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Music Holdings Inc., Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306Xposure Music Holdings Inc., Debt investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306World Insurance Associates, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306VTC Buyer Corp., Debt investments, First Lien Term Loan2026-01-012026-03-310001979306VTC Buyer Corp., Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306VTC Buyer Corp., Debt investments, First Lien Delayed Draw Term Loan Two2026-01-012026-03-310001979306VTC Buyer Corp., Debt investments, First Lien Delayed Draw Term Loan One2026-01-012026-03-310001979306Vivos Holdings, LLC,Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Uscreen Parent Inc., Debt investments, First Lien Term Loan2026-01-012026-03-310001979306UKi Buyer LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306UKi Buyer LLC, Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306UKi Buyer LLC, Debt investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306Touchtunes Music Group, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306TCP Buyer Inc., Debt investments, First Lien Term Loan2026-01-012026-03-310001979306StrategyCorps, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306StrategyCorps, LLC, Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306StrategyCorps, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306Soteria Flexibles Corp, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Solace Healthcare Holdco, Inc, First Lien Term Loan2026-01-012026-03-310001979306Rostrum Records, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306RAH Holdings, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Term Loan Two2026-01-012026-03-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Term Loan One2026-01-012026-03-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306NPM Franchising, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306NPM Franchising, LLC, Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306Mood Media Borrower, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Mood Media Borrower, LLC, Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306McFarlane Aviation, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Term Loan2026-01-012026-03-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Revolving Loan2026-01-012026-03-310001979306Kids Empire USA LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Kids Empire USA LLC, Debt investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306Irving Parent, Corp., Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Irving Parent, Corp., Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306Integrity Marketing Acquisition, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306GrayMar Acqusition, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Giving Home Health Care, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306FMS Financial Management Services LLC, Debt Investments, First Lien Term Loan2026-01-012026-03-310001979306Donut Intermediate Co, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Commercial Cleaning Systems, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Barricade Holdings, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Barricade Holdings, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306Axiometrix Solutions Portfolio Co., Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Axiometrix Solutions Portfolio Co., Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306Apex Auto Intermediate Holdings, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Ampler QSR Holdings LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Ampler QSR Holdings LLC, Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306Allworth Financial Group, L.P., Debt Investments, First Lien Revolving Loan2026-01-012026-03-310001979306Allworth Financial Group, L.P., Debt Investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306Ag Bells LLC, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306Ag Bells LLC, Debt investments, First Lien Revolving Loan2026-01-012026-03-310001979306A. Stucki Company, Debt investments, First Lien Term Loan2026-01-012026-03-310001979306A. Stucki Company, Debt investments, First Lien Delayed Draw Term Loan2026-01-012026-03-310001979306Xposure Music Holdings Inc., Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306Xposure Music Holdings Inc., Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-12-310001979306World Insurance Associates, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306VTC Buyer Corp., Debt investments, First Lien Term Loan2025-01-012025-12-310001979306VTC Buyer Corp., Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306VTC Buyer Corp., Debt investments, First Lien Delayed Draw Term Loan Two2025-01-012025-12-310001979306VTC Buyer Corp., Debt investments, First Lien Delayed Draw Term Loan One2025-01-012025-12-310001979306Vivos Holdings, LLC,Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Uscreen Parent Inc., Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Touchtunes Music Group, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306TCP Buyer Inc., Debt investments, First Lien Term Loan2025-01-012025-12-310001979306StrategyCorps, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306StrategyCorps, LLC, Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306StrategyCorps, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-12-310001979306SAFEbuilt, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Rostrum Records, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-12-310001979306RAH Holdings, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Term Loan Two2025-01-012025-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Term Loan