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        <cusip>18685P108</cusip>
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          <isin value="US18685P1084"/>
          <ticker value="CELFX"/>
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        <balance>229666.8985</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2482699.17</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Registered Fund"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First American Treasury Obliga</name>
        <lei>549300UU586IAH2B8H03</lei>
        <title>First American Treasury Obligations Fund</title>
        <cusip>31846V328</cusip>
        <identifiers>
          <isin value="US31846V3289"/>
          <ticker value="FXFXX"/>
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        <balance>4035921.99</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4035921.99</valUSD>
        <pctVal>2.9896370960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Holbrook Structured Income Fun</name>
        <lei>549300VN9LSTDZVMEG10</lei>
        <title>Holbrook Structured Income Fund</title>
        <cusip>90214Q626</cusip>
        <identifiers>
          <isin value="US90214Q6263"/>
          <ticker value="HOSIX"/>
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        <balance>274928.364</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2688799.4</valUSD>
        <pctVal>1.9917467310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Registered Fund"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BasePoint Income Solutions Evergreen Fund LP</name>
        <lei>N/A</lei>
        <title>BasePoint Income Solutions Evergreen Fund LP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="BASEPOINTFD-DENALI"/>
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        <balance>2300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2344928.2</valUSD>
        <pctVal>1.7370217640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Investment Vehicle"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bay Point Capital Partners II, LP</name>
        <lei>N/A</lei>
        <title>Bay Point Capital Partners II, LP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="BAYPOINTFD2-DENALI"/>
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        <balance>285792.56</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>295532.66</valUSD>
        <pctVal>0.2189178596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Investment Vehicle"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>C-Cubed 308 Productions</name>
        <lei>N/A</lei>
        <title>C-Cubed 308 Productions</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="CCUBE308-DENALI"/>
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        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>647856.95</valUSD>
        <pctVal>0.4799045114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>21.6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CRWD Specialty Finance LLC</name>
        <lei>N/A</lei>
        <title>CRWD Specialty Finance LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="CCUBEDNCF-DENALI"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002094</valUSD>
        <pctVal>0.7423080534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>18</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CA Credit SPV, LLC</name>
        <lei>N/A</lei>
        <title>CA Credit SPV, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="CHIATL-DENALI"/>
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        <balance>1400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1418036.2</valUSD>
        <pctVal>1.0504201116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CA CO SPV, LLC</name>
        <lei>N/A</lei>
        <title>CA CO SPV, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="CHICATLADM-DENALI"/>
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        <balance>4600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4660853.4</valUSD>
        <pctVal>3.4525593553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Coromandel LS LLC Beta Corp</name>
        <lei>N/A</lei>
        <title>Coromandel LS LLC Beta Corp</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="COROMANBETACORP-DENALI"/>
        </identifiers>
        <balance>1006250</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1007369.96</valUSD>
        <pctVal>0.7462162572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.82</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EWP LS Funding, LLC</name>
        <lei>N/A</lei>
        <title>EWP LS Funding, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="EWP-CHARLESST-DENALI"/>
        </identifiers>
        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1250295</valUSD>
        <pctVal>0.9261646588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EWP Oceana Garage SPV LLC A</name>
        <lei>N/A</lei>
        <title>EWP Oceana Garage SPV LLC A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="EWP-OCEANA-A-DENALI"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2002306</valUSD>
        <pctVal>1.4832220023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EWP Oceana Garage SPV LLC B</name>
        <lei>N/A</lei>
        <title>EWP Oceana Garage SPV LLC B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="EWP-OCEANA-B-DENALI"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000941</valUSD>
        <pctVal>0.7414539607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>18</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSFA, LLC</name>
        <lei>N/A</lei>
        <title>HSFA, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="HFSALLC-DENALI"/>
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        <balance>10674500</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11051181.76</valUSD>
        <pctVal>8.1862392352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Investment Vehicle"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IVY Auto 1</name>
        <lei>N/A</lei>
        <title>IVY Auto 1</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="IVYAUTO1-DENALI"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502086.5</valUSD>
        <pctVal>0.3719240435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IVY Auto 2</name>
        <lei>N/A</lei>
        <title>IVY Auto 2</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="IVYAUTO2-DENALI"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300041.1</valUSD>
        <pctVal>0.2222575176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IVY Auto 3</name>
        <lei>N/A</lei>
        <title>IVY Auto 3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="IVYAUTO3-DENALI"/>
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        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300387.9</valUSD>
