, with expense reimbursement<sup>(4)</sup> | 10.30% | 9.30% |
| Ratio of total expenses to average net assets without reimbursement<sup>(4)</sup> | 10.57% | 11.20% |
| Ratio of total expenses to average net assets with reimbursement<sup>(4)</sup> | 10.35% | 10.80% |
| Asset coverage ratio<sup>(5)</sup> | 206.85% | 193.80% |
| Portfolio turnover rate<sup>(3)</sup> | 2.68% | 0.96% |

---

(1)The per common share data was derived using weighted average shares outstanding.

(2)Total return is calculated assuming a purchase of shares of common stock at the current net asset value on the first day and a sale at the current net asset value on the last day of the period reported.

(3)Not annualized.

(4)Annualized.

(5)Asset coverage ratio is presented as of March 31, 2026 and March 31, 2025, respectively.

**Note 12—Subsequent Events**

The Fund has evaluated subsequent events through the filing of this Form 10-Q and has determined that no material events or transactions occurred through the issuance date of the Fund's financial statements which require additional disclosure in or adjustment of the Fund's consolidated financial statements, except as set forth below.

On April 14, 2026, Subsidiary II entered into a Fifth Amendment to the Secured Loan Facility to extend the temporary upsize to the Fund's $400 million credit facility, which allows the Fund to borrow up to $445 million for a six-month period beginning on October 15, 2025, by an additional three months until July 15, 2026.

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On April 30, 2026, the Fund entered into a Fourth Amended and Restated Expense Limitation and Reimbursement Agreement with the Investment Adviser effective as of May 1, 2026, which will terminate on May 1, 2027. The terms of the agreement are not materially different from the Third Amended and Restated Expense Limitation and Reimbursement Agreement.

The Administrator resigned as the Fund's administrator effective as of May 3, 2026. Effective as of May 3, 2026, the Fund entered into an administration agreement (the "New Administration Agreement") with John Hancock Investment Management LLC (the "New Administrator"), under which the New Administrator performs or oversees the performance of certain administrative services for the Fund. Effective May 3, 2026, the Fund pays the New Administrator a fee at the annual rate of 0.06% of the Fund's month-end net assets.

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**ITEM 2. MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The information in management's discussion and analysis of financial conditions and results of operations relates to John Hancock Comvest Private Income Fund (collectively, "we", "us", "our", or the "Fund"). Unless stated otherwise, the dollar amounts disclosed in this Management's Discussion & Analysis of Financial Condition and Results of Operations section are presented in thousands.

**Forward-Looking Statements**

The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q (the "Report"). Some of the statements in this Report (including in the following discussion) constitute forward-looking statements, which relate to future events, future performance, or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future changes in laws or regulations and conditions in the Fund's operating areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the general economy, including the impact of interest and inflation rates, on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•global economic, political and market conditions, including downgrades of the U.S. credit rating and ongoing geopolitical conflicts, may adversely affect the Fund's business, results of operations and financial condition, including the Fund's revenue growth and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results, our business prospects, the adequacy of our cash resources and working capital, and the impact of inflation, the imposition of tariffs and rising interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of those investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of Comvest Credit Managers, LLC (the "Investment Adviser") and its affiliates to retain talented professionals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risk factors set forth in *Part I*-*Item 1A.-Risk Factors,* contained in our annual report on Form 10-K for the year ended December 31, 2025, and in this Report.

Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in *Part I*—*Item 1A.—Risk Factors* contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and in this Report.

We have based the forward-looking statements included in this Report on information available to us on the date of this Report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures we may make directly to you or through reports filed or to be filed with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

**Overview**

The Fund is an externally managed, diversified, closed-end management investment company that has elected to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") and has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund was formed as Comvest Credit Partners BDC Fund, L.P. on June 28, 2023 as a limited partnership under the laws of the state of Delaware. The Fund changed its name to AMG Comvest Senior Lending Fund on October 23, 2023 and converted to a Delaware statutory trust by operation of law on October 24, 2023. The Fund commenced operations on September 29, 2023 ("Inception Date") and commenced investment operations on October 18, 2023. On November 6, 2025, in connection with the closing of the Manulife Transaction, the Fund changed its name to John Hancock Comvest Private Income Fund.

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The Fund previously offered its common shares pursuant to the terms set forth in the Fund's Confidential Private Placement Memorandum and subscription agreements that it entered into with investors in connection with its private offering of common shares (the "Private Offering") (each, a "Subscription Agreement"). The common shares in the Private Offering were sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), only to investors that are "accredited investors" in accordance with Rule 506 of Regulation D promulgated under the Securities Act, and other exemptions of similar import in the laws of the states and jurisdictions where the Private Offering was made. The Fund's final Closing under the Private Offering occurred on December 13, 2024. All common shares issued under the Private Offering are now classified as Class I shares (the "Shares").

