CPG CARLYLE COMMITMENTS MASTER FUND LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2025 (UNAUDITED)

Investment Funds - (89.86%)	Geographic Region	Financing Stage	Acquisition Date	Cost		Fair Value			Percentage of Net Assets
Co-Investments - (11.75%)
Access Holdings (FPG II) L.P.(a)(b)(f)	North America	Buyout	5/24/2024	$	1,842,964	$	2,775			0.00	%(c)
Carlyle Beacon Partners, L.P.(a)(b)	Asia/Pacific	Growth	9/28/2018		10,346,726		15,640,922			2.00	%
Carlyle Eagle Coinvestment, L.P.(a)(b)(g)	North America	Buyout	2/15/2018		2,175,056		14,302,624			1.82	%
Carlyle Encore Coinvestment II, L.P.(a)(b)	North America	Buyout	10/22/2024		15,037,500		16,355,299			2.09	%
Carlyle Fourmi Coinvestment, L.P.(a)(b)	Asia/Pacific	Growth	6/29/2018		15,593,415		10,697,419			1.37	%
Carlyle Jumper Coinvestment, L.P.(a)	North America	Buyout	12/12/2023		15,395,326		18,658,786			2.38	%
Carlyle Mars Partners, L.P.(a)(b)	Asia/Pacific	Buyout	11/11/2016		143,119		271,662			0.03	%
Carlyle RDSL Coinvestment, L.P.(a)(b)(d)	South America	Growth	9/30/2015		505,124		0			0.00	%(c)
Carlyle Sapphire Partners, L.P.(a)(b)	Asia/Pacific	Growth	9/30/2015		9,565,027		8,306,904			1.06	%
Matador Coinvestment, SCSp(a)(b)(d)	Europe	Special Situations	9/30/2019		5,342,677		6,191,272			0.79	%
Nash Coinvestment, L.P.(a)(b)(d)	Africa	Buyout	10/10/2017		83,677		343,384			0.04	%
Neptune Coinvestment, L.P.(a)(b)(d)	Europe	Buyout	6/23/2017		228,652		1,319,295			0.17	%
Total Co-Investments					76,259,263		92,090,342
Primary Investments - (36.89%)
Carlyle Asia Partners Growth I, L.P.(a)(b)(d)	Asia/Pacific	Growth	5/23/2016		9,999,676		3,375,149			0.43	%
Carlyle Asia Partners IV, L.P.(a)(d)	Asia/Pacific	Buyout	5/25/2014		23,665,117		3,742,924			0.48	%
Carlyle Asia Partners V, L.P.(a)(b)(d)	Asia/Pacific	Buyout	10/30/2017		63,500,056		70,642,910			9.01	%
Carlyle Asia Partners VI, L.P.(a)(b)(d)	Asia/Pacific	Buyout	3/6/2023		0		(1,494,185	)		-0.19	%
Carlyle Europe Technology Partners III, L.P.(a)(b)(d)	Europe	Growth	3/28/2015		4,579,532		4,856,393			0.62	%
Carlyle Europe Technology Partners IV, L.P.(a)(b)(d)	Europe	Growth	11/30/2018		9,149,674		10,916,942			1.39	%