        <pctVal>0.2225144121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Winston Legal Capital LLC</name>
        <lei>N/A</lei>
        <title>Winston Legal Capital LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="ORK-DENALI"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1509252</valUSD>
        <pctVal>1.1179888456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Equity Interest in Credit Enhancement"/>
        <issuerConditional desc="EQUITY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IVY Auto 6</name>
        <lei>N/A</lei>
        <title>IVY Auto 6</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="IVYAUTO6-DENALI"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501432.5</valUSD>
        <pctVal>0.3714395885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IVY Auto 7</name>
        <lei>N/A</lei>
        <title>IVY Auto 7</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="IVYAUTO7-DENALI"/>
        </identifiers>
        <balance>250000</balance>
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        <curCd>USD</curCd>
        <valUSD>250733.75</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ivy Battery, LLC</name>
        <lei>N/A</lei>
        <title>Ivy Battery, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="IVYBATTFINAL-DENALI"/>
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        <balance>5151613.25</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5153988.14</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ivy Evergreen Fund QP, LP</name>
        <lei>N/A</lei>
        <title>Ivy Evergreen Fund QP, LP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="IVYEVERGFD-DENALI"/>
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        <balance>2903771.68</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2927768.45</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Investment Vehicle"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IVY Iron, LLC</name>
        <lei>N/A</lei>
        <title>IVY Iron, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="IVYIRON-DENALI"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>500044.5</valUSD>
        <pctVal>0.3704114179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Monroe Capital Income Plus Corp</name>
        <lei>N/A</lei>
        <title>Monroe Capital Income Plus Corp</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="MONROE-DENALI"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>486055.5</valUSD>
        <pctVal>0.3600489695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Investment Vehicle"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oak Institutional Credit Solutions, LLC</name>
        <lei>N/A</lei>
        <title>Oak Institutional Credit Solutions, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="OAKICS-DENALI"/>
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        <balance>3625000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3729284</valUSD>
        <pctVal>2.7624928866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Private Investment Vehicle"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ciel at Cedar Mill Senior Living</name>
        <lei>N/A</lei>
        <title>Ciel at Cedar Mill Senior Living</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="OAKPART-COCM-DENALI"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>750546</valUSD>
        <pctVal>0.5559721346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.87</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dodson Courtyard Apartments Owner, LLC</name>
        <lei>N/A</lei>
        <title>Dodson Courtyard Apartments Owner, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="OAKPART-DODSON-DENALI"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>749903.25</valUSD>
        <pctVal>0.5554960131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.62</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PFF LLC 10</name>
        <lei>N/A</lei>
        <title>PFF LLC 10</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PFFLLC10-DENALI"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>603219</valUSD>
        <pctVal>0.4468386416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PFF LLC 11</name>
        <lei>N/A</lei>
        <title>PFF LLC 11</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PFFLLC11-DENALI"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000341</valUSD>
        <pctVal>0.7410095066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.16</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PFF LLC 12</name>
        <lei>N/A</lei>
        <title>PFF LLC 12</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PFFLLC12-DENALI"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>501035.5</valUSD>
        <pctVal>0.3711455080</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.72</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PFF LLC 13</name>
        <lei>N/A</lei>
        <title>PFF LLC 13</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PFFLLC13-DENALI"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999273</valUSD>
        <pctVal>0.7402183782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PFF LLC 1</name>
        <lei>N/A</lei>
        <title>PFF LLC 1</title>
        <cusip>N/A</cusip>
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          <other otherDesc="USER DEFINED" value="PFFLLC1-DENALI"/>
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        <balance>1506125</balance>
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        <curCd>USD</curCd>
        <valUSD>1515658.77</valUSD>
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        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2026-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.11</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PFF LLC 2</name>
        <lei>N/A</lei>
        <title>PFF LLC 2</title>
        <cusip>N/A</cusip>
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          <other otherDesc="USER DEFINED" value="PFFLLC2-DENALI"/>
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        <balance>1506125</balance>
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        <curCd>USD</curCd>
        <valUSD>1510852.73</valUSD>
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        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2026-06-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.86</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PFF LLC 3</name>
        <lei>N/A</lei>
        <title>PFF LLC 3</title>
        <cusip>N/A</cusip>
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          <other otherDesc="USER DEFINED" value="PFFLLC3-DENALI"/>
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        <balance>1506125</balance>
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        <curCd>USD</curCd>
