UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2025

OR

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

Commission file number: 814-01603

Kennedy Lewis Capital Company

(Exact name of registrant as specified in its charter)

Delaware	88-6117755
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification No.)

225 Liberty St. Suite 4210	10281
New York, New York (Address of Principal Executive Offices)	(Zip Code)

(212) 782-3842

(Registrant’s telephone number, including area code)

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

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
None	None	None

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 past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☒

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

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

The number of shares of the registrant’s common shares of beneficial interest, $0.01 par value per share (“Common Shares”), outstanding as of May 14, 2025 was 27,399,102, 0 and 0 of Class I, Class S and Class D Common Shares, respectively.

Kennedy Lewis Capital Company

Quarterly Report on Form 10-Q

TABLE OF CONTENTS

			Page
PART I—FINANCIAL INFORMATION			2
	Item 1.	Financial Statements	2
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
	Item 4.	Controls and Procedures	63
PART II—OTHER INFORMATION			64
	Item 1.	Legal Proceedings	64
	Item 1A.	Risk Factors	64
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64
	Item 3.	Defaults upon Senior Securities	64
	Item 4.	Mine Safety Disclosures	64
	Item 5.	Other Information	64
	Item 6.	Exhibits	65
SIGNATURES			66

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Kennedy Lewis Capital Company

Consolidated Statements of Assets and Liabilities

	March 31, 2025 (Unaudited)			December 31, 2024
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $855,362,453 and $751,106,426 at March 31, 2025 and December 31, 2024, respectively)	$	857,021,339		$	756,523,331
Cash and cash equivalents		2,410,819			13,437,972
Restricted cash and cash equivalents		26,665,208			24,305,322
Interest and fee receivable from non-controlled/non-affiliated investments		5,170,939			5,355,626
Deferred financing costs (net of $1,398,317 and $1,234,121 in accumulated amortization at March 31, 2025 and December 31, 2024, respectively)		4,127,359			4,291,555
Deferred offering costs (net of $2,566,705 and $2,270,968 in accumulated amortization at March 31, 2025 and December 31, 2024, respectively)		221,429			420,856
Receivable for investments sold		11,056,657			14,323,332
Derivative assets at fair value (Note 5)		—			319,195
Due from Advisor		162,124			74,454
Other assets		154,317			56,250
Total assets	$	906,990,191		$	819,107,893
Liabilities
Secured Credit Facility (Note 6)		357,104,745			342,685,745
Distribution Payable		—			13,468,268
Payable for investments purchased		23,577,746			5,529,326
Interest and credit facility fees payable		3,902,427			3,997,833
Income incentive fee payable		1,677,360			1,434,404
Management fees payable		1,504,232			1,317,398
Deferred financing cost payable		1,500,000			1,500,000
Accrued capital gains incentive fee		661,758			1,049,209
Derivative liabilities at fair value (Note 5)		361,830			—
Due to Advisor and affiliates		235,079			270,203
Offering costs payable		97,879			7,440
Accrued expenses and other liabilities		1,540,128			782,314
Total liabilities	$	392,163,184		$	372,042,140
Commitments and contingencies (Note 7)
Net Assets
Common shares, $0.01 par value (25,657,726 and 22,106,186 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)		256,577			221,062
Additional paid in capital		518,125,060			443,931,292
Distributable earnings (loss)		(3,554,630	)		2,913,399
Total net assets	$	514,827,007		$	447,065,753
Total liabilities and net assets	$	906,990,191		$	819,107,893

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

2

Net Asset Value Per Share	March 31, 2025(1) (Unaudited)		December 31, 2024(1)(2)
Class I Shares
Net Assets	$	514,827,007	$	447,065,753
Common Shares Outstanding		25,657,726		22,106,186
Net Asset value per share	$	20.07	$	20.22
Class S Shares
Net Assets	$	—	$	—
Common Shares Outstanding				—
Net Asset value per share	$	—	$	—
Class D Shares
Net Assets	$	—	$	—
Common Shares Outstanding				—
Net Asset value per share	$	—	$	—

(1) There were no Class S or Class D shares outstanding for each of the periods presented.

(2) Common Shares issued and outstanding as of June 23, 2024, were issued pursuant to the Private Offering. As part of the Public Offering effective June 24, 2024, the Common Shares issued pursuant to the Private Offering became Class I shares. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

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

3

Kennedy Lewis Capital Company

Consolidated Statements of Operations

(Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	22,571,039		$	12,589,528
Dividend income		448,334			467,467
Fee income		77,879			55,611
Total investment income		23,097,252			13,112,606
Expenses:
Interest and credit facility fees		6,154,280			5,300,574
Management fees		1,504,233			716,752
Income incentive fee		1,677,360			692,650
Capital gain incentive fees		(387,451	)		141,129
Professional fees		1,029,670			600,151
Amortization of continuous offering costs		295,737			299,856
Administrative services expense		235,079			266,874
Amortization of deferred financing costs		164,196			171,594
Directors’ fees and expenses		100,000			100,000
Other expenses		191,651			115,605
Total expenses		10,964,755			8,405,185
Expenses waived by the Advisor (Note 3)		(162,124	)		(651,775	)
Net expenses		10,802,631			7,753,410
Net investment income		12,294,621			5,359,196
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(3,912,978	)		237,857
Derivative instruments (Note 5)		(681,025	)		—
Foreign currency and other transactions		156,820			—
Net change in unrealized appreciation (depreciation)		(4,437,183	)		237,857
Realized gain (loss):
Non-controlled/non-affiliated investments		1,340,038			1,046,710
Derivative instruments (Note 5)		—			—
Foreign currency and other transactions		(8,201	)		—
Net realized gain (loss)		1,331,837			1,046,710
Net realized and unrealized gain (loss)		(3,105,346	)		1,284,567
Net increase (decrease) in net assets resulting from operations	$	9,189,275		$	6,643,763

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

4

Kennedy Lewis Capital Company

Consolidated Statements of Changes in Net Assets

(Unaudited)

	For the Three Months Ended March 31,
	2025(1)			2024(1)(2)
Operations:
Net investment income	$	12,294,621		$	5,359,196
Net realized gain (loss)		1,331,837			1,046,710
Net change in unrealized appreciation (depreciation)		(4,437,183	)		237,857
Net increase (decrease) in net assets resulting from operations		9,189,275			6,643,763
Capital transactions:
Class I
Proceeds from issuance of common shares		54,132,996			7,163,000
Distribution of earnings		(14,099,609	)		(6,414,447	)
Repurchase of common shares		(14,875	)		—
Reinvestments of distributions		18,553,467			7,764,317
Net increase (decrease) from share transactions		58,571,979			8,512,870
Class S
Proceeds from issuance of common shares		—			—
Distribution of earnings		—			—
Repurchase of common shares		—			—
Reinvestments of distributions		—			—
Net increase (decrease) from share transactions		—			—
Class D
Proceeds from issuance of common shares		—			—
Distribution of earnings		—			—
Repurchase of common shares		—			—
Reinvestments of distributions		—			—
Net increase (decrease) from share transactions		—			—
Total increase (decrease) in net assets		67,761,254			15,156,633
Net Assets, beginning of period		447,065,753			221,615,920
Net Assets, end of period	$	514,827,007		$	236,772,553

(1) There were no Class S or Class D shares outstanding for each of the periods presented.

(2) Common Shares issued and outstanding as of March 31, 2024, were issued pursuant to the Private Offering. As part of the Public Offering effective June 24, 2024, the Common Shares issued pursuant to the Private Offering became Class I shares. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

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

5

Kennedy Lewis Capital Company

Consolidated Statements of Cash Flows

(Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	9,189,275		$	6,643,763
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change unrealized (appreciation) depreciation on investments		3,912,978			(237,857	)
Net change unrealized (appreciation) depreciation on derivative instruments		681,025			—
Net change unrealized (appreciation) depreciation on foreign currency and other transactions		(156,820	)		—
Net realized (gain) loss on investments		(1,340,038	)		(1,046,710	)
Net realized (gain) loss on derivative instruments		—			—
Net realized (gain) loss on foreign currency and other transactions		8,201			—
Payment-in-kind interest capitalized		(1,273,897	)		(997,974	)
Net accretion of discount and amortization of premium		(2,073,574	)		(1,200,240	)
Amortization of deferred financing costs		164,196			171,594
Amortization of offering costs		295,737			299,856
Purchases of investments		(175,071,087	)		(113,795,687	)
Proceeds from sale of investments and principal repayments		75,496,229			64,945,786
Changes in operating assets and liabilities:
Interest receivable		184,687			(336,076	)
Deferred offering costs		—			(241,422	)
Receivable for investments sold		3,266,675			1,159,083
Due from Advisor		(87,670	)		161,150
Other assets		(98,067	)		(64,530	)
Payable for investments purchased		18,048,420			(4,773,135	)
Due to Advisor and affiliates		(35,124	)		(42,943	)
Management fee payable		186,834			27,098
Income incentive fee payable		242,956			36,138
Accrued capital gains incentive fee		(387,451	)		31,878
Interest and credit facility fees payable		(95,406	)		692,998
Accrued expenses and other liabilities		757,814			225,139
Net cash provided by (used in) operating activities		(68,184,107	)		(48,342,091	)
Cash flows from financing activities:
Proceeds from Secured Credit Facility		92,119,000			60,000,000
Repayment of Secured Credit Facility		(77,700,000	)		—
Distributions paid in cash		(9,014,410	)		(4,689,880	)
Deferred offering costs paid		(5,871	)		—
Proceeds from issuance of common shares		54,132,996			7,163,000
Redemptions paid in cash		(14,875	)		—
Net cash provided by (used in) financing activities		59,516,840			62,473,120
Net increase (decrease) in cash, cash equivalents and restricted cash		(8,667,267	)		14,131,029
Cash, cash equivalents and restricted cash, beginning of period		37,743,294			73,025,293
Cash, cash equivalents and restricted cash, end of period	$	29,076,027		$	87,156,322
Supplemental information and non-cash activities:
Cash paid for interest		6,249,686			4,607,576
Reinvestment of distributions		18,553,467			7,764,317
Accrued but unpaid deferred offering cost		97,879			—

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

6

Kennedy Lewis Capital Company

Consolidated Schedule of Investments

March 31, 2025

(Unaudited)

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)		Fair Value		Percentage of Net Assets
Investments—non-controlled/non-affiliated(4)    Equity Investments
Commercial Services & Supplies
KKR Tinder TFC Aggregator L.P.	7/27/2023							14,792,309	$	14,792,309	$	16,391,856		3.18
Total Commercial Services & Supplies									$	14,792,309	$	16,391,856		3.18	%
Household Durables
United Homes Group, Inc. (12)	12/6/2024							217,178	$	1,085,890	$	608,098		0.12
Total Household Durables									$	1,085,890	$	608,098		0.12	%
Total Investments—non-controlled/non-affiliated(4)    Equity Investments									$	15,878,199	$	16,999,954		3.30	%
Total Equity Investments									$	15,878,199	$	16,999,954		3.30	%
First and Second Lien Debt Aerospace & Defense
Cassavant Holdings, LLC (5)	1/11/2024	8.00%/7.00% PIK		15.00	%	1/11/2028		21,625,100		21,174,880		20,781,722		4.04
HDI Aerospace Intermediate Holding III Corporation (5)(7)(12)	3/4/2025	S+4.50%		8.82	%	2/11/2032		2,000,000		1,993,750		1,985,000		0.39
Karman Holdings LLC (5)(7)(8)(12)	2/27/2025	S+3.50%		7.79	%	4/1/2032		2,666,667		2,653,333		2,660,000		0.52
Total Aerospace & Defense									$	25,821,963	$	25,426,722		4.95	%
Air Freight & Logistics
Inmar, Inc.	7/14/2023	S+5.00%		9.32	%	10/30/2031		1,953,178		1,943,802		1,949,526		0.38
LaserShip, Inc. (12)	4/13/2023	S+6.25%		10.55	%	1/2/2029		205,343		203,425		202,776		0.04
LaserShip, Inc. (12)	4/13/2023	S+1.50%/4.00%PIK		10.07	%	8/10/2029		415,826		387,454		238,060		0.05
LaserShip, Inc. (12)	4/13/2023	S+1.50%/4.00%PIK		10.07	%	8/10/2029		415,826		387,454		96,679		0.02
Total Air Freight & Logistics									$	2,922,135	$	2,487,041		0.49	%
Automobile Components
First Brands Group, LLC (12)	2/3/2023	S+5.00%		9.55	%	3/30/2027		1,488,372		1,465,099		1,378,605		0.27
First Brands Group, LLC (12)	2/3/2023	S+5.00%		9.55	%	3/30/2027		1,966,682		1,926,799		1,821,639		0.35
Form Technologies LLC (12)	3/11/2025	S+5.75%		10.04	%	7/19/2030		1,500,000		1,493,432		1,462,500		0.28
Jump Auto Holdings LLC (5)(12)	9/27/2024	S+6.75%		11.05	%	9/30/2029		35,680,213		35,002,216		34,732,904		6.75
Power Stop, LLC (12)	6/7/2024	S+4.75%		9.17	%	1/26/2029		3,968,947		3,845,907		3,658,893		0.71
Total Automobile Components									$	43,733,453	$	43,054,541		8.36	%

7

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

March 31, 2025

(Unaudited)

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Automobiles
Square German BidCo GmbH (5)(8)(10)(12)	6/25/2024	E+7.25%		9.61	%	6/27/2029		17,841,445		17,408,736			17,551,521			3.41
Total Automobiles									$	17,408,736		$	17,551,521			3.41	%
Building Products
Globe Electric Company Inc (5)(8)(9)(12)(14)	7/25/2024	S+6.50%		10.82	%	7/25/2029		43,222,543		42,837,751			43,209,576			8.39
Oscar AcquisitionCo, LLC (12)	2/1/2023	S+4.25%		8.55	%	4/29/2029		992,366		986,793			925,739			0.18
PHRG Intermediate LLC (12)	2/14/2025	S+4.00%		8.32	%	2/20/2032		8,125,000		8,044,620			7,911,719			1.54
Trulite Holding Corp (5)(12)	2/22/2024	S+6.00%		10.31	%	3/1/2030		1,950,000		1,916,288			1,925,625			0.37
Wyndham Home Products LLC (5)(12)	10/11/2024	S+6.25%		10.57	%	10/11/2029		35,962,003		35,295,168			34,983,836			6.80
Total Building Products									$	89,080,620		$	88,956,495			17.28	%
Chemicals
Ineos US Finance LLC (7)(8)(12)(13)	3/12/2025	S+3.00%		7.32	%	2/7/2031		1,496,241		1,442,270			1,425,917			0.28
M2S Group Intermediate Holdings, Inc. (12)	9/10/2024	S+4.75%		9.05	%	8/25/2031		1,954,023		1,889,050			1,870,977			0.36
Rohm Holding GmbH (7)(12)	8/13/2024	S+5.50%/.25% PIK		9.99	%	1/31/2029		2,988,730		2,891,272			2,854,237			0.55
Total Chemicals									$	6,222,592		$	6,151,131			1.19	%
Commercial Services & Supplies
Brand Industrial Services Inc (12)	4/20/2023	S+4.50%		8.79	%	8/1/2030		1,642,581		1,610,200			1,550,416			0.30
Eagle Parent Corp. (12)	4/12/2023	S+4.25%		8.55	%	4/2/2029		2,402,741		2,382,238			2,280,033			0.44
J-O Building Company LLC (5)(12)	6/28/2023	S+6.75%		11.05	%	5/25/2028		12,445,857		12,313,953			12,508,086			2.43
Kelso Industries LLC (12)	12/26/2024	S+5.75%		10.07	%	12/30/2029		1,149,928		1,129,462			1,135,554			0.22
Kelso Industries LLC (6)(12)	12/26/2024	S+5.75%		0.00	%	12/30/2029		287,284		(1,669	)		(3,591	)		0.00
Secretariat Advisors LLC (5)(12)	2/24/2025	S+4.00%		8.31	%	2/28/2032		2,231,183		2,220,157			2,220,027			0.43
Secretariat Advisors LLC (5)(6)(12)	2/24/2025	S+4.00%		—		2/28/2032		268,817		—			(1,344	)		0.00
Sedgwick Claims Management Services, Inc. (7)(12)	3/13/2025	S+3.00%		7.31	%	7/31/2031		2,000,000		1,992,500			1,992,500			0.39
Service Logic Acquisition, Inc. (5)(12)	9/12/2024	S+3.00%		7.32	%	10/29/2027		595,508		595,508			593,274			0.12
Skopima Consilio Parent LLC (12)	8/7/2024	S+3.75%		8.07	%	5/12/2028		1,989,871		1,989,871			1,973,395			0.38
The Action Environmental Group, Inc. (5)(12)	10/5/2023	S+3.75%		8.05	%	10/24/2030		1,554,518		1,542,037			1,552,575			0.30
Total Commercial Services & Supplies									$	25,774,257		$	25,800,925			5.01	%

