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Draw & Revolver2025-12-310002035713Arrow, Inc. - Delayed Draw & Revolver2026-03-310002035713Arrow, Inc. - Delayed Draw & Revolver2025-12-310002035713Attigo Health, LLC - Revolver2026-03-310002035713Attigo Health, LLC - Revolver2025-12-310002035713Best Practice Associates, LLC - Revolver2026-03-310002035713Best Practice Associates, LLC - Revolver2025-12-310002035713Bishop Street Underwriters, LLC - Delayed Draw2026-03-310002035713Bishop Street Underwriters, LLC - Delayed Draw2025-12-310002035713Bridger Aerospace Group Holdings, Inc. - Delayed Draw & Revolver2026-03-310002035713Bridger Aerospace Group Holdings, Inc. - Delayed Draw & Revolver2025-12-310002035713Brightwood MOI ACQ, LLC - Delayed Draw2026-03-310002035713Brightwood MOI ACQ, LLC - Delayed Draw2025-12-310002035713By Light Professional IT Services, LLC - Revolver2026-03-310002035713By Light Professional IT Services, LLC - Revolver2025-12-310002035713Caylent, Inc. - Delayed Draw2026-03-310002035713Caylent, Inc. - Delayed Draw2025-12-310002035713CityVet, Inc. - Delayed Draw2026-03-310002035713CityVet, Inc. - Delayed Draw2025-12-310002035713Crete PA Holdco, LLC - Delayed Draw & Revolver2026-03-310002035713Crete PA Holdco, LLC - Delayed Draw & Revolver2025-12-310002035713CX Institutional, LLC - Delayed Draw2026-03-310002035713CX Institutional, LLC - Delayed Draw2025-12-310002035713Emergence Mobility Technologies, Inc. - Delayed Draw & Revolver2026-03-310002035713Emergence Mobility Technologies, Inc. - Delayed Draw & Revolver2025-12-310002035713Fabletics, Inc. - Delayed Draw2026-03-310002035713Fabletics, Inc. - Delayed Draw2025-12-310002035713FreshPure Buyer, Inc. - Delayed Draw2026-03-310002035713FreshPure Buyer, Inc. - Delayed Draw2025-12-310002035713Galaxy Helios I, LLC - Delayed Draw2026-03-310002035713Galaxy Helios I, LLC - Delayed Draw2025-12-310002035713Gas Media Holdings, LLC - Delayed Draw & Revolver2026-03-310002035713Gas Media Holdings, LLC - Delayed Draw & Revolver2025-12-310002035713Gridhawk Holdings, LLC - Delayed Draw2026-03-310002035713Gridhawk Holdings, LLC - Delayed Draw2025-12-310002035713IXOPay, Inc. - Delayed Draw & Revolver2026-03-310002035713IXOPay, Inc. - Delayed Draw & Revolver2025-12-310002035713JFL-Atomic AcquisitionCo, Inc. - Delayed Draw & Revolver2026-03-310002035713JFL-Atomic AcquisitionCo, Inc. - Delayed Draw & Revolver2025-12-310002035713Jitterbit, Inc. - Revolver2026-03-310002035713Jitterbit, Inc. - Revolver2025-12-310002035713Meta Buyer, LLC - Delayed Draw & Revolver2026-03-310002035713Meta Buyer, LLC - Delayed Draw & Revolver2025-12-310002035713Mist Holding Co. - Delayed Draw & Revolver2026-03-310002035713Mist Holding Co. - Delayed Draw & Revolver2025-12-310002035713Mountainside Fitness Acquisitions, LLC - Delayed Draw & Revolver2026-03-310002035713Mountainside Fitness Acquisitions, LLC - Delayed Draw & Revolver2025-12-310002035713North American Central School Bus Intermediate Holding Company, LLC - Delayed Draw2026-03-310002035713North American Central School Bus Intermediate Holding Company, LLC - Delayed Draw2025-12-310002035713One East Camelback, LLC - Delayed Draw2026-03-310002035713One East Camelback, LLC - Delayed Draw2025-12-310002035713Payrange, LLC - Revolver2026-03-310002035713Payrange, LLC - Revolver2025-12-310002035713PT&C Group, LLC - Delayed Draw & Revolver2026-03-310002035713PT&C Group, LLC - Delayed Draw & Revolver2025-12-310002035713SDG Mgmt Company, LLC - Delayed Draw & Revolver2026-03-310002035713SDG Mgmt Company, LLC - Delayed Draw & Revolver2025-12-310002035713Sensei Holdco, LLC - Delayed Draw & Revolver2026-03-310002035713Sensei Holdco, LLC - Delayed Draw & Revolver2025-12-310002035713Soapy Joe's Midco OC Holdings, LLC - Delayed Draw2026-03-310002035713Soapy Joe's Midco OC Holdings, LLC - Delayed Draw2025-12-310002035713Summit Management Partners Intermediate, LLC - Delayed Draw & Revolver2026-03-310002035713Summit Management Partners Intermediate, LLC - Delayed Draw & Revolver2025-12-310002035713The Marlowe Apartments, LLC - Delayed Draw2026-03-310002035713The Marlowe Apartments, LLC - Delayed Draw2025-12-310002035713TickPick Intermediate Holdings, LLC - Revolver2026-03-310002035713TickPick Intermediate Holdings, LLC - Revolver2025-12-310002035713Top Rx, LLC - Revolver2026-03-310002035713Top Rx, LLC - Revolver2025-12-310002035713UltraViolet Cyber, Inc. - Delayed Draw2026-03-310002035713UltraViolet Cyber, Inc. - Delayed Draw2025-12-310002035713US Signal Company, LLC - Delayed Draw & Revolver2026-03-310002035713US Signal Company, LLC - Delayed Draw & Revolver2025-12-310002035713Vehicle Management Services, LLC - Revolver2026-03-310002035713Vehicle Management Services, LLC - Revolver2025-12-310002035713WHI Global, LLC - Revolver2026-03-310002035713WHI Global, LLC - Revolver2025-12-310002035713Willow Breeze, LLC - Delayed Draw2026-03-310002035713Willow Breeze, LLC - Delayed Draw2025-12-3100020357132024-08-152025-09-010002035713cls:O2025Q3DividendsMember2026-01-012026-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended March 31, 2026


o			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 000-56777

Crestline Lending Solutions, LLC

(Exact name of registrant as specified in its charter)


Delaware			99-3640580
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

201 Main Street, Suite 2100, Fort Worth, TX			76102
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (817) 339-7600

Not applicable

Former name, former address and former fiscal year, if changed since last report,

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

Title of each class

Trading Symbol

Name of each exchange on which registered

None

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 x No o

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 x No o

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

The registrant had 18,388,592 units of limited liability company interests outstanding as of May 13, 2026.

Table of Contents

Crestline Lending Solutions, LLC


	INDEX	PAGE NO.

PART I.	FINANCIAL INFORMATION	4

Item 1.	CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)	4

	Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025	4

	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	5

	Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	6

	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	14

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	15

	Notes to the Consolidated Financial Statements (Unaudited)	16

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44

Item 4.	Controls and Procedures	45

PART II.	OTHER INFORMATION	46

Item 1.	Legal Proceedings	46

Item 1A.	Risk Factors	46

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46

Item 3.	Defaults Upon Senior Securities	46

Item 4.	Mine Safety Disclosures	46

Item 5.	Other Information	46

Item 6.	Exhibits	47

SIGNATURES		48

Table of Contents

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on our current expectations and estimates, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” 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 our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•our future operating results;

•our business prospects and the prospects of our portfolio companies;

•the dependence of our future success on the general economy and its impact on the industries in which we invest;

•changes in the markets in which we invest and changes in financial and lending markets generally;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•the impact of increased competition;

•an economic downturn or recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us;

•the impact of interest rate volatility on our business, our financial condition and our portfolio companies;

•the level of inflation and its impact on our portfolio companies and on the industries in which we invest;

•the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies and its impact on our portfolio companies and the global economy;

•the impact of geopolitical conditions, including the conflict between Ukraine and Russia and the conflicts in the Middle East, and their impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally, such as oil and natural gas;

•our contractual arrangements and relationships with third parties;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•actual and potential conflicts of interest with Crestline Management, L.P., our investment adviser, and its affiliates;

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

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

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

•our ability to qualify and maintain our qualification as a regulated investment company for U.S. federal income tax purposes and operate as a business development company;

•the impact of future legislation and regulation on our business and our portfolio companies; and

•our ability to successfully invest capital raised in our offering.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as otherwise provided by law.

