0001145549-22-052593.txt : 20220826 0001145549-22-052593.hdr.sgml : 20220826 20220826122844 ACCESSION NUMBER: 0001145549-22-052593 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220630 FILED AS OF DATE: 20220826 DATE AS OF CHANGE: 20220826 PERIOD START: 20220930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Keystone Private Income Fund CENTRAL INDEX KEY: 0001788420 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23482 FILM NUMBER: 221202235 BUSINESS ADDRESS: STREET 1: C/O UMB FUND SERVICES, INC. STREET 2: 235 WEST GALENA STREET CITY: MILWAUKEE STATE: WI ZIP: 53212 BUSINESS PHONE: 414-299-2000 MAIL ADDRESS: STREET 1: C/O UMB FUND SERVICES, INC. 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Keystone Private Income Fund

Schedule of Investments

June 30, 2022 (Unaudited)

 

 

           Original         
Principal          Acquisition         
Amount          Date   Cost   Fair Value
     Private Credit - 101.7%                   
     Corporate Finance - 28.7%                   
$10,000,000   Arena Vantage SPV, LLC, 11.00%, 4/30/20241,2        3/7/2022   $10,000,000   $10,000,000
 22,985,370   Bigfoot Capital SPV1, LLC, 11.75%, 1/15/20241,2        1/15/2021    22,985,370   22,985,370
 27,500,000   FilmRise Acquisitions, LLC, 15.50%, 8/17/20211,2,3        7/1/2020    27,500,000   27,500,000
 14,986,203   FVP Funding I, LLC, 10.00%, 2/6/20271,2        2/7/2022    14,986,203   14,986,203
 15,000,000   Hall Labs, LLC, 14.50%, 8/11/20221,2        8/11/2021    15,000,000   15,000,000
 6,956,291   Kingbee Rentals, LLC, 15.00%, 7/21/20241,2        7/22/2021    6,956,291   6,956,291
 7,500,000   Loop Inc., 11.75%, 8/31/20221,2        5/17/2022    7,500,000   7,500,000
 10,892,997   Onward Partners, LLC, 15.00%, 6/17/20261,2        6/18/2021    10,892,997   10,892,997
 2,500,000   Paradise Cruise Line Intermediate Holdings, LLC, 12.00%, 4/1/20241,2        4/1/2021    2,500,000   2,500,000
 25,000,000   SE1 Generation ABM Holdings, LLC, 12.00%, 6/8/20231,2        6/8/2022    25,000,000   25,000,000
 11,962,333   Series KS Manscaped, 12.00%, 12/31/20241,2        12/17/2021    11,962,333   11,962,333
 1,992,267   Sovrn Holdings, Inc, LLC, 12.00%, 7/12/20251,2,5        7/13/2021    1,992,267   1,992,267
 6,000,000   Waiehu, LLC, 14.00%, 10/27/20221,2        10/14/2021    6,000,000   6,000,000
                   163,275,461   163,275,461
                         
