Keystone Private Income Fund
Schedule of Investments
December 31, 2024 (Unaudited)
| Original | ||||||||||||||||||||
| Principal | Maturity | Acquisition | ||||||||||||||||||
| Amount | Footnotes | Coupon Rate | Date | Date | Cost | Fair Value | ||||||||||||||
| Private Credit - 114.7% | 1,2 | |||||||||||||||||||
| Corporate Finance - 18.1% | ||||||||||||||||||||
| $ | 20,450,000 | BluRoc Intermediate, LLC | 18.00% | 7/25/2025 | 7/25/2024 | $ | 20,450,000 | $ | 20,803,187 | |||||||||||
| 19,965,861 | Car Wash Holdco, LLC | 15.00% | 9/16/2025 | 9/16/2024 | 19,965,861 | 19,965,861 | ||||||||||||||
| 78,511,927 | FilmRise Acquisitions, LLC | 15.00% | 12/19/2026 | 7/1/2020 | 78,511,927 | 79,253,478 | ||||||||||||||
| 14,019,273 | FVP Funding I, LLC | 3 | 10.00 + 2.00% PIK | 2/6/2027 | 2/7/2022 | 14,019,273 | 14,094,128 | |||||||||||||
| 24,906,681 | FVP Funding II, LLC | 3 | 10.00 + 2.00% PIK | 10/12/2027 | 10/12/2022 | 24,906,681 | 25,868,382 | |||||||||||||
| 13,800,000 | Hall Labs, LLC | 4 | 14.50% | 6/30/2024 | 8/11/2021 | 13,800,000 | 9,896,467 | |||||||||||||
| 10,302,461 | iApartments, Inc. | 3,6 | 10.75% (Prime + 2.25%) + 6.00% PIK | 5/18/2030 | 5/18/2023 | 10,302,461 | 10,619,552 | |||||||||||||
| 7,500,000 | Joshua Tree Holdings, LLC | 14.00% | 11/30/2025 | 11/27/2024 | 7,500,000 | 7,500,000 | ||||||||||||||
| 14,034,985 | Loop Inc. | 8.00% | 6/14/2025 | 5/17/2022 | 14,034,985 | 10,329,030 | ||||||||||||||
| 54,000,000 | MV Cruise Offshore Holdings Ltd. | 12.00% | 6/30/2027 | 7/3/2024 | 54,000,000 | 54,000,000 | ||||||||||||||
| 12,354,762 | Onward Partners, LLC | 15.00% | 6/17/2026 | 6/18/2021 | 12,354,762 | 5,796,239 | ||||||||||||||
| 10,000,000 | Vantage Borrower SPV, LLC | 4,5 | 11.00% | 5/31/2024 | 3/7/2022 | 10,000,000 | 6,328,429 | |||||||||||||
| 3,350,000 | Way.com, Inc. | 12.00% | 3/1/2025 | 3/1/2023 | 3,350,000 | 3,350,000 | ||||||||||||||
| 283,195,950 | 267,804,753 | |||||||||||||||||||
| Equipment Leasing - 22.1% | ||||||||||||||||||||
| 690,168 | Agility Auto Parts Inc. | 12.50% | 7/1/2026 | 6/12/2024 | 690,168 | 690,168 | ||||||||||||||
| 829,770 | Airport Van Rental, Inc. | 12.50% | 10/1/2026 | 7/23/2024 | 829,770 | 829,770 | ||||||||||||||
| 449,514 | Arcade Silverado JV LLC | 12.50% | 12/1/2026 | 4/25/2024 | 449,514 | 449,514 | ||||||||||||||
| 508,159 | Avensis Energy Services, LLC | 12.50% | 9/1/2026 | 12/4/2023 | 508,159 | 508,159 | ||||||||||||||
| 487,815 | Blew Bayou Services LLC | 14.50% | 5/1/2025 | 10/28/2022 | 487,815 | 487,815 | ||||||||||||||
| 2,307,780 | BluRoc, LLC | 17.90% | 6/5/2027 | 11/14/2024 | 2,307,780 | 2,307,780 | ||||||||||||||
| 1,906,664 | Broadband Infrastructure, Inc. | 14.50% | 10/1/2025 | 3/30/2023 | 1,906,664 | 1,906,664 | ||||||||||||||
| 7,375,000 | Canopy Service Partners, LLC | 12.30% | 5/1/2028 | 10/15/2024 | 7,375,000 | 7,375,000 | ||||||||||||||
| 23,506,485 | Carnaby FA, LLC | 7 | 21.94% | 6/1/2027 | 4/26/2024 | 23,506,485 | 23,506,485 | |||||||||||||
| 50,000,000 | Carnaby FA, LLC | 7 | 20.20% | 12/1/2025 | 11/27/2024 | 50,000,000 | 50,000,000 | |||||||||||||
| 1,735,704 | Carnaby Inventory IV, LLC | 12.00% | 3/31/2025 | 6/30/2022 | 1,735,704 | 1,735,704 | ||||||||||||||
| 68,060 | Cashman Photo Enterprises of Nevada, Inc. | 12.50% | 4/1/2026 | 9/5/2023 | 68,060 | 68,060 | ||||||||||||||
| 185,844 | Diesel Displays & Interiors, LLCs | 12.50% | 1/1/2026 | 11/30/2023 | 185,844 | 185,844 | ||||||||||||||
