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Type of Investment Second lien senior secured term loan Interest Rate SOFR + 8.0% (0.75% PIK) Maturity Date 8/15/20292025-09-3000020437592025-01-012025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Education Galileo Learning LLC Type of Investment First lien senior secured term loan Interest Rate SOFR + 8.0% Maturity Date 11/25/20272025-01-012025-09-300002043759ck0002043759:FirstLienSeniorSecuredTermLoanOneMember2025-03-032025-09-300002043759ck0002043759:InvestmentAdviserMember2025-03-032025-03-310002043759Investments - non-controlled/non-affiliated Debt Investments Consumer Services Milk + Honey Holdings LLC Type of Investment First lien senior secured term loan Interest Rate SOFR + 7.0% Maturity Date 7/11/20282025-01-012025-09-3000020437592025-03-310002043759Investments - non-controlled/non-affiliated Debt Investments Food & Beverage Epigenetics Labs d/b/a Organixx Type of Investment First lien senior secured term loan Interest Rate SOFR + 7.0% Maturity Date 1/31/20272025-09-3000020437592024-12-310002043759srt:MinimumMemberck0002043759:FirstLienSeniorSecuredTermLoanOneMember2025-03-032025-09-300002043759Roq.Ad, Inc Technology – Business Uncommitted accordion2025-03-032025-09-300002043759Hearth Display, Inc. Technology – Consumer Delayed draw term loan2025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Health & Wellness Happy Head, Inc. Type of Investment Warrants Investment Date 3/3/2025 Common Stock Expiration Date 9/30/20342025-09-300002043759ck0002043759:AutomotiveServicesMemberus-gaap:WarrantMember2025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology - Consumer Hearth Display, Inc. Type of Investment First lien senior secured term loan Interest Rate SOFR + 8.0% Maturity Date 9/12/20272025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology – Cybersecurity 1touch.IO Inc. Type of Investment First lien senior secured term loan Interest Rate SOFR + 7.5% Maturity Date 9/3/20292025-01-012025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Data Processing AI Software, LLC d/b/a Capacity Type of Investment Warrants Investment Date 7/22/2025 Series D Common Shares Expiration Date 7/22/20352025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology - Health & Wellness Predictive Fitness, Inc. Type of Investment First lien senior secured term loan Interest Rate SOFR + 8.5% Maturity Date 2/25/20282025-01-012025-09-300002043759ck0002043759:Technology-CommunicationMemberck0002043759:DebtInvestmentsMember2025-09-300002043759Stress Free Auto Care, Inc. Automotive Services Delayed draw term loan2025-09-300002043759us-gaap:WarrantMember2025-09-300002043759ck0002043759:SecondLienSeniorSecuredTermLoanMembersrt:MaximumMember2025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology - Consumer Hearth Display, Inc. Type of Investment Delayed draw term loan Interest Rate SOFR + 8.0% Maturity Date 9/12/20272025-09-300002043759ck0002043759:SixNewPortfolioMemberus-gaap:SubsequentEventMember2025-10-010002043759Tapestry Management Services Inc. Technology – Healthcare Delayed draw term loan2025-03-032025-09-300002043759srt:MinimumMemberck0002043759:KeyBankCreditAgreementMember2025-09-300002043759ck0002043759:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002043759Percentage of Warrants to Purchase Diluted Shares One2025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Consumer Finance Atlas Exploration, Inc. Type of Investment First lien senior secured term loan Interest Rate SOFR + 6.0% Maturity Date 6/3/20282025-09-300002043759us-gaap:WarrantMember2025-06-300002043759us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300002043759ck0002043759:Technology-MarketplaceMemberck0002043759:DebtInvestmentsMember2025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Automotive Services Stress Free Auto Care, Inc. Type of Investment Warrants Investment Date 7/1/2025 Common Stock Expiration Date 7/1/20352025-09-3000020437592025-11-050002043759Investments - non-controlled/non-affiliated Warrant Investments Technology – Cybersecurity 1touch.IO Inc. Type of Investment Warrants Investment Date 9/3/2025 Series Seed-1 Preferred Stock Expiration Date 9/12/20342025-09-300002043759ck0002043759:KeyBankCreditAgreementMember2025-07-012025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Technology - Marketplace FanFixApp, LLC Type of Investment Warrants Investment Date 3/7/2025 Ordinary Shares Expiration Date 3/6/20352025-09-300002043759ck0002043759:FirstLienSeniorSecuredTermLoanMember2025-06-300002043759ck0002043759:FirstLienSeniorSecuredTermLoanMember2025-03-020002043759Investments - non-controlled/non-affiliated Warrant Investments Technology - Aerospace Fortem Technologies, Inc. Type of Investment Warrants Investment Date 3/3/2025 Common Stock Expiration Date 10/22/20342025-09-300002043759us-gaap:RetainedEarningsMember2025-03-020002043759us-gaap:WarrantMember2025-07-012025-09-300002043759ck0002043759:WarrantsFourMembersrt:MinimumMember2025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology - Business Roq.Ad, Inc. Type of Investment First lien senior secured term loan Interest Rate SOFR + 8.25% Maturity Date 2/27/20292025-01-012025-09-300002043759ck0002043759:Technology-CommunicationMember2025-09-300002043759ck0002043759:DebtInvestmentsMemberck0002043759:Technology-AerospaceMember2025-09-300002043759srt:MinimumMemberck0002043759:SecondLienSeniorSecuredTermLoanMember2025-03-032025-09-300002043759ck0002043759:WarrantsFiveMembersrt:MaximumMember2025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Technology - property Domuso Inc. Type of Investment Warrants Investment Date 5/30/2025 Series B-2 Preferred Stock Expiration Date 5/30/20252025-03-302025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Technology - Consumer Hearth Display, Inc. Type of Investment Warrants Investment Date 3/3/2025 Series Seed-1 Preferred Stock Expiration Date 9/12/20342025-09-300002043759ck0002043759:WarrantsTwoMembersrt:MinimumMember2025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Application Software SER Ranking Type of Investment Warrants Investment Date 6/3/2025 Common Stock Expiration Date 6/3/20352025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Ecommerce – CPG Beach House Group Global LLC Type of Investment Second lien senior secured term loan Interest Rate SOFR + 8.25% (1.75% PIK) Maturity Date 7/28/20272025-09-300002043759ck0002043759:O2025Q1FormationTransactionDividendsMember2025-03-032025-09-300002043759us-gaap:WarrantMemberck0002043759:DataProcessingMember2025-09-300002043759ck0002043759:O2025Q3DividendsMemberus-gaap:SubsequentEventMember2025-10-160002043759us-gaap:SubsequentEventMember2025-10-010002043759us-gaap:FairValueInputsLevel2Memberus-gaap:WarrantMember2025-09-300002043759Happy Head, Inc. Health & Wellness Delayed draw term loan2025-09-300002043759ck0002043759:DebtInvestmentsMemberck0002043759:Technology-PropertyMember2025-09-300002043759ck0002043759:SubscriptionsMember2025-07-012025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Ecommerce – CPG Beach House Group Global LLC Type of Investment Warrants Investment Date 7/28/2025 Series D Preferred Units Expiration Date 7/28/20352025-09-300002043759ck0002043759:ThreeMonthsSecuredOvernightFinancingRateMember2025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Education Galileo Learning, LLC Type of Investment Warrants Investment Date 3/3/2025 Common Units Expiration Date 11/25/20342025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology - Business Roq.Ad, Inc. Type of Investment Delayed draw term loan Interest Rate SOFR + 8.25% Maturity Date 2/27/20292025-01-012025-09-300002043759Roq.Ad, Inc Technology – Business Delayed draw term loan2025-03-032025-09-300002043759ck0002043759:AssetConcentrationRiskMemberus-gaap:AssetsMemberck0002043759:QualifyingAssetMember2025-09-300002043759us-gaap:FairValueInputsLevel3Member2025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Automotive Services Stress Free Auto Care, Inc. Type of Investment Warrants Investment Date 7/1/2025 Common Stock Expiration Date 7/1/20352025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Technology - Health & Wellness Predictive Fitness, Inc. Type of Investment Warrants Investment Date 3/3/2025 Series Seed-5 Preferred Stock Expiration Date 2/25/20352025-09-300002043759us-gaap:FoodAndBeverageSectorMemberck0002043759:DebtInvestmentsMember2025-09-300002043759ck0002043759:YouthOpportunityInvestmentsLLCMember2025-07-012025-09-300002043759ck0002043759:AssetConcentrationRiskMemberck0002043759:NonqualifyingAssetMemberus-gaap:AssetsMember2025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Application Software SER Holdco, Inc. d/b/a SE Ranking Type of Investment Second lien senior secured term loan Interest Rate SOFR + 7.5% Maturity Date 11/30/20282025-01-012025-09-300002043759us-gaap:CommonStockMember2025-03-032025-09-300002043759SER Holdco, Inc. d/b/a SE Ranking Application Software Delayed draw term loan2025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Health & Wellness Happy Head, Inc. Type of Investment Warrants Investment Date 3/3/2025 Common Stock Expiration Date 9/30/20342025-03-032025-09-300002043759ck0002043759:InvestmentAdviserMember2025-03-032025-09-3000020437592025-09-300002043759us-gaap:RetainedEarningsMember2025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Consumer Finance Atlas Exploration, Inc. Type of Investment Delayed draw term loan Interest Rate SOFR + 6.0% Maturity Date 6/3/20282025-01-012025-09-300002043759us-gaap:FairValueInputsLevel2Memberck0002043759:SecondLienSeniorSecuredTermLoanMember2025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Technology - Aerospace Fortem Technologies, Inc. Type of Investment Warrants Investment Date 3/3/2025 Common Stock Expiration Date 10/22/20342025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Technology – Communication Kudo, Inc. Type of Investment Warrants Investment Date 7/25/2025 Series A Preferred Stock Expiration Date 7/25/20352025-03-302025-09-300002043759us-gaap:WarrantMemberck0002043759:Technology-CybersecurityMember2025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Education Galileo Learning, LLC Type of Investment Warrants Investment Date 3/3/2025 Common Units Expiration Date 11/25/20342025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Technology - Marketplace FanFixApp, LLC Type of Investment Warrants Investment Date 3/7/2025 Ordinary Shares Expiration Date 3/6/20352025-03-302025-09-300002043759ck0002043759:WarrantsFiveMember2025-03-032025-09-300002043759ck0002043759:WarrantsFourMember2025-03-032025-09-300002043759ck0002043759:WarrantsOneMembersrt:MinimumMember2025-03-032025-09-300002043759ck0002043759:TechnologyPropertyMember2025-09-300002043759us-gaap:CommonStockMember2025-03-020002043759ck0002043759:WarrantsFourMember2025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Technology – Cybersecurity 1touch.IO Inc. Type of Investment Warrants Investment Date 9/3/2025 Series Seed-1 Preferred Stock Expiration Date 9/12/20342025-03-302025-09-300002043759ck0002043759:WarrantsThreeMembersrt:MaximumMember2025-03-032025-09-300002043759Stress Free Auto Care, Inc. Automotive Services Delayed draw term loan2025-03-032025-09-300002043759ck0002043759:IncentiveFeeMember2025-07-012025-09-300002043759ck0002043759:FanFixAppLLCMember2025-03-032025-09-300002043759ck0002043759:EducationMember2025-09-300002043759ck0002043759:SecondLienSeniorSecuredTermLoanMember2025-03-020002043759srt:MaximumMemberck0002043759:FirstLienSeniorSecuredTermLoanOneMember2025-03-032025-09-300002043759Kudo, Inc. Technology – Communication Delayed draw term loan2025-09-300002043759us-gaap:AdditionalPaidInCapitalMember2025-06-300002043759ck0002043759:LegacyFundMember2025-03-030002043759ck0002043759:WarrantsFiveMember2025-09-300002043759ck0002043759:DebtInvestmentsMemberck0002043759:EducationMember2025-09-300002043759us-gaap:WarrantMemberck0002043759:Technology-PropertyMember2025-09-300002043759Galileo Learning LLC Education Delayed draw term loan2025-09-300002043759ck0002043759:Technology-CybersecurityMember2025-09-300002043759us-gaap:WarrantMemberck0002043759:Technology-CommunicationMember2025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Technology - property Domuso Inc. Type of Investment Warrants Investment Date 5/30/2025 Series B-2 Preferred Stock Expiration Date 5/30/20252025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Food & Beverage Epigenetics Labs d/b/a Organixx Type of Investment First lien senior secured term loan Interest Rate SOFR + 7.0% Maturity Date 1/31/20272025-01-012025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Consumer Finance Atlas Exploration, Inc. Type of Investment Delayed draw term loan Interest Rate SOFR + 6.0% Maturity Date 6/3/20282025-09-300002043759ck0002043759:Technology-AerospaceMember2025-09-300002043759Atlas Exploration, Inc. Consumer Finance Delayed draw term loan2025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology - Aerospace Fortem Technologies, Inc. Type of Investment First lien senior secured term loan Interest Rate SOFR + 9.0% Maturity Date 10/22/20272025-01-012025-09-300002043759ck0002043759:WarrantsThreeMembersrt:MinimumMember2025-03-032025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology - Aerospace Fortem Technologies, Inc. Type of Investment First lien senior secured term loan Interest Rate SOFR + 9.0% Maturity Date 10/22/20272025-09-300002043759ck0002043759:FirstLienSeniorSecuredTermLoanMember2025-07-012025-09-3000020437591touch.IO Inc. Technology – Cybersecurity Delayed draw term loan2025-03-032025-09-300002043759ck0002043759:Technology-CybersecurityMemberck0002043759:DebtInvestmentsMember2025-09-300002043759us-gaap:WarrantMemberck0002043759:Technology-BusinessMember2025-09-3000020437592025-12-012025-12-310002043759us-gaap:CommonStockMember2025-07-012025-09-300002043759us-gaap:AdditionalPaidInCapitalMember2025-09-300002043759ck0002043759:DataProcessingMember2025-09-300002043759us-gaap:FairValueInputsLevel1Member2025-09-300002043759Predictive Fitness, Inc. Technology – Health & Wellness Delayed draw term loan2025-03-032025-09-300002043759ck0002043759:WarrantsTwoMember2025-03-032025-09-3000020437592025-07-012025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Technology - Health & Wellness Predictive Fitness, Inc. Type of Investment Warrants Investment Date 3/3/2025 Series Seed-5 Preferred Stock Expiration Date 2/25/20352025-03-302025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Ecommerce – CPG Beach House Group Global LLC Type of Investment Second lien senior secured term loan Interest Rate SOFR + 8.25% (1.75% PIK) Maturity Date 7/28/20272025-01-012025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology - Business Roq.Ad, Inc. Type of Investment Uncommitted Accordion Interest Rate SOFR + 8.25% Maturity Date 2/27/20292025-09-300002043759Galileo Learning LLC Education Delayed draw term loan2025-03-032025-09-300002043759AI Software, LLC d/b/a Capacity Data Processing Delayed draw term loan2025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology - Business Roq.Ad, Inc. Type of Investment Uncommitted Accordion Interest Rate SOFR + 8.25% Maturity Date 2/27/20292025-01-012025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Consumer Finance Atlas Exploration, Inc. Type of Investment Warrants Investment Date 6/3/2025 Series B-2 Preferred Stock Expiration Date 6/3/20352025-09-300002043759us-gaap:FairValueInputsLevel2Member2025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology – Healthcare Tapestry Management Services Inc. Type of Investment Second lien senior secured term loan Interest Rate SOFR + 8.0% (0.75% PIK) Maturity Date 8/15/20292025-01-012025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Automotive Services Stress Free Auto Care, Inc. Type of Investment First lien senior secured term loan Interest Rate SOFR + 7.5% Maturity Date 7/1/20292025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Data Processing AI Software, LLC d/b/a Capacity Type of Investment Delayed draw term loan Interest Rate PRIME + 6.5% (1.0% PIK) Maturity Date 6/13/20292025-01-012025-09-300002043759Investments - non-controlled/non-affiliated Debt Investments Technology - Health & Wellness Predictive Fitness, Inc. Type of Investment First lien senior secured term loan Interest Rate SOFR + 8.5% Maturity Date 2/25/20282025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Data Processing AI Software, LLC d/b/a Capacity Type of Investment Warrants Investment Date 6/13/2025 Series D Common Shares Expiration Date 6/13/20352025-09-300002043759ck0002043759:DebtInvestmentsMemberck0002043759:Ecommerce-CPGMember2025-09-300002043759ck0002043759:ConsumerServicesMember2025-09-300002043759ck0002043759:O2025Q1DividendsMember2025-03-032025-09-300002043759ck0002043759:WarrantsOneMember2025-09-300002043759ck0002043759:ApplicationSoftwareMember2025-09-300002043759ck0002043759:Technology-BusinessMember2025-09-300002043759Investments - non-controlled/non-affiliated Warrant Investments Consumer Finance Atlas Exploration, Inc. Type of Investment Warrants Investment Date 6/3/2025 Series B-2 Preferred Stock Expiration Date 6/3/20352025-03-032025-09-30iso4217:USDxbrli:sharesxbrli:purexbrli:sharesiso4217:USD

