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Holdco, LLC - Delayed Draw & Revolver2025-09-300002035713A&J Holdco, LLC - Delayed Draw & Revolver2024-12-310002035713Aeritek Global Holdings, LLC - Revolver2025-09-300002035713Aeritek Global Holdings, LLC - Revolver2024-12-310002035713Afore Insurance Services, LLC - Delayed Draw & Revolver2025-09-300002035713Afore Insurance Services, LLC - Delayed Draw & Revolver2024-12-310002035713Alcrete, LLC - Delayed Draw & Revolver2025-09-300002035713Alcrete, LLC - Delayed Draw & Revolver2024-12-310002035713Align ENTA Management Services, LLC - Delayed Draw & Revolver2025-09-300002035713Align ENTA Management Services, LLC - Delayed Draw & Revolver2024-12-310002035713Ark Data Centers, LLC - Delayed Draw & Revolver2025-09-300002035713Ark Data Centers, LLC - Delayed Draw & Revolver2024-12-310002035713Attigo Health, LLC - Revolver2025-09-300002035713Attigo Health, LLC - Revolver2024-12-310002035713Best Practice Associates, LLC - Revolver2025-09-300002035713Best Practice Associates, LLC - Revolver2024-12-310002035713BSU VS Holdings, LLC - Delayed Draw2025-09-300002035713BSU VS Holdings, LLC - Delayed Draw2024-12-310002035713By Light Professional IT Services, LLC - Revolver2025-09-300002035713By Light Professional IT Services, LLC - Revolver2024-12-310002035713Chirisa Volo, LLC - Delayed Draw2025-09-300002035713Chirisa Volo, LLC - Delayed Draw2024-12-310002035713Crete PA Holdco, LLC - Delayed Draw & Revolver2025-09-300002035713Crete PA Holdco, LLC - Delayed Draw & Revolver2024-12-310002035713CX Institutional, LLC - Delayled Draw2025-09-300002035713CX Institutional, LLC - Delayled Draw2024-12-310002035713Galaxy Helios I, LLC - Delayed Draw2025-09-300002035713Galaxy Helios I, LLC - Delayed Draw2024-12-310002035713Garden Owner, LLC - Delayed Draw2025-09-300002035713Garden Owner, LLC - Delayed Draw2024-12-310002035713Gas Media Holdings, LLC - Delayed Draw & Revolver2025-09-300002035713Gas Media Holdings, LLC - Delayed Draw & Revolver2024-12-310002035713Govos Intermediate Holdings - Revolver2025-09-300002035713Govos Intermediate Holdings - Revolver2024-12-310002035713IXOPay, Inc. - Delayed Draw & Revolver2025-09-300002035713IXOPay, Inc. - Delayed Draw & Revolver2024-12-310002035713JFL-Atomic AcquisitionCo, Inc. - Delayed Draw & Revolver2025-09-300002035713JFL-Atomic AcquisitionCo, Inc. - Delayed Draw & Revolver2024-12-310002035713Jitterbit, Inc. - Revolver2025-09-300002035713Jitterbit, Inc. - Revolver2024-12-310002035713Kelso Industries, LLC - Delayed Draw2025-09-300002035713Kelso Industries, LLC - Delayed Draw2024-12-310002035713Mist Holding Co. - Delayed Draw & Revolver2025-09-300002035713Mist Holding Co. - Delayed Draw & Revolver2024-12-310002035713Mountainside Fitness Acquisitions, LLC - Delayed Draw & Revolver2025-09-300002035713Mountainside Fitness Acquisitions, LLC - Delayed Draw & Revolver2024-12-310002035713North American Central School Bus Intermediate Holding Company, LLC - Delayed Draw2025-09-300002035713North American Central School Bus Intermediate Holding Company, LLC - Delayed Draw2024-12-310002035713OPLTD Glenwillow LLC - Delayed Draw2025-09-300002035713OPLTD Glenwillow LLC - Delayed Draw2024-12-310002035713Payrange, LLC - Revolver2025-09-300002035713Payrange, LLC - Revolver2024-12-310002035713PT&C Group, LLC - Delayed Draw & Revolver2025-09-300002035713PT&C Group, LLC - Delayed Draw & Revolver2024-12-310002035713SDG Mgmt Company, LLC - Delayed Draw & Revolver2025-09-300002035713SDG Mgmt Company, LLC - Delayed Draw & Revolver2024-12-310002035713Sensei Holdco, LLC - Delayed Draw & Revolver2025-09-300002035713Sensei Holdco, LLC - Delayed Draw & Revolver2024-12-310002035713Soapy Joe's Midco OC Holdings LLC - Delayed Draw2025-09-300002035713Soapy Joe's Midco OC Holdings LLC - Delayed Draw2024-12-310002035713THE MARLOWE APARTMENTS, LLC - Delayed Draw2025-09-300002035713THE MARLOWE APARTMENTS, LLC - Delayed Draw2024-12-310002035713TickPick Intermediate Holdings LLC - Revolver2025-09-300002035713TickPick Intermediate Holdings LLC - Revolver2024-12-310002035713TMC Buyer Inc - Delayed Draw2025-09-300002035713TMC Buyer Inc - Delayed Draw2024-12-310002035713Top Rx, LLC - Revolver2025-09-300002035713Top Rx, LLC - Revolver2024-12-310002035713US Signal Company, LLC - Delayed Draw & Revolver2025-09-300002035713US Signal Company, LLC - Delayed Draw & Revolver2024-12-310002035713Vacation Rental Brands. LLC2025-09-300002035713Vacation Rental Brands. LLC2024-12-310002035713WHI Global, LLC - Revolver2025-09-300002035713WHI Global, LLC - Revolver2024-12-310002035713Willow Breeze LLC - Delayed Draw2025-09-300002035713Willow Breeze LLC - Delayed Draw2024-12-3100020357132024-08-152025-09-0100020357132025-09-0200020357132025-09-022025-09-300002035713cls:WithoutManagementFeeWaiverMember2025-09-022025-09-30

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loan2026-03-310002035713Heritage Grocers Group, LLC | First-lien loan2026-03-310002035713Meta Buyer, LLC | First-lien loan2026-03-310002035713us-gaap:FoodAndBeverageMember2026-03-310002035713Anasazi Medical Payment Solutions, Inc. | First-lien loan2026-03-310002035713Attigo Health, LLC | First-lien loan2026-03-310002035713CityVet, Inc. | First-lien loan2026-03-310002035713Mist Holding Co. | First-lien loan2026-03-310002035713Mist Holding Co. | First-lien revolving loan2026-03-310002035713Paradigm Parent, LLC | First-lien loan2026-03-310002035713SDG Mgmt Company, LLC | First-lien loan2026-03-310002035713SDG Mgmt Company, LLC | First-lien revolving loan2026-03-310002035713cls:HealthcareEquipmentAndServicesMember2026-03-310002035713Afore Insurance Services, LLC | First-lien loan2026-03-310002035713BSU VS Holdings, LLC | First-lien loan2026-03-310002035713CL AK Broadstreet, L.P. | Equity Interest2026-03-310002035713Likewize Corp. | First-lien loan2026-03-310002035713Univista Intermediate Holdco, LLC | First-lien loan2026-03-310002035713cls:InsuranceMember2026-03-310002035713Alcrete, LLC | First-lien loan2026-03-310002035713Alcrete, LLC | First-lien revolving loan2026-03-310002035713cls:MaterialsMember2026-03-310002035713Broadsign International Holding Company | Second-lien loan2026-03-310002035713Broadsign International Holding Company | Warrants2026-03-310002035713Gas Media Holdings, LLC | First-lien loan2026-03-310002035713Gas Media Holdings, LLC | First-lien revolving loan2026-03-310002035713Getty Images, Inc. | First-lien loan2026-03-310002035713iHeartCommunications, Inc. | First-lien loan2026-03-310002035713TickPick Intermediate Holdings, LLC | First-lien loan2026-03-310002035713cls:MediaAndEntertainmentMember2026-03-310002035713Top Rx, LLC | First-lien loan2026-03-310002035713Top Rx, LLC | First-lien revolving loan2026-03-310002035713cls:PharmaceuticalsSectorMember2026-03-3100020357132000 Ponce Owner, LLC | First-lien loan2026-03-3100020357137050 Rime Village Owner, LLC | First-lien loan2026-03-310002035713BV Design Multifamily DST | First-lien loan2026-03-310002035713CDL IV Meadow, LLC | Equity Interest2026-03-310002035713CMM Investments 137 Canton, LLC | First-lien loan2026-03-310002035713Garden Owner, LLC | First-lien loan2026-03-310002035713One East Camelback, LLC | First-lien loan2026-03-310002035713The Marlowe Apartments, LLC | First-lien loan2026-03-310002035713The Marlowe Apartments, LLC | Preferred2026-03-310002035713cls:RealEstateManagementAndDevelopmentMember2026-03-310002035713Ark Data Centers, LLC | First-lien loan2026-03-310002035713Ark Data Centers, LLC | First-lien revolving loan2026-03-310002035713Caylent, Inc. | Second-lien loan2026-03-310002035713Chirisa Volo, LLC | First-lien loan2026-03-310002035713CL Thematic, L.P. | Equity Interest2026-03-310002035713Emergence Mobility Technologies, Inc | First-lien loan2026-03-310002035713Galaxy Helios I, LLC | First-lien loan2026-03-310002035713IXOPay, Inc. | First-lien loan2026-03-310002035713Jitterbit, Inc. | First-lien loan2026-03-310002035713Jitterbit, Inc. | First-lien revolving loan2026-03-310002035713Sensei Holdco, LLC | First-lien loan2026-03-310002035713Ultraviolet Cyber, Inc. | First-lien loan2026-03-310002035713US Signal Company, LLC | First-lien loan2026-03-310002035713Vision Solutions, Inc. | Second-lien loan2026-03-310002035713cls:SoftwareAndServicesMember2026-03-310002035713Payrange, LLC | First-lien loan2026-03-310002035713Syniverse Holdings, Inc. | First-lien loan2026-03-310002035713Bridger Aerospace Group Holdings, Inc. | First-lien loan2026-03-310002035713North American Central School Bus Intermediate Holding Company, LLC | Second-lien loan2026-03-310002035713Vehicle Management Services, LLC | First-lien loan2026-03-310002035713Vehicle Management Services, LLC | First-lien revolving loan2026-03-310002035713cls:TransportationMember2026-03-310002035713Meritum Energy Holdings, L.P. | First-lien loan2026-03-310002035713Aeritek Global Holdings, LLC | First-lien loan2025-12-310002035713Aeritek Global Holdings, LLC | First-lien revolving loan2025-12-310002035713By Light Professional IT Services, LLC | First-lien loan2025-12-310002035713Kelso Industries, LLC | First-lien loan2025-12-310002035713Neo Ark Holdings, LLC | First-lien loan2025-12-310002035713Neo Ark Holdings, LLC | Equity Interest2025-12-310002035713Tank Holding Corp. | First-lien loan2025-12-310002035713The Nordam Group, Inc. | First-lien loan2025-12-310002035713WHI Global, Inc. | First-lien loan2025-12-310002035713WHI Global, Inc. | First-lien revolving loan2025-12-310002035713cls:CapitalGoodsMember2025-12-310002035713A&J Holdco, LLC | First-lien loan2025-12-310002035713Arrow Inc. | First-lien loan2025-12-310002035713Best Practice Associates, LLC | First-lien loan2025-12-310002035713Cleanova Midco Limited | First-lien loan2025-12-310002035713Crete PA Holdco, LLC | First-lien loan2025-12-310002035713JFL-Atomic AcquisitionCo, Inc. | First-lien loan2025-12-310002035713PT&C Group, LLC | First-lien loan 12025-12-310002035713PT&C Group, LLC | First-lien loan 22025-12-310002035713PT&C Group, LLC | First-lien revolving loan2025-12-310002035713Summit Management Partners Intermediate LLC | First-lien loan2025-12-310002035713Trugreen Limited Partnership | First-lien loan2025-12-310002035713cls:CommercialAndProfessionalServicesMember2025-12-310002035713Fabletics Inc. | First-lien loan2025-12-310002035713cls:ConsumerDurablesApparelMember2025-12-310002035713AMC Entertainment Holdings, Inc. | First-lien loan2025-12-310002035713Mountainside Fitness Acquisitions, LLC | First-lien loan2025-12-310002035713Shutterfly, Inc. | Second-lien loan2025-12-310002035713Soapy Joe's Midco OC Holdings, LLC | First-lien loan2025-12-310002035713cls:ConsumerServicesMember2025-12-310002035713CX Institutional, LLC | First-lien loan2025-12-310002035713CX Institutional, LLC | Second-lien loan2025-12-310002035713CX Institutional - CL Meadow Intermediate, LLC | 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loan2025-12-310002035713cls:HealthcareEquipmentAndServicesMember2025-12-310002035713Afore Insurance Services, LLC | First-lien loan2025-12-310002035713BSU VS Holdings, LLC | First-lien loan2025-12-310002035713CL AK Broadstreet, L.P. | Equity Interest2025-12-310002035713Likewize Corp. | First-lien loan2025-12-310002035713Univista Intermediate Holdco, LLC | First-lien loan2025-12-310002035713cls:InsuranceMember2025-12-310002035713Alcrete, LLC | First-lien loan2025-12-310002035713Alcrete, LLC | First-lien revolving loan2025-12-310002035713cls:MaterialsMember2025-12-310002035713Broadsign International Holding Company | First-lien loan2025-12-310002035713Broadsign International Holding Company | Equity Interest2025-12-310002035713Gas Media Holdings, LLC | First-lien loan2025-12-310002035713Gas Media Holdings, LLC | First-lien revolving loan2025-12-310002035713Getty Images, Inc. | First-lien loan2025-12-310002035713TickPick Intermediate Holdings, LLC | First-lien loan2025-12-310002035713cls:MediaAndEntertainmentMember2025-12-310002035713Top Rx, LLC | First-lien loan2025-12-310002035713Top Rx, LLC | First-lien revolving loan2025-12-310002035713cls:PharmaceuticalsSectorMember2025-12-3100020357137050 Rime Village Owner, LLC | First-lien loan2025-12-310002035713BV Design Multifamily DST | First-lien loan2025-12-310002035713CMM Investments 137 Canton, LLC 1L CL 12/25 | First-lien loan2025-12-310002035713Garden Owner, LLC | First-lien loan2025-12-310002035713One East Camelback, LLC | First-lien loan2025-12-310002035713The Marlowe Apartments, LLC | First-lien loan2025-12-310002035713The Marlowe Apartments, LLC | Preferred2025-12-310002035713Willow Breeze, LLC | First-lien loan2025-12-310002035713cls:RealEstateManagementAndDevelopmentMember2025-12-310002035713Ark Data Centers, LLC | First-lien loan2025-12-310002035713Ark Data Centers, LLC | First-lien revolving loan2025-12-310002035713Chirisa Volo, LLC | First-lien loan2025-12-310002035713CL Thematic - 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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 ~~September~~March 3031, ~~2025~~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 ox No xo