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

8

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

March 31, 2025

(Unaudited)

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Construction & Engineering
BP Loenbro Holdings Inc (5)(6)	2/1/2024	S+5.75%		—		2/1/2029		1,834,862		(10,560	)		9,174			0.00
BP Loenbro Holdings Inc (5)(6)	2/1/2024	S+5.75%		10.42	%	2/1/2029		2,752,294		516,398			564,220			0.11
BP Loenbro Holdings Inc (5)(12)	2/1/2024	S+5.75%		10.39	%	2/1/2029		15,922,018		15,727,171			16,001,628			3.11
BP Loenbro Holdings Inc (5)(12)	2/1/2024	S+5.75%		10.41	%	2/1/2029		3,646,789		3,594,780			3,665,023			0.71
Brock Holdings III, Inc. (12)	4/26/2024	S+6.00%		10.30	%	5/2/2030		2,653,333		2,606,298			2,635,636			0.51
Brown & Settle, Inc (5)(12)	4/15/2024	S+8.44%		12.77	%	4/12/2029		16,635,102		16,387,168			16,747,389			3.25
MEI Buyer LLC (5)(6)	6/12/2023	S+5.00%		—		6/29/2029		1,619,801		—			(38,470	)		(0.01	)
MEI Buyer LLC (5)(6)	6/12/2023	S+5.00%		—		6/29/2029		2,650,602		(56,142	)		(63,880	)		(0.01	)
MEI Buyer LLC (5)	6/12/2023	S+5.00%		9.32	%	6/29/2029		2,397,590		2,370,823			2,340,648			0.45
MEI Buyer LLC (5)(12)	6/12/2023	S+5.00%		9.32	%	6/29/2029		14,993,362		14,643,980			14,629,773			2.84
Total Construction & Engineering									$	55,779,916		$	56,491,141			10.96	%
Containers & Packaging
Tank Holding Corp. (12)	5/11/2023	S+5.75%		10.17	%	3/31/2028		982,323		961,583			944,258			0.18
Tank Holding Corp. (12)	5/11/2023	S+6.00%		10.42	%	3/31/2028		3,744,095		3,676,454			3,588,079			0.70
Tank Holding Corp. (12)	5/11/2023	S+6.00%		10.42	%	3/31/2028		1,622,882		1,597,349			1,555,257			0.30
Total Containers & Packaging									$	6,235,386		$	6,087,594			1.18	%
Distributors
American Auto Auction Group, LLC (12)	4/28/2023	S+4.50%		8.80	%	12/30/2027		1,954,773		1,884,701			1,949,886			0.38
Total Distributors									$	1,884,701		$	1,949,886			0.38	%
Diversified Consumer Services
AMCP Clean Acquisition Company, LLC (12)	12/1/2023	S+4.75%		9.05	%	6/15/2028		1,982,481		1,975,033			1,981,252			0.38
Total Diversified Consumer Services									$	1,975,033		$	1,981,252			0.38	%

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

9

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

March 31, 2025

(Unaudited)

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)		Fair Value		Percentage of Net Assets
Electric Utilities
Carroll County Energy LLC (12)	6/24/2024	S+3.25%		7.55	%	6/27/2031		2,311,407		2,290,169		2,305,051		0.45
Cogentrix Finance Holdco I, LLC (12)	2/13/2025	S+2.75%		7.07	%	2/26/2032		2,500,000		2,493,822		2,488,750		0.48
Compass Power Generation, L.L.C. (12)	9/19/2024	S+3.75%		8.07	%	4/14/2029		632,270		629,388		632,074		0.12
CPV Fairview, LLC (12)	8/8/2024	S+3.00%		7.32	%	8/14/2031		1,899,545		1,890,685		1,895,385		0.37
CPV Shore Holdings, LLC (12)	1/24/2025	S+3.75%		8.05	%	2/4/2032		6,000,000		5,941,012		5,947,500		1.16
Cricket Valley Energy Center (5)	10/10/2023	S+3.90%		8.20	%	6/30/2025		18,102,637		17,821,628		16,400,989		3.19
Lackawanna Energy Center LLC (5)(12)	7/20/2023	S+4.25%		8.57	%	8/6/2029		2,256,069		2,221,367		2,253,249		0.44
Lackawanna Energy Center LLC (5)(12)	7/20/2023	S+4.25%		8.57	%	8/6/2029		495,803		488,149		495,183		0.10
Oregon Clean Energy, LLC (12)	6/26/2024	S+3.50%		7.80	%	7/12/2030		3,168,944		3,154,260		3,173,571		0.62
Potomac Energy Center, LLC (5)(7)(12)	6/6/2023	S+3.00%		7.30	%	3/14/2032		6,000,000		5,970,000		5,970,000		1.16
South Field Energy LLC (12)	8/15/2024	S+3.25%		7.55	%	8/29/2031		1,949,211		1,941,797		1,944,942		0.38
South Field Energy LLC (12)	8/15/2024	S+3.25%		7.55	%	8/29/2031		124,603		124,137		124,330		0.02
West Deptford Energy Holdings, LLC (7)	1/27/2025	S+4.00%		8.17	%	3/14/2032		6,189,383		5,864,914		5,756,126		1.12
Total Electric Utilities									$	50,831,328	$	49,387,150		9.61	%
Electrical Equipment
Voltagrid LLC (5)	3/1/2024	S+6.50%		10.90	%	8/28/2025		3,453,750		3,345,577		3,420,939		0.66
Voltagrid LLC (5)(12)	3/1/2024	S+6.50%		10.90	%	2/28/2029		34,105,781		32,969,136		33,781,776		6.56
Voltagrid LLC (5)(12)	3/1/2024	S+6.25%		10.65	%	2/28/2029		34,400,305		33,712,299		33,803,460		6.57
Total Electrical Equipment									$	70,027,012	$	71,006,175		13.79	%
Food Products
Alltech Inc (7)(12)	3/10/2025	S+4.25%		9.07	%	8/13/2030		1,750,000		1,741,250		1,729,875		0.34
Total Food Products									$	1,741,250	$	1,729,875		0.34	%
Gas Utilities
Long Ridge Energy LLC (5)(12)	2/7/2025	S+4.50%		8.82	%	2/19/2032		4,000,000		3,960,687		3,840,000		0.75
Total Gas Utilities									$	3,960,687	$	3,840,000		0.75	%

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

10

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

March 31, 2025

(Unaudited)

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Ground Transportation
Odyssey Logistics & Technology Corporation (12)	7/20/2023	S+4.50%		8.72	%	10/12/2027		985,000		981,826			979,090			0.19
Total Ground Transportation									$	981,826		$	979,090			0.19	%
Health Care Providers & Services
ADMI Corp. (aka Aspen Dental) (12)	3/6/2024	S+5.75%		10.07	%	12/23/2027		1,975,000		1,975,000			1,979,325			0.38
Charlotte Buyer, Inc. (12)	2/1/2023	S+4.25%		8.57	%	2/11/2028		3,429,150		3,384,970			3,405,283			0.66
Crisis Prevention Institute Inc (12)	12/12/2024	S+4.00%		8.30	%	4/9/2031		1,579,375		1,572,281			1,578,064			0.31
HAH Group Holdings Company LLC (12)	2/7/2023	S+5.00%		9.32	%	9/24/2031		2,633,400		2,595,883			2,494,725			0.48
Heartland Dental, LLC (12)	4/12/2023	S+4.50%		8.82	%	4/28/2028		4,014,790		3,947,862			4,005,195			0.78
LSCS Holdings, Inc. (12)	9/11/2024	S+4.50%		8.80	%	3/4/2032		3,479,516		3,469,674			3,468,660			0.67
Team Services Group (12)	4/4/2023	S+5.25%		9.54	%	12/20/2027		1,466,894		1,457,154			1,421,670			0.28
U.S. Anesthesia Partners, Inc. (12)	8/9/2024	S+4.25%		8.69	%	10/1/2028		3,478,136		3,395,740			3,407,773			0.66
Total Health Care Providers & Services									$	21,798,564		$	21,760,695			4.22	%
Hotels, Restaurants & Leisure
CC Interholdings LLC (5)(12)	12/19/2024	S+5.25%		9.57	%	12/31/2029		23,137,077		22,860,870			22,859,432			4.44
CC Interholdings LLC (5)(6)(12)	12/19/2024	S+5.25%		0.00	%	12/31/2029		10,084,811		(59,498	)		(121,018	)		(0.02	)
Ranger Holdco Spe LLC (5)	6/13/2023	15.00% PIK		15.00	%	8/8/2028		21,445,340		20,805,036			23,107,353			4.49
Total Hotels, Restaurants & Leisure									$	43,606,408		$	45,845,767			8.91	%
Household Durables
Great Southern Homes, Inc. (5)(12)	12/11/2024	S+7.25%		11.57	%	12/11/2030		54,294,466		53,247,627			53,208,576			10.34
Total Household Durables									$	53,247,627		$	53,208,576			10.34	%
Household Products
American Greetings Corporation (7)(12)	2/2/2023	S+5.75%		10.07	%	10/30/2029		483,836		487,192			484,238			0.09
Staples, Inc. (12)	2/1/2023	S+5.75%		10.04	%	9/4/2029		1,982,519		1,912,842			1,756,512			0.34
Total Household Products									$	2,400,034		$	2,240,750			0.43	%

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

11

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

March 31, 2025

(Unaudited)

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Independent Power and Renewable Electricity Producers
EFS Cogen Holdings I LLC (12)	9/27/2024	S+3.50%		7.80	%	10/3/2031		2,072,917		2,063,066			2,068,066			0.40
OSAKA Gas Michigan Power, LLC  (5)(12)	6/6/2024	S+6.50%		10.80	%	10/31/2030		19,211,716		18,432,671			18,481,670			3.59
Total Independent Power and Renewable Electricity Producers									$	20,495,737		$	20,549,736			3.99	%
Insurance
RSC Acquisition, Inc. (5)(12)	10/18/2023	S+4.75%		9.05	%	11/1/2029		1,977,991		1,949,417			1,968,101			0.38
Total Insurance									$	1,949,417		$	1,968,101			0.38	%
IT Services
Best Practices Associates, L.L.C. (5)(6)	11/8/2024	S+6.75%		0.00	%	11/8/2029		2,589,371		(83,481	)		(90,628	)		(0.02	)
Best Practices Associates, L.L.C. (5)(12)	11/8/2024	S+6.75%		11.06	%	11/8/2029		34,610,823		33,472,171			33,399,445			6.49
Neptune Bidco US Inc. (12)	2/1/2023	S+5.00%		9.39	%	4/11/2029		2,719,908		2,552,705			2,336,564			0.45
Nielsen Consumer Inc. (12)	6/18/2024	S+3.50%		7.82	%	3/6/2028		4,987,500		4,978,261			4,965,056			0.96
Physician Partners LLC	4/4/2023	S+4.00%		8.45	%	12/31/2029		705,971		677,958			357,694			0.07
Physician Partners LLC	4/4/2023	S+5.50%		9.95	%	12/31/2030		158,464		152,150			28,524			0.01
Physician Partners LLC (12)	4/4/2023	S+6.00%		10.30	%	12/31/2029		150,594		150,594			138,045			0.03
Total IT Services									$	41,900,358		$	41,134,700			7.99	%
Machinery
Arcline FM Holdings, LLC (7)(12)	2/1/2023	S+4.50%		8.80	%	6/23/2028		4,559,150		4,457,224			4,529,515			0.88
Bettcher Industries, Inc. (12)	5/22/2024	S+4.00%		8.30	%	12/14/2028		989,796		989,796			974,127			0.19
DS Parent Inc (12)	12/15/2023	S+5.50%		9.80	%	1/31/2031		1,985,000		1,898,354			1,836,125			0.36
Dune Acquisition, Inc. (5)(12)	8/20/2024	S+6.25%		10.57	%	11/20/2030		32,937,939		32,308,224			32,649,733			6.34
Gloves Buyer, Inc. (7)(12)	3/20/2025	S+4.00%		8.30	%	1/17/2032		1,000,000		965,000			960,000			0.19
LSF12 Badger Bidco LLC (5)(12)	7/25/2023	S+6.00%		10.32	%	8/30/2030		1,472,563		1,444,761			1,428,386			0.28
LTI Holdings, Inc. (12)	8/7/2024	S+4.25%		8.57	%	7/29/2029		2,985,000		2,950,738			2,973,179			0.58
Total Machinery									$	45,014,097		$	45,351,065			8.82	%
Metals & Mining
Arsenal AIC Parent LLC (12)	7/27/2023	S+2.75%		7.07	%	8/18/2030		2,955,243		2,930,855			2,929,385			0.57
Total Metals & Mining									$	2,930,855		$	2,929,385			0.57	%

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

12

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

March 31, 2025

(Unaudited)

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Oil, Gas & Consumable Fuels
Drubit LLC (5)(12)	2/20/2025	S+5.50%		9.82	%	1/31/2031		70,521,523		69,130,758			69,111,094			13.42
Limetree Bay Terminals, LLC (5)	2/13/2024	S+4.50%/1% PIK		9.82	%	12/11/2026		23,333,147		22,697,423			22,750,985			4.42
Limetree Bay Terminals, LLC (5)	2/13/2024	S+6.50%/2% PIK		12.82	%	2/12/2029		10,378,372		10,167,256			10,245,010			1.99
Total Oil, Gas & Consumable Fuels									$	101,995,437		$	102,107,089			19.83	%
Personal Care Products
KDC/One Development Corporation, Inc. (8)(9)(12)	8/3/2023	S+4.00%		8.32	%	8/15/2028		3,990,000		3,902,235			3,985,013			0.77
PLZ Corp. (12)	8/16/2024	S+3.50%		7.94	%	8/3/2026		1,488,220		1,429,257			1,396,263			0.27
Total Personal Care Products									$	5,331,492		$	5,381,276			1.04	%
Professional Services
CommerceHub, Inc. (12)	2/21/2025	S+4.00%		8.46	%	12/29/2027		1,994,792		1,951,068			1,923,318			0.37
Teneo Holdings LLC (12)	3/8/2024	S+4.75%		9.07	%	3/13/2031		1,565,154		1,552,752			1,565,154			0.30
Total Professional Services									$	3,503,820		$	3,488,472			0.67	%
Software
DS Admiral Bidco, LLC (12)	6/17/2024	S+4.25%		8.55	%	6/26/2031		3,979,855		3,943,257			3,815,686			0.74
DTI Holdco, Inc. (12)	2/1/2023	S+4.00%		8.32	%	4/26/2029		1,469,925		1,429,843			1,455,593			0.28
Total Software									$	5,373,100		$	5,271,279			1.02	%
Specialty Retail
Array Midco, Corp. (5)(6)(8)(9)	12/31/2024	S+6.50%		—		12/31/2029		12,785,196		(121,466	)		(255,704	)		(0.05	)
Array Midco, Corp. (5)(8)(9)(12)	12/31/2024	S+6.50%		10.80	%	12/31/2029		42,510,777		41,693,389			41,660,562			8.09
Spencer Spirit IH LLC (12)	6/25/2024	S+5.50%		9.06	%	7/15/2031		1,990,000		1,986,696			2,002,079			0.39
Total Specialty Retail									$	43,558,619		$	43,406,937			8.43	%

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

13

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

March 31, 2025

(Unaudited)

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)		Fair Value			Percentage of Net Assets
Technology Hardware, Storage & Peripherals
Xplor T1 LLC (5)(12)	6/27/2024	S+3.50%		7.80	%	6/24/2031		1,791,000		1,782,791		1,788,761			0.35
Total Technology Hardware, Storage & Peripherals									$	1,782,791	$	1,788,761			0.35	%
Textiles, Apparel & Luxury Goods
IBG Borrower LLC (5)(12)	11/20/2023	S+5.00%		9.45	%	8/22/2029		9,625,000		9,545,928		9,685,156			1.88
Total Textiles, Apparel & Luxury Goods									$	9,545,928	$	9,685,156			1.88	%
Trading Companies & Distributors
Lincoln Metal Shop, Inc. (5)(12)	5/31/2023	S+6.00%		10.43	%	6/7/2027		21,666,753		21,407,315		21,558,419			4.19
Lincoln Metal Shop, Inc. (5)(12)	5/31/2023	S+6.00%		10.43	%	6/7/2027		5,572,331		5,464,679		5,544,470			1.08
RelaDyne Inc. (12)	4/3/2023	S+4.00%		8.32	%	12/23/2030		3,929,998		3,797,081		3,920,212			0.76
Total Trading Companies & Distributors									$	30,669,075	$	31,023,101			6.03	%
Total First and Second Lien Debt									$	839,484,254	$	840,021,385			163.17	%
Total Investments—non-controlled/non- affiliated									$	855,362,453	$	857,021,339			166.47	%
Total Investments Portfolio									$	855,362,453	$	857,021,339			166.47	%
Cash Equivalents
State Street Institutional Money Market Fund (11)										16,596,346		16,596,346			3.22
Total Cash Equivalents									$	16,596,346	$	16,596,346			3.22	%
Total Portfolio Investments and Cash Equivalents									$	871,958,799	$	873,617,685			169.69	%
Liabilities in excess of Other Assets											$	(358,790,678	)		(69.69	)%
Net Assets											$	514,827,007			100.00	%

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

14

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

March 31, 2025

(Unaudited)

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States.