On December 13, 2024, the Fund received a notice of effectiveness from the SEC related to the Fund's Form N-2 Registration Statement (the "Registration Statement"). Pursuant to the Registration Statement, the Fund is publicly offering on a continuous basis up to $2.0 billion of the Shares (the "Public Offering").

On March 14, 2025, the SEC issued the Fund an exemptive order ("Multi-Class Order") that permits the Fund to offer multiple classes of its Shares. Under the Multi-Class Order, the Fund may issue Class S, Class D, Class F and Class I shares.

The Fund is managed by Comvest Credit Managers, LLC (the "Investment Adviser"), a Delaware limited liability company and an affiliate of Comvest Capital Advisors LLC, Comvest Credit Advisors LLC and Commonwealth Credit Advisors LLC (collectively with their affiliates, "Comvest"), and Manulife Financial Corporation ("Manulife," and collectively with Comvest and their affiliates, "Manulife \| Comvest Credit Partners"). The Investment Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Investment Adviser oversees the management of the Fund's activities and is responsible for making investment decisions with respect to the Fund's portfolio.

Our investment objective is to generate current income and capital appreciation. Our primary focus is to provide risk-adjusted returns and current income to investors by investing primarily in middle-market companies with earnings before interest, taxes, depreciation and amortization ("EBITDA") generally between $10 million and $100 million within a wide range of industries, although the Fund intends to focus on industries in which the Investment Adviser and its affiliates have investing experience and access to operating resources, including but not limited to healthcare, financial services, business & technology services, industrials, consumer products, and franchisors/retail.

*Macroeconomic Market Developments*

The capital markets are subject to fluctuations caused by various external factors such as changes in the interest-rate environment, inflationary pressures, evolving geopolitical tensions, and broader economic conditions, among other factors. These macroeconomic developments are outside our control and could require us to adjust our plan of operations, and impact our financial position, results of operations or cash flows in the future. We monitor macroeconomic market developments and their related impact to our business, including impacts to our portfolio companies, employees, due diligence and underwriting processes, and the broader financial markets.

While our portfolio is not immune to the impact of macroeconomic events, we believe we and our portfolio are well positioned to manage the current environment. Given the unpredictability and fluidity of the macroeconomic market, neither our management nor our Board is able to predict the full impact of the macroeconomic events on our business, future results of operations, financial position, or cash flows. For additional information, see "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 and in this Report.

*Portfolio and Investment Activity*

During the three months ended March 31, 2026, we made $25,189 of investments in new or existing portfolio companies and had $72,460 in aggregate amount of sales and repayments, resulting in net investments of $47,271 for the period. The total portfolio of debt investments at fair value consisted of 99.7% bearing variable interest rates and 0.3% bearing fixed interest rates.

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Our portfolio composition, based on fair value at March 31, 2026 was as follows.

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| | | |
|:---|:---|:---|
|  | **Percentage of Total Portfolio** | **Weighted Average Current Yield for Total Portfolio** |
| First Lien Senior Secured | 96.6% | 9.1% |
| Second Lien Senior Secured | 0.5% | 0.0% |
| Equity | 2.2% |  |
| Warrants | 0.0% |  |
| Cash Equivalents | 0.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100.0% | 9.1% |

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During the three months ended March 31, 2025, we made $153,295 of investments in new or existing portfolio companies and had $4,486 in aggregate amount of sales and repayments, resulting in net investments of $148,809 for the period. The total portfolio of debt investments at fair value consisted of 100% bearing variable interest rates and 0% bearing fixed interest rates.

Our portfolio composition, based on fair value at December 31, 2025 was as follows.

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| | | |
|:---|:---|:---|
|  | **Percentage of Total Portfolio** | **Weighted Average Current Yield for Total Portfolio** |
| First Lien Senior Secured | 95.5% | 9.0% |
| Second Lien Senior Secured | 2.4% | 0.3% |
| Equity | 1.7% | —% |
| Warrants | —% | —% |
| Cash Equivalents | 0.4% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100.0% | 9.3% |

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*Portfolio Asset Quality*

Our Investment Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all debt investments on a scale of 1 to 6 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio debt investment relative to the inherent risk at the time the original debt investment was made (i.e., at the time of acquisition), although it may also take into account under certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors.