        <valUSD>1515720.52</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2026-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.61</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PFF LLC 4</name>
        <lei>N/A</lei>
        <title>PFF LLC 4</title>
        <cusip>N/A</cusip>
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          <other otherDesc="USER DEFINED" value="PFFLLC4-DENALI"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>753930</valUSD>
        <pctVal>0.5584788560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.99</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PFF LLC 5</name>
        <lei>N/A</lei>
        <title>PFF LLC 5</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PFFLLC5-DENALI"/>
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        <balance>1506125</balance>
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        <curCd>USD</curCd>
        <valUSD>1510741.27</valUSD>
        <pctVal>1.1190920326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.36</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PFF LLC 6</name>
        <lei>N/A</lei>
        <title>PFF LLC 6</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PFFLLC6-DENALI"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000340</valUSD>
        <pctVal>0.7410087658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.01</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PFF LLC 7</name>
        <lei>N/A</lei>
        <title>PFF LLC 7</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="PFFLLC7-DENALI"/>
        </identifiers>
        <balance>1000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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      <invstOrSec>
        <name>PFF LLC 8</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="USER DEFINED" value="PFFLLC8-DENALI"/>
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        <curCd>USD</curCd>
        <valUSD>501443</valUSD>
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        <assetCat>LON</assetCat>
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      <invstOrSec>
        <name>PFF LLC 9</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>500891.5</valUSD>
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        <assetCat>LON</assetCat>
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        <securityLending>
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      <invstOrSec>
        <name>Peachtree Group PCF IV LO Atlanta 3343 SIDE CAR LLC</name>
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        <title>Peachtree Group PCF IV LO Atlanta 3343 SIDE CAR LLC</title>
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          <other otherDesc="USER DEFINED" value="PTGAFC-DENALI"/>
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        <balance>420000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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      <invstOrSec>
        <name>Revere BCF Funding, LLC</name>
        <lei>N/A</lei>
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          <other otherDesc="USER DEFINED" value="REVEREBC-DENALI"/>
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        <balance>306039.98</balance>
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        <assetCat>LON</assetCat>
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          <maturityDt>2029-03-01</maturityDt>
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        <name>Revere Tactical Opportunities Fund IV</name>
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          <other otherDesc="USER DEFINED" value="REVEREREFD-DENALI"/>
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        <balance>1800000</balance>
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      <invstOrSec>
        <name>Revere Specialty Finance Fund LP</name>
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          <other otherDesc="USER DEFINED" value="REVERESPEC-DENALI"/>
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        <balance>3200000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Revere Capital Los Alamos MF LLC</name>
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          <other otherDesc="USER DEFINED" value="REVERETH-DENALI"/>
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        <balance>3114714</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Revere UPL Participation</name>
        <lei>N/A</lei>
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          <other otherDesc="USER DEFINED" value="REVEREUPL-DENALI"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
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        <assetConditional assetCat="OTHER" desc="Equity Interest in Pool of Loans"/>
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        <invCountry>US</invCountry>
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        <name>RIM SPV, LLC</name>
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          <other otherDesc="USER DEFINED" value="RIMSPV-DENALI"/>
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        <balance>5650000</balance>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerConditional desc="SPECIAL PURPOSE VEHICLE" issuerCat="OTHER"/>
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          <annualizedRt>14</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
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          <ticker value="XSP 12 C702"/>
          <other otherDesc="BBGID" value="BBG01XK8QH19"/>
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        <issuerConditional desc="Exchange" issuerCat="OTHER"/>
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              <counterpartyName>Options Composite/NBBO Pricing</counterpartyName>
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        <name>EAJF Leveraged Feeder</name>
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          <other otherDesc="USER DEFINED" value="BEBLANK-DENALI"/>
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        <balance>5700000</balance>
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      <invstOrSec>
        <name>Coromandel Credit Income Evergreen Fund LP</name>
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          <other otherDesc="USER DEFINED" value="COROFD-DENALI"/>
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        <balance>9500000</balance>
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        <curCd>USD</curCd>
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        <name>Coromandel LS 15 LLC</name>
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        <assetCat>LON</assetCat>
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        <name>Coromandel LS 16 LLC</name>