     Equipment Leasing - 33.4%                   
     Accelerate360, LLC                   
 3,854,465   14.50%, 4/1/20231,2    3/11/2021    3,854,465   3,854,465
 1,032,159   14.50%, 6/30/20231,2    5/25/2021    1,032,159   1,032,159
 593,100   ARX, Accurate RX Specialty Pharmacy Corp., 12.50%, 1/1/20251,2        6/3/2022    593,100   593,100
 2,367,723   Bay Minette Energy LLC. 14.50%, 11/24/20241,2        5/27/2022    2,367,723   2,367,723
     Carepoint Health Management Associates, LLC               
 1,561,512   14.50%, 7/1/20231,2    12/2/2020    1,561,512   1,561,512
 626,533   14.50%, 4/30/20221,2    4/6/2021    626,533   626,533
     Carnaby Inventory I, LLC                   
 4,769,396   14.50%, 8/31/20241,2    2/23/2022    4,769,396   4,769,396
 4,769,396   14.50%, 8/31/20241,2    2/23/2022    4,769,396   4,769,396
 4,000,231   14.50%, 9/30/20241,2    3/10/2022    4,000,231   4,000,231
 20,000,000   Carnaby Inventory IV, LLC, 12.00%, 12/31/20241,2        6/30/2022    20,000,000   20,000,000
 575,920   Cartier Industrial Center LLC, 7.95%, 10/24/20231,2        5/25/2022    575,920   575,920
 862,500   Envelope 1, Inc. and E1 Digital Direct, Inc., 12.50%, 1/1/20251,2        5/11/2022    862,500   862,500
     Firstronic, LLC                   
 604,578   12.00%, 11/1/20231,2    10/15/2020    604,578   604,578
 1,202,037   12.00%, 9/30/20241,2    9/21/2021    1,202,037   1,202,037
 14,230,824   FPL Food LLC, 11.00%, 12/31/20251,2        1/6/2022    14,230,824   14,230,824
 1,225,298   J Jets, Inc, 12.50%, 4/30/20251,2        4/8/2022    1,225,298   1,225,298
 182,704   Kitchens Lumber Company LLC, 12.50, 4/18/20241,2        4/1/2022    182,704   182,704
     KVJ Properties, Inc.                   
 3,021,545   14.50%, 7/1/20231,2    12/4/2020    3,021,545   3,021,545
 3,593,791   12.50%, 8/31/20251,2    2/25/2022    3,593,791   3,593,791
     Lux Vending, LLC                   
 677,584   14.50%, 12/31/20221,2    8/6/2020    677,584   677,584
 1,781,262   14.50%, 4/30/20231,2    4/16/2021    1,781,262   1,781,262
     MC Test Service, Inc.                   
 4,299,854   12.00%, 5/31/20241,2    5/3/2021    4,299,854   4,299,854
 2,031,588   12.00%, 1/31/20251,2    1/25/2022    2,031,588   2,031,588
     Metalogic Inspection Services, LLC                   
 171,592   14.50%, 6/1/20231,2    11/9/2020    171,592   171,592
 343,762   14.50%, 10/1/20231,2    3/15/2021    343,762   343,762
 702,547   14.50%, 2/28/20241,2    8/9/2021    702,547   702,547
     Onset Financial, Inc.                   
 4,058,618   14.50%, 5/31/20261,2    12/11/2020    4,058,618   4,058,618
 13,678,330   12.50%, 9/30/20241,2    9/9/2021    13,678,330   13,678,330

 

 

 

 

Keystone Private Income Fund

Schedule of Investments

June 30, 2022 (Unaudited) (continued)

 

 

           Original         
Principal          Acquisition         
Amount          Date   Cost   Fair Value
     Private Credit - 101.7% (continued)                   
     Equipment Leasing - 33.4% (continued)                   
     Orbital Power, Inc.                   
$7,802,856   12.00%, 4/1/20241,2    3/31/2021   $7,802,856   $7,802,856
 4,085,555   12.00%, 7/31/20241,2    8/17/2021    4,085,555   4,085,555
 2,508,380   12.00%, 1/31/20241,2    7/23/2021    2,508,380   2,508,380
 91,958   Raw Farm, LLC, 12.50%, 6/29/20241,2        4/1/2022    91,958   91,958
     RK Pharma Inc.                   
 1,479,691   14.50%, 2/28/20241,2    2/2/2022    1,479,691   1,479,691
 2,340,089   14.50%, 3/31/20241,2    3/9/2022    2,340,089   2,340,089
     Rokstad Power (East), Inc.                   
 3,711,603   10.50%, 3/31/20261,2    3/1/2022    3,711,603   3,711,603
 3,402,303   10.50%, 3/31/20261,2    3/1/2022    3,402,303   3,402,303
 3,689,080   Saint Jean Industries, Inc., 14.50%, 6/30/20241,2        12/30/2021    3,689,080   3,689,080
 4,510,484   Steelman Aviation, Inc., 14.50%, 12/31/20231,2        12/13/2021    4,510,484   4,510,484
     Sun-Tech Leasing of Texas, L.P.                   
 1,340,112   12.00%, 10/1/20251,2    9/18/2020    1,340,112   1,340,112
 1,428,146   12.00%, 7/31/20241,2    8/25/2021    1,428,146   1,428,146
 905,353   Thunderbird Field Services LLC, 14.50%, 12/31/20231,2        12/14/2021    905,353   905,353
 6,574,789   TrialAssure Inc., 12.00%, 9/30/20241,2        3/22/3022    6,574,789   6,574,789
     Trico Products Corporation                   
 249,746   14.50%, 4/1/20231,2    7/23/2020    249,746   249,746
 11,863,436   12.50%, 10/31/20241,2    4/22/2021    11,863,436   11,863,436
 20,423,822   12.50%, 10/31/20241,2    4/12/2021    20,423,822   20,423,822
 192,734   12.50%, 12/31/20251,2    6/30/2022    192,734   192,734
     United Auto Supply of Syracuse, West, Inc.                   
 3,564,281   12.00%, 12/31/20251,2    6/30/2022    3,564,281   3,564,281
 2,155,675   12.00%, 12/31/20251,2    6/30/2022    2,155,675   2,155,675
     Vensure Employer Services, Inc.                   
 1,227,196   14.50%, 1/31/20241,2    7/16/2021    1,227,196   1,227,196
 2,751,285   14.50%, 12/1/20231,2    5/18/2021    2,751,285   2,751,285
 3,678,970   14.50%, 7/31/20241,2    1/14/2022    3,678,970   3,678,970
 2,933,592   14.50%, 11/13/20241,2    5/13/2022    2,933,592   2,933,592
 368,646   14.50%, 12/31/20241,2    6/1/2022    368,646   368,646
                   190,098,631   190,098,631
                         
