Investment and Quarterly Update

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Investment Name	Subsector	Commitment Date	Cumulative Committed Capital ($mm)	Cumulative Invested Capital ($mm)	Gross Realised Capital ($mm)¹	Gross Unrealised Value ($mm)	Gross Realised Capital & Unrealised Value ($mm)	% of Par as of 30 Sep 2025²	% of Par as of 30 Jun 2025²	30 Sep 2025 Gross MOIC	30 Sep 2025 Net MOIC
Caliber Midstream³	Infrastructure	Aug-19	4.0	4.0	0.7	0.6	1.3	0.57⁴	0.57⁴	0.32x	0.07x
Harland & Wolff Group Holdings PLC	Infrastructure Services	Mar-22	14.6	14.6	5.6	5.0	10.6	5.02⁴	4.90⁴	0.73x	0.58x
Seawolf Water Resources	Services	Sept-22	9.0	9.0	2.6	11.2	13.8	11.18⁴	11.11⁴	1.53x	1.41x
Hoover Circular Solutions	Infrastructure Services	Nov-22	13.7	13.7	4.7	14.4	19.1	100.02%	99.95%	1.39x	1.27x
			$41.3	$41.3	$13.5	$31.2	$44.7			1.08x	0.94x

Investment Name	Subsector	Commitment Date	Realisation Date	Cumulative Committed Capital ($mm)	Cumulative Invested Capital ($mm)	Gross Realised Capital ($mm)¹	30 Sep 2025 Gross MOIC	30 Sep 2025 Net MOIC
Rocky Creek Resources	Exploration & Production	Jun-19	Dec-19	6.0	4.3	4.9	1.15 x	1.13 x
CIG Logistics	Infrastructure Services	Jan-20	Jan-20	8.7	8.7	8.9	1.02 x	1.02 x
Mallard Exploration	Exploration & Production	Nov-19	Apr-20	13.8	6.8	7.7	1.13 x	1.12 x
Market Based	Multiple	Aug-20	Nov-20	13.4	13.4	13.6	1.01 x	1.00 x
Project Yellowstone	Infrastructure	Jun-19	Mar-21	5.8	5.8	7.2	1.23 x	1.16 x
Ascent Energy	Exploration & Production	Jun-19	Jun-21	13.3	13.3	16.1	1.21 x	1.13 x
Pursuit Oil & Gas	Exploration & Production	Jul-19	Jun-21	12.3	12.3	15	1.22 x	1.14 x
U.S. Shipping	Infrastructure Services	Feb-21	Aug-21	6.5	6.5	7.3	1.13 x	1.10 x
Aspen Power Partners	Infrastructure	Dec-20	Oct-21	6.9	3.4	4.3	1.27 x	1.24 x
Project Mariners	Infrastructure Services	Jul-19	Apr-22	13.2	13.2	17.6	1.33 x	1.21 x
Roaring Fork Midstream	Infrastructure	Mar-21	Jun-22	5.9	5.9	6.9	1.16 x	1.10 x
FS Crude, LLC	Infrastructure	Mar-20	Sept-22	13.7	13.7	16.9	1.23 x	1.12 x
EPIC Propane Pipeline, LP	Infrastructure	Dec-19	Sept-22	14.8	14.8	19.6	1.32 x	1.21 x
Circulus Holdings, PBLLC	Infrastructure	Aug-21	Oct-22	12.3	12.3	14.0	1.14 x	1.10 x
Hoover Circular Solutions	Infrastructure Services	Oct-20	Nov-22	15.4	15.4	17.0	1.10 x	1.01 x
Streamline Innovations Inc.	Infrastructure Services	Nov-21	Jun-23	13.8	6.9	8.9	1.29 x	1.22 x
Clean Energy Fuels Corp	Energy Transition	Dec-22	Dec-23	13.9	13.9	15.7	1.14 x	1.10 x
EPIC Propane Pipeline, LP	Infrastructure	Sept-22	Apr-24	13.9	13.9	17.2	1.24x	1.18x
Blackbuck Resources LLC	Infrastructure	Jun-21	Sept-24	11.5	11.0	16.1	1.46x	1.33x
Streamline Innovations Inc.	Infrastructure Services	Jun-23	July-25	9.9	5.4	7.1	1.33x	1.25x
Imperium3NY LLC	Energy Transition	Apr-21	Sept-25	6.8	5.4	6.7	1.25x	1.07x
Max Midstream	Infrastructure	Dec-22	Sept-25	5.0	5.0	7.5	1.51x	1.39x
				$236.9	$211.2	$256.2	1.21x	1.14x

J.P. Morgan Cazenove (Corporate Broker)	+44 (0)20 7742 4000
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