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 1718,~~146~~388,~~374~~592 units of limited liability company interests outstanding as of ~~November~~May 2813, ~~2025~~2026.

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Crestline Lending Solutions, LLC

	INDEX	PAGENO.
PART I.	FINANCIAL INFORMATION	54
Item 1.	CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)	54
	Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024	5
	Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025	4
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and the period from August 15, 2024 (Inception) through September 30, 2024 (Unaudited)	6
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	5
	Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024	7
	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 and nine months ended September 30, 2025 and the period from August 15, 2024 (Inception) through September 30, 2024 (Unaudited)	12
	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 nine months ended September 30, 2025 and the period from August 15, 2024 (Inception) through September 30, 2024 (Unaudited)	13
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	15
	Notes to the Consolidated Financial Statements (Unaudited)	1416
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3032
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4344
Item 4.	Controls and Procedures	4445
PART II.	OTHER INFORMATION	4546
Item 1.	Legal Proceedings	4546
Item 1A.	Risk Factors	4546
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4546
Item 3.	Defaults Upon Senior Securities	4546
Item 4.	Mine Safety Disclosures	4546
Item 5.	Other Information	4546
Item 6.	Exhibits	4647
SIGNATURES		4748

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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 ~~(the “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 ~~(a “RIC”)~~ for U.S. federal income tax purposes and operate as a business development company ~~(“BDC”)~~;

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

Table of Contents

•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)

	September 30, 2025		December 31, 2024(1)
	March 31, 2026		December 31, 2025
	(Unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $332,569 and $103,310, respectively)	$	333,530	$	103,947
Non-controlled, non-affiliated investments (amortized cost of $522,445 and $464,320, respectively)	$	515,572	$	463,295
Cash and cash equivalents	427,~~254~~389		4925,~~084~~850
Interest receivable	24,~~247~~532		~~775~~3,395
Prepaid expenses and other assets	2,~~126~~718		517,591
Total Assets	$	~~380~~530,~~157~~211	$	~~153~~500,~~857~~131
Liabilities
Management fees payable to affiliate	$	270	$	—
Debt (net of deferred financing costs of $494 and $521), respectively)	$	156,779	$	142,902
Incentive fees on net investment income payable to affiliate	272		—
Management fees payable to affiliate	829		856
Incentive fees on net capital gains accrued to affiliate	120		—
Incentive fees on net investment income payable to affiliate	1,118		1,028
Other payables to affiliate	14190		—147
Investment payables	32,402		10,689
Dividends payable	8,030		8,820
Other liabilities	3,002		912
Investment payables	19,372		2,862
Total Liabilities	36,080		11,601
Other liabilities	3,010		2,904
Total Liabilities	189,328		159,519
Commitments and contingencies (Note 7)
Net Assets
Members' capital	—		~~142,256~~—
Paid-in capital (unlimited shares authorized, 17,146,374 shares issued and outstanding as of September 30, 2025)	342,928		—
Paid-in capital (unlimited shares authorized, 17,464,889 and 17,146,374 shares issued and outstanding, respectively)	353,759		347,434
Distributable earnings	1(12,~~149~~876)		—(6,822)
Total Net Assets	~~344~~340,~~077~~883		~~142~~340,~~256~~612
Total Liabilities and Net Assets	$	~~380~~530,~~157~~211	$	~~153~~500,~~857~~131
Net Asset Value Per Share	$	2019.0752	~~N/A~~$	19.86

(1)As of December 31, 2024, Crestline Lending Solutions, LLC (the “Company”) had not yet elected to be regulated as a business development company (“BDC”), and was operating as Crestline Lending Solutions Ramp, LLC (the “Ramp Vehicle”), a private fund based on an exception from the definition of "investment company" under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “1940 Act”).

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

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Crestline Lending Solutions, LLC

Consolidated Statements of Operations

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

(Unaudited)

	Three Months Ended		~~From August 15, 2024 (Inception) through~~		~~Nine Months Ended~~		~~From August 15, 2024 (Inception) through~~
	September 30, 2025		September 30, 2024(1)		September 30, 2025		September 30, 2024(1)
	March 31, 2026		March 31, 2025(1)
Income
Investment income from non-controlled, non-affiliated investments:
Interest from investments	$	712,~~196~~009	$	~~190~~3,447	$	~~15,009~~	$	~~190~~
Paid-in-kind interest income	~~516~~866		3184		~~1,122~~		3
Other income	~~111~~238		—		~~241~~		—
Interest from cash and cash equivalents	264		50		951		50
Total Investment Income	13,113		3,631
Total Investment Income	8,087		243		17,323		243
Expenses
Interest	142,312		—		14		—
Management fees	~~270~~829		—		~~270~~		—
Incentive fees on net investment income	~~272~~1,118		—		~~272~~		—
Incentive fees on net capital gains (losses)	120		—		120		—
Offering expense	62		—
Organizational expense	948		238		948		238
Professional fees	540		118
Offering expense	18		—		18		—
Directors’ fees	56		—
Professional fees	572		148		837		148
Other general and administrative	364		5
Directors’ fees	38		—		38		—
Total expenses before expense support	5,281		123
Other general and administrative	216		—		262		—
Expense support (See Note 3)	9		—
Total expenses before expense support	2,468		386		2,779		386
Net Expenses	5,290		123
Expense support (See Note 3)	(1,252)		—		(1,252)		—
Net Investment Income	7,823		3,508
Net Expenses	1,216		386		1,527		386
Net Investment Income Before Income Taxes	6,871		(143)		15,796		(143)
Income taxes, including excise taxes	73		—		73		—
Net Investment Income	6,798		(143)		15,723		(143)
Unrealized and Realized Gains (Losses)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments	62(5,848)		81(636)		~~324~~		81
Total net change in unrealized gains (losses)	62(5,848)		81(636)		~~324~~		81
Realized gains (losses):
Non-controlled, non-affiliated investments	321		—		32		—
Total net realized gains (losses)	321		—		32		—
Total Net Unrealized and Realized Gains (Losses)	94(5,847)		81(636)		~~356~~		81
Increase (Decrease) in Net Assets Resulting from Operations	$	61,~~892~~976	$	~~(62)~~2,872	$	~~16,079~~	$	~~(62)~~

(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) ~~from~~for the ~~date~~three ofmonths ~~its formation through the fiscal quarter~~ ended ~~September 30~~March 31, ~~2024~~2025.

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

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Crestline Lending Solutions, LLC

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2025~~2026

(Amounts in thousands, except share amounts)

(Unaudited)