(2)Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either EURIBOR (“E”), SOFR including SOFR adjustment, if any, (“S”), SONIA (“SN”), or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower’s option, which reset periodically based on the terms of the credit agreement and S loans are typically indexed to 6 month, 3 month or 1 month E or S rates. As of March 31, 2025, rates for the 6 month, 3 month and 1 month E are 2.34%, 2.34%, and 2.35%, respectively. As of March 31, 2025, 6 month, 3 month and 1 month S are 4.19%, 4.29% and 4.32%, respectively.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America U.S. GAAP.

(4)Unless otherwise indicated, issuers of debt investments held by the Company are denominated in dollars. All debt and equity investments are income producing unless otherwise indicated.

(5)Investments valued using unobservable inputs (Level 3). Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee, under the supervision of the Board, pursuant to the Company’s valuation policy. See Note 4, Investments and Fair Value Measurements, for details.

(6)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair values are the result of the commitment being valued below par. See Note 7, Commitments and Contingencies, for details

(7)Position or portion thereof is unsettled as of March 31, 2025.

(8)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets totaled 12.15% of the Company’s total assets.

(9)The issuer of this investment is domiciled in Canada.

(10)The issuer of this investment is domiciled in Germany.

(11)The annualized seven-day yield as of March 31, 2025 is 4.04%.

(12)Investment is pledged as collateral for the Secured Credit Facility. See Note 6, Borrowings, for details.

(13)The issuer of this investment is domiciled in United Kingdom.

(14)The industry classification for the issuer was changed from Household Durable to Building Products as of March 31, 2025. This change was applied retrospectively to the December 31, 2024 Consolidated Schedule of Investments.

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

15

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

March 31, 2025

(Unaudited)

Foreign Currency Forward Contract
Counterparty		Currency Purchased			Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Goldman Sachs Bank USA	USD		17,224,192	EUR		16,211,004	5/27/2025	$	(361,830	)

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

16

Kennedy Lewis Capital Company

Consolidated Schedule of Investments

December 31, 2024

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)		Fair Value		Percentage of Net Assets
Investments—non-controlled/non-affiliated(4)    Equity Investments
Commercial Services & Supplies
KKR Tinder TFC Aggregator L.P.	7/27/2023							14,792,309	$	14,792,309	$	16,227,571		3.63
Total Commercial Services & Supplies									$	14,792,309	$	16,227,571		3.63	%
Household Durables
United Homes Group, Inc. (12)	12/6/2024							217,178	$	1,085,890	$	918,663		0.21
Total Household Durables									$	1,085,890	$	918,663		0.21	%
Total Investments—non-controlled/non-affiliated(4)    Equity Investments									$	15,878,199	$	17,146,234		3.84
Total Equity Investments									$	15,878,199	$	17,146,234		3.84	%
First and Second Lien Debt Aerospace & Defense
Cassavant Holdings, LLC (5)	1/11/2024	8.00%/7.00% PIK		15.00	%	1/11/2028		21,253,169		20,770,496		20,341,408		4.55
Total Aerospace & Defense									$	20,770,496	$	20,341,408		4.55	%
Air Freight & Logistics
Inmar, Inc.	7/14/2023	S+5.00%		9.36	%	10/30/2031		1,958,086		1,948,435		1,961,140		0.44
LaserShip, Inc. (12)	4/13/2023	S+4.50%		9.28	%	8/10/2029		410,578		380,880		136,177		0.03
LaserShip, Inc. (12)	4/13/2023	S+4.50%		9.28	%	8/10/2029		410,578		380,880		309,987		0.07
LaserShip, Inc. (12)	4/13/2023	S+6.25%		11.03	%	1/2/2029		205,343		203,322		213,429		0.05
Total Air Freight & Logistics									$	2,913,517	$	2,620,733		0.59	%
Automobile Components
First Brands Group, LLC (12)	2/3/2023	S+5.00%		9.85	%	3/30/2027		1,492,248		1,466,371		1,397,744		0.31
First Brands Group, LLC (12)	2/3/2023	S+5.00%		9.85	%	3/30/2027		1,971,336		1,927,043		1,841,977		0.41
Jump Auto Holdings LLC (5)(12)	9/27/2024	S+6.75%		11.08	%	9/30/2029		35,906,037		35,195,713		34,922,212		7.81
Power Stop, LLC (12)	6/7/2024	S+4.75%		9.36	%	1/26/2029		2,979,311		2,917,546		2,824,387		0.63
Total Automobile Components									$	41,506,673	$	40,986,320		9.16	%

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

17

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

December 31, 2024

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Automobiles
Holley Inc. (12)	5/17/2023	S+3.75%		8.22	%	11/17/2028		1,491,265		1,482,495			1,458,338			0.33
IXS Holdings, Inc. (12)	6/6/2024	S+4.25%		8.68	%	3/5/2027		2,054,179		2,012,033			1,976,675			0.44
Square German BidCo GmbH (5)(8)(10)(12)	6/25/2024	E+7.50%		10.22	%	6/27/2029		17,091,520		17,396,560			16,813,783			3.76
Total Automobiles									$	20,891,088		$	20,248,796			4.53	%
Building Products
Globe Electric Company Inc (5)(8)(9)(12)(13)	7/25/2024	S+6.50%		11.25	%	7/25/2029		43,331,142		42,926,799			43,021,324			9.63
Oscar AcquisitionCo, LLC (12)	2/1/2023	S+4.25%		8.50	%	4/29/2029		994,911		989,043			982,922			0.22
Recess Holdings, Inc. (12)	8/17/2023	S+4.50%		9.09	%	2/20/2030		2,977,500		2,937,803			3,002,630			0.67
Trulite Holding Corp (5)(12)	2/22/2024	S+6.00%		10.59	%	3/1/2030		1,962,500		1,927,324			1,952,688			0.44
Wyndham Home Products LLC (5)(12)	10/11/2024	S+6.25%		10.61	%	10/11/2029		36,052,332		35,356,332			35,363,734			7.91
Total Building Products									$	84,137,301		$	84,323,298			18.87	%
Chemicals
M2S Group Intermediate Holdings, Inc. (12)	9/10/2024	S+4.75%		9.09	%	8/25/2031		1,954,023		1,887,298			1,881,978			0.42
Rohm Holding GmbH (12)	8/13/2024	S+5.50%/.25% PIK		10.59	%	1/31/2029		994,943		943,610			947,683			0.21
Total Chemicals									$	2,830,908		$	2,829,661			0.63	%
Commercial Services & Supplies
Brand Industrial Services Inc (12)	4/20/2023	S+4.50%		9.07	%	8/1/2030		1,646,729		1,613,123			1,597,805			0.36
Eagle Parent Corp. (12)	4/12/2023	S+4.25%		8.58	%	4/2/2029		2,408,934		2,387,351			2,358,876			0.53
J-O Building Company LLC (5)(12)	6/28/2023	S+6.75%		11.08	%	5/25/2028		12,539,646		12,398,206			12,618,019			2.82
Kelso Industries LLC (5)(6)(7)(12)	12/26/2024	S+5.75%		—		12/30/2029		401,235		(8,025	)		(6,019	)		0.00
Kelso Industries LLC (5)(7)(12)	12/26/2024	S+5.75%		10.09	%	12/30/2029		1,043,210		1,022,346			1,027,562			0.23
Service Logic Acquisition, Inc. (12)	9/12/2024	S+3.50%		8.09	%	10/29/2027		597,000		597,000			600,361			0.13
Skopima Consilio Parent LLC (12)	8/7/2024	S+3.75%		8.12	%	5/12/2028		1,994,859		1,994,859			1,999,846			0.45
The Action Environmental Group, Inc. (5)(12)	10/5/2023	S+3.75%		8.08	%	10/24/2030		1,299,244		1,286,322			1,312,236			0.29
The Action Environmental Group, Inc. (5)(6)(12)	10/5/2023	S+3.75%		—		10/24/2030		259,200		—			2,592			0.00
Total Commercial Services & Supplies									$	21,291,182		$	21,511,278			4.81	%

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

18

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

December 31, 2024

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value		Percentage of Net Assets
Construction & Engineering
BP Loenbro Holdings Inc (5)(12)	2/1/2024	S+6.25%		10.92	%	2/1/2029		16,024,083		15,818,047			16,024,083		3.58
BP Loenbro Holdings Inc (5)(6)	2/1/2024	S+6.25%		—		2/1/2029		1,834,862		(11,238	)		—		0.00
BP Loenbro Holdings Inc (5)(6)	2/1/2024	S+6.25%		10.68	%	2/1/2029		1,834,862		711,469			733,945		0.16
Brock Holdings III, Inc. (12)	4/26/2024	S+6.00%		10.33	%	5/2/2030		2,660,000		2,611,180			2,668,858		0.60
Brown & Settle, Inc (5)(12)	4/15/2024	S+8.44%		12.99	%	4/12/2029		16,870,269		16,607,383			16,864,364		3.77
MEI Buyer LLC (5)	6/12/2023	S+5.00%		9.48	%	6/29/2029		2,403,614		2,375,517			2,366,599		0.53
MEI Buyer LLC (5)(12)	6/12/2023	S+5.00%		9.36	%	6/29/2029		15,031,416		14,665,557			14,793,919		3.31
MEI Buyer LLC (5)(6)	6/12/2023	S+5.00%		9.40	%	6/29/2029		2,650,602		181,562			199,880		0.04
Total Construction & Engineering									$	52,959,477		$	53,651,648		11.99	%
Construction Materials
Cornerstone Building Brands, Inc. (12)	5/3/2024	S+4.50%		8.90	%	5/15/2031		1,496,250		1,489,286			1,437,343		0.32
Total Construction Materials									$	1,489,286		$	1,437,343		0.32	%
Containers & Packaging
Tank Holding Corp. (12)	5/11/2023	S+5.75%		10.25	%	3/31/2028		984,848		962,662			965,358		0.22
Tank Holding Corp. (12)	5/11/2023	S+6.00%		10.46	%	3/31/2028		3,753,647		3,681,300			3,678,574		0.82
Tank Holding Corp. (6)(12)	5/11/2023	S+6.00%		10.46	%	3/31/2028		1,626,976		1,363,413			1,348,832		0.30
Total Containers & Packaging									$	6,007,375		$	5,992,764		1.34	%
Distributors
American Auto Auction Group, LLC (12)	4/28/2023	S+4.50%		9.01	%	12/30/2027		1,959,684		1,883,961			1,968,268		0.44
Total Distributors									$	1,883,961		$	1,968,268		0.44	%
Diversified Consumer Services
AMCP Clean Acquisition Company, LLC (12)	12/1/2023	S+4.75%		9.08	%	6/15/2028		1,987,487		1,978,447			1,987,487		0.44
Total Diversified Consumer Services									$	1,978,447		$	1,987,487		0.44	%

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

19

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

December 31, 2024

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Electric Utilities
Carroll County Energy LLC (12)	6/24/2024	S+4.00%		8.33	%	6/27/2031		2,376,324		2,353,839			2,391,912			0.54
Compass Power Generation, L.L.C. (12)	9/19/2024	S+3.75%		8.11	%	4/14/2029		646,353		643,258			650,192			0.15
CPV Fairview, LLC (12)	8/8/2024	S+3.50%		7.86	%	8/14/2031		1,963,182		1,953,756			1,982,814			0.44
Cricket Valley Energy Center (5)(12)	10/10/2023	S+3.90%		8.23	%	6/30/2025		18,299,329		17,732,070			16,286,402			3.64
Lackawanna Energy Center LLC (12)	7/20/2023	S+4.25%		8.61	%	8/6/2029		495,803		487,812			499,521			0.11
Lackawanna Energy Center LLC (12)	7/20/2023	S+4.25%		8.61	%	8/6/2029		2,261,810		2,225,428			2,278,773			0.51
Lightning Power, LLC (12)	8/7/2024	S+3.25%		7.58	%	8/16/2031		997,500		987,929			1,007,475			0.23
Oregon Clean Energy, LLC (12)	6/26/2024	S+4.00%		8.32	%	7/12/2030		3,304,932		3,289,046			3,308,369			0.74
Revere Power, LLC (12)	5/31/2024	S+4.25%		8.73	%	3/27/2026		655,754		635,484			646,737			0.14
Revere Power, LLC (12)	5/31/2024	S+4.25%		8.73	%	3/27/2026		7,432,360		7,203,024			7,330,165			1.64
South Field Energy LLC (12)	8/15/2024	S+3.75%		8.08	%	8/29/2031		1,622,288		1,614,657			1,631,746			0.36
South Field Energy LLC (12)	8/15/2024	S+3.75%		8.08	%	8/29/2031		101,131		100,651			101,720			0.02
Total Electric Utilities									$	39,226,954		$	38,115,826			8.52	%
Electrical Equipment
Voltagrid LLC (5)(12)	3/1/2024	S+6.50%		10.93	%	2/28/2029		34,192,125		32,998,710			33,862,171			7.58
Voltagrid LLC (5)(6)	3/1/2024	S+6.50%		—		8/28/2025		3,453,750		(30,292	)		(33,329	)		(0.01	)
Total Electrical Equipment									$	32,968,418		$	33,828,842			7.57	%
Energy Equipment & Services
Gravity Water Midstream LLC (5)(12)	4/19/2024	S+6.90%		11.26	%	4/11/2029		28,818,878		28,304,431			30,187,774			6.75
Total Energy Equipment & Services									$	28,304,431		$	30,187,774			6.75	%
Ground Transportation
Odyssey Logistics & Technology Corporation (12)	7/20/2023	S+4.50%		8.83	%	10/12/2027		987,500		984,050			986,888			0.22
Total Ground Transportation									$	984,050		$	986,888			0.22	%