U.S. 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 quarterly period ended September 30, 2025

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

    

Commission file number: 000-56728

LAGO Evergreen Credit

(Exact name of registrant as specified in charter)


Delaware		33-1867642
(State or other jurisdiction of incorporation or registration)		(I.R.S. Employer Identification No.)

10 S. Wacker Drive, Suite 3540 Chicago, Illinois		60606
(Address of principal executive offices)		(Zip Code)

773-417-5246

(Registrant’s telephone number, including area code)

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	N/A	N/A

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

Shares of beneficial interest, par value $0.01 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 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 November 5, 2025, the registrant had 4,687,563 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


PART I. FINANCIAL INFORMATION		1

	Item 1. Financial Statements	1

	Consolidated Statement of Assets and Liabilities as of September 30, 2025 (unaudited)	1

	Consolidated Statements of Operations for the three months ended September 30, 2025 (unaudited) and for the period from March 3, 2025 (“Commencement of Operations”) through September 30, 2025 (unaudited)	2

	Consolidated Statements of Changes in Net Assets for the three months ended September 30, 2025 (unaudited) and for the period from March 3, 2025 (“Commencement of Operations”) through September 30, 2025 (unaudited)	3

	Consolidated Statement of Cash Flows for the period from March 3, 2025 (“Commencement of Operations”) through September 30, 2025 (unaudited)	4

	Consolidated Schedule of Investments as of September 30, 2025 (unaudited)

	Notes to Consolidated Financial Statements (unaudited)	11

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	28

	Item 3. Quantitative and Qualitative Disclosures About Market Risk	43

	Item 4. Controls and Procedures	43


PART II. OTHER INFORMATION		45

	Item 1. Legal Proceedings	45

	Item 1A. Risk Factors	45

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	45

	Item 3. Defaults Upon Senior Securities.	46

	Item 4. Mine Safety Disclosures.	46

	Item 5. Other Information.	46

	Item 6. Exhibits.	47

	SIGNATURES	48

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about LAGO Evergreen Credit (the “Company”, “we”, “us”, “our”), current and prospective portfolio investments, industry, beliefs and the Company’s assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

changes in political, economic or industry conditions, including the impact of a potential prolonged U.S. government shutdown;

•

the interest rate environment or conditions affecting the financial and capital markets;

•

the ability of LAGO Asset Management, LLC (the “Investment Adviser”) to locate suitable investments for the Company and to monitor and administer the Company’s investments;

•

the ability of the Investment Adviser and its affiliates to attract and retain highly talented professionals;

•

risk associated with possible disruptions in the Company’s operations or the economy generally;