Company (1)	~~Company (1)~~	Investment	~~Investment~~	Acquisition Date	~~Acquisition Date~~	Maturity Date	~~Maturity Date~~	Reference Rate and Spread	~~Reference Rate and Spread~~			Interest Rate		~~Interest Rate~~		Par	~~Par~~		Units	~~Units~~	Amortized Cost (2)(7)		~~Amortized Cost (2)(7)~~		Fair Value (6)		~~Fair Value (6)~~		Percentageof Net Assets		~~Percentage of Net Assets~~
	Automobiles & Components
Capital Goods
	FleetPride, Inc.(3)(8)(10)		First-lien loan		1/30/2025		9/29/2028		SOFR +		4.50%			8.50	%		$	4,286					$	4,017			$	4,154			1.2	%
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	%
	Capital Goods
		First-lien loan		3/6/2026		8/27/2030		SOFR +	6.50	%		10.17	%			2,699					2,659				2,653				0.8	%
	Aeritek Global Holdings, LLC(3)(10)		First-lien loan		8/27/2025		8/27/2030		SOFR +		6.50%			10.70	%		10,918						10,756				10,754				3.1	%
		First-lien revolving loan		8/27/2025		8/27/2030		SOFR +	6.50	%		10.17	%			209					195				205				0.1	%
			First-lien revolving loan		8/27/2025		8/27/2030		SOFR +		6.50%			10.70	%		367						351				362				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	%
	By Light Professional IT Services, LLC(3)(10)		First-lien loan		7/15/2025		7/15/2031		SOFR +		5.50%			9.66	%		5,888						5,797				5,800				1.7	%
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	%
	Kelso Industries, LLC(3)(8)(10)		First-lien loan		12/30/2024		12/30/2029		SOFR +		5.75%			9.91	%		8,622						8,479				8,655				2.5	%
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	%
	Tank Holding Corp.(3)(8)(10)		First-lien loan		11/14/2024		3/31/2028		SOFR +		5.75%			10.01	%		7,172						7,002				6,820				2.0	%
		Equity Interest		11/14/2025															66		66				66				—	%
	The Nordam Group, Inc.(3)(10)		First-lien loan		5/16/2025		5/16/2031		SOFR +		5.75%			10.01	%		10,613						10,410				10,316				3.0	%
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	%
	TMC Buyer, Inc (3)(8)(10)		First-lien loan		10/25/2024		10/25/2030		SOFR +		4.75%			9.03	%		1,688						1,671				1,689				0.5	%
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)	~~WHI Global, Inc.(3)(10)~~	First-lien loan	~~First-lien loan~~	4/17/2025	~~4/17/2025~~	4/17/2029	~~4/17/2029~~	SOFR +	~~SOFR +~~8.75	%	~~8.75%~~	11.78	%	~~13.14~~	%	2,583	~~2,596~~				2,562		~~2,572~~		2,583		~~2,567~~		0.8	%	~~0.7~~	%
		First-lien revolving loan	~~First-lien revolving loan~~	4/17/2025	~~4/17/2025~~	4/17/2029	~~4/17/2029~~	SOFR +	~~SOFR +~~8.75	%	~~8.75%~~	11.77	%	~~13.14~~	%	332	~~183~~				329		~~178~~		333		~~181~~		0.1	%	~~0.1~~	%
																							47,216				47,144				13.7	%
																					59,608				59,349				17.4	%
Commercial & Professional Services	~~Commercial & Professional Services~~
A&J Holdco, LLC (3)(10)	~~A&J Holdco, LLC (3)(10)~~	First-lien loan	~~First-lien loan~~	6/13/2025	~~6/13/2025~~	6/13/2031	~~6/13/2031~~	SOFR +	~~SOFR +~~5.25	%	~~5.25%~~	8.95	%	~~9.25~~	%	9,034	~~6,928~~				8,918		~~6,816~~		8,962		~~6,844~~		2.6	%	~~2.0~~	%
	Best Practice Associates, LLC(3)(10)		First-lien loan		11/8/2024		11/8/2029		SOFR +		6.75%			10.91	%		7,823						7,647				7,753				2.3	%
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	%
	Cleanova Midco Limited(3)(10)		First-lien loan		5/22/2025		6/14/2032		SOFR +		4.75%			8.81	%		10,640						10,278				10,289				3.0	%
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	%
	Crete PA Holdco, LLC(3)(10)		First-lien loan		11/26/2024		11/26/2030		SOFR +		4.75%			9.00	%		2,103						2,066				2,077				0.6	%
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	%
	JFL-Atomic AcquisitionCo, Inc.(3)(10)		First-lien loan		2/20/2025		2/20/2031		SOFR +		4.75%			8.75	%		4,605						4,527				4,573				1.3	%
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	%
	PT&C Group, LLC(3)(10)		First-lien loan		12/24/2024		12/24/2029		SOFR +		5.50%			9.71	%		4,564						4,482				4,536				1.3	%
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	%
			First-lien revolving loan		12/24/2024		12/24/2029		SOFR +		5.50%			9.71	%		801						798				796				0.2	%
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	%
	Trugreen Limited Partnership(3)(8)(10)		First-lien loan		6/11/2025		10/29/2027		SOFR +		4.00%			8.26	%		10,943						10,456				10,746				3.1	%
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	%
																							47,070				47,614				13.8	%
		First-lien loan		10/2/2025		10/2/2030		SOFR +	5.50	%		9.24	%			3,316					3,219				3,224				0.9	%
	Consumer Services
		First-lien revolving loan		12/24/2024		10/2/2030		SOFR +	5.50	%		9.24	%			2,093					2,062				2,034				0.6	%
	AMC Entertainment Holdings, Inc.(3)(4)(8)(10)		First-lien loan		8/20/2024		1/4/2029		SOFR +		7.00%			11.13	%		9,205						9,130				9,252				2.7	%
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	%
	CL MIYAGI, LP(4)(9)		LP Interest		4/22/2025															818			—				5				—	%
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	%
	Mountainside Fitness Acquisitions, LLC (3)(10)		First-lien loan		10/9/2024		10/9/2029		SOFR +		5.00%			9.14	%		2,223						2,182				2,221				0.6	%
																					79,883				79,691				23.4	%
	Shutterfly, Inc.(3)(8)(10)		Second-lien loan		9/10/2025		10/1/2027		SOFR +		5.00%			9.20	%		12,000						11,383				11,370				3.3	%
Consumer Durables & Apparel
	Soapy Joe's Midco OC Holdings, LLC(3)(10)		First-lien loan		4/22/2025		4/22/2030		SOFR +		4.00%			10.01% (incl 1.85% PIK)			6,849						6,786				6,815				2.0	%
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	%
																							29,481				29,663				8.6	%
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	%
	Financial Services
																					19,573				19,445				5.7	%
	CX Institutional, LLC(3)(4)(10)		First-lien loan		9/6/2024		6/18/2029		SOFR +		5.75%			9.91	%		1,791						1,752				1,805				0.5	%
Consumer Services
	Farrell & Fuller, LLC(5)(10)		First-lien loan		3/31/2025		3/31/2028				11.50%			11.50	%		6,852						6,854				6,854				2.0	%
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	%
																							8,606				8,659				2.5	%
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	%
	Food and Beverage
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	%
	BCPE North Star US Holdco 2(3)(8)(10)		Second-lien loan		2/27/2025		3/15/2030		SOFR +		7.25%			11.53	%		8,616						8,432				8,497				2.5	%
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	%
	Heritage Grocers Group, LLC(3)(8)(10)		First-lien loan		12/20/2024		8/1/2029		SOFR +		6.75%			10.85	%		10,120						9,504				8,622				2.5	%
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	%
																							17,936				17,119				5.0	%
																					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	%

Table of Contents

	Healthcare Equipment & Services
																			38,346			38,552			11.3	%
	Align ENTA Management Services, LLC (3)(10)		First-lien loan		9/13/2024		6/30/2028		SOFR +		5.00%			9.16	%		1,823				1,802			1,823			0.5	%
Software & Services
	Anasazi Medical Payment Solutions, Inc.(10)		First-lien loan		3/17/2025		6/8/2029				16.00%			16.00% (incl 10.00% PIK)			3,212				3,128			3,125			0.9	%
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	%
	Attigo Health, LLC(3)(10)		First-lien loan		6/27/2025		6/27/2030		SOFR +		5.25%			9.42	%		5,130				5,048			5,022			1.5	%
		First-lien revolving loan		11/27/2024		11/27/2030		SOFR +	4.75	%		8.45	%			585			574			564			0.2	%
	Mist Holding Co.(3)(10)		First-lien loan		12/23/2024		12/23/2030		SOFR +		5.25%			9.25	%		7,029				6,948			7,085			2.1	%
Caylent, Inc.		Second-lien loan		3/31/2026		3/13/2030			18.00	%		18.00% PIK				1,869			1,748			1,841			0.5	%
			First-lien revolving loan		12/23/2024		12/23/2030		SOFR +		5.25%			9.25	%		281				271			283			0.1	%
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	%
	Paradigm Parent, LLC(3)(8)(10)		First-lien loan		7/24/2025		4/16/2032		SOFR +		4.50%			8.82	%		12,000				10,800			10,798			3.1	%
CL Thematic, L.P. (9)		Equity Interest																	—						—	%
	SDG Mgmt Company, LLC(3)(10)		First-lien loan		12/6/2024		7/1/2028		SOFR +		5.50%			10.17	%		5,035				4,949			5,035			1.5	%
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	%
			First-lien revolving loan		12/6/2024		7/1/2028		SOFR +		5.75%			10.17	%		157				150			157			—	%
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	%
																					33,096			33,328			9.7	%
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	%
	Insurance
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	%
	Afore Insurance Services, LLC(3)(10)		First-lien loan		9/6/2024		9/6/2029		SOFR +		5.00%			9.13	%		1,603				1,572			1,575			0.5	%
		First-lien revolving loan		9/6/2024		3/3/2028		SOFR +	9.50	%		13.31	%			154			151			147			—	%
	BSU VS Holdings, LLC(3)(10)		First-lien loan		7/31/2025		7/31/2031		SOFR +		5.50%			9.66	%		2,208				2,180			2,186			0.6	%
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	%
	CL AK Broadstreet, L.P.(9)		Equity Interest		7/11/2025													10,018,700			10,019			10,018			2.9	%
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	%
	Likewize Corp.(3)(8)(10)		First-lien loan		8/16/2024		8/15/2029		SOFR +		5.75%			10.03	%		5,242				5,126			5,122			1.5	%
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	%
	Univista Intermediate Holdco, LLC(3)(5)(10)		First-lien loan		1/10/2025		1/30/2030		SOFR +		5.25%			9.41	%		3,307				3,243			3,288			1.0	%
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	%
																					22,140			22,189			6.5	%
																			63,154			60,764			17.8	%
	Materials
Technology Hardware & Equipment
	Alcrete, LLC(3)(10)		First-lien loan		6/10/2025		6/10/2030		SOFR +		6.75%			10.75	%		4,560				4,464			4,491			1.3	%
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	%
			First-lien revolving loan		6/10/2025		6/10/2030		SOFR +		6.75%			10.75	%		152				139			150			—	%
Telecommunication Services
																					4,603			4,641			1.3	%
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	%
	Media & Entertainment
Transportation
	Gas Media Holdings, LLC(3)(10)		First-lien loan		4/17/2025		4/17/2031		SOFR +		5.00%			9.29	%		8,255				8,127			8,139			2.4	%
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	%
			First-lien revolving loan		4/17/2025		4/17/2031		SOFR +		5.00%			9.33	%		59				51			58			—	%
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	%
	Getty Images, Inc.(4)(8)(10)		First-lien loan		9/3/2025		2/21/2030				11.25%			11.25	%		12,318				11,714			11,902			3.5	%
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	%
	TickPick Intermediate Holdings, LLC(3)(10)		First-lien loan		9/6/2024		4/1/2030		SOFR +		5.00%			9.00	%		3,061				3,007			3,092			0.9	%
		First-lien revolving loan		11/21/2025		7/26/2028		SOFR +	6.25	%		10.17	%			364			354			355			0.1	%
																					22,899			23,191			6.8	%
																			20,311			20,243			5.9	%
	Pharmaceuticals
Utilities
	Top Rx, LLC(3)(10)		First-lien loan		12/18/2024		12/18/2029		SOFR +		5.25%			9.28	%		9,457				9,294			9,287			2.7	%
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	%
			First-lien revolving loan		12/18/2024		12/18/2029		SOFR +		5.25%			9.45	%		195				176			191			0.1	%
Total Investments																			$	522,445		$	515,572		151.2	%
																					9,470			9,478			2.8	%
Cash Equivalents
	Real Estate Management & Development
State Street Institutional U.S. Government Fund																			6,410			6,410			1.9	%
	BV Design Multifamily DST(3)(10)		First-lien loan		8/6/2025		8/6/2027		SOFR +		3.35%			7.50	%		7,263				7,196			7,190			2.1	%
Total Investments and Cash Equivalents																			$	528,855		$	521,982		153.1	%
	Garden Owner, LLC(3)(10)		First-lien loan		12/30/2024		6/27/2026		SOFR +		9.25%			13.95% (incl 6.50% PIK)			3,695				3,695			3,704			1.1	%
	OPLTD Glenwillow, LLC(10)		First-lien loan		9/16/2024		7/1/2026				12.20%			12.20	%		4,007				4,008			4,037			1.2	%
	The Marlowe Apartments, LLC(9)(10)		First-lien loan		8/27/2025		9/1/2028				11.00%			11.00	%		2,722				2,722			2,722			0.8	%
			Preferred Equity		8/27/2025													445,000			445			445			0.1	%
	Willow Breeze, LLC(3)(10)		First-lien loan		11/19/2024		11/19/2026		SOFR +		6.25%			10.75% (incl 6.25% PIK)			6,259				6,458			6,428			1.9	%
																					24,524			24,526			7.2	%
	Software & Services
	Ark Data Centers, LLC(3)(10)		First-lien loan		11/27/2024		11/27/2030		SOFR +		4.75%			9.05	%		4,516				4,421			4,353			1.3	%
			First-lien revolving loan		11/27/2024		11/27/2030		SOFR +		4.75%			9.04	%		281				269			271			0.1	%
	Chirisa Volo, LLC(3)(10)		First-lien loan		10/9/2024		12/4/2027		SOFR +		6.25%			10.50	%		6,991				6,942			6,998			2.0	%
	Galaxy Helios I, LLC(3)(10)		First-lien loan		9/30/2025		8/15/2028		SOFR +		4.75%			8.75	%		4,358				4,097			4,097			1.2	%
	IXOPay, Inc.(3)(10)		First-lien loan		2/24/2025		2/24/2031		SOFR +		5.00%			9.32	%		6,235				6,162			6,223			1.8	%

(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.

