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05/15/20282025-06-300001965934us-gaap:FairValueInputsLevel3Member2025-01-012025-06-300001965934us-gaap:FairValueInputsLevel3Memberck0001965934:SecondLienSeniorSecuredDebtInvestmentsMember2025-04-012025-06-300001965934us-gaap:FairValueInputsLevel3Memberck0001965934:FirstLienSeniorSecuredDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001965934:ValuationTechniqueYieldAnalysisMember2025-06-300001965934us-gaap:InvestmentUnaffiliatedIssuerMemberck0001965934:SoftwareMemberus-gaap:DebtSecuritiesMember2025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Household Durables Restoration Hardware Inc First lien senior secured term loan Interest Rate SOFR + 2.50% Maturity Date 10/20/20282025-06-300001965934us-gaap:RevolvingCreditFacilityMember2024-04-012024-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Software UKG Inc First lien senior secured term loan Interest Rate SOFR + 3.00% Maturity Date 02/10/20312025-06-300001965934ck0001965934:SpecialtyRetailMember2024-12-310001965934us-gaap:FairValueInputsLevel3Memberck0001965934:FirstLienSeniorSecuredDebtInvestmentsMember2025-01-012025-06-300001965934ck0001965934:StarkTechHoldcoLLCMemberck0001965934:DelayedDrawTermLoanOneMember2025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Construction Material Quikrete Holdings Inc First lien senior secured term loan Interest Rate SOFR + 2.50% Maturity Date 4/14/20312024-12-310001965934us-gaap:FairValueInputsLevel2Memberck0001965934:FirstLienSeniorSecuredDebtInvestmentsMember2024-12-310001965934ck0001965934:OilGasAndConsumableFuelsMember2025-06-300001965934us-gaap:FairValueInputsLevel3Memberck0001965934:FirstLienSeniorSecuredDebtInvestmentsMember2024-04-012024-06-300001965934ck0001965934:SunsetDistributingLLCMemberus-gaap:DelayedDrawTermLoanMember2025-06-300001965934ck0001965934:HotelsRestaurantsAndLeisureMember2025-06-300001965934ck0001965934:FourthAmendmentMemberck0001965934:SmtbCreditFacilityMember2025-06-270001965934ck0001965934:BNPRevolvingCreditFacilityMember2024-04-012024-06-300001965934ck0001965934:OneMonthSecuredOvernightFinancingRateSofrMember2025-06-300001965934ck0001965934:HouseholdDurablesMember2025-06-300001965934us-gaap:RevolvingCreditFacilityMember2024-01-012024-12-310001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Consumer Staples Distribution & Retail Hand Family Companies Holdings, LLC Unsecured delay draw term loan Interest Rate SOFR + 9.00% Maturity Date 11/30/2030 One2025-06-300001965934us-gaap:TransportationSectorMember2024-12-310001965934ck0001965934:SgaDentalPartnersOpcoLlcMemberus-gaap:DelayedDrawTermLoanMember2025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Health Care Providers & Services Heartland Dental LLC First lien senior secured term loan Interest Rate SOFR + 4.50% Maturity Date 4/28/20282024-12-310001965934ck0001965934:RevolvingTermLoanMemberck0001965934:JFAcquisitionLLCMember2025-01-012025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Software Boxer Parent Co Inc First lien senior secured term loan Interest Rate SOFR + 3.75% Maturity Date 7/30/20312024-12-310001965934us-gaap:FairValueInputsLevel3Memberck0001965934:SecondLienSeniorSecuredDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberck0001965934:ValuationTechniqueYieldAnalysisMember2025-06-300001965934ck0001965934:DateNineMember2025-01-012025-06-300001965934ck0001965934:ElectricalUtilitiesMember2024-12-310001965934us-gaap:ConstructionSectorMember2025-06-300001965934ck0001965934:StarkTechHoldcoLLCMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Hotels, Restaurants & Leisure Light & Wonder International Inc First lien senior secured term loan Interest Rate SOFR + 2.25% Maturity Date 4/14/20292025-06-300001965934ck0001965934:TwelveMonthSecuredOvernightFinancingRateSofrMember2024-12-310001965934ck0001965934:DistributorsMember2024-12-310001965934ck0001965934:SecondLienSeniorSecuredDebtInvestmentsMember2025-06-300001965934ck0001965934:BNPRevolvingCreditFacilityMemberck0001965934:April12025ThroughJune302025Member2025-04-010001965934us-gaap:UnsecuredDebtMember2025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Building Products LBM Acquisition LLC First lien senior secured term loan Interest Rate SOFR + 3.75% Maturity Date 6/6/20312025-06-3000019659342024-01-012024-12-310001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Health Care Providers & Services Triwest Healthcare Alliance Corp First lien senior secured delayed draw term loan Interest Rate SOFR + 5.50% Maturity Date 12/27/20272025-06-300001965934srt:NorthAmericaMember2025-06-300001965934ck0001965934:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001965934ck0001965934:BuildingProductsMember2025-06-300001965934us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-06-300001965934ck0001965934:TransactionsWithAffiliatesMember2025-01-012025-06-300001965934ck0001965934:SecuredBorrowingsMember2024-01-012024-12-3100019659342025-04-012025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Health Care Providers & Services SGA Dental Partners OPCO, LLC First lien senior secured delayed draw term loan Interest Rate SOFR + 5.50% Maturity Date 7/17/20292024-12-310001965934ck0001965934:SunsetDistributingLLCMemberus-gaap:DelayedDrawTermLoanMember2025-01-012025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Consumer Staples Distribution & Retail Sunset Distributing LLC First lien senior secured term loan Interest Rate SOFR + 5.75% Maturity Date 05/30/20302025-06-300001965934us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOfferedPriceMemberck0001965934:ValuationTechniqueRecentTransactionMemberck0001965934:UnsecuredDebtInvestmentsMembersrt:MaximumMember2025-06-300001965934ck0001965934:ElectricalUtilitiesMember2025-06-300001965934us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOfferedPriceMemberck0001965934:ValuationTechniqueRecentTransactionMemberck0001965934:SecondLienSeniorSecuredDebtInvestmentsMembersrt:MaximumMember2024-12-310001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Diversified Consumer Services Wand NewCo 3 Inc First lien senior secured term loan Interest Rate SOFR + 3.25% Maturity Date 1/30/20312024-12-310001965934ck0001965934:CommunicationEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300001965934us-gaap:RevolvingCreditFacilityMember2024-01-012024-06-300001965934ck0001965934:MachineryMember2024-12-310001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Distributors BCPE Empire Holdings Inc First lien senior secured term loan Interest Rate SOFR + 3.25% Maturity Date 12/11/20302025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Software Genesys Cloud Services Holdings II LLC First lien senior secured term loan Interest Rate SOFR + 3.00% Maturity Date 12/1/20272024-12-310001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Software Project Alpha Intermediate Holding Inc First lien senior secured term loan Interest Rate SOFR + 3.25% Maturity Date 10/28/20302024-12-310001965934ck0001965934:RevolvingTermLoanMemberck0001965934:JFAcquisitionLLCMember2025-06-300001965934ck0001965934:HealthCareEquipmentAndSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300001965934ck0001965934:OilGasAndConsumableFuelsMember2024-12-310001965934ck0001965934:ConstructionMaterialMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Automobile Components LS Group OpCo Acquisition LLC First lien senior secured term loan Interest Rate SOFR + 3.00% Maturity Date 4/23/20312024-12-310001965934us-gaap:FairValueInputsLevel3Member2025-06-300001965934ck0001965934:FirstAmendmentMemberck0001965934:SmtbCreditFacilityMember2024-12-080001965934ck0001965934:DateSixMember2025-01-012025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Diversified Financial Services Boost Newco Borrower LLC First lien senior secured term loan Interest Rate SOFR + 2.50% Maturity Date 1/31/20312024-12-310001965934us-gaap:InvestmentUnaffiliatedIssuerMemberck0001965934:SoftwareMemberus-gaap:DebtSecuritiesMember2024-12-310001965934ck0001965934:StarkTechHoldcoLLCMemberus-gaap:DelayedDrawTermLoanMember2025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Construction Material Summit Materials LLC First lien senior secured term loan Interest Rate SOFR + 1.75% Maturity Date 1/12/20292024-12-310001965934ck0001965934:BlackRockLiquidityFedFundInstitutionalMember2024-12-310001965934us-gaap:FairValueInputsLevel3Memberck0001965934:FirstLienSeniorSecuredDebtInvestmentsMember2025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Specialty Retail Recess Holdings Inc First lien senior secured term loan Interest Rate SOFR + 3.75% Maturity Date 2/20/20302025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Professional Services Clover Holdings 2 LLC First lien senior secured term loan Interest Rate SOFR + 4.00% Maturity Date 12/09/20312025-06-300001965934ck0001965934:ThreeMonthSecuredOvernightFinancingRateSofrMember2025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Consumer Staples Distribution & Retail Southern Crown Beverage Holdings, LLC Unsecured term loan Interest Rate SOFR + 9.00% Maturity Date 05/02/20312025-06-300001965934ck0001965934:SmtbCreditFacilityMember2025-06-300001965934Investments Non-controlled/non-affiliated senior secured debt Debt investments Specialty Retail Recess Holdings Inc First lien senior secured term loan Interest Rate SOFR + 4.50% Maturity Date 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“”