| 3,433,587 | Eagle Highwall Mining Systems, LLC | 14.00% | 4/1/2027 | 9/29/2023 | 3,433,587 | 3,433,587 | ||||||||||||||
| Original | ||||||||||||||||||||
| Principal | Maturity | Acquisition | ||||||||||||||||||
| Amount | Footnotes | Coupon Rate | Date | Date | Cost | Fair Value | ||||||||||||||
| 1,016,903 | Enson Group, Inc. 002 | 12.50% | 1/1/2027 | 10/29/2024 | 1,016,903 | 1,016,903 | ||||||||||||||
| 267,080 | EOS Fitness Opco Holdings, LLC | 13.00% | 3/1/2027 | 9/30/2024 | 267,080 | 267,080 | ||||||||||||||
| 1,364,988 | EOS Fitness Opco Holdings, LLC | 13.00% | 4/1/2029 | 9/30/2024 | 1,364,988 | 1,364,988 | ||||||||||||||
| 558,954 | EOS Fitness Opco Holdings, LLC | 13.00% | 4/1/2027 | 9/30/2024 | 558,954 | 558,954 | ||||||||||||||
| 836,631 | EOS Fitness Opco Holdings, LLC | 13.00% | 7/1/2028 | 9/30/2024 | 836,631 | 836,631 | ||||||||||||||
| 1,381,641 | EOS Fitness Opco Holdings, LLC | 13.00% | 7/1/2027 | 9/30/2024 | 1,381,641 | 1,381,641 | ||||||||||||||
| 111,511 | Falls Stamping & Welding Company | 12.50% | 10/1/2026 | 2/5/2024 | 111,511 | 111,511 | ||||||||||||||
| 10,351,445 | Findlay Machine & Tool, LLC | 11.95% | 3/1/2028 | 9/24/2024 | 10,351,445 | 10,119,477 | ||||||||||||||
| 4,386,146 | Findlay Machine & Tool, LLC | 11.95% | 4/1/2028 | 10/30/2024 | 4,386,146 | 4,290,937 | ||||||||||||||
| 1,581,211 | Findlay Machine & Tool, LLC | 11.95% | 8/1/2028 | 10/30/2024 | 1,581,211 | 1,581,211 | ||||||||||||||
| 8,958,858 | Findlay Machine & Tool, LLC | 11.95% | 6/1/2028 | 12/17/2024 | 8,958,858 | 8,958,858 | ||||||||||||||
| 7,537,042 | Fisher & Company, Inc. | 14.50% | 5/1/2027 | 4/9/2024 | 7,537,042 | 7,537,042 | ||||||||||||||
| 1,019,530 | FPL Food LLC | 12.50% | 4/1/2027 | 2/28/2024 | 1,019,530 | 1,019,530 | ||||||||||||||
| 3,706,025 | Future Legends, LLC | 14.50% | 9/1/2025 | 2/27/2023 | 3,706,025 | 3,706,025 | ||||||||||||||
| 2,340,658 | Gregory Pharmaceutical Holdings, Inc. | 14.50% | 2/1/2026 | 7/14/2023 | 2,340,658 | 2,340,658 | ||||||||||||||
| 1,405,000 | Highbury Concrete, Inc. 01B | 12.50% | 1/1/2027 | 10/31/2024 | 1,405,000 | 1,405,000 | ||||||||||||||
| 3,937,221 | Information Technology Partners, Inc. | 14.50% | 1/1/2026 | 12/15/2023 | 3,937,221 | 3,937,221 | ||||||||||||||
| 348,933 | Innotec, Corp. | 12.50% | 7/1/2025 | 12/30/2022 | 348,933 | 348,933 | ||||||||||||||
| 606,594 | Island Magic Catamaran Inc. | 12.50% | 10/1/2026 | 7/22/2024 | 606,594 | 606,594 | ||||||||||||||
| 9,790,528 | JRL Energy, Inc. | 14.50% | 10/1/2026 | 4/19/2024 | 9,790,528 | 9,790,528 | ||||||||||||||
| 4,597,427 | Kent Distributors, Inc. | 14.50% | 7/1/2027 | 3/14/2024 | 4,597,427 | 4,597,427 | ||||||||||||||
| 137,215 | Kinikini, LLC | 12.50% | 4/1/2026 | 2/27/2024 | 137,215 | 137,215 | ||||||||||||||
| 100,819 | Kinikini, LLC | 12.50% | 10/1/2027 | 12/13/2024 | 100,819 | 100,819 | ||||||||||||||
| 1,430,763 | KVJ Properties, Inc. | 12.50% | 8/31/2025 | 2/25/2022 | 1,430,763 | 1,430,763 | ||||||||||||||
| 248,894 | Lawson Construction Company | 12.50% | 1/1/2026 | 11/2/2023 | 248,894 | 248,894 | ||||||||||||||
| 432,409 | LBF Enterprises dba Powermatic Associates, Inc. | 12.50% | 7/1/2026 | 12/4/2023 | 432,409 | 432,409 | ||||||||||||||
| 5,758,892 | MC Test Service, Inc. | 12.00% | 7/1/2027 | 1/25/2022 | 5,758,892 | 5,758,892 | ||||||||||||||
| 1,838,802 | MC Test Service, Inc. | 12.50% | 10/1/2026 | 12/8/2023 | 1,838,802 | 1,838,802 | ||||||||||||||