Table of Contents

Jitterbit, Inc.(3)(10)	First-lien loan	9/6/2024	3/3/2028	SOFR +	9.50%		15.89% (incl 5.50% PIK)		1,472	1,441		1,417		0.4	%
	First-lien revolving loan	9/6/2024	3/3/2028	SOFR +	9.50%		15.97% (incl 2.00% PIK)		151	147		146		—	%
Sensei Holdco, LLC(3)(10)	First-lien loan	5/30/2025	5/30/2031	SOFR +	5.50%		9.50	%	7,237	7,150		7,165		2.1	%
US Signal Company, LLC(3)(10)	First-lien loan	9/3/2024	9/3/2029	SOFR +	5.50%		9.77	%	2,872	2,846		2,846		0.8	%
	First-lien revolving loan	9/3/2024	9/3/2029	SOFR +	5.50%		9.90	%	192	188		190		0.1	%
Vision Solutions, Inc.(3)(8)(10)	Second-lien loan	6/13/2025	4/23/2029	SOFR +	7.25%		11.82	%	8,114	7,722		7,817		2.3	%
										41,385		41,523		12.1	%
Technology Hardware & Equipment
Payrange, LLC(3)(10)	First-lien loan	11/26/2024	10/31/2030	SOFR +	5.00%		9.16	%	2,302	2,277		2,325		0.7	%
Telecommunication Services
Syniverse Holdings, Inc.(3)(8)(10)	First-lien loan	9/2/2025	5/13/2027	SOFR +	7.00%		11.25	%	9,118	8,879		8,912		2.6	%
Transportation
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	3,681		3,685		1.1	%
Utilities
Meritum Energy Holdings, LP(3)(10)	First-lien loan	12/6/2024	12/6/2028	SOFR +	6.00%		10.28	%	5,374	5,289		5,379		1.6	%
Total Investments										$	332,569	$	333,530	97.2	%
Cash Equivalents
State Street Institutional U.S. Government Fund										41,258		41,258		12.0	%
Total Investments and Cash Equivalents										$	373,827	$	374,788	109.2	%

(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.

(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 September 30, 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 September 30, 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.

(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 6.0% of the Company's total assets as of September 30, 2025.

(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 ~~September 30~~March 31, ~~2025~~2026, the estimated cost basis of investments for U.S. federal tax purposes was $~~4,428~~522.7 million resulting in estimated gross unrealized gains and losses of $~~8,983~~2.7 million and $49.8 million,~~555,~~ 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.

Table of Contents

Crestline Lending Solutions, LLC

Schedule of Investments as of December 31, ~~2024~~2025

(Amounts in thousands, except share amounts)

	Company (1)(6)		Investment		AcquisitionDate		Maturity Date		Reference Rate and Spread					Interest Rate		Par / Units		AmortizedCost (2)			Fair Value (4)			Percentageof Net Assets
Company (1)		Investment		Acquisition Date		Maturity Date		Reference Rate and Spread				Interest Rate			Par		Units		Amortized Cost (2)(7)			Fair Value (6)			Percentageof Net Assets
	Communications
Capital Goods
	TickPick Intermediate Holdings, LLC (3)		First-lien loan		09/6/2024		04/1/2030		SOFR +		5.25%			9.58%		$3,069		$3,006			$3,032			2.1%
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	%
																		3,006			3,032			2.1%
		First-lien revolving loan		8/27/2025		8/27/2030		SOFR +	6.50	%		10.32	%		424				408			417			0.1	%
	Consumer Discretionary
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	%
	AMC Entertainment Holdings, Inc. (3)(5)		First-lien loan		08/20/2024		01/4/2029		SOFR +		7.00%			11.36%		6,070		6,051			6,183			4.4%
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	%
	Mountainside Fitness Acquisitions, LLC (3)		First-lien loan		10/9/2024		10/9/2029		SOFR +		5.00%			9.30%		2,234		2,187			2,200			1.6%
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	%
	Vacation Rental Brands, LLC (3)		First-lien loan		10/17/2024		09/6/2031		SOFR +		5.25%			9.58%		3,334		3,304			3,303			2.3%
		Equity Interest		11/14/2025													66		66			67			—	%
			First-lien revolving loan		10/17/2024		09/6/2031		SOFR +		5.25%			9.58%		95		92			94			0.1%
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	%
																		11,634			11,781			8.3%
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	%
	Consumer Staples
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	%
	Heritage Grocers Group, LLC (3)(5)		First-lien loan		12/20/2024		08/1/2029		SOFR +		6.75%			11.18%		3,218		3,073			3,076			2.2%
		First-lien revolving loan		4/17/2025		4/17/2029		SOFR +	8.75	%		12.73	%		209				205			209			0.1	%
																		3,073			3,076			2.2%
																			57,159			56,999			16.6	%
	Financials
Commercial & Professional Services
	Afore Insurance Services, LLC (3)		First-lien loan		09/6/2024		09/6/2029		SOFR +		6.00%			10.44%		1,495		1,449			1,483			1.0%
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	%
	CX Institutional, LLC (3)		First-lien loan		09/6/2024		06/18/2029		SOFR +		5.75%			10.11%		1,339		1,299			1,311			0.9%
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	%
	Garden Owner, LLC (3)		First-lien loan		12/30/2024		06/27/2026		SOFR +		4.34%			14.09% (incl. 7.00% PIK)		3,703		3,703			3,703			2.6%
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	%
	Likewize Corp. (3)(5)		First-lien loan		08/16/2024		08/15/2029		SOFR +		5.75%			10.05%		5,342		5,204			5,236			3.7%
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	%
	NMHP Knoxville Owner (3)		First-lien A-2 Note		09/26/2024		09/1/2026		SOFR +		5.50%			9.00%		5,516		5,516			5,516			3.9%
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	%
	OPLTD Glenwillow, LLC		First-lien loan		09/16/2024		07/1/2026				12.20%			12.20%		3,312		3,312			3,312			2.3%
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	%
	Willow Breeze, LLC (3)		First-lien loan		11/19/2024		11/19/2026		SOFR +		6.25%			10.75%		5,135		5,131			5,119			3.6%
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	%
																		25,613			25,680			18.1%
		First-lien loan		10/2/2025		10/2/2030		SOFR +	5.50	%		9.22	%		31				(72)			31			—	%
	Healthcare
		First-lien revolving loan		12/24/2024		12/24/2029		SOFR +	5.50	%		9.22	%		827				795			825			0.2	%
	Align ENTA Management Services, LLC (3)		First-lien loan		09/13/2024		06/30/2028		SOFR +		5.00%			9.36%		434		414			430			0.3%
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	%
	Mist Holding Co. (3)		First-lien loan		12/23/2024		12/23/2030		SOFR +		5.25%			9.59%		4,502		4,439			4,457			3.1%
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	%
			First-lien revolving loan		12/23/2024		12/23/2030		SOFR +		5.25%			9.59%		281		270			278			0.2%
																			64,327			64,880			19.0	%
	SDG Mgmt Company, LLC (3)		First-lien loan		12/6/2024		07/1/2028		SOFR +		5.50%			—%		—		(78)			—			—%
Consumer Durables & Apparel
	Top Rx, LLC (3)		First-lien loan		12/18/2024		12/18/2029		SOFR +		5.25%			9.60%		9,528		9,317			9,337			6.6%
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	%
																		14,362			14,502			10.2%
																			9,504			9,499			2.8	%
	Industrials
Consumer Services
	Best Practice Associates, LLC (3)		First-lien loan		11/8/2024		11/8/2029		SOFR +		6.75%			11.08%		7,882		7,676			7,685			5.4%
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	%
	Crete PA Holdco, LLC (3)		First-lien loan		11/26/2024		11/26/2030		SOFR +		5.00%			9.52%		1,502		1,465			1,479			1.0%
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	%
	Kelso Industries, LLC (3)(5)		First-lien loan		12/30/2024		12/30/2029		SOFR +		5.75%			10.09%		7,027		6,886			6,886			4.8%
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	%
	Meritum Energy Holdings, LP (3)		First-lien loan		12/6/2024		12/6/2028		SOFR +		7.50%			11.93%		4,198		4,115			4,114			2.9%
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	%
	PT&C Group, LLC (3)		First-lien loan		12/24/2024		12/24/2029		SOFR +		5.50%			9.84%		4,245		4,132			4,170			2.9%
																			29,447			29,642			8.6	%
	Tank Holding Corp. (3)(5)		First-lien loan		11/14/2024		03/31/2028		SOFR +		5.75%			10.25%		2,211		2,191			2,178			1.5%
Financial Services
	TMC Buyer Inc. (3)(5)		First-lien loan		10/25/2024		10/25/2030		SOFR +		5.00%			9.57%		4,629		4,580			4,670			3.3%
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	%
																		31,045			31,182			21.9%
		Second-lien loan		11/21/2025		4/21/2031			8.00	%		8.00% PIK			8,007				6,070			6,025			1.8	%
	Technology
CL Meadow Intermediate, LLC		Equity Interest		11/21/2025													1,962		1,962			1,945			0.6	%
	Ark Data Centers, LLC (3)		First-lien loan		11/27/2024		11/27/2030		SOFR +		4.75%			9.08%		3,977		3,863			3,898			2.7%
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	%
	Chirisa Volo, LLC (3)		First-lien loan		10/9/2024		12/4/2027		SOFR +		6.25%			10.55%		1,069		1,002			1,059			0.7%
																			15,416			15,433			4.6	%
	Govos Intermediate Holdings, LLC (3)		First-lien loan		09/6/2024		07/25/2029		SOFR +		4.00%			10.75% (incl. 2.00% PIK)		3,646		3,574			3,580			2.5%
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	%

Table of Contents

	Jitterbit, Inc. (3)		First-lien loan		09/6/2024		03/3/2028		SOFR +		6.00%			14.17% (incl. 3.50%PIK		1,432		1,387		1,376		1.0%
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	%
	Payrange, LLC (3)		First-lien loan		11/26/2024		10/31/2030		SOFR +		5.25%			9.61%		2,325		2,296		2,302		1.6%
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	%
	US Signal Company, LLC (3)		First-lien loan		09/3/2024		09/3/2029		SOFR +		5.50%			10.07%		2,489		2,455		2,479		1.7%
																			37,824		36,344		10.6	%
																		14,577		14,694		10.3%
Healthcare Equipment & Services
	Total Investments																	$103,310		$103,947		73.1%
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		—	%

(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, 2024, the Company did 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, 2024, the Company did not identify any of its portfolio companies as affiliates. 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.11

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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.

(4)InThis ~~accordance~~portfolio ~~with~~company ~~ASC~~is ~~Topic~~considered ~~820,~~a ~~unless~~"non-qualifying ~~otherwise~~asset" ~~indicated~~under Section 55(a) of the 1940 Act. Under the 1940 Act, the ~~fair~~Company ~~values~~may ofnot ~~all~~acquire ~~investments~~any ~~were~~non-qualifying ~~determined~~asset ~~using~~unless, ~~significant~~at ~~unobservable~~the ~~inputs~~time ~~and~~such ~~are~~acquisition ~~considered~~is ~~Level~~made, 3qualifying ~~investments.~~assets ~~See~~represent ~~Note~~at 5least ~~for~~70% ~~further~~of ~~information~~the ~~related~~Company's tototal ~~investments~~assets. Non-qualifying assets at fair value represented 6.6% of total assets as of December 31, 2025.

(5)~~This~~In addition to the interest earned based on the stated interest rate of this investment, which is ~~valued~~the ~~using~~amount ~~observable~~reflected ~~inputs~~in ~~and~~this isschedule, ~~considered~~the Company may be entitled to receive additional interest as a ~~Level~~result 2of an arrangement with other members in the syndicate to the extent an investment. ~~See~~has ~~Note~~been 5allocated ~~for~~to ~~further~~“first ~~information~~out” ~~related~~and “last out” tranches, whereby the “first out” tranche will have priority as to ~~investments~~the at“last ~~fair~~out” ~~value~~tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the “last out” tranche.

(6)AsIn ofaccordance ~~December~~with ~~31,~~Financial ~~2024,~~Accounting ~~the~~Standards ~~Company~~Board ~~had~~Accounting ~~not~~Standards ~~yet~~Codification ~~elected~~Topic to820, beFair ~~regulated~~Value asMeasurements a(“ASC ~~BDC~~Topic 820”), ~~and~~unless ~~was~~otherwise ~~operating~~indicated, as the ~~Ramp~~fair ~~Fund,~~values aof ~~private~~all ~~fund~~investments ~~based~~were ondetermined anusing ~~exception~~significant ~~from~~unobservable ~~the~~inputs ~~definition~~and ofare ~~“investment~~considered ~~company”~~Level ~~under~~3 ~~Section~~investments. ~~3(c)(7)~~See ofNote ~~the~~5 ~~1940~~for ~~Act.~~further information related to investments at fair value.

