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Insurance Associates, LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306VTC Buyer Corp., Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Vivos Holdings, LLC,Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Touchtunes Music Group, LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306StrategyCorps, LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306StrategyCorps, LLC, Debt investments, First Lien Revolving Loan2025-01-012025-09-300001979306StrategyCorps, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-09-300001979306SAFEbuilt, LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Pediatric Home Respiratory Services, LLC, First Lien Revolving Loan2025-01-012025-09-300001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Revolving Loan2025-01-012025-09-300001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-09-300001979306OneZero, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306OneZero, Debt investments, First Lien Revolving Loan2025-01-012025-09-300001979306OneZero, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-09-300001979306NPM Franchising, LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306NPM Franchising, LLC, Debt investments, First Lien Revolving Loan2025-01-012025-09-300001979306Mood Media Borrower, LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Mood Media Borrower, LLC, Debt investments, First Lien Revolving Loan2025-01-012025-09-300001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Term Loan2025-01-012025-09-300001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Revolving Loan2025-01-012025-09-300001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Delayed Draw Term Loan2025-01-012025-09-300001979306Irving Parent, Corp., Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Irving Parent, Corp., Debt investments, First Lien Revolving Loan2025-01-012025-09-300001979306Giving Home Health Care, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Axiometrix Solutions Portfolio Co., Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Axiometrix Solutions Portfolio Co., Debt investments, First Lien Revolving Loan2025-01-012025-09-300001979306Arax Midco, LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Arax Midco, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-09-300001979306Ampler QSR Holdings LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Ampler QSR Holdings LLC, Debt investments, First Lien Revolving Loan2025-01-012025-09-300001979306Allworth Financial Group, L.P., Debt Investments, First Lien Revolving Loan2025-01-012025-09-300001979306Allworth Financial Group, L.P., Debt Investments, First Lien Delayed Draw Term Loan2025-01-012025-09-300001979306Ag Bells LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306Ag Bells LLC, Debt investments, First Lien Revolving Loan2025-01-012025-09-300001979306Accession Risk Management Group, Inc., Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-09-300001979306A. Stucki Company, LLC, Debt investments, First Lien Term Loan2025-01-012025-09-300001979306A. Stucki Company, LLC, Debt investments, First Lien Delayed Draw Term Loan2025-01-012025-09-300001979306World Insurance Associates, LLC, Debt investments, First Lien Term Loan2024-01-012024-12-310001979306Touchtunes Music Group, LLC, Debt investments, First Lien Term Loan2024-01-012024-12-310001979306StrategyCorps, LLC, Debt investments, First Lien Term Loan2024-01-012024-12-310001979306StrategyCorps, LLC, Debt investments, First Lien Revolving Loan2024-01-012024-12-310001979306StrategyCorps, LLC, Debt investments, First Lien Delayed Draw Term Loan2024-01-012024-12-310001979306SAFEbuilt, LLC, Debt investments, First Lien Term Loan2024-01-012024-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Term Loan2024-01-012024-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Revolving Loan2024-01-012024-12-310001979306Pediatric Home Respiratory Services, LLC, Debt investments, First Lien Delayed Draw Term Loan2024-01-012024-12-310001979306oneZero Financial Systems, LLC, Debt investments, First Lien Term Loan2024-01-012024-12-310001979306oneZero Financial Systems, LLC, Debt investments, First Lien Revolving Loan2024-01-012024-12-310001979306oneZero Financial Systems, LLC, Debt investments, First Lien Delayed Draw Term Loan2024-01-012024-12-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Term Loan2024-01-012024-12-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Revolving Loan2024-01-012024-12-310001979306Komline-Sanderson Group, Inc., Debt Investments, First Lien Delayed Draw Term Loan2024-01-012024-12-310001979306Integrity Marketing Acquisition, LLC, Debt investments, First Lien Term Loan2024-01-012024-12-310001979306ImageFirst Holdings, LLC, Debt investments, First Lien Term Loan2024-01-012024-12-310001979306Giving Home Health Care, Debt investments, First Lien Term Loan2024-01-012024-12-310001979306Allworth Financial Group, L.P., Debt 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the fiscal quarter ended September 30, 2025

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

For the transition period from to

Commission File Number: 814-01670

ANDALUSIAN CREDIT COMPANY, LLC

(Exact Name of Registrant as Specified in its Charter)

Delaware (State or other jurisdiction of incorporation or organization)	92-2145091 (I.R.S. Employer Identification No.)