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended ~~March~~June 3130, 2025


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

Commission File Number 814-01698

Overland Advantage

(Exact Name of Registrant as Specified in its Charter)


Delaware	92-6424189
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
375 Park Avenue 11th Floor New York, NY	10152-0002
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 672-5088

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

      Title of each class

      Trading
Symbol(s)

      Name of each exchange on which registered

      N/A

      N/A

      N/A

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, 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 ☒

As of ~~March~~June 3130, 2025, the registrant had 1926,~~240~~158,~~407~~290 shares of beneficial interest, $0.001 par value per share, outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION	2
Item 1.	Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	2
	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024	2
	Consolidated Statements of Operations for the three months ended March 31, 2025 and March 31, 2024 (Unaudited)	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and June 30, 2024 (Unaudited)	3
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and March 31, 2024 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and June 30, 2024 (Unaudited)	4
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and March 31, 2024(Unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and June 30, 2024 (Unaudited)	5
	Consolidated Schedule of Investments as of March 31, 2025 (Unaudited)	6
	Consolidated Schedule of Investments as of June 30, 2025 (Unaudited)	6
	Consolidated Schedule of Investments as of December 31, 2024	1011
	Notes to Consolidated Financial Statements (Unaudited)	1416
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3237
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4045
Item 4.	Controls and Procedures	4146
PART II.	OTHER INFORMATION	4348
Item 1.	Legal Proceedings	4348
Item 1A.	Risk Factors	4348
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4348
Item 3.	Defaults Upon Senior Securities	4348
Item 4.	Mine Safety Disclosures	4348
Item 5.	Other Information	4348
Item 6.	Exhibits	4449
Signatures		4550

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Overland Advantage

Consolidated Statements of Assets and Liabilities

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

	March 31, 2025			December 31, 2024
	June 30, 2025			December 31, 2024
	(Unaudited)			(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $988,148 and $947,345, respectively)	$	982,953		$	947,637
Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,369,453 and $947,345, respectively)	$	1,366,112		$	947,637
Cash and cash equivalents		3839,~~621~~031			31,554
Interest receivable on investments		3,360			2,806
Receivable for unsettled sales		33,357			—
Deferred financing costs		3,211			3,732
Interest receivable on investments		4,647			2,806
Deferred offering costs		474			1,657
Deferred financing costs		3,527			3,732
Prepaid insurance		246			287
Other assets		281			226
Other assets		226			226
Prepaid insurance		165			287
Receivable for paydowns of investments		62120			57
Total Assets	$	1,029,153		$	987,956
Deferred offering costs		—			1,657
Total Assets	$	1,447,240		$	987,956
Liabilities
Credit facilities	$	~~524~~711,~~500~~700		$	450,000
Secured borrowings		—60,000			18,000
Payable for unsettled purchases		8,060			69,940
Distribution payable		9,078			10,023
Distribution payable		7,576			10,023
Interest payable		6,862			5,099
Interest payable		5,610			5,099
Payable to affiliates		6,664			4,412
Payable to affiliates		4,933			4,412
Investment income incentive fee payable		1,662			592
Management fee payable		1,~~212~~375			804
Investment income incentive fee payable		1,322			592
Payable for unsettled purchases		—			69,940
Accrued capital gains incentive fee		—			33
Total Liabilities	$	~~553~~797,~~213~~341		$	558,903
Commitments and contingencies (Note 8)
Net Assets
Common shares of beneficial interest, $0.001 par value, unlimited shares authorized, 19,240,407 and 17,122,713 shares issued and outstanding, respectively		19			17
Common shares of beneficial interest, $0.001 par value, unlimited shares authorized, 26,158,290 and 17,122,713 shares issued and outstanding, respectively		26			17
Paid-in-capital in excess of par value		~~481~~652,~~672~~561			428,267
Distributable earnings (loss)		(52,~~751~~688	)		769
Total Net Assets	$	~~475~~649,~~940~~899		$	429,053
Total Liabilities and Net Assets	$	1,~~029~~447,~~153~~240		$	987,956
Net asset value per share	$	24.7484		$	25.06

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

Overland Advantage

Consolidated Statements of Operations (Unaudited)

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

	For the three months ended			For the three months ended			For the six months ended			For the six months ended
	March 31, 2025			March 31, 2024
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Investment income
From non-controlled/non-affiliated investments:
Interest income	$	1825,~~744~~456		$	—3,393		$	44,200		$	3,393
Total investment income		1825,~~744~~456			—3,393			44,200			3,393
Expenses
Interest and debt financing costs		610,~~972~~581			—779			17,553			779
Amortization of offering costs		~~1,184~~474			—713			1,657			713
Management fees		1,~~212~~375			—345			2,588			345
Investment income incentive fee		1,~~322~~662			—			2,984			—
Capital gains incentive fee		~~(33~~—	)		—			(33	)		—
Organizational expenses		—			33—			—			33
Other general and administrative expenses		2,~~093~~016			~~190~~2,707			4,109			2,897
Professional fees		~~940~~844			~~499~~404			1,785			904
Trustees' fees		163			163			325			325
Total expenses		1317,~~853~~115			~~885~~5,111			30,968			5,996
Less advisor expense support (Note 4)		(21,~~634~~074	)		(~~885~~3,305	)		(3,707	)		(4,190	)
Net expenses		1116,~~219~~041			—1,806			27,261			1,806
Net investment income (loss)		79,~~525~~415			—1,587			16,939			1,587
Realized and unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		(7104	)		—			(111	)		—
Net realized gains (losses)		(7104	)		—			(111	)		—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(51,~~487~~855	)		—(2,165	)		(3,632	)		(2,165	)
Net change in unrealized appreciation (depreciation)		(51,~~487~~855	)		—(2,165	)		(3,632	)		(2,165	)
Net realized and unrealized gain (loss)		(51,~~494~~751	)		—(2,165	)		(3,743	)		(2,165	)
Net increase (decrease) in net assets from operations	$	211,~~031~~166		$	—(578	)	$	13,196		$	(578	)