•

the timing of cash flows, if any, from the operations of the companies in which the Company invests;

•

the ability of the companies in which the Company invests to achieve their objectives;

•

the dependence of the Company’s future success on the general economy and its effect on the industries in which the Company invests;

•

the use of borrowed money to finance a portion of the Company’s investments;

•

the adequacy, availability, and pricing of the Company’s financing sources and working capital;

•

actual or potential conflicts of interest with the Investment Adviser and its affiliates;

•

contractual arrangements and relationships with third parties;

•

potential economic downturns, interest rate volatility, loss of key personnel, and the illiquid nature of investments;

•

the disruption of global shipping activities;

•

the impact of changing regulations and implementation of tariffs on goods;

•

the ability to qualify for and maintain tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”);

•

the impact of geo-political conditions, including those arising out of the Russia-Ukraine war and the Israel-Hamas war, and the potential for volatility in energy prices and other commodities and their impact on the industries in which we invest; and

•

other risks, uncertainties, and other factors identified under “Item 1A. Risk Factors” and elsewhere in this Form 10-Q.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements, unless we are required to do so by applicable law. However, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

LAGO Evergreen Credit

Consolidated Statement of Assets and Liabilities


	September 30, 2025
	(unaudited)
Assets
Investments
Non-controlled / non-affiliated investments (cost of $120,824,429 at September 30, 2025)	$	122,070,120
Cash and cash equivalents (restricted cash of $1,495,441 at September 30, 2025)		19,949,157
Interest receivable		1,391,261
Prepaid expenses and other assets		91,457
Total assets	$	143,501,995
Liabilities
Line of credit (net of deferred financing costs of $1,136,215 at September 30, 2025)	$	41,136,013
Base Management Fees payable		376,581
Income Incentive Fees payable		472,428
Capital Gains Incentive Fees payable		249,138
Accrued Board of Trustees’ fees		38,000
Accrued audit and tax fees		213,998
Organizational costs payable to Adviser		68,975
Offering costs payable to Adviser		31,025
Accrued interest		161,408
Accrued expenses and other liabilities		167,853
Distribution payable		2,631,251
Total liabilities	$	45,546,670
Commitments and contingencies (Note 6)
Net assets
Common shares, par value $0.01 per share, unlimited shares authorized (3,869,487 shares issued and outstanding at September 30, 2025)		38,695
Paid-in-capital in excess of par value		96,838,822
Total distributable earnings (loss)		1,077,808
Total net assets		97,955,325
Total liabilities and net assets	$	143,501,995
Net asset value per share	$	25.31

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

LAGO Evergreen Credit

Consolidated Statements of Operations

(unaudited)


	For the Three Months Ended September 30, 2025		For the period March 3, 2025 (“Commencement of Operations”) through September 30, 2025
Investment income:
From non-controlled / non-affiliated investments:
Interest income	$	4,567,700	$	7,996,653
Other interest income		87,170		354,006
Total investment income		4,654,870		8,350,659
Expenses:
Interest expense		495,206		808,563
Base Management Fees		376,581		681,583
Income Incentive Fees		472,428		842,592
Capital Gains Incentive Fees		34,123		243,946
Professional fees		433,676		837,319
Board of Trustees’ fees		38,000		115,322
Administration fees		47,115		135,954
Reimbursement of organizational expenses paid by the Investment Adviser		68,975		68,975
Other general and administrative expenses		44,987		84,838
Total expenses		2,011,091		3,819,092
Net investment income (loss)		2,643,779		4,531,567
Net realized and unrealized gain (loss) on investments:
Net change in unrealized gain (loss) on non-controlled / non-affiliated investments		170,619		1,245,690
Net realized and unrealized gain (loss) on investments		170,619		1,245,690
Net increase (decrease) in net assets resulting from operations	$	2,814,398	$	5,777,257

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

LAGO Evergreen Credit

Consolidated Statements of Changes in Net Assets

(unaudited)


	Common Shares
For the period March 3, 2025 (“Commencement of Operations”) through September 30, 2025	Shares		Par amount		Paid in capital in excess of par		Distributable earnings (losses)			Total net assets
Balance at March 3, 2025 (“Commencement of Operations”)		1,000	$	10	$	24,990	$	-		$	25,000
Issuance of shares related to Formation Transaction1		2,722,631		27,226		68,038,541		-			68,065,767
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)		-		-		-		4,531,567			4,531,567
Net change in unrealized gain (loss) on investments		-		-		-		1,245,690			1,245,690
Distributions declared to shareholders		-		-		-		(4,699,449	)		(4,699,449	)
Issuance of common shares		1,145,856		11,459		28,775,291		-			28,786,750
Total increase for the period from March 3, 2025 (“Commencement of Operations”) through September 30, 2025		3,868,487		38,685		96,813,832		1,077,808			97,930,325
Balance at September 30, 2025		3,869,487	$	38,695	$	96,838,822	$	1,077,808		$	97,955,325