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Crestline Lending Solutions, LLC

Consolidated Balance Sheets

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



	March 31, 2026		December 31, 2025
	(Unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $522,445 and $464,320, respectively)	$	515,572	$	463,295
Cash and cash equivalents	7,389		25,850

Interest receivable	4,532		3,395
Prepaid expenses and other assets	2,718		7,591
Total Assets	$	530,211	$	500,131
Liabilities
Debt (net of deferred financing costs of $494 and $521), respectively)	$	156,779	$	142,902
Management fees payable to affiliate	829		856
Incentive fees on net investment income payable to affiliate	1,118		1,028

Other payables to affiliate	190		147
Dividends payable	8,030		8,820
Investment payables	19,372		2,862
Other liabilities	3,010		2,904
Total Liabilities	189,328		159,519
Commitments and contingencies (Note 7)
Net Assets
Members' capital	—		—
Paid-in capital (unlimited shares authorized, 17,464,889 and 17,146,374 shares issued and outstanding, respectively)	353,759		347,434
Distributable earnings	(12,876)		(6,822)
Total Net Assets	340,883		340,612
Total Liabilities and Net Assets	$	530,211	$	500,131
Net Asset Value Per Share	$	19.52	$	19.86

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

Table of Contents

Crestline Lending Solutions, LLC

Consolidated Statements of Operations

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

(Unaudited)


	Three Months Ended
	March 31, 2026		March 31, 2025(1)
Income
Investment income from non-controlled, non-affiliated investments:
Interest from investments	$	12,009	$	3,447
Paid-in-kind interest income	866		184
Other income	238		—


Total Investment Income	13,113		3,631
Expenses
Interest	2,312		—
Management fees	829		—
Incentive fees on net investment income	1,118		—


Offering expense	62		—
Professional fees	540		118
Directors’ fees	56		—
Other general and administrative	364		5
Total expenses before expense support	5,281		123
Expense support (See Note 3)	9		—
Net Expenses	5,290		123


Net Investment Income	7,823		3,508

Unrealized and Realized Gains (Losses)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments	(5,848)		(636)

Total net change in unrealized gains (losses)	(5,848)		(636)
Realized gains (losses):
Non-controlled, non-affiliated investments	1		—

Total net realized gains (losses)	1		—
Total Net Unrealized and Realized Gains (Losses)	(5,847)		(636)
Increase (Decrease) in Net Assets Resulting from Operations	$	1,976	$	2,872

(1)Represents the Company’s period of operations as the Ramp Vehicle (a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of the 1940 Act) for the three months ended March 31, 2025.

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

Table of Contents

Crestline Lending Solutions, LLC

Consolidated Schedule of Investments as of March 31, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


Company (1)	Investment	Acquisition Date	Maturity Date	Reference Rate and Spread			Interest Rate		Par	Units	Amortized Cost (2)(7)		Fair Value (6)		Percentage of Net Assets

Capital Goods
Aeritek Global Holdings, LLC(3)(10)	First-lien loan	8/27/2025	8/27/2030	SOFR +	6.50	%	10.17	%	10,863		$	10,715	$	10,679	3.1	%
	First-lien loan	3/6/2026	8/27/2030	SOFR +	6.50	%	10.17	%	2,699		2,659		2,653		0.8	%
	First-lien revolving loan	8/27/2025	8/27/2030	SOFR +	6.50	%	10.17	%	209		195		205		0.1	%
By Light Professional IT Services, LLC(3)(10)	First-lien loan	7/15/2025	7/15/2031	SOFR +	5.50	%	9.17	%	6,158		6,067		6,189		1.8	%
Kelso Industries, LLC(3)(8)(10)	First-lien loan	12/30/2024	12/30/2029	SOFR +	5.75	%	9.42	%	8,973		8,838		8,917		2.6	%
Neo Ark Holdings, LLC(3)(10)	First-lien loan	11/14/2025	11/14/2031	SOFR +	6.25	%	9.90	%	11,127		10,811		10,894		3.2	%
	Equity Interest	11/14/2025								66	66		66		—	%
Tank Holding Corp.(3)(8)(10)	First-lien loan	11/14/2024	3/31/2028	SOFR +	5.75	%	9.77	%	7,135		6,994		6,418		1.9	%
The Nordam Group, Inc.(3)(10)	First-lien loan	5/16/2025	5/16/2031	SOFR +	5.75	%	9.52	%	10,560		10,372		10,412		3.1	%
WHI Global, Inc.(3)(10)	First-lien loan	4/17/2025	4/17/2029	SOFR +	8.75	%	11.78	%	2,583		2,562		2,583		0.8	%
	First-lien revolving loan	4/17/2025	4/17/2029	SOFR +	8.75	%	11.77	%	332		329		333		0.1	%
											59,608		59,349		17.4	%
Commercial & Professional Services
A&J Holdco, LLC (3)(10)	First-lien loan	6/13/2025	6/13/2031	SOFR +	5.25	%	8.95	%	9,034		8,918		8,962		2.6	%
Arrow, Inc.(3)(10)	First-lien loan	10/31/2025	9/30/2030	SOFR +	6.75	%	10.67	%	10,091		9,935		9,879		2.9	%
Best Practice Associates, LLC(3)(10)	First-lien loan	11/8/2024	11/8/2029	SOFR +	6.75	%	10.43	%	7,784		7,626		7,597		2.2	%
Cleanova Midco Limited(3)(10)	First-lien loan	5/22/2025	6/14/2032	SOFR +	4.75	%	8.42	%	10,587		10,253		10,100		3.0	%
Crete PA Holdco, LLC(3)(10)	First-lien loan	11/26/2024	11/26/2030	SOFR +	4.75	%	8.42	%	5,336		5,248		5,240		1.5	%
Gridhawk Holdings, LLC(3)	First-lien loan	1/16/2026	5/7/2030	SOFR +	5.50	%	9.13	%	5,998		5,933		5,938		1.7	%
JFL-Atomic AcquisitionCo, Inc.(3)(10)	First-lien loan	2/20/2025	2/20/2031	SOFR +	4.75	%	8.45	%	4,827		4,754		4,769		1.4	%
PT&C Group, LLC(3)(10)	First-lien loan	12/24/2024	10/2/2030	SOFR +	5.50	%	9.24	%	5,350		5,278		5,200		1.5	%
	First-lien loan	10/2/2025	10/2/2030	SOFR +	5.50	%	9.24	%	3,316		3,219		3,224		0.9	%
	First-lien revolving loan	12/24/2024	10/2/2030	SOFR +	5.50	%	9.24	%	2,093		2,062		2,034		0.6	%
Summit Management Partners Intermediate, LLC(3)(10)	First-lien loan	10/1/2025	10/1/2031	SOFR +	5.00	%	8.67	%	6,261		6,149		6,217		1.8	%
Trugreen Limited Partnership(3)(8)(10)	First-lien loan	6/11/2025	10/29/2027	SOFR +	4.00	%	7.77	%	10,885		10,508		10,531		3.1	%
											79,883		79,691		23.4	%
Consumer Durables & Apparel
Fabletics, Inc.(3)(10)	First-lien loan	10/31/2025	10/31/2030	SOFR +	7.50	%	11.17	%	9,754		9,573		9,505		2.8	%
Fender Musical Instruments(3)(8)	First-lien loan	2/17/2026	12/1/2028	SOFR +	4.00	%	7.65	%	10,899		10,000		9,940		2.9	%
											19,573		19,445		5.7	%
Consumer Services
AMC Entertainment Holdings, Inc.(3)(4)(8)(10)	First-lien loan	8/20/2024	1/4/2029	SOFR +	7.00	%	10.68	%	9,157		9,092		9,023		2.7	%
Brightwood Acquisitions MOI, LLC(3)(10)	First-lien loan	1/6/2026	1/6/2031	SOFR +	6.75	%	10.40	%	10,732		10,356		10,464		3.1	%
Mountainside Fitness Acquisitions, LLC (3)(10)	First-lien loan	10/9/2024	10/9/2029	SOFR +	5.00	%	8.68	%	2,413		2,374		2,413		0.7	%
Shutterfly, Inc.(3)(8)(10)	Second-lien loan	9/10/2025	10/1/2027	SOFR +	5.00	%	8.67	%	11,887		11,406		11,378		3.3	%
Soapy Joe's Midco OC Holdings, LLC(3)(10)	First-lien loan	4/22/2025	4/22/2030	SOFR +	5.85	%	9.52% (incl 1.85% PIK)		6,914		6,856		6,838		2.0	%
											40,084		40,116		11.8	%
Financial Services
CX Institutional, LLC(3)(10)	First-lien loan	9/6/2024	6/18/2029	SOFR +	6.00	%	9.17	%	1,784		1,720		1,788		0.5	%
	Second-lien loan	11/21/2025	4/21/2031		8.00	%	8.00% PIK		8,167		6,307		6,182		1.8	%
CL Meadow Intermediate, LLC	Equity Interest	11/21/2025								1,962	1,962		1,941		0.6	%
Farrell & Fuller, LLC(5)(10)	First-lien loan	3/31/2025	3/31/2028		11.50	%	11.50	%	5,617		5,619		5,617		1.7	%