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        <balance>200000</balance>
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        <name>Coromandel LS 17 LLC</name>
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      <invstOrSec>
        <name>Coromandel LS LLC Beta SPV</name>
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        <title>Coromandel LS LLC Beta SPV</title>
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          <other otherDesc="USER DEFINED" value="COROMANBETASPV-DENALI"/>
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        <balance>743750</balance>
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      <invstOrSec>
        <name>Delgatto Diamond Finance Fund LP</name>
        <lei>N/A</lei>
        <title>Delgatto Diamond Finance Fund LP</title>
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          <other otherDesc="USER DEFINED" value="DELGATTODFF-DENALI"/>
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        <balance>1285846.7</balance>
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        <curCd>USD</curCd>
        <valUSD>1403667.55</valUSD>
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      <invstOrSec>
        <name>Assil</name>
        <lei>N/A</lei>
        <title>Assil</title>
        <cusip>N/A</cusip>
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          <other otherDesc="USER DEFINED" value="DGNOTE-ASSIL-DENALI"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1500738</valUSD>
        <pctVal>1.1116820413</pctVal>
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        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2026-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.2</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jewel</name>
        <lei>N/A</lei>
        <title>Jewel</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGNOTE-JEWELW-DENALI"/>
        </identifiers>
        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250131.25</valUSD>
        <pctVal>0.1852864515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.2</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Safdico2</name>
        <lei>N/A</lei>
        <title>Safdico2</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGNOTE-SAFDICO2-DENALI"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>750168.75</valUSD>
        <pctVal>0.5556926841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.2</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Safdico3</name>
        <lei>N/A</lei>
        <title>Safdico3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGNOTE-SAFDICO3-DENALI"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000558</valUSD>
        <pctVal>0.7411702508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.2</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sddia3</name>
        <lei>N/A</lei>
        <title>Sddia3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGNOTE-SDDIA3-DENALI"/>
        </identifiers>
        <balance>325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>325125.78</valUSD>
        <pctVal>0.2408391676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.2</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yafasj2</name>
        <lei>N/A</lei>
        <title>Yafasj2</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGNOTE-YAFASJ2-DENALI"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500298.5</valUSD>
        <pctVal>0.3705995702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.2</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yafasj3</name>
        <lei>N/A</lei>
        <title>Yafasj3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGNOTE-YAFASJ3-DENALI"/>
        </identifiers>
        <balance>375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>375190.88</valUSD>
        <pctVal>0.2779252363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="OPERATING COMPANY" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.2</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BR Diamonds</name>
        <lei>N/A</lei>
        <title>BR Diamonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGPART-BRDIA-DENALI"/>
        </identifiers>
        <balance>162500</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>162500</valUSD>
        <pctVal>0.1203729976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LuxTech 2 Geneva SA</name>
        <lei>N/A</lei>
        <title>LuxTech 2 Geneva SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGPART-LUXTECH2-DENALI"/>
        </identifiers>
        <balance>25000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25000</valUSD>
        <pctVal>0.0185189227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LuxTech 3 Geneva SA</name>
        <lei>N/A</lei>
        <title>LuxTech 3 Geneva SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGPART-LUXTECH3-DENALI"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100000</valUSD>
        <pctVal>0.0740756908</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PGA Mastermind, LLC</name>
        <lei>N/A</lei>
        <title>PGA Mastermind, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGPART-PGAMM-DENALI"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>750000</valUSD>
        <pctVal>0.5555676813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rio Diamond 2</name>
        <lei>N/A</lei>
        <title>Rio Diamond 2</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGPART-RIODIAMOND2-DENALI"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500000</valUSD>
        <pctVal>0.3703784542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rio Diamond</name>
        <lei>N/A</lei>
        <title>Rio Diamond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGPART-RIODIAMOND-DENALI"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300000</valUSD>
        <pctVal>0.2222270725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Safdico Botswana Ltd</name>
        <lei>N/A</lei>
        <title>Safdico Botswana Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGPART-SAFDICO-DENALI"/>
        </identifiers>
        <balance>675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>675000</valUSD>
        <pctVal>0.5000109132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sddia</name>
        <lei>N/A</lei>
        <title>Sddia</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="DGPART-SDDIA-DENALI"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500000</valUSD>
        <pctVal>0.3703784542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="PARTICIPATION" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-02-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Denali Structured Return Strategy Fund</ncom:nameOfApplicant>
      <ncom:signature>/s/ Adam Stewart</ncom:signature>
      <ncom:signerName>Adam Stewart</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