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

20

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

December 31, 2024

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Health Care Providers & Services
ADMI Corp. (aka Aspen Dental) (12)	3/6/2024	S+5.75%		10.11	%	12/23/2027		1,980,000		1,980,000			1,983,960			0.44
ADMI Corp. (aka Aspen Dental) (12)	3/6/2024	S+3.75%		8.22	%	12/23/2027		994,859		976,522			976,205			0.22
Charlotte Buyer, Inc. (12)	2/1/2023	S+4.75%		9.20	%	2/11/2028		3,437,744		3,390,166			3,455,793			0.77
Crisis Prevention Institute Inc (12)	12/12/2024	S+4.00%		8.43	%	4/9/2031		1,583,333		1,575,998			1,585,313			0.35
HAH Group Holdings Company LLC (12)	2/7/2023	S+5.00%		9.36	%	9/24/2031		2,640,000		2,601,379			2,636,700			0.59
Heartland Dental, LLC (12)	4/12/2023	S+4.50%		8.86	%	4/28/2028		4,024,929		3,953,558			4,027,867			0.90
Imagefirst Holdings, LLC (5)(12)	4/27/2023	S+4.25%		8.58	%	4/27/2028		3,945,158		3,874,401			3,945,158			0.88
LSCS Holdings, Inc. (12)	9/11/2024	S+4.61%		8.97	%	12/16/2028		1,492,308		1,492,308			1,499,769			0.34
Team Services Group (12)	4/4/2023	S+5.00%		9.47	%	12/20/2027		1,470,714		1,460,164			1,473,171			0.33
Team Services Group, LLC (12)	4/4/2023	S+5.25%		9.61	%	12/20/2027		500,000		491,198			500,835			0.11
U.S. Anesthesia Partners, Inc. (12)	8/9/2024	S+4.25%		8.92	%	10/1/2028		2,487,147		2,419,291			2,471,602			0.55
Total Health Care Providers & Services									$	24,214,985		$	24,556,373			5.48	%
Hotels, Restaurants & Leisure
CC Interholdings LLC (5)(12)	12/19/2024	S+5.25%		9.62	%	12/31/2029		23,195,064		22,906,746			22,906,746			5.12
CC Interholdings LLC (5)(6)(12)	12/19/2024	S+5.25%		—		12/31/2029		10,084,811		(62,584	)		(62,584	)		(0.01	)
Ranger Holdco Spe LLC (5)	6/13/2023	15.00% PIK		15.00	%	8/8/2028		20,670,207		19,888,560			22,234,941			4.97
Total Hotels, Restaurants & Leisure									$	42,732,722		$	45,079,103			10.08	%
Household Durables
Great Southern Homes, Inc. (5)(12)	12/11/2024	S+7.25%		11.70	%	12/11/2030		54,294,466		53,215,964			53,208,576			11.90
Total Household Durables									$	53,215,964		$	53,208,576			11.90	%
Household Products
American Greetings Corporation (12)	2/2/2023	S+5.75%		10.11	%	10/30/2029		486,918		490,436			489,265			0.11
Journey Personal Care Corp. (12)	4/28/2023	S+3.75%		8.11	%	3/1/2028		2,720,318		2,720,318			2,717,761			0.61
Staples, Inc. (12)	2/1/2023	S+5.75%		10.18	%	9/4/2029		1,987,500		1,914,730			1,895,896			0.42
Total Household Products									$	5,125,484		$	5,102,922			1.14	%

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

21

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

December 31, 2024

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Independent Power and Renewable Electricity Producers
EFS Cogen Holdings I LLC (12)	9/27/2024	S+3.50%		8.11	%	10/3/2031		2,072,917		2,062,786			2,078,970			0.47
OSAKA Gas Michigan Power, LLC  (5)(12)	6/6/2024	S+6.50%		10.81	%	10/31/2030		20,928,507		20,051,097			20,154,152			4.52
Total Independent Power and Renewable Electricity Producers									$	22,113,883		$	22,233,122			4.99	%
Insurance
RSC Acquisition, Inc. (5)(12)	10/18/2023	S+4.75%		9.08	%	11/1/2029		1,982,991		1,953,180			1,973,076			0.44
Total Insurance									$	1,953,180		$	1,973,076			0.44	%
IT Services
Best Practices Associates, L.L.C. (5)(12)	11/8/2024	S+6.75%		11.08	%	11/8/2029		34,697,567		33,510,493			33,483,152			7.50
Best Practices Associates, L.L.C. (5)(6)	11/8/2024	S+6.75%		—		11/8/2029		2,589,371		(87,948	)		(90,628	)		(0.02	)
Indy US Bidco, LLC (5)(12)	6/18/2024	S+4.75%		9.11	%	3/6/2028		4,987,500		4,977,571			5,024,906			1.12
Neptune Bidco US Inc. (12)	2/1/2023	S+5.00%		9.76	%	4/11/2029		2,726,829		2,551,336			2,441,003			0.55
Physician Partners LLC	4/4/2023	S+4.00%		8.74	%	12/26/2028		982,323		941,157			396,200			0.09
Total IT Services									$	41,892,609		$	41,254,633			9.24	%
Machinery
Arcline FM Holdings, LLC (12)	2/1/2023	S+4.50%		9.05	%	6/23/2028		4,570,605		4,461,816			4,592,818			1.03
Bettcher Industries, Inc. (12)	5/22/2024	S+4.00%		8.33	%	12/14/2028		992,347		992,347			987,385			0.22
C&D Technologies, Inc (12)	5/2/2024	S+5.75%		10.22	%	12/20/2025		4,347,626		4,345,785			4,288,933			0.96
DS Parent Inc (12)	12/15/2023	S+5.50%		9.83	%	1/31/2031		1,990,000		1,900,579			1,883,873			0.42
LSF12 Badger Bidco LLC (5)(12)	7/25/2023	S+6.00%		10.36	%	8/30/2030		1,476,291		1,447,518			1,450,456			0.32
LTI Holdings, Inc. (12)	8/7/2024	S+4.75%		9.11	%	7/29/2029		2,992,500		2,956,556			2,993,996			0.67
Dune Acquisition, Inc. (5)(12)	8/20/2024	S+6.25%		10.61	%	11/20/2030		33,020,490		32,369,587			32,360,080			7.25
Total Machinery									$	48,474,188		$	48,557,541			10.87	%
Metals & Mining
Arsenal AIC Parent LLC (12)	7/27/2023	S+3.25%		7.61	%	8/18/2030		2,962,650		2,937,314			2,984,129			0.67
Total Metals & Mining									$	2,937,314		$	2,984,129			0.67	%

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

22

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

December 31, 2024

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Oil, Gas & Consumable Fuels
Limetree Bay Terminals, LLC (5)(12)	2/13/2024	S+4.50%/1% PIK		10.02	%	12/11/2026		23,273,669		22,554,921			22,618,516			5.06
Limetree Bay Terminals, LLC (5)(12)	2/13/2024	S+6.50%/2% PIK		13.02	%	2/12/2029		10,325,597		10,104,482			10,187,234			2.28
Total Oil, Gas & Consumable Fuels									$	32,659,403		$	32,805,750			7.34	%
Personal Care Products
KDC/One Development Corporation, Inc. (8)(9)(12)	8/3/2023	S+4.00%		8.36	%	8/15/2028		3,990,000		3,896,657			4,009,950			0.90
PLZ Corp. (12)	8/16/2024	S+3.50%		7.97	%	8/3/2026		1,492,147		1,422,962			1,352,049			0.30
Total Personal Care Products									$	5,319,619		$	5,361,999			1.20	%
Professional Services
Genuine Financial Holdings LLC (12)	8/8/2024	S+4.00%		8.36	%	9/27/2030		1,492,443		1,488,904			1,507,368			0.34
Teneo Holdings LLC (12)	3/8/2024	S+4.75%		9.11	%	3/13/2031		1,569,106		1,556,301			1,581,534			0.35
Total Professional Services									$	3,045,205		$	3,088,902			0.69	%
Software
DS Admiral Bidco, LLC (12)	6/17/2024	S+4.25%		8.61	%	6/26/2031		3,990,000		3,952,247			3,860,325			0.86
DTI Holdco, Inc. (12)	2/1/2023	S+4.75%		9.11	%	4/26/2029		1,469,925		1,427,856			1,478,906			0.33
Total Software									$	5,380,103		$	5,339,231			1.19	%
Specialty Retail
Array Midco, Corp. (5)(6)(8)(9)	12/31/2024	S+6.50%		—		12/31/2029		12,785,196		(127,782	)		(127,782	)		(0.03	)
Array Midco, Corp. (5)(8)(9)(12)	12/31/2024	S+6.50%		10.83	%	12/31/2029		42,617,320		41,765,336			41,765,335			9.34
Spencer Spirit IH LLC (12)	6/25/2024	S+5.50%		10.02	%	7/15/2031		1,995,000		1,991,570			2,002,481			0.45
Total Specialty Retail									$	43,629,124		$	43,640,034			9.76	%

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

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Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

December 31, 2024

Portfolio Company(1)	Original Purchase Date	Reference Rate and Spread(2)	Interest Rate(2)			Maturity Date	Par Amount/ Units		Amortized Cost(3)		Fair Value			Percentage of Net Assets
Technology Hardware, Storage & Peripherals
Xplor T1 LLC (12)	6/27/2024	S+3.50%		7.83	%	6/24/2031		1,795,500		1,787,017		1,808,966			0.40
Total Technology Hardware, Storage & Peripherals									$	1,787,017	$	1,808,966			0.40	%
Textiles, Apparel & Luxury Goods
IBG Borrower LLC (5)(12)	11/20/2023	S+6.00%		10.48	%	8/22/2029		9,687,500		9,604,533		9,748,047			2.18
Total Textiles, Apparel & Luxury Goods									$	9,604,533	$	9,748,047			2.18	%
Trading Companies & Distributors
Lincoln Metal Shop, Inc. (5)(12)	5/31/2023	S+6.00%		10.56	%	6/7/2027		21,967,680		21,678,659		22,022,600			4.93
Lincoln Metal Shop, Inc. (5)(12)	5/31/2023	S+6.00%		10.46	%	6/7/2027		5,644,699		5,509,764		5,658,811			1.27
RelaDyne Inc. (12)	4/3/2023	S+4.00%		8.36	%	12/23/2030		3,939,873		3,810,907		3,934,948			0.88
Total Trading Companies & Distributors									$	30,999,330	$	31,616,359			7.08	%
Total First and Second Lien Debt									$	735,228,227	$	739,377,097			165.38	%
Total Investments—non-controlled/non- affiliated									$	751,106,426	$	756,523,331			169.22	%
Total Investments Portfolio									$	751,106,426	$	756,523,331			169.22	%
Cash Equivalents
State Street Institutional Money Market Fund (11)										28,099,723		28,099,723			6.29
Total Cash Equivalents									$	28,099,723	$	28,099,723			6.29	%
Total Portfolio Investments and Cash Equivalents									$	779,206,149	$	784,623,054			175.51	%
Liabilities in excess of Other Assets											$	(337,557,301	)		(75.51	)%
Net Assets											$	447,065,753			100.00	%

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

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Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

December 31, 2024

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States.

(2)Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either EURIBOR (“E”), SOFR including SOFR adjustment, if any, (“S”), SONIA (“SN”), or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower’s option, which reset periodically based on the terms of the credit agreement and S loans are typically indexed to 6 month, 3 month or 1 month E or S rates. As of December 31, 2024, rates for the 6 month, 3 month and 1 month E are 2.57%, 2.71%, and 2.85%, respectively. As of December 31, 2024, 6 month, 3 month and 1 month S are 4.25%, 4.31% and 4.33%, respectively.

(3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America U.S. GAAP.

(4)Unless otherwise indicated, issuers of debt investments held by the Company are denominated in dollars. All debt and equity investments are income producing unless otherwise indicated.

(5)Investments valued using unobservable inputs (Level 3). Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee, under the supervision of the Board, pursuant to the Company’s valuation policy. See Note 4, Investments and Fair Value Measurements, for details.

(6)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair values are the result of the commitment being valued below par. See Note 7, Commitments and Contingencies, for details

(7)Position or portion thereof is unsettled as of December 31, 2024.

(8)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets totaled 12.88% of the Company’s total assets.

(9)The issuer of this investment is domiciled in Canada.

(10)The issuer of this investment is domiciled in Germany.

(11)The annualized seven-day yield as of December 31, 2024 is 4.18%.

(12)Investment is pledged as collateral for the Secured Credit Facility. See Note 6, Borrowings, for details.

(13)The industry classification for the issuer was changed from Household Durable to Building Products as of March 31, 2025. This change was applied retrospectively to the December 31, 2024 Consolidated Schedule of Investments.

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

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Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

December 31, 2024

Foreign Currency Forward Contract
Counterparty		Currency Purchased			Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
Goldman Sachs Bank USA	USD		17,224,192	EUR		16,211,004	5/27/2025	$	319,195

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

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Notes to the Consolidated Financial Statements

Note 1. Organization

Organization

Kennedy Lewis Capital Company, (the “Company”), is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has elected to be treated as a business development company (a “BDC”) under the U.S. Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company has elected to be treated, and intends to qualify annually, as a regulated investment company (a “RIC”) for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company commenced operations on February 1, 2023 as a privately offered BDC. On June 18, 2024, the Securities and Exchange Commission (“SEC”) issued the Company an exemptive order that permits the Company to offer multiple classes of its Common Shares, (the "Multi-Class Order"). On June 24, 2024, the Company received a notice of effectiveness from the SEC related to the Company’s registration statement on Form N-2 (the “Form N-2 Registration Statement”). Pursuant to the Form N-2 Registration Statement and the Multi-Class Order, the Company is publicly offering on a continuous basis up to $2,000,000,000 of its Class S shares, Class D shares, and Class I shares pursuant to the terms set forth in the subscription agreements the Company enters into with investors.

The Company is externally managed by Kennedy Lewis Capital Holdings LLC (the “Advisor”), a Delaware limited liability company that is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to an investment advisory agreement between the Company and the Advisor (as amended, the “Advisory Agreement”). Kennedy Lewis Management LP (“Kennedy Lewis Management,” and together with Kennedy Lewis Capital Holdings LLC and its affiliates, “Kennedy Lewis”) is registered with the SEC as an investment adviser under the Advisers Act. The Advisor has entered into a resource sharing agreement (“Resource Sharing Agreement”) with Kennedy Lewis Management, pursuant to which Kennedy Lewis Management makes certain personnel and resources available to the Advisor to provide certain investment advisory services to the Company. Kennedy Lewis Management serves as the Company’s administrator (in such capacity, the “Administrator”) pursuant to an administration agreement (the “Administration Agreement”).

The Company has been established to invest primarily in debt or other debt-like securities across the capital structure of middle market companies located in the United States and, selectively, in other North American countries and in Europe, with the ability to consider investments focused on other geographic markets. The Company generally defines middle market companies as those having enterprise values between $300 million and $3 billion. The Company’s investment objectives are to maximize the total return to its holders of common shares of beneficial interest, par value $0.01 (“Common Shares”) (each a “shareholder”) in the form of current income and, to a lesser extent, capital appreciation. The Company employs a strategy to provide capital to middle market companies, with a focus on direct originations in private, first lien, senior secured, performing credits. The Company expects to generate returns primarily from interest income and fees from senior secured loans, with some capital appreciation through nominal equity co-investments.

Subject to the supervision of the Company’s Board of Trustees (the “Board”), a majority of which are trustees who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (“Independent Trustees”), the Advisor manages the Company’s day-to-day operations and provides the Company with investment advisory and management services.

Fiscal Year End

The Company was formed on February 10, 2022, and commenced operations on February 1, 2023. Its fiscal year ends on December 31.

Note 2. Significant Accounting Policies

Basis of Presentation

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the consolidated financial statements presented herein.

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Use of Estimates

The preparation of the 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, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Consolidation

In accordance with U.S. GAAP guidance on consolidation, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiary, KLCC SPV GS1 LLC, in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

Cash, Cash Equivalents and Restricted Cash

Cash consists of deposits held at a custodian bank. Cash equivalents consists of money market investments with original maturities of three months or less that are readily convertible to cash and are classified as Level 1 investments. Cash and cash equivalents are held at major financial institutions and, at times, may exceed the insured limits under applicable law. Cash equivalents are carried at cost, which approximates fair value. As of March 31, 2025 and December 31, 2024, we had $25,405,208 and $23,525,322, respectively, of restricted cash and cash equivalents related to collateral held for the Secured Credit Facility (as defined below) and presented in the consolidated statements of assets and liabilities. This is further discussed in Note 6. As of March 31, 2025 and December 31, 2024, we had $1,260,000 and $780,000, respectively, of restricted cash and cash equivalents related to collateral held to meet the requirements of our ISDA Master Agreement (as defined below). This is further discussed in Note 5.

Realized Gains (Losses) and Unrealized Appreciation (Depreciation)

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the amortized cost basis of the investment using the specific identification method. The net change in unrealized appreciation (depreciation) primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Interest and Dividend Income

Interest and dividend income is recorded on an accrual basis. Interest income includes the accretion of discounts and amortization of premiums. The amortized cost of debt investments represents the original cost, including fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

Fee Income

In the general course of its business, the Company receives certain fees, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as fee income in investment income when earned.

PIK Income

Certain investments may have contractual payment-in-kind (“PIK”) interest. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest income. Because the Company has elected to be treated as a RIC for U.S. federal income purposes under Subchapter M of the Code, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected the cash.

Non-Accrual Loans

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on

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non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of March 31, 2025 and December 31, 2024, there were no loans placed on non-accrual status.

Deferred Financing Costs

Deferred financing costs represent fees and other direct costs incurred in connection with the Company’s borrowings. These amounts are capitalized and amortized over the contractual term of the borrowing.

Receivable for Investments Sold and Payable for Investments Purchased

Receivable for investments sold and payable for investments purchased represent unsettled transactions.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net realized gains (losses) and net change in unrealized appreciation (depreciation) on investments held resulting from foreign exchange rate fluctuations in foreign currency and other transactions in the Consolidated Statements of Operations, if any.