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| | |
|:---|:---|
| Loan<br><u>Rating</u> | <u>Summary Description</u> |
| 1 | Investments that are performing at or above expectations. No issues or foreseen issues on performance, covenants, liquidity, etc. The credit is expected to be repaid at or prior to maturity through available cash flow or to be refinanced. |
| 2 | Investments that are performing substantially within our expectations, with the risks remaining neutral or favorable. All new loans are initially rated 2. The credit is expected to be repaid at or prior to maturity through available cash flow or to be refinanced by a third party. |
| 3 | Investments that are performing below our expectations and that require closer monitoring, but where we expect no loss of investment return or principal. |
| 4 | Investments that are performing below our expectations and for which risk has increased since the original investment. Although the loan is underperforming, there is not a high likelihood of any loss of principal or interest but there may be a possibility for equity returns, one-time fees or capitalized interest (if applicable) to be implied. |

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| | |
|:---|:---|
| 5 | Investments that are performing substantially below our expectations and whose risks have increased substantially since the original investment. Typically, the borrower will be in default, or the loan will have been modified to address a default or the loan may be past due. |
| 6 | Investments that are performing poorly; it is unlikely that the enterprise or asset values currently exceed the debt and/or material reduction in enterprise value is reasonably foreseen. |

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The Investment Adviser focuses on downside protection by leveraging existing rights available under the credit documents; however, for investments that are significantly underperforming, which may need to be restructured, the Investment Adviser's workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Investment Committee.

The weighted average risk rating of our investments based on fair value was 2.0 as of March 31, 2026. As of March 31, 2026, the Fund had one portfolio investment on non-accrual status. Refer to Note 2—Summary of Significant Accounting Policies for additional details regarding the Fund's non-accrual policy.

The following table shows the distribution of our investments on the 1 to 6 investment rating scale at fair value as of March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Rating** | **Cost (in thousands)** | **Percent** | **Fair Value (in thousands)** | **Percent** |
| Investment Rating 1 | $— | —% | $— | —% |
| Investment Rating 2 | 850930 | 95.5 | 850388 | 95.8 |
| Investment Rating 3 | 38360 | 4.3 | 36301 | 4.1 |
| Investment Rating 4 | 617 | 0.1 | 617 | 0.1 |
| Investment Rating 5 |  |  |  |  |
| Investment Rating 6 | 620 | 0.1 | 301 |  |
| **Total** | $890527 | 100.0% | $887607 | 100.0% |

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The weighted average risk rating of our investments based on fair value was 2.0 as of December 31, 2025. As of December 31, 2025, the Fund had one portfolio company on non-accrual status. Refer to Note 2—Summary of Significant Accounting Policies for additional details regarding the Fund's non-accrual policy.

The following table shows the distribution of our investments on the 1 to 6 investment rating scale at fair value as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Rating** | **Cost (in thousands)** | **Percent** | **Fair Value (in thousands)** | **Percent** |
| Investment Rating 1 | $— | —% | $— | —% |
| Investment Rating 2 | 921203 | 98.3% | 923397 | 98.4% |
| Investment Rating 3 | 14376 | 1.5% | 13025 | 1.4% |
| Investment Rating 4 | 625 | 0.1% | 625 | 0.1% |
| Investment Rating 5 | 620 | 0.1% | 678 | 0.1% |
| Investment Rating 6 |  | —% |  | —% |
| **Total** | $936824 | 100.0% | $937725 | 100.0% |

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The following table shows the amortized cost and fair value of our performing and non-accrual investments as of March 31, 2026 and December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Portfolio Company** | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Performing | $889907 | $887306 | $936204 | $937047 |
| Non-accrual | 620 | 301 | 620 | 678 |
| Total | $890527 | $887607 | $936824 | $937725 |

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The following table shows the weighted average rate, spread over the reference rate of floating rate and fees of investments originated during the three months ended March 31, 2026 and 2025.

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2025** |
| Weighted average rate of new investment fundings | 10.93% | 9.41% |
| Weighted average spread over the reference rate of new floating rate investment fundings | 7.25% | 5.56% |
| Weighted average OID fees of new investment fundings | 3.00% | —% |

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RESULTS OF OPERATIONS

Our operating results for the three months ended March 31, 2026 and 2025, was as follows (dollars in thousands).

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| | | |
|:---|:---|:---|
|  | **For The Three Months Ended March 31, 2026** | **For The Three Months Ended March 31, 2025** |
| Total investment income | $24231 | $12606 |
| Less: Net expenses | 12142 | 6789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 12089 | 5817 |
| Net realized gains (losses) on investments | 88 |  |
| Net change in unrealized income (losses) on investments | (3829) | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $8348 | $6713 |

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*Investment Income*

Investment income for the three months ended March 31, 2026 and 2025, was driven by deployment of capital and interest income from our investments. The composition of our investment income was as follows (dollars in thousands).

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| | | |
|:---|:---|:---|
|  | **For The Three Months Ended March 31, 2026** | **For The Three Months Ended March 31, 2025** |
| Investment income from non-controlled, non-affiliated investments: |  |  |
| &nbsp;&nbsp;Interest from investments | $22632 | $12211 |
| &nbsp;&nbsp;Paid-in-kind | 713 | 199 |
| &nbsp;&nbsp;Fee income | 837 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/non-affiliated company investments | 24182 | 12606 |
| Investment income from controlled, affiliated investments: |  |  |
| &nbsp;&nbsp;Interest from investments | 29 |  |
| &nbsp;&nbsp;Paid-in-kind | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from controlled/affiliate company investments | 49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $24231 | $12606 |

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*Operating Expenses*

The composition of our operating expenses for the three months ended March 31, 2026 and 2025, was as follows (dollars in thousands).