Carlyle Europe Technology Partners V, SCSp(a)(b)(d)	Europe	Growth	3/11/2022		16,624,545		16,027,237			2.04	%
Carlyle Global Financial Services Partners II, L.P.(a)(b)(d)	Global	Buyout	6/30/2014		3,078,229		5,695,236			0.73	%
Carlyle Global Financial Services Partners III, L.P.(a)(b)(j)	Global	Buyout	6/30/2017		11,721,480		16,344,894			2.08	%
Carlyle International Energy Partners II, SCSp(a)(b)(d)	Global	Special Situations	11/30/2018		10,026,421		8,116,624			1.04	%
Carlyle International Energy Partners, L.P.(a)(b)(d)	Global	Special Situations	3/12/2014		19,033,084		15,751,758			2.01	%
Carlyle Japan Partners V, L.P.(a)(d)			6/30/2025		0		(218,828	)		-0.03	%
Carlyle Partners VI, L.P.(a)(b)(d)	North America	Buyout	9/20/2013		6,123,871		4,165,726			0.53	%
Carlyle Partners VII, L.P.(a)(h)	North America	Buyout	11/29/2017		22,737,112		27,818,219			3.55	%
Carlyle Partners VIII, L.P.(a)(i)	North America	Buyout	9/10/2021		18,087,454		20,524,632			2.62	%
Coatue Growth Fund V-B, L.P.(a)(b)(d)	North America	Growth	3/31/2024		550,418		680,118			0.09	%
CVC Credit Partners Global Special Situations Fund II, SCSp(a)(d)	Europe	Special Situations	6/6/2019		7,734,420		11,111,492			1.42	%
Hunter Point Capital Structured Notes Issuer, LLC(a)(b)(d)	North America	Special Situations	12/30/2022		3,311,272		3,311,270			0.42	%
Jll Partners Fund VII, L.P.(a)(d)	North America	Buyout	3/31/2016		5,091,848		4,970,278			0.63	%
Riverside Capital Appreciation Fund VII, L.P.(a)(b)(d)	North America	Buyout	9/16/2019		3,251,855		3,043,336			0.39	%
Riverside Micro-Cap Fund VI, L.P.(a)(b)(d)	North America	Buyout	8/26/2021		8,180,394		11,266,749			1.44	%
Spring Bridge Partners, L.P.(a)(b)(d)	North America	Buyout	9/17/2019		5,541,341		6,420,459			0.82	%
Tiger Global Private Investment Partners XV, L.P.(a)(b)(d)	North America	Growth	3/18/2022		9,583,794		6,980,613			0.89	%
Vitruvian Investment Partnership IV(a)(b)(d)	Europe	Growth	8/31/2020		10,262,162		13,961,557			1.78	%
Warburg Pincus Financial Sector II, L.P.(a)(b)(d)	North America	Growth	6/9/2022		11,746,101		21,176,768			2.70	%
Total Primary Investments					283,579,856		289,188,271