Foreign securities and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Valuation of Portfolio Investments

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Advisor as the Company’s “Valuation Designee”. The Advisor has established a Valuation Committee that is responsible for determining in good faith the fair value of the Company’s investments in instances where there is no readily available market quotation. A readily available market quotation is not expected to exist for most of the investments in the Company’s portfolio, and the Company values these portfolio investments at fair value as determined in good faith by the Valuation Designee. Investments for which market quotations are readily available may be priced by independent pricing services. The Company has retained external, independent valuation firms to provide data and valuation analyses on the Company’s portfolio companies.

The Advisor values the Company’s investments based on the type of financial instrument as outlined below:

Securities that are listed on a securities, commodities or futures exchange or market (including such securities when traded in the after‐hours market), will generally be valued (i) at their last sales prices on the date of determination on the primary exchange on which such securities were traded on such date, or (ii) at their last sales prices on the consolidated tape if such securities on the primary exchange on which such securities were traded on such date were reported on the consolidated tape, or (iii) in the event that the date of determination is not a date upon which an exchange was open for trading, on the date on which such exchange was previously open but not more than 10 days prior to the date of determination.

Securities that are not listed on an exchange but are traded over‐the‐counter will be valued at representative “bid” quotations if held long and representative “asked” quotations if held short, unless included in the NASDAQ National Market System, in which case they will be valued based upon their last sales prices (if such prices are available); provided that if the last sales price of a security does not fall between the last “bid” and “asked” price for such security on such date, the Advisor will value such security at the mean between the last “bid” and “asked” price for such security on such date. Securities not denominated in U.S. dollars will be translated into U.S. dollars at prevailing exchange rates as the Advisor may reasonably determine. All other investments will be assigned such value as the Advisor may reasonably determine. When available, quotations from brokers or pricing services will be considered in the valuation process. For example, the Advisor will utilize indicative prices from brokers or pricing services to determine the fair value of bonds and bank debt and may internally validate the quotes obtained or utilize the mean of the bid (if long) and ask (if short) quotes obtained. For these quotes to be considered for valuation purposes they must be sent directly from the brokers to the Advisor. If quotations are not readily available through pricing services or brokers for a security, financial instrument or other property, the Advisor will determine its value in such a manner as the Advisor, in its sole discretion, reasonably determines. This is generally achieved by engaging a third‐party

29

valuation firm to value such securities and provide a range of values for each position. The Advisor will then mark the position within that range.

The determination of fair value generally considers factors such as comparisons to public companies, comparable transactions, markets in which a company does business, the nature and realizable value of any collateral, discounted cash flows, earnings and ability to make payments, and market yields. If an event such as a purchase, sale, or public offering occurs, the Advisor may consider the pricing indicated by such event to corroborate its internal valuation.

FASB ASC Topic 820: Fair Value Measurements and Disclosures (“ASC 820”) specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation.

The Company classifies the inputs used to measure fair values into the following hierarchy:

•Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible to the Company at the measurement date.

•Level 2—Valuations are based on similar assets or liabilities in active markets, or quoted prices identical or similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable.

•Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuation techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Advisor’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Advisor applies the valuation policy approved by the Board that is consistent with ASC 820. Consistent with the valuation policy, the Advisor evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Advisor subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Advisor reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment, including the impact of changes in broader market indices and credit spreads, and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Organization and Offering Costs

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Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering costs in connection with the offering of Common Shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months. Initial offering costs were amortized beginning February 1, 2023, the commencement of operations.

Under the Advisory Agreement and the Administration Agreement, the Company, either directly or through reimbursements to the Advisor or its affiliates, is responsible for its organization and offering costs. As of March 31, 2025, the total amount owed to the Company from the Advisor pursuant to the Expense Support and Conditional Reimbursement Agreement is included in Due from Advisor in the Statement of Assets and Liabilities.

Income Taxes

The Company has elected to be treated, and intends to qualify annually, as a RIC. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it timely distributes to its shareholders as dividends. Rather, any tax liability related to income earned and distributed would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

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, ongoing analyses of tax laws, regulations and interpretations thereof. The Company did not record any tax provision in the current period. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must timely distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate net asset value of that class in relation to the aggregate net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

Segment Reporting

In accordance with ASC Topic 280 – “Segment Reporting (ASC 280),” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chief financial officer, and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in shareholder’s equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s shareholders. As the Company’s operations comprise of 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 Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280),” which requires specific disclosures related to the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss

31

in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

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

Note 3. Related Party Transactions

Advisory Agreement

Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Advisor manages the Company’s day-to-day operations and provides investment advisory services to the Company. Under the terms of the Advisory Agreement, the Advisor:

•determines the composition of the Company’s portfolio, the nature and timing of the changes to its portfolio and the manner of implementing such changes;

•identifies, evaluates and negotiates the structure of the investments the Company makes;

•executes, closes, services and monitors the investments the Company makes;

•determines the securities and other assets that the Company purchases, retains or sells;

•performs due diligence on prospective portfolio companies; and

•provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.

Under the Advisory Agreement, the Company pays the Advisor fees for investment management services consisting of a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”).

Base Management Fee

The Company pays the Advisor a management fee equal to an annual rate of 1.25% of the average of the Company’s net assets, at the end of the two most recently completed quarters. Subsequent to any initial public offering (“IPO”) or other listing of the Common Shares on a national securities exchange (“Exchange Listing”), the Company will pay the Advisor a base management fee calculated at an annual rate of 1.25% of the Company’s average gross assets at the end of the two most recently completed quarters. The management fee is payable quarterly in arrears. For the three months ended March 31, 2025, and March 31, 2024 the management fee was $1,504,233 and $716,752, respectively.

Incentive Fee

The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on a percentage of income and a portion is based on a percentage of capital gains, each as described below.

Income-Based Incentive Fee. The portion based on the Company’s income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from interest income, dividend 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 are received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee and any shareholder servicing and/or

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distribution fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Company pays the Advisor an Income Based Incentive Fee quarterly in arrears with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

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

•100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate until the Advisor has received 12.5% of the total Pre-Incentive Fee Net Investment Income Returns for that calendar quarter. The Company refers to this portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate) as the “catch-up.” This “catch-up” is meant to provide the Advisor an Incentive Fee of 12.5% on all Pre-Incentive Fee Net Investment Income Returns when that amount equals 1.43% in a calendar quarter (5.72% annualized), which is the rate at which the catch-up is achieved.

•12.5% of the dollar amount of all Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43%.

These calculations are prorated for any period of less than three months, including the first quarter the Company commenced operations, and are adjusted for any share issuances or repurchases during the relevant quarter.

For the three months ended March 31, 2025, and March 31, 2024, income-based incentive fees were $1,677,360 and $692,650, respectively.

Capital Gains Incentive Fee. The second part of the Incentive Fee is determined and payable in arrears as of the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fee on capital gains as calculated in accordance with U.S. GAAP (the “Capital Gains Incentive Fee”). Subsequent to any IPO or Exchange Listing, the Company will pay the Advisor the Income Incentive Fee and Capital Gains Incentive Fee described above except that all of the 12.5% figures referenced therein will be increased to 15.0%.

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative realized capital gains and realized capital losses and the cumulative unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Advisor are consistent with the Advisory Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value. For the three months ended March 31, 2025, and March 31, 2024, the Company accrued capital gains incentive fees of $(387,451) and $141,129, respectively, of which none was currently payable on such dates under the Advisory Agreement.

Administration Agreement

Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides the Company with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. The Administrator also performs, or oversees the performance of, the Company’s required administrative services, which include responsibility for the financial and other records that the Company is required to maintain and preparing reports to its shareholders and reports and other materials filed with the SEC. In addition, the Administrator assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its shareholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted the Company’s offer to provide such assistance. The Administrator has retained State Street Bank and Trust Company (“State Street”), a Massachusetts trust company, as a sub-administrator to perform any or all of its obligations under the Administration Agreement.

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Payments under the Administration Agreement are equal to an amount based upon the Company’s allocable portion (subject to the review of the Board) of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and the Company’s allocable portion of the cost of the Company’s Chief Financial Officer and their staff as well as State Street’s fees.

For the three months ended March 31, 2025, and March 31, 2024, the Company incurred $235,079 and $266,874, respectively, in expenses under the Administration Agreement, which are recorded in “Administrative service expenses” in the Company’s Consolidated Statements of Operations. As of March 31, 2025 and December 31, 2024, there was $235,079 and $270,203, respectively, of administrative service expenses payable by the Company which are included in “Due to Advisor and affiliates” in the Consolidated Statements of Assets and Liabilities.

SEC Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price and quantity are the only negotiated terms. On March 6, 2023, the SEC issued an order (the “Co-Investment Order”) granting the Company’s application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, with other funds managed by the Advisor or its affiliates. Under the terms of the Co-Investment Order, in order for the Company to participate in a co-investment transaction, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s Independent Trustees must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching with respect of the Company or its shareholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company’s shareholders and is consistent with the Company’s investment objectives and strategies and certain criteria established by the Board.

On June 18, 2024, the SEC issued the Multi-Class Order granting the Company’s application for exemptive relief from sections 18(a)(2), 18(c), 18(i) and 61(a) under the 1940 Act. Under the terms of the Multi-Class Order, the Company is permitted to offer multiple classes of its Common Shares with varying sales loads and asset-based distribution and/or service fees.

Managing Dealer Agreement

On November 25, 2024, the Company entered into a managing dealer agreement with Sanctuary Securities, Inc. (the “Managing Dealer Agreement” and the "Managing Dealer").

Pursuant to the Managing Dealer Agreement, the Managing Dealer, among other things, manages the Company’s relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of the Company’s common shares of beneficial interest (“participating brokers”) and financial advisors. The Managing Dealer also coordinates the Company’s marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the offering, the Company’s investment strategies, material aspects of the Company’s operations and subscription procedures. As set forth in and pursuant to the Managing Dealer Agreement, the Company will pay the Managing Dealer a retainer, commission and shareholder servicing and/or distribution fees for its services. Furthermore, the Company will pay the Managing Dealer shareholder servicing and/or distribution fees with respect to Class S and Class D shares. The Managing Dealer Agreement may be terminated by the Company or the Managing Dealer (i) on 30 days’ written notice or (ii) immediately upon notice to the other party in the event that such other party shall have failed to comply with any material provision thereof. The Managing Dealer Agreement also may be terminated at any time without the payment of any penalty, (x) by vote of a majority of the Company’s trustees who are not “interested persons”, as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Managing Dealer Agreement or (y) by a majority vote of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Managing Dealer or the Company’s investment adviser.

Either party may terminate the Managing Dealer Agreement at any time with or without cause effective upon receipt of written notice to that effect. The Company’s obligations under the Managing Dealer Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S and Class D shares distributed in the Public Offering as described therein shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares).

Distribution and Servicing Plan

On October 10, 2024, the Company adopted an amended and restated distribution and servicing plan (the “Distribution and Servicing Plan”) to reflect the appointment of the Managing Dealer as the Company’s managing dealer. The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S, Class D and Class I Common Shares on an annualized basis as a percentage of the Company’s net asset value for such class.

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	Shareholder Servicing and/or Distribution Fee as a % of Net Asset Value
Class S shares		0.85%
Class D shares		0.25%
Class I shares		—

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the net asset value of the applicable class as of the beginning of the first calendar day of the month and subject to Financial Industry Regulatory Authority, Inc. (“FINRA”) and other limitations on underwriting compensation.

The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate net asset value for all of the outstanding shares of each such class, it reduces the net asset value with respect to all shares of each such class, including shares issued under the Company’s DRP.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase and are similar to commissions.

For the three months ended March 31, 2025, the Company accrued no distribution and shareholder servicing fees attributable to Class S shares and Class D shares. As of December 31, 2024, there were no amounts payable for distribution and shareholder servicing fees for Class S shares and Class D shares.

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Expense Support and Conditional Reimbursement Agreement

The Company has entered into an expense support and conditional reimbursement agreement (as amended, the “Expense Support Agreement”) with the Advisor, pursuant to which the Advisor has contractually agreed to pay Other Operating Expenses (as defined below) of the Company on the Company’s behalf (each such payment, a “Required Expense Payment”) such that Other Operating Expenses of the Company do not exceed 1.00% (on an annualized basis) of the Company’s applicable quarter-end net asset value. “Other Operating Expenses” include the Company’s organizational and offering expenses (including the Company’s allocable portion of compensation and overhead (including rent, office equipment and utilities)) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, excluding Base Management Fees and Incentive Fees owed to the Advisor and any interest expenses owed by the Company.

At such times as the Advisor determines, the Advisor may elect to pay certain additional expenses of the Company on the Company’s behalf (each such payment, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”). In making a Voluntary Expense Payment, the Advisor will designate, as it deems necessary or advisable, what type of expense it is paying (including, whether it is paying organizational or offering expenses).

Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess referred to in the Expense Support Agreement as “Excess Operating Funds”), the Company will pay such Excess Operating Funds, or a portion thereof, to the Advisor until such time as all Expense Payments made by the Advisor to the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company under the Expense Support Agreement are referred to as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The amount of the Reimbursement Payment for any calendar quarter will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Advisor to the Company within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Company to the Advisor; provided that the Advisor may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future quarters pursuant to the terms of the Expense Support Agreement.

No Reimbursement Payment for any quarter shall be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (2) the Company’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (3) the Company’s Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.00% of the Company’s applicable quarter-end net asset value. The Effective Rate of Distributions Per Share means the annualized rate, based on a 365-day year, of regular cash distributions per share exclusive of returns of capital and declared special dividends or special distributions, if any. The Company’s Operating Expense Ratio is calculated by dividing Operating Expenses (i.e. the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles), less organizational and offering expenses, Base Management Fees and Incentive Fees owed to the Advisor, shareholder servicing and/or distribution fees, and interest expense, by the Company’s net assets.

The Company’s obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Advisor has waived its right to receive such payment for the applicable quarter. The Reimbursement Payment for any calendar quarter will be paid by the Company to the Advisor in any combination of cash or other immediately available funds as promptly as possible following such calendar quarter and in no event later than 45 days after the end of such calendar quarter. All Reimbursement Payments shall be deemed to relate to the earliest unreimbursed Expense Payments made by the Advisor to the Company within three years prior to the last business day of the calendar quarter in which such Reimbursement Payments obligation is accrued.

For the three months ended March 31, 2025, and March 31, 2024, the Advisor provided $162,124 and $651,775 of expense support, respectively.

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The Company did not have any obligation to make a Reimbursement Payment as of March 31, 2025 or December 31, 2024 under the Expense Support and Conditional Reimbursement Agreement. The cumulative amount incurred from formation that is subject to future potential reimbursement is $4,222,394.

Either the Company or the Advisor may terminate the Expense Support Agreement at any time, with or without notice, without the payment of any penalty, provided that any Expense Payments that have not been reimbursed by the Company to the Advisor will remain the obligation of the Company following any such termination, subject to the terms of the Expense Support Agreement.

Note 4. Investments and Fair Value Measurements

The composition of the Company’s investment portfolio at cost and fair value as of March 31, 2025 and December 31, 2024 were as follows:

	March 31, 2025							December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	765,431,591	$	763,705,455		89.12	%	$	662,123,702	$	663,933,579		87.76	%
Second lien debt		74,052,663		76,315,930		8.90	%		73,104,525		75,443,518		9.97	%
Equity		15,878,199		16,999,954		1.98	%		15,878,199		17,146,234		2.27	%
Total investments	$	855,362,453	$	857,021,339		100.00	%	$	751,106,426	$	756,523,331		100.00	%

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The industry composition of investments based on fair value as of March 31, 2025 and December 31, 2024, were as follows:

	March 31, 2025			December 31, 2024
Oil, Gas & Consumable Fuels		11.91	%		4.34	%
Building Products(1)		10.38			11.15
Electrical Equipment		8.29			4.47
Construction & Engineering		6.59			7.09
Household Durables		6.28			7.14
Electric Utilities		5.76			5.04
Hotels, Restaurants & Leisure		5.35			5.96
Machinery		5.29			6.42
Specialty Retail		5.06			5.77
Automobile Components		5.02			5.42
Commercial Services & Supplies		4.92			4.99
IT Services		4.80			5.45
Trading Companies & Distributors		3.62			4.18
Aerospace & Defense		2.97			2.69
Health Care Providers & Services		2.54			3.25
Independent Power and Renewable Electricity Producers		2.40			2.94
Automobiles		2.05			2.68
Textiles, Apparel & Luxury Goods		1.13			1.29
Chemicals		0.72			0.37
Containers & Packaging		0.71			0.79
Personal Care Products		0.63			0.71
Software		0.62			0.71
Gas Utilities		0.45			—
Professional Services		0.41			0.41
Metals & Mining		0.34			0.39
Air Freight & Logistics		0.29			0.35
Household Products		0.26			0.67
Distributors		0.23			0.26
Diversified Consumer Services		0.23			0.26
Insurance		0.23			0.26
Technology Hardware, Storage & Peripherals		0.21			0.24
Food Products		0.20			—
Ground Transportation		0.11			0.13
Energy Equipment & Services		—			3.99
Construction Materials		—			0.19
Total		100.00	%		100.00	%

(1)The industry classification for the issuer Globe Electric Company Inc was changed from Household Durables to Building Products as of March 31, 2025. This change was applied retrospectively to the December 31, 2024 Consolidated Schedule of Investments.