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| | | |
|:---|:---|:---|
|  | **For The Three Months Ended March 31, 2026** | **For The Three Months Ended March 31, 2025** |
| Management fees | $1450 | $837 |
| Incentive fees | 1574 | 924 |
| Administrative expenses | 290 | 168 |
| Interest expense | 7589 | 4098 |
| Professional fees | 659 | 331 |
| Trustees' fees | 65 | 53 |
| Organizational and offering expenses | 198 | 436 |
| Other general expenses | 572 | 209 |
| Expense reimbursement | (255) | (267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | $12142 | $6789 |

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*Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses) on Investments*

Net realized gains (losses) and net change in unrealized gains (losses) on investments for the three months ended March 31, 2026 and 2025, were as follows (dollars in thousands).

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| | | |
|:---|:---|:---|
|  | **For The Three Months Ended March 31, 2026** | **For The Three Months Ended March 31, 2025** |
| Net realized gains (losses) |  |  |
| &nbsp;&nbsp;Non-controlled, non-affiliated investments | $88 | $— |
| &nbsp;&nbsp;Total net realized gains (losses) | 88 |  |
| Net change in unrealized gains (losses) on investments |  |  |
| &nbsp;&nbsp;Non-controlled, non-affiliated investments | (4115) | 904 |
| &nbsp;&nbsp;Non-controlled, affiliated investments | 74 |  |
| &nbsp;&nbsp;Controlled, affiliated investments | 220 |  |
| &nbsp;&nbsp;Net change in deferred tax liability | (8) | (8) |
| Total net change in unrealized gains (losses) on investments | (3829) | 896 |
| Total net realized and unrealized gains (losses) | $(3741) | $896 |

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**Recent Developments** 

A summary of recent developments is described under "*Item 1. Financial Statements – Notes to Consolidated Financial Statements –Note 12. Subsequent Events*".

**Liquidity and Capital Resources**

We generate cash from (1) net proceeds of our continuous offering of Shares, (2) cash flows from investments and operations and (3) borrowings from banks or other lenders. Our primary uses of cash are to (1) originate investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) fund the cost of operations (including expenses, the Management Fee and, to the extent permitted under the 1940 Act, any indemnification obligations), (3) pay debt service of any borrowings and (4) pay cash distributions to our shareholders.

As of March 31, 2026 and December 31, 2025, our debt consisted of an asset-based leverage facility, credit facility, and short-term borrowings related to repurchase obligations. We have entered into, and expect to continue to enter into, additional credit facilities, increase the size of our existing facilities, or issue additional debt securities, including securitizations, unsecured debt, or other forms of debt. Any such incurrence would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions, and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities, or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. See "Borrowings" for more information.

As of March 31, 2026 and December 31, 2025, our asset coverage ratios were 206.85% and 197.52%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash and cash equivalents on hand as of March 31, 2026, taken together with our available debt capacity and any capital commitments, is expected to be sufficient for our investing activities and to conduct our operations in the near future.

Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from any cash or liquid assets, in addition to unused net proceeds from financing activities. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

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Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or other adverse developments could restrict our access to financing in the future. We may be unable to secure new financing for investments or liquidity needs or may only do so on less favorable terms. These limitations could reduce our ability to make new investments and negatively affect our operating results.

As of March 31, 2026, we had $7,460 in cash and cash equivalents. During the three months ended March 31, 2026, we received $62,191 in cash from operating activities, primarily as a result of disposing of portfolio investments for $72,314, partially offset by funding portfolio investments of $24,456. Cash used in financing activities was $58,244 during the period, primarily the result of the net repayment of debt borrowings and dividend payments to shareholders of $46,423 and $11,821, respectively.

**Taxation as a RIC**

We have elected to be treated as a RIC under Subchapter M of the Code. As a RIC, we generally will not be subject to corporate-level U.S. federal income taxes on any income that we distribute as dividends for U.S. federal income tax purposes to our shareholders. To maintain our qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, in order to maintain RIC tax treatment, we must distribute to our shareholders, for each tax year, an amount equal to at least 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gain over realized net long-term capital loss and determined without regard to any deduction for dividends paid. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to our shareholders. If we fail to qualify as a RIC, we will be subject to U.S. federal income tax at the regular corporate rates on our income and capital gains.

Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our shareholders of an amount at least equal to the sum of 98% of our calendar year net ordinary income (taking into account certain deferrals and elections); 98.2% of our capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which we previously did not incur any U.S. federal income tax. If we fail to qualify as a RIC for any reason and become subject to corporate tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions during the period.

**Related Party Transactions and Agreements**

We have entered into a number of business relationships with affiliated or related parties, including the investment management agreement with the Investment Adviser (the "Investment Management Agreement"), the administration agreement (the "Administration Agreement") with John Hancock Investment Management LLC ("John Hancock"), the managing dealer agreement with John Hancock (the "Managing Dealer Agreement") and the expense limitation and reimbursement agreement with the Investment Adviser (the "Expense Limitation and Reimbursement Agreement"). In addition to the aforementioned agreements, we, the Investment Adviser, Comvest, Manulife and certain of their affiliates intend to rely on exemptive relief (the "Co-Investment Order") granted by the SEC to certain affiliates of Manulife to co-invest with other funds managed by our Investment Adviser, Comvest, Manulife or their affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

See "*Item 1. Financial Statements—Notes to the Consolidated Financial Statements—Note 4. Related Party Transactions.*"

**Distributions and Dividends**

Distributions declared for the three months ended March 31, 2026, totaled $11,708.

The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our Board for the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| January 29, 2026 | January 29, 2026 | February 23, 2026 | $0.21 |
| February 26, 2026 | February 26, 2026 | March 26, 2026 | $0.21 |
| March 30, 2026 | March 30, 2026 | April 22, 2026 | $0.21 |

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Distributions declared for the three months ended March 31, 2025, totaled $5,656.

The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our Board as of the three months ended March 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| January 29, 2025 | January 30, 2025 | February 21, 2025 | $0.16 |
| February 27, 2025 | February 27, 2025 | March 24, 2025 | $0.17 |
| March 27, 2025 | March 28, 2025 | April 24, 2025 | $0.20 |

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We intend to distribute approximately all of our net investment income no less frequently than monthly and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment in amounts sufficient to qualify and maintain our status as a RIC.

**Borrowings**

We are only allowed to borrow money such that our asset coverage, which, as defined in the 1940 Act, measures the ratio of total assets less total liabilities not represented by senior securities to total borrowings, must equal at least 150% after such borrowing, with certain limited exceptions. We may in the future determine to utilize a greater amount of leverage, including for investment purposes. As of March 31, 2026 and December 31, 2025, we had $434,640 and $480,232, respectively, of par value of outstanding borrowings (net of deferred financing costs), including interest payable, and our asset coverage ratio was 206.85% and 197.52%, respectively, compliant with the minimum asset coverage level of 150% generally required by a BDC by the 1940 Act.

*Secured Loan Facility*

On July 16, 2024 and as most recently amended on April 14, 2026, Subsidiary II has entered into a Loan and Servicing Agreement (as amended, the "Secured Loan Facility"), with Sumitomo Mitsui Banking Corporation, as collateral agent, administrative agent and a lender, Webster Bank, N.A., as a lender, and Western Alliance Trust Company, N.A., as account bank, collateral custodian and collateral administrator. The Secured Loan Facility provides for borrowings in U.S. dollars up to a maximum principal amount of $445,000 thousand for the period ending on July 15, 2026 (the "Upsize Period") and $400,000 after the Upsize Period. Proceeds from the borrowings under the Secured Loan Facility will be used primarily to finance the purchase or origination of loans. Unless otherwise terminated, the Secured Loan Facility will mature on July 16, 2029. The interest rate on outstanding loans will be calculated by the 1-month SOFR rate plus a spread of 2.20%. Please refer to *Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 7. Borrowings*" for further details on the Secured Loan Facility.

*Credit Facility*

On December 2, 2025, the Fund entered into a senior secured revolving credit agreement with the Fund, as borrower, the lenders from time to time parties thereto, The Bank of Nova Scotia, as administrative agent, collateral agent, issuing bank, swingline lender and as lead arranger (the "Credit Facility"). The Credit Facility will be guaranteed by certain subsidiaries of the Fund that may be formed or acquired by the Fund in the future. Proceeds from the borrowings under the Credit Facility will be used for general corporate purposes, including the funding of portfolio investments. The maximum principal amount of the Credit Facility is $150 million subject to availability under the borrowing base, which is based on the Fund's portfolio investments and other outstanding indebtedness. Maximum capacity under the Credit Facility may be increased up to $300 million through the exercise by the Fund of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $50 million limit for swingline loans. Please refer to *Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 7. Borrowings*" for further details on the Credit Facility.

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*Contractual Obligations*

We entered into the Investment Management Agreement with the Investment Adviser pursuant to the 1940 Act to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services. Payments for investment advisory services under the Investment Management Agreement are described under *Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 4. Related Party Transactions*. Payments for administration services under the Administration Agreement are described under *Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 4. Related Party Transactions*. Payments for marketing and distribution services under the Managing Dealer Agreement are described under *Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 4. Related Party Transactions*.

