Keystone Private Income Fund
Schedule of Investments
June 30, 2022 (Unaudited)
Original | ||||||||||||||||||
Principal | Acquisition | |||||||||||||||||
Amount | Date | Cost | Fair Value | |||||||||||||||
Private Credit - 101.7% | ||||||||||||||||||
Corporate Finance - 28.7% | ||||||||||||||||||
$ | 10,000,000 | Arena Vantage SPV, LLC, 11.00%, 4/30/20241,2 | 3/7/2022 | $ | 10,000,000 | $10,000,000 | ||||||||||||
22,985,370 | Bigfoot Capital SPV1, LLC, 11.75%, 1/15/20241,2 | 1/15/2021 | 22,985,370 | 22,985,370 | ||||||||||||||
27,500,000 | FilmRise Acquisitions, LLC, 15.50%, 8/17/20211,2,3 | 7/1/2020 | 27,500,000 | 27,500,000 | ||||||||||||||
14,986,203 | FVP Funding I, LLC, 10.00%, 2/6/20271,2 | 2/7/2022 | 14,986,203 | 14,986,203 | ||||||||||||||
15,000,000 | Hall Labs, LLC, 14.50%, 8/11/20221,2 | 8/11/2021 | 15,000,000 | 15,000,000 | ||||||||||||||
6,956,291 | Kingbee Rentals, LLC, 15.00%, 7/21/20241,2 | 7/22/2021 | 6,956,291 | 6,956,291 | ||||||||||||||
7,500,000 | Loop Inc., 11.75%, 8/31/20221,2 | 5/17/2022 | 7,500,000 | 7,500,000 | ||||||||||||||
10,892,997 | Onward Partners, LLC, 15.00%, 6/17/20261,2 | 6/18/2021 | 10,892,997 | 10,892,997 | ||||||||||||||
2,500,000 | Paradise Cruise Line Intermediate Holdings, LLC, 12.00%, 4/1/20241,2 | 4/1/2021 | 2,500,000 | 2,500,000 | ||||||||||||||
25,000,000 | SE1 Generation ABM Holdings, LLC, 12.00%, 6/8/20231,2 | 6/8/2022 | 25,000,000 | 25,000,000 | ||||||||||||||
11,962,333 | Series KS Manscaped, 12.00%, 12/31/20241,2 | 12/17/2021 | 11,962,333 | 11,962,333 | ||||||||||||||
1,992,267 | Sovrn Holdings, Inc, LLC, 12.00%, 7/12/20251,2,5 | 7/13/2021 | 1,992,267 | 1,992,267 | ||||||||||||||
6,000,000 | Waiehu, LLC, 14.00%, 10/27/20221,2 | 10/14/2021 | 6,000,000 | 6,000,000 | ||||||||||||||
163,275,461 | 163,275,461 | |||||||||||||||||
Equipment Leasing - 33.4% | ||||||||||||||||||
Accelerate360, LLC | ||||||||||||||||||
3,854,465 | 14.50%, 4/1/20231,2 | 3/11/2021 | 3,854,465 | 3,854,465 | ||||||||||||||
1,032,159 | 14.50%, 6/30/20231,2 | 5/25/2021 | 1,032,159 | 1,032,159 | ||||||||||||||
593,100 | ARX, Accurate RX Specialty Pharmacy Corp., 12.50%, 1/1/20251,2 | 6/3/2022 | 593,100 | 593,100 | ||||||||||||||
2,367,723 | Bay Minette Energy LLC. 14.50%, 11/24/20241,2 | 5/27/2022 | 2,367,723 | 2,367,723 | ||||||||||||||
Carepoint Health Management Associates, LLC | ||||||||||||||||||
1,561,512 | 14.50%, 7/1/20231,2 | 12/2/2020 | 1,561,512 | 1,561,512 | ||||||||||||||
626,533 | 14.50%, 4/30/20221,2 | 4/6/2021 | 626,533 | 626,533 | ||||||||||||||
Carnaby Inventory I, LLC | ||||||||||||||||||
4,769,396 | 14.50%, 8/31/20241,2 | 2/23/2022 | 4,769,396 | 4,769,396 | ||||||||||||||
4,769,396 | 14.50%, 8/31/20241,2 | 2/23/2022 | 4,769,396 | 4,769,396 | ||||||||||||||
4,000,231 | 14.50%, 9/30/20241,2 | 3/10/2022 | 4,000,231 | 4,000,231 | ||||||||||||||
