Tate Capital 10-Q 2023 Q3 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2023

OR

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

Commission file number: 814-01603

Kennedy Lewis Capital Company

(Exact name of registrant as specified in its charter)

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

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

(212) 782-3842

(Registrant’s telephone number, including area code)

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

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

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

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

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

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

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

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

There were 10,783,678 issued and outstanding shares of the issuer’s common stock, $.01 par value per share, on November 13, 2023.

Kennedy Lewis Capital Company

Quarterly Report on Form 10-Q

TABLE OF CONTENTS

			Page
PART I—FINANCIAL INFORMATION			1
	Item 1.	Financial Statements	1
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
	Item 4.	Controls and Procedures	41
PART II—OTHER INFORMATION			42
	Item 1.	Legal Proceedings	42
	Item 1A.	Risk Factors	42
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
	Item 3.	Defaults upon Senior Securities	42
	Item 4.	Mine Safety Disclosures	42
	Item 5.	Other Information	42
	Item 6.	Exhibits	43
SIGNATURES			44

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Kennedy Lewis Capital Company

Consolidated Statements of Assets and Liabilities

	September 30, 2023 (Unaudited)		December 31, 2022
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $323,715,079 and $0 at September 30, 2023 and December 31, 2022, respectively)	$	328,646,501	$	—
Cash and cash equivalents		35,099,249		10,000
Restricted cash and cash equivalents		19,982,745		—
Interest and fee receivable from non-controlled/non-affiliated investments		2,281,278		—
Deferred financing costs (net of $307,362 and $0 in amortized expenses at September 30, 2023 and December 31, 2022, respectively)		3,137,729		—
Deferred offering costs (net of $508,503 and $0 in amortized expenses at September 30, 2023 and December 31, 2022, respectively)		704,301		401,174
Receivable for investments sold		10,944,123		—
Due from Advisor		768,088		596,562
Other assets		26,959		—
Total assets	$	401,590,973	$	1,007,736
Liabilities
Credit Facility (Note 5)		145,000,000		—
Payable for investments purchased		30,543,395		—
Deferred financing cost payable		1,500,000		—
Due to Advisor and affiliates		207,767		997,736
Management fees payable		676,482		—
Capital gains incentive fee payable		747,254		—
Interest and credit facility fees payable		2,439,575		—
Offering costs payable		249,684		—
Accrued expenses and other liabilities		670,901		—
Total liabilities	$	182,035,058	$	997,736
Commitments and contingencies (Note 6)
Net Assets
Common shares, $0.01 par value (10,769,456 and 500 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively)		107,695		5
Additional paid in capital		214,040,436		9,995
Distributable earnings (loss)		5,407,784		—
Total net assets	$	219,555,915	$	10,000
Total liabilities and net assets	$	401,590,973	$	1,007,736
Net asset value per share	$	20.39	$	20.00

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

Kennedy Lewis Capital Company

Consolidated Statements of Operations

(Unaudited)

	For the Three Months Ended September 30, 2023			For the Three Months Ended September 30, 2022			For the Nine Months Ended September 30, 2023			For the period from February 10, 2022 (date of inception) to September 30, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	9,150,770		$	—		$	14,824,697		$	—
Fee income		22,706			—			25,985			—
Total investment income		9,173,476			—			14,850,682			—
Expenses:
Interest and debt fee expense		3,171,049			—			3,699,563			—
Management fees		676,482			—			1,542,831			—
Income incentive fee		465,852			—			465,852			—
Capital gains incentive fee		429,740			—			747,254			—
Directors’ fees and expenses		100,000			—			266,667			—
Professional fees		497,075			—			1,444,531			—
Deferred financing expense		173,481			—			307,362			—
Administrative service expenses		298,898			—			649,556			—
Other expenses		132,888			—			309,629			—
Organization costs		1,211			80,601			219,683			138,491
Amortization of continuous offering costs		262,186			—			508,503			—
Total expenses		6,208,862			80,601			10,161,431			138,491
Expenses waived by the Advisor (Note 3)		(768,088	)		(80,601	)		(1,459,857	)		(138,491	)
Management fee waiver		—			—			(128,140	)		—
Income incentive fee waiver		(465,852	)		—			(465,852	)		—
Net expenses		4,974,922			—			8,107,582			—
Net investment income		4,198,554			—			6,743,100			—
Realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		2,595,085			—			4,931,422			—
Net change in unrealized appreciation (depreciation)		2,595,085			—			4,931,422			—
Realized gain (loss):
Non-controlled/non-affiliated investments		709,438			—			913,214			—
Net realized gain (loss)		709,438			—			913,214			—
Net realized and unrealized gain (loss)		3,304,523			—			5,844,636			—
Net increase (decrease) in net assets resulting from operations	$	7,503,077		$	—		$	12,587,736		$	—

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

2

Kennedy Lewis Capital Company

Consolidated Statements of Changes in Net Assets

(Unaudited)

	For the Three Months Ended September 30, 2023			For the Three Months Ended September 30, 2022		For the Nine Months Ended September 30, 2023			For the period from February 10, 2022 (date of inception) to September 30, 2022
Operations:
Net investment income	$	4,198,554		$	—	$	6,743,100		$	—
Net realized gain (loss)		709,438			—		913,214			—
Net change in unrealized appreciation (depreciation)		2,595,085			—		4,931,422			—
Net increase (decrease) in net assets resulting from operations		7,503,077			—		12,587,736			—
Capital transactions:
Proceeds from shares sold		424,300			—		208,601,300			—
Distribution of earnings		(4,040,011	)		—		(7,179,952	)		—
Reinvestments of distributions		2,499,783			—		5,536,831			—
Net increase (decrease) from share transactions		(1,115,928	)		—		206,958,179			—
Total increase (decrease) in net assets		6,387,149			—		219,545,915			—
Net Assets, beginning of period		213,168,766			—		10,000			—
Net Assets, end of period	$	219,555,915		$	—	$	219,555,915		$	—
Capital Share activity:
Share sold		21,037			—		10,490,588			—
Shares issues from the reinvestment of dividends		123,021			—		278,368			—
Net increase in share outstanding		144,058			—		10,768,956			—

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

3

Kennedy Lewis Capital Company

Consolidated Statements of Cash Flows

(Unaudited)

	For the Nine Months Ended September 30, 2023			For the period from February 10, 2022 (date of inception) to September 30, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	12,587,736		$	—
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments		(4,931,422	)		—
Net realized (gain) loss on investments		(913,214	)		—
Payment-in-kind interest capitalized		(2,127,784	)		—
Net accretion of discount and amortization of premium		(887,350	)		—
Amortization of deferred financing costs		307,362			—
Amortization of offering costs		508,503			—
Purchases of investments		(413,366,059	)		—
Proceeds from sale of investments and principal repayments		93,579,328			—
Changes in operating assets and liabilities:
Interest receivable		(2,281,278	)		—
Deferred offering costs		(561,946	)		(170,613	)
Receivable for investments sold		(10,944,123	)		—
Due from Advisor		(171,526	)		(138,491	)
Other assets		(26,959	)		—
Payable for investments purchased		30,543,395			—
Due to Advisor and affiliates		(789,969	)		309,104
Management fee payable		676,482			—
Capital gains incentive fee payable		747,254			—
Interest and credit facility fees payable		2,439,575			—
Accrued expenses and other liabilities		670,901			—
Net cash provided by (used in) operating activities		(294,941,094	)		—
Cash flows from financing activities:
Proceeds from Secured Credit Facility		170,000,000			—
Repayment of Secured Credit Facility		(25,000,000	)		—
Deferred financing costs paid		(1,945,091	)		—
Dividends paid in cash		(1,643,121	)		—
Proceeds from issuance of common shares		208,601,300			—
Net cash provided by (used in) financing activities		350,013,088			—
Net increase (decrease) in cash and cash equivalents		55,071,994			—
Cash, cash equivalents and restricted cash, beginning of period		10,000			—
Cash, cash equivalents and restricted cash, end of period	$	55,081,994		$	—
Supplemental information and non-cash activities:
Cash paid for interest		1,259,988			—
Reinvestment of distributions		5,536,831			—

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

4

Kennedy Lewis Capital Company

Consolidated Schedule of Investments

September 30, 2023

(in thousands)

(Unaudited)