| 7,116,851 | Medshift, LLC | 14.50% | 12/1/2027 | 4/4/2024 | 7,116,851 | 7,116,851 | ||||||||||||||
| 6,455,239 | Medshift, LLC | 14.50% | 12/1/2027 | 5/3/2024 | 6,455,239 | 6,455,239 | ||||||||||||||
| 7,408,325 | NATT Tools Group Inc. | 13.34% | 12/1/2029 | 11/25/2024 | 7,408,325 | 7,408,325 | ||||||||||||||
| 3,368,744 | Navajo Health Foundation - Sage Memorial Hospital, Inc. | 12.50% | 1/1/2027 | 8/8/2024 | 3,368,744 | 3,368,744 | ||||||||||||||
| 1,417,817 | Navajo Transitional Energy Company, LLC | 9.50% | 1/1/2026 | 12/9/2022 | 1,417,817 | 1,417,817 | ||||||||||||||
| 982,961 | Next Century Rebar LLC and Century Steel Fabricators, LLC | 12.50% | 2/1/2027 | 6/7/2024 | 982,961 | 982,961 | ||||||||||||||
| 112,606 | Nutritional Resources, Inc. | 12.50% | 1/1/2027 | 3/1/2024 | 112,606 | 112,606 | ||||||||||||||
| 386,423 | NWC Services LLC | 14.50% | 11/1/2025 | 10/20/2022 | 386,423 | 386,423 |
| Original | ||||||||||||||||||||
| Principal | Maturity | Acquisition | ||||||||||||||||||
| Amount | Footnotes | Coupon Rate | Date | Date | Cost | Fair Value | ||||||||||||||
| 906,418 | Onset Financial, Inc. | 14.50% | 5/31/2026 | 12/11/2020 | 906,418 | 906,418 | ||||||||||||||
| 10,000,000 | Onset Financial, Inc.1,2,7 | 6 | 12.54% (SOFR + 7.75%) | 3/31/2031 | 9/26/2022 | 10,000,000 | 10,000,000 | |||||||||||||
| 2,488,916 | Onset Financial, Inc. Progress Funding Line | 14.00% | 9/30/2025 | 12/6/2024 | 2,488,916 | 2,488,916 | ||||||||||||||
| 4,270,688 | Phygital Digital Global FX LLC | 15.00% | 2/1/2027 | 7/15/2024 | 4,270,688 | 4,270,688 | ||||||||||||||
| 1,142,589 | Pierce Powerline Co., LLC | 12.50% | 1/1/2026 | 8/3/2023 | 1,142,589 | 1,142,589 | ||||||||||||||
| 9,449,623 | Prime Logistics, LLC | 13.00% | 9/1/2027 | 10/15/2024 | 9,449,623 | 9,449,623 | ||||||||||||||
| 277,894 | Prince Signs 002 | 12.50% | 10/1/2027 | 12/20/2024 | 277,894 | 277,894 | ||||||||||||||
| 535,677 | Raw Farm, LLC 002 | 12.50% | 7/1/2027 | 10/8/2024 | 535,677 | 535,677 | ||||||||||||||
| 106,561 | RK Pharma Inc. | 14.50% | 5/1/2025 | 9/1/2022 | 106,561 | 106,561 | ||||||||||||||
| 67,156 | Sajawi Corporation | 12.50% | 10/1/2025 | 8/30/2023 | 67,156 | 67,156 | ||||||||||||||
| 858,744 | Savant Consultants, LLC | 12.50% | 5/1/2026 | 10/23/2023 | 858,744 | 858,744 | ||||||||||||||
| 673,919 | Southern Fabrication Works, LLC | 12.50% | 3/1/2026 | 8/16/2023 | 673,919 | 673,919 | ||||||||||||||
| 373,146 | Steelman Aviation, Inc. | 12.00% | 11/1/2025 | 10/13/2022 | 373,146 | 373,146 | ||||||||||||||
| 4,562,599 | Sustainable Green Team | 14.50% | 5/1/2025 | 8/19/2022 | 4,562,599 | 4,562,599 | ||||||||||||||
| 683,617 | Transcontinental Energy Services LLC | 12.50% | 1/1/2026 | 11/27/2023 | 683,617 | 683,617 | ||||||||||||||
| 10,909,556 | Transportation Financial, LLC | 12.50% | 9/1/2027 | 3/22/2022 | 10,909,556 | 10,909,556 | ||||||||||||||
| 19,982,982 | Trico Products Corporation | 12.50% | 12/1/2027 | 6/30/2022 | 19,982,982 | 19,982,982 | ||||||||||||||
| 2,907,717 | Trico Products Corporation | 14.50% | 12/1/2025 | 5/5/2023 | 2,907,717 | 2,907,717 | ||||||||||||||
| 1,621,131 | Trico Products Corporation | 12.50% | 10/1/2025 | 7/3/2023 | 1,621,131 | 1,621,131 | ||||||||||||||
| 4,225,475 | Trico Products Corporation | 14.50% | 9/1/2026 | 2/29/2024 | 4,225,475 | 4,225,475 | ||||||||||||||
| 9,013,406 | United Auto Supply of Syracuse, West, Inc. | 12.00% | 8/1/2026 | 6/30/2022 | 9,013,406 | 9,013,406 | ||||||||||||||