(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)

	Three Months Ended		From August 15, 2024 (Inception) through		Nine Months Ended		From August 15, 2024 (Inception) through
	Shares		Paid in Capital		Distributable Earnings		Total NetAssets
	September 30, 2025		September 30, 2024(1)		September 30, 2025		September 30, 2024(1)
Balance at December 31, 2025	17,146,374		$	347,434	$	(6,822)	$	340,612
Increase (decrease) in net assets resulting from operations:
Net increase (decrease) in net assets resulting from operations:
Net investment income	$	6,798	$	(143)	$	15,723	$	(143)
Net investment income (loss)	—		—		7,823		7,823
Net realized gain (loss) on investments	32		—		32		—
Net change in unrealized gains (losses) on investments	—		—		(5,848)		(5,848)
Net change in unrealized appreciation (depreciation)	62		81		324		81
Net realized gains (losses) on investments	—		—		1		1
Net increase (decrease) in net assets resulting from operations	6,892		(62)		16,079		(62)
Dividends to shareholders:
Shareholder distributions:
Reinvestment of shareholder distributions	318,515		6,325		—		6,325
Distributions declared from distributable earnings	—		—		—		—
Dividends declared from net investment income	—		—		(8,030)		(8,030)
Net increase (decrease) in net assets resulting from shareholder distributions	—		—		—		—
Balance at March 31, 2026	17,464,889		$	353,759	$	(12,876)	$	340,883
Capital transactions:
Capital contributions	97,450		50,000		187,045		50,000
Distribution of members' capital	(1,303)		—		(1,303)		—
Net increase (decrease) in net assets resulting from capital share transactions	96,147		50,000		185,742		50,000
Total increase (decrease) in net assets	103,039		49,938		201,821		49,938
Net assets, beginning of period	241,038		—		142,256		—
Net assets, end of period	$	344,077	$	49,938	$	344,077	$	49,938

(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) from the date of its formation through the fiscal quarter ended September 30, 2024.


	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)

	Nine Months Ended		From August 15, 2024 (Inception) through
	Three Months Ended
	September 30, 2025		September 30, 2024(1)
	March 31, 2026		March 31, 2025(1)
Cash Flows from Operating Activities
Increase (Decrease) in net assets resulting from operations	$	161,~~079~~976	$	~~(62)~~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	(324)		(81)
Net change in unrealized (gains) losses on investments	5,848		636
Net realized (gains) losses on investments	(321)		—
Net amortization of discount on investments	(~~874~~820)		—(146)
Amortization of deferred financing costs	227		—
Purchases and originations of investments, net	(266,555)		(33,280)
Amortization of discount on debt	34		—
Proceeds from investments, net	4,218		—
Purchases and originations of investments, net	(68,781)		(50,836)
Repayments on investments	35,081		—
Proceeds from investments, net	276		—
Paid-in-kind interest	(1,099)		—
Repayments on investments	11,660		5,784
Paid-in-kind interest capitalized	(461)		(225)
Changes in operating assets and liabilities:
Interest receivable	(1,~~412~~137)		(~~156~~125)
Interest receivable paid-in-kind	(60)		—
Prepaid expenses and other assets	4,873		(6,566)
Prepaid expenses and other assets	(1,817)		(224)
Management fees payable to affiliate	(27)		—
Management fees payable to affiliate	270		—
Incentive fees on net investment income payable to affiliate	90		—
Incentive fees on net investment income payable to affiliate	272		—
Other payables to affiliates	43		—
Incentive fees on net capital gains (losses) accrued to affiliate	120		—
Investment payables	16,510		(4,935)
Other payables to affiliates	14		—
Other liabilities	106		(286)
Investment payables	21,713		—
Net Cash Provided by (Used in) Operating Activities	(29,784)		(53,827)
Other liabilities	2,090		6,764
Net Cash Provided by (Used in) Operating Activities	(192,314)		(27,039)
Cash Flows from Financing Activities
Deferred financing costs	(258)		—
Borrowings on debt	148,617		—
Distribution of members' capital	(1,303)		—
Repayments on debt	(134,800)		—
Capital calls	187,045		50,000
Deferred financing costs	—		—
Net Cash Provided by (Used in) Financing Activities	185,484		50,000
Dividends paid to shareholders	(2,494)		—
Net Increase (Decrease) in Cash and Cash Equivalents	(6,830)		22,961
Capital calls	—		9,950
Cash and cash equivalents, beginning of period	49,084		—
Net Cash Provided by (Used in) Financing Activities	11,323		9,950
Cash and Cash Equivalents, End of Period	$	42,254	$	22,961
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) ~~from~~for the ~~date~~three ofmonths ~~its formation through the fiscal quarter~~ ended ~~September 30~~March 31, ~~2024~~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~~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 ~~September~~December 21, 2025 (the "Investment Advisory Agreement"). The Adviser is registered as an investment adviser with the SEC. Under the administration agreement dated as of September 2, 2025 (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.

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 ~~July~~December 221, 2025, Rithm Capital Corporation and certain of its affiliates acquired the ~~Company~~Adviser ~~formed~~and acertain ~~wholly~~of ~~owned~~its ~~subsidiary~~affiliated entities, CLwhich ~~LSF~~resulted ~~SPV~~in I,the ~~LLC~~termination of the Prior Investment Advisory Agreement in accordance with its terms, aand ~~Delaware~~the ~~limited~~Company ~~liability~~entered ~~company.~~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. ~~The results of operations for interim periods are not indicative of results to be expected for the full year. All intercompany balances and transactions have been eliminated in consolidation.~~

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.

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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 ~~September~~March 3031, ~~2025~~2026, the Company held cash and cash equivalents totaling $7.4 million of which $426.34 million are cash equivalents. As of December 31, ~~2024~~2025, the ~~Ramp~~Company ~~Vehicle~~ held cash and cash equivalents totaling $4925.19 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 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.

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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.

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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 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.

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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 ~~using the effective interest method, or straight-line method,~~ 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.

16As of March 31, 2026 and December 31, 2025, the Company had no investments on non-accrual status.

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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

AsThe ~~of the BDC Election Date, the~~ Company intends to elect to be treated as a RIC under ~~Subchapter~~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 ~~generally~~ 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 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 and nine months ended September 30, 2025, the Company recorded a net expense of less than $0.1 million for U.S. federal excise tax and other taxes. No excise tax was recorded by the Ramp Vehicle from Inception through September 30, 2024.19

~~Before~~Table ~~the BDC Election Date, due to the nature~~ of the Company's activities and its organization as a limited liability company and its 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.Contents

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 ~~in cash on behalf of shareholders~~, 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~~Shares, rather than receiving the cash dividend. The Company expects to use newly issued ~~shares~~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.

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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

InThe ~~December~~Company ~~2023,~~considers the ~~FASB~~applicability ~~issued~~and ~~ASU~~impact ~~No.~~of ~~2023-09,~~all ~~“Income~~accounting ~~Taxes~~standard ~~(Topic~~updates ~~740): Improvements to Income Tax Disclosures~~ (“"ASU ~~2023-09”~~"),” ~~which~~issued ~~intends~~by ~~to improve~~ the ~~transparency~~Financial ofAccounting ~~income~~Standards ~~tax~~Board ~~disclosures~~(the "FASB"). ASU's ~~No.~~not ~~2023-09~~listed iswere ~~effective~~assessed ~~for~~by ~~fiscal~~the ~~years~~Company ~~beginning after December 15, 2024~~ and iseither determined to be ~~adopted on a prospective basis with the option to apply retrospectively. The Company does~~ not ~~expect~~applicable ~~this~~or ~~update~~expected to have aminimal ~~material~~impact ~~effect~~ on ~~the~~its ~~Company's~~ 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 ~~Fund~~Company is currently assessing the impact of this guidance, however, the ~~Fund~~Company does not expect a material impact on its consolidated financial statements.

In December 2024, the FASB issued ASU No. 2024-04, "Debt with Conversion and Other Options (Subtopic 470): Induced Conversions of Convertible Debt Instruments", which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. The Company does not expect this update to have a material effect on the Company's consolidated financial statements. 20

3. Agreements and Related Party Transactions

Administration Agreement

~~On the BDC Election Date, the Company entered into the Administration Agreement with the Administrator, which was approved by the Board at its organizational meeting on August 19, 2025.~~ 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 ~~it's~~its Chief Financial Officer and Chief Compliance Officer and their respective ~~staff~~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 ~~include~~including but not limited to the allocable portion of ~~the~~ compensation, overhead and other expenses paid by the Adviser or its affiliates tofor the Company’s Chief Financial Officer, compliance and other professionals who provide operational and administrative services to the Company pursuant to the Administration Agreement,. ~~including~~Directors ~~individuals~~ who ~~provide~~are ~~“back~~not ~~office”~~affiliated orwith ~~“middle office” financial, operational, legal and/or compliance services to~~ the ~~Company. The Company reimburses the~~ Adviser ~~(or~~receive ~~its~~compensation ~~affiliates)~~ for ~~the~~their ~~allocable~~services ~~portion~~and ofreimbursement ~~the compensation paid by the Adviser (or its affiliates) to such individuals based on the percentage~~ of ~~time~~expenses ~~those~~incurred ~~individuals devote, on an estimated basis,~~ to ~~the~~attend ~~business and affairs of the Company and in acting~~ meetings.

18For 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.

on behalf of the Company. The Company may also reimburse the Adviser or its affiliates for the allocable portion of overhead expenses (including rent, office equipment and utilities) attributable thereto. Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three and nine months ended September 30, 2025, the Company incurred less than $0.1 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. No administrative expenses were incurred by the Ramp Vehicle from Inception through September 30, 2024.

Investment Advisory Agreement

~~On the BDC Election Date, the Company entered into the Investment Advisory Agreement with the Adviser, which was approved by the Board at its organizational meeting on August 19, 2025.~~ 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”).

On September 5, 2025, the Adviser entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Rithm Capital Corporation and certain of its affiliates (“Rithm”), pursuant to which Rithm will acquire the Adviser and certain of its affiliated entities (the “Transaction”). Following the closing of the Transaction, the Adviser will be owned by Rithm, subject to certain profit sharing and earnout arrangements with the Adviser’s senior employees. Although the ownership of the Adviser will change as a result of the Transaction, there are expected to be no changes to the investment advisory services performed by the Adviser for the Company as a result of the Transaction. The Adviser’s current management team is expected to continue to determine the investment strategies and policies of the Adviser following the consummation of the Transaction. In addition, the Company’s investment objective, investment strategies, and investment portfolio are not expected to change as a result of the Transaction.

Pursuant to Section 15 of the 1940 Act, the Transaction will be deemed to result in a change of control of the Adviser, resulting in the termination of the Investment Advisory Agreement in accordance with its terms. In anticipation of the automatic termination of the Investment Advisory Agreement upon the closing of the Transaction, the Board, including a majority of the directors who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company (the "Independent Directors"), voted to approve a new investment advisory agreement (the "New Investment Advisory Agreement") by and between the Company and the Adviser, subject to shareholder approval. The New Investment Advisory Agreement is identical to the current Investment Advisory Agreement, including with respect to the Management Fee and Incentive Fee payable by the Company to the Adviser, except that the initial term will begin upon the execution of the New Investment Advisory Agreement. Subject to approval by the Company's shareholders, the New Investment Advisory Agreement will take effect upon the closing of the Transaction, which is expected to close in the fourth quarter of 2025.

The closing of the Transaction is subject to the satisfaction or waiver of various conditions, as set forth in the Purchase Agreement, including obtaining specified regulatory approvals and attaining certain advisory client consent thresholds. The Company held a special meeting of Shareholders on November 21, 2025, at which time the shareholders approved the New Investment Advisory Agreement.

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

19For 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.

For the initial period of operations from the BDC Election Date through the end of the fiscal quarter ended September 30, 2025, the Management Fee will be calculated based on the net asset value of the Ramp Vehicle as of the BDC Election Date.

For the three and nine months ended September 30, 2025, Management Fees were $0.3 million. Management Fees for September 30, 2025 were calculated at an annual rate of 0.9875% and appropriately pro-rated for the partial period.

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.

20For 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.

For the three and nine months ended September 30, 2025, Incentive Fees on net investment income were $0.3 million. For the three and nine months ended September 30, 2025 Incentive Fees on capital gains were $0.1 million. As of September 30, 2025, the Capital Gains Fees accrued are not contractually payable to the Adviser.

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”).~~

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

~~The~~For ~~Company~~the ~~shall~~three ~~make~~months ~~such~~ended ~~Reimbursement Payments~~March 31, ~~or a portion thereof~~2026, to the ~~Adviser~~Company ~~until~~recorded ~~such~~less ~~time~~than as$0.1 ~~all~~million ~~Expense~~of ~~Payments~~expense ~~made~~Reimbursement byPayments ~~the Adviser~~ to the ~~Company~~Adviser ~~within~~in ~~three years prior to~~ the ~~last~~Consolidated ~~business~~Statement ~~day~~ of ~~the applicable calendar month in which such Reimbursement Payment obligation is accrued~~Operations.