Investment Funds - (89.86%) (continued)	Geographic Region	Financing Stage	Acquisition Date	Cost		Fair Value		Percentage of Net Assets
Secondary Investments - (41.22%)
Access Holdings (FPG) L.P.(a)(b)(f)	North America	Buyout	7/22/2021		8,376,341		43,905		0.01	%
AE Industrial Partners Extended Value Fund, L.P.(a)(b)	North America	Buyout	6/2/2021		978,619		513,587		0.07	%
ASP Helios III, L.P.(a)(b)(d)	Europe	Buyout	4/29/2022		13,814,082		24,372,148		3.11	%
ASP Jordan, L.P.(a)(b)(d)	Europe	Buyout	4/21/2023		18,285,271		30,416,421		3.88	%
ASP Oyster, L.P.(a)(b)(d)	Europe	Buyout	4/21/2023		15,521,131		19,887,654		2.54	%
Audax Private Equity Fund, L.P.(a)(b)	North America	Buyout	9/30/2016		0		3,015		0.00	%(c)
Blue Point Capital Partners II, L.P.(a)(b)	North America	Growth	10/23/2020		0		126,749		0.02	%
Brazil Buyout Coinvestment, L.P.(a)(b)	South America	Buyout	4/2/2014		82,978		7,859		0.00	%(c)
Brentwood Associates Opportunities Fund, L.P.(a)(b)(d)	North America	Growth	4/1/2021		2,537,838		2,604,329		0.33	%
Carlyle Asia Partners IV Access Fund, LLC(a)(b)(d)	Asia/Pacific	Buyout	12/31/2018		20,777		394,244		0.05	%
Carlyle Asia Partners IV, L.P.(a)(d)	Asia/Pacific	Buyout	5/24/2017		705,173		10,012,955		1.28	%
Carlyle Cardinal Ireland Fund, L.P.(a)(b)(d)	Europe	Growth	10/31/2017		139,816		31,228		0.00	%(c)
Carlyle Europe Partners II Coinvestment, L.P.(a)(b)	Europe	Buyout	4/2/2014		790		0		0.00	%(c)
Carlyle Europe Partners II, L.P.(a)(b)(d)	Europe	Buyout	7/1/2013		0		251,941		0.03	%
Carlyle Europe Partners III Investment Holdings, L.P.(a)(b)	Europe	Buyout	4/2/2014		2,342,910		28,038		0.00	%(c)
Carlyle Europe Technology Partners III, L.P.(a)(b)(d)	Europe	Growth	1/24/2022		7,915,592		5,396,014		0.69	%
Carlyle Europe Technology Partners IV, L.P.(a)(b)(d)	Europe	Growth	1/24/2022		3,815,532		3,272,537		0.42	%
Carlyle Fourmi Coinvestment, L.P.(a)(b)	North America	Growth	1/18/2024		18,433,236		14,858,155		1.90	%
Carlyle Global Financial Services Partners II L.P.(a)(b)(d)	Global	Buyout	12/31/2017		720,172		2,570,588		0.33	%
Carlyle Global Financial Services Partners, L.P.(a)(b)(d)	Global	Buyout	6/30/2014		0		195,198		0.02	%
Carlyle Infrastructure Partners, L.P.(a)(b)(d)(f)	North America	Buyout	8/29/2014		1,418,216		450,059		0.06	%
Carlyle International Energy Partners, L.P.(a)(b)(d)	Global	Special Situations	12/29/2017		4,695,640		3,675,410		0.47	%
Carlyle Mena Partners, L.P.(a)(b)(d)	Middle East/North Africa	Buyout	9/28/2018		0		37,046		0.00	%(c)
Carlyle Mezzanine Partners II, L.P.(a)(b)	North America	Credit	12/30/2015		7,568,929		2,711,172		0.35	%
Carlyle Partners V Coinvestment, L.P.(a)	North America	Buyout	4/2/2014		431,763		355,043		0.05	%
Carlyle Partners V, L.P.(a)(b)(d)	North America	Buyout	6/28/2013		0		3,410,897		0.44	%
Carlyle Partners VI Coinvestment A (Cayman), L.P.(a)(b)	North America	Buyout	8/31/2014		144,583		0		0.00	%(c)
Carlyle Partners VI, L.P.(a)(b)(d)	North America	Buyout	7/6/2016		0		1,800,747		0.23	%
Carlyle Realty Partners VI, L.P.(a)(b)(d)	North America	Buyout	4/25/2018		98,083		66,719		0.01	%
Carlyle South America Buyout Fund, L.P.(a)(b)	South America	Buyout	10/31/2017		0		18,486		0.00	%(c)
Carlyle Strategic Partners III Coinvestment, L.P.(a)(b)	North America	Special Situations	4/2/2014		406		113,358		0.01	%
Carlyle U.S. Equity Opportunity Fund II, L.P.(a)(b)(d)	North America	Growth	3/20/2018		269,204		4,070,123		0.52	%
Carlyle U.S. Growth Fund III, L.P.(a)(b)(d)	North America	Growth	12/31/2018		0		97,812		0.01	%
Cerberus Institutional Overseas IV, Ltd.(a)(b)(d)	North America	Special Situations	7/1/2018		0		120,087		0.02	%
Cerberus Institutional Partners, L.P. - Series 4(a)(b)(d)	North America	Special Situations	10/17/2019		0		6,004		0.00	%(c)