| 6,667,018 | United Auto Supply of Syracuse, West, Inc. | 12.00% | 8/1/2026 | 6/30/2022 | 6,667,018 | 6,667,018 | ||||||||||||||
| 110,958 | Vensure Employer Services, Inc. | 14.50% | 1/31/2025 | 1/14/2022 | 110,958 | 110,958 | ||||||||||||||
| 679,016 | Vensure Employer Services, Inc. | 14.50% | 5/31/2025 | 5/13/2022 | 679,016 | 679,016 | ||||||||||||||
| 3,946,189 | Vensure Employer Services, Inc. | 14.50% | 11/30/2025 | 6/1/2022 | 3,946,189 | 3,946,189 | ||||||||||||||
| 1,640,922 | Vensure Employer Services, Inc. | 14.50% | 5/1/2025 | 8/2/2022 | 1,640,922 | 1,640,922 | ||||||||||||||
| 2,149,973 | Vensure Employer Services, Inc. | 14.50% | 8/1/2025 | 11/3/2022 | 2,149,973 | 2,149,973 | ||||||||||||||
| 64,422 | Vensure Employer Services, Inc. | 14.50% | 7/1/2025 | 12/22/2022 | 64,422 | 64,422 | ||||||||||||||
| 2,524,693 | Vensure Employer Services, Inc. | 14.50% | 9/1/2025 | 1/24/2023 | 2,524,693 | 2,524,693 | ||||||||||||||
| 2,991,207 | Vensure Employer Services, Inc. | 14.50% | 2/1/2026 | 5/5/2023 | 2,991,207 | 2,991,207 | ||||||||||||||
| 3,670,762 | Vensure Employer Services, Inc. | 14.50% | 4/1/2026 | 9/19/2023 | 3,670,762 | 3,670,762 | ||||||||||||||
| 1,834,014 | Vensure Employer Services, Inc. | 14.50% | 2/1/2026 | 1/18/2024 | 1,834,014 | 1,834,014 | ||||||||||||||
| 2,460,417 | Vensure Employer Services, Inc. | 12.50% | 8/1/2026 | 5/8/2024 | 2,460,417 | 2,460,417 | ||||||||||||||
| 2,444,764 | Vensure Employer Services, Inc. | 12.50% | 4/1/2026 | 5/8/2024 | 2,444,764 | 2,444,764 | ||||||||||||||
| 2,932,039 | Vensure Employer Services, Inc. | 14.50% | 5/1/2026 | 5/8/2024 | 2,932,039 | 2,932,039 | ||||||||||||||
| 5,114,563 | Vensure Employer Services, Inc. | 14.50% | 5/1/2027 | 10/25/2024 | 5,114,563 | 5,114,563 | ||||||||||||||
| 1,655,688 | Vensure Employer Services, Inc. | 14.50% | 6/1/2027 | 12/6/2024 | 1,655,688 | 1,655,688 | ||||||||||||||
| 43,887 | Washington Liftruck Inc. | 12.50% | 1/1/2027 | 11/8/2024 | 43,887 | 43,887 | ||||||||||||||
| 5,002,763 | West Liberty Foods | 14.50% | 2/1/2027 | 11/22/2022 | 5,002,763 | 5,002,763 | ||||||||||||||
| 722,250 | West Liberty Foods | 14.50% | 6/1/2027 | 11/25/2024 | 722,250 | 722,250 | ||||||||||||||
| 328,498,995 | 328,171,818 | |||||||||||||||||||
| Original | ||||||||||||||||||||
| Principal | Maturity | Acquisition | ||||||||||||||||||
| Amount | Footnotes | Coupon Rate | Date | Date | Cost | Fair Value | ||||||||||||||
| Financial Assets - 24.6% | ||||||||||||||||||||
| 1,544,573 | Affiniti Asset Receivables LLC | 6 | 13.72% (SOFR + 9.00%) | 9/30/2027 | 10/11/2024 | 1,544,573 | 1,544,573 | |||||||||||||
| 52,779,615 | BizFund LLC | 6 | 12.04% (SOFR + 7.50%) | 12/30/2027 | 12/30/2024 | 52,779,615 | 52,779,615 | |||||||||||||
| 54,170,000 | Bondit LLC | 13.00% | 5/31/2027 | 6/3/2024 | 54,170,000 | 53,720,654 | ||||||||||||||
| 9,311,890 | CapitalPlus Construction Services, LLC | 4 | 12.00% | 10/1/2023 | 9/2/2020 | 9,311,890 | 250,304 | |||||||||||||
| 2,469,892 | CapitalPlus Supply Chain Partners, LLC | 4 | 12.00% | 7/31/2024 | 8/31/2021 | 2,469,892 | 224,354 | |||||||||||||
| 43,913,486 | Cocolalla, LLC | 3 | 14.00% PIK | 3/27/2026 | 3/16/2023 | 43,913,486 | 45,851,270 | |||||||||||||
| 38,730,060 | Healthcare Funding Partners, LLC | 6 | 15.99% (Prime + 9.00%) | 12/31/2026 | 4/12/2024 | 38,730,060 | 38,066,394 | |||||||||||||
| 20,000,000 | Kensington Private Equity Fund | 5,6 | 12.81% (SOFR + 7.00%) | 3/28/2026 | 3/28/2023 | 20,000,000 | 20,209,689 | |||||||||||||