40 West, 57^th Street Suite 1700 New York, New York (Address of principal executive offices)	10019 (Zip Code)

Registrant’s telephone number, including area code: (646) 989-4070

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

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

Shares of Limited Liability Company Interests, par value $0.001 per share.

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 preceding 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	☒	Small 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. Yes ☐ No ☒

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

As of November 12, 2025, the registrant had 17,275,299 Shares, $0.001 par value per Share, outstanding.

Table of Contents

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	3
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)	5
	Consolidated Schedule of Investments as of September 30, 2025 (Unaudited) and December 31, 2024	7
	Notes to Consolidated Financial Statements (Unaudited)	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	39
Item 4.	Controls and Procedures	39

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 3.	Defaults Upon Senior Securities	40
Item 4.	Mine Safety Disclosures	40
Item 5.	Other Information	40
Item 6.	Exhibits	41
Signatures		42

Table of Contents

Andalusian Credit Company, LLC

Consolidated Statements of Assets and Liabilities


	September 30, 2025
	(unaudited)		December 31, 2024⁽¹⁾
Assets:
Investments in non-controlled non-affiliated investments, at fair value (cost $254,294,953 and $91,004,288, respectively)	$	254,153,906	$	91,188,202
Cash		6,408,991		551,559
Cash equivalents		64,069,594		58,868,006
Interest receivable		1,439,906		913,083
Prepaid expenses and other assets		411,359		399,901
Total assets	$	326,483,756	$	151,920,751

Liabilities:
Debt (net of deferred financing costs of $- and $-, respectively) (Note 6)	$	58,000,000	$	—
Management fees payable		1,856,789		1,520,781
Professional fees payable		360,333		151,000
Administration fees payable		318,004		316,040
Interest and credit facility fees payable (Note 6)		162,065		62,708
Legal fees payable		83,420		73,755
Due to affiliate		27,749		32,166
Accounts payable and accrued expenses		82,962		15,024
Total liabilities	$	60,891,322	$	2,171,474

Commitments and contingencies (Note 7)

Net assets:
Shares, par value $0.001 (17,275,299 and 9,863,357 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)	$	17,275	$	9,863
Paid-in-capital in excess of par value		268,312,122		155,066,351
Distributable earnings (loss)		(2,736,963)		(5,326,937)
Total net assets	$	265,592,434	$	149,749,277
Total liabilities and net assets	$	326,483,756	$	151,920,751
Net asset value per share	$	15.37	$	15.18

(1)Certain items have been reclassified in prior quarters to conform with the current quarter presentation.

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

Table of Contents

Andalusian Credit Company, LLC

Consolidated Statements of Operations

(unaudited)


	Three months		Three months		Nine months		Nine months
	ended		ended		ended		ended
	September 30, 2025		September 30, 2024⁽¹⁾		September 30, 2025		September 30, 2024⁽¹⁾
Investment Income:
Interest income from non-controlled/non-affiliated investments	$	5,160,208	$	1,988,844	$	11,011,827	$	3,127,155
Interest from cash and cash equivalents		497,135		84,677		2,050,236		383,677
Other income		5,333		7,913		5,333		14,928
Total investment income		5,662,676		2,081,434		13,067,396		3,525,760

Expenses:
Management fees	$	1,856,789	$	1,826,826	$	4,940,659	$	5,147,954
Administration fees		318,004		316,040		953,264		873,147
Legal fees		248,388		157,308		686,512		566,782
Professional fees		198,692		186,298		556,359		418,025
Interest expense and other financing costs		250,133		334,859		546,769		615,606
General and administrative expenses		172,237		126,585		469,667		400,909
Board fees		107,500		107,500		322,500		322,500
Offering expenses		—		323,314		—		962,912
Total operating expenses		3,151,743		3,378,730		8,475,730		9,307,835
Management fee waiver		—		(304,278)		—		(857,799)
Net operating expenses		3,151,743		3,074,452		8,475,730		8,450,036
Net investment income (loss)		2,510,933		(993,018)		4,591,666		(4,924,276)

Net change in unrealized appreciation (depreciation)
Net change in unrealized appreciation (depreciation) from non-controlled non-affiliated investments		(26,568)		411,501		(324,961)		437,963
Net change in unrealized appreciation (depreciation)		(26,568)		411,501		(324,961)		437,963
Net increase (decrease) in net assets resulting from operations	$	2,484,365	$	(581,517)	$	4,266,705	$	(4,486,313)

Per share data:
Net investment income (loss) per share	$	0.16	$	(0.22)	$	0.35	$	(1.75)
Net increase/(decrease) in net assets resulting from operations per share	$	0.16	$	(0.13)	$	0.32	$	(1.59)
Weighted average shares outstanding		15,300,903		4,511,077		13,231,111		2,820,395

(1)	Certain items have been reclassified in prior quarters to conform with the current quarter presentation.