*Off-Balance Sheet Arrangements* 

As of March 31, 2026, we have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

*Commitments*

In the ordinary course of business, we may enter into future funding commitments. As of March 31, 2026, we had unfunded commitments on revolving credit lines and delayed draw term loans of $119,089. We maintain sufficient financial resources to satisfy unfunded commitments, including cash on hand. Please refer to "*Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 6. Commitments and Contingencies*" for further detail on these unfunded commitments.

*Significant Accounting Estimates and Critical Accounting Policies*

Our discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we will evaluate our estimates, including those related to the matters described below. Actual results could differ from those estimates.

While our significant accounting policies are also described in "*Item 1. Financial Statements – Notes to Consolidated Financial Statements – Note 2. Summary of Significant Accounting Policies"* of the notes to our consolidated financial statements appearing elsewhere in this report, we believe the following accounting policy, Valuation of Portfolio Investments, requires the most significant judgment in the preparation of our consolidated financial statements because it involves judgments and assumptions about highly complex and inherently uncertain matters. In addition, the impact of reasonably different estimates and assumptions could have a greater impact on our consolidated financial statements.

*Valuation of Portfolio Investments*

The Investment Adviser applies fair value accounting in accordance with GAAP and valuation policies and procedures adopted by the Board (the "Valuation Policy"). Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Fund's Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Fund's Consolidated Statements of Operations as "Net change in unrealized gains (losses) of investments".

The Investment Adviser values the Fund's portfolio investments in accordance with the Valuation Policy and the 1940 Act. For purposes of the 1940 Act, the Board has designated the Investment Adviser as the Fund's Valuation Designee (the "Valuation Designee"). The Board provides oversight of the Investment Adviser's monthly good faith fair value determinations of the Fund's portfolio investments, including investments that are not publicly traded and those whose market prices are not readily available.

One or more independent valuation firms (each a "Valuation Agent") are engaged to independently value the Fund's investments, in consultation with the Investment Adviser. The Fund's valuation procedures, which are the procedures that are followed by such Valuation Agent are set forth in more detail below:

------

1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and if so, the quote is used. In the event the Investment Adviser, with the assistance of the Valuation Agent, determines that the bond quotes are not readily available or otherwise not determinable pursuant to the Fund's valuation procedures, or not reliable, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) For investments other than bonds, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, look at the number of quotes readily available and perform the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If quotes from pricing services differ by +/- five points or if the spread between the bid and ask for a quote is greater than 10 points, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value;

ii) Investments for which one quote is received from a pricing service are validated by the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser. The personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Valuation Agent will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Valuation Agent, in consultation with the investment professionals of the Investment Adviser, and/or the Investment Adviser, are unable to sufficiently validate the quote internally and if the investment's par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi- step valuation process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Each portfolio company or investment is initially valued by the personnel of the Valuation Agent, in consultation with the investment professionals of the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Valuation Agent undertakes a comprehensive valuation analysis, which includes an enterprise and/or collateral valuation, and subsequently a fundamental credit analysis and valuation with respect to both credit quality and market factors, for each of the portfolio companies or investments and provides a range of values on such investments to the Investment Adviser. The Valuation Agent also provides analyses to support its valuation methodology and calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Investment Adviser then reviews each valuation recommendation to confirm they have been calculated in accordance with the Valuation Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Investment Adviser determines the fair value of each investment in the portfolio in good faith based on the input of the Investment Adviser's valuation team and, where applicable, the Valuation Agent or other external service providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The Board provides oversight of the valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Investment Adviser or the Valuation Agent and the fair valuation determinations made by the Investment Adviser.

------

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period and the fluctuations could be material.

*Revenue Recognition* 

*Interest Income* 

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective interest method. Loan origination fees, original issue discount and market discounts or premiums are capitalized and amortized into interest income using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income. The Fund may have loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when deemed by the issuer.

*Fee Income* 

Fee income, such as structuring fees, loan monitoring, amendment, syndication, commitment, termination, and other loan fees are recognized as income when earned, either upon receipt or amortized into fee income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan fees are recorded as fee income.

*Non-accrual* 

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

*Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss* 

Investment transactions are accounted for on the trade date. Gain or loss on the sale of investments is calculated using the specific identification method. Net change in unrealized gain or loss will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when a gain or loss is realized.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income may be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The U.S. Federal Reserve has adjusted benchmark interest rates several times in recent years, including periods of rising interest rates to address inflation, as well as rate cuts and periods where rates were held steady. As a result, key base interest rates, such as Secured Overnight Financing Rate ("SOFR"), may fluctuate over time. As of March 31, 2026, 99.7% of investments at fair value represent floating-rate investments with a reference rate floor and 0.3% of our debt investments at fair value represent fixed-rate investments.