| 25,000,000 | Leyline Renewable Capital, LLC | 14.00% | 5/25/2027 | 5/26/2023 | 25,000,000 | 25,000,000 | ||||||||||||||
| 51,003,858 | Lienstar LLC | 3,6 | 11.32% (Prime + 3.00%) + 3% PIK | 12/31/2026 | 3/13/2023 | 51,003,858 | 51,003,858 | |||||||||||||
| 5,774,116 | Propel Holdings, Inc. | 13.60% | 6/8/2026 | 6/8/2023 | 5,774,116 | 5,774,116 | ||||||||||||||
| 10,216,953 | Simply Funding SPV, LLC | 13.00% | 10/7/2027 | 6/23/2021 | 10,216,953 | 10,216,953 | ||||||||||||||
| 329,371 | Sprout Funding SPV II, LLC | 4 | 13.00% | 2/23/2024 | 2/24/2021 | 329,371 | 329,371 | |||||||||||||
| 55,695,528 | Viva Funding SPV, LLC | 13.00% | 6/30/2027 | 12/23/2020 | 55,695,528 | 59,850,152 | ||||||||||||||
| 370,939,342 | 364,821,303 | |||||||||||||||||||
| Specialty Real Estate Finance - 49.9% | ||||||||||||||||||||
| 9,428,640 | 517 Grand Canyon, LLC | 3 | 10.50% PIK | 4/17/2025 | 4/17/2023 | 9,428,640 | 9,444,595 | |||||||||||||
| 6,120,890 | 750 Main Street LP | 3 | 9.69% PIK | 7/3/2026 | 5/9/2022 | 6,120,890 | 6,120,890 | |||||||||||||
| 7,639,443 | 8th Avenue Property Owners, LLC | 3,6 | 11.89% PIK (Prime + 3.50%) | 11/14/2025 | 8/14/2023 | 7,639,443 | 7,863,701 | |||||||||||||
| 24,360,469 | AE Green Mountain, LLC | 3 | 10.45% PIK | 8/30/2025 | 8/30/2023 | 24,360,469 | 24,772,211 | |||||||||||||
| 50,000 | Apple Valley BV Road, LLC | 3 | 11.00% PIK | 3/23/2026 | 12/23/2024 | 50,000 | 50,000 | |||||||||||||
| 5,990,563 | Ashton Oak Homes (Black Locust), LLC | 3,6 | 11.34% PIK (Prime + 3.00%) | 3/23/2025 | 3/23/2023 | 5,990,563 | 5,990,563 | |||||||||||||
| 8,931,262 | Atomic Orchard Experiment, LLC | 3 | 9.75% PIK | 6/30/2025 | 11/10/2022 | 8,931,262 | 8,931,262 | |||||||||||||
| 3,961,387 | BD RC Greenwood, LP | 3,6 | 11.38% PIK (Prime + 3.00%) | 3/18/2025 | 9/28/2023 | 3,961,387 | 3,961,387 | |||||||||||||
| 242 | BD RC Jacksonville Normandy, LP | 3,6 | 11.38% PIK (Prime + 3.00%) | 3/18/2025 | 9/28/2023 | 242 | 242 | |||||||||||||
| 3,710,712 | BD RC North Myrtle Beach, LP | 3,6 | 11.38% PIK (Prime + 3.00%) | 3/18/2025 | 9/28/2023 | 3,710,712 | 3,710,712 | |||||||||||||
| 4,640,606 | BD RC Spartanburg, LP | 3,6 | 11.38% PIK (Prime + 3.00%) | 3/18/2025 | 10/24/2023 | 4,640,606 | 4,640,606 | |||||||||||||
| Original | ||||||||||||||||||||
| Principal | Maturity | Acquisition | ||||||||||||||||||
| Amount | Footnotes | Coupon Rate | Date | Date | Cost | Fair Value | ||||||||||||||
| 7,951,512 | BEP CO Springs Hospitality LLC | 3 | 11.95% PIK | 11/24/2025 | 8/24/2023 | 7,951,512 | 8,039,712 | |||||||||||||
| 5,897,559 | Bonneyview Redding, LLC | 3 | 8.00% PIK | 1/28/2025 | 7/28/2023 | 5,897,559 | 5,897,559 | |||||||||||||
| 13,750,721 | Capital Miller Pref NewCo, LLC | 3 | 14.00% PIK | 12/5/2027 | 12/5/2022 | 13,750,721 | 14,321,286 | |||||||||||||
| 9,379,829 | CC Development LP Series III, LLC | 3 | 10.45% PIK | 2/3/2025 | 2/2/2023 | 9,379,829 | 9,379,829 | |||||||||||||
| 9,693,999 | CCWO8, LLC | 3 | 10.99% PIK | 4/30/2025 | 10/23/2023 | 9,693,999 | 10,349,609 | |||||||||||||
| 16,046,195 | Cedar Falls Partners, LLC | 3 | 11.00% PIK | 3/21/2025 | 12/21/2023 | 16,046,195 | 16,157,358 | |||||||||||||
| 5,404,366 | Chesapeake Pines VA, LLC | 3 | 12.50% PIK | 1/19/2025 | 1/19/2022 | 5,404,366 | 5,404,366 | |||||||||||||
| 6,796,312 | Condev Storage Minneola, LLC | 3 | 10.50% PIK | 5/2/2025 | 5/2/2024 | 6,796,312 | 6,858,359 | |||||||||||||