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

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Andalusian Credit Company, LLC

Consolidated Statements of Changes in Net Assets

(unaudited)


	Common Stock
				Paid in Capital in		Distributable
	Shares	Par Amount		Excess of Par		Earnings (Loss)		Total Net Assets
Balance at June 30, 2024	3,627,998	$	3,628	$	61,960,780	$	(6,562,959)	$	55,401,449

Operations:
Net investment income (loss)	—		—		—		(993,018)		(993,018)
Net change in unrealized appreciation (depreciation)	—		—		—		411,501		411,501
Net increase (decrease) in net assets resulting from operations	—		—		—		(581,517)		(581,517)

Capital transactions:
Proceeds from issuance of shares	2,901,546		2,902		44,010,417		—		44,013,319
Net increase (decrease) in net assets resulting from capital share transactions	2,901,546		2,902		44,010,417		—		44,013,319
Total increase (decrease) for the three months ended September 30, 2024	2,901,546		2,902		44,010,417		(581,517)		43,431,802
Balance at September 30, 2024	6,529,544	$	6,530	$	105,971,197	$	(7,144,476)	$	98,833,251


	Common Stock
				Paid in Capital in		Distributable
	Shares	Par Amount		Excess of Par		Earnings (Loss)		Total Net Assets
Balance at June 30, 2025	15,243,006	$	15,243	$	237,098,322	$	(3,544,597)	$	233,568,968

Operations:
Net investment income (loss)	—		—		—		2,510,933		2,510,933
Net change in unrealized appreciation (depreciation)	—		—		—		(26,568)		(26,568)
Net increase (decrease) in net assets resulting from operations	—		—		—		2,484,365		2,484,365

Capital transactions:
Proceeds from issuance of shares	1,991,586		1,991		30,590,091		—		30,592,082
Distributions declared to members	—		—		—		(1,676,731)		(1,676,731)
Shares issued in connection with dividend reinvestment plan	40,707		41		623,709		—		623,750
Net increase (decrease) in net assets resulting from capital share transactions	2,032,293		2,032		31,213,800		(1,676,731)		29,539,101
Total increase (decrease) for the three months ended September 30, 2025	2,032,293		2,032		31,213,800		807,634		32,023,466
Balance at September 30, 2025	17,275,299	$	17,275	$	268,312,122	$	(2,736,963)	$	265,592,434

Table of Contents

Andalusian Credit Company, LLC

Consolidated Statements of Changes in Net Assets

(unaudited)


	Common Stock
				Paid in Capital in		Distributable
	Shares	Par Amount		Excess of Par		Earnings (Loss)		Total Net Assets
Balance at December 31, 2023	171,874	$	172	$	3,598,907	$	(2,658,163)	$	940,916

Operations:
Net investment income (loss)	—		—		—		(4,924,276)		(4,924,276)
Net change in unrealized appreciation (depreciation)	—		—		—		437,963		437,963
Net increase (decrease) in net assets resulting from operations	—		—		—		(4,486,313)		(4,486,313)

Capital transactions:
Proceeds from issuance of shares	6,357,670		6,358		102,372,290		—		102,378,648
Net increase (decrease) in net assets resulting from capital share transactions	6,357,670		6,358		102,372,290		—		102,378,648
Total increase (decrease) for the nine months ended September 30, 2024	6,357,670		6,358		102,372,290		(4,486,313)		97,892,335
Balance at September 30, 2024	6,529,544	$	6,530	$	105,971,197	$	(7,144,476)	$	98,833,251


	Common Stock
				Paid in Capital in		Distributable
	Shares	Par Amount		Excess of Par		Earnings (Loss)		Total Net Assets
Balance at December 31, 2024	9,863,357	$	9,863	$	155,066,351	$	(5,326,937)	$	149,749,277