20,000,000 | Carnaby Inventory IV, LLC, 12.00%, 12/31/20241,2 | 6/30/2022 | 20,000,000 | 20,000,000 | ||||||||||||||
575,920 | Cartier Industrial Center LLC, 7.95%, 10/24/20231,2 | 5/25/2022 | 575,920 | 575,920 | ||||||||||||||
862,500 | Envelope 1, Inc. and E1 Digital Direct, Inc., 12.50%, 1/1/20251,2 | 5/11/2022 | 862,500 | 862,500 | ||||||||||||||
Firstronic, LLC | ||||||||||||||||||
604,578 | 12.00%, 11/1/20231,2 | 10/15/2020 | 604,578 | 604,578 | ||||||||||||||
1,202,037 | 12.00%, 9/30/20241,2 | 9/21/2021 | 1,202,037 | 1,202,037 | ||||||||||||||
14,230,824 | FPL Food LLC, 11.00%, 12/31/20251,2 | 1/6/2022 | 14,230,824 | 14,230,824 | ||||||||||||||
1,225,298 | J Jets, Inc, 12.50%, 4/30/20251,2 | 4/8/2022 | 1,225,298 | 1,225,298 | ||||||||||||||
182,704 | Kitchens Lumber Company LLC, 12.50, 4/18/20241,2 | 4/1/2022 | 182,704 | 182,704 | ||||||||||||||
KVJ Properties, Inc. | ||||||||||||||||||
3,021,545 | 14.50%, 7/1/20231,2 | 12/4/2020 | 3,021,545 | 3,021,545 | ||||||||||||||
3,593,791 | 12.50%, 8/31/20251,2 | 2/25/2022 | 3,593,791 | 3,593,791 | ||||||||||||||
Lux Vending, LLC | ||||||||||||||||||
677,584 | 14.50%, 12/31/20221,2 | 8/6/2020 | 677,584 | 677,584 | ||||||||||||||
1,781,262 | 14.50%, 4/30/20231,2 | 4/16/2021 | 1,781,262 | 1,781,262 | ||||||||||||||
MC Test Service, Inc. | ||||||||||||||||||
4,299,854 | 12.00%, 5/31/20241,2 | 5/3/2021 | 4,299,854 | 4,299,854 | ||||||||||||||
2,031,588 | 12.00%, 1/31/20251,2 | 1/25/2022 | 2,031,588 | 2,031,588 | ||||||||||||||
Metalogic Inspection Services, LLC | ||||||||||||||||||
171,592 | 14.50%, 6/1/20231,2 | 11/9/2020 | 171,592 | 171,592 | ||||||||||||||
343,762 | 14.50%, 10/1/20231,2 | 3/15/2021 | 343,762 | 343,762 | ||||||||||||||
702,547 | 14.50%, 2/28/20241,2 | 8/9/2021 | 702,547 | 702,547 | ||||||||||||||
Onset Financial, Inc. | ||||||||||||||||||
4,058,618 | 14.50%, 5/31/20261,2 | 12/11/2020 | 4,058,618 | 4,058,618 | ||||||||||||||
13,678,330 | 12.50%, 9/30/20241,2 | 9/9/2021 | 13,678,330 | 13,678,330 |
Keystone Private Income Fund
Schedule of Investments
June 30, 2022 (Unaudited) (continued)
Original | ||||||||||||||||||
Principal | Acquisition | |||||||||||||||||
Amount | Date | Cost | Fair Value | |||||||||||||||
Private Credit - 101.7% (continued) | ||||||||||||||||||
Equipment Leasing - 33.4% (continued) | ||||||||||||||||||
Orbital Power, Inc. | ||||||||||||||||||
$ | 7,802,856 | 12.00%, 4/1/20241,2 | 3/31/2021 | $ | 7,802,856 | $7,802,856 | ||||||||||||
4,085,555 | 12.00%, 7/31/20241,2 | 8/17/2021 | 4,085,555 | 4,085,555 | ||||||||||||||
2,508,380 | 12.00%, 1/31/20241,2 | 7/23/2021 | 2,508,380 | 2,508,380 | ||||||||||||||
91,958 | Raw Farm, LLC, 12.50%, 6/29/20241,2 | 4/1/2022 | 91,958 | 91,958 | ||||||||||||||
RK Pharma Inc. | ||||||||||||||||||
1,479,691 | 14.50%, 2/28/20241,2 | 2/2/2022 | 1,479,691 | 1,479,691 | ||||||||||||||
2,340,089 | 14.50%, 3/31/20241,2 | 3/9/2022 | 2,340,089 | 2,340,089 | ||||||||||||||