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The geographic composition of investments at cost and fair value as of March 31, 2025 and December 31, 2024 were as follows:

	March 31, 2025										December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets			Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	748,200,691	$	749,444,455		87.44	%		145.57	%	$	645,248,857	$	651,040,720		86.06	%		145.63	%
Canada		88,310,756		88,599,446		10.34	%		17.21	%		88,461,009		88,668,828		11.72	%		19.83	%
Germany		17,408,736		17,551,521		2.05	%		3.41	%		17,396,560		16,813,783		2.22	%		3.76	%
United Kingdom		1,442,270		1,425,917		0.17	%		0.28	%		—		—		—			—
Total	$	855,362,453	$	857,021,339		100.00	%		166.47	%	$	751,106,426	$	756,523,331		100.00	%		169.22	%

The following tables present the fair value hierarchy of the Company’s investment portfolio as of March 31, 2025 and December 31, 2024:

	March 31, 2025
Assets	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	142,517,680	$	621,187,775	$	763,705,455
Second Lien Debt		—		—		76,315,930		76,315,930
Equity		608,098		—		—		608,098
Subtotal	$	608,098	$	142,517,680	$	697,503,705	$	840,629,483
Investment measured at net asset value(1)								16,391,856
Total investments							$	857,021,339

(1)The Company, as a practical expedient, estimates the fair value of its investment in KKR Tinder TFC Aggregator L.P. using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

	December 31, 2024
Assets	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	132,260,957	$	531,672,622	$	663,933,579
Second Lien Debt		—		—		75,443,518		75,443,518
Equity		918,663		—		—		918,663
Subtotal	$	918,663	$	132,260,957	$	607,116,140	$	740,295,760
Investment measured at net asset value(1)								16,227,571
Total investments							$	756,523,331

(1)The Company, as a practical expedient, estimates the fair value of its investment in KKR Tinder TFC Aggregator L.P. using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025 and March 31, 2024, respectively:

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	First Lien Debt			Second Lien Debt			Total
Balance as of December 31, 2024	$	531,672,622		$	75,443,518		$	607,116,140
Purchases of investments		131,056,656			—			131,056,656
Proceeds from principal pre-payments and sales of investments		(42,572,628	)		—			(42,572,628	)
Payment-in-kind		484,183			775,133			1,259,316
Net accretion of discount on investments		1,529,658			173,005			1,702,663
Net realized gain (loss)		1,449,797			—			1,449,797
Net change in unrealized appreciation/(depreciation)		(1,573,687	)		(75,726	)		(1,649,413	)
Transfers into Level 3		5,187,622			—			5,187,622
Transfers out of Level 3		(6,046,448	)		—			(6,046,448	)
Balance as of March 31, 2025	$	621,187,775		$	76,315,930		$	697,503,705
Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the period	$	(1,573,687	)	$	(75,726	)	$	(1,649,413	)

Level 2 investments are valued using prices obtained from pricing services. The Company had $(858,826) in transfers between levels on a net basis during the three months ended March 31, 2025.

	First Lien Debt			Second Lien Debt			Total
Balance as of December 31, 2023	$	138,418,209		$	19,050,076		$	157,468,285
Purchases of investments		92,224,386			—			92,224,386
Proceeds from principal pre-payments and sales of investments		(1,505,724	)		—			(1,505,724	)
Payment-in-kind		301,018			681,397			982,415
Net accretion of discount on investments		402,040			113,852			515,892
Net realized gain (loss)		(33,566	)		—			(33,566	)
Net change in unrealized appreciation/(depreciation)		287,980			(41,911	)		246,069
Transfers into Level 3		960,175			—			960,175
Transfers out of Level 3		(15,115,018	)		—			(15,115,018	)
Balance as of March 31, 2024	$	215,939,500		$	19,803,414		$	235,742,914
Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the period	$	287,980		$	(41,911	)	$	246,069

Level 2 investments are valued using prices obtained from pricing services. The Company had $(14,154,843) in transfers between levels on a net basis during the three months ended March 31, 2024.

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of March 31, 2025 and December 31, 2024 were as follows:

Investment Type	Fair Value as of March 31, 2025		Valuation Technique	Unobservable Input	Range	Weighted Average (1))
Second Lien Debt	$	76,315,930	Discounted cash flow	Discount rate	11.41% - 15.50%	12.65%
First Lien Debt		592,508,937	Discounted cash flow	Discount rate	9.59% - 16.70%	11.07%
		28,678,838	Market quotations	Broker quoted price	96.00 - 99.88		98.95
		697,503,705

(1)Unobservable inputs were weighted by the relative fair value of investments.

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Investment Type	Fair Value as of December 31, 2024		Valuation Technique	Unobservable Input	Range	Weighted Average (2)
Second Lien Debt	$	75,443,518	Discounted cash flow	Discount rate	11.75% - 15.50%	12.86%
First Lien Debt		450,508,252	Discounted cash flow	Discount rate	9.34% - 17.00%	11.56%
		16,682,655	Market quotations	Broker quoted price	98.25 - 101.00		99.94
		64,481,715	Transactional Value(1)	N/A	N/A	N/A
	$	607,116,140

(1)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio companies since the transaction date.

(2)Unobservable inputs were weighted by the relative fair value of investments.

Changes in discount rates and broker quoted prices, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in discount rates or a decrease in broker quoted prices may result in a decrease in the fair value of certain of the Company’s investments.

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Note 5. Derivatives

The Company enters into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its foreign currency risk exposures on its portfolio holdings.

The fair value of foreign currency contracts are included within Derivative assets at fair value and Derivative liabilities at fair value, respectively, in the Consolidated Statements of Assets and Liabilities.

The tables below present the aggregate notional amount and fair value hierarchy of the Company’s derivative financial instruments as of March 31, 2025 and December 31, 2024:

	March 31, 2025
Derivative Assets	Level 1		Level 2			Level 3		Total Fair Value			Notional
Foreign currency forward contract	$	—	$	—		$	—	$	—		$	—
Total Derivatives assets at fair value	$	—	$	—		$	—	$	—		$	—
Cash collateral received								$	—
Derivative Liabilities
Foreign currency forward contract	$	—	$	(361,830	)	$	—	$	(361,830	)	$	17,224,192
Total Derivatives liabilities at fair value	$	—	$	(361,830	)	$	—	$	(361,830	)	$	17,224,192
Cash collateral posted								$	1,260,000

	December 31, 2024
Derivative Assets	Level 1		Level 2		Level 3		Total Fair Value		Notional
Foreign currency forward contract	$	—	$	319,195	$	—	$	319,195	$	17,224,192
Total Derivative assets at fair value	$	—	$	319,195	$	—	$	319,195	$	17,224,192
Cash collateral received							$	—
Derivative Liabilities
Foreign currency forward contract	$	—	$	—	$	—	$	—	$	—
Total Derivative liabilities at fair value	$	—	$	—	$	—	$	—	$	—
Cash collateral posted							$	780,000

In the table above:

•The fair value of derivatives assets and derivative liabilities is presented on a gross basis.

•The notional amount represents the absolute value amount of all outstanding derivative contracts.

•All foreign currency derivatives are not designated in hedge relationships.

•The Company has not applied counterparty netting or collateral netting; as such, the amounts of cash collateral received and posted are not offset against the derivative assets and derivative liabilities in the Consolidated Statements of Assets and Liabilities.

The table below presents the impact to the Consolidated Statements of Operations from derivative assets and liabilities not designated in a qualifying hedge accounting relationship for the three months ended March 31, 2025 and March 31, 2024, respectively. The unrealized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Net change in unrealized appreciation (depreciation) on Derivative instruments in the Consolidated Statements of Operations. The realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are included within Foreign currency and other transactions in the Consolidated Statements of Operations.

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	For the Three Months Ended March 31,
	2025			2024
Net change in unrealized appreciation (depreciation)
Foreign currency forward contract	$	(681,025	)	$	—
Net change in unrealized appreciation (depreciation)	$	(681,025	)	$	—
Net realized gain (loss)
Foreign currency forward contract	$	—		$	—
Net realized gain (loss)	$	—		$	—

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Note 6. Borrowings

On April 20, 2023, KLCC SPV GS1 LLC, a Delaware limited liability company and subsidiary of the Company, entered into a credit agreement with Goldman Sachs Bank USA (the “Secured Credit Facility”). The maximum principal amount of the Secured Credit Facility as of March 31, 2025 is $500 million, which can be drawn in U.S. dollars subject to certain conditions.

On October 11, 2024, KLCC SPV GS1 LLC entered into a First Amended and Restated Credit Agreement (the “A&R Credit Agreement”) with KLCC SPV GS1 LLC, as borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and calculation agent, GS ASL LLC, a administrative agent, State Street Bank and Trust Company, as collateral agent, collateral custodian and collateral administrator. The A&R Credit Agreement amends and restates in its entirety the Credit Agreement entered into on April 20, 2023 (the “Original Closing Date”), by and among KLCC SPV GS1 LLC, as borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent, State Street Bank and Trust Company, as collateral agent, collateral custodian and collateral administrator.

The A&R Credit Agreement amends the Secured Credit Facility to, among other things, (i) increase the financing limit under the Secured Credit Facility from $300 million to $500 million, (ii) extend the Reinvestment Period to May 1, 2028, (iii) extend the Scheduled Maturity Date to May 1, 2030 and (iv) replace Goldman Sachs Bank USA as administrative agent with GS ASL LLC. The A&R Credit Agreement also amends the Secured Credit Facility to change the spread charged on borrowings under the Secured Credit Facility from a range of 3.25% to 3.50% (prior to the A&R Credit Agreement) to a range of 2.50% to 2.60%, depending on the percentage of loans in the collateral which constitute BSL loans.

Amounts drawn under the Secured Credit Facility will bear interest at Term SOFR plus a margin. Advances used to finance the purchase or origination of loans under the Secured Credit Facility initially bear interest at Term SOFR plus a spread of (i) with respect to which the BSL Percentage is 15% or higher on such day, 2.50% per annum and (ii) with respect to which the BSL Percentage is less than 15% on such day, 2.60% per annum. In addition, under the Secured Credit Facility, KLCC SPV GS1 LLC is required to utilize a minimum percentage of the financing commitments (such amount, the “Minimum Utilization Amount”), with unused amounts below such Minimum Utilization Amount accruing a fee (“Minimum Utilization Fee”). As of March 31, 2025 and December 31, 2024, there were no unused amounts subject to the Minimum Utilization Fee. Additionally, KLCC SPV GS1 LLC is required to pay non-utilization fees (“Non-Utilization Fees”), on an amount equal to the excess (if any) of (x) the Adjusted Maximum Facility Amount in effect on such day over (y) the greater of the Minimum Utilization Amount and the Loan Amount on such day at a rate of 1.00% per annum. Each defined term without definition in this paragraph shall have the meaning ascribed to such term in the Secured Credit Facility.

The Secured Credit Facility contains customary covenants, including certain limitations on the activities of KLCC SPV GS1 LLC, including limitations on incurrence of incremental indebtedness, and customary events of default. The Secured Credit Facility is secured by a perfected first priority security interest in the assets of KLCC SPV GS1 LLC and on any payments received by KLCC SPV GS1 LLC in respect of those assets. Assets pledged to the lenders under the Secured Credit Facility will not be available to pay the other debts of the Company. As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements under the Secured Credit Facility.

The estimated fair value of the Secured Credit Facility approximated the principal value of $357,104,745 on the consolidated statement of assets and liabilities as of March 31, 2025 and is categorized as Level III under the ASC 820 fair value hierarchy.

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Borrowings of KLCC SPV GS1 LLC are considered borrowings of the Company for purposes of complying with the asset coverage requirements under the 1940 Act.

The following table summarizes the average debt outstanding and the interest rates on the Secured Credit Facility for the three months ended March 31, 2025 and March 31, 2024, respectively:

	For the Three Months Ended March 31,
	2025			2024
Average Debt Outstanding	$	330,571,123		$	222,112,038
Effective Interest Rate		7.75	%		9.88	%
Weighted Average Interest Rate (1)		6.98	%		8.80	%

(1)The calculation of weighted average interest rate does not include minimum utilization fees, non-utilization fees, administration fees or the amortization of deferred financing costs.

For the three months ended March 31, 2025 and March 31, 2024, the components of interest expense related to the Secured Credit Facility were as follows:

	For the Three Months Ended March 31,
	2025		2024
Borrowing interest expense	$	5,689,386	$	4,872,781
Minimum utilization fee		—		261,056
Non-utilization fees		423,572		166,736
Administration fee		41,322		—
Amortization of deferred financing costs		164,196		171,595
Total interest and credit facility fees	$	6,318,476	$	5,472,168

Note 7: Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. As of March 31, 2025 and December 31, 2024, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025 and December 31, 2024, management is not aware of any pending or threatened material litigation.

The Company may, from time to time, enter into commitments to fund investments. As of March 31, 2025 and December 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies:

	March 31, 2025		December 31, 2024
Unfunded delayed draw term loan commitments	$	26,880,772	$	29,064,659
Unfunded revolver obligations		7,441,808		6,099,927
Total Unfunded	$	34,322,580	$	35,164,586

The Consolidated Schedule of Investments include certain delayed draw and revolving loan facilities with unfunded balances at March 31, 2025 and December 31, 2024, as follows:

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Issuer	Commitment Type	Commitment Expiration Date	Unfunded Commitment as of March 31, 2025		Fair Value as of March 31, 2025
Array Midco, Corp.	Delayed Draw Term Loan	12/31/2029		12,785,196		(255,704	)
Best Practices Associates, L.L.C.	Revolver	11/8/2029		2,589,371		(90,628	)
BP Loenbro Holdings Inc	Delayed Draw Term Loan	2/1/2029		1,834,862		9,174
BP Loenbro Holdings Inc	Revolver	2/1/2029		2,201,835		11,009
MEI Buyer LLC	Delayed Draw Term Loan	6/29/2029		1,619,801		(38,470	)
MEI Buyer LLC	Revolver	6/29/2029		2,650,603		(63,880	)
CC Interholdings LLC	Delayed Draw Term Loan	12/31/2029		10,084,811		(121,018	)
Kelso Industries LLC	Delayed Draw Term Loan	12/30/2029		287,284		(3,591	)
Secratariat Advisors	Delayed Draw Term Loan	2/28/2032		268,817		(1,344	)
Total Unfunded Balances			$	34,322,580	$	(554,452	)

Issuer	Commitment Type	Commitment Expiration Date	Unfunded Commitment as of December 31, 2024		Fair Value as of December 31, 2024
Array Midco, Corp.	Delayed Draw Term Loan	12/31/2029		12,785,196		(127,782	)
Best Practices Associates, L.L.C.	Revolver	11/8/2029		2,589,371		(90,628	)
BP Loenbro Holdings Inc	Delayed Draw Term Loan	2/1/2029		1,834,862		—
BP Loenbro Holdings Inc	Revolver	2/1/2029		1,100,917		—
MEI Buyer LLC	Revolver	6/29/2029		2,409,639		(37,349	)
Voltagrid LLC	Delayed Draw Term Loan	8/28/2025		3,453,751		(33,329	)
CC Interholdings LLC	Delayed Draw Term Loan	12/31/2029		10,084,811		(62,584	)
Kelso Industries LLC	Delayed Draw Term Loan	12/30/2029		401,235		(6,019	)
Tank Holding Corp.	Delayed Draw Term Loan	3/31/2028		245,604		(4,912	)
The Action Environmental Group, Inc	Delayed Draw Term Loan	10/24/2030		259,200		2,592
Total Unfunded Balances			$	35,164,586	$	(360,011	)

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Note 8. Net Assets

Subscriptions

The Company is a non-exchange traded, perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. We previously offered our Common Shares, pursuant to the terms set forth in the Company’s Confidential Private Placement Memorandum (the “Private Offering”) and subscription agreements that we entered into with investors in connection with the Private Offering (each, a “Subscription Agreement”). The Common Shares issued under the Private Offering were sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933 as amended (the “Securities Act”) only to investors that are “accredited investors” in accordance with Rule 506 of Regulation D promulgated under the Securities Act, and other exemptions of similar import in the laws of the states and jurisdictions where the Private Offering was made.