Operations:
Net investment income (loss)	—		—		—		4,591,666		4,591,666
Net change in unrealized appreciation (depreciation)	—		—		—		(324,961)		(324,961)
Net increase (decrease) in net assets resulting from operations	—		—		—		4,266,705		4,266,705

Capital transactions:
Proceeds from issuance of shares	7,371,235		7,371		112,622,062		—		112,629,433
Distributions declared to members	—		—		—		(1,676,731)		(1,676,731)
Shares issued in connection with dividend reinvestment plan	40,707		41		623,709		—		623,750
Net increase (decrease) in net assets resulting from capital share transactions	7,411,942		7,412		113,245,771		(1,676,731)		111,576,452
Total increase (decrease) for the nine months ended September 30, 2025	7,411,942		7,412		113,245,771		2,589,974		115,843,157
Balance at September 30, 2025	17,275,299	$	17,275	$	268,312,122	$	(2,736,963)	$	265,592,434

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

Table of Contents

Andalusian Credit Company, LLC

Consolidated Statements of Cash Flows

(unaudited)


	Nine months		Nine months
	ended		ended
	September 30, 2025		September 30, 2024⁽¹⁾
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	4,266,705	$	(4,486,313)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:
Purchases of investments		(175,830,649)		(86,206,380)
Proceeds from principal repayments		12,881,398		727,091
Net change in unrealized (appreciation) depreciation		324,961		(437,963)
Amortization of premium and accretion of discount, net		(341,414)		(75,655)
Amortization of deferred offering expenses		—		962,912
Amortization of deferred financing costs		248,350		335,112
Amortization of prepaid expenses		87,164		—
Changes in operating assets and liabilities:
Interest receivable		(526,823)		(897,246)
Prepaid expenses and other assets		(346,972)		14,415
Due from affiliate		—		17,413
Management fees payable		336,008		904,668
Professional fees payable		209,333		146,735
Organizational expenses payable		—		(132,327)
Administration fees payable		1,964		191,958
Legal fees payable		9,665		55,592
Interest and credit facility fees payable		99,357		—
Due to affiliate		(4,417)		18,730
Accounts payable and accrued expenses		67,938		(36,576)
Net cash provided by (used in) operating activities		(158,517,432)		(88,897,834)

Cash flows from financing activities:
Net proceeds from issuance of shares⁽²⁾		112,629,433		102,378,648
Distributions paid		(1,052,981)		—
Offering expenses paid		—		(33,314)
Borrowings of debt		58,000,000		20,500,000
Repayments of debt		—		(20,500,000)
Debt issuance costs paid		—		(469,976)
Net cash provided by (used in) financing activities		169,576,452		101,875,358
Net increase in cash and cash equivalents		11,059,020		12,977,524
Cash and cash equivalents, beginning of period		59,419,565		1,011,952
Cash and cash equivalents, end of period	$	70,478,585	$	13,989,476

Supplemental and non-cash activities
Interest, including credit facility fees, paid during the period	$	199,062	$	220,357
Shares issued from dividend reinvestment plan	$	623,750	$	—

Table of Contents

Andalusian Credit Company, LLC

Consolidated Statements of Cash Flows

(unaudited)

The following table presents a reconciliation of cash and cash equivalents reported within the Consolidated Statements of Assets and Liabilities.


	September 30, 2025		September 30, 2024⁽¹⁾
Cash	$	6,408,991	$	41,965
Cash equivalents		64,069,594		13,947,511
Total cash and cash equivalents	$	70,478,585	$	13,989,476

(1)	Certain items have been reclassified in prior quarters to conform with the current quarter presentation.

(2)	Proceeds from the issuance of shares are presented net of placement agent fees of $282,064 and $265,950, respectively for the periods presented.