Investment Funds - (89.86%) (continued)	Geographic Region	Financing Stage	Acquisition Date	Cost		Fair Value		Percentage of Net Assets
Secondary Investments - (41.22%) (continued)
Cerberus International Spv, Ltd. Class A(a)(b)	North America	Special Situations	7/1/2018		0		314,571		0.04	%
Cerberus International Spv, Ltd. Class B-8(a)(b)	North America	Special Situations	6/13/2016		0		171,791		0.02	%
Cerberus International, Ltd. Class A(a)(b)	North America	Special Situations	7/1/2018		0		153,774		0.02	%
Coatue Growth Fund V(a)(b)(d)	North America	Growth	7/14/2023		1,590,930		2,417,532		0.31	%
Delta-v CI, L.P.(a)(b)(d)	North America	Growth	10/8/2024		3,030,000		4,122,798		0.53	%
DELTA-V PS, L.P.(a)(b)	Israel	Growth	5/1/2023		5,185,000		12,104,678		1.54	%
ECP R&T Feeder Fund, L.P.(a)(b)(d)			3/19/2025		7,005,164		7,404,066		0.94	%
Euro Wagon II, L.P.(a)(b)	North America	Special Situations	7/1/2016		0		103,781		0.01	%
FB HA Holdings, L.P.(a)(b)(f)	North America	Growth	8/30/2021		5,145,673		8,645,806		1.10	%
Icon Software Partners, L.P. Class B(a)(b)(d)	North America	Growth	9/1/2020		173,759		9,495,594		1.21	%
Jll Partners Fund V, L.P.(a)(b)(d)	North America	Buyout	12/30/2015		1,842,391		1,611,229		0.21	%
Laverne Buyer Holdings I, LLC(a)(b)	North America	Growth	4/10/2018		0		550,166		0.07	%
Laverne Buyer Holdings II, LLC(a)(b)	North America	Growth	4/10/2018		0		277,181		0.04	%
Laverne Buyer Holdings III, LLC(a)(b)	North America	Growth	4/10/2018		4,812,405		3,925,233		0.50	%
Laverne Buyer Holdings V, LLC(a)(b)	North America	Growth	4/10/2018		1,350,510		1,573,791		0.20	%
LEP Opportunities II, L.P.(a)(b)(d)	North America	Buyout	7/6/2022		14,385,128		17,661,333		2.25	%
Mena Coinvestment, L.P.(a)(b)	Middle East/North Africa	Buyout	4/2/2014		11,861		139,445		0.02	%
Neoma Private Equity Fund IV, L.P.(a)(b)(d)	Middle East/North Africa	Buyout	12/31/2017		5,842,428		2,667,871		0.34	%
New Enterprise Associates 10, L.P.(a)(b)	North America	Growth	4/5/2017		0		96,884		0.01	%
Newport Global Opportunities Fund, L.P.(a)(b)(f)	North America	Buyout	12/29/2014		8,158,631		3,559,571		0.45	%
Passero 18, L.P.(a)(b)	North America	Buyout	6/22/2018		442,503		12,591,058		1.61	%
Pegasus WSJLL Fund, L.P.(a)(b)(d)	North America	Buyout	12/15/2021		13,163,785		15,243,749		1.95	%
Presidio Investors Elv Continuation Fund, L.P.(a)(b)(d)	North America	Buyout	12/16/2022		9,678,746		13,839,069		1.77	%
Revelstoke EPIC Fund I, L.P.(a)(b)(d)	North America	Growth	8/26/2019		14,138,968		21,187,262		2.70	%
Riverside Micro-cap Fund III, L.P.(a)(b)(d)	North America	Buyout	5/1/2019		0		4,800,435		0.61	%
Riverstone Global Energy & Power Fund V, L.P.(a)(b)(d)(f)	North America	Buyout	9/30/2014		10,295,021		481,615		0.06	%
Riverstone/Carlyle Renewable & Alternate Energy Fund II, L.P.(a)(b)(d)(f)	North America	Buyout	11/12/2014		725,760		36,364		0.00	%(c)
Strategic Value Global Opportunities Feeder Fund 1-A, L.P.(a)(b)	North America	Special Situations	12/31/2016		1,832,025		2,502,799		0.32	%
Strategic Value Global Opportunities Fund 1-A, L.P.(a)(b)	North America	Special Situations	12/31/2016		122,510		164,298		0.02	%
Strategic Value Special Situations Feeder Fund, L.P.(a)(b)	North America	Special Situations	12/31/2016		1,917,818		11,513,533		1.47	%
Strategic Value Special Situations Fund, L.P.(a)(b)	North America	Special Situations	12/31/2016		168,691		970,458		0.12	%
Styx International, Ltd. Series 1(a)(b)	North America	Credit	7/1/2018		96,923		83,779		0.01	%
Styx International, Ltd. Series 4(a)(b)	North America	Credit	7/1/2018		45,700		39,502		0.01	%
Styx International, Ltd. Series 5(a)(b)	North America	Credit	7/1/2018		21,165		18,295		0.00	%(c)
Tiger Global XV(a)(b)(d)	North America	Growth	7/14/2023		2,388,760		3,490,306		0.45	%
TPG AAF Partners N-A, L.P.(a)(b)(d)	North America	Buyout	6/22/2021		0		18,541		0.00	%(c)
Vitruvian Investment Partnership I Continuation Fund(a)(b)(d)	Europe	Growth	8/7/2019		4,568,681		10,058,125		1.28	%
Warburg Pincus Energy, L.P.(a)(d)	North America	Buyout	9/28/2018		511,136		1,588,610		0.20	%
Warburg Pincus Xi (Asia), L.P.(a)(b)	Asia/Pacific	Growth	9/29/2017		13,723,871		6,689,656		0.85	%
Warrior Buyer Holdings, LLC(a)(b)	North America	Special Situations	10/2/2018		16,017,900		8,841,725		1.13	%
Total Secondary Investments					256,710,925		323,075,802
Total Investment Funds					616,550,044		704,354,415