Table of Contents


											15,608	15,528	4.6	%
Food and Beverage
BCPE North Star US Holdco 2(3)(8)(10)	Second-lien loan	2/27/2025	3/15/2030	SOFR +	7.25	%	11.03	%	8,616		8,452	8,540	2.5	%
CL FLS A, L.P.(3)	Equity Interest	12/22/2025								6	6	80	—	%
FreshPure Buyer, Inc.(3)(10)	First-lien loan	12/19/2025	12/19/2031	SOFR +	5.25	%	8.94	%	9,445		9,276	9,313	2.7	%
Heritage Grocers Group, LLC(3)(8)(10)	First-lien loan	12/20/2024	8/1/2029	SOFR +	6.75	%	10.52	%	10,068		9,513	7,776	2.3	%
Meta Buyer, LLC(3)(10)	First-lien loan	1/20/2026	12/22/2031	SOFR +	5.25	%	8.94	%	12,112		11,973	11,990	3.5	%
											39,220	37,699	11.1	%
Healthcare Equipment & Services
Anasazi Medical Payment Solutions, Inc.(10)	First-lien loan	3/17/2025	6/8/2029		16.00	%	16.00% (incl 6.00%PIK)		3,371		3,295	3,314	1.0	%
Attigo Health, LLC(3)(10)	First-lien loan	6/27/2025	6/27/2030	SOFR +	5.25	%	8.92	%	5,104		5,030	4,849	1.4	%
CityVet, Inc.(3)	First-lien loan	2/13/2026	9/26/2028	SOFR +	7.00	%	10.66	%	2,510		2,445	2,473	0.7	%
Mist Holding Co.(3)(10)	First-lien loan	12/23/2024	12/23/2030	SOFR +	5.25	%	8.70	%	7,029		6,959	7,071	2.1	%
	First-lien revolving loan	12/23/2024	12/23/2030	SOFR +	5.25	%	8.71	%	281		272	281	0.1	%
Paradigm Parent, LLC(3)(8)(10)	First-lien loan	7/24/2025	4/16/2032	SOFR +	4.50	%	8.20	%	14,271		12,822	11,786	3.5	%
SDG Mgmt Company, LLC(3)(10)	First-lien loan	12/6/2024	7/1/2028	SOFR +	5.75	%	9.52	%	8,264		8,172	8,264	2.4	%
	First-lien revolving loan	12/6/2024	7/1/2028	SOFR +	5.75	%	9.52	%	157		151	157	0.1	%
											39,146	38,195	11.2	%
Insurance
Afore Insurance Services, LLC(3)(10)	First-lien loan	9/6/2024	9/6/2029	SOFR +	5.00	%	8.67	%	2,273		2,246	2,232	0.7	%
BSU VS Holdings, LLC(3)(10)	First-lien loan	7/31/2025	7/31/2031	SOFR +	5.50	%	8.92	%	3,666		3,632	3,637	1.1	%
CL AK Broadstreet, L.P.(9)	Equity Interest	7/11/2025								10,019	10,019	10,606	3.1	%
Likewize Corp.(3)(8)(10)	First-lien loan	8/16/2024	8/15/2029	SOFR +	5.75	%	9.42	%	5,107		5,006	4,703	1.4	%
Univista Intermediate Holdco, LLC(3)(5)(10)	First-lien loan	1/10/2025	1/30/2030	SOFR +	6.51	%	8.92	%	3,307		3,249	3,298	1.0	%
											24,152	24,476	7.2	%
Materials
Alcrete, LLC(3)(10)	First-lien loan	6/10/2025	6/10/2030	SOFR +	6.75	%	10.45	%	4,536		4,450	4,496	1.3	%
	First-lien revolving loan	6/10/2025	6/10/2030	SOFR +	6.75	%	10.45	%	254		242	251	0.1	%
											4,692	4,747	1.4	%
Media & Entertainment
Broadsign International Holding Company(4)	Second-lien loan	11/24/2025	11/24/2031		14.00	%	14.00% PIK		12,000		10,263	9,843	2.9	%
	Warrants	11/24/2025								202	1,800	1,800	0.5	%
Gas Media Holdings, LLC(3)(10)	First-lien loan	4/17/2025	4/17/2031	SOFR +	5.00	%	8.69	%	8,213		8,096	7,844	2.3	%
	First-lien revolving loan	4/17/2025	4/17/2031	SOFR +	5.00	%	8.69	%	30		22	28	—	%
Getty Images, Inc.(4)(8)(10)	First-lien loan	9/3/2025	2/21/2030		11.25	%	11.25	%	15,318		14,597	13,757	4.0	%
iHeartCommunications, Inc.(3)(4)(8)	First-lien loan	3/30/2026	5/1/2029	SOFR +	5.78	%	9.28	%	3,489		3,049	3,069	0.9	%
TickPick Intermediate Holdings, LLC(3)(10)	First-lien loan	9/6/2024	4/1/2030	SOFR +	5.00	%	8.70	%	3,046		2,997	3,076	0.9	%
											40,824	39,417	11.6	%
Pharmaceuticals
Top Rx, LLC(3)(10)	First-lien loan	12/18/2024	12/18/2029	SOFR +	5.25	%	8.94	%	9,410		9,263	9,127	2.7	%
	First-lien revolving loan	12/18/2024	12/18/2029	SOFR +	5.25	%	8.95	%	917		901	890	0.3	%
											10,164	10,017	2.9	%
Real Estate Management & Development
2000 Ponce Owner, LLC(3)	First-lien loan	3/4/2026	3/5/2029	SOFR +	4.25	%	7.91	%	4,908		4,847	4,846	1.4	%
7050 Rime Village Owner, LLC(3)	First-lien loan	12/17/2025	6/17/2028	SOFR +	4.50	%	8.16	%	4,389		4,340	4,345	1.3	%
BV Design Multifamily DST(3)(10)	First-lien loan	8/6/2025	8/6/2027	SOFR +	3.35	%	7.12	%	7,263		7,213	7,263	2.1	%
CDL IV Meadow, LLC	Equity Interest	1/15/2026							4,114		4,114	4,198	1.2	%
CMM Investments 137 Canton, LLC (3)	First-lien loan	12/16/2025	12/16/2027	SOFR +	4.15	%	7.82	%	4,752		4,712	4,704	1.4	%
Garden Owner, LLC(3)(10)	First-lien loan	12/30/2024	6/27/2026	SOFR +	9.25	%	10.25% (incl 3.50% PIK)		3,799		3,799	3,827	1.1	%
One East Camelback, LLC(3)	First-lien loan	12/4/2025	6/4/2027	SOFR +	3.50	%	7.50	%	5,956		5,956	5,941	1.7	%
The Marlowe Apartments, LLC(9)(10)	First-lien loan	8/27/2025	9/1/2028		11.00	%	11.00	%	2,920		2,920	2,927	0.9	%
	Preferred	8/27/2025								445	445	501	0.2	%

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										38,346		38,552		11.3	%
Software & Services
Ark Data Centers, LLC(3)(10)	First-lien loan	11/27/2024	11/27/2030	SOFR +	4.75	%	8.45	%	4,515	4,429		4,358		1.3	%
	First-lien revolving loan	11/27/2024	11/27/2030	SOFR +	4.75	%	8.45	%	585	574		564		0.2	%
Caylent, Inc.	Second-lien loan	3/31/2026	3/13/2030		18.00	%	18.00% PIK		1,869	1,748		1,841		0.5	%
Chirisa Volo, LLC(3)(10)	First-lien loan	10/9/2024	12/4/2027	SOFR +	6.25	%	9.92	%	7,140	7,101		7,083		2.1	%
CL Thematic, L.P. (9)	Equity Interest									—				—	%
Emergence Mobility Technologies, Inc(3)(10)	First-lien loan	12/23/2025	12/18/2030	SOFR +	8.50	%	12.19% (inc 3.50% PIK)		5,639	5,454		5,368		1.6	%
Galaxy Helios I, LLC(3)(10)	First-lien loan	9/30/2025	8/15/2028	SOFR +	4.75	%	8.43	%	10,753	10,531		10,624		3.1	%
IXOPay, Inc.(3)(10)	First-lien loan	2/24/2025	2/24/2031	SOFR +	5.00	%	8.67	%	6,235	6,168		6,166		1.8	%
Jitterbit, Inc.(3)(10)	First-lien loan	9/6/2024	3/3/2028	SOFR +	9.50	%	13.31% (incl 4.50% PIK)		1,520	1,494		1,451		0.4	%
	First-lien revolving loan	9/6/2024	3/3/2028	SOFR +	9.50	%	13.31	%	154	151		147		—	%
Sensei Holdco, LLC(3)(10)	First-lien loan	5/30/2025	5/30/2031	SOFR +	5.50	%	9.20	%	7,237	7,157		7,280		2.1	%
Ultraviolet Cyber, Inc.(3)(10)	First-lien loan	10/29/2025	8/5/2027	SOFR +	5.00	%	8.67	%	4,972	4,827		4,912		1.4	%
US Signal Company, LLC(3)(10)	First-lien loan	9/3/2024	9/3/2029	SOFR +	5.50	%	9.31	%	3,169	3,143		3,182		0.9	%
Vision Solutions, Inc.(3)(8)(10)	Second-lien loan	6/13/2025	4/23/2029	SOFR +	7.25	%	11.18	%	10,864	10,377		7,788		2.3	%
										63,154		60,764		17.8	%
Technology Hardware & Equipment
Payrange, LLC(3)(10)	First-lien loan	11/26/2024	10/31/2030	SOFR +	5.00	%	8.67	%	6,009	5,960		5,913		1.7	%

Telecommunication Services
Syniverse Holdings, Inc.(3)(8)(10)	First-lien loan	9/2/2025	5/13/2027	SOFR +	7.00	%	10.70	%	13,018	12,639		12,213		3.6	%

Transportation
Bridger Aerospace Group Holdings, Inc.(3)(10)	First-lien loan	10/28/2025	10/28/2030	SOFR +	6.00	%	9.67	%	8,112	7,905		7,966		2.3	%
North American Central School Bus Intermediate Holding Company, LLC(10)	Second-lien loan	7/29/2025	1/29/2031		12.25	%	12.25	%	3,761	3,684		3,663		1.1	%
Vehicle Management Services, LLC(3)(10)	First-lien loan	11/21/2025	7/26/2028	SOFR +	6.25	%	10.17	%	8,480	8,368		8,259		2.4	%
	First-lien revolving loan	11/21/2025	7/26/2028	SOFR +	6.25	%	10.17	%	364	354		355		0.1	%
										20,311		20,243		5.9	%
Utilities
Meritum Energy Holdings, L.P.(3)(10)	First-lien loan	12/6/2024	12/6/2028	SOFR +	6.00	%	9.52	%	9,207	9,081		9,207		2.7	%

Total Investments										$	522,445	$	515,572	151.2	%

Cash Equivalents
State Street Institutional U.S. Government Fund										6,410		6,410		1.9	%

Total Investments and Cash Equivalents										$	528,855	$	521,982	153.1	%

(1)Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the 1940 Act, the Company would “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of March 31, 2026, the Company does not “control” any of its portfolio companies. Also under the 1940 Act, the Company would be deemed to be an “Affiliated Person” of a portfolio company if the Company owns more than 5% of the portfolio company’s outstanding voting securities. As of March 31, 2026, the Company does not identify any of its portfolio companies as affiliates.