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

Overland Advantage

Consolidated Statements of Changes in Net Assets (Unaudited)

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

	For the three months ended			For the three months ended			For the six months ended			For the six months ended
	March 31, 2025			March 31, 2024
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net assets at beginning of period	$	~~429~~475,~~053~~940		$	10		$	429,053		$	10
Operations:
Net investment income (loss)		79,~~525~~415			—1,587			16,939			1,587
Net realized gains (losses)		(7104	)		—			(111	)		—
Net change in unrealized appreciation (depreciation)		(51,~~487~~855	)		—(2,165	)		(3,632	)		(2,165	)
Net increase (decrease) in net assets from operations		211,~~031~~166			—(578	)		13,196			(578	)
Distributions to Shareholders:
Distributions from distributable earnings		(79,~~576~~078	)		—			(16,653	)		—
Net increase (decrease) resulting from shareholder distributions		(79,~~576~~078	)		—			(16,653	)		—
Capital share transactions:
Issuance of common shares		50170,000			—193,990			220,000			193,990
Reinvestment of shareholder distributions		21,~~432~~871			—			4,303			—
Net increase (decrease) in net assets from capital transactions		52171,~~432~~871			—193,990			224,303			193,990
Net increase (decrease) in net assets for the period		46173,~~887~~959			—193,412			220,846			193,412
Net assets at end of period	$	~~475~~649,~~940~~899		$	10193,422		$	649,899		$	193,422

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

Overland Advantage

Consolidated Statements of Cash Flows (Unaudited)

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

	For the three months ended			For the three months ended
	For the six months ended			For the six months ended
	March 31, 2025			March 31, 2024
	June 30, 2025			June 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets from operations	$	213,~~031~~196		$	—(578	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments		(~~207~~911,~~374~~613	)		—(349,843	)
Proceeds from sales of investments and principal repayments		~~167~~491,~~135~~382			—3,002
Net realized (gains) losses on investments		7			—
Payment-in-kind interest		(382	)		—
Net change in unrealized (appreciation) depreciation		5,487			—
Net realized (gains) losses on investments		111			—
Net accretion of discount on investments		(571	)		—
Net change in unrealized (appreciation) depreciation		3,632			2,165
Amortization of deferred financing costs		649			—
Net accretion of discount on investments		(1,605	)		—
Amortization of deferred offering costs		1,184			—
Amortization of deferred financing costs		1,350			287
Changes in operating assets and liabilities:					—
Amortization of deferred offering costs		1,657			713
(Increase) decrease in prepaid insurance		41			(591	)
Changes in operating assets and liabilities:
(Increase) decrease in other assets		—			(354	)
(Increase) decrease in prepaid insurance		122			(451	)
(Increase) decrease in interest receivable on investments		(554	)		—
(Increase) decrease in other assets		(55	)		(493	)
(Increase) decrease in receivable for paydowns of investments		(5	)		—
(Increase) decrease in interest receivable on investments		(1,841	)		(2,171	)
Increase (decrease) in investment income incentive fee payable		730			—
(Increase) decrease in receivable for paydowns of investments		(63	)		(140	)
(Increase) decrease in receivable for unsettled sales		(33,357	)		—
Increase (decrease) in investment income incentive fee payable		1,070			—
Increase (decrease) in accrued capital gains incentive fee		(33	)		—
Increase (decrease) in management fee payable		~~408~~571			—345
Increase (decrease) in payable to affiliates (1)		~~467~~2,183			~~945~~911
Increase (decrease) in payable for unsettled purchases		(6169,~~880~~940	)		—166,210
Increase (decrease) in interest payable		~~511~~1,763			—493
Net cash provided by (used in) operating activities		(91501,~~767~~852	)		—(179,550	)
Cash flows from financing activities:
Proceeds from issuance of common shares		50220,000			—193,990
Distributions paid		(713,~~591~~296	)		—
Deferred financing costs paid		(751,075	)		—(3,195	)
Borrowings on credit facilities		~~329~~660,500			—
Paydown on credit facilities		(~~255~~398,~~000~~800	)		—
Repayment of secured borrowings		(18,000	)		—
Net cash provided by (used in) financing activities		98,834			—
Proceeds from secured borrowings		60,000			—
Net increase (decrease) in cash and cash equivalents		7,067			—
Net cash provided by (used in) financing activities		509,329			190,795
Net increase (decrease) in cash and cash equivalents		7,477			11,245
Cash and cash equivalents, beginning of period		31,554			10
Cash and cash equivalents, end of period	$	3839,~~621~~031		$	1011,255
Supplemental and Non-Cash Financing Activities
Accrued but unpaid deferred financing costs	$	5370		$	~~3,313~~134
Accrued but unpaid deferred offering costs	$	—		$	~~955~~1,052
Cash paid during the period for interest	$	514,~~811~~439		$	—
Distribution payable	$	79,~~576~~078		$	—
Reinvestment of shareholder distributions	$	24,~~432~~303		$	—

(1)

Increases in payable to affiliates is reduced by the accrued but unpaid deferred financing and offering costs.

Certain prior period amounts have been reclassified to conform to current period presentation.

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

Overland Advantage

Consolidated Schedule of Investments (Unaudited)

As of ~~March~~June 3130, 2025

(amounts in thousands)