Portfolio Company(1)	Reference Rate and Spread(2)		Interest Rate(2)			Maturity Date	Par Amount/ Units(3)		Amortized Cost			Fair Value			Percentage of Net Assets
Investments—non-controlled/non-affiliated(4) Equity Investments
Services: Business
KKR Tinder TFC Aggregator L.P. (5)								14,792,309	$	14,792,309		$	14,792,309			6.74
Total Services: Business									$	14,792,309		$	14,792,309			6.74	%
Total Equity Investments									$	14,792,309		$	14,792,309			6.74	%
First and Second Lien Debt Aerospace & Defense
Arcline FM Holdings, LLC		S+4.75%		10.40	%	6/23/2028	$	3,617,346		3,496,988			3,588,697			1.63
LSF11 Trinity Bidco, Inc. (6)		S+4.50%		9.83	%	6/14/2030		1,995,000		1,966,080			1,990,012			0.91
Total Aerospace & Defense									$	5,463,068		$	5,578,709			2.54	%
Automotive
DexKo Global Inc.		S+4.25%		9.64	%	10/4/2028		2,500,000		2,427,012			2,465,625			1.12
BBB Industries LLC		S+5.25%		10.67	%	7/25/2029		3,974,975		3,792,084			3,741,445			1.70
PAI Holdco, Inc.		S+3.75%		9.38	%	10/28/2027		1,492,347		1,420,411			1,409,894			0.64
American Auto Auction Group, LLC (7)		S+5.00%		10.39	%	12/30/2027		3,984,797		3,780,212			3,765,634			1.72
Holley Purchaser Inc.		S+3.75%		9.40	%	11/17/2028		4,404,809		3,937,332			4,245,135			1.93
First Brands Group, LLC		S+5.00%		10.88	%	3/30/2027		1,991,884		1,933,880			1,963,261			0.90
Total Automotive									$	17,290,931		$	17,590,994			8.01	%
Banking, Finance, Insurance & Real Estate
DRW Holdings, LLC (6)(7)		S+3.75%		9.18	%	3/1/2028		182,421		182,421			181,889			0.08
RSC Acquisition, Inc. (8)						10/30/2026		2,000,000		(28,799	)		(25,000	)		(0.01	)
Amynta Agency Borrower Inc.		S+5.00%		10.42	%	2/28/2028		3,990,000		3,877,364			3,983,895			1.81
OneDigital Borrower LLC		S+4.25%		9.67	%	11/16/2027		992,424		974,646			989,526			0.45
Asurion, LLC		S+4.25%		9.67	%	8/19/2028		990,013		932,124			960,312			0.44
Acrisure, LLC		S+5.75%		11.12	%	2/15/2027		3,979,950		3,943,217			3,989,900			1.82
Total Banking, Finance, Insurance & Real Estate									$	9,880,973		$	10,080,522			4.59	%
Capital Equipment
MEI Buyer LLC (5)		S+6.50%		11.82	%	6/29/2029		15,221,687		14,777,432			14,785,585			6.73
CPM Holdings, Inc. (7)		S+4.50%		9.82	%	9/28/2028		2,000,000		1,970,000			1,993,760			0.91
LSF12 Badger Bidco LLC		S+6.00%		11.32	%	8/30/2030		3,000,000		2,933,130			2,985,000			1.36
MEI Buyer LLC (5) (8)		S+6.50%				6/29/2029		2,650,602		(76,192	)		(75,940	)		(0.03	)
MEI Buyer LLC (5) (8)		S+6.50%				6/29/2029		2,409,639		(35,149	)		(34,337	)		(0.02	)
Eagle Parent Corp.		S+4.25%		9.64	%	4/2/2029		2,984,848		2,951,988			2,894,676			1.32
Crosby US Acquisition Corp. (6)		S+4.75%		10.17	%	6/26/2026		619,881		606,393			617,891			0.28
FCG Acquisitions Inc.		S+4.75%		10.14	%	3/31/2028		1,640,209		1,605,468			1,635,092			0.75
Total Capital Equipment									$	24,733,070		$	24,801,727			11.30	%
Chemicals, Plastics & Rubber
LSF11 A5 Holdco LLC		S+4.25%		9.67	%	10/15/2028		3,990,000		3,924,340			3,930,150			1.79
Windsor Holdings III, LLC		S+4.50%		9.83	%	8/1/2030		2,000,000		1,985,202			1,990,000			0.90
Cyanco Intermediate 2 Corp.		S+4.75%		10.07	%	7/10/2028		3,000,000		2,941,509			3,000,930			1.37
Total Chemicals, Plastics & Rubber									$	8,851,051		$	8,921,080			4.06	%

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

5

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

September 30, 2023

(in thousands)

(Unaudited)

Portfolio Company(1)	Reference Rate and Spread(2)		Interest Rate(2)			Maturity Date	Par Amount/ Units(3)		Amortized Cost			Fair Value			Percentage of Net Assets
Construction & Building
Cook & Boardman Group, LLC (The) (7)		S+5.75%		11.18	%	10/17/2025		2,492,127		2,410,448			2,408,018			1.10
Recess Holdings, Inc.		S+4.00%		9.38	%	3/29/2027		5,000,000		4,951,030			4,984,400			2.27
Brand Industrial Services Inc		S+5.50%		10.87	%	8/1/2030		5,000,000		4,802,739			4,864,050			2.22
Oscar AcquisitionCo, LLC		S+4.50%		9.99	%	4/29/2029		2,484,944		2,416,701			2,464,095			1.12
ASP Blade Holdings, Inc		S+4.00%		9.65	%	10/13/2028		1,077,175		932,524			947,580			0.43
Total Construction & Building									$	15,513,442		$	15,668,143			7.14	%
Consumer Goods: Durable
Varsity Brands, Inc.		S+5.00%		10.43	%	12/15/2026		1,987,487		1,893,431			1,937,800			0.88
Champ Acquisition Corporation (7)		S+5.50%		11.15	%	12/19/2025		1,512,574		1,512,574			1,512,196			0.69
Total Consumer Goods: Durable									$	3,406,005		$	3,449,996			1.57	%
Consumer Goods: Non-Durable
KDC/One Development Corporation, Inc. (9)		S+5.00%		10.32	%	8/15/2028		4,000,000		3,881,231			3,852,000			1.75
BCPE Empire Holdings, Inc.		S+4.75%		10.07	%	12/11/2028		3,990,000		3,968,536			3,986,010			1.82
American Greetings Corporation		S+6.00%		11.32	%	4/6/2028		2,985,000		2,934,244			2,982,194			1.36
Gloves Buyer, Inc.		S+5.00%		10.43	%	12/29/2027		2,000,000		1,924,468			1,940,000			0.88
Wellness Merger Sub, Inc.		S+6.00%		11.65	%	6/30/2026		3,950,000		3,733,886			3,799,426			1.73
Journey Personal Care Corp. (7)		L+4.25%		9.98	%	3/1/2028		3,019,824		2,735,154			2,838,635			1.29
Kronos Acquisition Holdings Inc. (7)		S+6.00%		11.57	%	12/22/2026		2,615,487		2,577,477			2,613,866			1.19
Total Consumer Goods: Non-Durable									$	21,754,996		$	22,012,131			10.02	%
Containers, Packaging & Glass
Tank Holding Corp.		S+5.75%		11.17	%	3/31/2028		997,475		968,339			964,439			0.44
Tank Holding Corp.		S+6.00%		11.42	%	3/31/2028		3,801,403		3,706,452			3,680,252			1.67
Tank Holding Corp. (8)		S+6.00%				3/31/2028		1,637,360		(20,171	)		(52,183	)		(0.02	)
Pretium PKG Holdings, Inc.		S+4.00%		9.53	%	10/2/2028		1,987,361		1,648,616			1,200,068			0.55
Total Containers, Packaging & Glass									$	6,303,236		$	5,792,576			2.64	%
Energy: Electricity
Parkway Generation, LLC		S+4.75%		10.18	%	2/18/2029		877,359		850,523			875,026			0.40
Parkway Generation, LLC		S+4.75%		10.18	%	2/18/2029		115,960		112,413			115,652			0.05
Potomac Energy Center, LLC (5) (7)		S+6.00%		11.65	%	11/12/2026		10,228,937		9,572,891			9,620,826			4.38
Total Energy: Electricity									$	10,535,827		$	10,611,504			4.83	%
Energy: Oil & Gas
Epic Crude Services, LP		S+5.00%		10.93	%	3/2/2026		3,989,717		3,808,043			3,906,731			1.78
Total Energy: Oil & Gas									$	3,808,043		$	3,906,731			1.78	%
Environmental Industries
EnergySolutions, LLC (7)		S+4.00%		9.32	%	9/22/2030		1,000,000		987,519			992,500			0.45
Patriot Container Corp.		S+3.75%		9.17	%	3/20/2025		2,981,600		2,799,571			2,825,692			1.29
Total Environmental Industries									$	3,787,090		$	3,818,192			1.74	%
Healthcare & Pharmaceuticals
Covetrus, Inc.		S+5.00%		10.39	%	10/13/2029		997,494		990,045			985,913			0.45
Heartland Dental, LLC		S+5.00%		10.33	%	4/28/2028		2,566,958		2,478,606			2,537,027			1.16
Pediatric Associates Holding Company, LLC		S+4.50%		9.93	%	12/29/2028		997,500		959,323			972,561			0.44
Southern Veterinary Partners, LLC (7)		S+4.00%		9.43	%	10/5/2027		1,496,154		1,488,718			1,485,396			0.68
Star Parent, Inc. (7)		S+4.00%		9.39	%	9/27/2030		5,000,000		4,925,085			4,882,650			2.22