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

Table of Contents

Andalusian Credit Company, LLC

Consolidated Schedule of Investments

As of September 30, 2025

(unaudited)


			Reference						Par/						Percentage
			Rate and			Interest			Shares/		Amortized		Fair		of Net
Company⁽¹⁾	Footnotes	Investment	Spread			Rate		Maturity	Units		Cost⁽²⁾⁽³⁾		Value⁽⁴⁾		Assets
Non-controlled non-affiliated investments
Debt investments
Capital Equipment
Komline-Sanderson Group, Inc.	(5)	First Lien Term Loan	S+	6.00	%	10.21	%	09/06/29	$	13,047,444	$	12,877,635	$	12,835,424	4.7	%
Komline-Sanderson Group, Inc.	(5)	First Lien Delayed Draw Term Loan	S+	6.00	%	10.29	%	09/06/29		2,543,771		2,511,720		2,502,435	0.9	%
Komline-Sanderson Group, Inc.	(5)(6)	First Lien Revolving Loan	S+	6.00	%	9.99	%	09/06/29		821,422		787,419		786,900	0.3	%
												16,176,774		16,124,759	5.9	%
Consumer Goods: Non-Durable
Vivos Holdings, LLC	(5)	First Lien Term Loan	S+	6.00	%	10.15	%	08/13/30		31,866,647		31,556,583		31,556,583	11.9	%
												31,556,583		31,556,583	11.9	%

Environmental Industries
VTC Buyer Corp.	(5)	First Lien Term Loan	S+	5.25	%	9.57	%	07/15/31		4,133,647		4,133,647		4,133,647	1.6	%
												4,133,647		4,133,647	1.6	%

FIRE: Finance	(7)
Allworth Financial Group, L.P.	(5)(6)	First Lien Delayed Draw Term Loan	S+	4.75	%	9.03	%	12/23/27		2,356,181		2,329,215		2,306,809	0.9	%
Allworth Financial Group, L.P.	(5)(6)	First Lien Revolving Loan	S+	4.75	%	9.03	%	12/23/27		—		(1,831)		(2,286)	0.0	%
Arax Midco, LLC	(5)	First Lien Term Loan	S+	5.00	%	9.33	%	04/11/29		1,678,863		1,663,864		1,662,075	0.6	%
Arax Midco, LLC	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.00	%	9.00	%	04/11/29		135,244		122,115		106,514	0.0	%
StrategyCorps, LLC	(5)	First Lien Term Loan	S+	5.50	%	9.66	%	06/28/30		5,615,014		5,553,298		5,530,789	2.1	%
StrategyCorps, LLC	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.50	%	9.68	%	06/28/30		—		(5,798)		(34,117)	0.0	%
StrategyCorps, LLC	(5)(6)	First Lien Revolving Loan	S+	5.50	%	9.68	%	06/28/30		142,152		130,178		125,094	0.0	%
												9,791,041		9,694,878	3.6	%
FIRE: Insurance	(7)
Integrity Marketing Acquisition, LLC	(5)	First Lien Term Loan	S+	5.00	%	9.20	%	08/27/28		13,512,971		13,444,384		13,462,298	5.1	%
World Insurance Associates, LLC	(5)	First Lien Term Loan	S+	5.00	%	9.00	%	04/03/30		4,504,071		4,504,071		4,498,441	1.7	%
												17,948,455		17,960,739	6.8	%
Healthcare & Pharmaceuticals
Giving Home Health Care	(5)	First Lien Term Loan	S+	6.25	%	10.53	%	04/26/29		13,284,558		13,110,228		13,101,895	4.9	%
Pediatric Home Respiratory Services, LLC	(5)	First Lien Term Loan	S+	5.00	%	9.25	%	12/23/30		13,883,833		13,814,607		13,779,705	5.2	%
Pediatric Home Respiratory Services, LLC	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.00	%	9.24	%	12/23/30		—		(5,966)		(20,475)	0.0	%
Pediatric Home Respiratory Services, LLC	(5)(6)	First Lien Revolving Loan	S+	5.00	%	9.24	%	12/23/30		546,010		539,329		532,739	0.2	%
RAH Holdings, LLC		First Lien Term Loan	S+	6.50	%	10.51	%	08/18/30		16,000,000		15,680,000		15,680,000	5.9	%
												43,138,198		43,073,864	16.2	%
Media: Diversified & Production
Mood Media Borrower, LLC	(5)	First Lien Term Loan	S+	6.75	%	11.05	%	05/30/30		21,107,809		20,896,730		20,896,730	7.9	%
Mood Media Borrower, LLC	(5)(6)	First Lien Revolving Loan	S+	6.75	%	10.77	%	05/30/30		400,262		384,622		384,622	0.1	%
Touchtunes Music Group, LLC	(5)	First Lien Term Loan	S+	4.75	%	8.75	%	04/01/29		4,492,011		4,492,011		4,458,321	1.7	%
												25,773,363		25,739,673	9.7	%
High Tech Industries
Axiometrix Solutions Portfolio Co.	(5)	First Lien Term Loan	S+	5.50	%	9.85	%	08/14/30		13,657,854		13,454,855		13,454,855	5.1	%
Axiometrix Solutions Portfolio Co.	(5)(6)	First Lien Revolving Loan	S+	5.50	%	9.85	%	08/14/30		2,124,555		2,065,295		2,065,295	0.8	%
Irving Parent, Corp.	(5)	First Lien Term Loan	S+	5.25	%	9.25	%	03/11/31		15,851,984		15,664,710		15,653,834	5.9	%
Irving Parent, Corp.	(5)(6)	First Lien Revolving Loan	S+	5.25	%	9.25	%	03/11/31		—		(26,763)		(28,449)	0.0	%
OneZero	(5)	First Lien Term Loan	S+	5.00	%	9.31	%	10/07/31		5,223,386		5,176,809		5,229,915	2.0	%
OneZero	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.00	%	9.31	%	10/07/31		308,180		304,343		309,327	0.1	%
OneZero	(5)(6)	First Lien Revolving Loan	S+	5.00	%	9.31	%	10/07/31		—		(5,653)		(3,281)	0.0	%
												36,633,596		36,681,496	13.9	%