				Principal/									Percentage
		Interest	Maturity	Par			Amortized						of Net
Company(1)	Investment	Rate	Date	Amount/Shares			Cost(2)			Fair Value(3)			Assets
Investments
Non-controlled/non-affiliated senior secured debt
Debt investments(4)(5)
Automobile Components
LS Group OpCo Acquisition LLC(7)(14)	First lien senior secured term loan	SOFR + 2.50%	4/23/2031		$	6,~~965~~948	$	76,~~002~~984		$	6,~~904~~934			1.4507	%
Realtruck Group Inc(7)(14)	First lien senior secured term loan	SOFR + 3.5075%	1/31/2028			7,~~918~~897		7,~~939~~917			7,~~548~~043			1.5908	%
								14,941			14,452			3.04	%
								14,901			13,977			2.15	%
Building Products
Chariot Buyer LLC(7)(14)	First lien senior secured term loan	SOFR + 3.25%	11/3/2028			5,939		5,946			5,878			1.23	%
Kodiak BP LLC(8)(14)	First lien senior secured term loan	SOFR + 3.75%	11/26/2031			4,988		5,018			4,781			0.74	%
Kodiak BP LLC(8)(14)	First lien senior secured term loan	SOFR + 3.75%	11/26/2031			5,000		5,031			4,793			1.01	%
LBM Acquisition LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	6/6/2031			6,451		6,419			6,080			0.93	%
LBM Acquisition LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	6/6/2031			6,467		6,434			5,953			1.25	%
								11,437			10,861			1.67	%
								17,411			16,624			3.49	%
Chemicals
Lummus Technology Holdings V LLC(7)(14)	First lien senior secured term loan	SOFR + 3.00%	12/31/2029			6,930		6,977			6,904			1.45	%
Commercial Services & Supplies
Asurion LLC(7)(14)	First lien senior secured term loan	SOFR + 4.25%	9/19/2030			7,939		7,765			7,828			1.65	%
Advanced Technology Services Inc(6)(7)(14)	First lien senior secured term loan	SOFR + 5.00%	4/21/2031			66,218		65,248			65,225			10.04	%
CI (MG) GROUP, LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.50%	3/27/2030			47,432		46,721			46,721			9.82	%
Advanced Technology Services Inc(6)(11)(12)	First lien senior secured delayed draw term loan	SOFR + 5.00%	4/21/2031			-		(128	)		(132	)		(0.02	)%
CI (MG) GROUP, LLC(6)(11)(12)	First lien senior secured delayed draw term loan	SOFR + 5.50%	3/27/2030			-		(169	)		(169	)		(0.04	)%
CI (MG) GROUP, LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.50%	3/27/2030			47,432		46,731			46,734			7.19	%
CI (MG) GROUP, LLC(6)(11)(12)	First lien senior secured revolving loan	SOFR + 5.50%	3/27/2030			-		(76	)		(76	)		(0.02	)%
CI (MG) GROUP, LLC(6)(8)(12)	First lien senior secured delayed draw term loan	SOFR + 5.50%	3/27/2030			2,032		1,857			1,871			0.29	%
Continental Cafe LLC(6)(7)(14)	First lien senior secured term loan	SOFR + 5.25%	12/31/2029			60,832		60,128			60,072			12.62	%
CI (MG) GROUP, LLC(6)(12)	First lien senior secured revolving loan	SOFR + 5.50%	3/27/2030			2,432		2,360			2,358			0.36	%
Continental Cafe LLC(6)(11)(12)	First lien senior secured delayed draw term loan	SOFR + 5.25%	12/31/2029			-		(155	)		(166	)		(0.03	)%
Continental Cafe LLC(6)(7)(14)	First lien senior secured term loan	SOFR + 5.00%	12/31/2029			60,680		60,005			60,004			9.23	%
CoreLogic Inc(7)(14)	First lien senior secured term loan	SOFR + 3.50%	6/2/2028			7,918		7,869			7,772			1.63	%
Continental Cafe LLC(6)(7)(12)	First lien senior secured delayed draw term loan	SOFR + 5.00%	12/31/2029			10,783		10,569			10,487			1.61	%
								122,083			121,982			25.63	%
CoreLogic Inc(7)(14)	First lien senior secured term loan	SOFR + 3.50%	6/2/2028			7,897		7,853			7,806			1.20	%
								194,495			194,353			29.90	%
Communications Equipment
Delta Topco Inc(8)(14)	First lien senior secured term loan	SOFR + 2.75%	11/30/2029			7,~~980~~960		8,~~059~~034			7,~~883~~899			1.6622	%
								8,034			7,899			1.22	%
Construction & Engineering
Oscar Acquisitionco LLC(8)(14)	First lien senior secured term loan	SOFR + 4.25%	4/29/2029			8,~~909~~886		8,~~934~~911			8,~~311~~166			1.7526	%
								8,911			8,166			1.26	%
Construction Material
Quikrete Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 2.25%	4/14/2031			5,~~940~~925		5,~~964~~944			5,~~868~~912			10.2391	%
								5,944			5,912			0.91	%
Consumer Finance
Maxitransfers Blocker Corp(6)(7)(14)	Second lien senior secured term loan	SOFR + 76.0075%	6/18/2030			49,~~875~~750		48,~~878~~840			48,~~907~~765			107.2850	%
								48,840			48,765			7.50	%

				Principal/						Percentage
		Interest	Maturity	Par		Amortized				of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)		Fair Value(3)		Assets
Distributors
BCPE Empire Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 3.25%	12/11/2030		7,980		8,060		7,857		1.65	%
Diversified Consumer Services
Mavis Tire Express Services Topco Corp(8)(14)	First lien senior secured term loan	SOFR + 3.00%	5/4/2028		7,980		8,070		7,921		1.66	%
Wand NewCo 3 Inc(7)(14)	First lien senior secured term loan	SOFR + 2.50%	1/30/2031		4,825		4,869		4,748		1.00	%
							12,939		12,669		2.66	%
Diversified Financial Services
Boost Newco Borrower LLC(8)(14)	First lien senior secured term loan	SOFR + 2.00%	1/31/2031		5,985		6,034		5,940		1.25	%
Electrical Utilities
WEC US Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 2.25%	1/27/2031		6,965		7,001		6,895		1.45	%
Electronic Equipment
Emrld Borrower LP(9)(14)	First lien senior secured term loan	SOFR + 2.50%	5/31/2030		3,960		3,988		3,918		0.82	%
Madison IAQ LLC(9)(14)	First lien senior secured term loan	SOFR + 2.50%	6/21/2028		5,954		5,989		5,875		1.24	%
							9,977		9,793		2.06	%
Health Care Equipment & Supplies
Medline Borrower LP(7)(14)	First lien senior secured term loan	SOFR + 2.25%	10/23/2028		4,950		4,979		4,939		1.04	%
Health Care Providers & Services
Examworks Bidco Inc(7)(14)	First lien senior secured term loan	SOFR + 2.75%	11/1/2028		6,964		6,997		6,946		1.46	%
FFF Enterprises Inc(6)(7)(14)	First lien senior secured term loan	SOFR + 6.25%	12/12/2028		79,800		78,354		78,235		16.44	%
Heartland Dental LLC(7)(14)	First lien senior secured term loan	SOFR + 4.50%	4/28/2028		8,910		8,958		8,888		1.87	%
Select Medical Corp(7)(13)(14)	First lien senior secured term loan	SOFR + 2.00%	11/18/2031		1,294		1,300		1,290		0.27	%
SGA Dental Partners OPCO, LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.50%	7/17/2029		78,684		77,316		77,490		16.28	%
SGA Dental Partners OPCO, LLC(6)(9)(12)	First lien senior secured delayed draw term loan	SOFR + 5.50%	7/17/2029		9,573		9,356		9,347		1.96	%
Southern Veterinary Partners LLC(7)(14)	First lien senior secured term loan	SOFR + 3.25%	12/4/2031		8,000		7,963		7,974		1.68	%
Triwest Healthcare Alliance Corp(6)(7)(14)	First lien senior secured term loan	SOFR + 5.50%	12/27/2027		26,250		25,878		26,067		5.48	%
Triwest Healthcare Alliance Corp(6)(7)	First lien senior secured delayed draw term loan	SOFR + 5.50%	12/27/2027		37,500		36,986		37,239		7.82	%
Zelis Payments Buyer Inc(7)(14)	First lien senior secured term loan	SOFR + 3.25%	11/26/2031		7,980		7,945		7,671		1.61	%
Zelis Payments Buyer Inc(7)(14)	First lien senior secured term loan	SOFR + 2.75%	9/28/2029		965		971		929		0.20	%
							262,024		262,076		55.07	%
Health Care Technology
AthenaHealth Group Inc(7)(14)	First lien senior secured term loan	SOFR + 3.00%	2/15/2029		6,947		6,966		6,851		1.44	%
Ensemble RCM LLC(8)(14)	First lien senior secured term loan	SOFR + 3.00%	8/1/2029		4,950		4,987		4,941		1.04	%
Project Ruby Ultimate Parent Corp(7)(14)	First lien senior secured term loan	SOFR + 3.00%	3/10/2028		7,980		8,060		7,948		1.67	%
Waystar Technologies Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	10/22/2029		4,220		4,256		4,198		0.88	%
							24,269		23,938		5.03	%

Overland Advantage

Consolidated Schedule of Investments (Unaudited)

As of June 30, 2025

(amounts in thousands)