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

6

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

September 30, 2023

(in thousands)
(Unaudited)

Portfolio Company (1)	Reference Rate and Spread (2)		Interest Rate(2)			Maturity Date	Par Amount/ Units(3)		Amortized Cost		Fair Value		Percentage of Net Assets
Physician Partners LLC		S+4.00%		9.42	%	12/23/2028		994,950		943,311		943,958		0.43
Team Services Group		S+5.00%		10.88	%	12/20/2027		991,120		972,864		968,820		0.44
Charlotte Buyer, Inc.		S+5.25%		10.58	%	2/11/2028		4,964,987		4,837,265		4,907,344		2.24
MED ParentCo LP		S+4.25%		9.68	%	8/31/2026		1,989,637		1,864,064		1,895,707		0.86
Help At Home, Inc.		S+5.00%		10.42	%	10/29/2027		883,148		870,780		870,634		0.40
Help At Home, Inc.		S+5.00%		10.42	%	10/29/2027		111,751		110,186		110,168		0.05
NMN Holdings III Corp.		S+3.75%		9.18	%	11/13/2025		2,592,950		2,384,911		2,463,303		1.12
NMN Holdings III Corp.		S+3.75%		9.18	%	11/13/2025		556,449		511,804		528,627		0.24
Total Healthcare & Pharmaceuticals									$	23,336,962	$	23,552,108		10.73	%
High Tech Industries
Ultimate Software Group Inc (The)		S+4.50%		10.02	%	5/4/2026		1,995,000		1,949,717		1,996,656		0.91
TGG TS Acquisition Company		S+6.50%		11.93	%	12/14/2025		1,188,349		1,187,219		1,153,684		0.52
AQA Acquisition Holding, Inc.		S+4.25%		9.88	%	3/3/2028		868,161		855,947		861,649		0.39
CDK Global, Inc.		S+4.25%		9.64	%	7/6/2029		1,488,750		1,487,028		1,487,946		0.68
Endure Digital Inc.		L+3.50%		8.79	%	2/10/2028		992,386		905,627		961,790		0.44
Apttus Corporation		S+4.00%		9.43	%	5/8/2028		2,984,771		2,920,645		2,940,000		1.34
Particle Investments S.a.r.l. (6) (10)		L+5.25%		10.90	%	2/18/2027		991,810		986,120		988,091		0.45
Total High Tech Industries									$	10,292,303	$	10,389,816		4.73	%
Hotel, Gaming & Leisure
TouchTunes Interactive Networks, Inc.		S+5.00%		10.39	%	4/2/2029		2,236,200		2,233,902		2,229,670		1.02
Fertitta Entertainment, LLC		S+4.00%		9.32	%	1/27/2029		994,950		978,610		983,756		0.45
Ranger Holdco Spe LLC (5)		15.00%		15.00	%	6/13/2030		17,119,340		15,784,966		18,317,694		8.34
Total Hotel, Gaming & Leisure									$	18,997,478	$	21,531,120		9.81	%
Media: Advertising, Printing & Publishing
Renaissance Holding Corp.		S+4.75%		10.07	%	4/5/2030		4,932,950		4,805,102		4,888,010		2.23
Total Media: Advertising, Printing & Publishing									$	4,805,102	$	4,888,010		2.23	%
Media: Broadcasting & Subscription
Neptune Bidco US Inc.		S+5.00%		10.40	%	4/11/2029		5,286,750		4,874,627		4,747,079		2.16
Neptune Bidco US Inc.		S+4.75%		10.15	%	4/11/2029		988,750		868,034		881,757		0.40
Total Media: Broadcasting & Subscription									$	5,742,661	$	5,628,836		2.56	%
Metals & Mining
Arsenal AIC Parent LLC		S+4.50%		9.88	%	8/18/2030		3,000,000		2,970,267		2,991,240		1.36
Alchemy Us Holdco 1 LLC		S+6.00%		11.54	%	10/10/2025		2,000,000		1,923,485		1,975,000		0.90
Total Metals & Mining									$	4,893,752	$	4,966,240		2.26	%
Retail
Staples, Inc.(7)		L+4.50%		10.13	%	9/12/2024		1,000,000		995,083		992,080		0.45
Michaels Companies, Inc.		S+4.25%		9.90	%	4/15/2028		992,386		919,710		903,518		0.41
Staples, Inc.		L+5.00%		10.63	%	4/16/2026		997,396		945,766		853,691		0.39
Eyemart Express LLC		S+3.00%		8.43	%	8/31/2027		1,692,434		1,580,472		1,638,497		0.75
Cardenas Markets, Inc.		S+6.75%		12.24	%	8/1/2029		2,238,693		2,203,795		2,236,835		1.02
Total Retail									$	6,644,826	$	6,624,621		3.02	%
Services: Business
Inmar, Inc.		S+5.50%		10.82	%	5/1/2026		2,992,500		2,961,189		2,963,832		1.35

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

7

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

September 30, 2023

(in thousands)

(Unaudited)

Portfolio Company(1)	Reference Rate and Spread(2)		Interest Rate(2)			Maturity Date	Par Amount/ Units(3)		Amortized Cost			Fair Value			Percentage of Net Assets
USA Debusk LLC (5)		S+6.50%		11.92	%	9/8/2026		10,000,000		9,810,938			9,810,938			4.47
J-O Building Company LLC (5)		S+6.75%		11.99	%	5/25/2028		14,881,211		14,666,701			14,788,204			6.74
Lincoln Metal Shop, Inc. (5)		S+6.00%		11.52	%	6/7/2027		23,472,316		23,035,394			23,208,252			10.57
Nielsen Consumer Inc. (6)		S+6.25%		11.57	%	3/6/2028		3,990,000		3,568,219			3,873,612			1.76
RelaDyne Inc.		S+4.25%		9.57	%	12/22/2028		1,989,899		1,922,350			1,979,949			0.90
DTI Holdco, Inc.		S+4.75%		10.12	%	4/26/2029		1,488,722		1,436,897			1,445,385			0.66
RelaDyne Inc.		S+5.00%		10.32	%	12/22/2028		1,995,000		1,901,241			1,992,506			0.91
Imagefirst Holdings, LLC		S+5.00%		10.72	%	4/27/2028		3,325,000		3,247,136			3,295,906			1.50
Imagefirst Holdings, LLC (8)		S+5.00%				4/27/2028		666,667		(15,483	)		(5,833	)		—
AVSC Holding Corp.		S+3.50%		8.92	%	3/3/2025		3,979,708		3,852,545			3,824,579			1.74
Total Services: Business									$	66,387,127		$	67,177,330			30.60	%
Services: Consumer
Spring Education Group, Inc (7)		S+4.50%				10/4/2030		4,000,000		3,950,000			3,970,000			1.81
Total Services: Consumer									$	3,950,000		$	3,970,000			1.81	%
Transportation: Cargo
Kenan Advantage Group, Inc.		S+4.00%		9.73	%	3/24/2026		2,992,500		2,963,627			2,988,759			1.36
Carriage Purchaser, Inc. (7)		S+4.25%		9.68	%	9/30/2028		2,493,639		2,450,115			2,436,485			1.11
Odyssey Logistics & Technology Corporation		S+4.50%		9.92	%	10/12/2027		1,000,000		980,696			996,880			0.45
LaserShip, Inc.		S+4.50%		10.40	%	5/7/2028		1,013,251		892,608			935,738			0.43
Total Transportation: Cargo									$	7,287,046		$	7,357,862			3.35	%
Transportation: Consumer
First Student Bidco Inc.		S+4.00%		9.49	%	7/21/2028		1,865,045		1,829,634			1,831,624			0.83
Sabre GLBL Inc. (6)		S+5.00%		10.42	%	6/30/2028		669,678		578,688			588,480			0.27
First Student Bidco Inc.		S+4.00%		9.49	%	7/21/2028		130,174		127,684			127,841			0.06
Total Transportation: Consumer									$	2,536,006		$	2,547,945			1.16	%
Utilities: Electric
Lackawanna Energy Center LLC		S+5.00%		10.32	%	8/3/2029		8,197,595		7,956,445			8,081,435			3.68
Lackawanna Energy Center LLC		S+5.00%		10.32	%	8/6/2029		1,773,827		1,721,668			1,748,692			0.80
Calpine Construction Finance Company, L.P. (7)		S+2.25%		7.57	%	7/31/2030		196,499		196,010			195,306			0.09
Generation Bridge Northeast, LLC		S+4.25%		9.57	%	8/22/2029		3,000,000		2,970,209			2,996,250			1.36
Kestrel Acquisition, LLC (7)		S+4.25%		9.68	%	6/2/2025		682,995		667,364			669,506			0.30
Invenergy Thermal Operating I LLC (7)		S+4.50%		9.91	%	8/14/2029		214,286		210,000			213,660			0.10
Invenergy Thermal Operating I LLC (7)		S+4.50%		9.91	%	8/14/2029		2,785,714		2,730,000			2,777,580			1.26
St. Joseph Energy Center, LLC (7)		S+4.25%				9/22/2028		3,500,000		3,395,000			3,395,000			1.55
Edgewater Generation, LLC		S+3.75%		9.18	%	12/13/2025		3,000,000		2,875,079			2,910,570			1.33
Total Utilities: Electric									$	22,721,775		$	22,987,999			10.47	%
Total First and Second Lien Debt									$	308,922,770		$	313,854,192			142.95	%
Total Investments—non-controlled/non- affiliated									$	323,715,079		$	328,646,501			149.69	%
Total Investments Portfolio									$	323,715,079		$	328,646,501			149.69	%