| 7,919,239 | Corta Stevens Point, LLC | 3 | 9.00% PIK | 1/12/2025 | 4/13/2023 | 7,919,239 | 7,919,239 | |||||||||||||
| 12,433,769 | Dabney Road Industrial LLC | 3 | 10.50% PIK | 4/20/2025 | 12/20/2023 | 12,433,769 | 12,524,882 | |||||||||||||
| 18,360,255 | DZ Tech Community LLC | 3 | 10.50% PIK | 10/25/2025 | 8/31/2023 | 18,360,255 | 18,669,848 | |||||||||||||
| 6,075,000 | Endeavor Investments IX, LLC | 3 | 10.50% PIK | 11/12/2025 | 9/15/2022 | 6,075,000 | 6,281,821 | |||||||||||||
| 4,299,999 | Endeavor Investments VIII, LLC | 3 | 10.50% PIK | 8/4/2025 | 2/4/2022 | 4,299,999 | 4,299,999 | |||||||||||||
| 2,808,522 | Frito Lay - Pomfret | 3 | 9.50% PIK | 4/30/2025 | 11/1/2023 | 2,808,522 | 2,808,522 | |||||||||||||
| 25,373,086 | Frito Lay - Portfolio | 3 | 9.50% PIK | 10/3/2025 | 10/4/2023 | 25,373,086 | 25,647,010 | |||||||||||||
| 8,276,377 | Frontera West-Sonoma Dev, LLC | 3 | 11.29% PIK | 4/19/2026 | 10/19/2023 | 8,276,377 | 8,544,401 | |||||||||||||
| 1,763,529 | Galaxy Management Company, LLC | 4,5 | 14.00% | 11/10/2023 | 11/18/2020 | 1,763,529 | 1,763,529 | |||||||||||||
| 2,933,812 | HD Post Buffalo, LLC | 3 | 9.95% PIK | 6/6/2025 | 12/7/2022 | 2,933,812 | 2,933,812 | |||||||||||||
| 16,520,909 | Holmes Lane Development, LLC | 3 | 10.75% PIK | 5/4/2025 | 8/4/2023 | 16,520,909 | 16,742,104 | |||||||||||||
| 2,455,771 | HSM Hawley, LLC | 3 | 10.50% PIK | 4/5/2026 | 1/10/2024 | 2,455,771 | 2,455,771 | |||||||||||||
| 426,871 | JDI Pasadena Logistics Center SPE, LLC | 11.15% | 8/28/2026 | 8/30/2024 | 426,871 | 426,871 | ||||||||||||||
| 11,112 | JF Wonderblock Phase 2, LLC | 3 | 10.99% PIK | 2/20/2028 | 12/20/2023 | 11,112 | 11,112 | |||||||||||||
| 34,177,658 | Justus at Promenade Senior, LLC | 3 | 10.30% PIK | 6/16/2025 | 3/15/2023 | 34,177,658 | 34,649,653 | |||||||||||||
| 10,770,782 | Lex Apartments 102B, LLC | 3 | 9.95% PIK | 3/31/2025 | 9/9/2022 | 10,770,782 | 10,770,782 | |||||||||||||
| 27,470,000 | Lex Apartments, LLC | 3 | 10.50% PIK | 3/31/2025 | 8/31/2022 | 27,470,000 | 27,470,000 | |||||||||||||
| 19,600,459 | MC Oslo Aurora, LLC | 3,4 | 13.25% PIK | 7/11/2025 | 7/11/2022 | 19,600,459 | 20,068,518 | |||||||||||||
| 18,499,740 | MC Oslo Hermitage, LLC | 3,4 | 13.00% PIK | 11/7/2024 | 5/19/2022 | 18,499,740 | 20,571,493 | |||||||||||||
| 13,108,435 | MC Oslo SFM Two, LLC | 3,4 | 13.00% PIK | 7/11/2025 | 5/19/2022 | 13,108,435 | 12,014,669 | |||||||||||||
| 8,701,430 | MC Oslo SFQ, LLC | 3,4 | 13.25% PIK | 7/11/2025 | 7/11/2022 | 8,701,430 | 5,327,847 | |||||||||||||
| 12,964,765 | MC Rye Katy, LLC | 3,4 | 13.25% PIK | 8/9/2025 | 8/10/2022 | 12,964,765 | 14,396,043 | |||||||||||||
| 10,924,812 | MC Rye Northwest, LLC | 3,4 | 13.25% PIK | 8/9/2025 | 8/9/2022 | 10,924,812 | 12,980,038 | |||||||||||||
| 12,988,388 | MC Rye Westchase, LLC | 3,4 | 13.25% PIK | 8/9/2025 | 8/9/2022 | 12,988,388 | 13,027,239 | |||||||||||||
| 1,620,049 | Merced Security Storage, LLC | 3 | 10.50% PIK | 5/6/2026 | 5/6/2024 | 1,620,049 | 1,620,049 | |||||||||||||
| 10,392,867 | Missoula Hotel Holdings, LLC | 3 | 12.00% PIK | 8/31/2025 | 8/24/2023 | 10,392,867 | 10,506,141 | |||||||||||||
| 9,900,235 | MSP Retail II, LLC | 10.50% | 8/1/2025 | 2/1/2024 | 9,900,235 | 10,033,739 | ||||||||||||||
| 20,613,841 | Nancy Jay Industrial Center, LLC | 3 | 12.95% PIK | 5/31/2027 | 6/3/2022 | 20,613,841 | 22,580,361 | |||||||||||||
| 13,466,068 | Odyssey Vortex LLC | 3 | 10.50% PIK | 5/22/2025 | 8/22/2023 | 13,466,068 | 13,560,430 | |||||||||||||