				Principal/								Percentage
		Interest	Maturity	Par		Amortized						of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)			Fair Value(3)			Assets
Consumer Staples Distribution & Retail
Hand Family Companies Holdings, LLC(6)(8)	Unsecured term loan	SOFR + 9.00%	11/30/2030		13,951		13,675			13,672			2.10	%
Hand Family Companies Holdings, LLC(6)(11)(12)	Unsecured delay draw term loan	SOFR + 9.00%	11/30/2030		-		(275	)		(279	)		(0.04	)%
Hand Family Companies Holdings, LLC(6)(11)(12)	Unsecured delay draw term loan	SOFR + 9.00%	11/30/2030		-		(101	)		(102	)		(0.02	)%
Sunset Distributing LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.75%	5/30/2030		52,867		51,823			51,810			7.97	%
Sunset Distributing LLC(6)(11)(12)	First lien senior secured delayed draw term loan	SOFR + 5.75%	5/30/2030		-		(100	)		(101	)		(0.02	)%
Southern Crown Beverage Holdings, LLC(6)(7) (15)	Unsecured term loan	SOFR + 9.00%	5/2/2031		50,382		49,399			49,375			7.60	%
							114,421			114,375			17.59	%
Distributors
BCPE Empire Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 3.25%	12/11/2030		7,960		8,038			7,908			1.22	%
							8,038			7,908			1.22	%
Diversified Consumer Services
Mavis Tire Express Services Topco Corp(8)(14)	First lien senior secured term loan	SOFR + 3.00%	5/4/2028		7,960		8,037			7,953			1.22	%
Wand NewCo 3 Inc(7)(14)	First lien senior secured term loan	SOFR + 2.50%	1/30/2031		4,812		4,855			4,786			0.74	%
							12,892			12,739			1.96	%
Diversified Financial Services
Boost Newco Borrower LLC(8)(14)	First lien senior secured term loan	SOFR + 2.00%	1/31/2031		5,970		6,017			5,982			0.92	%
							6,017			5,982			0.92	%
Electrical Utilities
WEC US Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 2.25%	1/27/2031		6,948		6,982			6,947			1.07	%
							6,982			6,947			1.07	%
Electronic Equipment
Emrld Borrower LP(8)(14)	First lien senior secured term loan	SOFR + 2.50%	5/31/2030		3,950		3,977			3,944			0.61	%
Madison IAQ LLC(9)(14)	First lien senior secured term loan	SOFR + 2.50%	6/21/2028		5,938		5,970			5,940			0.91	%
							9,947			9,884			1.52	%
Energy Equipment & Services
Jones Industrial Holdings Inc(6)(7)(14)	First lien senior secured term loan	SOFR + 5.25%	5/2/2030		80,798		79,627			79,586			12.25	%
Stark Tech Holdco, LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.25%	5/13/2030		33,621		33,116			33,116			5.09	%
Stark Tech Holdco, LLC(6)(11)(12)	First lien senior secured delayed draw term loan	SOFR + 5.25%	5/13/2030		-		(208	)		(213	)		(0.03	)%
Stark Tech Holdco, LLC(6)(11)(12)	First lien senior secured delayed draw term loan	SOFR + 5.25%	5/13/2030		-		(95	)		(97	)		(0.01	)%
							112,440			112,392			17.30	%

				Principal/						Percentage
		Interest	Maturity	Par		Amortized				of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)		Fair Value(3)		Assets
Hotels, Restaurants & Leisure
Alterra Mountain Co(7)(14)	First lien senior secured term loan	SOFR + 2.75%	8/17/2028		4,975		5,019		4,963		1.04	%
Caesars Entertainment Inc(8)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	2/6/2031		5,940		5,978		5,892		1.24	%
CV Borrower, LLC(6)(7)(10)(14)	First lien senior secured term loan	SOFR + 5.50%	8/30/2030		99,500		97,606		98,766		20.75	%
Fertitta Entertainment LLC/NV(7)(14)	First lien senior secured term loan	SOFR + 3.50%	1/27/2029		6,929		6,968		6,814		1.43	%
Light & Wonder International Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	4/14/2029		4,963		5,003		4,943		1.04	%
							120,574		121,378		25.50	%
Household Durables
RH(7)(13)(14)	First lien senior secured term loan	SOFR + 2.50%	10/20/2028		7,918		7,814		7,536		1.58	%
Household Products
VC GB Holdings I Corp(8)(14)	First lien senior secured term loan	SOFR + 3.50%	7/21/2028		7,918		7,950		7,652		1.61	%
IT Services
Go Daddy Operating Co LLC(7)(13)(14)	First lien senior secured term loan	SOFR + 1.75%	11/9/2029		3,330		3,348		3,311		0.70	%
Machinery
Engineered Machinery Holdings Inc(8)(14)	First lien senior secured term loan	SOFR + 3.75%	5/19/2028		6,928		6,969		6,924		1.45	%
Oil, Gas & Consumable Fuels
CQP Holdco LP(8)(13)(14)	First lien senior secured term loan	SOFR + 2.00%	12/31/2030		5,985		6,033		5,965		1.25	%
Oryx Midstream Services Permian Basin LLC(7)(14)	First lien senior secured term loan	SOFR + 2.25%	10/5/2028		6,930		6,978		6,919		1.45	%
							13,011		12,884		2.70	%
Professional Services
Clover Holdings 2 LLC(8)(14)	First lien senior secured term loan	SOFR + 4.00%	12/9/2031		8,000		8,117		7,880		1.66	%
OMNIA Partners LLC(8)(14)	First lien senior secured term loan	SOFR + 2.75%	7/25/2030		5,970		6,022		5,926		1.24	%
							14,139		13,806		2.90	%
Semiconductors & Semiconductor Equipment
MKS Instruments Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.00%	8/17/2029		3,941		3,962		3,933		0.83	%
Software
Cloud Software Group Inc(8)(14)	First lien senior secured term loan	SOFR + 3.50%	3/30/2029		6,652		6,670		6,584		1.38	%
Cloud Software Group Inc(8)(14)	First lien senior secured term loan	SOFR + 3.75%	3/21/2031		3,620		3,620		3,582		0.75	%
McAfee Corp(7)(14)	First lien senior secured term loan	SOFR + 3.00%	3/1/2029		6,965		7,010		6,643		1.40	%
Project Alpha Intermediate Holding Inc(8)(14)	First lien senior secured term loan	SOFR + 3.25%	10/28/2030		8,910		8,970		8,884		1.87	%
Project Boost Purchaser LLC(8)(14)	First lien senior secured term loan	SOFR + 3.00%	7/16/2031		7,980		8,060		7,929		1.66	%
Skopima Consilio Parent LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	5/15/2028		8,931		8,947		8,858		1.86	%
UKG Inc(8)(14)	First lien senior secured term loan	SOFR + 3.00%	2/10/2031		5,955		6,001		5,939		1.25	%
							49,278		48,419		10.17	%

Overland Advantage

Consolidated Schedule of Investments (Unaudited)

As of June 30, 2025

(amounts in thousands)