Rokstad Power (East), Inc. | ||||||||||||||||||
3,711,603 | 10.50%, 3/31/20261,2 | 3/1/2022 | 3,711,603 | 3,711,603 | ||||||||||||||
3,402,303 | 10.50%, 3/31/20261,2 | 3/1/2022 | 3,402,303 | 3,402,303 | ||||||||||||||
3,689,080 | Saint Jean Industries, Inc., 14.50%, 6/30/20241,2 | 12/30/2021 | 3,689,080 | 3,689,080 | ||||||||||||||
4,510,484 | Steelman Aviation, Inc., 14.50%, 12/31/20231,2 | 12/13/2021 | 4,510,484 | 4,510,484 | ||||||||||||||
Sun-Tech Leasing of Texas, L.P. | ||||||||||||||||||
1,340,112 | 12.00%, 10/1/20251,2 | 9/18/2020 | 1,340,112 | 1,340,112 | ||||||||||||||
1,428,146 | 12.00%, 7/31/20241,2 | 8/25/2021 | 1,428,146 | 1,428,146 | ||||||||||||||
905,353 | Thunderbird Field Services LLC, 14.50%, 12/31/20231,2 | 12/14/2021 | 905,353 | 905,353 | ||||||||||||||
6,574,789 | TrialAssure Inc., 12.00%, 9/30/20241,2 | 3/22/3022 | 6,574,789 | 6,574,789 | ||||||||||||||
Trico Products Corporation | ||||||||||||||||||
249,746 | 14.50%, 4/1/20231,2 | 7/23/2020 | 249,746 | 249,746 | ||||||||||||||
11,863,436 | 12.50%, 10/31/20241,2 | 4/22/2021 | 11,863,436 | 11,863,436 | ||||||||||||||
20,423,822 | 12.50%, 10/31/20241,2 | 4/12/2021 | 20,423,822 | 20,423,822 | ||||||||||||||
192,734 | 12.50%, 12/31/20251,2 | 6/30/2022 | 192,734 | 192,734 | ||||||||||||||
United Auto Supply of Syracuse, West, Inc. | ||||||||||||||||||
3,564,281 | 12.00%, 12/31/20251,2 | 6/30/2022 | 3,564,281 | 3,564,281 | ||||||||||||||
2,155,675 | 12.00%, 12/31/20251,2 | 6/30/2022 | 2,155,675 | 2,155,675 | ||||||||||||||
Vensure Employer Services, Inc. | ||||||||||||||||||
1,227,196 | 14.50%, 1/31/20241,2 | 7/16/2021 | 1,227,196 | 1,227,196 | ||||||||||||||
2,751,285 | 14.50%, 12/1/20231,2 | 5/18/2021 | 2,751,285 | 2,751,285 | ||||||||||||||
3,678,970 | 14.50%, 7/31/20241,2 | 1/14/2022 | 3,678,970 | 3,678,970 | ||||||||||||||
2,933,592 | 14.50%, 11/13/20241,2 | 5/13/2022 | 2,933,592 | 2,933,592 | ||||||||||||||
368,646 | 14.50%, 12/31/20241,2 | 6/1/2022 | 368,646 | 368,646 | ||||||||||||||
190,098,631 | 190,098,631 | |||||||||||||||||
Receivables Finance - 10.2% | ||||||||||||||||||
11,097,297 | CapitalPlus Construction Services, LLC, 12.00%, 10/1/20231,2 | 9/2/2020 | 11,097,297 | 11,097,297 | ||||||||||||||
1,050,000 | CapitalPlus Supply Chain Partners, LLC, 12.00%, 7/31/20241,2 | 8/31/2021 | 1,050,000 | 1,050,000 | ||||||||||||||
1,896,196 | Dallas Growth Capital and Funding, LLC, 13.00%, 2/23/20241,2 | 2/24/2021 | 1,896,196 | 1,896,196 | ||||||||||||||
2,959,888 | DNF Associates, LLC, 12.75%, 10/31/20241,2 | 12/28/2020 | 2,959,888 | 2,959,888 | ||||||||||||||
9,319,861 | Elevation Capital Group, LLC, 12.50%, 6/22/20221,2 | 12/30/2021 | 9,319,861 | 9,319,861 | ||||||||||||||
6,600,672 | Simply Funding SPV, LLC, 13.75%, 6/23/20231,2 | 6/23/2021 | 6,600,672 | 6,600,672 | ||||||||||||||