(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)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 Term Secured Overnight Financing Rate (“SOFR”), which may also contain a credit spread adjustment depending on the tenor election, selected at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at March 31, 2026.

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(4)This portfolio company is considered a "non-qualifying asset" under Section 55(a) of 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 the Company's total assets. Non-qualifying assets at fair value represented 7% of the Company's total assets as of March 31, 2026.

(5)In addition to the interest earned based on the stated interest rate of this investment, which is the amount reflected in this schedule, the Company may be entitled to receive additional interest as a result of an arrangement with other members in the syndicate to the extent an investment has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the “last out” tranche.

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

(7)As of March 31, 2026, the estimated cost basis of investments for U.S. federal tax purposes was $522.7 million resulting in estimated gross unrealized gains and losses of $2.7 million and $9.8 million, respectively.

(8)This investment is valued using observable inputs and is considered a Level 2 investment. See Note 5 for further information related to investments at fair value.

(9)This investment is non-income producing.

(10)Investment, or a portion thereof, is held by CL LSF SPV I, LLC, and is pledged as collateral supporting the amounts outstanding under the SPV Credit Facility (see Note 6).

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

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Crestline Lending Solutions, LLC

Schedule of Investments as of December 31, 2025

(Amounts in thousands, except share amounts)


Company (1)	Investment	Acquisition Date	Maturity Date	Reference Rate and Spread			Interest Rate		Par	Units	Amortized Cost (2)(7)		Fair Value (6)		Percentage of Net Assets

Capital Goods
Aeritek Global Holdings, LLC(3)(10)	First-lien loan	8/27/2025	8/27/2030	SOFR +	6.50	%	10.32	%	10,890		$	10,736	$	10,727	3.1	%
	First-lien revolving loan	8/27/2025	8/27/2030	SOFR +	6.50	%	10.32	%	424		408		417		0.1	%
By Light Professional IT Services, LLC(3)(10)	First-lien loan	7/15/2025	7/15/2031	SOFR +	5.50	%	9.22	%	5,888		5,799		5,888		1.7	%
Kelso Industries, LLC(3)(8)(10)	First-lien loan	12/30/2024	12/30/2029	SOFR +	5.75	%	9.57	%	9,311		9,163		9,328		2.7	%
Neo Ark Holdings, LLC(3)(10)	First-lien loan	11/14/2025	11/14/2031	SOFR +	6.25	%	10.10	%	11,155		10,827		10,821		3.2	%
	Equity Interest	11/14/2025								66	66		67		—	%
Tank Holding Corp.(3)(8)(10)	First-lien loan	11/14/2024	3/31/2028	SOFR +	5.75	%	9.57	%	7,153		6,997		6,610		1.9	%
The Nordam Group, Inc.(3)(10)	First-lien loan	5/16/2025	5/16/2031	SOFR +	5.75	%	9.57	%	10,587		10,391		10,343		3.0	%
WHI Global, Inc.(3)(10)	First-lien loan	4/17/2025	4/17/2029	SOFR +	8.75	%	12.73	%	2,589		2,567		2,589		0.8	%
	First-lien revolving loan	4/17/2025	4/17/2029	SOFR +	8.75	%	12.73	%	209		205		209		0.1	%
											57,159		56,999		16.6	%
Commercial & Professional Services
A&J Holdco, LLC (3)(10)	First-lien loan	6/13/2025	6/13/2031	SOFR +	5.25	%	8.93	%	6,928		6,820		6,865		2.0	%
Arrow, Inc.(3)(10)	First-lien loan	10/31/2025	9/30/2030	SOFR +	6.75	%	10.47	%	10,143		9,980		9,991		2.9	%
Best Practice Associates, LLC(3)(10)	First-lien loan	11/8/2024	11/8/2029	SOFR +	6.75	%	10.52	%	7,804		7,637		7,726		2.3	%
Cleanova Midco Limited(3)(10)	First-lien loan	6/12/2025	6/12/2032	SOFR +	4.75	%	8.48	%	10,613		10,263		10,146		3.0	%
Crete PA Holdco, LLC(3)(10)	First-lien loan	11/26/2024	11/26/2030	SOFR +	4.75	%	8.57	%	3,000		2,925		2,961		0.9	%
JFL-Atomic AcquisitionCo, Inc.(3)(10)	First-lien loan	2/20/2025	2/20/2031	SOFR +	4.75	%	8.64	%	4,838		4,762		4,795		1.4	%
PT&C Group, LLC(3)(10)	First-lien loan	12/24/2024	12/24/2029	SOFR +	5.50	%	9.22	%	5,390		5,314		5,374		1.6	%
	First-lien loan	10/2/2025	10/2/2030	SOFR +	5.50	%	9.22	%	31		(72)		31		—	%
	First-lien revolving loan	12/24/2024	12/24/2029	SOFR +	5.50	%	9.22	%	827		795		825		0.2	%
Summit Management Partners Intermediate, LLC(3)(10)	First-lien loan	10/1/2025	10/1/2031	SOFR +	5.00	%	8.99	%	5,529		5,420		5,447		1.6	%
Trugreen Limited Partnership(3)(8)(10)	First-lien loan	6/11/2025	10/29/2027	SOFR +	4.00	%	7.82	%	10,914		10,483		10,719		3.1	%
											64,327		64,880		19.0	%
Consumer Durables & Apparel
Fabletics, Inc.(3)(10)	First-lien loan	10/31/2025	10/31/2030	SOFR +	7.50	%	11.34	%	9,693		9,504		9,499		2.8	%
											9,504		9,499		2.8	%
Consumer Services
AMC Entertainment Holdings, Inc.(3)(4)(8)(10)	First-lien loan	8/20/2024	1/4/2029	SOFR +	7.00	%	10.73	%	9,180		9,110		9,215		2.7	%
Mountainside Fitness Acquisitions, LLC (3)(10)	First-lien loan	10/9/2024	10/9/2029	SOFR +	5.00	%	8.73	%	2,217		2,179		2,211		0.6	%
Shutterfly, Inc.(3)(8)(10)	Second-lien loan	9/10/2025	10/1/2027	SOFR +	5.00	%	8.82	%	11,887		11,336		11,389		3.3	%
Soapy Joe's Midco OC Holdings, LLC(3)(10)	First-lien loan	4/22/2025	4/22/2030	SOFR +	5.85	%	9.57% (incl 1.85% PIK)		6,882		6,822		6,827		2.0	%
											29,447		29,642		8.6	%
Financial Services
CX Institutional, LLC(3)(10)	First-lien loan	9/6/2024	6/18/2029	SOFR +	6.00	%	9.72	%	1,787		1,720		1,801		0.5	%
	Second-lien loan	11/21/2025	4/21/2031		8.00	%	8.00% PIK		8,007		6,070		6,025		1.8	%
CL Meadow Intermediate, LLC	Equity Interest	11/21/2025								1,962	1,962		1,945		0.6	%
Farrell & Fuller, LLC(5)(10)	First-lien loan	3/31/2025	3/31/2028		11.50	%	11.50	%	5,662		5,664		5,662		1.7	%
											15,416		15,433		4.6	%
Food and Beverage
BCPE North Star US Holdco 2(3)(8)(10)	Second-lien loan	2/27/2025	3/15/2030	SOFR +	7.25	%	11.08	%	8,616		8,442		8,527		2.5	%
CL FLS A, L.P.(3)	Equity Interest	12/22/2025	12/22/2031								10,586		10,605		3.1	%