Hotel, Gaming & Leisure
Ag Bells LLC	(5)	First Lien Term Loan	S+	5.00	%	9.16	%	08/19/30		13,668,917		13,535,747		13,535,747	5.1	%
Ag Bells LLC	(5)(6)	First Lien Revolving Loan	S+	5.00	%	9.16	%	08/19/30		—		(15,026)		(15,025)	0.0	%
Ampler QSR Holdings LLC	(5)	First Lien Term Loan	S+	5.00	%	9.32	%	08/19/30		14,448,713		14,307,937		14,307,937	5.4	%
Ampler QSR Holdings LLC	(5)(6)	First Lien Revolving Loan	S+	5.00	%	9.32	%	08/19/30		—		(21,622)		(21,622)	0.0	%
												27,807,036		27,807,037	10.5	%

Retail
NPM Franchising, LLC	(5)	First Lien Term Loan	S+	5.50	%	9.79	%	01/13/29		10,708,631		10,529,702		10,641,702	4.0	%
NPM Franchising, LLC	(5)(6)	First Lien Revolving Loan	S+	5.50	%	9.61	%	01/13/29		1,365,026		1,335,034		1,351,376	0.5	%
												11,864,736		11,993,078	4.5	%
Services: Business
SAFEbuilt, LLC	(5)	First Lien Term Loan	S+	6.85	%	11.13	%	12/31/25		13,028,583		13,005,755		12,979,726	4.9	%
												13,005,755		12,979,726	4.9	%
Transportation: Cargo
A. Stucki Company	(5)	First Lien Term Loan	S+	4.86	%	9.18	%	03/27/30		16,606,841		16,486,485		16,461,531	6.2	%
A. Stucki Company	(5)(6)	First Lien Delayed Draw Term Loan	S+	4.86	%	9.18	%	03/27/30		—		(20,716)		(53,105)	0.0	%
												16,465,769		16,408,426	6.2	%
Total debt investments												254,294,953		254,153,906	95.7	%
Total non-controlled non-affiliated investments												254,294,953		254,153,906	95.7	%

Cash and cash equivalents
State Street Institutional U.S. Government Money Market Fund - Premier Class	(8)(9)	Money Market Fund				4.09	%					64,069,594		64,069,594	24.1	%
Cash		Cash										6,408,991		6,408,991	2.4	%
Total cash and cash equivalents												70,478,585		70,478,585	26.5	%
Total investments and cash and cash equivalents											$	324,773,538	$	324,632,491	122.2	%

(1)	Certain portfolio company investments are subject to contractual restrictions on sales.

(2)	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(3)	As of September 30, 2025, the estimated cost basis of investments and cash and cash equivalents for U.S. federal tax purposes was $324,773,538 resulting in estimated gross unrealized appreciation and depreciation of $206,719 and ($347,766), respectively.

(4)

In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 5 for further information related to investments at fair value.