Short-Term Investments - (2.21%)	Cost		Fair Value
Money Market Funds - (2.21%)
Fidelity Treasury Only Money Market Fund, 3.91%(e)		2,345,317		2,345,317
Goldman Sachs Financial Square Treasury Instruments Fund, Class Institutional, 4.78%(e)		2,349,617		2,349,617
JP Morgan 100% U.S. Treasury Securities Money Market Fund, Class I, 4.09%(e)		2,350,424		2,350,424
Morgan Stanley Institutional Liquidity Fund, Class I, 4.12%(e)		10,238,953		10,238,953
Total Money Market Funds	$	17,284,311	$	17,284,311
Total Short-Term Investments		17,284,311		17,284,311
Total Investments - 92.07%	$	633,834,355	$	721,638,726
Other Asset in Excess of Liabilities - 7.93%				62,116,415
Net Assets - 100.00%			$	783,755,141

(a)	Investments have no redemption provisions, are issued in private placement transactions and are restricted as to resale. For investments that were acquired through multiple transactions, the acquisition date represents the initial acquisition date of the Fund’s investment in the position. Total fair value of restricted securities amounts to $704,354,414, which represents 81.42% of net assets as of June 30, 2025.
(b)	Non-income producing security.
(c)	Rounds to less than 0.005%.
(d)	The Fund held unfunded commitments in the investment as of June 30, 2025. Total unfunded commitments amount to $310,932,023 as of June 30, 2025.
(e)	The rate shown is the annualized 7-day yield as of June 30, 2025.
(f)	Security is held by, in its entirety or partially, CPG TCG Acquisition Fund, LLC.
(g)	Security is held by MCC Eagle Holdco, LLC.
(h)	Security is held by MCC Splitter No. 1, LLC.
(i)	Security is held by MCC Splitter No. 2, LLC.
(j)	Security is held by MCC Splitter No. 3, LLC.

Investments as of June 30, 2025

Private Equity Type	Percent of Total Net Assets
Investment Funds
Co-Investments		11.76	%
Primary Investments		36.90	%
Secondary Investments		41.22	%
Total Investment Funds		89.86	%
Short-Term Investments
Money Market Funds		2.21	%
Total Investments		92.07	%
Other assets in excess of liabilities		7.93	%
Total Net Assets		100.00	%

See accompanying Notes to Consolidated Schedule of Investments

CPG CARLYLE COMMITMENTS MASTER FUND LLC

Notes to Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Master Fund in the preparation of its Consolidated Schedules of Investments. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Master Fund meets the definition of an investment company and follows the accounting and reporting guidance as issued through Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.

Fair value is defined as the value that the Master Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, a three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Master Fund. Unobservable inputs reflect the Master Fund’s own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

● Level 1 — unadjusted quoted prices in active markets for identical financial instruments that the reporting entity has the ability to access at the measurement date.