				Principal/						Percentage
		Interest	Maturity	Par		Amortized				of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)		Fair Value(3)		Assets
Health Care Equipment & Supplies
Medline Borrower LP(7)(14)	First lien senior secured term loan	SOFR + 2.25%	10/23/2028		4,938		4,965		4,940		0.76	%
							4,965		4,940		0.76	%
Health Care Providers & Services
Examworks Bidco Inc(7)(14)	First lien senior secured term loan	SOFR + 2.75%	11/1/2028		6,947		6,978		6,962		1.07	%
FFF Enterprises Inc(6)(7)(14)	First lien senior secured term loan	SOFR + 6.25%	12/12/2028		79,600		78,234		78,006		12.00	%
Heartland Dental LLC(7)(14)	First lien senior secured term loan	SOFR + 4.50%	4/28/2028		8,887		8,933		8,889		1.37	%
SGA Dental Partners OPCO, LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.50%	7/17/2029		78,486		77,204		77,453		11.92	%
SGA Dental Partners OPCO, LLC(6)(9)(12)	First lien senior secured delayed draw term loan	SOFR + 5.50%	7/17/2029		11,578		11,373		11,382		1.75	%
Triwest Healthcare Alliance Corp(6)(7)	First lien senior secured delayed draw term loan	SOFR + 5.50%	12/27/2027		30,000		29,622		29,895		4.60	%
Zelis Payments Buyer Inc(7)(14)	First lien senior secured term loan	SOFR + 3.25%	11/26/2031		7,960		7,927		7,912		1.22	%
Zelis Payments Buyer Inc(7)(14)	First lien senior secured term loan	SOFR + 2.75%	9/28/2029		963		968		956		0.15	%
							221,239		221,455		34.08	%
Health Care Technology
AthenaHealth Group Inc(7)(14)	First lien senior secured term loan	SOFR + 2.75%	2/15/2029		6,929		6,947		6,918		1.06	%
Project Ruby Ultimate Parent Corp(7)(14)	First lien senior secured term loan	SOFR + 3.00%	3/10/2028		7,960		8,034		7,967		1.23	%
Waystar Technologies Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	10/22/2029		4,210		4,244		4,218		0.65	%
							19,225		19,103		2.94	%
Hotels, Restaurants & Leisure
Alterra Mountain Co(7)(14)	First lien senior secured term loan	SOFR + 2.75%	8/17/2028		4,963		5,004		4,981		0.77	%
Caesars Entertainment Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	2/6/2031		5,925		5,962		5,914		0.91	%
CV Borrower, LLC(6)(7)(10)(14)	First lien senior secured term loan	SOFR + 5.75%	8/30/2030		99,250		97,464		98,644		15.18	%
Fertitta Entertainment LLC/NV(7)(14)	First lien senior secured term loan	SOFR + 3.50%	1/27/2029		6,911		6,949		6,899		1.06	%
Light & Wonder International Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	4/14/2029		4,950		4,988		4,948		0.76	%
							120,367		121,386		18.68	%
Household Durables
Restoration Hardware Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.50%	10/20/2028		7,897		7,801		7,663		1.18	%
							7,801		7,663		1.18	%
Household Products
VC GB Holdings I Corp(8)(14)	First lien senior secured term loan	SOFR + 3.50%	7/21/2028		7,898		7,928		7,829		1.20	%
							7,928		7,829		1.20	%
IT Services
Go Daddy Operating Co LLC(7)(13)(14)	First lien senior secured term loan	SOFR + 1.75%	11/9/2029		3,322		3,339		3,323		0.51	%
							3,339		3,323		0.51	%

				Principal/				Percentage
		Interest	Maturity	Par		Amortized		of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)	Fair Value(3)	Assets
Specialty Retail
Great Outdoors Group LLC(7)(14)	First lien senior secured term loan	SOFR + 3.25%	1/23/2032		6,929	6,925	6,903	1.45 %
PetSmart LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	2/11/2028		7,938	7,942	7,799	1.64 %
Recess Holdings Inc(8)(14)	First lien senior secured term loan	SOFR + 3.75%	2/20/2030		7,960	8,069	7,950	1.67 %
						22,936	22,652	4.76 %
Textiles, Apparel & Luxury Goods
ABG Intermediate Holdings 2 LLC(7)(14)	First lien senior secured term loan	SOFR + 2.25%	12/21/2028		5,940	5,991	5,872	1.23 %
Transportation Infrastructure
Brown Group Holding LLC(7)(14)	First lien senior secured term loan	SOFR + 2.50%	7/1/2031		5,954	5,976	5,915	1.24 %
Total Debt Investments						$830,478	$825,320	173.41 %
U.S. Treasury Bill
U.S. Treasury Bill	—	4.28%	8/7/2025		160,000	$157,670	$157,633	33.12 %
Total Investments						$988,148	$982,953	206.53 %
Cash Equivalents
BlackRock Liquidity FedFund - Institutional	—	4.23%	—		33,436	$33,436	$33,436	7.02 %
Total Investments and Cash Equivalents						$1,021,584	$1,016,389	213.55 %

Overland Advantage

Consolidated Schedule of Investments (Unaudited)

As of June 30, 2025

(amounts in thousands)


				Principal/				Percentage
		Interest	Maturity	Par		Amortized		of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)	Fair Value(3)	Assets
Machinery
Engineered Machinery Holdings Inc(8)(14)	First lien senior secured term loan	SOFR + 3.50%	5/19/2028		6,910	6,947	6,949	1.07 %
						6,947	6,949	1.07 %
Oil, Gas & Consumable Fuels
CQP Holdco LP(8)(13)(14)	First lien senior secured term loan	SOFR + 2.00%	12/31/2030		5,970	6,017	5,968	0.92 %
Oryx Midstream Services Permian Basin LLC(7)(14)	First lien senior secured term loan	SOFR + 2.25%	10/5/2028		6,913	6,958	6,907	1.06 %
						12,975	12,875	1.98 %
Professional Services
Clover Holdings 2 LLC(8)(14)	First lien senior secured term loan	SOFR + 4.00%	12/9/2031		8,000	8,113	8,002	1.23 %
OMNIA Partners LLC(8)(14)	First lien senior secured term loan	SOFR + 2.50%	7/25/2030		5,955	6,004	5,964	0.92 %
						14,117	13,966	2.15 %
Semiconductors & Semiconductor Equipment
MKS Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.00%	8/17/2029		3,768	3,788	3,772	0.58 %
						3,788	3,772	0.58 %
Software
McAfee Corp(7)(14)	First lien senior secured term loan	SOFR + 3.00%	3/1/2029		6,948	6,990	6,738	1.04 %
Project Boost Purchaser LLC(8)(14)	First lien senior secured term loan	SOFR + 3.00%	7/16/2031		7,960	8,037	7,967	1.23 %
Skopima Consilio Parent LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	5/15/2028		8,909	8,923	8,782	1.35 %
UKG Inc(7)(14)	First lien senior secured term loan	SOFR + 3.00%	2/10/2031		5,940	5,985	5,961	0.92 %
						29,935	29,448	4.54 %
Specialty Retail
Great Outdoors Group LLC(7)(14)	First lien senior secured term loan	SOFR + 3.25%	1/23/2032		6,911	6,907	6,892	1.06 %
PetSmart LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	2/11/2028		7,918	7,921	7,820	1.20 %
Recess Holdings Inc(8)(14)	First lien senior secured term loan	SOFR + 3.75%	2/20/2030		7,940	8,045	7,957	1.22 %
						22,873	22,669	3.48 %
Textiles, Apparel & Luxury Goods
ABG Intermediate Holdings 2 LLC(7)(14)	First lien senior secured term loan	SOFR + 2.25%	12/21/2028		5,925	5,973	5,917	0.91 %
						5,973	5,917	0.91 %
Trading Companies & Distributors
JF Acquisition LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.75%	6/18/2030		30,441	29,835	29,832	4.59 %
JF Acquisition LLC(6)(8)(12)	First lien senior secured delayed draw term loan	SOFR + 5.75%	6/18/2030		1,059	943	953	0.15 %
JF Acquisition LLC(6)(11)(12)	First lien senior secured revolving loan	SOFR + 5.75%	6/18/2030		-	(79)	(79)	(0.01)%
						30,699	30,706	4.73 %

Overland Advantage

Consolidated Schedule of Investments (Unaudited)

As of June 30, 2025

(amounts in thousands)


				Principal/				Percentage
		Interest	Maturity	Par		Amortized		of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)	Fair Value(3)	Assets
Water Utilities
USG AS Holdings, LLC(6)(7)(14)	First lien senior secured term loan	SOFR + 5.25%	6/11/2030		80,000	78,816	78,800	12.12 %
						78,816	78,800	12.12 %

Total Debt Investments						$1,154,286	$1,150,961	177.10 %

U.S. Treasury Bill
U.S. Treasury Bill	—	4.32%	10/21/2025		218,000	$215,167	$215,151	33.10 %

Total Investments						$1,369,453	$1,366,112	210.20 %

Cash Equivalents
BlackRock Liquidity FedFund - Institutional	—	4.18%	—		22,895	$22,895	$22,895	3.53 %

Total Investments and Cash Equivalents						$1,392,348	$1,389,007	213.73 %

(1)

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(2)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(3)

Fair value is determined in good faith by or under the direction of the board of trustees of the Company pursuant to the Company'’s valuation policy (see Note 6 “Fair Value Measurements”).