One2025-01-012025-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-12-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-12-310001979306NPM Franchising, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306NPM Franchising, LLC, Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306Mood Media Borrower, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Mood Media Borrower, LLC, Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Term Loan2025-01-012025-12-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Revolving Loan2025-01-012025-12-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Delayed Draw Term Loan2025-01-012025-12-310001979306Irving Parent, Corp., Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Irving Parent, Corp., Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306Integrity Marketing Acquisition, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306GrayMar Acqusition, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Giving Home Health Care, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Donut Intermediate Co, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Axiometrix Solutions Portfolio Co., Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Axiometrix Solutions Portfolio Co., Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306Arax Midco, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Arax Midco, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-12-310001979306Apex Auto Intermediate Holdings, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Ampler QSR Holdings LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Ampler QSR Holdings LLC, Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-12-310001979306Allworth Financial Group, L.P., Debt Investments, First Lien Revolving Loan2025-01-012025-12-310001979306Allworth Financial Group, L.P., Debt Investments, First Lien Delayed Draw Term Loan2025-01-012025-12-310001979306Ag Bells LLC, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306Ag Bells LLC, Debt investments, First Lien Revolving Loan2025-01-012025-12-310001979306A. Stucki Company, Debt investments, First Lien Term Loan2025-01-012025-12-310001979306A. Stucki Company, Debt investments, First Lien Delayed Draw Term 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Music Holdings Inc., Debt investments, First Lien Revolving Loan2026-03-310001979306Xposure Music Holdings Inc., Debt investments, First Lien Delayed Draw Term Loan2026-03-310001979306World Insurance Associates, LLC, Debt investments, First Lien Term Loan2026-03-310001979306VTC Buyer Corp., Debt investments, First Lien Term Loan2026-03-310001979306VTC Buyer Corp., Debt investments, First Lien Revolving Loan2026-03-310001979306VTC Buyer Corp., Debt investments, First Lien Delayed Draw Term Loan Two2026-03-310001979306VTC Buyer Corp., Debt investments, First Lien Delayed Draw Term Loan One2026-03-310001979306Vivos Holdings, LLC,Debt investments, First Lien Term Loan2026-03-310001979306Uscreen Parent Inc., Debt investments, First Lien Term Loan2026-03-310001979306UKi Buyer LLC, Debt investments, First Lien Term Loan2026-03-310001979306UKi Buyer LLC, Debt investments, First Lien Revolving Loan2026-03-310001979306UKi Buyer LLC, Debt investments, First Lien Delayed Draw Term Loan2026-03-310001979306Touchtunes Music Group, LLC, Debt investments, First Lien Term Loan2026-03-310001979306TCP Buyer Inc., Debt investments, First Lien Term Loan2026-03-310001979306StrategyCorps, LLC, Debt investments, First Lien Term Loan2026-03-310001979306StrategyCorps, LLC, Debt investments, First Lien Revolving Loan2026-03-310001979306StrategyCorps, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-03-310001979306Soteria Flexibles Corp, Debt investments, First Lien Term Loan2026-03-310001979306Solace Healthcare Holdco, Inc, First Lien Term Loan2026-03-310001979306Rostrum Records, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-03-310001979306RAH Holdings, LLC, Debt investments, First Lien Term Loan2026-03-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Term Loan Two2026-03-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Term Loan One2026-03-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Revolving Loan2026-03-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-03-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Term Loan2026-03-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Revolving Loan2026-03-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-03-310001979306NPM Franchising, LLC, Debt investments, First Lien Term Loan2026-03-310001979306NPM Franchising, LLC, Debt investments, First Lien Revolving Loan2026-03-310001979306Mood Media Borrower, LLC, Debt investments, First Lien Term Loan2026-03-310001979306Mood Media Borrower, LLC, Debt investments, First Lien Revolving Loan2026-03-310001979306McFarlane Aviation, LLC, Debt investments, First Lien Term Loan2026-03-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Term Loan2026-03-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Revolving Loan2026-03-310001979306Kids Empire USA LLC, Debt investments, First Lien Term Loan2026-03-310001979306Kids Empire USA LLC, Debt investments, First Lien Delayed Draw Term Loan2026-03-310001979306Irving Parent, Corp., Debt investments, First Lien Term Loan2026-03-310001979306Irving Parent, Corp., Debt investments, First Lien Revolving Loan2026-03-310001979306Integrity Marketing Acquisition, LLC, Debt investments, First Lien Term Loan2026-03-310001979306GrayMar Acqusition, LLC, Debt investments, First Lien Term Loan2026-03-310001979306Giving Home Health Care, Debt investments, First Lien Term Loan2026-03-310001979306FMS Financial Management Services LLC, Debt Investments, First Lien Term Loan2026-03-310001979306Donut Intermediate Co, Debt investments, First Lien Term Loan2026-03-310001979306Commercial Cleaning Systems, LLC, Debt investments, First Lien Term