	Common Shares
For the Three Months Ended September 30, 2025	Shares		Par amount		Paid in capital in excess of par		Distributable earnings (losses)			Total net assets
Balance at June 30, 2025		3,373,781	$	33,738	$	84,317,279	$	894,661		$	85,245,678
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)		-		-		-		2,643,779			2,643,779
Net change in unrealized gain (loss) on investments		-		-		-		170,619			170,619
Distributions declared to shareholders		-		-		-		(2,631,251	)		(2,631,251	)
Issuance of common shares		495,706		4,957		12,521,543		-			12,526,500
Total increase for the Three Months Ended September 30, 2025		495,706		4,957		12,521,543		183,147			12,709,647
Balance at September 30, 2025		3,869,487	$	38,695	$	96,838,822	$	1,077,808		$	97,955,325

1 See Note 1 – Organization for further information related to the Formation Transaction.

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

LAGO Evergreen Credit

Consolidated Statement of Cash Flows

(unaudited)


	For the period March 3, 2025 (“Commencement of Operations”) through September 30, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	5,777,257
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (gain) loss on non-controlled / non-affiliated investments		(1,245,690	)
Paid-in-kind interest income		(80,204	)
Amortization of deferred loan fees		(318,619	)
Accretion of warrant discount		(1,174,934	)
Amortization of deferred financing costs		149,509
Payments for purchases of investments in portfolio companies		(80,500,000	)
Proceeds from loan repayments on investments in portfolio companies		1,228,125
Proceeds from deferred loan fees		1,433,500

Changes in operating assets and liabilities:
Cash received from Formation Transaction1		27,586,601
(Increase) decrease in interest receivable		(974,342	)
(Increase) decrease in prepaid expenses and other assets		(91,457	)
Increase (decrease) in Base Management Fees payable		196,626
Increase (decrease) in Income Incentive Fees payable		229,172
Increase (decrease) in Capital Gains Incentive Fees payable		243,946
Increase (decrease) in accrued audit and tax fees		139,998
Increase (decrease) in organizational costs payable to Adviser		68,975
Increase (decrease) in offering costs payable to Adviser		31,025
Increase (decrease) in accrued Board of Trustees’ fees		38,000
Increase (decrease) in accrued interest		161,408
Increase (decrease) in accrued expenses and other liabilities		152,853
Net cash provided by (used in) operating activities		(46,948,251	)

Cash flows from financing activities:
Payment of deferred financing costs		(1,285,724	)
Gross borrowings on line of credit		88,000,000
Repayments of line of credit		(45,727,772	)
Proceeds from issuance of common shares		28,786,750
Distribution paid		(2,900,846	)
Net cash provided by (used in) financing activities		66,872,408

Net change in cash and cash equivalents (restricted cash of $1,495,441)		19,924,157
Cash and cash equivalents, beginning of period (restricted cash of $0)		25,000
Cash and cash equivalents, end of period (restricted cash of $1,495,441)	$	19,949,157

Supplemental Disclosure of Cash-Flow Information
Distribution declared during the period	$	4,699,449
Cash paid for interest		466,848
Issuance of common shares in connection with the Formation Transaction1		68,065,767

1 On March 3, 2025, in connection with the Formation Transaction (as defined in Note 1 – Organization), the Company acquired net assets of $68,065,767 in exchange for common shares of the Company. For further details, refer to Note 1 – Organization and Note 8 – Net assets.

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

LAGO Evergreen Credit

Consolidated Schedule of Investments

September 30, 2025

(unaudited)