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FreshPure Buyer, Inc.(3)(10)	First-lien loan	12/19/2025	12/19/2031	SOFR +	5.25	%	9.05	%	9,469		9,292	9,326	2.7	%
Heritage Grocers Group, LLC(3)(8)(10)	First-lien loan	12/20/2024	8/1/2029	SOFR +	6.75	%	10.52	%	10,094		9,504	7,886	2.3	%
											37,824	36,344	10.6	%
Healthcare Equipment & Services
Align ENTA Management Services, LLC (3)(10)	First-lien loan	9/13/2024	6/30/2028	SOFR +	5.00	%	8.72	%	2,735		2,711	2,734	0.8	%
Anasazi Medical Payment Solutions, Inc.(10)	First-lien loan	3/17/2025	3/17/2030		16.00	%	16.00% (incl 10% PIK)		3,294		3,214	3,189	0.9	%
Attigo Health, LLC(3)(10)	First-lien loan	6/27/2025	6/27/2030	SOFR +	5.25	%	8.97	%	5,117		5,039	5,000	1.5	%
Mist Holding Co.(3)(10)	First-lien loan	12/23/2024	12/23/2030	SOFR +	5.25	%	8.92	%	7,029		6,956	7,085	2.1	%
	First-lien revolving loan	12/23/2024	12/23/2030	SOFR +	5.25	%	8.94	%	281		271	281	0.1	%
Paradigm Parent, LLC(3)(8)(10)	First-lien loan	7/24/2025	4/16/2032	SOFR +	4.50	%	8.17	%	12,307		11,115	10,884	3.2	%
SDG Mgmt Company, LLC(3)(10)	First-lien loan	12/6/2024	7/1/2028	SOFR +	5.75	%	9.66	%	7,535		7,439	7,535	2.2	%
	First-lien revolving loan	12/6/2024	7/1/2028	SOFR +	5.75	%	9.66	%	157		150	157	—	%
											36,895	36,865	10.8	%
Insurance
Afore Insurance Services, LLC(3)(10)	First-lien loan	9/6/2024	9/6/2029	SOFR +	5.00	%	8.74	%	2,213		2,184	2,195	0.6	%
BSU VS Holdings, LLC(3)(10)	First-lien loan	7/31/2025	7/31/2031	SOFR +	5.50	%	9.22	%	3,675		3,640	3,679	1.1	%
CL AK Broadstreet, L.P.(9)	Equity Interest	7/11/2025									10,019	10,008	2.9	%
Likewize Corp.(3)(8)(10)	First-lien loan	8/16/2024	8/15/2029	SOFR +	5.75	%	9.66	%	5,174		5,066	5,019	1.5	%
Univista Intermediate Holdco, LLC(3)(5)(10)	First-lien loan	1/10/2025	1/10/2030	SOFR +	6.51	%	10.23	%	3,307		3,246	3,284	1.0	%
											24,155	24,185	7.1	%
Materials
Alcrete, LLC(3)(10)	First-lien loan	6/10/2025	6/10/2030	SOFR +	6.75	%	10.42	%	4,548		4,457	4,475	1.3	%
	First-lien revolving loan	6/10/2025	6/10/2030	SOFR +	6.75	%	10.42	%	254		241	250	0.1	%
											4,698	4,725	1.4	%
Media & Entertainment
Broadsign International Holding Company	Second-lien loan	11/24/2025	11/24/2031		14.00	%	14.00% PIK		12,000		10,219	10,195	3.0	%
	Warrants	11/24/2025								202	1,800	1,800	0.5	%
Gas Media Holdings, LLC(3)(10)	First-lien loan	4/17/2025	4/17/2031	SOFR +	5.00	%	8.99	%	8,234		8,109	8,119	2.4	%
	First-lien revolving loan	4/17/2025	4/17/2031	SOFR +	5.00	%	8.99	%	59		51	58	—	%
Getty Images, Inc.(4)(8)(10)	First-lien loan	9/3/2025	2/21/2030		11.25	%	11.25	%	12,318		11,746	11,578	3.4	%
TickPick Intermediate Holdings, LLC(3)(10)	First-lien loan	9/6/2024	4/1/2030	SOFR +	5.00	%	8.67	%	3,054		3,002	3,084	0.9	%
											34,927	34,834	10.2	%
Pharmaceuticals
Top Rx, LLC(3)(10)	First-lien loan	12/18/2024	12/18/2029	SOFR +	5.25	%	8.95	%	9,433		9,279	9,141	2.7	%
	First-lien revolving loan	12/18/2024	12/18/2029	SOFR +	5.25	%	8.92	%	528		511	512	0.2	%
											9,790	9,653	2.9	%
Real Estate Management & Development
7050 Rime Village Owner, LLC(3)	First-lien loan	12/17/2025	6/17/2028	SOFR +	4.50	%	8.23	%	4,389		4,335	4,334	1.3	%
BV Design Multifamily DST(3)(10)	First-lien loan	8/6/2025	8/6/2027	SOFR +	3.45	%	7.10	%	7,263		7,204	7,227	2.1	%
CMM Investments 137 Canton, LLC (3)	First-lien loan	12/16/2025	12/16/2027	SOFR +	4.15	%	7.88	%	4,752		4,706	4,706	1.4	%
Garden Owner, LLC(3)(10)	First-lien loan	12/30/2024	6/27/2026	SOFR +	9.25	%	13.5% (incl 6.5% PIK)		3,756		3,756	3,765	1.1	%
One East Camelback, LLC(3)	First-lien loan	12/4/2025	6/4/2027	SOFR +	3.50	%	7.50	%	5,519		5,519	5,486	1.6	%
The Marlowe Apartments, LLC(10)	First-lien loan	8/27/2025	9/1/2028		11.00	%	11.00	%	2,722		2,722	2,735	0.8	%
Carrollton Preferred, LLC(9)	Preferred	8/27/2025								445	445	469	0.1	%
Willow Breeze, LLC(3)(10)	First-lien loan	11/19/2024	11/19/2026	SOFR +	6.25	%	10.75% PIK		6,577		6,576	6,577	1.9	%
											35,263	35,299	10.3	%
Software & Services
Ark Data Centers, LLC(3)(10)	First-lien loan	11/27/2024	11/27/2030	SOFR +	4.75	%	8.42	%	4,516		4,425	4,330	1.3	%
	First-lien revolving loan	11/27/2024	11/27/2030	SOFR +	4.75	%	8.42	%	328		316	314	0.1	%
Chirisa Volo, LLC(3)(10)	First-lien loan	10/9/2024	12/4/2027	SOFR +	6.25	%	9.97	%	7,194		7,150	7,187	2.1	%
CL Thematic, L.P. (9)	Equity Interest	12/23/2025									—	2	—	%

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Emergence Mobility Technologies, Inc(3)	First-lien loan	12/23/2025	12/18/2030	SOFR +	8.50	%	12.23% (inc 3.5% PIK)		5,589	5,395		5,449		1.6	%
Galaxy Helios I, LLC(3)(10)	First-lien loan	9/30/2025	8/15/2028	SOFR +	4.75	%	8.48	%	8,826	8,582		8,747		2.6	%
IXOPay, Inc.(3)(10)	First-lien loan	2/24/2025	2/24/2031	SOFR +	5.00	%	8.87	%	6,235	6,165		6,229		1.8	%
Jitterbit, Inc.(3)(10)	First-lien loan	9/6/2024	3/3/2028	SOFR +	9.50	%	13.52% (incl 3.50% PIK)		1,503	1,475		1,452		0.4	%
	First-lien revolving loan	9/6/2024	3/3/2028	SOFR +	9.50	%	13.55	%	154	150		149		—	%
Sensei Holdco, LLC(3)(10)	First-lien loan	5/30/2025	5/30/2031	SOFR +	5.50	%	9.17	%	7,237	7,150		7,194		2.1	%
Ultraviolet Cyber, Inc.(3)(10)	First-lien loan	10/29/2025	8/5/2027	SOFR +	6.00	%	9.84	%	4,972	4,818		4,873		1.4	%
US Signal Company, LLC(3)(10)	First-lien loan	9/3/2024	9/3/2029	SOFR +	5.50	%	9.40	%	3,063	3,036		3,070		0.9	%
Vision Solutions, Inc.(3)(8)(10)	Second-lien loan	6/13/2025	4/23/2029	SOFR +	7.25	%	11.35	%	10,864	10,354		10,018		2.9	%
										59,016		59,014		17.2	%
Technology Hardware & Equipment
Payrange, LLC(3)(10)	First-lien loan	11/26/2024	10/31/2030	SOFR +	5.00	%	8.72	%	6,024	5,973		5,964		1.8	%

Telecommunication Services
Syniverse Holdings, Inc.(3)(8)(10)	First-lien loan	9/2/2025	5/13/2027	SOFR +	7.00	%	10.67	%	10,890	10,620		10,555		3.1	%

Transportation
Bridger Aerospace Group Holdings, Inc.(3)(10)	First-lien loan	10/28/2025	10/28/2030	SOFR +	6.00	%	9.72	%	7,890	7,673		7,731		2.3	%
North American Central School Bus Intermediate Holding Company, LLC(10)	Second-lien loan	7/29/2025	1/29/2031		12.25	%	12.25	%	3,761	3,682		3,689		1.1	%
Vehicle Management Services, LLC(3)(10)	First-lien loan	11/21/2025	7/26/2028	SOFR +	6.25	%	10.08	%	8,501	8,379		8,374		2.5	%
	First-lien revolving loan	11/21/2025	7/26/2028	SOFR +	6.25	%	10.08	%	489	477		481		0.1	%
										20,211		20,275		6.0	%
Utilities
Meritum Energy Holdings, L.P.(3)(10)	First-lien loan	12/6/2024	12/6/2028	SOFR +	6.00	%	9.84	%	9,230	9,095		9,129		2.7	%

Total Investments										$	464,320	$	463,295	135.7	%

Cash Equivalents
State Street Institutional U.S. Government Fund										22,877		22,877		6.7	%

Total Investments and Cash Equivalents										$	487,197	$	486,172	142.4	%

(1)Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the 1940 Act, the Company would “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, the Company does not “control” any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an “Affiliated Person” of a portfolio company if the Company owns more than 5% of the portfolio company's outstanding voting securities. As of December 31, 2025, the Company does not identify any of its portfolio companies as affiliates.

(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.