Table of Contents

Andalusian Credit Company, LLC

Consolidated Schedule of Investments

As of September 30, 2025

(unaudited)

(5)

Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“S”) which may also contain a credit spread adjustment depending on the tenor election, or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”), all of which include an available tenor, selected at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at September 30, 2025. As of September 30, 2025, the reference rate for our variable rate loans was SOFR at 4.24%.

(6)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. The negative amortized cost or fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan which will be amortized into income.

(7)	Finance, Insurance, and Real Estate (“FIRE”).

(8)	This investment is valued using observable inputs and is considered a Level 1 investment. See Note 5 for further information related to investments at fair value.

(9)	The rate presented represents the annualized seven-day yield as of September 30, 2025.

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

Table of Contents

Andalusian Credit Company, LLC

Consolidated Schedule of Investments

As of December 31, 2024


			Reference						Par/						Percentage
			Rate and			Interest			Shares/		Amortized		Fair		of Net
Company⁽¹⁾	Footnotes	Investment	Spread			Rate		Maturity	Units		Cost⁽²⁾⁽³⁾		Value⁽⁴⁾		Assets
Non-controlled non-affiliated investments
Debt investments
Capital Equipment
Komline-Sanderson Group, Inc.	(5)	First Lien Term Loan	S+	5.75	%	10.24	%	09/06/29	$	10,828,370	$	10,627,752	$	10,627,752	7.1	%
Komline-Sanderson Group, Inc.	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.75	%	10.24	%	09/06/29		—		(48,807)		(48,807)	0.0	%
Komline-Sanderson Group, Inc.	(5)(6)	First Lien Revolving Loan	S+	5.75	%	10.24	%	09/06/29		—		(39,776)		(39,776)	0.0	%
												10,539,169		10,539,169	7.1	%
FIRE: Finance	(7)
Allworth Financial Group, L.P.	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.00	%	9.36	%	12/23/27		105,745		79,408		79,408	0.1	%
Allworth Financial Group, L.P.	(5)(6)	First Lien Revolving Loan	S+	5.00	%	9.36	%	12/23/27		—		(2,437)		(2,437)	0.0	%
StrategyCorps, LLC	(5)	First Lien Term Loan	S+	5.25	%	9.61	%	06/28/30		5,657,660		5,586,055		5,615,228	3.7	%
StrategyCorps, LLC	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.25	%	9.61	%	06/28/30		—		(7,278)		(17,058)	0.0	%
StrategyCorps, LLC	(5)(6)	First Lien Revolving Loan	S+	5.25	%	9.61	%	06/28/30		—		(15,011)		(8,529)	0.0	%
												5,640,737		5,666,612	3.8	%
FIRE: Insurance	(7)
Accession Risk Management Group, Inc.	(5)	First Lien Delayed Draw Term Loan	S+	4.75	%	9.21	%	10/30/29		4,526,617		4,526,617		4,526,616	3.0	%
World Insurance Associates, LLC	(5)	First Lien Term Loan	S+	6.00	%	10.33	%	04/03/28		4,526,705		4,526,705		4,526,705	3.0	%
												9,053,322		9,053,321	6.0	%
Healthcare & Pharmaceuticals
Giving Home Health Care	(5)	First Lien Term Loan	S+	6.00	%	10.62	%	04/26/29		8,524,258		8,367,595		8,417,705	5.6	%
Pediatric Home Respiratory Services, LLC	(5)	First Lien Term Loan	S+	5.50	%	9.78	%	12/23/30		13,953,601		13,884,156		13,884,156	9.3	%
Pediatric Home Respiratory Services, LLC	(5)(6)	First Lien Delayed Draw Term Loan	S+	5.50	%	9.78	%	12/23/30		—		(6,786)		(6,786)	0.0	%
Pediatric Home Respiratory Services, LLC	(5)(6)	First Lien Revolving Loan	S+	5.50	%	9.78	%	12/23/30		242,671		235,122		235,122	0.2	%
												22,480,087		22,530,197	15.1	%

Non - controlled non - affiliated investments
Debt investments
Media: Diversified & Production
Touchtunes Music Group, LLC	(5)	First Lien Term Loan	S+	4.75	%	9.08	%	04/01/29		4,526,128		4,526,128		4,526,128	3.0	%
												4,526,128		4,526,128	3.0	%
High Tech Industries
OneZero Financial Systems, LLC	(5)	First Lien Term Loan	S+	5.00	%

Andalusian Credit Company, LLC 10-Q