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

8

Kennedy Lewis Capital Company

Consolidated Schedule of Investments (continued)

September 30, 2023

(in thousands)
(Unaudited)

Portfolio Company(1)	Amortized Cost		Fair Value			Percentage of Net Assets
Cash Equivalents
State Street Institutional Money Market Fund (11)		52,869,484		52,869,484			24.08
Total Cash Equivalents	$	52,869,484	$	52,869,484			24.08	%
Total Portfolio Investments and Cash Equivalents	$	376,584,563	$	381,515,985			173.77	%
Liabilities in excess of Other Assets			$	(161,960,070	)		(73.77	)%
Net Assets			$	219,555,915			100.00	%

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

(2) Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR (“L”), SOFR including SOFR adjustment, if any, (“S”), SONIA (“SN”), or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower’s option, which reset periodically based on the terms of the credit agreement and S loans are typically indexed to 6 month, 3 month or 1 month L or S rates. As of September 30, 2023, rates for the 6 month, 3 month and 1 month L are 5.90%, 5.66%, and 5.43%, respectively. As of September 30, 2023, 6 month, 3 month and 1 month S are 5.47%, 5.40% and 5.32%, respectively.

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

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

(5) Investments valued using unobservable inputs (Level 3). See Note 4.

(6) The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, non-qualifying assets totaled 2.05% of the Company’s total assets.

(7) Position or portion thereof unsettled as of September 30, 2023.

(8) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative fair value is the results of the commitment being valued below par.

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

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

(11) The annualized seven-day yield as of September 30, 2023 is 5.21%.

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

9

 Notes to the Consolidated Financial Statements

Note 1. Organization

Organization

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

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

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

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

Fiscal Year End

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

Note 2. Significant Accounting Policies

Basis of Presentation

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

10

Prior Period Adjustment

During the quarter ended March 31, 2023, a misstatement was identified in the classification between Common Shares and Additional paid in capital in the December 31, 2022, Statement of Assets and Liabilities. The Company incorrectly disclosed the par value of Common Shares as $0.001 instead of $0.01 as of December 31, 2022, and calculated the par value of 500 Common Shares issued for the period ended December 31, 2022, using $0.001. In accordance with ASC Topic 250, Accounting Changes and Error Corrections, the Company evaluated the materiality of the misstatement from both quantitative and qualitative perspectives and concluded that it was immaterial to the prior period. Consequently, the Company revised the historical financial information presented herein. The immaterial restatement resulted in the following changes. For the December 31, 2022, Statement of Assets and Liabilities, the par value of Common Shares has been changed from $0.001 to $0.01, the Common Shares line item has been changed from $0 to $5 and the Additional paid in capital line item has been changed from $10,000 to $9,995. This immaterial restatement had no impact on the Company’s Consolidated Statements of Operations for the period ended December 31, 2022.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation

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

Cash, Cash Equivalents and Restricted Cash

Cash consists of deposits held at a custodian bank. Cash equivalents consists of money market investments with original maturities of three months that are readily convertible to cash and are classified as Level 1 investments. Cash and cash equivalents are held at major financial institutions and, at times, may exceed the insured limits under applicable law. Cash and cash equivalents are carried at cost, which approximates fair value. As of September 30, 2023, we had $19,982,745 of restricted cash and cash equivalents related to collateral held for the Secured Credit Facility (as defined below) and presented in the statements of assets and liabilities. This is further discussed in Note 5.

Realized Gains/Losses

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

Interest Income

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

11

Fee Income

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

PIK Income

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

Non-Accrual Loans

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of September 30, 2023, there were no loans placed on non-accrual status.

Deferred Financing Costs

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

Receivable for Investments Sold and Payable for Investments Purchased

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

Valuation of Portfolio Investments

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

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

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

12

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

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

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

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

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

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

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

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

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

13

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

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

Organization and Offering Costs

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

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

Under the Advisory Agreement and the Administration Agreement, the Company, either directly or through reimbursements to the Advisor or its affiliates, is responsible for its organization and offering costs. For the three and nine months ended September 30, 2023, the Advisor and its affiliates incurred organization and offering costs of $0 and $328,240, respectively, on behalf of the Company. For the three months ended September 30, 2022 and the period from February 10, 2022 (date of inception) to September 30, 2022, the Advisor and its affiliates incurred organization and offering costs of $211,740 and $309,104 respectively, on behalf of the Company. As of September 30, 2023, the total amount owed to the Company from the Advisor pursuant to the Expense Support and Conditional Reimbursement Agreement is included in Due from Advisor in the Statement of Assets and Liabilities. As of September 30, 2023, the total amount owed to the Advisor and its affiliates for expenses incurred on behalf of the Company is included in Due to Advisor and affiliates in the Statement of Assets and Liabilities.

Income Taxes

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

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more likely than not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. The Company did not record any tax provision in the current period. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

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

Note 3. Related Party Transactions

Administration Agreement

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

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

Advisory Agreement

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

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

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

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

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

• performs due diligence on prospective portfolio companies; and

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

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

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Base Management Fee

The Company pays the Advisor a management fee equal to an annual rate of 1.25% of the average of the Company’s net assets, at the end of the two most recently completed quarters. Subsequent to any initial public offering (“IPO”) or other listing of the Common Shares on a national securities exchange (“Exchange Listing”), the Company will pay the Advisor a base management fee calculated at an annual rate of 1.25% of the Company’s average gross assets at the end of the two most recently completed quarters. The management fee is payable quarterly in arrears. For the three and nine months ended September 30, 2023, the management fee was $676,482 and $1,542,831, respectively. At the Advisor’s discretion, $0 and $128,140 of the management fee was waived during the three months and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2023, the management fee, net of waivers was $676,482 and $1,414,691, respectively.

Incentive Fee

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

Income-Based Incentive Fee. The portion based on the Company’s income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that are received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee and any shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

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

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

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

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

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

For the three and nine months ended September 30, 2023, income-based incentive fees were $465,852 and $465,852, respectively. At the Advisor’s discretion, $465,852 and $465,852 of the income incentive fee was waived during the three months and nine months ended September 30, 2023, respectively.

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

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative realized capital gains and realized capital losses and the cumulative unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value. For the three and nine months ended September 30, 2023, the Company accrued capital gains incentive fees of $317,514 and $747,254, respectively, of which none was currently payable on such date under the Advisory Agreement.

Co-investment Exemptive Relief

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

Expense Support and Conditional Reimbursement Agreement

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

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

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

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

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

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

For the three and nine months ended September 30, 2023, the Advisor provided $768,088 and $1,459,857 of expense support, respectively.

The Company did not have any obligation to make a Reimbursement Payment as of September 30, 2023 or December 31, 2022 under the Expense Support and Conditional Reimbursement Agreement. The cumulative amount incurred from formation that is subject to future potential reimbursement is $2,056,419.