Loan2026-03-310001979306Barricade Holdings, LLC, Debt investments, First Lien Term Loan2026-03-310001979306Barricade Holdings, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-03-310001979306Axiometrix Solutions Portfolio Co., Debt investments, First Lien Term Loan2026-03-310001979306Axiometrix Solutions Portfolio Co., Debt investments, First Lien Revolving Loan2026-03-310001979306Apex Auto Intermediate Holdings, LLC, Debt investments, First Lien Term Loan2026-03-310001979306Ampler QSR Holdings LLC, Debt investments, First Lien Term Loan2026-03-310001979306Ampler QSR Holdings LLC, Debt investments, First Lien Revolving Loan2026-03-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Term Loan2026-03-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Revolving Loan2026-03-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Delayed Draw Term Loan2026-03-310001979306Allworth Financial Group, L.P., Debt Investments, First Lien Revolving Loan2026-03-310001979306Allworth Financial Group, L.P., Debt Investments, First Lien Delayed Draw Term Loan2026-03-310001979306Ag Bells LLC, Debt investments, First Lien Term Loan2026-03-310001979306Ag Bells LLC, Debt investments, First Lien Revolving Loan2026-03-310001979306A. Stucki Company, Debt investments, First Lien Term Loan2026-03-310001979306A. Stucki Company, Debt investments, First Lien Delayed Draw Term Loan2026-03-310001979306Xposure Music Holdings Inc., Debt investments, First Lien Revolving Loan2025-12-310001979306Xposure Music Holdings Inc., Debt investments, First Lien Delayed Draw Term Loan2025-12-310001979306World Insurance Associates, LLC, Debt investments, First Lien Term Loan2025-12-310001979306VTC Buyer Corp., Debt investments, First Lien Term Loan2025-12-310001979306VTC Buyer Corp., Debt investments, First Lien Revolving Loan2025-12-310001979306VTC Buyer Corp., Debt investments, First Lien Delayed Draw Term Loan Two2025-12-310001979306VTC Buyer Corp., Debt investments, First Lien Delayed Draw Term Loan One2025-12-310001979306Vivos Holdings, LLC,Debt investments, First Lien Term Loan2025-12-310001979306Uscreen Parent Inc., Debt investments, First Lien Term Loan2025-12-310001979306Touchtunes Music Group, LLC, Debt investments, First Lien Term Loan2025-12-310001979306TCP Buyer Inc., Debt investments, First Lien Term Loan2025-12-310001979306StrategyCorps, LLC, Debt investments, First Lien Term Loan2025-12-310001979306StrategyCorps, LLC, Debt investments, First Lien Revolving Loan2025-12-310001979306StrategyCorps, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-12-310001979306SAFEbuilt, LLC, Debt investments, First Lien Term Loan2025-12-310001979306Rostrum Records, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-12-310001979306RAH Holdings, LLC, Debt investments, First Lien Term Loan2025-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Term Loan Two2025-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Term Loan One2025-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Revolving Loan2025-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-12-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Term Loan2025-12-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Revolving Loan2025-12-310001979306OneZero Financial Systems, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-12-310001979306NPM Franchising, LLC, Debt investments, First Lien Term Loan2025-12-310001979306NPM Franchising, LLC, Debt investments, First Lien Revolving Loan2025-12-310001979306Mood Media Borrower, LLC, Debt investments, First Lien Term Loan2025-12-310001979306Mood Media Borrower, LLC, Debt investments, First Lien Revolving Loan2025-12-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Term Loan2025-12-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Revolving Loan2025-12-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Delayed Draw Term Loan2025-12-310001979306Irving Parent, Corp., Debt investments, First Lien Term Loan2025-12-310001979306Irving Parent, Corp., Debt investments, First Lien Revolving Loan2025-12-310001979306Integrity Marketing Acquisition, LLC, Debt investments, First Lien Term Loan2025-12-310001979306GrayMar Acqusition, LLC, Debt investments, First Lien Term Loan2025-12-310001979306Giving Home Health Care, Debt investments, First Lien Term Loan2025-12-310001979306Donut Intermediate Co, Debt investments, First Lien Term Loan2025-12-310001979306Axiometrix Solutions Portfolio Co., Debt investments, First Lien Term Loan2025-12-310001979306Axiometrix Solutions Portfolio Co., Debt investments, First Lien Revolving Loan2025-12-310001979306Arax Midco, LLC, Debt investments, First Lien Term Loan2025-12-310001979306Arax Midco, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-12-310001979306Apex Auto Intermediate Holdings, LLC, Debt investments, First Lien Term Loan2025-12-310001979306Ampler QSR Holdings LLC, Debt investments, First Lien Term Loan2025-12-310001979306Ampler QSR Holdings LLC, Debt investments, First Lien Revolving Loan2025-12-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Term Loan2025-12-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Revolving Loan2025-12-310001979306Alpha Aesthetics Partners Opco, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-12-310001979306Allworth Financial Group, L.P., Debt Investments, First Lien Revolving Loan2025-12-310001979306Allworth Financial Group, L.P., Debt Investments, First Lien Delayed Draw Term Loan2025-12-310001979306Ag Bells LLC, Debt investments, First Lien Term Loan2025-12-310001979306Ag Bells LLC, Debt investments, First Lien Revolving Loan2025-12-310001979306A. Stucki Company, Debt investments, First Lien Term Loan2025-12-310001979306A. Stucki Company, Debt investments, First Lien Delayed Draw Term 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the fiscal quarter ended March 31, 2026