7,519,815 | Triton Credit Funding SPV, LLC, 13.00%, 2/28/20231,2 | 9/2/2020 | 7,519,815 | 7,519,815 | ||||||||||||||
18,003,757 | Viva Funding SPV, LLC, 13.00%, 12/22/20241,2 | 12/23/2020 | 18,003,757 | 18,003,757 | ||||||||||||||
58,447,486 | 58,447,486 | |||||||||||||||||
Specialty Real Estate Finance - 29.4% | ||||||||||||||||||
1,394,942 | 1413 Calle Joaquin SLO, LLC, 8.00% PIK, 5/16/20231,2,4 | 5/16/2022 | 1,394,942 | 1,394,942 | ||||||||||||||
4,789,468 | 750 Main Street LP, 9.69% PIK, 2/6/20241,2,4 | 3/24/2022 | 4,789,468 | 4,789,468 | ||||||||||||||
17,124,294 | AHP Servicing, LLC, 12.00%, 7/30/20221,2 | 7/30/2020 | 17,124,294 | 17,124,294 | ||||||||||||||
3,230,736 | Bluepearl Operations, LLC, 10.00% PIK, 1/9/20231,2,4 | 7/8/2021 | 3,230,736 | 3,230,736 | ||||||||||||||
3,720,162 | CC Development LP Series I, LLC, 9.95% PIK, 5/18/20231,2,4 | 11/18/2021 | 3,720,162 | 3,720,162 | ||||||||||||||
995,203 | Chesapeake Pines VA, LLC, 12.50% PIK, 1/19/20251,2 | 1/19/2022 | 995,203 | 995,203 | ||||||||||||||
2,996,000 | Circolo Villas, LLC, 13.00%, 4/13/20221,2 | 10/13/2021 | 2,996,000 | 2,996,000 | ||||||||||||||
4,765,635 | CP Maryland, LLC, 8.00% PIK, 2/24/20231,2,4 | 8/20/2021 | 4,765,635 | 4,765,635 | ||||||||||||||
82,822 | Dollar Tree Stores, Inc, 10.00% PIK, 1/9/20231,2,4 | 4/12/2022 | 82,822 | 82,822 |
Keystone Private Income Fund
Schedule of Investments
June 30, 2022 (Unaudited) (continued)
Original | ||||||||||||||||
Principal | Acquisition | |||||||||||||||
Amount | Date | Cost | Fair Value | |||||||||||||
Private Credit - 101.7% (continued) | ||||||||||||||||
Specialty Real Estate Finance - 29.4% (continued) | ||||||||||||||||
$ | 11,754,771 | Emery Village Apartments, LLC, 9.90%, 4/23/20221,2 | 10/23/2020 | $ | 11,754,771 | $ | 11,754,771 | |||||||||
509,992 | Endeavor Investments V, LLC, 10.50% PIK, 1/1/20271,2 | 2/23/2022 | 509,992 | 509,992 | ||||||||||||
1,793,053 | Endeavor Investments VIII, LLC, 10.50% PIK, 1/1/20271,2 | 2/4/2022 | 1,793,053 | 1,793,053 | ||||||||||||
3,126,381 | Endeavor Investments X, LLC, 10.50% PIK, 1/1/20271,2 | 12/15/2021 | 3,126,381 | 3,126,381 | ||||||||||||
4,839,977 | ETV Holdings, LLC, 10.50% PIK, 7/12/20231,2,4 | 7/14/2021 | 4,839,977 | 4,839,977 | ||||||||||||
314,940 | Fruition California Holdings LLC,11.49% PIK, 12/30/20231,2,4 | 12/30/2021 | 314,940 | 314,940 | ||||||||||||
1,980,000 | Galaxy Management Company, LLC, 14.00%, 9/25/20231,2,3 | 11/18/2020 | 1,980,000 | 1,980,000 | ||||||||||||
4,000,000 | Gracielo at Wolf Creek Ranch, LLC, 12.50%, 12/31/20231,2 | 2/1/2022 | 4,000,000 | 4,000,000 | ||||||||||||
2,279,100 | Grind Ventures, LLC, 9.65%, 10/20/20221,2 | 10/20/2021 | 2,279,100 | 2,279,100 | ||||||||||||
4,700,000 | Jordan River Innovation Center, LLC, 9.95%, 12/1/20221,2 | 6/1/2022 | 4,700,000 | 4,700,000 | ||||||||||||
3,575,314 | JPA 1800, LLC, 10.00% PIK, 9/1/20221,2,4 | 8/31/2021 | 3,575,314 | 3,575,314 | ||||||||||||