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

Note 4.
Investments and Fair Value Measurements

The composition of the Company’s investment portfolio at cost and fair value as of September 30, 2023 was as follows:

	September 30, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	293,137,804	$	295,536,498		89.93	%
Second lien debt		15,784,966		18,317,694		5.57	%
Equity		14,792,309		14,792,309		4.50	%
Total investments	$	323,715,079	$	328,646,501		100.00	%

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The industry composition of investments based on fair value as of September 30, 2023 was as follows:

	September 30, 2023
Services: Business		24.93	%
Capital Equipment		7.55
Healthcare & Pharmaceuticals		7.17
Utilities: Electric		6.99
Consumer Goods: Non-Durable		6.70
Hotel, Gaming & Leisure		6.55
Automotive		5.35
Construction & Building		4.77
Energy: Electricity		3.23
High Tech Industries		3.16
Banking, Finance, Insurance & Real Estate		3.07
Chemicals, Plastics & Rubber		2.71
Transportation: Cargo		2.24
Retail		2.02
Containers, Packaging & Glass		1.76
Media: Broadcasting & Subscription		1.71
Aerospace & Defense		1.70
Metals & Mining		1.51
Media: Advertising, Printing & Publishing		1.49
Services: Consumer		1.21
Energy: Oil & Gas		1.19
Environmental Industries		1.16
Consumer Goods: Durable		1.05
Transportation: Consumer		0.78
Total		100.00	%

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The geographic composition of investments at cost and fair value was as follows:

	September 30, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	318,847,728	$	323,806,410		98.53	%		147.49	%
Canada		3,881,231		3,852,000		1.17	%		1.75	%
Luxembourg		986,120		988,091		0.30	%		0.45	%
Total	$	323,715,079	$	328,646,501		100.00	%		149.69	%

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The following table presents the fair value hierarchy of the Company’s investment portfolio as of September 30, 2023:

	September 30, 2023
Assets	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	223,432,970	$	72,103,528	$	295,536,498
Second Lien Debt		—		—		18,317,694		18,317,694
Equity		—		—		14,792,309		14,792,309
Total investments	$	—	$	223,432,970	$	105,213,531	$	328,646,501

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and nine months ended September 30, 2023, respectively:

	First Lien Debt			Second Lien Debt			Equity		Total
Balance as of July 1, 2023	$	58,960,066		$	17,655,000		$	—	$	76,615,066
Purchases of investments		13,152,473			—			14,792,309		27,944,782
Proceeds from principal pre-payments and sales of investments		(444,715	)		—			—		(444,715	)
Payment-in-kind		—			619,340			—		619,340
Net accretion of discount on investments		75,220			161,304			—		236,524
Net change in unrealized appreciation/depreciation		360,484			(117,950	)		—		242,534
Transfers into Level 3		—			—			—		—
Transfers out of Level 3		—			—			—		—
Balance as of September 30, 2023	$	72,103,528		$	18,317,694		$	14,792,309	$	105,213,531
Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the period	$	360,484		$	(117,950	)	$	—	$	242,534

	First Lien Debt			Second Lien  Debt		Equity		Total
Balance as of February 1, 2023 (commencement of operations)	$	—		$	—	$	—	$	—
Purchases of investments		72,432,072			13,500,000		14,792,309		100,724,381
Proceeds from principal pre-payments and sales of investments		(770,643	)		—		—		(770,643	)
Payment-in-kind		—			2,119,340		—		2,119,340
Net accretion of discount on investments		90,586			165,627		—		256,213
Net change in unrealized appreciation/depreciation		351,513			2,532,727		—		2,884,240
Transfers into Level 3		—			—		—		—
Transfers out of Level 3		—			—		—		—
Balance as of September 30, 2023	$	72,103,528		$	18,317,694	$	14,792,309	$	105,213,531
Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the period	$	351,513		$	2,532,727	$	—	$	2,884,240

Level 2 investments are valued using prices obtained from pricing services. The Company had no transfers between levels during the three months ended September 30, 2023 and the period from February 1, 2023 (commencement of operations) to September 30, 2023.

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The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of September 30, 2023 were as follows:

Investment Type	Fair Value		Valuation Technique	Unobservable Input		Range			Weighted Average (3)
Second Lien Debt	$	18,317,694	Discounted cash flow	Discount rate (1)			15.5	%		15.5	%
First Lien Debt		62,292,590	Discounted cash flow	Discount rate (1)			11.09%-14.22	%		11.73	%
		9,810,938	Transactional Value (2)		N/A		N/A			N/A
Equity		14,792,309	Transactional Value (2)		N/A		N/A			N/A
	$	105,213,531

(1) Significant increases in discount rates would result in a significantly lower fair value measurement.

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

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

Note 5.
Borrowings

On April 20, 2023, KLCC SPV GS1 LLC, a Delaware limited liability company and newly formed subsidiary of the Company, entered into a credit agreement with Goldman Sachs Bank USA (the “Secured Credit Facility”). The maximum principal amount of the Secured Credit Facility as of September 30, 2023 is $300 million, which can be drawn in U.S. dollars subject to certain conditions. The maturity date of the Secured Credit Facility is May 1, 2028.

Amounts drawn under the Secured Credit Facility will bear interest at Term SOFR plus a margin. Advances used to finance the purchase or origination of loans under the Secured Credit Facility initially bear interest at Term SOFR plus a spread of (i) if the percentage of loans that are broadly syndicated loans (“BSL”) is 60% or higher on each day during such interest period, 3.25%, (ii) if the percentage of loans that are BSL is less than 60% during any day during such interest period but higher than 30% on each day during such interest period, 3.35% and (iii) in relation to either (A) any period in the 18 months following the closing of the Secured Credit Facility during which the percentage of loans that are BSL is less than 30% on any day during such interest period or (B) any interest period that occurs more than 18 months following the closing of the Secured Credit Facility, 3.50%. In addition, under the Secured Credit Facility, KLCC SPV GS1 LLC is required to utilize a minimum percentage of the financing commitments (such amount, the “Minimum Utilization Amount”), with unused amounts below such Minimum Utilization Amount accruing a fee (“Minimum Utilization Fee”). As of September 30, 2023, $5,000,000 was subject to the Minimum Utilization Fee. Additionally, KLCC SPV GS1 LLC is required to pay non-utilization fees (“Non-Utilization Fees”), on an amount equal to the excess (if any) of (x) the Adjusted Maximum Facility Amount in effect on such day over (y) the greater of the Minimum Utilization Amount and the Loan Amount on such day at a rate of 1.00% per annum. Each defined term without definition in this paragraph shall have the meaning ascribed to such term in the Secured Credit Facility.

The Secured Credit Facility contains customary covenants, including certain limitations on the activities of KLCC SPV GS1 LLC, including limitations on incurrence of incremental indebtedness, and customary events of default. The Secured Credit Facility is secured by a perfected first priority security interest in the assets of KLCC SPV GS1 LLC and on any payments received by KLCC SPV GS1 LLC in respect of those assets. Assets pledged to the lenders under the Secured Credit Facility will not be available to pay the other debts of the Company. As of September 30, 2023, the Company was in compliance with all covenants and other requirements under the Secured Credit Facility.

The estimated fair value of the Secured Credit Facility approximated the principal value of $145,000,000 on the consolidated statement of assets and liabilities as of September 30, 2023 and is categorized as Level III under the ASC 820 fair value hierarchy.

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

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The following table summarizes the average debt outstanding and the interest rates on the Secured Credit Facility for the three and nine months ended September 30, 2023:

	For the Three Months Ended September 30, 2023			For the Nine Months Ended September 30, 2023
Average Debt Outstanding	$	106,032,609		$	64,815,789
Effective Interest Rate		12.51	%		14.84	%
Weighted Average Interest Rate (1)		8.61	%		8.61	%

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

For the three and nine months ended September 30, 2023, the components of interest expense related to the Secured Credit Facility were as follows:

	Three Months Ended September 30, 2023		For the Nine Months Ended September 30, 2023
Borrowing interest expense	$	2,332,939	$	2,355,813
Minimum utilization fee		387,513		387,513
Non-utilization fees		450,597		956,237
Amortization of deferred financing costs		173,481		307,362
Total interest and debt financing expense	$	3,344,530	$	4,006,925

Note 6: Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. As of September 30, 2023, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

           From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2023, management is not aware of any pending or threatened material litigation.

The Company may, from time to time, enter into commitments to fund investments. As of September 30, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies:

	September 30, 2023
Unfunded delayed draw term loan commitments	$	6,713,666
Unfunded revolver obligations		2,650,602
Total Unfunded	$	9,364,268

Note 7. Net Assets

Subscriptions

The Company is a non-exchange traded, perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. We offer on a continuous basis our Common Shares (the ��Private Offering”), pursuant to the terms set forth in the Company’s Confidential Private Placement Memorandum and subscription agreements that we enter into with investors in connection with the Private Offering (each, a “Subscription Agreement”). Although the Common Shares in the Private Offering are being sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”) only to investors that are “accredited investors” in accordance with Rule 506 of Regulation D promulgated under the Securities Act, and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made, there can be no assurance that we will not need to suspend our continuous offering for various reasons, including but not limited to regulatory review from the SEC and various state regulators, to the extent applicable.

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The Company seeks to raise equity capital through private placements on a continuous basis through one or more closings (“Closings”) at which the Company will accept funds from investors in connection with such investors’ purchases of Common Shares (the first such Closing the “Initial Closing” and each subsequent closing a “Subsequent Closing”). The Initial Closing occurred on February 1, 2023 (the “Initial Closing Date”). Each Subsequent Closing will generally occur on a monthly basis on the last calendar day of the month or on a date as determined by the Company or the Advisor in its sole discretion.