On June 24, 2024, the Company received a notice of effectiveness related to the Company’s registration statement on Form N-2 (as amended, the “N-2 Registration Statement”). Pursuant to the N-2 Registration Statement and the Multi-Class Order, the Company has the authority to issue up to $2,000,000,000 of its Class S shares, Class D shares, and Class I shares.

For the three months ended March 31, 2025 related parties made no purchases of the Company's Common Shares and for the three months ended March 31, 2024, related parties made purchases of 326,554 Class I shares of the Company for aggregate proceeds of $6,750,000.

Certain third-party investors make their investment in the Company through certain affiliated feeder entities specifically designed to invest in the Company. As of March 31, 2025 and December 31, 2024, 17,767,374 and 14,559,724 Class I shares were owned by these affiliated feeder entities, respectively.

The following table summarizes transactions in Common Shares during the three months ended March 31, 2025 and March 31, 2024:

	For the Three Months Ended March 31,
	2025						2024(1)
	Shares			Amount			Shares		Amount
Class I
Subscriptions		2,641,341		$	54,132,996			346,502	$	7,163,000
Share transfers between classes		—		$	—			—	$	—
Distributions reinvested		910,935		$	18,553,467			374,957	$	7,764,317
Share repurchases		(736	)	$	(14,875	)		—	$	—
Early repurchase deduction		—		$	—			—	$	—
Net increase (decrease)		3,551,540		$	72,671,588			721,459	$	14,927,317

(1) Transactions in Common Shares issued for during the three months ended March 31, 2024 represent issuances of Common Shares under the Private Offering, which were made pursuant to Subscription Agreements entered into with participating investors during the three months ended March 31, 2024. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

Net Asset Value per Share and Offering Price

The Administrator determines net asset value for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent net asset value per share available for each share class, which will be the prior calendar day net asset value per share (i.e. the prior month-end net asset value). The following tables summarize each month-end net asset value per share for Class I, Class S, and Class D Common Shares of beneficial interest during the three months ended March 31, 2025 and March 31, 2024:

	Net Asset Value Per Common Share
For the Months Ended	Class I
January 31, 2025	$	20.37
February 28, 2025		20.50
March 31, 2025(1)		20.07

(1) The net asset value per Common Share reflected in the Company's report on Form 8-K may differ due to updates made during the quarterly review process.

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	Net Asset Value Per Common Share
For the Months Ended	Class I(1)
January 31, 2024	$	20.72
February 29, 2024		20.87
March 31, 2024(2)		20.58

(1) Common Shares issued during the three months ended March 31, 2024 relate to the Private Offering and became Class I shares as part of Public Offering effective June 24, 2024. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

(2) The net asset value per Common Share reflected in the Company's report on Form 8-K may differ due to updates made during the quarterly review process.

There were no Class S or Class D shares outstanding for the three months ended March 31, 2025 and March 31, 2024.

Repurchases

The Company has commenced a discretionary share repurchase program in which it may, subject to market conditions and the discretion of the Board, offer to repurchase, in each quarter, up to 5% of the Common Shares outstanding as of the close of the previous calendar quarter; provided, however, that the Company shall, subject to the Board’s discretion and approval, repurchase Common Shares from shareholders in an amount at least equal to 10% of the Company’s net asset value in respect of the fourth calendar quarter of each of the eighth and tenth calendar years following February 1, 2023. The Board may amend, suspend or terminate the share repurchase program at any time if in its reasonable judgment if it deems such action to be in the Company’s best interest and the best interest of the Company’s shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. The Company intends to conduct such repurchase offers in accordance with the requirements of Exchange Act Rule 13e-4 and the 1940 Act and subject to compliance with applicable covenants and any restrictions under the Company’s financing arrangements. All shares purchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

Under our discretionary share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter.

The following table summarizes the share repurchases completed for the three months ended March 31, 2025:

Offer Date	Tender Offer Expiration	Purchase Price per Share		Shares Repurchased(1)		Aggregate Dollar Amount of Shares Accepted for Repurchase
November 29, 2024	December 31, 2024	$	20.22		736		14,875
March 3, 2025	March 31, 2025	$	20.07		—		—

(1) On November 29, 2024, the Company commenced a quarterly Tender Offer, pursuant to which the Company offered to repurchase up to 970,594 Common Shares, representing 5.0% of the Company’s Common Shares outstanding as of September 30, 2024. On December 31, 2024, the quarterly Tender Offer expired, and 735.65 Common Shares were tendered for repurchase. On January 31, 2025, the Company accepted the 735.65 Common Shares for purchase. The purchase price of the Common Shares tendered is the Company’s net asset value per Common Share as of December 31, 2024, or $20.22 per Common Share.

During the three months ended March 31, 2024, no shares were tendered for repurchase.

Distributions

Distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. Distributions will be made to shareholders

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at such times and in such amounts as determined by the Board. The Company may pay distributions to its Shareholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its Shareholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to Shareholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

We have adopted a dividend reinvestment plan (“DRP”), pursuant to which we will reinvest all cash distributions declared by the Board on behalf of our shareholders who opt-in to the plan. Shareholders who do not opt-in to the DRP will receive their distributions in cash. As a result, if the Board authorizes, and we declare, a cash distribution or other distribution, then our shareholders who have opted-in to our DRP will have their cash distributions automatically reinvested in additional shares or a combination of cash and Common Shares, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

The following tables summarize the distribution declarations and Common Shares issued pursuant to the DRP for the three months ended March 31, 2025 and March 31, 2024, respectively:

			Class I
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
March 26, 2025	March 26, 2025	March 28, 2025	$	0.56	$	14,099,609		479,852	$	9,836,970
November 12, 2024	November 29, 2024	January 28, 2025	$	0.69	$	13,468,268		431,083	$	8,716,497
					$	27,567,877		910,935	$	18,553,467

Of the total distributions paid during the three months ended March 31, 2025, $9,014,410 was distributed in cash.

			Class I(1)
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
March 26, 2024	March 26, 2024	March 28, 2024	$	0.57	$	6,414,447		195,395	$	4,077,919
December 29, 2023	December 31, 2023	January 30, 2024	$	0.04	$	431,411		12,826	$	263,317
November 10, 2023	December 31, 2023	January 30, 2024	$	0.52	$	5,608,339		166,736	$	3,423,081
					$	12,454,197		374,957	$	7,764,317

(1) Common Shares issued during the three months ended March 31, 2024 relate to the Private Offering and became Class I shares as part of Public Offering effective June 24, 2024. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

Of the total distributions paid during the three months ended March 31, 2024, $4,689,880 was distributed in cash.

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Advisor, which is subject to recoupment.

For the three months ended March 31, 2025 and March 31, 2024, a portion of the Company’s distributions resulted from expense support from the Advisor, and future distributions may result from expense support from the Advisor, each of which is subject to repayment by the Company within three years from the date of payment. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Advisor continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents

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the sources of distributions on a GAAP basis that the Company has declared on its Common Shares for the three months ended March 31, 2025 and March 31, 2024, respectively:

	For the Three Months Ended March 31,
	2025(1)				2024(1)(2)
	Class I				Class I
	Per Share		Amount		Per Share		Amount
Net investment income		0.48	$	12,294,621		0.47	$	5,359,196
Net realized gains		0.05		1,331,837		0.09		1,046,710
Distributions in excess of net investment income		0.02		473,151		—		8,541
Total		0.55	$	14,099,609		0.56	$	6,414,447

(1)There were no Class S or Class D shares outstanding for the three months ended March 31, 2025 and March 31, 2024.

(2)Common Shares issued during the three months ended March 31, 2024 relate to the Private Offering and became Class I shares as part of Public Offering effective June 24, 2024. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

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Note 9. Financial Highlights

The following are financial highlights for the three months ended March 31, 2025 and March 31, 2024, respectively:

	Class I
	For the Three Months Ended March 31,
	2025			2024(7)
Per Share Data:
Net asset value, beginning of period	$	20.22		$	20.55
Results of operations:
Net investment income (loss)(1)		0.52			0.47
Net unrealized and realized gain (loss)(2)		(0.11	)		0.13
Net increase (decrease) in net assets resulting from operations		0.41			0.60
Distribution declared (3)		(0.56	)		(0.57	)
Total increase (decrease) in net assets		(0.15	)		0.03
Net asset value, end of period	$	20.07		$	20.58
Total return based on net asset value (4)		2.03	%		2.92	%
Shares outstanding, end of period		25,657,726			11,506,727
Ratios and supplemental data:
Net assets, end of period	$	514,827,007		$	236,772,553
Weighted-average net assets		479,867,722			233,893,490
Weighted-average shares outstanding		23,645,771			11,288,960
Ratio of net expenses to weighted average net assets(5)		9.22	%		13.87	%
Ratio of net expenses before voluntary waivers to weighted average net assets(5)		9.22	%		13.87	%
Ratio of net investment income to weighted average net assets(5)		10.30	%		8.68	%
Portfolio turnover		9.43	%		17.09	%
Asset Coverage Ratio (6)		244.17	%		192.85	%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown for a Common Share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of Common Shares in relation to fluctuating market values of investments of the Company.

(3)Distributions are based on the number of shares outstanding on the date the distribution was declared.

(4)Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period.

(5)Annualized, with the exception of certain non-recurring expenses.

(6)Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.

(7)Common Shares issued during the three months ended March 31, 2024 relate to the Private Offering and became Class I shares as part of Public Offering effective June 24, 2024. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

There were no Class S or Class D shares outstanding for the three months ended March 31, 2025 and March 31, 2024.

Senior Securities

Information about our senior securities as of March 31, 2025 and December 31, 2024, are shown in the following table:

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Class and period	Total Amount Outstanding		Asset Coverage Per Unit(1)		Involuntary Liquidating Preference Per Unit(2)	Market Value Per Unit(3)
March 31, 2025
Secured Credit Facility	$	357,104,745		2,441.70	—	N/A
December 31, 2024
Secured Credit Facility	$	342,685,745		2,304.60	—	N/A

(1)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(2)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The "—" in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(3)Not applicable for any of the senior securities as they were not registered for public trading.

Note 10. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than disclosed below.

Distributions

On May 14, 2025, the Board of Trustees declared a distribution of $0.53 per share for the second quarter of 2025, payable on June 26, 2025 to shareholders of record on May 14, 2025.

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

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements of Kennedy Lewis Capital Company (“we”, “us”, “our” and the “Company”) and the notes thereto and other financial information included elsewhere in this Quarterly Report on Form 10-Q.

Forward Looking Statements

Statements contained in this Quarterly Report on Form 10-Q (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, its advisor, Kennedy Lewis Capital Holdings LLC (in such capacity, the “Advisor”), a Delaware limited liability company that is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), Kennedy Lewis Investment Management LLC and/or its affiliates (collectively, “Kennedy Lewis”). Any such forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “target,” “goals,” “plan,” “forecast,” “project,” other variations on these words or comparable terminology, or the negative of these words. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Our actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors discussed in Item 1A “Risk Factors” section of Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere in this Quarterly Report on Form 10-Q. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, and future changes in laws or regulations and conditions in our operating areas.

We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements, unless we are required to do so by applicable law. However, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC.

Overview

The Company is a Delaware statutory trust structured as an externally managed, diversified closed-end management investment company. The Company has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company has elected to be treated, and intends to qualify annually, as a RIC for U.S. federal income tax purposes under the Code.

The Company commenced operations on February 1, 2023 as a privately offered BDC. On June 18, 2024, the SEC issued the Company an exemptive order that permits the Company to offer multiple classes of its Common Shares (the "Multi-Class Order"). On June 24, 2024, the Company received a notice of effectiveness from the SEC related to the Company’s registration statement on Form N-2 (the “Form N-2 Registration Statement”). Pursuant to the Form N-2 Registration Statement and the Multi-Class Order, the Company is publicly offering on a continuous basis up to $2,000,000,000 of its Class S shares, Class D shares, and Class I shares pursuant to the terms set forth in the subscription agreements the Company enters into with investors.

The Company is externally managed by the Advisor. The Advisor oversees the management of the Company’s activities and is responsible for making investment decisions with respect to the Company’s portfolio.

The Company’s investment objectives are to maximize the total return to its shareholders in the form of current income and, to a lesser extent, capital appreciation. The Company employs a strategy to provide capital to middle market companies, with a focus on direct originations in private, first lien, senior secured, performing credits.

Financial and Operating Highlights

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	At March 31, 2025		At December 31, 2024
Investment Portfolio	$	857,021,339	$	756,523,331
Net assets	$	514,827,007	$	447,065,753
Debt	$	357,104,745	$	342,685,745
Net asset value per share	$	20.07	$	20.22

	Portfolio Activity for the Three Months Ended March 31,
	2025			2024
Purchases during the period	$	175,071,087		$	113,795,687
Sales and principal repayments during the period	$	75,496,229		$	64,945,786
Net investments during the period	$	99,574,858		$	48,849,901
Number of portfolio companies at end of period		93			81
Weighted average contractual interest rate of investment commitments based on par		10.43	%		11.00	%

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Portfolio and Investment Activity

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

	March 31, 2025					December 31, 2024
	Fair Value		Percentage of Total Investments at Fair Value			Fair Value		Percentage of Total Investments at Fair Value
First Lien	$	763,705,455		89.12	%	$	663,933,579		87.76	%
Second Lien		76,315,930		8.90	%		75,443,518		9.97	%
Equity		16,999,954		1.98	%		17,146,234		2.27	%
Total	$	857,021,339		100.00	%	$	756,523,331		100.00	%

As of March 31, 2025 and December 31, 2024, all investments were considered to be income-producing investments.

RESULTS OF OPERATIONS

Our operating results for the three months ended March 31, 2025 and March 31, 2024, were as follows:

	For the Three Months Ended March 31,
	2025			2024
Total investment income	$	23,097,252		$	13,112,606
Less: Net expenses		10,802,631			7,753,410
Net investment income (loss)		12,294,621			5,359,196
Net realized gains (losses)		1,331,837			1,046,710
Net change in unrealized appreciation (depreciation)		(4,437,183	)		237,857
Net increase (decrease) in net assets resulting from operations	$	9,189,275		$	6,643,763
Net investment income (loss) per share	$	0.48		$	0.47
Net increase (decrease) in net assets resulting from operations per share	$	0.36		$	0.58

Investment Income

The composition of our investment income for three months ended March 31, 2025 and March 31, 2024 were as follows:

	For the Three Months Ended March 31,
	2025		2024
Interest income	$	22,571,039	$	12,589,528
Dividend income		448,334		467,467
Fee income		77,879		55,611
Total investment income	$	23,097,252	$	13,112,606

Operating Expenses

The composition of our operating expenses for the three months ended March 31, 2025 and March 31, 2024 were as follows:

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	For the Three Months Ended March 31,
	2025			2024
Interest and credit facility fees	$	6,154,280		$	5,300,574
Management fees		1,504,233			716,752
Income incentive fee		1,677,360			692,650
Capital gain incentive fees		(387,451	)		141,129
Professional fees		1,029,670			600,151
Amortization of continuous offering costs		295,737			299,856
Administrative services expense		235,079			266,874
Amortization of deferred financing costs		164,196			171,594
Directors’ fees and expenses		100,000			100,000
Other expenses		191,651			115,605
Total expenses		10,964,755			8,405,185
Expense waiver		(162,124	)		(651,775	)
Net expenses	$	10,802,631		$	7,753,410

Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses) on Investments

Net realized gains (losses) and net change in unrealized gains (losses) on investments for the three months ended March 31, 2025 and March 31, 2024 were as follows.

	For the Three Months Ended March 31,
	2025			2024
Net realized gains (losses)	$	1,331,837		$	1,046,710
Net change in unrealized gains (losses) on investments		(4,437,183	)		237,857
Net realized and unrealized gains (losses)	$	(3,105,346	)	$	1,284,567

Liquidity and Capital Resources

We generate cash from (1) funds from investors in connection with such investors’ purchases of Common Shares, (2) cash flows from investments and operations, and (3) borrowings from banks or other lenders. Subject to prevailing market conditions, we intend to grow our portfolio of assets by raising additional capital, including through the prudent use of leverage available to us.