(4)

Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR”) (which can include one-, three-, six- or twelve-month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime”)), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(5)

All debt investments are income producing unless otherwise indicated.

(6)

These investments were valued using unobservable inputs and are considered Level 3 investments (see Note 6 “Fair Value Measurements”).

(7)

The interest rate on these investments is subject to one-month SOFR, which was 4.32% as of ~~March~~June 3130, 2025.

(8)

The interest rate on these investments is subject to three-month SOFR, which was 4.29% as of ~~March~~June 3130, 2025.

(9)

The interest rate on these investments is subject to six-month SOFR, which was 4.1915% as of ~~March~~June 3130, 2025.

(10)

The interest rate on these investments is subject to twelve-month SOFR, which was 43.0188% as of ~~March~~June 3130, 2025.

(11)

The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(12)

Position or portion thereof is an unfunded loan or equity commitment (see Note 8 “Commitments and Contingencies”).

(13)

This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of ~~March~~June 3130, 2025, non-qualifying assets represented 32.65% of total assets as calculated in accordance with the regulatory requirements.

(14)

All or a portion of the investment is pledged as collateral for the Company'’s debt obligations (~~see~~as defined in Note 7 “Borrowings”).

(15)

This investment allows for a payment-in-kind (“PIK”) election, allowing up to two-thirds of total interest due to be paid in-kind, with a 0.50% PIK premium added to the applicable margin. The investment elected PIK as of the current period.

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

910

Overland Advantage

Consolidated Schedule of Investments

As of December 31, 2024

(amounts in thousands)


				Principal/				Percentage
		Interest	Maturity	Par		Amortized		of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)	Fair Value(3)	Assets
Investments
Non-controlled/non-affiliated senior secured debt
Debt investments(4)(5)
Automobile Components
LS Group OpCo Acquisition LLC(7)(14)	First lien senior secured term loan	SOFR + 3.00%	4/23/2031		$6,965	$7,004	$6,993	1.63 %
Realtruck Group Inc(7)(14)	First lien senior secured term loan	SOFR + 3.50%	1/31/2028		7,938	7,963	7,684	1.79 %
						14,967	14,677	3.42 %
Building Products
Chariot Buyer LLC(7)(14)	First lien senior secured term loan	SOFR + 3.25%	11/3/2028		5,954	5,963	5,982	1.39 %
Kodiak BP LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	11/26/2031		5,000	5,031	4,998	1.16 %
LBM Acquisition LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	6/6/2031		6,484	6,447	6,420	1.50 %
						17,441	17,400	4.05 %
Chemicals
Lummus Technology Holdings V LLC(7)(14)	First lien senior secured term loan	SOFR + 3.00%	12/31/2029		6,948	6,997	6,995	1.63 %

Commercial Services & Supplies
Asurion LLC(7)(14)	First lien senior secured term loan	SOFR + 4.25%	9/19/2030		7,959	7,776	7,931	1.85 %
Continental Cafe LLC(6)(7)(14)	First lien senior secured term loan	SOFR + 5.25%	12/31/2029		60,985	60,223	60,223	14.04 %
Continental Cafe LLC(6)(11)(12)	First lien senior secured delayed draw term loan	SOFR + 5.25%	12/31/2029		-	(164)	(166)	(0.04)%
CoreLogic Inc(7)(14)	First lien senior secured term loan	SOFR + 3.50%	6/2/2028		7,938	7,883	7,828	1.82 %
						75,718	75,816	17.67 %
Communications Equipment
Delta Topco Inc(9)(14)	First lien senior secured term loan	SOFR + 3.50%	12/24/2029		8,000	8,080	8,058	1.88 %

Construction & Engineering
Oscar Acquisitionco LLC(9)(14)	First lien senior secured term loan	SOFR + 4.25%	4/29/2029		8,931	8,959	8,824	2.06 %

Construction Material
Quikrete Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 2.50%	4/14/2031		5,955	5,976	5,948	1.39 %
Summit Materials LLC(7)(13)(14)	First lien senior secured term loan	SOFR + 1.75%	1/12/2029		3,970	4,000	3,971	0.93 %
						9,976	9,919	2.32 %
Consumer Finance
Maxitransfers Blocker Corp(6)(7)(14)	Second lien senior secured term loan	SOFR + 6.75%	6/18/2030		50,000	49,004	49,000	11.42 %

Distributors
BCPE Empire Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 3.50%	12/11/2028		8,000	8,080	8,033	1.87 %

				Principal/				Percentage
		Interest	Maturity	Par		Amortized		of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)	Fair Value(3)	Assets
Diversified Consumer Services
Mavis Tire Express Services Topco Corp(7)(14)	First lien senior secured term loan	SOFR + 3.50%	5/4/2028		7,980	8,070	8,025	1.87 %
Wand NewCo 3 Inc(7)(14)	First lien senior secured term loan	SOFR + 3.25%	1/30/2031		4,883	4,929	4,898	1.14 %
						12,999	12,923	3.01 %
Diversified Financial Services
Boost Newco Borrower LLC(8)(14)	First lien senior secured term loan	SOFR + 2.50%	1/31/2031		5,985	6,035	6,009	1.40 %
Electrical Utilities
WEC US Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 2.25%	1/27/2031		6,983	7,020	6,981	1.63 %
Electronic Equipment
Emrld Borrower LP(9)(14)	First lien senior secured term loan	SOFR + 2.50%	5/31/2030		3,970	3,999	3,982	0.93 %
Madison IAQ LLC(9)(14)	First lien senior secured term loan	SOFR + 2.75%	6/21/2028		5,954	5,992	5,970	1.39 %
						9,991	9,952	2.32 %
Health Care Equipment & Supplies
Medline Borrower LP(7)(14)	First lien senior secured term loan	SOFR + 2.25%	10/23/2028		4,963	4,993	4,976	1.16 %
Health Care Providers & Services
Examworks Bidco Inc(7)(14)	First lien senior secured term loan	SOFR + 2.75%	11/1/2028		6,964	6,999	6,984	1.63 %
FFF Enterprises Inc(6)(7)(14)(15)	First lien senior secured term loan	Prime + 5.25%	12/12/2028		80,000	78,408	78,400	18.27 %
Heartland Dental LLC(7)(14)	First lien senior secured term loan	SOFR + 4.50%	4/28/2028		8,933	8,983	8,939	2.08 %
Select Medical Corp(7)(13)(14)	First lien senior secured term loan	SOFR + 2.00%	11/18/2031		1,297	1,304	1,300	0.30 %
SGA Dental Partners OPCO, LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.50%	7/17/2029		78,882	77,423	77,784	18.13 %
SGA Dental Partners OPCO, LLC(6)(9)(12)	First lien senior secured delayed draw term loan	SOFR + 5.50%	7/17/2029		6,284	6,089	6,077	1.42 %
Southern Veterinary Partners LLC(8)(14)	First lien senior secured term loan	SOFR + 3.25%	12/4/2031		8,000	7,961	8,048	1.88 %
Triwest Healthcare Alliance Corp(6)(7)(14)	First lien senior secured term loan	SOFR + 5.50%	12/27/2027		37,500	36,914	37,165	8.66 %
Triwest Healthcare Alliance Corp(6)(7)	First lien senior secured delayed draw term loan	SOFR + 5.50%	12/27/2027		37,500	36,933	37,165	8.66 %
Zelis Payments Buyer Inc(7)(14)	First lien senior secured term loan	SOFR + 3.25%	11/26/2031		8,000	7,960	8,019	1.87 %
Zelis Payments Buyer Inc(7)(14)	First lien senior secured term loan	SOFR + 2.75%	9/28/2029		968	974	968	0.23 %
						269,948	270,849	63.13 %
Health Care Technology
AthenaHealth Group Inc(7)(14)	First lien senior secured term loan	SOFR + 3.25%	2/15/2029		6,947	6,968	6,954	1.62 %
Ensemble RCM LLC(8)(14)	First lien senior secured term loan	SOFR + 3.00%	8/1/2029		4,963	5,000	4,994	1.16 %
Project Ruby Ultimate Parent Corp(7)(14)	First lien senior secured term loan	SOFR + 3.00%	3/10/2028		8,000	8,080	8,028	1.87 %
Waystar Technologies Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	10/22/2029		4,231	4,269	4,244	0.99 %
						24,317	24,220	5.64 %
Hotels, Restaurants & Leisure
Alterra Mountain Co(7)(14)	First lien senior secured term loan	SOFR + 2.75%	8/17/2028		4,988	5,035	5,016	1.17 %
Caesars Entertainment Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	2/6/2031		5,955	5,995	5,957	1.39 %
CV Borrower, LLC(6)(7)(10)(14)	First lien senior secured term loan	SOFR + 5.50%	8/30/2030		99,750	97,809	98,557	22.97 %
Fertitta Entertainment LLC/NV(7)(14)	First lien senior secured term loan	SOFR + 3.50%	1/27/2029		6,946	6,989	6,968	1.62 %
Light & Wonder International Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	4/14/2029		4,975	5,017	4,988	1.16 %
						120,845	121,486	28.31 %