Each investor is required to fully fund its subscription amount by wire to the Company’s bank account on or before the last business day of the month of its respective Closing. Any shareholder that seeks to purchase additional Common Shares will be required to enter into an additional, short form Subscription Agreement with the Company (a “Short Form Subscription Agreement”). For the avoidance of doubt, each shareholder that enters into a Short Form Subscription Agreement will be required to fully fund its additional subscription amount by wire to the Company’s bank account on or before the last business day of the month of its respective Closing. In exchange for its subscription amount, each investor will receive an amount of Common Shares equal to its subscription amount divided by the applicable price per Common Share (“Price Per Common Share”). The Price Per Common Share shall mean the Company’s then-calculated net asset value per Share determined by the Company as of a date within 48 hours of the Closing Date, which will be determined in accordance with the limitations under Section 23 of the 1940 Act. The Company may set the per-Common Share price above the then-calculated net asset value per Common Share based on a variety of factors, including the total amount of the Company’s organizational and other expenses. The minimum investment for any Subscription Agreement and any Short Form Subscription Agreement is $10,000.

The Company is authorized to issue an unlimited number of Common Shares. On December 23, 2022, the Advisor purchased 500 Common Shares of the Company for aggregate proceeds of $10,000. On February 1, 2023, Kennedy Lewis Management purchased 40,100 Common Shares of the Company for aggregate proceeds of $802,000. On May 1, 2023, a related party purchased 62,877 Common Shares of the Company for aggregate proceeds of $1,250,000.

The following table summarizes the total Common Shares issued and proceeds received during the period from the Company’s inception to September 30, 2023:

Date of Closing	Common Shares Issued		NAV per  Common Share		Subscription Price Per Common  Share		Proceeds Received
September 1, 2023		14,829	$	20.13	$	20.13	$	298,500
August 1, 2023		4,754	$	20.32	$	20.32	$	96,600
July 3, 2023		1,455	$	20.06	$	20.07	$	29,200
June 1, 2023		3,579	$	19.55	$	19.56	$	70,000
May 1, 2023		62,877	$	19.87	$	19.88	$	1,250,000
March 31, 2023		6,314,993	$	19.78	$	19.81	$	125,100,000
March 1, 2023		50,251	$	19.80	$	19.90	$	1,000,000
February 1, 2023		4,037,850	$	20.00	$	20.00	$	80,757,000
December 31, 2022		500	$	20.00	$	20.00	$	10,000
Totals		10,491,088					$	208,611,300

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Repurchases

No investor has the right to require the Company to redeem his, her or its Common Shares. Subject to market conditions and the Advisor’s commercially reasonable judgment, the Company intends from time to time to offer to repurchase Common Shares pursuant to written tenders by shareholders as further described herein. The Advisor expects that, generally, it will cause the Company to offer to repurchase Common Shares from shareholders quarterly, with such repurchases to occur as of each March 31, June 30, September 30 and December 31 or the next business day, as applicable. Subject to market conditions, the Advisor will in its commercially reasonable judgment cause the Company to repurchase Common Shares from shareholders on a quarterly basis in an amount not to exceed 5.0% of the Company’s net asset value; provided, however, that the Advisor, subject to the Board’s discretion and approval, shall cause the Company to repurchase Common Shares from shareholders in an amount at least equal to 10.0% of the Company’s net asset value in respect of the fourth calendar quarter of each of the eighth and tenth calendar years following the Initial Closing Date. The Advisor may in its commercially reasonable judgment seek to provide liquidity to shareholders through one or more methods, including conducting periodic tender offers or winding down the Company.

Prior to any Liquidity Event (as defined below), and subject to market conditions and the Advisor’s commercially reasonable judgment, the Company intends to offer quarterly repurchases, with the first quarterly repurchase offer having commenced on the first business day of the second quarter of 2023. A “Liquidity Event” is defined as including (1) an IPO or Exchange Listing, or (2) a Sale Transaction.  A “Sale Transaction” means (a) the sale of all or substantially all of the Company’s assets to, or other liquidity event with, another entity or (b) a transaction or series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of stock in each case for consideration of either cash and/or publicly listed securities of the acquirer. Thereafter, each repurchase offer will generally commence approximately 90 days prior to the applicable quarter-end repurchase date. With respect to any such repurchase offer, investors tendering shares must do so by a date specified in the notice describing the terms of the repurchase offer.

There is no minimum portion of a shareholder’s Common Shares which must be repurchased in any repurchase offer. The Company has no obligation to repurchase Common Shares at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Advisor, in its sole discretion. In determining whether the Company should offer to repurchase Common Shares, the Advisor will consider the timing of such an offer, as well as a variety of operational, business and economic factors.

If a quarterly repurchase offer is oversubscribed by shareholders who tender Common Shares, the Company will repurchase a pro rata portion by value of the Common Shares tendered by each shareholder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. The Company also has the right to repurchase all of a shareholder’s Common Shares at any time if the aggregate value of such shareholder’s Common Shares is, at the time of such compulsory repurchase, less than the required minimum account balance applicable for the Company. In addition, the Company has the right to repurchase Common Shares if the Company determines that the repurchase is in the best interest of the Company or upon the occurrence of certain events specified in the Subscription Agreement.

Repurchases will generally be paid in cash. Any shareholder that submits a repurchase request in excess of $25 million may elect to receive its repurchase proceeds in kind by checking the corresponding box on the tender offer form. The Company will seek to distribute a pro rata slice of the entire portfolio to such shareholder to the extent practicable.

On April 6, 2023, the Company commenced its initial tender offer to purchase up to 5.0% of the Company’s Common Shares outstanding as of March 30, 2023 (520,180 Common Shares) that are tendered by Shareholders by 11:59 p.m., Eastern Time, on May 4, 2023 and not withdrawn. No shareholders tendered by the deadline.

On August 31, 2023, the Company commenced its quarterly tender offer to purchase up to 5.0% of the Company’s Common Shares outstanding as of June 30, 2023 (531,270 Common Shares) that are tendered by Shareholders by 11:59 p.m., Eastern Time, on September 29, 2023 and not withdrawn. No shareholders tendered by the deadline.

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Distributions

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

In addition, the Company has adopted a dividend reinvestment plan (“DRP”), pursuant to which each shareholder will receive dividends in the form of additional Common Shares unless they notify the Company that they instead desire to receive cash or a combination of cash and Common Shares as set forth below. If a shareholder receives dividends in the form of Common Shares, dividend proceeds that otherwise would have been distributed in cash will be retained by the Company for reinvestment. Shareholders who receive dividends and other distributions in the form of Common Shares generally are subject to the same U.S. federal tax consequences as investors who elect to receive their distributions in cash; however, since their cash dividends will be reinvested, those investors will not receive cash with which to pay any applicable taxes on re-invested dividends. A shareholder may elect to receive dividends and other distributions in cash or a combination of cash and Common Shares by notifying the Company in the manner set forth in the shareholder’s Subscription Agreement at least 5 business days prior to the dividend or distribution declaration date fixed by the Board for such dividend. If such notice is received by the Company less than 5 business days prior to the relevant dividend or distribution declaration date, then that dividend will be paid in the form of Common Shares and any subsequent dividends will be paid in cash or a combination of cash and Common Shares.

The following table summarizes the distribution declarations and Common Shares issued pursuant to the DRP for the nine months ended September 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
August 7, 2023	August 7, 2023	August 22, 2023	$	0.38	$	4,040,011		123,021	$	3,037,048
May 9, 2023	May 9, 2023	June 29, 2023	$	0.30	$	3,139,941		155,347	$	2,499,783
					$	7,179,952		278,368	$	5,536,831

Of the total distributions declared, $1,643,121 was distributed in cash.

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

Through September 30, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

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Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of distributions on a GAAP basis that the Company has declared on its Common Shares for the nine months ended September 30, 2023:

	Per Share		Amount
Net investment income		0.63	$	6,743,100
Net realized gains		0.05		436,852
Distributions in excess of net investment income		—		—
Total		0.68	$	7,179,952

Note 8. Financial Highlights

The following are financial highlights for the nine months ended September 30, 2023 and for the period from February 10, 2022 (date of inception) to September 30, 2022:

	For the Nine Months Ended September 30, 2023			For the Period from February 10, 2022 (date of inception) to September 30, 2022(6)
Per Share Data:
Net asset value, beginning of period	$	20.00		$	—
Results of operations:
Net investment income (loss)(1)		0.84			—
Net unrealized and realized gain (loss)(2)		0.23			—
Net increase (decrease) in net assets resulting from operations		1.07			—
Distribution declared (3)		(0.68	)		—
Total increase (decrease) in net assets		0.39			—
Net asset value, end of period	$	20.39		$	—
Total return based on NAV (4)		5.35	%		—	%
Shares outstanding, end of period		10,769,456			—
Ratios and supplemental data:
Net assets, end of period	$	219,555,915		$	—
Weighted-average net assets		160,637,252			—
Weighted-average shares outstanding		8,012,421			—
Ratio of net expenses to average net assets (5)		7.04	%		—	%
Ratio of net expenses before voluntary waivers to average net assets		7.41	%		—	%
Ratio of net investment income to average net assets (5)		5.72	%		—	%
Portfolio turnover (7)		44	%		N/A
Asset Coverage Ratio (8)		251	%		N/A

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

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

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

(4) Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period. Total return is not annualized.