10,952,186 | MAP Logistics Center I, LLC, 6.25% + 6.25% PIK, 10/26/20261,2,4 | 12/27/2021 | 10,952,186 | 10,952,186 | ||||||||||||
5,140,952 | MAP Logistics Center Lot 33, LLC1,2 | 6/13/2022 | 5,140,952 | 5,140,952 | ||||||||||||
2,913,614 | MC Oslo Hermitage, LLC, 13.00% PIK, 6/1/20251,2,4 | 5/19/2022 | 2,913,614 | 2,913,614 | ||||||||||||
2,107,872 | MC Oslo SFM Two, LLC, 11.25% PIK, 6/1/20251,2,4 | 5/19/2022 | 2,107,872 | 2,107,872 | ||||||||||||
6,864,536 | Meridian Hotel Holdings, LLC, 9.90% PIK, 12/20/20221,2,4 | 6/21/2021 | 6,864,536 | 6,864,536 | ||||||||||||
28,000,000 | MPI Group, LLC, 12.00%, 4/26/2022-6/8/20221,2 | 5/6/2021 | 28,000,000 | 28,000,000 | ||||||||||||
2,826,906 | Nancy Jay Industrial Center, LLC, 12.00% PIK, 6/3/20241,2,4 | 6/3/2022 | 2,826,906 | 2,826,906 | ||||||||||||
1,365,317 | Olympus Pines FF Wash, LLC, 6.25% + 6.25% PIK, 6/14/20261,2 | 7/15/2021 | 1,365,317 | 1,365,317 | ||||||||||||
796,260 | Pierce Street Holdings LLC, 9.75% PIK, 9/15/20231,2 | 3/15/2022 | 796,260 | 796,260 | ||||||||||||
1,643,178 | RadNet Management, Inc., 9.00% PIK, 9/30/20221,2,4 | 3/29/2021 | 1,643,178 | 1,643,178 | ||||||||||||
1,380,921 | SAG El Camino, LLC, 9.95% PIK, 8/11/20231,2 | 2/11/2022 | 1,380,921 | 1,380,921 | ||||||||||||
15,316,135 | Shiraz I-215 Logistics Center, LLC, 6.25% + 6.25 PIK, 6/26/20221,2 | 12/22/2021 | 15,316,135 | 15,316,135 | ||||||||||||
3,368,403 | Universal Development Group, LLC, 10.00 PIK, 1/11/20231,2 | 1/11/2022 | 3,368,403 | 3,368,403 | ||||||||||||
2,618,706 | VG Burlington Storage LLC, 9.25% PIK, 10/4/20231,2,4 | 5/4/2022 | 2,618,706 | 2,618,706 | ||||||||||||
4,170,635 | VG Clayton Storage LLC, 8.95% PIK, 2/12/20231,2,4 | 5/12/2022 | 4,170,635 | 4,170,635 | ||||||||||||
167,438,411 | 167,438,411 | |||||||||||||||
Total Private Credit | $ | 579,259,989 | $ | 579,259,989 |
Number of | ||||||||||||
Shares | Cost | Fair Value | ||||||||||
Warrants - 0.0% | ||||||||||||
73,274 | Sovrn Holdings, Inc2,5 | $ | - | $ | - | |||||||
Total Investments - 101.7%6 | $ | 579,259,989 | ||||||||||
Liabilities in excess of other assets - (1.7%) | (9,550,746 | ) | ||||||||||
Net Assets - 100% | $ | 569,709,243 |
1 | Restricted security. The total value of these securities is $579,259,989, which represents 101.7% of total net assets of the Fund. |
2 | Level 3 securities fair valued under procedures established by the Board of Trustees. The total value of these securities is $579,259,989, which represents 101.7% of total net assets of the Fund. |
3 | This investment was made through a participation. |
4 | Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any. |
5 | Investment made through an affiliated single purpose holding company. |
6 | Entire portfolio is pledged as collateral for line of credit. |
See accompanying notes to schedule of investments.