Our primary uses of cash are for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including paying the Advisor and the Administrator), (3) debt service of any borrowings and (4) cash distributions to the Company’s shareholders.

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Borrowings

We use borrowed funds, known as “leverage,” to make investments and to attempt to increase returns to our shareholders by reducing our overall cost of capital. As a BDC, we are limited in the amount of leverage we can incur under the 1940 Act. We are only allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowing. We
may use leverage for investments, working capital, expenses and general corporate purposes (including to pay dividends or
distributions). As of March 31, 2025, we had $357 million par value of outstanding borrowings and our asset coverage ratio of total assets to total borrowings was 244.17%, compliant with the minimum asset coverage level of 150% generally required for a BDC by the 1940 Act.

We expect to maintain adequate liquidity and compliance with regulatory and contractual asset coverage requirements.

Equity

The following table summarizes transactions in Common Shares during the three months ended March 31, 2025 and March 31, 2024:

	For the Three Months Ended March 31,
	2025						2024(1)
	Shares			Amount			Shares		Amount
Class I
Subscriptions		2,641,341		$	54,132,996			346,502	$	7,163,000
Share transfers between classes		—		$	—			—	$	—
Distributions reinvested		910,935		$	18,553,467			374,957	$	7,764,317
Share repurchases		(736	)	$	(14,875	)		—	$	—
Early repurchase deduction		—		$	—			—	$	—
Net increase (decrease)		3,551,540		$	72,671,588			721,459	$	14,927,317

(1) Transactions in Common Shares issued for during the three months ended March 31, 2024 represent issuances of Common Shares under the Private Offering, which were made pursuant to Subscription Agreements entered into with participating investors during the three months ended March 31, 2024. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

Distributions

Distributions to shareholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter, and is generally based upon the earnings estimated by the Advisor. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to shareholders.

We have adopted a dividend reinvestment plan ("DRP"), pursuant to which we will
reinvest all cash distributions declared by the Board on behalf of our shareholders who opt-in to the DRP. Shareholders who do not
opt-in to the DRP will receive their distributions in cash. As a result, if the Board authorizes, and we declare, a cash distribution or
other distribution, then our shareholders who have opted-in to our DRP will have their cash distributions automatically reinvested in
additional shares or a combination of cash and Common Shares, rather than receiving the cash distribution. Distributions
on fractional shares will be credited to each participating shareholder’s account to three decimal places.

The following tables summarize the distributions paid and Common Shares issued pursuant to the DRP for the three months ended March 31, 2025 and March 31, 2024, respectively:

			Class I
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
March 26, 2025	March 26, 2025	March 28, 2025	$	0.56	$	14,099,609		479,852	$	9,836,970
November 12, 2024	November 29, 2024	January 28, 2025	$	0.69	$	13,468,268		431,083	$	8,716,497
					$	27,567,877		910,935	$	18,553,467

Of the total distributions paid during the three months ended March 31, 2025, $9,014,410 was distributed in cash.

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			Class I(1)
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
March 26, 2024	March 26, 2024	March 28, 2024	$	0.57	$	6,414,447		195,395	$	4,077,919
December 29, 2023	December 31, 2023	January 30, 2024	$	0.04	$	431,411		12,826	$	263,317
November 10, 2023	December 31, 2023	January 30, 2024	$	0.52	$	5,608,339		166,736	$	3,423,081
					$	12,454,197		374,957	$	7,764,317

Of the total distributions paid during the three months ended March 31, 2024, $4,689,880 was distributed in cash.

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Advisor, which is subject to recoupment.

For the three months ended March 31, 2025 and March 31, 2024, a portion of the Company’s distributions resulted from expense support from the Advisor, and future distributions may result from expense support from the Advisor, each of which is subject to repayment by the Company within three years from the date of payment. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Advisor continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of distributions on a GAAP basis that the Company declared on its Common Shares for the three months ended March 31, 2025 and March 31, 2024, respectively:

	For the Three Months Ended March 31,
	2025(1)				2024(1)(2)
	Class I				Class I
	Per Share		Amount		Per Share		Amount
Net investment income		0.48	$	12,294,621		0.47	$	5,359,196
Net realized gains		0.05		1,331,837		0.09		1,046,710
Distributions in excess of net investment income		0.02		473,151		—		8,541
Total		0.55	$	14,099,609		0.56	$	6,414,447

(1)There were no Class S or Class D shares outstanding for the three months ended March 31, 2025 and March 31, 2024.

(2)Common Shares issued during the three months ended March 31, 2024 relate to the Private Offering and became Class I shares as part of Public Offering effective June 24, 2024. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

Taxation as a RIC

We elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, we generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that we distribute as dividends for U.S. federal income tax purposes to our shareholders. To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, in order to maintain RIC tax treatment, we must timely distribute to our shareholders, for each tax year, an amount equal to at least 90% of our “investment company taxable income,” which includes, among other items, dividends, interest and the excess of any net short-term capital gains over net long-term capital losses and other taxable income other than any net capital gain reduced by deductible expenses.

Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our shareholders of an amount at least equal to the sum of 98% of our calendar year net ordinary income (not taking into account any capital gains or losses); 98.2% of our capital gain in excess of its capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year; and any undistributed amounts from previous years on which we paid no U.S. federal income tax. If we fail to qualify as a RIC for any reason and become subject to corporate tax, the

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resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

Related Party Transactions and Agreements

Advisory Agreement

Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Advisor manages the Company’s day-to-day operations and provides investment advisory services to the Company, pursuant to an investment advisory agreement (as amended, the “Advisory Agreement”). Under the terms of the Advisory Agreement, the Advisor (i) determines the composition of the Company’s portfolio, the nature and timing of the changes to its portfolio and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments the Company makes; (iii) executes, closes, services and monitors the investments the Company makes; (iv) determines the securities and other assets that the Company purchases, retains or sells; (v) performs due diligence on prospective portfolio companies; and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds. Under the Advisory Agreement, the Company pays the Advisor fees for investment management services consisting of the Base Management Fee and the Incentive Fee. See Note 3 to the consolidated financial statements—“Related Party Transactions” for additional information.

For the three months ended March 31, 2025 and March 31, 2024, the management fee was $1,504,233 and $716,752, respectively. For the three months ended March 31, 2025 and March 31, 2024, income-based incentive fees was $1,677,360 and $692,650 respectively. For the three months ended March 31, 2025 and March 31, 2024, the Company accrued capital gains incentive fees of $(387,451) and $141,129, respectively, of which none was payable on such date under the Advisory Agreement.

Administration Agreement

Kennedy Lewis Management LP serves as our administrator pursuant to an administration agreement (the “Administration Agreement”). Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides the Company with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. The Administrator also performs, or oversees the performance of, the Company’s required administrative services, which include being responsible for the financial and other records that the Company is required to maintain and preparing reports to its shareholders and reports and other materials filed with the SEC. In addition, the Administrator assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its shareholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted the Company’s offer to provide such assistance. The Administrator has retained State Street Bank and Trust Company, a Massachusetts trust company, as a sub-administrator to perform any or all of its obligations under the Administration Agreement.

Payments under the Administration Agreement are equal to an amount based upon the Company’s allocable portion (subject to the review of the Board) of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and the Company’s allocable portion of the cost of the Company’s Chief Financial Officer and Chief Compliance Officer and his or her staff.

SEC Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price and quantity are the only negotiated terms. On March 6, 2023, the SEC issued an order (the “Co-Investment Order”) granting the Company’s application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, with other funds managed by the Advisor or its affiliates. Under the terms of the Co-Investment Order, in order for the Company to participate in a co-investment transaction, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s independent trustees must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching with respect of the Company or its shareholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company’s shareholders and is consistent with the Company’s investment objectives and strategies and certain criteria established by the Board.

On June 18, 2024, the SEC issued an order (the “Multi-Class Order”) granting the Company’s application for exemptive relief from sections 18(a)(2), 18(c), 18(i) and 61(a) under the 1940 Act. Under the terms of the Multi-Class Order, the Company is permitted to offer multiple classes of its Common Shares with varying sales loads and asset-based distribution and/or service fees.

Expense Support and Conditional Reimbursement Agreement

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The Company has entered into an Expense Support Agreement with the Advisor, pursuant to which the Advisor has contractually agreed to pay Other Operating Expenses (as defined below) of the Company on the Company’s behalf (each such payment, a “Required Expense Payment” such that Other Operating Expenses of the Company do not exceed 1.00% (on an annualized basis) of the Company’s applicable quarter-end net asset value. “Other Operating Expenses” include the Company’s organizational and offering expenses (including the Company’s allocable portion of compensation and overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, excluding Base Management Fees and Incentive Fees owed to the Advisor and any interest expenses owed by the Company. See Note 3 to the consolidated financial statements—“Related Party Transactions” for additional information.

As of March 31, 2025, the total expense support provided by the Advisor since inception was $4,222,394.

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Contractual Obligations

Other than payment of fees under the Advisory Agreement and Administration Agreement noted in the “Related Party Transactions and Agreements” section, we had no payment obligations for repayment of debt and other contractual obligations as of March 31, 2025. For additional information on the fees under the Advisory Agreement and Administration Agreement, see Note 3—“Related Party Transactions.”

Off-Balance Sheet Arrangements

From time-to-time we are a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the needs of our investment in portfolio companies. Such instruments include commitments to extend credit and may involve, in varying degrees, elements of credit risk in excess of amounts recognized on our balance sheet. Prior to extending such credit, we attempt to limit our credit risk by conducting extensive due diligence, obtaining collateral where necessary and negotiating appropriate financial covenants. As of March 31, 2025 and December 31, 2024, we had $26,880,772 and $29,064,659 in unfunded delayed draw term loan commitments and $7,441,808 and $6,099,927 in unfunded revolver commitments, respectively.

Commitments

In the ordinary course of business, we may enter into future funding commitments. We maintain sufficient financial resources to satisfy any unfunded commitments, including cash on hand and available borrowings to fund such unfunded commitments. Please refer to Note 7 in the notes to our consolidated financial statements—“Commitments and Contingencies” for further detail of these unfunded commitments.

Recent Developments

We have evaluated recent developments through the date of issuance of these consolidated financial statements and determined that there are no recent developments outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements.

Significant Accounting Estimates and Critical Accounting Policies

The Company’s consolidated financial statements have been prepared in accordance with U.S. GAAP. The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the FASB ASC Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein.

While our significant accounting policies are also described in Note 2 of the notes to our consolidated financial statements—“Significant Accounting Policies”, we believe the following accounting policies require the most significant judgment in the preparation of our consolidated financial statements.

Valuation of Portfolio Investments

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Advisor as the Company’s “Valuation Designee”. The Advisor has established a Valuation Committee that is responsible for determining in good faith the fair value of the Company’s investments in instances where there is no readily available market quotation. A readily available market quotation is not expected to exist for most of the investments in the Company’s portfolio, and the Company values these portfolio investments at fair value as determined in good faith by the Valuation Designee. Investments for which market quotations are readily available may be priced by independent pricing services. The Company has retained external, independent valuation firms to provide data and valuation analyses on the Company’s portfolio companies.

The Advisor values the Company’s investments based on the type of financial instrument as outlined below:

Securities that are listed on a securities, commodities or futures exchange or market (including such securities when traded in the after‐hours market), will be valued (i) at their last sales prices on the date of determination on the primary exchange on which such securities were traded on such date, or (ii) at their last sales prices on the consolidated tape if such securities on the primary exchange on which such securities were traded on such date were reported on the consolidated tape, or (iii) in the event that the date of determination is not a date upon which an exchange was open for trading, on the date on which such exchange was previously open but not more than 10 days prior to the date of determination.

Securities that are not listed on an exchange but are traded over‐the‐counter will be valued at representative “bid” quotations if held long and representative “asked” quotations if held short, unless included in the NASDAQ National Market System, in which case

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they will be valued based upon their last sales prices (if such prices are available); provided that if the last sales price of a security does not fall between the last “bid” and “asked” price for such security on such date, the Advisor will value such security at the mean between the last “bid” and “asked” price for such security on such date. Securities not denominated in U.S. dollars will be translated into U.S. dollars at prevailing exchange rates as the Advisor may reasonably determine. All other investments will be assigned such value as the Advisor may reasonably determine. When available, quotations from brokers or pricing services will be considered in the valuation process. For example, the Advisor will utilize indicative prices from brokers or pricing services to determine the fair value of bonds and bank debt and may internally validate the quotes obtained or utilize the mean of the bid (if long) and ask (if short) quotes obtained. For these quotes to be considered for valuation purposes they must be sent directly from the brokers to the Advisor. If quotations are not readily available through pricing services or brokers for a security, financial instrument or other property, the Advisor will determine its value in such manner as the Advisor, in its sole discretion, reasonably determines. This is generally achieved by engaging a third‐party valuation firm to value such securities and provide a range of values for each position. The Advisor will then mark the position within that range.

The determination of fair value generally considers factors such as comparisons to public companies, comparable transactions, markets in which a company does business, the nature and realizable value of any collateral, discounted cash flows, earnings and ability to make payments, and market yields. If an event such as a purchase, sale, or public offering occurs, the Advisor may consider the pricing indicated by such event to corroborate its internal valuation.

FASB ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation.

The Company classifies the inputs used to measure fair values into the following hierarchy:

•Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible to the Company at the measurement date.

•Level 2—Valuations are based on similar assets or liabilities in active markets, or quoted prices identical or similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable.

•Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuation techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

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In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Advisor’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Advisor applies the valuation policy approved by the Board that is consistent with ASC 820. Consistent with the valuation policy, the Advisor evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Advisor subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Advisor reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment, including the impact of changes in broader market indices and credit spreads, and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees may include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

Certain investments may have contractual payment-in-kind (“PIK”) interest. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest income. Because the Company has elected to be treated, and intends to qualify annually, as a RIC for U.S. federal income purposes under Subchapter M of the Code, therefore, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected the cash.

Receivable for investments sold and payable for investments purchased represent unsettled investments.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The U.S. Federal Reserve and other central banks have raised interest rates multiple times in recent years. As a result, key base interest rates, such as SOFR and EURIBOR, may fluctuate over time. As of March 31, 2025, 92.97% of investments at fair value represent floating-rate investments.

The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase or decrease by 100, 200 or 300 basis points. Assuming that the interim and unaudited Statement of Assets and Liabilities as of March 31, 2025 were to remain constant and that we took no actions to alter our interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates. Actual results could differ significantly from those estimated in the table.

Change in Interest Rates	Increase (Decrease) in Investment Income			Increase (Decrease) in Investment Expense			Increase (Decrease) in Net Investment Income
Up 300 basis points	$	24,363,469		$	10,713,142		$	13,650,327
Up 200 basis points		16,242,313			7,142,095			9,100,218
Up 100 basis points		8,121,156			3,571,047			4,550,109
Down 100 basis points		(7,554,318	)		(3,571,047	)		(3,983,271	)
Down 200 basis points		(13,894,630	)		(7,142,095	)		(6,752,535	)
Down 300 basis points		(18,116,612	)		(10,713,142	)		(7,403,470	)

Because we may borrow money to make investments, our net investment income may be dependent on the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of increasing interest rates, our cost of funds would increase, which may reduce our net investment income. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “1934 Act”) we evaluated, under the supervision and with the participation of our management, including our President and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act) as of March 31, 2025. Based on the foregoing evaluation, our President and our Chief Financial Officer concluded that, as of March 31, 2025, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level that we would meet our disclosure obligations. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

Changes in internal control over financial reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the 1934 Act) that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025, management is not aware of any pending or threatened material litigation.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

There have been no material changes during the three months ended March 31, 2025 to the risk factors previously disclosed in the Item 1A “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2024. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Previously disclosed by the Company on its current reports on Form 8-K.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the fiscal quarter ended March 31, 2025, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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ITEM 6. EXHIBITS

The following exhibits are filed as part of this report, or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission:

Exhibit Number	Description of Document
31.1*	Certification of the President pursuant to Rule 13a-14 (a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of the Chief Financial Officer pursuant to Rule 13a-14 (a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of the President pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.
32.2*	Certification of the Chief Financial Officer pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104	Cover page formatted as Inline XBRL and contained in Exhibit 101

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Kennedy Lewis Capital Company
Date: May 14, 2025	By:	/s/ James Didden
	Name:	James Didden
	Title:	President
Date: May 14, 2025	By:	/s/ Anthony Pasqua
	Name:	Anthony Pasqua
	Title:	Chief Financial Officer

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