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

(6) All expenses were waived for the period. There was no activity other than organization and offering costs incurred for the period from February 10, 2022 (date of inception) to September 30, 2022.

(7) Calculated for the period February 1, 2023 (commencement of operations) to September 30, 2023.

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

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Note 9. Subsequent Events

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

On November 10, 2023, the Board of Trustees declared a distribution of $0.52 per share for the fourth quarter of 2023, payable on January 30, 2024 to shareholders of record as of November 10, 2023.

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

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

Forward Looking Statements

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

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

In addition to factors previously disclosed in our SEC reports, including the factors discussed in the Item 1A “Risk Factors” section of our Form 10 Registration Statement and those identified elsewhere in this report, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

• The Company is a new company with limited operating history.

• The Company has elected to be regulated as a business development company (a “BDC”), under the Investment Company Act of 1940, as amended (the “1940 Act”), which imposes numerous restrictions on the activities of the Company, including restrictions on leverage and on the nature of its investments.

• The Company intends to invest primarily in privately-held companies for which very little public information exists. Such companies are also generally more vulnerable to economic downturns and may experience substantial variations in operating results.

• The privately-held companies and below-investment-grade securities in which the Company will invest will be difficult to value and are illiquid.

• Defaults by portfolio companies will harm the Company’s operating results.

• Investment in the Company is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Company.

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• An investment in our common shares of beneficial interest (the “Common Shares”) is not suitable for you if you might need access to the money you invest in the foreseeable future.

• If you are unable to sell your Common Shares, you will be unable to reduce your exposure on any market downturn.

• Our Common Shares are not currently listed on an exchange and given that we have no current intention of pursuing any such listing, it is unlikely that a secondary trading market will develop for our Common Shares. The purchase of our Common Shares is intended to be a long-term investment. We do not intend to list our Common Shares on a national securities exchange.

• Our distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital (i.e., a distribution funded solely by investors’ subscription amounts) and reduce the amount of capital available to us for investment. Any capital returned to you through distributions will be distributed after payment of fees and expenses.

• The Company is subject to risks associated with the current interest rate environment and to the extent the Company uses debt to finance its investments, changes in interest rates will affect the cost of capital and net investment income.

• The discontinuation of the London Interbank Offered Rate (“LIBOR”) may adversely affect the Company’s business and results of operations.

• The Company depends upon Kennedy Lewis, the Advisor and Kennedy Lewis Management LP (in such capacity, the “Administrator”) for its success and upon their access to investment professionals.

• The Company operates in a highly competitive market for investment opportunities.

• The Company’s debt investments may be risky and could result in the loss of all or part of its investments.

• There is no public market for the Common Shares.

• There are restrictions on holders of the Common Shares.

• There is a risk that investors may not receive distributions.

• The Company is operating in a period of capital markets disruption and economic uncertainty.

• The Company’s regulatory structure and tax status as a BDC and a regulated investment company (a “RIC”) could limit certain of the Company’s investments or negatively affect the Company’s investment returns.

• Future changes in laws or regulations and conditions in the Company’s operating areas could have an adverse impact on the Company.

You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligations to update any forward-looking statement to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

Overview

The Company is an externally managed, diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act and intends to elect to be treated for U.S. federal income tax purposes, as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company was formed on February 10, 2022 (the “Inception Date”) as a Delaware statutory trust. The Company commenced operations on February 1, 2023.

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

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

Financial and Operating Highlights

At September 30, 2023
Investment Portfolio	$	328,646,501
Net assets	$	219,555,915
Debt	$	145,000,000
Net asset value per share	$	20.39

Portfolio Activity for the Nine Months Ended September 30, 2023
Purchases during the period	$	413,366,059
Sales or repayments during the period	$	(93,579,328)
Net investments during the period	$	319,786,731
Number of portfolio companies at end of period		90
Weighted average contractual interest rate of investment commitments based on par		10.82	%

Portfolio and Investment Activity

We commenced investment operations on February 1, 2023. Accordingly, there is no activity in the comparable period for the three or nine months ended September 30, 2022.

As of September 30, 2023, our investments consisted of the following:

	September 30, 2023 Fair Value		Percentage of Total Investments at Fair Value
First Lien	$	295,536,498		89.93	%
Second Lien		18,317,694		5.57	%
Equity		14,792,309		4.50	%
Total	$	328,646,501		100.00	%

As of the period ended September 30, 2023, all investments were considered to be income-producing investments.

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RESULTS OF OPERATIONS

We commenced investment operations on February 1, 2023, and therefore do not have prior periods with which to compare investment results. For the period from February 10, 2022 (Inception Date) through September 30, 2022 and for the three months ended September 30, 2022, we incurred only organizational and offering costs. Our operating results for the three and nine months ended September 30, 2023, and for the period from February 10, 2022 (Inception Date) through September 30, 2022 and the three months ended September 30, 2022, were as follows:

	For the Three Months Ended September 30, 2023		For the Nine Months Ended September 30, 2023		For the period from February 10, 2022 (Inception Date) to September 30, 2022		For the Three Months Ended September 30, 2022
Total investment income	$	9,173,476	$	14,850,862	$	—	$	—
Less: Net expenses		4,974,922		8,107,582		—		—
Net investment income (loss)		4,198,554		6,743,100		—		—
Net realized gains (losses)		709,438		913,214		—		—
Net change in unrealized appreciation (depreciation)		2,595,085		4,931,422		—		—
Net increase (decrease) in net assets resulting from operations	$	7,503,077	$	12,587,736	$	—	$	—
Net investment income (loss) per share	$	0.39	$	0.63	$	—	$	—
Net increase (decrease) in net assets resulting from operations per share	$	0.70	$	1.17	$	—	$	—

Investment Income

Investment income for the three and nine months ended September 30, 2023 was driven by our deployment of capital since February 1, 2023 (commencement of operations) and an increasing invested balance. There was no investment income prior to February 1, 2023. The composition of our investment income for three and nine months ended September 30, 2023 were as follows:

	For the Three Months Ended September 30, 2023		For the Nine Months Ended September 30, 2023
Interest from investments	$	9,150,770	$	14,824,697
Fee income		22,706		25,985
Total investment income	$	9,173,476	$	14,850,682

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Operating Expenses

The composition of our operating expenses for the three months ended September 30, 2023, and for the three months ended September 30, 2022 were as follows:

	For the Three Months Ended September 30, 2023			For the Three Months Ended September 30, 2022
Interest and debt fee expense	$	3,171,049		$	—
Management fees		676,482			—
Capital gains incentive fees		429,740			—
Income incentive fees		465,852			—
Directors’ fees and expenses		100,000			—
Professional fees		497,075			—
Deferred financing expense		173,481			—
Administrative service expenses		298,898			—
Other expenses		132,888			—
Organization costs		1,211			80,601
Amortization of continuous offering costs		262,186			—
Total expenses		6,208,862			80,601
Management fee waiver		—			—
Incentive fee waiver		(465,852	)		—
Expense waiver		(768,088	)		(80,601	)
Net expenses	$	4,974,922		$	—

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

 Net realized gains (losses) and net change in unrealized gains (losses) on investments for the three and nine months ended September 30, 2023 were as follows (dollars in thousands). There was no investing activity prior to February 1, 2023 (commencement of operations), and therefore no comparative information is included.

	For the Three Months Ended September 30, 2023		For the Nine Months Ended September 30, 2023
Net realized gains (losses)	$	709,438	$	913,214
Net change in unrealized gains (losses) on investments		2,595,085		4,931,422
Net realized and unrealized gains (losses)	$	3,304,523	$	5,844,636

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Liquidity and Capital Resources

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

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

Borrowings

We use borrowed funds, known as “leverage,” to make investments and to attempt to increase returns to our shareholders by reducing our overall cost of capital. As a BDC, we are limited in the amount of leverage we can incur under the 1940 Act. We are only allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowing. As of September 30, 2023, we had $145 million par value of outstanding borrowings and our asset coverage ratio of total assets to total borrowings was 251%, compliant with the minimum asset coverage level of 150% generally required for a BDC by the 1940 Act.