Keystone Private Income Fund, LLC
Notes to Schedule of Investments
June 30, 2022 (Unaudited)
Note 1 - Valuation of Investments
The Board has approved valuation procedures for the Fund (the “Valuation Procedures”) and appointed a separate valuation committee (the “Valuation Committee”). The Board has delegated the day-to-day responsibility for determining the fair valuation of the Fund’s investments to the Investment Manager, subject to the oversight of the Valuation Committee. The Investment Manager oversees the valuation of the Fund’s investments on behalf of the Fund in accordance with the Valuation Procedures, which provide that investments will be valued at fair value. Furthermore, the valuation of the Fund’s assets will be done in accordance with the FASB ASC Topic 820, Fair Value Measurements and Disclosures.
In general, fair value represents a good faith approximation of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. As a result, the fair values of one or more assets may not be the prices at which those assets are ultimately sold. Prospective investors should be aware that situations involving uncertainties as to the value of investments could have an adverse effect on the Fund’s net asset value (“NAV”) if the judgments of the Valuation Committee or Investment Manager regarding appropriate valuations should prove incorrect.
The Fund expects that it will hold a high proportion of illiquid investments relative to its total investments, which is directly related to the Fund’s investment objectives and strategy. The valuation approach will likely vary by investment, but may include comparable public market valuations, comparable transaction valuations and discounted cash flow analyses. All factors that might materially impact the value of an investment (i.e., underlying collateral, operating results, financial condition, achievement of milestones, and economic and/or market events) may be considered. In certain circumstances the Investment Manager may determine that cost best approximates the fair value of the particular investment.
Note 2 – Fair Value Measurements and Disclosure
The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
• | Level 1 – Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
• | Level 2 – Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly. |
• | Level 3 – Valuations based on inputs that are both significant and unobservable to the overall fair value measurement. |
The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainly of valuation, estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Investment Manager in determining fair value is greatest for investments categorized in Level 3.
The Fund’s assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund’s significant accounting policies. The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2022:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Private Credit | $ | — | $ | — | $ | 579,259,989 | $ | 579,259,989 | ||||||||
Warrants | — | — | — | — | ||||||||||||
Total Investments, at fair value | $ | — | $ | — | $ | 579,259,989 | $ | 579,259,989 |
The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended June 30, 2022:
Private Credit | Warrants | |||||||
Balance as of October 1, 2021 | $ | 360,166,897 | $ | — | ||||
Transfers In | — | — | ||||||
Transfers Out | — | — | ||||||
Purchases | 479,731,220 | — | ||||||
Sales | — | — | ||||||
Principal reductions received | (260,638,128 | ) | — | |||||
Realized gains (losses) | — | — | ||||||
Change in unrealized appreciation (depreciation) | — | — | ||||||
Balance as of June 30, 2022 | $ | 579,259,989 | $ | — |
The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2022.
Investments | Fair Value | Valuation Technique | Unobservable Inputs | Range of Inputs | ||||||||
Private Credit | $ | 579,259,989 | Cost | Price | N/A | |||||||
Warrants | $ | — | Cost | Price | N/A |