For the three and nine months ended September 30, 2025, the Company recorded $1.3 million of expense support 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~~investments at fair value consisted of the following at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

September 30, 2025

March 31, 2026

Amortized Cost (1)

Fair Value

Net UnrealizedGain (Loss)

First-lien debt investments

~~290~~451,~~889~~796

~~291~~447,~~693~~145

~~804~~(4,651)

Second-lien debt investments

3152,~~217~~237

3149,~~369~~235

~~152~~(3,002)

Equity and other investments

1018,~~463~~412

1019,~~468~~192

5780

Total Investments

~~332~~522,~~569~~445

~~333~~515,~~530~~572

~~961~~(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)

	December 31, 2024(2)
	Amortized Cost (1)		Fair Value		Net UnrealizedGain (Loss)
First-lien debt investments	$	103,310	$	103,947	$	637
Total Investments	$	103,310	$	103,947	$	637

(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.

(2)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle, a private fund based on an exception from the definition of "investment company" under Section 3(c)(7) of 1940 Act.23

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 ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

	September 30, 2025		December 31, 2024(1)(2)
	March 31, 2026		December 31, 2025
Automobiles & Components	1.2	%	—	%
Capital Goods	11.5	%	12.3	%
Capital Goods	14.1	%	13.2	%
Commercial & Professional Services	15.5	%	14.0	%
Commercial & Professional Services	14.3	%	12.8	%
Consumer Durables & Apparel	3.8	%	2.1	%
Consumer Services	8.93	%	116.34	%
Financial Services	23.60	%	63.63	%
Food & Beverage	5.1	%	3.0	%
Food and Beverage	7.3	%	7.8	%
Healthcare Equipment & Services	106.09	%	58.0	%
Insurance	64.7	%	65.42	%
Materials	10.49	%	—1.0	%
Media & Entertainment	7.06	%	27.95	%
Pharmaceuticals	21.89	%	92.01	%
Real Estate Management & Development	7.45	%	~~11.~~7.6	%
Software & Services	1211.48	%	1112.97	%
Technology Hardware & Equipment	01.72	%	21.23	%
Telecommunication Services	2.74	%	—2.3	%
Transportation	13.19	%	—4.4	%
Utilities	1.68	%	42.0	%
Total	100.0	%	100.0	%

~~(1)As~~The ofgeographic ~~December~~composition ~~31,~~of ~~2024,~~investments ~~the~~at ~~Company~~fair ~~had~~value ~~not yet elected to be regulated~~ as aof ~~BDC~~March 31, 2026 and ~~was operating as the Ramp Vehicle~~December 31, ~~a private fund based on an exception from the definition of "investment company" under Section 3(c)(7) of 1940 Act.~~2025:

(2)The Company reclassified certain of its portfolio companies to conform to the current period industry composition.


	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	%

The geographic composition of the Company’s investments as a percentage of fair value at September 30, 2025 and December 31, 2024 was as follows:

	September 30, 2025		December 31, 2024(1)
United States
Midwest	25.3	%	19.6	%
Northeast	13.1	%	17.8	%
South	40.4	%	38.9	%
West	19.1	%	23.7	%
Puerto Rico	2.1	%	—	%
Cayman(2)	0.0	%	—	%
Total	100.0	%	100.0	%

(1)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle, a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of 1940 Act.

(2)Cayman investments round to less than 0.0% for the purpose of geographic composition comparison.

5. Fair Value of Financial Instruments

Investments

The following tables present fair value measurements of investments as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

Fair Value Hierarchy at September 30, 2025

Fair Value Hierarchy at March 31, 2026

Level 1

Level 2

Level 3

Total

First-lien debt investments

—

8698,~~671~~133

~~205~~349,~~022~~012

~~291~~447,~~693~~145

Second-lien debt investments

—

27,~~684~~707

321,~~685~~528

3149,~~369~~235

Equity and other investments

—

1019,~~468~~192

Total investments at fair value

—

~~114~~125,~~355~~840

~~219~~389,~~175~~732

~~333~~515,~~530~~572

	Fair Value Hierarchy at December 31, 2024(1)
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	28,228	$	75,719	$	103,947
Total investments at fair value	$	—	$	28,228	$	75,719	$	103,947

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 and nine months ended September 30, 2025:

	As of and for the Three Months EndedSeptember 30, 2025
	First-liendebtinvestments		Second-liendebtinvestments		Equityand otherinvestments		Total
Balance, beginning of period	$	166,213	$	—	$	6	$	166,219
Purchases or originations	43,526		3,677		10,464		57,667
Repayments / redemptions	(5,457)		—		—		(5,457)
Paid-in-kind interest	456		—		—		456
Net change in unrealized gains (losses)	79		4		(2)		81
Net amortization of discount on securities	205		4		—		209
Transfers within Level 3	—		—		—		—
Transfers into (out of) Level 3	—		—		—		—
Balance, End of Period	$	205,022	$	3,685	$	10,468	$	219,175

	As of and for the Nine Months EndedSeptember 30, 2025
	First-liendebtinvestments		Second-liendebtinvestments		Equityand otherinvestments		Total
Balance, beginning of period	$	75,719	$	—	$	—	$	75,719
Purchases or originations	147,775		3,677		10,464		161,916
Repayments / redemptions	(19,262)		—		—		(19,262)
Sales proceeds	(1,294)		—		—		(1,294)
Paid-in-kind interest	1,100		—		—		1,100
Net change in unrealized gains (losses)	519		4		4		527
Net amortization of discount on securities	465		4		—		469
Transfers within Level 3	—		—		—		—
Transfers into (out of) Level 3	—		—		—		—
Balance, End of Period	$	205,022	$	3,685	$	10,468	$	219,175

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 period of August 15, 2024 (Inception) to September 30, 2024:

	For the period from August 15, 2024 (Inception) to September 30, 2024
	First-liendebtinvestments		Total
Balance, beginning of period	$	—	$	—
Purchases or originations	22,468		22,468
Repayments / redemptions	(38)		(38)
Paid-in-kind interest	—		—
Net change in unrealized gains (losses)	63		63
Net amortization of discount on securities	5		5
Transfers within Level 3	—		—
Transfers into (out of) Level 3	—		—
Balance, End of Period	$	22,498	$	22,498

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 September 30, 2025 and for the period of August 15, 2024 (Inception) through September 30,2024.

	Net Change in UnrealizedGains or (Losses)For the Three Months EndedSeptember 30, 2025 onInvestments Held atSeptember 30, 2025		Net Change in Unrealized Gains or (Losses) from August 15, 2024 (Inception) through September 30, 2024 on Investments Held at September 30, 2024 (1)
First-lien debt investments	$	181	$	63
Second-lien debt investments	4		—
Equity and other investments	(2)		—
Total	$	183	$	63

	Net Change in UnrealizedGains or (Losses)For the Nine Months EndedSeptember 30, 2025 onInvestments Held atSeptember 30, 2025		Net Change in Unrealized Gains or (Losses) from August 15, 2024 (Inception) through September 30, 2024 on Investments Held at September 30, 2024 (1)
	Fair Value Hierarchy at December 31, 2025
First-lien debt investments	$	526	$	63
	Level 1		Level 2		Level 3		Total
Second-lien debt investments	5		—
First-lien debt investments	$	—	$	81,796	$	306,760	$	388,556
Equity and other investments	4		—
Second-lien debt investments	—		29,934		19,909		49,843
Total	$	535	$	63
Equity and other investments	—		—		24,896		24,896
Total investments at fair value	$	—	$	111,730	$	351,565	$	463,295

~~(1)As~~Transfers ofbetween ~~December 31~~levels, ~~2024,~~if ~~the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle~~any, aare ~~private~~recognized ~~fund~~at ~~based on an exception from~~ the ~~definition~~beginning of ~~“investment~~the ~~company”~~quarter ~~under~~in ~~Section~~which ~~3(c)(7)~~the oftransfers ~~1940 Act~~occur.

The following tables present the ~~fair~~changes ~~value~~in ofthe ~~Level 3 Investments at~~ fair value ~~and the significant unobservable inputs used in the valuations as~~ of ~~September 30,~~investments ~~2025~~for ~~and~~which ~~December 31,~~Level ~~2024.~~3 ~~The~~inputs ~~tables~~were ~~are~~used ~~not intended~~ to bedetermine ~~all-inclusive, but instead capture~~ the ~~significant~~fair ~~unobservable~~value ~~inputs~~as ~~relevant~~of toand for the ~~Company’s~~three ~~determination~~months ofended ~~fair~~March 31, ~~values.~~2026:

	September 30, 2025
	As of and for the Three Months EndedMarch 31, 2026
	Fair Value		ValuationTechnique(s)		UnobservableInput(s)	Range (WeightedAverage)
	First-liendebtinvestments		Second-liendebtinvestments			Equityand otherinvestments		Total
First-lien debt investments	$	205,022	Broker QuotesPrecedent TransactionDiscounted Cash Flow - Yield Analysis		Discount Rate	7.94% to 18.14%
Balance, beginning of period	$	306,760	$	19,909		$	24,896	$	351,565
Second-lien debt investments	3,685		Precedent Transaction		N/A	N/A
Purchases or originations	43,355		1,748			4,120		49,223
Equity and other investments	10,468		Precedent Transaction		N/A	N/A
Repayments / redemptions	(11,379)		—			—		(11,379)
Total	$	219,175
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

December 31, 2024 (1)

Fair Value

ValuationTechnique(s)

UnobservableInput(s)

Range (WeightedAverage)

First-lien debt investments

75,719

Discounted Cash Flow - Yield Analysis Precedent Transaction

Discount RateN/A

9.71% - 16.32%N/A

Total

75,719

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


	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, wethe ~~intend~~Company intends to manage the portfolio with at least a 200% asset coverage ratio. However, the Company may reduce ~~our~~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%.

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 September 30, 2025, the Company’s asset coverage was 667.6%. As of September 30, 2025, the Company has not incurred any borrowings.

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 ofdepending on ~~any~~the ~~day~~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 ~~September~~March 3031, ~~2025~~2026, the Company ~~was~~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		~~Nine Months Ended~~
	September 30, 2025		September 30, 2025
	March 31, 2026
Interest expense	$	—2,169	$	—
Commitment fees	1282		12
Accretion of original issue discount	—		—
Amortization of deferred financing costs	27
Amortization of deferred financing costs	2		2
Accretion of original issue discount	34
Total Interest Expense	$	142,312	$	14

7. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments; such commitments are incorporated into the Company’s assessment of its liquidity position. The Company’s senior secured revolving loan commitments are generally available on a borrower’s demand and may remain outstanding until the maturity date of the applicable loan. The Company’s senior secured delayed draw term loan commitments are generally available on a borrower’s demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

26As of March 31, 2026 and December 31, 2025, the Company had the following commitments to fund investments in current portfolio companies:

As of September 30, 2025, the Company had the following commitments to fund investments in current portfolio companies:


	March 31, 2026		December 31, 2025
2000 Ponce Owner, LLC - Delayed Draw	$	86	$	—
7050 Rime Village Owner, LLC - Delayed Draw	24		24
A&J Holdco, LLC - Delayed Draw & Revolver	1,606		3,713
Aeritek Global Holdings, LLC - Revolver	873		659
Afore Insurance Services, LLC - Delayed Draw & Revolver	233		299
Alcrete, LLC - Delayed Draw & Revolver	2,894		2,894
Align ENTA Management Services, LLC - Delayed Draw & Revolver	—		912
Ark Data Centers, LLC - Delayed Draw & Revolver	1,919		2,176
Arrow, Inc. - Delayed Draw & Revolver	2,307		2,307
Attigo Health, LLC - Revolver	571		571
Best Practice Associates, LLC - Revolver	588		588
Bishop Street Underwriters, LLC - Delayed Draw	2,889		—
Bridger Aerospace Group Holdings, Inc. - Delayed Draw & Revolver	3,848		4,090
Brightwood MOI ACQ, LLC - Delayed Draw	5,040		—
By Light Professional IT Services, LLC - Revolver	446		446
Caylent, Inc. - Delayed Draw	8,305		—
CityVet, Inc. - Delayed Draw	3,766		—
Crete PA Holdco, LLC - Delayed Draw & Revolver	2,117		4,461
CX Institutional, LLC - Delayed Draw	3,367		3,367
Emergence Mobility Technologies, Inc. - Delayed Draw & Revolver	4,209		4,209
Fabletics, Inc. - Delayed Draw	327		388
FreshPure Buyer, Inc. - Delayed Draw	4,734		4,734
Galaxy Helios I, LLC - Delayed Draw	3,321		5,248
Gas Media Holdings, LLC - Delayed Draw & Revolver	2,335		2,305
Gridhawk Holdings, LLC - Delayed Draw	1,714		—
IXOPay, Inc. - Delayed Draw & Revolver	3,537		3,537
JFL-Atomic AcquisitionCo, Inc. - Delayed Draw & Revolver	1,601		1,601
Jitterbit, Inc. - Revolver	50		50
Meta Buyer, LLC - Delayed Draw & Revolver	2,862		—
Mist Holding Co. - Delayed Draw & Revolver	3,577		3,577
Mountainside Fitness Acquisitions, LLC - Delayed Draw & Revolver	1,363		1,564
North American Central School Bus Intermediate Holding Company, LLC - Delayed Draw	840		840
One East Camelback, LLC - Delayed Draw	4,044		4,481
Payrange, LLC - Revolver	620		620
PT&C Group, LLC - Delayed Draw & Revolver	3,223		7,774
SDG Mgmt Company, LLC - Delayed Draw & Revolver	1,577		2,324
Sensei Holdco, LLC - Delayed Draw & Revolver	2,895		2,895
Soapy Joe's Midco OC Holdings, LLC - Delayed Draw	3,847		3,847
Summit Management Partners Intermediate, LLC - Delayed Draw & Revolver	2,801		3,532
The Marlowe Apartments, LLC - Delayed Draw	896		1,094
TickPick Intermediate Holdings, LLC - Revolver	200		200
Top Rx, LLC - Revolver	195		584

	September 30, 2025		December 31, 2024
A&J Holdco, LLC - Delayed Draw & Revolver	$	3,712	$	—
Aeritek Global Holdings, LLC - Revolver	715		—
Afore Insurance Services, LLC - Delayed Draw & Revolver	1,749		3,289
Alcrete, LLC - Delayed Draw & Revolver	2,996		—
Align ENTA Management Services, LLC - Delayed Draw & Revolver	1,823		3,212
Ark Data Centers, LLC - Delayed Draw & Revolver	2,223		3,041
Attigo Health, LLC - Revolver	571		—
Best Practice Associates, LLC - Revolver	588		588
BSU VS Holdings, LLC - Delayed Draw	1,476		—
By Light Professional IT Services, LLC - Revolver	446		—
Chirisa Volo, LLC - Delayed Draw	203		6,125
Crete PA Holdco, LLC - Delayed Draw & Revolver	1,126		1,727
CX Institutional, LLC - Delayed Draw	231		692
Galaxy Helios I, LLC - Delayed Draw	9,716		—
Garden Owner, LLC - Delayed Draw	—		64
Gas Media Holdings, LLC - Delayed Draw & Revolver	2,305		—
Govos Intermediate Holdings - Revolver	—		181
IXOPay, Inc. - Delayed Draw & Revolver	3,537		—
JFL-Atomic AcquisitionCo, Inc. - Delayed Draw & Revolver	1,845		—
Jitterbit, Inc. - Revolver	50		200
Kelso Industries, LLC - Delayed Draw	951		2,703
Mist Holding Co. - Delayed Draw & Revolver	4,691		4,482
Mountainside Fitness Acquisitions, LLC - Delayed Draw & Revolver	1,564		1,564
North American Central School Bus Intermediate Holding Company, LLC - Delayed Draw	840		—
OPLTD Glenwillow, LLC - Delayed Draw	625		1,320
Payrange, LLC - Revolver	620		620
PT&C Group, LLC - Delayed Draw & Revolver	964		2,236
SDG Mgmt Company, LLC - Delayed Draw & Revolver	4,837		10,050
Sensei Holdco, LLC - Delayed Draw & Revolver	2,895		—
Soapy Joe's Midco OC Holdings, LLC - Delayed Draw	3,847		—
The Marlowe Apartments, LLC - Delayed Draw	1,094		—
TickPick Intermediate Holdings, LLC - Revolver	200		200
TMC Buyer, Inc. - Delayed Draw	180		421
Top Rx, LLC - Revolver	917		1,112
US Signal Company, LLC - Delayed Draw & Revolver	575		1,149
Vacation Rental Brands, LLC	—		4,013
WHI Global, LLC - Revolver	306		—
Willow Breeze, LLC - Delayed Draw	198		1,523
Total Portfolio Company Commitments(1)(2)	$	60,616	$	50,512


UltraViolet Cyber, Inc. - Delayed Draw	5,967		5,967
US Signal Company, LLC - Delayed Draw & Revolver	469		575
Vehicle Management Services, LLC - Revolver	464		339
WHI Global, LLC - Revolver	156		280
Willow Breeze, LLC - Delayed Draw	—		81











































Total Portfolio Company Commitments(1)(2)	$	98,703	$	89,153

(1)Represents the full amount of the Company’s commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

(2)The Company’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

(3)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle, a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of 1940 Act.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of ~~September~~March 3031, ~~2025~~2026, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

8. Net Assets

The Company has the authority to issue an unlimited number of ~~shares~~Shares. Prior to the BDC Election Date, the Company exchanged 17,146,374 ~~shares~~Shares to the shareholders of the Ramp Vehicle with a value of $342.9 million and received $354.7 million in Capital Commitments. Of the $354.7 million in total Capital Commitments, the Company called $327.1 million prior to the BDC Election Date in order to make investments and support the operations of the Ramp Vehicle and adjusted $9.5 million in capital commitments of shareholders in the Ramp Vehicle.

The Company has entered into subscription agreements (the “Subscription Agreements”) with investors. Investors are required to enter into capital commitment arrangements (each, a “Capital Commitment”) with the Company to purchase ~~shares~~Shares, pursuant to which the investors are required to fund drawdowns to purchase ~~shares~~Shares up to the amount of their respective Capital Commitments each time the Company delivers a drawdown notice, which will be delivered at least 10 days prior to any subsequent funding date. All Capital Commitments from the earliest investor(s) must be called in totality before Capital Commitments from later subscribing investors is called. The purchase price of the ~~shares~~Shares for each capital call will be set at a per-~~share~~Share price that is at least equal to the NAV per ~~share~~Share for the quarter in which capital is called, subject to the limitations under Section 23 of the 1940 Act. The Board may set the per-~~share~~Share price above NAV per ~~share~~Share based on a variety of factors.

~~The~~As ~~Company has adopted a dividend reinvestment plan that provides for reinvestment~~ of ~~dividends~~March 31, and other distributions. No action will be required on the part of a shareholder to have his or her cash dividends and distributions reinvested in the Company’s shares. A shareholder could instead elect to receive a dividend or distribution in cash by notifying the Adviser in writing2026, sowe ~~that~~had ~~such notice is~~ received byCapital ~~the~~Commitments ~~Adviser~~totaling no$386.3 million ~~later~~($49.8 million ~~than~~remaining ~~10 days prior to the record date~~undrawn).

~~The~~Pursuant ~~number of shares~~ to ~~be issued to a shareholder under~~ the Company’s dividend reinvestment plan, ~~will~~the befollowing ~~determined~~table bysummarizes ~~dividing~~ the ~~total~~Shares ~~dollar~~issued ~~amount~~to ofshareholders ~~the~~who ~~distribution~~have ~~payable~~not toopted aout ~~shareholder~~of by the ~~NAV~~Company’s ~~per~~dividend ~~share~~reinvestment asplan offor the ~~last~~three ~~day~~months ~~of the~~ended ~~Company’s~~March 31, ~~calendar~~2026. ~~quarter~~All ~~immediately~~Shares ~~preceding~~issued to shareholders in the ~~date~~tables ~~such~~below ~~distribution~~are ~~was~~newly ~~declared~~issued Shares.

For the Three Months Ended
March 31, 2026

Date Declared

Record Date

Date
Shares Issued

Shares Issued

December 31, 2025

January 30, 2026

318,515

Total Shares Issued

318,515

The Company has commenced a Share repurchase program pursuant to which it intends to repurchase in each quarter up to 5% of its outstanding Shares (either by number of Shares or aggregate NAV) as of the prior quarter.

The following table presents the Share repurchase offers completed for the fiscal quarter ended March 31, 2026:


Offer Date	Tender Offer Expiration	Repurchase Price per Share(1)		Repurchased Amount		Shares Repurchased
March 20, 2026	April 20, 2026	$	19.52	$	—	$	—

(1)The purchase price for Shares tendered pursuant to the tender offer ended April 20, 2026 was the Company’s net asset value as of March 31, 2026. Although no Shares were repurchased pursuant to such tender offer, the purchase price is included in the table above to show the terms of the repurchase offer for the applicable period.

9. Dividends

~~With~~The ~~respect~~following totable ~~distributions,~~summarizes ~~the~~dividends ~~Company~~declared ~~has adopted an “opt out” dividend reinvestment plan~~ for ~~shareholders. As a result, in~~ the ~~event~~three ofmonths aended ~~declared cash distribution or other distribution~~March 31, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions. A shareholder could instead elect to receive a dividend or distribution in cash by notifying the Adviser in writing, so that such notice is received by the Adviser no later than 10 days prior to the record date.2026:

During the period ended September 30, 2025, no dividends had been declared or paid by the Company.

Three Months Ended
March 31, 2026

Date Declared

Record Date

Payment Date

Dividend per Share

March 30, 2026

March 31, 2026

May 18, 2026

0.46

Total Dividends Declared

0.46

28The dividends declared during the three months ended March 31, 2026 were derived from net investment income, determined on a tax basis for the three months ended March 31, 2026.

Shareholders who receive distributions in the form of Shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions. A shareholder could instead elect to receive a dividend or distribution in cash by notifying the Adviser in writing, so that such notice is received by the Adviser no later than 10 days prior to the record date.

The number of Shares to be issued to a shareholder under the dividend reinvestment plan will be determined by dividing the total dollar amount of the distribution payable to a shareholder by the NAV per Share as of the last day of the Company’s calendar quarter immediately preceding the date such distribution was declared.

10. Financial Highlights

The following per ~~share~~Share data and ratios have been derived from information provided in the consolidated financial statements. The following are the financial highlights ~~from~~for the ~~BDC~~three ~~Election~~months ~~Date~~ended ~~through September 30~~March 31, ~~2025~~2026.

	From the BDC Election Date through September 30, 2025
	Three Months Ended
	March 31, 2026
Per Share Data (1)
Net asset value, beginning of period	$	—19.86
Net investment income (2)	0.1045
Net realized and unrealized gain (loss) (2)	(0.0334)
Total from operations	0.0711
Net share issuance (3)	200.0001
Dividends declared (4)	—(0.46)
Total increase (decrease) in net assets	20(0.0734)
Net Asset Value, End of Period	$	2019.0752
Total return based on net asset value (5)	~~N/A~~0.60%
Shares outstanding, end of period	17,~~146~~464,~~374~~889
Ratios / Supplemental Data (6)
Ratio of gross expenses to average net assets	06.9321		%
Ratio of net investment income to average net assets	9.1318		%
Portfolio turnover	259.3376		%
Net assets, end of period	$	~~344~~340,~~077~~883

(1) Table may not sum due to rounding.

(2) The per ~~share~~Share data was derived by using the weighted average ~~shares~~Shares outstanding during the period.

(3) The amount shown at this caption is the balancing amount derived from ~~share~~Share issuances. The amount shown for ~~share~~Share issuance will fluctuate due to the timing of ~~share~~Share issuances and the weighting of average ~~shares~~Shares over the period.

(4) The per ~~share~~Share data was derived by using the actual ~~shares~~Shares outstanding at the date of the relevant transactions.

(5) Total return based on net asset value is calculated as the change in net asset value per ~~share~~Share during the period plus declared dividends, assuming reinvestment of dividends, divided by the beginning net asset value per ~~share~~Share. Total return has not been annualized.

(6) The ratios, excluding nonrecurring expenses, such as organization costs, are annualized.

11. Subsequent Events

The Company’s management has evaluated subsequent events through the date ~~of issuance of~~ the ~~consolidated~~ financial statements ~~included~~were ~~herein~~available to be issued. There have been no subsequent events, except as already disclosed, that occurred during such period that would require disclosure or would be required to be recognized in the consolidated financial statements as of and for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026.