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

For the transition period from to

Commission File Number: 814-01670

ANDALUSIAN CREDIT COMPANY, LLC

(Exact Name of Registrant as Specified in its Charter)

Delaware (State or other jurisdiction of incorporation or organization)	92-2145091 (I.R.S. Employer Identification No.)

40 West, 57^th Street Suite 1700 New York, New York (Address of principal executive offices)	10019 (Zip Code)

Registrant’s telephone number, including area code: (646) 989-4070

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		None		None

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

Shares of Limited Liability Company Interests, par value $0.001 per share.

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	☒	Small 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. Yes ☐ No ☒

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 May 14, 2026, the registrant had 22,451,116 Shares, $0.001 par value per Share, outstanding.

Table of Contents

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	5
	Notes to Consolidated Financial Statements (Unaudited)	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	38

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40
Signatures		41

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

Andalusian Credit Company, LLC

Consolidated Statements of Assets and Liabilities

(in thousands, except per share data)


	March 31,
	2026		December 31,
	(unaudited)		2025
Assets:
Investments in non-controlled non-affiliated investments, at fair value (cost $388,193 and $316,665, respectively)	$	387,669	$	316,015
Cash		4,684		10,487
Cash equivalents		24,262		17,082
Interest receivable		3,193		2,523
Prepaid expenses and other assets		2,371		533
Total assets	$	422,179	$	346,640

Liabilities:
Debt (net of deferred financing costs of $-, and $-, respectively)	$	75,000	$	—
Distribution payable		—		4,013
Management fees payable		2,085		1,807
Incentive fee payable		365		344
Administration fees payable		318		318
Professional fees payable		552		298
Interest and credit facility fees payable		437		219
Legal fees payable		258		127
Due to affiliate		94		67
Accounts payable and accrued expenses		38		47
Total liabilities	$	79,147	$	7,240

Commitments and contingencies (Note 7)

Net assets:
Shares, par value $0.001 (22,451,116 and 22,293,620 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)	$	22	$	22
Paid-in-capital in excess of par value		342,439		340,042
Distributable earnings (loss)		571		(664)
Total net assets	$	343,032	$	339,400
Total liabilities and net assets	$	422,179	$	346,640
Net asset value per share	$	15.28	$	15.22

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

Table of Contents

Andalusian Credit Company, LLC

Consolidated Statements of Operations

(unaudited)

(in thousands, except per share data)




		Three			Three
		months ended			months ended
		March 31,			March 31,
		2026			2025⁽¹⁾
Investment Income:
Interest income from non-controlled/non-affiliated investments		$	8,413		$	2,639
Interest from cash and cash equivalents			112			685
Other income			8			—
Total investment income			8,533			3,324

Expenses:
Management fees		$	2,085		$	1,548
Administration fees			318			317
Legal fees			282			219
Professional fees			338			137
Interest expense and other financing costs			501			148
General and administrative expenses			282			125
Incentive fees			365			—
Board fees			120			108
Total operating expenses			4,291			2,602
Net investment income (loss)			4,242			722

Net change in unrealized appreciation (depreciation)
Net change in unrealized appreciation (depreciation) from non-controlled non-affiliated investments			126			(335)
Net change in unrealized appreciation (depreciation)			126			(335)
Net increase (decrease) in net assets resulting from operations		$	4,368		$	387

Per share data:
Net investment income (loss) per share		$	0.19		$	0.07
Net increase (decrease) in net assets resulting from operations per share		$	0.20		$	0.04
Weighted average shares outstanding			22,358,829			10,951,171

(1)	Certain items have been reclassified in prior quarters to conform with the current quarter presentation.

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

Table of Contents

Andalusian Credit Company, LLC

Consolidated Statements of Changes in Net Assets

(unaudited)

(in thousands, except share

data)


		Shares
							Paid in			Distributable
		Share		Par			Capital in			Earnings			Total Net
		Amount		Amount			Excess of Par			(Loss)			Assets
Balance at December 31, 2024		9,863,357		$	10		$	155,066		$	(5,327)		$	149,749

Operations:
Net investment income (loss)		—			—			—			722			722
Net change in unrealized appreciation (depreciation)		—			—			—			(335)			(335)
Net increase (decrease) in net assets resulting from operations		—			—			—			387			387