(7)As of December 31, 2025, the estimated cost basis of investments for U.S. federal tax purposes was $465.0 million resulting in estimated gross unrealized gains and losses of $1.6 million and $3.3 million, respectively.

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(8)This investment is valued using observable inputs and is considered a Level 2 investment. See Note 5 for further information related to investments at fair value.

(9)This investment is non-income producing.

(10)Investment, or a portion thereof, is held by CL LSF SPV I, LLC, and is pledged as collateral supporting the amounts outstanding under the SPV Credit Facility (see Note 6).

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

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Crestline Lending Solutions, LLC

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share amounts)

(Unaudited)


	Shares	Paid in Capital		Distributable Earnings		Total Net Assets
Balance at December 31, 2025	17,146,374	$	347,434	$	(6,822)	$	340,612
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	—	—		7,823		7,823
Net change in unrealized gains (losses) on investments	—	—		(5,848)		(5,848)
Net realized gains (losses) on investments	—	—		1		1


Dividends to shareholders:
Reinvestment of shareholder distributions	318,515	6,325		—		6,325
Dividends declared from net investment income	—	—		(8,030)		(8,030)
Balance at March 31, 2026	17,464,889	$	353,759	$	(12,876)	$	340,883


	Total Net Assets(1)
Balance at December 31, 2024	$	142,256

Net investment income (loss)	3,508
Net change in unrealized gains (losses) on investments	(636)


Capital contributions	9,950



Balance at March 31, 2025	$	155,078

(1) Represents the Company’s period of operations as the Ramp Vehicle (a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of the 1940 Act) for the three months ended March 31, 2025.

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

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Crestline Lending Solutions, LLC

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	Three Months Ended
	March 31, 2026		March 31, 2025(1)
Cash Flows from Operating Activities
Increase (Decrease) in net assets resulting from operations	$	1,976	$	2,872
Adjustments to reconcile increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (gains) losses on investments	5,848		636

Net realized (gains) losses on investments	(1)		—

Net amortization of discount on investments	(820)		(146)
Amortization of deferred financing costs	27		—
Amortization of discount on debt	34		—
Purchases and originations of investments, net	(68,781)		(50,836)
Proceeds from investments, net	276		—
Repayments on investments	11,660		5,784
Paid-in-kind interest capitalized	(461)		(225)
Changes in operating assets and liabilities:
Interest receivable	(1,137)		(125)

Prepaid expenses and other assets	4,873		(6,566)
Management fees payable to affiliate	(27)		—
Incentive fees on net investment income payable to affiliate	90		—

Other payables to affiliates	43		—
Investment payables	16,510		(4,935)
Other liabilities	106		(286)
Net Cash Provided by (Used in) Operating Activities	(29,784)		(53,827)
Cash Flows from Financing Activities
Borrowings on debt	148,617		—
Repayments on debt	(134,800)		—
Deferred financing costs	—		—
Dividends paid to shareholders	(2,494)		—

Capital calls	—		9,950
Net Cash Provided by (Used in) Financing Activities	11,323		9,950
Net Increase (Decrease) in Cash and Cash Equivalents	(18,461)		(43,877)
Cash and cash equivalents, beginning of period	25,850		49,084
Cash and Cash Equivalents, End of Period	$	7,389	$	5,207
Supplemental Information:
Interest paid during the period	$	2,066	$	—
Excise and other taxes paid during the period	$	60	$	—
Dividends declared during the period	$	8,030	$	—

Non-Cash Financing Activities:
Reinvestment of dividends during the period	$	6,325	$	—

(1) Represents the Company’s period of operations as the Ramp Vehicle (a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of the 1940 Act) for the three months ended March 31, 2025.

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

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Crestline Lending Solutions, LLC

Notes to the Consolidated Financial Statements

(Unaudited)

(Amounts in thousands, unless otherwise indicated)

1. Organization and Basis of Presentation

Organization

Crestline Lending Solutions, LLC (the “Company”) is a Delaware limited liability company initially formed as Crestline Lending Solutions Ramp, LLC (the "Ramp Vehicle") on August 15, 2024 ("Inception"). The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the "1940 Act") on September 2, 2025 (the “BDC Election Date”). The Company is a perpetual-life BDC, and its units of limited liability company interests (the “Shares”) are not listed for trading on a stock exchange or other securities market.

In addition, for tax purposes, the Company intends to elect to be treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Prior to the BDC Election Date, the Ramp Vehicle operated as a private fund in reliance on an exception from the definition of "investment company" under Section 3(c)(7) of the 1940 Act. During its operations, the Ramp Vehicle completed an initial closing of capital commitments and purchased assets with initial proceeds from the initial shareholders of the Ramp Vehicle.

The Company's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation by targeting investments that we believe have favorable risk-adjusted returns and the ability to generate price appreciation. The Company invests in senior secured debt, while also taking advantage of investments in other parts of the capital structure, including second-lien loans, mezzanine or more junior loans, as well as equity investments. The Company intends to seek attractive risk-adjusted returns to investors by investing primarily in lower and core middle market companies located in the United States, with between $10 million and $75 million in annual earnings before interest, taxes, depreciation and amortization ("EBITDA").

The Company is externally managed by Crestline Management, L.P. (the "Adviser"), which manages the Company’s day-to-day operations and provides the Company with investment advisory services pursuant to the terms of the investment advisory agreement between the Company and the Adviser, dated as of December 1, 2025 (the "Investment Advisory Agreement").

The Adviser previously provided such services pursuant to an investment advisory agreement between the Company and the Adviser dated as of September 2, 2025 (the "Prior Investment Advisory Agreement"). On December 1, 2025, Rithm Capital Corporation and certain of its affiliates acquired the Adviser and certain of its affiliated entities, which resulted in the termination of the Prior Investment Advisory Agreement in accordance with its terms, and the Company entered into the Investment Advisory Agreement and amended and restated administration agreement (the "Administration Agreement") on such date.

The Adviser is registered as an investment adviser with the SEC. Under the Administration Agreement between the Company and Crestline Management, L.P. (in such capacity, the “Administrator”), the Administrator provides for the administrative services necessary for the Company to operate, and the Company has agreed to reimburse the Administrator for the allocable portion of its overhead and other expenses incurred by the Administrator in performing its obligations thereunder, including, but not limited to, its allocable portion of the costs of compensation and related expenses of its Chief Financial Officer and Chief Compliance Officer and their respective staff. The Administrator has engaged a third-party sub-administrator to assist in the provision of the Company’s administrative services.

On July 22, 2025, the Company formed a wholly owned subsidiary, CL LSF SPV I, LLC, a Delaware limited liability company. On October 3, 2025, the Company formed a wholly owned subsidiary, CL LSF Blocker, LLC, a Delaware limited liability company.

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2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the accounts of the Company and its subsidiaries. In the opinion of management all adjustments considered necessary for the fair presentation of the consolidated financial statements for the periods presented have been included.

Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with U.S. GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. The accompanying unaudited interim financial statements have been prepared in accordance with U.S. GAAP and on the same basis as the audited financial statements included in the Company’s Form 10‑K for the year ended December 31, 2025, and includes all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation.

The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investments in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

The Company consolidated the results of its wholly owned subsidiaries, CL LSF SPV I, LLC and CL LSF Blocker, LLC. All intercompany balances and transactions have been eliminated in consolidation.

Fiscal Year End

The Company’s fiscal year ends on December 31.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

Cash and Cash Equivalents

Cash and cash equivalents are held at major financial institutions, which at times may exceed U.S. federally insured limits. Cash and cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of three months or less. As of March 31, 2026, the Company held cash and cash equivalents totaling $7.4 million of which $6.4 million are cash equivalents. As of December 31, 2025, the Company held cash and cash equivalents totaling $25.9 million, of which $22.9 million are cash equivalents.

Investments at Fair Value

The Company’s investments are recorded at fair value, as defined by U.S. GAAP, specifically FASB ASC 820, Fair Value Measurement (“Topic 820”), and determined by the Adviser. Topic 820 establishes a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Topic 820 are below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. This level of fair value hierarchy provides the most reliable evidence of fair value and is used to measure fair value whenever available.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs include: (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current or price quotations vary substantially either over time or

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among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3: Inputs that are unobservable for the asset or liability. These inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available in the circumstances, which include the Company’s own data. The Company’s own data used to develop unobservable inputs is adjusted if information indicates that market participants would use different assumptions.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Fair value estimates are made at a point in time, based on relevant market data as well as the best information available about the financial instrument. Fair value estimates for financial instruments for which no or limited observable market data is available are based on judgments regarding current economic conditions, liquidity, currency, credit and interest rate risks, loss experience and other factors. These estimates involve significant uncertainties and judgments and cannot be determined with precision. As a result, such calculated fair value estimates may not be realizable in a current sale or immediate settlement of the instrument. In addition, changes in the underlying assumptions used in the fair value measurement technique, including discount rates, liquidity risks, and estimates of future cash flows, could significantly affect these fair value estimates. Because of the inherent uncertainty of valuation, including Level 3 input risks, this estimated value may differ from the value that would have been used had a ready market for these investments existed, and the differences could be material.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Company’s valuation designee (the “Valuation Designee”) to determine the fair value of the Company’s investments that do not have readily available market quotations. Pursuant to the Company’s valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the “Valuation Committee”) is responsible for determining the fair value of the Company’s assets for which market quotations are not readily available, subject to the oversight of the Board.