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

Sale of Unregistered Securities

The following tables shows the issuances of Common Shares, which were made pursuant to Subscription Agreements entered into with participating investors during the nine months ended September 30, 2023:

Date of Issuance	Common Shares Issued		Subscription Price per Common Share		Aggregate Consideration
February 1, 2023		4,037,850	$	20.00	$	80,757,000
March 1, 2023		50,251		19.90		1,000,000
March 31, 2023		6,314,993		19.81		125,100,000
May 1, 2023		62,877		19.88		1,250,000
June 1, 2023		3,579		19.56		70,000
July 1, 2023		1,455		20.07		29,200
August 1, 2023		4,754		20.32		96,600
September 1, 2023		14,829		20.13		298,500
		10,490,588			$	208,601,300

Distributions

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

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 In addition, we have adopted a dividend reinvestment plan, pursuant to which each shareholder will receive dividends in the form of additional Common Shares unless they notify the Company that they instead desire to receive cash or a combination of cash and Common Shares as set forth below. If a shareholder receives dividends in the form of Common Shares, dividend proceeds that otherwise would have been distributed in cash will be retained by the Company for reinvestment. Shareholders who receive dividends and other distributions in the form of Common Shares generally are subject to the same U.S. federal tax consequences as investors who elect to receive their distributions in cash; however, since their cash dividends will be reinvested, those investors will not receive cash with which to pay any applicable taxes on re-invested dividends. A shareholder may elect to receive dividends and other distributions in cash or a combination of cash and Common Shares by notifying the Company in the manner set forth in the shareholder’s Subscription Agreement at least 5 business days prior to the dividend or distribution declaration date fixed by the Board for such dividend. If such notice is received by the Company less than 5 business days prior to the relevant dividend or distribution declaration date, then that dividend will be paid in the form of Common Shares and any subsequent dividends will be paid in cash or a combination of cash and Common Shares.

On May 9, 2023, we declared a distribution of $0.30 per share, paid on June 29, 2023 to shareholders of record as of May 9, 2023. Additionally, on August 7, 2023, we declared a distribution of $0.38 per share, paid on August 22, 2023 to shareholders of record as of August 7, 2023.

Taxation as a RIC

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

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

Related Party Transactions and Agreements

Administration Agreement

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

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

Advisory Agreement

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

For the three and nine months ended September 30, 2023, the management fee was $676,482 and $1,542,831, respectively. At the Advisor’s discretion, $0 and $128,140 of the management fee was waived during the three months and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2023, the management fee, net of waivers was $676,482 and $1,414,691, respectively. For the three and nine months ended September 30, 2023, income-based incentive fees was $465,852 and $465,852, respectively. At the Advisor’s discretion, $465,852 and $465,852 of the income incentive fee was waived during the three months and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2023, the Company accrued capital gains incentive fees of $317,514 and $747,254, respectively, of which none was payable on such date under the Advisory Agreement.

Co-Investment Exemptive Relief

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

Expense Support and Conditional Reimbursement Agreement

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

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As of September 30, 2023, the total expense support provided by the Advisor since inception was $2,056,419.

Contractual Obligations

Other than payment of fees under the Advisory Agreement and Administration Agreement noted in the “Related Party Transactions and Agreements” section, we had no payment obligations for repayment of debt and other contractual obligations as of September 30, 2023. For additional information on the fees under the Advisory Agreement and Administration Agreement, see Note 3—“Related Party Transactions.”

Off-Balance Sheet Arrangements

From time-to-time we are a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the needs of our investment in portfolio companies. Such instruments include commitments to extend credit and may involve, in varying degrees, elements of credit risk in excess of amounts recognized on our balance sheet. Prior to extending such credit, we attempt to limit our credit risk by conducting extensive due diligence, obtaining collateral where necessary and negotiating appropriate financial covenants. As of September 30, 2023, we had $6,713,666 in unfunded delayed draw term loan commitments and $2,650,602 in unfunded revolver commitments.

Commitments

In the ordinary course of business, we may enter into future funding commitments. We maintain sufficient financial resources to satisfy any unfunded commitments, including cash on hand and available borrowings to fund such unfunded commitments. Please refer to Note 6 in the notes to our consolidated financial statements—“Commitments and Contingencies” for further detail of these unfunded commitments.

Recent Developments

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

Significant Accounting Estimates and Critical Accounting Policies

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

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

Valuation of Portfolio Investments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Investment Related Transactions, Revenue Recognition and Expenses

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

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

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

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

Organization and Offering Costs

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

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

On June 26, 2023, the Company filed with the SEC an initial registration statement on Form N-2. The Company records expenses related to registration statement filings and applicable offering costs as deferred financing costs in other assets and a portion of these expenses are charged as a reduction of capital upon completion of an offering of registered securities. The costs associated with any subsequent renewals of the Company’s registration statements are expensed as incurred.

Under the Advisory Agreement and the Administration Agreement, the Company, either directly or through reimbursements to the Advisor or its affiliates, is responsible for its organization and offering costs. For the three and nine months ended September 30, 2023, the Advisor and its affiliates incurred organization and offering costs of $0 and $328,240, respectively, on behalf of the Company. For the three months ended September 30, 2022 and the period from February 10, 2022 (date of inception) to September 30, 2022, the Advisor and its affiliates incurred organization and offering costs of $211,740 and $309,104, respectively, on behalf of the Company. As of September 30, 2023, the total amount owed to the Company from the Advisor pursuant to the Expense Support and Conditional Reimbursement Agreement is included in Due from Advisor in the Statement of Assets and Liabilities. As of September 30, 2023, the total amount owed to the Advisor and its affiliates for expenses incurred on behalf of the Company is included in payable to the Advisor and its affiliates in the Statement of Assets and Liabilities.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The U.S. Federal Reserve and other central banks have raised interest rates multiple times in recent years. As a result, key base interest rates, such as SOFR and LIBOR, may fluctuate over time. As of September 30, 2023, 90% of investments at fair value represent floating-rate investments.

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The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase or decrease by 100, 200 or 300 basis points. Assuming that the interim and unaudited Statement of Assets and Liabilities as of September 30, 2023 were to remain constant and that we took no actions to alter our interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates. Actual results could differ significantly from those estimated in the table.

Change in Interest Rates	Increase (Decrease) in Investment Income			Increase (Decrease) in Investment Expense			Increase (Decrease) in Net Investment Income
Up 300 basis points	$	8,993,682		$	4,350,000		$	4,643,682
Up 200 basis points		5,995,788			2,900,000			3,095,788
Up 100 basis points		2,997,894			1,450,000			1,547,894
Down 100 basis points		(2,997,894	)		(1,450,000	)		(1,547,894	)
Down 200 basis points		(5,995,788	)		(2,900,000	)		(3,095,788	)
Down 300 basis points		(8,993,682	)		(4,350,000	)		(4,643,682	)

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

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “1934 Act”) we evaluated, under the supervision and with the participation of our management, including our President and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act) as of September 30, 2023. Based on the foregoing evaluation, our President and our Chief Financial Officer concluded that, as of September 30, 2023, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level that we would meet our disclosure obligations. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

Changes in internal control over financial reporting

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

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PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2023, management is not aware of any pending or threatened material litigation.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in the Item 1A “Risk Factors” section of our Form 10 Registration Statement, which could materially affect our business, financial condition and/or operating results. The risks described in our Form 10 Registration Statement are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

There have been no material changes during the three months ended September 30, 2023 to the risk factors previously disclosed in the Item 1A “Risk Factors” section of our Form 10 Registration Statement and in our quarterly report on Form 10-Q for the quarter ended June 30, 2023. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.

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

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

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the fiscal quarter ended September 30, 2023, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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ITEM 6. EXHIBITS

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

Exhibit Number	Description of Document
3.1	Amended and Restated Agreement and Declaration of Trust(1)
3.2	By-Laws(2)
10.1	Secured Credit Facility Agreement, dated as of April 20, 2023, by and among KLCC SPV GS1 LLC, as Borrower, Various Lenders, Goldman Sachs Bank USA, as Syndication Agent and Administrative Agent, and State Street Bank and Trust Company, as Collateral Agent, Collateral Custodian and Collateral Administrator(3)
31.1*	Certification of the President pursuant to Rule 13a-14 (a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of the Chief Financial Officer pursuant to Rule 13a-14 (a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of the President pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.
32.2*	Certification of the Chief Financial Officer pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

* Filed herewith.

(1) Incorporated by reference to Exhibit 3.1 to Amendment No. 1 to the Company’s Form 10 Registration Statement filed on January 13, 2023.

(2) Incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Company’s Form 10 Registration Statement filed on January 13, 2023.

(3) Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 25, 2023.

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SIGNATURES

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

	Kennedy Lewis Capital Company
Date: November 13, 2023	By:	/s/ James Didden
	Name:	James Didden
	Title:	President
Date: November 13, 2023	By:	/s/ Anthony Pasqua
	Name:	Anthony Pasqua
	Title:	Chief Financial Officer

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