● Level 2 — inputs other than quoted prices included within Level 1 that are observable for the financial instrument, either directly or indirectly. Level 2 inputs also include quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active.

● Level 3 — significant unobservable inputs for the financial instrument (including the Master Fund’s own assumptions in determining the fair value of investments). For investments measured at NAV as of the measurement date, included in this category are investments for which the Master Fund does not have the ability to redeem at NAV as of the measurement date due to holding periods greater than one year from the measurement date.

Investments in Portfolio Funds are recorded at fair value, using the Portfolio Funds’ net asset value as a practical expedient.

The private equity Investment Funds are generally restricted securities that are subject to substantial holding periods and are not traded in public markets, so that the Master Fund may not be able to resell some of its investments for extended periods, which may be several years. The types of private equity Investment Funds that the Master Fund may make include primary, secondary and co-investments. Co-investments (the “Co-investments”) represent opportunities to invest in specific portfolio companies that are typically made alongside an Investment Fund. Primary investments (the “Primary Investments”) are investments in newly established private equity funds. Secondary investments (the “Secondary Investments”) are investments in existing private equity funds that are acquired in privately negotiated transactions.

The NAV of the Master Fund is determined by, or at the direction of, Central Park Advisers, LLC (the “Adviser”) as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from, time to time, pursuant to policies established by the Master Fund’s Board of Directors (the “Board”). The Master Fund’s investments in Investment Funds are subject to the terms and conditions of the respective Investment Funds’ operating agreements and offering memorandums, as appropriate. The Master Fund’s Valuation Committee (the “Committee”) oversees the valuation process of the Master Fund’s investments. The Committee meets on a monthly basis and reports to the Board on a quarterly basis. The Master Fund’s investments in Investment Funds are carried at fair value which generally represents the Master Fund’s pro-rata interest in the net assets of each Investment Fund as reported by the administrators and/or investment managers of the underlying Investment Funds. All valuations utilize financial information supplied by each Investment Fund and are net of management and incentive fees or allocations payable to the Investment Funds’ managers or pursuant to the Investment Funds’ agreements. The Master Fund’s valuation procedures require the Adviser to consider all relevant information available at the time the Master Fund values its portfolio. The Adviser has assessed factors including, but not limited to, the individual Investment Funds’ compliance with fair value measurements, price transparency and valuation procedures in place and subscription and redemption activity. The Adviser and/or the Board will consider such information and consider whether it is appropriate, in light of all relevant circumstances, to value such a position at its NAV as reported or whether to adjust such value. The underlying investments of each Investment Fund are accounted for at fair value as described in each Investment Fund’s financial statements.

The fair value relating to certain underlying investments of these Investment Funds, for which there is no ready market, has been estimated by the respective Investment Funds’ management and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a ready market for the investments existed. These differences could be material.

The Master Fund may also make Direct Investments, which are interests in securities issued by operating companies and are typically made as investments alongside a private equity fund. With respect to valuation of Direct Investments, they are fair valued typically by reference to the valuation utilized by the corresponding private equity fund or with a third party valuation agent.

The following table sets forth information about the levels within the fair value hierarchy at which the Master Fund’s investments are measured as of June 30, 2025:

	Level 1		Level 2*		Level 3*		Investments Measured at Net Asset Value(1)		Total
Investments
Investments in Private Investment Funds	$	-	$	-	$	-	$	704,354,415	$	704,354,415
Short-Term Investments		17,284,311		-		-		-		17,284,311
Total Investments	$	17,284,311	$	-	$	-	$	704,354,415	$	721,638,726

^* The Fund did not hold level 2 or level 3 securities at period end^.

⁽¹⁾ These investements are presented for reconsilition purposes and are not required to be categorized in the fair value hierarchy since they are measured at net asset value, without adjustment, as permitted as a practical expedient.

The Master Fund held Investment Funds with a fair value of $704,354,415, that, in accordance with ASU 2015-07, are excluded from the fair value hierarchy as of June 30, 2025.