------

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Generally, we believe higher yielding assets such as those in our investment portfolio do not necessarily follow a linear interest rate relationship and are less sensitive in price to interest rate changes than many other debt investments. Consequently, our net interest income (interest income less interest expense) is exposed to risks related to interest rate fluctuations.

Assuming that the interim and unaudited Consolidated Statements of Assets and Liabilities as of March 31, 2026, was to remain constant and that we took no actions to alter our interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates. Actual results could differ significantly from those estimated in the table.

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| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Net Increase<br>(Decrease) in <br>Interest Income<br>(in thousands)** | **Net Increase<br>(Decrease) in <br>Interest Expense<br>(in thousands)** | **Net Increase<br>(Decrease) in Net<br>Investment Income<br>(in thousands)** |
| Down 100 basis points | $(8822) | $(4318) | $(4504) |
| Down 200 basis points | (17643) | (8636) | (9007) |
| Up 100 basis points | 8822 | 4318 | 4504 |
| Up 200 basis points | 17643 | 8636 | 9007 |
| Up 300 basis points | 26465 | 12953 | 13512 |

---

**ITEM 4. CONTROLS AND PROCEDURES.**

***Evaluation of Disclosure Controls and Procedures***

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") we evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) as of March 31, 2026. Based on the foregoing evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of March 31, 2026, our disclosure controls and procedures were effective in accomplishing their objectives at the reasonable assurance level that we would meet our disclosure obligations.

***Changes in Internal Control Over Financial Reporting***

Management has not identified any changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the Exchange Act) that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS.**

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial statements.

------

**ITEM 1A. RISK FACTORS.**

In addition to the other information set forth in this Report, you should carefully consider the factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, our structure, our financial condition, our investments and/or operating results. During the three months ended March 31, 2026, there have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, except as set forth below.

***Although we have commenced a share repurchase program, we have discretion to not repurchase shares, and our Board has the ability to amend or suspend the program.*** 

Although we have commenced a share repurchase program, our Board may amend or suspend the share repurchase program at any time in its discretion (including to offer to purchase fewer shares). Shareholders may not be able to sell their shares on a timely basis in the event our Board amends or suspends the share repurchase program, absent a liquidity event, and we currently do not intend to undertake a liquidity event, and we are not obligated by our organizational documents or otherwise to effect a liquidity event at any time. We will notify shareholders of such developments in our quarterly reports or other filings. If less than the full amount of shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of shares being repurchased without regard to class. The share repurchase program has many limitations and should not be considered a guaranteed method to sell shares promptly or at a desired price.

In recent periods, there has been heightened scrutiny and growing negative sentiment in respect of the private credit market, driven by concerns over liquidity, concentration risk and valuation uncertainty, which may result in an increase of the volume of repurchase requests the Fund receives.

***An investment in our Shares will have limited liquidity and there are restrictions on withdrawal.***

An investment in the Fund should be viewed as illiquid and requires a long-term commitment with no certainty of return. The market value of investments will fluctuate with, among other things, changes in market rates of interest, general economic conditions, economic conditions in particular industries, the condition of financial markets and the financial condition of the obligors of the investments. In addition, the lack of an established, liquid secondary market for some investments may have an adverse effect on the market value of those investments and on our ability to dispose of them. It is uncertain as to when profits, if any, will be realized. Losses on unsuccessful investments may be realized before gains on successful investments are realized.

Our Shares constitute illiquid investments for which there is not, and will likely not be, a secondary market at any time prior to a public offering and listing of our Shares on a national securities exchange. Although we may in the future, there can be no guarantee that we will conduct a public offering and list our Shares on a national securities exchange. An investment in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund. Except in limited circumstances for legal or regulatory purposes, shareholders are not entitled to redeem their Shares. Shareholders must be prepared to bear the economic risk of an investment in our Shares for an extended period of time.

Significant repurchase requests, whether for a single period or for a sustained period, by shareholders could adversely affect our ability to conduct our investment program, strain our capacity to source investment opportunities and/or deploy capital promptly on attractive terms and/or increase operational complexity and/or expenses. In addition, shareholders seeking liquidity may experience delays in fully liquidating their investments and will remain subject to net asset value fluctuations during such periods. Additionally, the presence of large shareholders or platform concentrations may increase the likelihood of oversubscription in future repurchase offers, further constraining liquidity available to other shareholders.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.** 

The Fund did not make any sales of unregistered securities during the fiscal quarter ended March 31, 2026 that were not previously disclosed in a current report on Form 8-K.

------

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES.** 

None.

**ITEM 4. MINE SAFETY DISCLOSURES.** 

Not applicable.