Capital transactions:
Proceeds from issuance of shares		3,375,974			3			51,355			—			51,358
Net increase (decrease) in net assets resulting from capital share transactions		3,375,974			3			51,355			—			51,358
Total increase (decrease) for the three months ended March 31, 2025		3,375,974			3			51,355			387			51,746
Tax reclassification of net assets		—			—			—			—			—
Balance at March 31, 2025		13,239,331		$	13		$	206,421		$	(4,940)		$	201,495


		Shares
							Paid in			Distributable
		Share		Par			Capital in			Earnings			Total Net
		Amount		Amount			Excess of Par			(Loss)			Assets
Balance at December 31, 2025		22,293,620		$	22		$	340,042		$	(664)		$	339,400

Operations:
Net investment income (loss)		—			—			—			4,242			4,242
Net change in unrealized appreciation (depreciation) on investments		—			—			—			126			126
Net increase (decrease) in net assets resulting from operations		—			—			—			4,368			4,368

Capital transactions:
Proceeds from issuance of shares		—			—			—			—			—
Distributions declared to members		—			—			—			(3,133)			(3,133)
Shares issued in connection with dividend reinvestment plan		157,496			—			2,397			—			2,397
Net increase (decrease) in net assets resulting from capital share transactions		157,496			—			2,397			(3,133)			(736)
Total increase (decrease) for the three months ended March 31, 2026		157,496			—			2,397			1,235			3,632
Tax reclassification of net assets		—			—			—			—			—
Balance at March 31, 2026		22,451,116		$	22		$	342,439		$	571		$	343,032

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

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Andalusian Credit Company, LLC

Consolidated Statements of Cash Flows

(unaudited)

(in thousands)


	Three months ended		Three months ended
	March 31,		March 31,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	4,368	$	387
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:
Purchases of investments		(90,211)		(28,046)
Proceeds from principal repayments		18,991		7,362
Net change in unrealized (appreciation) depreciation		(126)		335
Accretion of paid-in-kind interest		(33)		—
Amortization of premium and accretion of discount, net		(275)		(99)
Amortization of deferred financing costs		84		82
Amortization of prepaid expenses		5		28
Changes in operating assets and liabilities:
Interest receivable		(670)		(278)
Prepaid expenses and other assets		168		6
Management fees payable		278		27
Professional fees payable		254		81
Administration fees payable		—		2
Legal fees payable		131		42
Incentive fee payable		21		—
Interest and credit facility fees payable		218		(1)
Due to affiliate		27		—
Accounts payable and accrued expenses		(9)		2
Net cash provided by (used in) operating activities		(66,779)		(20,070)

Cash flows from financing activities:
Net proceeds from issuance of shares⁽¹⁾		—		51,358
Distributions paid		(4,749)		—
Borrowings of debt		103,000		—
Repayments of debt		(28,000)		—
Debt issuance costs paid		(2,095)		—
Net cash provided by (used in) financing activities		68,156		51,358
Net increase (decrease) in cash and cash equivalents		1,377		31,288
Cash and cash equivalents, beginning of period		27,569		59,420
Cash and cash equivalents, end of period	$	28,946	$	90,708

Supplemental and non-cash activities
Interest, including credit facility fees, paid during the period	$	90	$	66
Shares issued from dividend reinvestment plan	$	2,397	$	—

The following table presents a reconciliation of cash and cash equivalents reported within the Consolidated Statements of Assets and Liabilities.


	March 31, 2026		March 31, 2025
Cash	$	4,684	$	322
Cash equivalents		24,262		90,386
Total cash and cash equivalents	$	28,946	$	90,708

(1)	Proceeds from the issuance of shares are presented net of placement agent fees of $0 and $128, respectively for March 31, 2026 and March 31, 2025.

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

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Andalusian Credit Company, LLC

Consolidated Schedule of Investments

As of March 31, 2026

(unaudited)

(in thousands)


			Reference						Par/						Percentage
			Rate and			Interest			Shares/		Amortized		Fair		of Net
Company⁽¹⁾	Footnotes	Investment	Spread			Rate		Maturity	Units		Cost⁽²⁾⁽³⁾		Value⁽⁴⁾		Assets
Non-controlled non-affiliated investments
Debt investments
Automotive
Apex Auto Intermediate Holdings, LLC	(5)	First Lien Term Loan	S+	4.50	%	8.17	%	4/18/2030	$	6,431	$	6,379	$	6,375	1.9	%
												6,379		6,375	1.9	%

Beverage, Food & Tobacco
Donut Intermediate Co	(5)	First Lien Term Loan	S+	4.75	%	8.79	%	5/30/2031		5,256		5,212		5,170	1.5	%
												5,212		5,170	1.5	%