Investments (a)	Type of Investment (b)	Interest Rate (d)	Maturity Date	Principal Amount (e)		Cost		Fair Value (f)		% of Net Assets
Investments – non-controlled / non-affiliated
Debt Investments
Application Software
SER Holdco, Inc. d/b/a SE Ranking	Second lien senior secured term loan	SOFR + 7.5%	11/30/2028	$	6,000,000	$	5,889,330	$	5,889,330
Sub-total: Application Software					6,000,000		5,889,330		5,889,330		6.01	%
Automotive Services
Stress Free Auto Care, Inc.	First lien senior secured term loan	SOFR + 7.5%	7/1/2029		1,200,000		1,159,095		1,159,095
Sub-total: Automotive Services					1,200,000		1,159,095		1,159,095		1.18	%
Consumer Finance
Atlas Exploration, Inc.	First lien senior secured term loan	SOFR + 6.0%	6/3/2028		2,000,000		1,985,618		1,985,618
Atlas Exploration, Inc.	Delayed draw term loan	SOFR + 6.0%	6/3/2028		2,000,000		1,984,669		1,984,669
Sub-total: Consumer Finance					4,000,000		3,970,287		3,970,287		4.05	%
Consumer Services
Milk + Honey Holdings LLC	First lien senior secured term loan	SOFR + 7.0%	7/11/2028		2,400,000		2,156,619		2,156,619
Sub-total: Consumer Services					2,400,000		2,156,619		2,156,619		2.20	%
Data Processing
AI Software, LLC d/b/a Capacity	First lien senior secured term loan	PRIME + 6.5% (1.0% PIK)	6/13/2029		8,425,696		6,770,352		6,770,352
AI Software, LLC d/b/a Capacity	Delayed draw term loan	PRIME + 6.5% (1.0% PIK)	6/13/2029		1,202,368		951,291		951,291
Sub-total: Data Processing					9,628,064		7,721,643		7,721,643		7.88	%
Ecommerce – CPG
Beach House Group Global LLC (o)	First lien senior secured term loan	SOFR + 8.25% (1.75% PIK)	7/28/2027		10,834,152		9,932,979		9,932,979
Coravin, Inc.	First lien senior secured term loan	SOFR + 7.5%	7/29/2029		7,000,000		6,760,686		6,760,686
Sub-total: Ecommerce – CPG					17,834,152		16,693,665		16,693,665		17.04	%
Education
Galileo Learning LLC	First lien senior secured term loan	SOFR + 8.5%	11/25/2027		6,000,000		5,862,409		5,862,409
Galileo Learning LLC	Delayed draw term loan	SOFR + 8.5%	11/25/2027		2,000,000		1,957,521		1,957,521
Sub-total: Education					8,000,000		7,819,930		7,819,930		7.98	%
Food & Beverage
Epigenetics Labs d/b/a Organixx	First lien senior secured term loan	SOFR + 7.0%	1/31/2027		3,000,000		2,980,000		3,043,650
Sub-total: Food & Beverage					3,000,000		2,980,000		3,043,650		3.11	%
Health & Wellness
Happy Head, Inc.	First lien senior secured term loan	SOFR + 8.5%	9/30/2026		4,000,000		3,848,229		3,848,229
Youth Opportunity Investments, LLC	First lien senior secured term loan	SOFR + 7.75%	9/18/2026		8,312,500		7,390,241		7,755,148
Sub-total: Health & Wellness					12,312,500		11,238,470		11,603,377		11.85	%
Technology - Aerospace
Fortem Technologies, Inc.	First lien senior secured term loan	SOFR + 9.0%	10/22/2027		3,600,000		3,548,701		3,548,701
Sub-total: Technology – Aerospace					3,600,000		3,548,701		3,548,701		3.62	%

LAGO Evergreen Credit

Consolidated Schedule of Investments

September 30, 2025

(unaudited)


Investments (a)	Type of Investment (b)	Interest Rate (d)	Maturity Date	Principal Amount (e)		Cost		Fair Value (f)		% of Net Assets
Technology - Business
Everywhere Communications, Inc.	First lien senior secured term loan	SOFR + 8.0%	12/23/2027	$	3,000,000	$	2,776,721	$	2,776,721
Roq.Ad, Inc. (j)(n)	First lien senior secured term loan	SOFR + 8.25%	2/27/2029		4,504,672		4,430,559		4,430,559
Roq.Ad, Inc. (j)(n)	Delayed draw term loan	SOFR + 8.25%	2/27/2029		1,000,000		981,541		981,541
Roq.Ad, Inc. (j)(n)	Uncommitted Accordion	SOFR + 8.25%	2/27/2029		6,000,000		5,907,721		5,907,721
Tulip.IO, Inc. (j)(n)	First lien senior secured term loan	PRIME + 4.0% (2.0% PIK)	11/4/2028		1,013,580		1,013,580		1,013,580
Sub-total: Technology – Business					15,518,252		15,110,122		15,110,122		15.43	%
Technology – Communication
Kudo, Inc.	First lien senior secured term loan	SOFR + 7.0%	7/25/2028		2,800,000		2,668,788		2,668,788
Sub-total: Technology – Communication					2,800,000		2,668,788		2,668,788		2.72	%
Technology - Consumer
Hearth Display, Inc.	First lien senior secured term loan	SOFR + 8.0%	9/12/2027		4,000,000		3,739,173		3,739,173
Hearth Display, Inc.	Delayed draw term loan	SOFR + 8.0%	9/12/2027		2,000,000		1,297,707		1,297,707
Sub-total: Technology - Consumer					6,000,000		5,036,880		5,036,880		5.14	%
Technology – Cybersecurity
1touch.IO Inc.	First lien senior secured term loan	SOFR + 7.5%	9/3/2029		4,000,000		3,801,788		3,801,788
Sub-total: Technology – Cybersecurity					4,000,000		3,801,788		3,801,788		3.88	%
Technology – Health & Wellness
Predictive Fitness, Inc.	First lien senior secured term loan	SOFR + 8.5%	2/25/2028		3,000,000		2,700,614		2,700,614
Tapestry Management Services Inc. (o)	First lien senior secured term loan	SOFR + 8.0% (0.75% PIK)	8/15/2029		6,306,170		6,184,108		6,184,108
Sub-total: Technology – Health & Wellness					9,306,170		8,884,722		8,884,722		9.07	%
Technology - Marketplace
FanFixApp, LLC	First lien senior secured term loan	SOFR + 8.0%	3/6/2028		13,000,000		11,923,289		11,923,289
Sub-total: Technology – Marketplace					13,000,000		11,923,289		11,923,289		12.17	%
Technology - Property
Domuso Inc.	Second lien senior secured term loan	SOFR + 7.0%	6/15/2029		2,400,000		2,224,859		2,224,859
Sub-total: Technology – Property					2,400,000		2,224,859		2,224,859		2.27	%