Investments for which market quotations are readily available are typically valued at those market quotations. Market quotations are obtained from independent pricing services where available. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the quotes obtained. To validate market quotations, the Valuation Designee utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations.

With respect to investments for which market quotations are not readily available, the Valuation Designee, or an independent third-party valuation firm engaged by the Valuation Designee, will take into account relevant factors in determining the fair value of our investments, including and in combination of: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company's ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. Investment performance data utilized are the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date, which in many cases may reflect a lag in information. The independent third-party valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their conclusion.

The Board is responsible for overseeing the Valuation Designee’s process for determining the fair value of the Company’s assets for which market quotations are not readily available, taking into account the Company’s valuation risks. To facilitate the Board’s oversight of the valuation process, the Valuation Designee provides the Board with quarterly reports, annual reports, and prompt reporting of material matters affecting the Valuation Designee’s determination of fair value. As part of the Board’s oversight role, the Board may request and review additional information to be informed of the Valuation Designee’s process for determining the fair value of the Company’s investments.

Organization and Offering Expenses

Organizational costs consist of costs incurred to establish the entity as a Delaware limited liability company and subsequent election to be regulated as a BDC. Organizational costs are expensed as incurred. Offering costs consist of costs

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incurred in connection with the offering of interests in the Ramp Vehicle and subsequently the Company. Offering costs are capitalized as a deferred charge and will be amortized to expense on a straight-line basis over twelve months.

Debt Issuance Costs

The Company records origination and other expenses related to its debt obligations as deferred financing costs, which are presented as a direct deduction from the carrying value of the related debt liability. These expenses are deferred and amortized over the stated maturity of the debt obligation.

Interest and Dividend Income Recognition

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts and premiums to par value on securities purchased or originated are amortized into interest income over the contractual life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal.

Unless providing services in connection with an investment, such as syndication, structuring or diligence, all or a portion of any loan fees received by the Company will be deferred and amortized over the investment’s life using the effective interest method.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal if deemed to be collectible. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and are deemed likely to remain current.

As of March 31, 2026 and December 31, 2025, the Company had no investments on non-accrual status.

Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

Other income may include various fees in the ordinary course of business such as structuring, syndication, diligence, amendment, or other service-based fees, and fees for managerial assistance rendered by the Company to its portfolio companies. Such fees are recognized as income when earned.

Income Taxes, Including Excise Taxes

The Company intends to elect to be treated as a RIC under subchapter M of the Code, and the Company intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, distribute to its shareholders in each taxable year at least the sum of (i) 90% of its investment company taxable income, as defined by the Code, and (ii) 90% of its net tax-exempt income for that taxable year. To maintain its RIC status, the Company, among other things, has made and intends to continue to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the

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next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income.

For the three months ended March 31, 2026, the Company did not record any U.S. federal excise tax or other taxes. No excise tax was recorded for the three months ended March 31, 2025.

Before the BDC Election Date, due to the nature of the Company's activities and its organization as a limited liability company and its prior treatment as a partnership for federal income tax purposes up to the BDC Election Date, it generally was not subject to federal, state or local income taxes. Income taxes were payable by the investors in the Ramp Vehicle based on their share of the income or loss of the Ramp Vehicle and have not been reflected in the accompanying consolidated financial statements.

Dividends to Shareholders

Dividends to shareholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board and is generally based upon the earnings estimated by the Adviser. Net realized long-term capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any dividends declared, unless a shareholder elects to receive cash. As a result, if the Board authorizes and declares a cash dividend, then the shareholders who have not “opted out” of the dividend reinvestment plan will have their cash dividends automatically reinvested in additional Shares, rather than receiving the cash dividend. The Company expects to use newly issued Shares to satisfy the dividend reinvestment plan. See Note 9 for further information related to dividends.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Company has determined that it has one reportable segment: Investment Activity. The Investment Activity segment generates revenue primarily in the form of interest income from the investments it holds. In addition, the Company may generate income from dividends on equity investments, capital gains on the sale of investments and various loan origination and other fees.

The Company's chief operating decision maker (the "CODM"), comprised of the Company's investment committee (chief executive officer, chief investment officer, chief operating officer, and deputy investment officers) and the chief financial officer, assesses the performance and makes operating decisions of the Company primarily based on the Company's net increase in equity resulting from operations (net income).

The accounting policies of the Investment Activity segment are the same as those described in the summary of significant accounting policies. As the Company's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Consolidated Balance Sheet as "total assets" and the significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

Recent Accounting Standards and Regulatory Updates

The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board (the "FASB"). ASU's not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

3. Agreements and Related Party Transactions

Administration Agreement

Under the terms of the Administration Agreement, the Administrator is responsible for providing the Company with clerical, bookkeeping, recordkeeping and other administrative services. The Company will pay the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including, but not limited to, the allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer and their respective staffs. State Street Bank and Trust Company provides the Company with certain fund administration and bookkeeping services pursuant to a sub-administration agreement (the “Sub-Administration Agreement”) with the Administrator.

No person who is an officer, director or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for such services as a director. However, the Company reimburses the Adviser (or its affiliates) for the allocable portion of the costs of compensation, benefits, and related administrative expenses of its officers who provide operational and administrative services to us pursuant to the Administration Agreement, their respective staff and other professionals who provide services to us (including, in each case, employees of the Adviser or an affiliate). Such reimbursable amounts including but not limited to the allocable portion of compensation, overhead and other expenses paid by the Adviser or its affiliates for the Company’s Chief Financial Officer, compliance and other professionals who provide operational and administrative services to the Company pursuant to the Administration Agreement. Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three months ended March 31, 2026 and March 31, 2025, the Company incurred $0.2 million and $0.0 million for administrative services payable to the Administrator under the terms of the Administration Agreement, which is included in other general and administrative expenses in the Consolidated Statements of Operations.

Investment Advisory Agreement

Under the terms of the Investment Advisory Agreement, the Adviser provides investment advisory services to the Company. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is free to furnish similar or other services to others so long as its services to the Company are not impaired. Under the terms of the Investment Advisory Agreement, the Company pays the Adviser a base management fee (the “Management Fee”) and may also pay an incentive fee based on income and an incentive fee based on capital gains (collectively, the “Incentive Fee”).

Management Fee

The Management Fee shall be calculated at a rate based on the value of the most recently published net asset value and payable quarterly in arrears at the rates set forth below:


Base Management Fee						Net Assets as of Most Recently Completed Quarter
0.1125% (1.35% annualized)						Less than or equal to $150.0 million
0.0917% (1.10% annualized)						Greater than $150.0 million but less than or equal to $300.0 million
0.0823% (0.9875% annualized)						Greater than $300.0 million but less than or equal to $500.0 million
0.0710% (0.85% annualized)						Greater than $500.0 million

For the three months ended March 31, 2026, Management Fees were $0.8 million. Management Fees for the three months ended March 31, 2026 were calculated at an annual rate of 0.9875%. No Management Fees were recorded for the three months ended March 31, 2025.

Incentive Fee

The Incentive Fee consists of two parts that are independent of each other, with the result that one component may be payable even if the other is not, as follows:

(i)The first component, payable at the end of each quarter in arrears, equals 12.5% of the Company's Pre-Incentive Fee Net Investment Income for each calendar quarter, subject to a 5.0% annualized hurdle rate, with a catch-up.

Pre-Incentive Fee Net Investment Income means interest income, distribution income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued by the Company during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and distributions paid on any issued and outstanding debt or preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income will be compared to a “Hurdle Amount” equal to the product of (i) the “hurdle rate” of 1.25% per quarter (5% annualized) and (ii) the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter.

The Incentive Fee is payable quarterly in arrears with respect to Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

•No incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

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

•12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser.

(ii)The second component, payable at the end of each fiscal year in arrears, equals 12.5% of cumulative realized capital gains from the inception of the Company to the end of such fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain Incentive Fee for prior periods (the “Capital Gains Fee”).

For purposes of determining whether Pre-Incentive Fee Net Investment Income exceeds the hurdle rate, Pre-Incentive Fee Net Investment Income is expressed as a rate of return on the average daily hurdle calculation value throughout the immediately preceding calendar quarter.

Section 205(b)(3) of the Investment Advisers Act of 1940, as amended, prohibits the Adviser from receiving the payment of fees on unrealized gains until those gains are realized, if ever. There can be no assurance that such unrealized gains will be realized in the future.

For the three months ended March 31, 2026, Incentive Fees on net investment income were $1.1 million. For the three months ended March 31, 2026 Incentive Fees on capital gains were $0.0 million. No Incentive Fees were recorded for the three months ended March 31, 2025.

Expense Support Agreement

On the BDC Election Date, the Company entered into an expense support and reimbursement agreement (the “Expense Support Agreement”) with the Adviser. Subject to the terms of the Expense Support Agreement, the Adviser will fund certain expenses, including the organizational and offering cost, incurred by the Company (each such payment, an "Expense Payment"). The Adviser is eligible to be reimbursed by the Company for such Expense Payments (a “Reimbursement Payment”). The amount of any Expense Payment by the Adviser shall be determined based on whether the Company’s expenses during a given fiscal quarter exceed an expense cap (the “Annual Expense Cap”) calculated based on the Company’s net asset value ("NAV"). If the Company’s expenses during a given fiscal quarter exceed the applicable Annual Expense Cap, the Adviser will make an Expense Payment equal to the difference between the Annual Expense Cap and the Company’s incurred expenses. The amount of any Expense Payment by the Adviser, and our obligation to make a

Reimbursement Payment, is determined by whether the Company exceeds an annual expense cap equal to a percentage of NAV (the “Annual Expense Cap”).