Capital Equipment
Komline-Sanderson Group, Inc.	(5)	First Lien Term Loan	S+	6.00	%	9.67	%	9/6/2029		17,052		16,861		16,862	4.9	%
Komline-Sanderson Group, Inc.	(5)(6)	First Lien Revolving Loan	S+	6.00	%	9.67	%	9/6/2029		895		762		740	0.2	%
												17,623		17,602	5.1	%

Chemicals, Plastics, & Rubber
TCP Buyer, Inc.	(5)	First Lien Term Loan	S+	4.75	%	8.95	%	3/12/2031		5,732		5,683		5,638	1.6	%
												5,683		5,638	1.6	%

Containers, Packaging & Glass
Soteria Flexibles Corp	(5)	First Lien Term Loan	S+	4.75	%	8.42	%	8/15/2029		7,568		7,493		7,493	2.2	%
												7,493		7,493	2.2	%

Consumer Goods: Non-Durable
Vivos Holdings, LLC	(5)	First Lien Term Loan	S+	6.00	%	9.68	%	8/13/2030		31,707		31,422		31,423	9.2	%
												31,422		31,423	9.2	%

Environmental Industries
GrayMar Acquisition, LLC	(5)	First Lien Term Loan	S+	4.75	%	8.42	%	9/13/2030		4,975		4,938		4,900	1.4	%
VTC Buyer Corp.	(5)	First Lien Term Loan	S+	5.25	%	8.92	%	7/15/2031		4,113		4,113		4,082	1.2	%
VTC Buyer Corp.	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.25	%	8.92	%	7/15/2031		2,127		2,127		2,111	0.6	%
VTC Buyer Corp.	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.25	%	8.92	%	7/15/2031		566		566		555	0.2	%
VTC Buyer Corp.	(5)(6)	First Lien Revolving Loan	S+	5.25	%	8.92	%	7/15/2031		445		445		433	0.1	%
												12,189		12,081	3.5	%

FIRE: Finance	(7)
Allworth Financial Group, L.P.	(5)(6)	First Lien Delayed Draw Term Loan	S+	4.75	%	8.42	%	12/23/2027		3,799		3,773		3,771	1.1	%
Allworth Financial Group, L.P.	(5)(6)	First Lien Revolving Loan	S+	4.75	%	8.42	%	12/23/2027		-		(1)		(2)	0.0	%
FMS Financial Management Services LLC	(5)	First Lien Term Loan	S+	5.00	%	8.53	%	2/1/2027		11,047		10,944		10,944	3.2	%
StrategyCorps, LLC	(5)	First Lien Term Loan	S+	5.50	%	9.17	%	6/28/2030		5,587		5,530		5,531	1.6	%
StrategyCorps, LLC	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.50	%	9.17	%	6/28/2030		-		(5)		(23)	0.0	%
StrategyCorps, LLC	(5)(6)	First Lien Revolving Loan	S+	5.50	%	9.17	%	6/28/2030		199		188		188	0.1	%
												20,429		20,409	6.0	%

FIRE: Insurance	(7)
Integrity Marketing Acquisition, LLC	(5)	First Lien Term Loan	S+	5.00	%	8.67	%	8/27/2028		13,445		13,391		13,391	3.9	%
World Insurance Associates, LLC	(5)	First Lien Term Loan	S+	5.00	%	8.70	%	4/3/2030		4,481		4,481		4,459	1.3	%
												17,872		17,850	5.2	%

Healthcare & Pharmaceuticals
Alpha Aesthetics Partners Opco, LLC	(5)	First Lien Term Loan	S+	4.50	%	8.20	%	12/10/2031		11,759		11,746		11,611	3.4	%
Alpha Aesthetics Partners Opco, LLC	(5)(6)	First Lien Delayed Draw Term Loan	S+	4.50	%	8.20	%	12/10/2031		3,290		3,277		3,153	0.9	%
Alpha Aesthetics Partners Opco, LLC	(5)(6)	First Lien Revolving Loan	S+	4.50	%	8.20	%	12/10/2031		-		(3)		(34)	0.0	%
Giving Home Health Care	(5)	First Lien Term Loan	S+	6.00	%	9.66	%	4/26/2029		12,888		12,742		12,888	3.8	%
Pediatric Home Respiratory Services, LLC	(5)	First Lien Term Loan	S+	5.50	%	9.10	%	12/23/2030		13,814		13,754		13,753	4.0	%
Pediatric Home Respiratory Services, LLC	(5)	First Lien Term Loan	S+	5.50	%	9.10	%	12/23/2030		9,060		9,021		9,020	2.6	%
Pediatric Home Respiratory Services, LLC	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.50	%	9.10	%	12/23/2030		-		(5)		(12)	0.0	%
Pediatric Home Respiratory Services, LLC	(5)(6)	First Lien Revolving Loan	S+	5.50	%	9.10	%	12/23/2030		303		297		297	0.1	%
Solace Healthcare Holdco, Inc.	(5)	First Lien Term Loan	S+	4.75	%	8.41	%	2/2/2032		9,579		9,484		9,484	2.8	%
RAH Holdings, LLC	(5)	First Lien Term Loan	S+	6.50	%	10.37	%	8/18/2030		15,920		15,634		15,633	4.6	%
												75,947		75,793	22.2	%