| 6,600,000 | Olympus Bluffs 4, LLC | 3 | 11.95% PIK | 9/9/2025 | 9/9/2022 | 6,600,000 | 6,710,614 | |||||||||||||
| 6,015,981 | Olympus Oaks 1, LLC | 3 | 12.50% PIK | 7/14/2026 | 7/13/2023 | 6,015,981 | 6,137,064 | |||||||||||||
| Original | ||||||||||||||||||||
| Principal | Maturity | Acquisition | ||||||||||||||||||
| Amount | Footnotes | Coupon Rate | Date | Date | Cost | Fair Value | ||||||||||||||
| 6,133,026 | Olympus Oaks 2, LLC | 3 | 12.50% PIK | 7/14/2026 | 7/13/2023 | 6,133,026 | 6,232,995 | |||||||||||||
| 6,247,656 | Olympus Oaks 4, LLC | 3 | 12.50% PIK | 7/13/2026 | 7/13/2023 | 6,247,656 | 6,370,869 | |||||||||||||
| 6,543,796 | Olympus Oaks 5, LLC | 3 | 12.50% PIK | 7/14/2026 | 7/13/2023 | 6,543,796 | 6,652,399 | |||||||||||||
| 4,580,707 | Olympus Oaks 6, LLC | 3 | 12.50% PIK | 2/16/2027 | 2/16/2024 | 4,580,707 | 4,580,707 | |||||||||||||
| 840,503 | Olympus Oaks 7, LLC | 3 | 12.50% PIK | 2/16/2027 | 2/16/2024 | 840,503 | 840,503 | |||||||||||||
| 1,573,559 | Olympus Oaks 8, LLC | 3 | 12.50% PIK | 2/16/2027 | 2/16/2024 | 1,573,559 | 1,573,559 | |||||||||||||
| 130,255 | Olympus Oaks 9, LLC | 3 | 12.50% PIK | 2/16/2027 | 2/16/2024 | 130,255 | 130,255 | |||||||||||||
| 5,235,134 | Olympus Palms 1, LLC | 3 | 12.50% PIK | 6/30/2025 | 7/1/2022 | 5,235,134 | 5,324,667 | |||||||||||||
| 3,522,037 | Olympus Palms 2, LLC | 12.50% | 7/2/2027 | 7/2/2024 | 3,522,037 | 3,522,037 | ||||||||||||||
| 5,272,030 | Olympus Palms 3, LLC | 3 | 11.95% PIK | 8/3/2025 | 8/3/2022 | 5,272,030 | 5,384,736 | |||||||||||||
| 7,916,886 | Olympus Palms 4, LLC | 12.50% | 4/4/2025 | 10/4/2022 | 7,916,886 | 7,916,886 | ||||||||||||||
| 6,964,130 | Olympus Palms 5, LLC | 12.50% | 4/4/2025 | 10/4/2022 | 6,964,130 | 6,964,130 | ||||||||||||||
| 6,672,381 | Olympus Palms 6, LLC | 12.50% | 4/4/2025 | 10/4/2022 | 6,672,381 | 6,672,381 | ||||||||||||||
| 5,412,397 | Olympus Palms 7, LLC | 12.50% | 7/2/2027 | 10/4/2022 | 5,412,397 | 6,339,151 | ||||||||||||||
| 5,818,470 | Olympus Pines FF Wash, LLC | 12.50% | 10/31/2025 | 7/15/2021 | 5,818,470 | 5,785,906 | ||||||||||||||
| 6,234,342 | Pierce Street Holdings LLC | 3 | 9.75% PIK | 2/1/2025 | 3/15/2022 | 6,234,342 | 6,234,342 | |||||||||||||
| 609,153 | Renton Hotel Holdings, LLC | 3 | 12.00% PIK | 8/31/2026 | 5/24/2024 | 609,153 | 609,153 | |||||||||||||
| 9,507,540 | Richland LA Hotel Holdings, LLC | 3 | 12.00% PIK | 8/31/2025 | 8/31/2023 | 9,507,540 | 9,736,231 | |||||||||||||
| 96,198 | Romeria Pointe, LLC | 3 | 11.09% PIK | 3/4/2026 | 3/4/2024 | 96,198 | 96,198 | |||||||||||||
| 363,692 | Roseville Senior Affordable 2 LP | 11.25% | 11/30/2026 | 11/26/2024 | 363,692 | 363,692 | ||||||||||||||
| 6,347,458 | Salinas Rossi Partners, LLC | 3 | 9.00% PIK | 2/20/2025 | 12/15/2022 | 6,347,458 | 6,347,458 | |||||||||||||
| 9,865,661 | San Antonio Partners, LLC | 3 | 9.00% PIK | 1/15/2025 | 12/15/2022 | 9,865,661 | 9,865,661 | |||||||||||||
| 10,545 | Scarborough Hotel Holdings, LLC | 3 | 12.00% PIK | 9/30/2026 | 6/24/2024 | 10,545 | 10,545 | |||||||||||||
| 8,941,134 | Smyrna Hotel Holdings, LLC | 3 | 12.00% PIK | 7/31/2025 | 7/21/2023 | 8,941,134 | 9,071,328 | |||||||||||||
| 2,030,013 | Syracuse Hotel Holdings, LLC | 12.00% | 5/31/2026 | 2/2/2024 | 2,030,013 | 2,030,013 | ||||||||||||||
| 5,621,298 | VG Huntsville Storage, LLC | 3 | 11.50% PIK | 2/7/2025 | 8/7/2023 | 5,621,298 | 5,621,298 | |||||||||||||