				Principal/				Percentage
		Interest	Maturity	Par		Amortized		of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)	Fair Value(3)	Assets
Household Durables
RH(7)(13)(14)	First lien senior secured term loan	SOFR + 2.50%	10/20/2028		7,938	7,826	7,854	1.83 %
Household Products
VC GB Holdings I Corp(8)(14)	First lien senior secured term loan	SOFR + 3.50%	7/21/2028		7,939	7,970	7,933	1.85 %
IT Services
Go Daddy Operating Co LLC(7)(13)(14)	First lien senior secured term loan	SOFR + 1.75%	11/13/2029		3,338	3,358	3,336	0.78 %
Machinery
Engineered Machinery Holdings Inc(8)(14)	First lien senior secured term loan	SOFR + 3.75%	5/19/2028		6,946	6,987	6,985	1.63 %
Oil, Gas & Consumable Fuels
CQP Holdco LP(8)(13)(14)	First lien senior secured term loan	SOFR + 2.00%	12/31/2030		5,985	6,033	5,991	1.40 %
Oryx Midstream Services Permian Basin LLC(7)(14)	First lien senior secured term loan	SOFR + 3.00%	10/5/2028		6,947	6,999	6,982	1.63 %
						13,032	12,973	3.03 %
Pharmaceuticals
Alvogen Pharma US Inc(7)	First lien senior secured term loan	SOFR + 7.50%	6/30/2025		1,972	1,863	1,856	0.43 %
Professional Services
Clover Holdings 2 LLC(7)(14)	First lien senior secured term loan	SOFR + 4.00%	12/9/2031		8,000	8,120	8,080	1.88 %
OMNIA Partners LLC(7)(14)	First lien senior secured term loan	SOFR + 2.75%	7/25/2030		5,985	6,039	6,010	1.40 %
						14,159	14,090	3.28 %
Semiconductors & Semiconductor Equipment
MKS Instruments Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	8/17/2029		4,113	4,137	4,121	0.96 %
Software
Boxer Parent Co Inc(8)(14)	First lien senior secured term loan	SOFR + 3.75%	7/30/2031		6,982	7,053	7,034	1.64 %
Cloud Software Group Inc(8)(14)	First lien senior secured term loan	SOFR + 3.50%	3/30/2029		6,669	6,689	6,683	1.56 %
Cloud Software Group Inc(8)(14)	First lien senior secured term loan	SOFR + 3.75%	3/21/2031		3,629	3,629	3,637	0.85 %
Genesys Cloud Services Holdings II LLC(7)(14)	First lien senior secured term loan	SOFR + 3.00%	12/1/2027		5,969	6,010	6,014	1.40 %
McAfee Corp(8)(14)	First lien senior secured term loan	SOFR + 3.00%	3/1/2029		6,983	7,029	6,981	1.63 %
Project Alpha Intermediate Holding Inc(8)(14)	First lien senior secured term loan	SOFR + 3.25%	10/28/2030		8,933	8,992	8,979	2.09 %
Project Boost Purchaser LLC(8)(14)	First lien senior secured term loan	SOFR + 3.50%	7/2/2031		8,000	8,080	8,047	1.88 %
Skopima Consilio Parent LLC(8)(14)	First lien senior secured term loan	SOFR + 3.75%	5/17/2028		8,954	8,971	8,976	2.09 %
UKG Inc(8)(14)	First lien senior secured term loan	SOFR + 3.00%	2/10/2031		5,970	6,016	6,008	1.40 %
						62,469	62,359	14.54 %
Specialty Retail
Great Outdoors Group LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	3/6/2028		6,946	6,978	6,971	1.62 %
PetSmart LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	2/11/2028		7,959	7,965	7,919	1.85 %
Recess Holdings Inc(8)(14)	First lien senior secured term loan	SOFR + 4.50%	2/14/2030		7,980	8,090	8,047	1.88 %
						23,033	22,937	5.35 %

Overland Advantage

Consolidated Schedule of Investments

As of December 31, 2024

(amounts in thousands)


				Principal/				Percentage
		Interest	Maturity	Par		Amortized		of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)	Fair Value(3)	Assets
Diversified Consumer Services
Mavis Tire Express Services Topco Corp(7)(14)	First lien senior secured term loan	SOFR + 3.50%	5/4/2028		7,980	8,070	8,025	1.87 %
Wand NewCo 3 Inc(7)(14)	First lien senior secured term loan	SOFR + 3.25%	1/30/2031		4,883	4,929	4,898	1.14 %
						12,999	12,923	3.01 %
Diversified Financial Services
Boost Newco Borrower LLC(8)(14)	First lien senior secured term loan	SOFR + 2.50%	1/31/2031		5,985	6,035	6,009	1.40 %

Electrical Utilities
WEC US Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 2.25%	1/27/2031		6,983	7,020	6,981	1.63 %

Electronic Equipment
Emrld Borrower LP(9)(14)	First lien senior secured term loan	SOFR + 2.50%	5/31/2030		3,970	3,999	3,982	0.93 %
Madison IAQ LLC(9)(14)	First lien senior secured term loan	SOFR + 2.75%	6/21/2028		5,954	5,992	5,970	1.39 %
						9,991	9,952	2.32 %
Health Care Equipment & Supplies
Medline Borrower LP(7)(14)	First lien senior secured term loan	SOFR + 2.25%	10/23/2028		4,963	4,993	4,976

Filing Compare · Overland Advantage