Table of Contents


						Reference								Par/									Percentage
						Rate and				Interest				Shares/			Amortized			Fair			of Net
Company⁽¹⁾		Footnotes		Investment		Spread				Rate		Maturity		Units			Cost⁽²⁾⁽³⁾			Value⁽⁴⁾			Assets
Media: Diversified & Production
Mood Media Borrower, LLC		(5)		First Lien Term Loan		S+	6.75	%		10.42	%	5/30/2030		$	21,002		$	20,817		$	20,817		6.1	%
Mood Media Borrower, LLC		(5)(6)		First Lien Revolving Loan		S+	6.75	%		10.42	%	5/30/2030			400			386			386		0.1	%
Rostrum Records, LLC		(5)(6)		First Lien Delayed Draw Term Loan		S+	6.00	%		9.67	%	11/26/2030			6,112			6,082			6,112		1.8	%
Touchtunes Music Group, LLC		(5)		First Lien Term Loan		S+	4.75	%		8.45	%	4/1/2029			4,469			4,469			4,425		1.3	%
Uscreen Parent Inc.		(5)		First Lien Term Loan		S+	4.50	%		8.17	%	2/14/2032			2,481			2,461			2,469		0.7	%
Xposure Music Holdings Inc.		(5)(6)(10)(11)		First Lien Delayed Draw Term Loan		S+	7.25	%		10.90	%	11/24/2030			3,400			3,222			3,138		0.9	%
Xposure Music Holdings Inc.		(5)(6)(10)(11)		First Lien Revolving Loan		S+	7.25	%		10.90	%	11/24/2030			-			(35)			(38)		0.0	%
																		37,402			37,309		10.9	%

High Tech Industries
Axiometrix Solutions Portfolio Co.		(5)		First Lien Term Loan		S+	5.50	%		9.27	%	8/14/2030			13,624			13,444			13,444		3.9	%
Axiometrix Solutions Portfolio Co.		(5)(6)		First Lien Revolving Loan		S+	5.50	%		9.27	%	8/14/2030			2,921			2,868			2,869		0.8	%
Irving Parent, Corp.		(5)		First Lien Term Loan		S+	5.25	%		8.95	%	3/11/2031			15,772			15,601			15,601		4.5	%
Irving Parent, Corp.		(5)(6)		First Lien Revolving Loan		S+	5.25	%		8.90	%	3/11/2031			-			(24)			(25)		0.0	%
OneZero Financial Systems, LLC		(5)		First Lien Term Loan		S+	5.00	%		8.66	%	10/7/2031			5,210			5,168			5,184		1.5	%
OneZero Financial Systems, LLC		(5)(6)		First Lien Delayed Draw Term Loan		S+	5.00	%		8.66	%	10/7/2031			307			304			303		0.1	%
OneZero Financial Systems, LLC		(5)(6)		First Lien Revolving Loan		S+	5.00	%		8.66	%	10/7/2031			-			(5)			(5)		0.0	%
																		37,356			37,371		10.8	%

Hotel, Gaming & Leisure
Ag Bells LLC		(5)		First Lien Term Loan		S+	4.75	%		8.42	%	8/19/2031			13,601			13,478			13,481		3.9	%
Ag Bells LLC		(5)(6)		First Lien Revolving Loan		S+	4.75	%		8.42	%	8/19/2030			-			(14)			(13)		0.0	%
Ampler QSR Holdings LLC		(5)		First Lien Term Loan		S+	5.00	%		8.67	%	8/19/2031			14,376			14,250			14,250		4.2	%
Ampler QSR Holdings LLC		(5)(6)		First Lien Revolving Loan		S+	5.00	%		8.67	%	8/19/2030			-			(19)			(19)		0.0	%
Kids Empire USA LLC		(5)(6)		First Lien Delayed Draw Term Loan		S+	9.50	%	⁽¹²⁾	11.20	%	7/16/2030			3,204			3,204			3,204		0.9	%
Kids Empire USA LLC		(5)		First Lien Term Loan		S+	9.50	%	⁽¹²⁾	11.20	%	7/16/2030			6,216			6,216			6,216		1.8	%
																		37,115			37,119		10.8	%