2931

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information contained in this section should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. This discussion also should be read in conjunction with the “Forward-Looking Statements” set forth on page 3 of this Quarterly Report on Form 10-Q.

Overview

Crestline Lending Solutions, LLC is a Delaware limited liability company initially formed as Crestline Lending Solutions Ramp, LLC (the "Ramp Vehicle"). On the BDC Election Date, we elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") and intend to elect to be treated as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code (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.

Our 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. We invest 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. We intend 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").

We are externally managed by Crestline Management, L.P. (the "Adviser"), which manages our day-to-day operations and provides us with investment advisory services pursuant to the terms of the investment advisory agreement between us and the Adviser, dated as of ~~September~~December 21, 2025 (the "Investment Advisory Agreement"). The Adviser ispreviously ~~registered~~provided assuch services pursuant to an investment ~~adviser~~advisory ~~with~~agreement ~~the~~between ~~SEC.~~us ~~Under~~and the ~~administration~~Adviser ~~agreement~~ 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 we entered into the Investment Advisory Agreement and the amended and restated administration agreement (the "Administration Agreement”") on such date. The Adviser is registered as an investment adviser with the SEC. Pursuant to the Administration Agreement between us and Crestline Management, L.P. (in such capacity, the “Administrator”), the Administrator provides for the administrative services necessary for us to operate, and we have agreed to reimburse the Administrator for the allocable portion of our overhead and other expenses incurred by the Administrator in performing its obligations thereunder, including, but not limited to, our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer and Chief Compliance Officer and their respective ~~staff~~staffs. The Administrator has engaged a third-party sub-administrator to assist in the provision of our administrative services.

On July 22, 2025, we formed a wholly owned subsidiary, CL LSF SPV I, LLC, a Delaware limited liability company.

Key Components of Our Results of Operations

Investments

We focus primarily on the direct origination of loans to lower and core middle-market companies domiciled in the United States.

Our level of investment activity (both the number of investments and the size of each investment) can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital generally available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

In addition, as part of our risk strategy on investments, we may reduce certain levels of investments through partial sales or syndication to additional investors.

Additionally, as a BDC, we are required to invest at least 70% of our total assets in “qualifying assets.” Qualifying assets include investments in “eligible portfolio companies.” Under the 1940 Act, the term “eligible portfolio company” includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250.0 million.

Further, to qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements.

Revenues

We expect to generate revenue primarily through receipt of interest income from the investments we hold. In addition, we may generate income from various loan origination and other fees and dividends on direct equity investments.

Our debt investments will generally bear interest at a floating rate usually determined on the basis of a benchmark, such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we will receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity dates. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also may reflect the proceeds of sales of securities. In addition, we may generate revenue in the form of commitment, origination, structuring, diligence, consulting or prepayment fees associated with our investment activities as well as any fees for managerial assistance services rendered by us to portfolio companies and other investment related income.

30Our primary uses of cash will be for (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying the Adviser and the Administrator), (iii) the cost of any borrowings or other financing arrangements, and (iv) cash distributions to the holders of our Shares.

some of our debt investments prior to their scheduled maturity dates. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also may reflect the proceeds of sales of securities. In addition, we may generate revenue in the form of commitment, origination, structuring, diligence, consulting or prepayment fees associated with our investment activities as well as any fees for managerial assistance services rendered by us to portfolio companies and other investment related income.

Our primary uses of cash will be for (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying the Adviser and the Administrator), (iii) cost of any borrowings or other financing arrangements, and (iv) cash distributions to the holders of our shares.

Expenses

Our primary operating expenses ~~will~~ include the payment of fees to ~~the~~our Adviser under the Investment Advisory Agreement, ~~our allocable portion of overhead~~ expenses reimbursable under the Administration Agreement and other operating costs described below.

We will be responsible for all costs and expenses incurred in connection with ~~the~~our operations ~~of the Company~~ and locating, structuring, evaluating, consummating, maintaining and disposing of investments and potential investments (whether or not the acquisition is consummated), including but not limited to:

•organizational and offering expenses;

•expenses incurred in valuing our assets and computing our NAV per ~~share~~Share;

•the costs and expenses of due diligence of potential investments, monitoring performance of our investments, serving as directors and officers of portfolio companies, providing managerial assistance to portfolio companies, enforcing our rights in respect of its investments and disposing of investments and expenses related to unsuccessful portfolio acquisition efforts;

•expenses incurred by our Administrator or payable to third parties, including agents, consultants or other advisors, in monitoring financial, legal, regulatory, and compliance affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise related to, or associated with, evaluating and making investments;

•interest payable on debt, if any, incurred to finance our investments and other fees and expenses related to our borrowings;

•expenses related to unsuccessful portfolio acquisition efforts;

•offerings of our ~~shares~~Shares and other securities (including underwriting fees, other similar fees and commissions);

•base management fees and incentive fees;

•third party investor hosting and similar platforms and service providers;

•administration fees;

•transfer agent and custody fees and expenses;

•federal and state registration fees;

•U.S. federal, state and local taxes;

•Independent Directors’ fees and expenses;

•costs of preparing and filing reports or other documents required by the SEC or other regulators;

•costs of any reports, proxy statements or other notices to shareholders, including printing costs;

•the costs associated with individual or group shareholders;

•our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, third-party investor hosting and similar platforms and service providers, and outside legal costs; and

•all other expenses incurred by us, the Adviser or the Administrator in connection with administering our business, such as the allocable portion of overhead under the Administration Agreement, including rent, office equipment, utilities and the allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective ~~staff~~staffs.

For the avoidance of doubt, except as explicitly set forth above, the Adviser will be responsible for any compensation paid to its investment professionals for any investment advisory services provided to us under the Investment Advisory Agreement.

From time to time, the Administrator or its affiliates may pay third-party providers of goods or services. We will reimburse the Administrator or such affiliates thereof for any such amounts paid on our behalf.

We have entered into the SPV Credit Facility (as defined below) and may also enter into future credit facilities or other debt arrangements to partially fund our operations, and could incur costs and expenses including commitment, origination, or structuring fees and the related interest costs associated with any amounts borrowed.

Hedging

~~The~~We ~~Company~~ may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective.

Contractual Obligations

We have entered into the Investment Advisory Agreement with the Adviser to provide us with investment advisory services, and the Administration Agreement with the Administrator to provide us with administrative services. Payments for investment advisory services under the Investment Advisory Agreement and reimbursements under the Administration Agreement are described in Note 3–Agreements and Related Party Transactions in Part I, Item 1 of this Quarterly Report on Form 10-Q.

We have entered into the Loan Agreement ~~(as defined below)~~ with Deutsche Bank (as defined below), and we may establish one or more additional credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses and dividends declared. It is anticipated that any such credit facilities would bear interest at floating rates at to-be- determined spreads, such as SOFR. We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

Off-Balance Sheet Arrangements

We expect to become a party to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet.

Portfolio and Investment Activity

As of ~~September 30~~March 31, ~~2025~~2026, our portfolio based on fair value consisted of 9186.07% first-lien debt investments, 69.06% second-lien debt investments, and 3.07% equity and other investments. As of December 31, ~~2024~~2025, our portfolio based on fair value consisted of ~~100~~83.08% first-lien debt investments, 10.8% second-lien debt investments, and 5.4% equity and other investments.

As of ~~September 30~~March 31, ~~2025~~2026 and December 31, ~~2024~~2025, our weighted average total yield of debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was 10.58% and 1110.08% respectively, and our weighted average total yield of debt and income producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 10.59% and 1110.08%, respectively.

Our investment activity for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~from August 15~~March 31, ~~2024~~2025 ~~(Inception) through September 30, 2024~~ is presented below (information presented herein is at par value unless otherwise indicated).

	Three Months Ended			~~From August 15, 2024 (Inception) through~~
($ in millions)	~~September~~March 3031, ~~2025~~2026			~~September~~March 3031, ~~2024(2)~~2025
Net funded investment activity
New gross commitments at par (1)	$	~~126~~76.49		$	4446.43
Net investments funded	~~131~~71.49			2745.78
Investments sold or repaid	2311.89			—5.8
Net funded investment activity	$	~~107~~60.60		$	2740.70
Gross commitments at par (1)
First-lien debt investments	$	~~357~~556.97		$	44189.42
Second-lien debt investments	3356.31			—6.4
Equity investments	1014.65			—
Total gross commitments	$	~~401~~627.83		$	44195.46
Portfolio company activity
Portfolio companies, beginning of period	4668			—29
Number of new portfolio companies	138			117
Number of exited portfolio companies	32			—1
Portfolio companies, end of period	5674			1135
Count of investments	56			11
Count of industries	17			15
Count of industries	29			8
New investment activity
Weighted average annual interest rate on new debt investments at par	9.9154		%	1011.2710		%
Weighted average annual interest rate on new floating rate debt investments at par	9.5312		%	109.2197		%
Weighted average spread on new debt investments at par	5.6787		%	56.9577		%

(1)Gross commitments at par includes unfunded investment commitments.

(2)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) from the date of its formation through the fiscal quarter ended September 30, 2024.35

33As of March 31, 2026 and December 31, 2025, our investments consisted of the following:

As of September 30, 2025 and December 31, 2024, our investments consisted of the following:


	March 31, 2026				December 31, 2025
($ in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien debt investments	$	451.8	$	447.2	$	389.3	$	388.6
Second-lien debt investments	52.2		49.2		50.1		49.8

Equity and other investments	18.4		19.2		24.9		24.9
Total	$	522.4	$	515.6	$	464.3	$	463.3

	September 30, 2025				December 31, 2024(1)
($ in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien debt investments	$	290.9	$	291.7	$	103.3	$	103.9
Second-lien debt investments	31.2		31.4		—		—
Equity and other investments	10.5		10.4		—		—
Total	$	332.6	$	333.5	$	103.3	$	103.9

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

~~(1)As~~The ofweighted ~~December~~average ~~31,~~yields ~~2024,~~and ~~the~~interest ~~Company~~rates ~~had~~of ~~not~~our ~~yet~~performing ~~elected~~debt toinvestments beat ~~regulated~~fair asvalue ~~a BDC and was operating~~ as ~~the~~of ~~Ramp Fund~~March 31, a2026 ~~private~~and ~~fund~~December 31, ~~based~~2025, onwere anas ~~exception from the definition of “investment company” under Section 3(c)(7) of 1940 Act.~~follows:

We have no non-accrual investments as of September 30, 2025 and December 31, 2024.


	March 31, 2026		December 31, 2025
Weighted average total yield of debt and income producing securities	10.7	%	10.8	%
Weighted average interest rate of debt and income producing securities	9.7	%	9.8	%
Weighted average spread over reference rate of all floating rate investments	5.7	%	5.8	%

The weighted average yields and interest rates of our performing debt investments at fair value as of September 30, 2025 and December 31, 2024, were as follows:

	September 30, 2025		December 31, 2024(1)
Weighted average interest rate of debt and income producing securities	10.0	%	10.1	%
Weighted average spread over reference rate of all floating rate investments	5.7	%	6.0	%

(1)Weighted average total portfolio yield at fair value was 10.49% at September 30, 2025.

(2)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Fund, a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of 1940 Act.

Asset Quality

The Adviser monitors our portfolio companies on an ongoing basis. The Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action for each portfolio company. The Adviser has a number of methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•comparisons to other companies in the industry;

•attendance at, and participation in, board meetings; and

•review of monthly and quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, grades each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk assessment may not be comparable to ones used by our competitors. Our assessment is based on the following categories:

•An investment is rated 1 if, in the opinion of the Adviser, it is performing as agreed and there are no concerns about the portfolio company’s performance or ability to meet covenant requirements. For these investments, the Adviser generally prepares monthly reports on investment performance and intensive quarterly asset reviews.

•An investment is rated 2 if it is performing as agreed, but, in the opinion of the Adviser, there may be concerns about the company’s operating performance or trends in the industry. For these investments, in addition to monthly reports and quarterly asset reviews, the Adviser also researches any areas of concern with the objective of early intervention with the portfolio company.

•An investment will be assigned a rating of 3 if it is paying its obligations to us as agreed but a material covenant violation is expected. For these investments, in addition to monthly reports and quarterly asset reviews, the Adviser also adds the investment to its “watch list” and researches any areas of concern with the objective of early intervention with the portfolio company.

34•An investment will be assigned a rating of 4 if a material covenant has been violated, but the company is making its scheduled payments on its obligations to us. For these investments, the A

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