| 622,469 | VG Pines Residential, LLC | 3 | 11.15% PIK | 9/1/2026 | 3/1/2024 | 622,469 | 622,469 | |||||||||||||
| 17,382,618 | Vivo Living Durham LLC | 3,4 | 9.50% PIK | 10/14/2024 | 10/14/2022 | 17,382,618 | 14,833,319 | |||||||||||||
| 15,036,310 | Vivo Living Raleigh 1 LLC | 3,4 | 9.50% PIK | 11/18/2024 | 11/18/2022 | 15,036,310 | 17,248,774 | |||||||||||||
| 41,024,287 | Vivo Portfolio | 11.49% | 12/15/2025 | 12/15/2023 | 41,024,287 | 42,021,511 | ||||||||||||||
| 9,097,638 | West Jordan Hotel Holdings, LLC | 3 | 12.00% PIK | 6/20/2025 | 6/20/2023 | 9,097,638 | 9,155,428 | |||||||||||||
| Original | ||||||||||||||||||||
| Principal | Maturity | Acquisition | ||||||||||||||||||
| Amount | Footnotes | Coupon Rate | Date | Date | Cost | Fair Value | ||||||||||||||
| 26,708,882 | Zoe Lakeview, LLC | 3 | 10.45% PIK | 5/30/2025 | 11/22/2022 | 26,708,882 | 26,570,287 | |||||||||||||
| 729,590,673 | 740,076,736 | |||||||||||||||||||
| Total Private Credit | 1,712,224,960 | 1,700,874,610 | ||||||||||||||||||
| Private Investment Funds - 0.7% | 1,2 | |||||||||||||||||||
| N/A | Structural Keystone VL LLC - Series KS Manscaped | 8 | 12/24/2024 | 12/17/2021 | 11,377,749 | 10,730,909 | ||||||||||||||
| Total Private Investment Funds | 11,377,749 | 10,730,909 | ||||||||||||||||||
| Shares | ||||||||||||||||||||
| Warrants - 0.0% | 1,2 | |||||||||||||||||||
| 73,274 | Sovrn Holdings, Inc | 8 | - | - | ||||||||||||||||
| Total Investments - 115.4% | 9 | $ | 1,723,602,709 | $ | 1,711,605,519 | |||||||||||||||
| Liabilities in excess of other assets - (15.4%) | (228,478,528 | ) | ||||||||||||||||||
| Net Assets - 100% | $ | 1,483,126,991 | ||||||||||||||||||
SOFR - Secured Overnight Financing Rate
| 1 | Restricted securities. The total value of these securities is $1,711,605,519, which represents 115.4% 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 $1,711,605,519, which represents 115.4% of total net assets of the Fund. |
| 3 | Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any. |
| 4 | In default. |
| 5 | This investment was made through a participation. See notes to schedule of investments. |
| 6 | Variable rate. |
| 7 | Rate shown is determined by internal rate of return calculation, and is not a true interest rate. |
| 8 | The single purpose investment fund’s strategy is to invest in only one isolated and preidentified secured credit investment with no discretion for any other additional investments beyond this single purpose holding for which the single purpose investment fund was formed. The single purpose investment fund shall continue until the one holding is realized in full. Given the single purpose nature of the investment holding, there is no redemption of any portion of the Fund’s investment prior to the realization in full of the underlying single investment. |
| 9 | Entire portfolio is pledged as collateral for line of credit. |
See accompanying notes to schedule of investments.
Keystone Private Income Fund
Notes to Schedule of Investments
December 31, 2024 (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 December 31, 2024:
| Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Private Credit | $ | — | $ | — | $ | 1,700,874,610 | $ | 1,700,874,610 | ||||||||
| Private Investment Funds | — | — | 10,730,909 | 10,730,909 | ||||||||||||
| Warrants | — | — | — | — | ||||||||||||
| Total Investments, at fair value | $ | - | $ | — | $ | 1,711,605,519 | $ | 1,711,605,519 | ||||||||