Retail
NPM Franchising, LLC		(5)		First Lien Term Loan		S+	5.50	%		9.50	%	1/13/2029			10,497			10,348			10,261		3.0	%
NPM Franchising, LLC		(5)		First Lien Revolving Loan		S+	5.50	%		9.50	%	1/13/2029			1,820			1,795			1,779		0.5	%
																		12,143			12,040		3.5	%

Services: Business
UKi Buyer LLC		(5)(6)		First Lien Delayed Draw Term Loan		S+	4.75	%		8.45	%	1/13/2032						(111)			(111)		0.0	%
UKi Buyer LLC		(5)(6)		First Lien Revolving Loan		S+	4.75	%		8.45	%	1/13/2032						(56)			(56)		0.0	%
UKi Buyer LLC		(5)		First Lien Term Loan		S+	4.75	%		8.45	%	1/13/2032			15,379			15,156			15,156		4.4	%
Commercial Cleaning Systems, LLC		(5)		First Lien Term Loan		S+	4.75	%		8.43	%	2/12/2030			10,000			9,925			9,925		2.9	%
Barricade Holdings, LLC		(5)		First Lien Delayed Draw Term Loan		S+	4.75	%		8.42	%	9/30/2030						(53)			(53)		0.0	%
Barricade Holdings, LLC		(5)		First Lien Term Loan		S+	4.75	%		8.42	%	9/30/2030			6,821			6,719			6,719		2.0	%
																		31,580			31,580		9.3	%

Aerospace & Defense
McFarlane Aviation, LLC		(5)		First Lien Term Loan		S+	4.75	%		8.66	%	10/12/2027			10,000			9,933			10,000		2.9	%
																		9,933			10,000		2.9	%

Transportation: Cargo
A. Stucki Company		(5)		First Lien Term Loan		S+	4.75	%		8.71	%	3/27/2030			16,523			16,416			16,416		4.8	%
A. Stucki Company		(5)		First Lien Delayed Draw Term Loan		S+	4.75	%		8.71	%	3/27/2030			6,039			5,999			6,000		1.7	%
																		22,415			22,416		6.5	%
Total debt investments																		388,193			387,669		113.1	%
Total non-controlled non-affiliated investments																		388,193			387,669		113.1	%
Cash and cash equivalents
Goldman Sachs Financial Square Government Institutional Fund		(8)(9)		Money Market Fund						3.53	%							390			390		0.1	%
State Street Institutional U.S. Government Money Market Fund - Premier Class		(8)(9)		Money Market Fund						3.60	%							23,872			23,872		7.0	%
Cash				Cash														4,684			4,684		1.4	%
Total cash and cash equivalents																		28,946			28,946		8.5	%
Total investments and cash and cash equivalents																	$	417,139		$	416,615		121.6	%

(1)	Certain portfolio company investments are subject to contractual restrictions on sales.

(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)	As of March 31, 2026, the estimated cost basis of investments for U.S. federal tax purposes was $417,139 resulting in estimated gross unrealized gains and losses of $276 and ($800), respectively.

(4)

In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements, unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See “Note 5 – Fair Value Measurements” for further information related to investments at fair value.

(5)

Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“S+” or “SOFR”) which may also contain a credit spread adjustment depending on the tenor election, or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”), all of which include an available tenor, selected at the borrower’s option, which reset periodically based on the terms of the credit agreement.

Table of Contents

For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at March 31, 2026. As of March 31, 2026, the reference rates for our variable rate loans was SOFR at 3.66% and 3.68% for 1 month and 3 month term SOFR rates, respectively.

(6)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. The negative amortized cost or fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(7)	Finance, Insurance, and Real Estate (“FIRE”).

(8)	This investment is valued using observable inputs and is considered a Level 1 investment. See “Note 5 – Fair Value Measurements” for further information related to investments at fair value.

(9)	The rate presented represents the annualized seven-day yield as of March 31, 2026.

(10)	This asset is deemed not a “qualifying asset” under Section 55(a) of the 1940 Act by the Company. 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.

(11)	Non-U.S. portfolio company or the portfolio company’s principal place of business is outside the United States.

(12)	Includes 2% PIK

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

Table of Contents

Andalusian Credit Company, LLC

Consolidated Schedule of Investments

As of December 31, 2025

(in thousands)

Reference

Par/

Percentage

Rate and

Interest

Shares/

Amortized

Fair

Andalusian Credit Company, LLC 10-Q