**ITEM 5. OTHER INFORMATION.**

*Rule 10b5-1 Trading Plans* 

During the fiscal quarter ended March 31, 2026, none of our trustees or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

------

**PART IV**

**ITEM 6. EXHIBITS.**

The following exhibits are filed as part of this Report, or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission:

---

| | |
|:---|:---|
| Exhibit Number | Description of Document |
| 3.1 | [<u>Second Amended and Restated Declaration of Trust (1)</u>](https://www.sec.gov/Archives/edgar/data/1987221/000119312526064265/d55897dex31.htm) |
| 3.2 | [<u>Second Amended and Restated Bylaws (2)</u>](https://www.sec.gov/Archives/edgar/data/1987221/000119312526015182/d935602dex32.htm) |
| 10.1 | [<u>Amended and Restated Investment Management Agreement (1)</u>](https://www.sec.gov/Archives/edgar/data/1987221/000119312526064265/d55897dex101.htm) |
| 10.2 | [<u>Administration Agreement (4)</u>](https://www.sec.gov/Archives/edgar/data/1987221/000119312526197378/d126932dex99k1.htm) |
| 10.3 | [<u>Fourth Amended and Restated Expense Limitation and Reimbursement Agreement (4)</u>](https://www.sec.gov/Archives/edgar/data/1987221/000119312526197378/d126932dex99k5.htm) |
| 10.4 | [<u>Fifth Amendment to Loan and Servicing Agreement (3)</u>](https://www.sec.gov/Archives/edgar/data/1987221/000119312526158521/d110062dex101.htm) |
| 31.1 | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended\*</u>](ck0001987221-ex31_1.htm) |
| 31.2 | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended\*</u>](ck0001987221-ex31_2.htm) |
| 32.1 | [<u>Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*\*</u>](ck0001987221-ex32_1.htm) |
| 32.2 | [<u>Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*\*</u>](ck0001987221-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |
| 104 | Cover Page formatted as Inline XBRL and contained in Exhibit 101 |

---

(1) Previously filed as an exhibit to the Fund's Report on Form 8-K (File No. 814-01669), filed on February 23, 2026 and incorporated herein by reference.

(2) Previously filed as an exhibit to the Fund's Report on Form 8-K (File No. 814-01669), filed on January 16, 2026 and incorporated herein by reference.

(3) Previously filed as an exhibit to the Fund's Report on Form 8-K (File No. 814-01669), filed on April 16, 2026 and incorporated herein by reference.

(4) Previously filed as an exhibit to the Fund's Post-Effective Amendment to the Registration Statement on Form N-2 (File No. 333-282845), filed on April 30, 2026 and incorporated herein by reference.

\* Filed herewith.

\*\* Furnished herewith.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on May 11, 2026.

---

| | | |
|:---|:---|:---|
|  | John Hancock Comvest Private Income Fund | John Hancock Comvest Private Income Fund |
| Date: May 11, 2026  | By: | /s/ Robert O'Sullivan |
|  | Name: | Robert O'Sullivan |
|  | Title:  | *Chief Executive Officer* |
| Date: May 11, 2026  | By: | /s/ Cecilio M. Rodriguez |
|  | Name: | Cecilio M. Rodriguez |
|  | Title: | *Chief Financial Officer* |

---

------

## Exhibit 31.1

**EXHIBIT 31.1** 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert O'Sullivan, Chief Executive Officer of John Hancock Comvest Private Income Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of John Hancock Comvest Private Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act") Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 11, 2026 |
| /s/ Robert O'Sullivan |
| Robert O'Sullivan |
| Chief Executive Officer |

---

------

## Exhibit 31.2

**EXHIBIT 31.2** 

CERTIFICATION OF CHIEF FINANCIAL OFFICER UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Cecilio M. Rodriguez, Chief Financial Officer of John Hancock Comvest Private Income Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of John Hancock Comvest Private Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act") Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 11, 2026 |
| /s/ Cecilio M. Rodriguez |
| Cecilio M. Rodriguez |
| Chief Financial Officer |

---

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## Exhibit 32.1

**EXHIBIT 32.1** 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2026, of John Hancock Comvest Private Income Fund (the "Registrant"), as filed with the United States Securities and Exchange Commission on the date hereof (the "Report"), I, Robert O'Sullivan, the Chief Executive Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| |
|:---|
| Date: May 11, 2026 |
| /s/ Robert O'Sullivan |
| Robert O'Sullivan |
| Chief Executive Officer |

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## Exhibit 32.2

**EXHIBIT 32.2** 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2026, of John Hancock Comvest Private Income Fund (the "Registrant"), as filed with the United States Securities and Exchange Commission on the date hereof (the "Report"), I, Cecilio M. Rodriguez, the Chief Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| Date: May 11, 2026 |
| /s/ Cecilio M. Rodriguez |
| Cecilio M. Rodriguez |
| Chief Financial Officer |

---

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