Total: Debt Investments				$	120,999,138	$	112,828,188	$	113,256,745		115.62	%

LAGO Evergreen Credit

Consolidated Schedule of Investments

September 30, 2025

(unaudited)


Investments (a)	Type of Investment (b)	Investment Date (c)	Shares		Series	Strike Price		Expiration Date	Cost		Fair Value (f)		% of Net Assets
Investments – non-controlled / non-affiliated
Warrant Investments
Application Software
SER Holdco, Inc. d/b/a SE Ranking	Warrants	6/3/2025		32	Common Stock	$	1,290.8900	6/3/2035	$	58,144	$	58,144
Sub-total: Application Software										58,144		58,144		0.06	%
Automotive Services
Stress Free Auto Care, Inc.	Warrants	7/1/2025		15,978	Common Stock	$	1.0900	7/1/2035		31,600		31,600
Sub-total: Consumer Finance										31,600		31,600		0.03	%
Consumer Finance
Atlas Exploration, Inc.	Warrants	6/3/2025		19,168	Series B-2 Preferred Stock	$	4.1824	6/3/2035		12,858		12,858
Sub-total: Consumer Finance										12,858		12,858		0.01	%
Consumer Services
Milk + Honey Holdings LLC	Warrants	7/11/2025		5,817	Series A Preferred Units	$	0.0001	7/11/2035		214,589		214,589
Sub-total: Consumer Services										214,589		214,589		0.22	%
Data Processing
AI Software, LLC d/b/a Capacity	Warrants	6/13/2025	(i)		Series D Common Shares	$	0.0100	6/13/2035		1,620,218		1,795,389
AI Software, LLC d/b/a Capacity	Warrants	7/22/2025	(i)		Series D Common Shares	$	0.0100	7/22/2035		239,885		265,871
Sub-total: Data Processing										1,860,103		2,061,260		2.10	%
Ecommerce – CPG
Beach House Group Global LLC	Warrants	7/28/2025		1,682	Series D Preferred Units	$	508.7000	7/28/2035		662,086		662,086
Coravin, Inc.	Warrants	7/29/2025		408,451	Series D-1 Preferred Stock	$	1.0000	7/29/2035		74,900		74,900
Sub-total: Ecommerce – CPG										736,986		736,986		0.75	%
Education
Galileo Learning LLC	Warrants	3/3/2025		60	Common units	$	0.0001	11/25/2034		52,008		14,079
Sub-total: Education										52,008		14,079		0.01	%
Health & Wellness
Happy Head, Inc.	Warrants	3/3/2025		71,522	Common stock	$	0.001	9/30/2034		196,874		290,737
Youth Opportunity Investments, LLC	Warrants	3/3/2025	(g)		Common units	$	0.001	(g)		1,543,000		2,121,625
Sub-total: Health & Wellness										1,739,874		2,412,362		2.46	%
Technology - Aerospace
Fortem Technologies, Inc.	Warrants	3/3/2025		409,527	Common stock	$	0.61	10/22/2034		24,667		47,096
Sub-total: Technology – Aerospace										24,667		47,096		0.05	%
Technology - Business
Everywhere Communications, Inc.	Warrants	3/3/2025		31,169	Series A-1 Preferred shares	$	0.0001	12/23/2034		240,300		264,781
Roq.Ad, Inc. (j)(l)	Warrants	3/3/2025		307,083	Series A-1 Preferred stock	$	1.2914	2/27/2035		135,283		135,283
Sub-total: Technology – Business										375,583		400,064		0.41	%

LAGO Evergreen Credit

Consolidated Schedule of Investments

September 30, 2025

(unaudited)


Investments (a)	Type of Investment (b)	Investment Date (c)	Shares		Series	Strike Price		Expiration Date	Cost		Fair Value (f)		% of Net Assets
Technology – Communication
Kudo, Inc.	Warrants	7/25/2025	(k)		Series A Preferred stock	$	11.4500	7/25/2035		69,615		69,615
Sub-total: Technology – Communication										69,615		69,615		0.07	%
Technology - Consumer
Hearth Display, Inc.	Warrants	3/3/2025	(h)		Series Seed-1 Preferred Stock	$	0.0001	9/12/2034		1,051,213		985,721
Sub-total: Technology - Consumer										1,051,213		985,721		1.01	%
Technology – Cybersecurity
1touch.IO Inc.	Warrants	9/3/2025	193,462		Ordinary Shares	$	0.0100	9/3/2035		132,000		132,000
Sub-total: Technology – Cybersecurity										132,000		132,000		0.13	%
Technology – Health & Wellness
Predictive Fitness, Inc.	Warrants	3/3/2025		243,515	Series Seed-5 Preferred Stock	$	0.0001	2/25/2035		313,800		313,800
Sub-total: Technology – Health & Wellness										313,800		313,800		0.32	%
Technology - Marketplace

LAGO Evergreen Credit 10-Q