Expense Cap						NAV
0.5% (2.00% annualized)						Less than or equal to $150.0 million
0.4375% (1.75% annualized)						Greater than $150.0 million but less than or equal to $200.0 million
0.375% (1.50% annualized)						Greater than $200.0 million but less than or equal to $250.0 million
0.3375% (1.35% annualized)						Greater than$250.0 million but less than or equal to $300.0 million
0.3125% (1.25% annualized)						Greater than $300.0 million but less than or equal to $350.0 million
0.2875% (1.15% annualized)						Greater than $350.0 million but less than or equal to $400.0 million
0.2500% (1.00% annualized)						Greater than $400.0 million

For the three months ended March 31, 2026, the Company recorded less than $0.1 million of expense Reimbursement Payments to the Adviser in the Consolidated Statement of Operations.

4. Investments at Fair Value

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.

The composition of the Company's investments at fair value consisted of the following at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	451,796	$	447,145	$	(4,651)
Second-lien debt investments	52,237		49,235		(3,002)

Equity and other investments	18,412		19,192		780
Total Investments	$	522,445	$	515,572	$	(6,873)


	December 31, 2025
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	389,340	$	388,556	$	(784)
Second-lien debt investments	50,102		49,843		(259)

Equity and other investments	24,878		24,896		18
Total Investments	$	464,320	$	463,295	$	(1,025)

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

The Company uses Global Industry Classification Standards ("GICS") for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments as a percentage of fair value at March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Capital Goods	11.5	%	12.3	%
Commercial & Professional Services	15.5	%	14.0	%
Consumer Durables & Apparel	3.8	%	2.1	%
Consumer Services	8.3	%	6.4	%
Financial Services	3.0	%	3.3	%
Food and Beverage	7.3	%	7.8	%
Healthcare Equipment & Services	6.9	%	8.0	%
Insurance	4.7	%	5.2	%
Materials	0.9	%	1.0	%
Media & Entertainment	7.6	%	7.5	%
Pharmaceuticals	1.9	%	2.1	%
Real Estate Management & Development	7.5	%	7.6	%
Software & Services	11.8	%	12.7	%
Technology Hardware & Equipment	1.2	%	1.3	%
Telecommunication Services	2.4	%	2.3	%
Transportation	3.9	%	4.4	%
Utilities	1.8	%	2.0	%


Total	100.0	%	100.0	%

The geographic composition of investments at fair value as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
United States
Midwest	20.5	%	21.4	%
Northeast	9.3	%	12.0	%
South	35.8	%	35.8	%
West	31.0	%	27.0	%
Puerto Rico	1.1	%	1.2	%


Canada	2.3	%	2.6	%





Total	100.0	%	100.0	%

5. Fair Value of Financial Instruments

Investments

The following tables present fair value measurements of investments as of March 31, 2026 and December 31, 2025:


	Fair Value Hierarchy at March 31, 2026
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	98,133	$	349,012	$	447,145
Second-lien debt investments	—		27,707		21,528		49,235

Equity and other investments	—		—		19,192		19,192
Total investments at fair value	$	—	$	125,840	$	389,732	$	515,572


	Fair Value Hierarchy at December 31, 2025
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	81,796	$	306,760	$	388,556
Second-lien debt investments	—		29,934		19,909		49,843

Equity and other investments	—		—		24,896		24,896
Total investments at fair value	$	—	$	111,730	$	351,565	$	463,295

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.

The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three months ended March 31, 2026:


	As of and for the Three Months Ended March 31, 2026
	First-lien debt investments		Second-lien debt investments		Equity and other investments		Total
Balance, beginning of period	$	306,760	$	19,909	$	24,896	$	351,565
Purchases or originations	43,355		1,748		4,120		49,223
Repayments / redemptions	(11,379)		—		—		(11,379)

Paid-in-kind interest	300		160		—		460
Net change in unrealized gains (losses)	(950)		(413)		762		(601)

Net amortization of discount on securities	340		124		—		464
Transfers within Level 3	10,586		—		(10,586)		—

Balance, End of Period	$	349,012	$	21,528	$	19,192	$	389,732

The following tables present the changes in the fair value of the Ramp Vehicle's investments for which Level 3 inputs were used to determine the fair value as of and for the three months ended March 31, 2025:


	As of and for the Three Months Ended March 31, 2025
	First-lien debt investments		Second-lien debt investments		Equity and other investments		Total
Balance, beginning of period	$	75,719	$	—	$	—	$	75,719
Purchases or originations	35,857		—		—		35,857
Repayments / redemptions	(5,659)		—		—		(5,659)

Paid-in-kind interest	225		—		—		225
Net change in unrealized gains (losses)	224		—		—		224

Net amortization of discount on securities	105		—		—		105


Balance, End of Period	$	106,471	$	—	$	—	$	106,471

The following tables present information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at March 31, 2026 and March 31, 2025:


	Net Change in Unrealized Gains or (Losses) For the Three Months Ended March 31, 2026 on Investments Held at March 31, 2026		Net Change in Unrealized Gains or (Losses) For the Three Months Ended March 31, 2025 on Investments Held at March 31, 2025
First-lien debt investments	$	(925)	$	224
Second-lien debt investments	(413)		—

Equity and other investments	765		—
Total	$	(573)	$	224

The following tables present the fair value of Level 3 investments at fair value and the significant unobservable inputs used in the valuations as of March 31, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

March 31, 2026

Fair Value

Valuation
Technique(s)

Unobservable
Input(s)

Range (Weighted
Average)

First-lien debt investments

349,012

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

8.27% to 17.89%

Second-lien debt investments

21,528

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

13.83% to 20.10%

Equity and other investments

19,192

Discounted Cash Flow - Yield Analysis
Market Approach - GPC
Current Value Method

Discount Rate
EV / EBITDA Multiple

21.32%

7.75x to 17.75x

Total

389,732

December 31, 2025

Fair Value

Valuation
Techniques

Unobservable
Inputs

Range (Weighted
Average)

First-lien debt investments

306,760

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

8.15% - 18.39%

Second-lien debt investments

19,909

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

13.58%

Equity and other investments

24,896

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

21.32%

Total

351,565

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company’s capital structure.

Significant unobservable quantitative inputs typically considered in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. If debt investments are credit impaired, an enterprise value analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. For the Company’s Level 3 equity investments, multiples of similar companies’ revenues, earnings before income taxes, depreciation and amortization (“EBITDA”) or some combination thereof and comparable market transactions are typically used.

6. Debt

Pursuant to the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowings. In the normal course, the Company intends to manage the portfolio with at least a 200% asset coverage ratio. However, the Company may reduce its asset coverage ratio to 167.5% which would allow the Company to borrow one and a half dollars for every dollar it has in assets less all liabilities and indebtedness not represented by senior securities issued by the Company. As of March 31, 2026, the Company’s asset coverage was 317.4%.

SPV Credit Facility

On September 19, 2025 (the “Effective Date”), the Company entered into a Loan Financing and Servicing Agreement (the “Loan Agreement”) with CL LSF SPV I, LLC (“CL SPV”), its wholly owned subsidiary, as borrower, the Company, as equityholder and servicer, Deutsche Bank AG, New York Branch, as facility agent, State Street Bank and Trust Company, as collateral agent and collateral custodian, and the lenders from time to time party thereto for a special purpose vehicle financing credit facility (the “SPV Credit Facility”) to provide additional liquidity to support its investment and operational activities. The SPV Credit Facility has a committed loan amount of $150 million and an uncommitted loan amount of $150 million. Borrowings under the SPV Credit Facility bear interest at SOFR plus 1.95% per annum during the revolving period ending on September 19, 2028 (the "Revolving Period"). CL SPV will pay the following unused commitment fees depending on the applicable date: (a) prior to the one-month anniversary of the Effective Date, 0.10%, (b) on and after the one-month anniversary of the Effective Date but prior to the two-month anniversary thereof, 0.20%, (c) on and after the two-month anniversary of the Effective Date but prior to the three-month anniversary thereof, 0.35% and (d) thereafter until the end of the Revolving Period, 0.50%, on the unused lender commitments under the SPV Credit Facility, in addition to other customary fees. Under the SPV Credit Facility, there is also a minimum utilization fee that is charged based on the minimum utilization percentage of the commitment. The SPV Credit Facility matures on September 19, 2030.

The Loan Agreement sets out standard terms, including affirmative and negative covenants, lists common events of default like nonpayment, misrepresentation, covenant breaches, bankruptcy, or change of control, and includes typical cure and notice provisions.

The SPV Credit Facility is secured by the assets of CL SPV. As of March 31, 2026, the Company and CL SPV were in compliance with all financial covenants under the Loan Agreement.

Debt obligations consisted of the following as of March 31, 2026 (dollars in thousands):


	March 31, 2026
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value(2)
SPV Credit Facility	$	300,000	$	157,950	$	142,050	$	156,779



Total Debt	$	300,000	$	157,950	$	142,050	$	156,779

(1) The amount available may be subject to limitations related to the borrowing base under the SPV Credit Facility and asset coverage requirements.

(2) The carrying value of the SPV Credit Facility is presented net of deferred financing costs and original issue discounts of $1.2 million.

The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):


			Three Months Ended

Crestline Lending Solutions, LLC 10-Q