     Receivables Finance - 10.2%                   
 11,097,297   CapitalPlus Construction Services, LLC, 12.00%, 10/1/20231,2        9/2/2020    11,097,297   11,097,297
 1,050,000   CapitalPlus Supply Chain Partners, LLC, 12.00%, 7/31/20241,2        8/31/2021    1,050,000   1,050,000
 1,896,196   Dallas Growth Capital and Funding, LLC, 13.00%, 2/23/20241,2        2/24/2021    1,896,196   1,896,196
 2,959,888   DNF Associates, LLC, 12.75%, 10/31/20241,2        12/28/2020    2,959,888   2,959,888
 9,319,861   Elevation Capital Group, LLC, 12.50%, 6/22/20221,2        12/30/2021    9,319,861   9,319,861
 6,600,672   Simply Funding SPV, LLC, 13.75%, 6/23/20231,2        6/23/2021    6,600,672   6,600,672
 7,519,815   Triton Credit Funding SPV, LLC, 13.00%, 2/28/20231,2        9/2/2020    7,519,815   7,519,815
 18,003,757   Viva Funding SPV, LLC, 13.00%, 12/22/20241,2        12/23/2020    18,003,757   18,003,757
                   58,447,486   58,447,486
                         
     Specialty Real Estate Finance - 29.4%                   
 1,394,942   1413 Calle Joaquin SLO, LLC, 8.00% PIK, 5/16/20231,2,4        5/16/2022    1,394,942   1,394,942
 4,789,468   750 Main Street LP, 9.69% PIK, 2/6/20241,2,4        3/24/2022    4,789,468   4,789,468
 17,124,294   AHP Servicing, LLC, 12.00%, 7/30/20221,2        7/30/2020    17,124,294   17,124,294
 3,230,736   Bluepearl Operations, LLC, 10.00% PIK, 1/9/20231,2,4        7/8/2021    3,230,736   3,230,736
 3,720,162   CC Development LP Series I, LLC, 9.95% PIK, 5/18/20231,2,4        11/18/2021    3,720,162   3,720,162
 995,203   Chesapeake Pines VA, LLC, 12.50% PIK, 1/19/20251,2        1/19/2022    995,203   995,203
 2,996,000   Circolo Villas, LLC, 13.00%, 4/13/20221,2        10/13/2021    2,996,000   2,996,000
 4,765,635   CP Maryland, LLC, 8.00% PIK, 2/24/20231,2,4        8/20/2021    4,765,635   4,765,635
 82,822   Dollar Tree Stores, Inc, 10.00% PIK, 1/9/20231,2,4        4/12/2022    82,822   82,822

 

 

 

 

Keystone Private Income Fund

Schedule of Investments

June 30, 2022 (Unaudited) (continued)

 

 

       Original         
Principal      Acquisition         
Amount      Date   Cost   Fair Value 
     Private Credit - 101.7% (continued)               
     Specialty Real Estate Finance - 29.4% (continued)               
$11,754,771   Emery Village Apartments, LLC, 9.90%, 4/23/20221,2   10/23/2020   $11,754,771   $11,754,771 
 509,992   Endeavor Investments V, LLC, 10.50% PIK, 1/1/20271,2   2/23/2022    509,992    509,992 
 1,793,053   Endeavor Investments VIII, LLC, 10.50% PIK, 1/1/20271,2   2/4/2022    1,793,053    1,793,053 
 3,126,381   Endeavor Investments X, LLC, 10.50% PIK, 1/1/20271,2   12/15/2021    3,126,381    3,126,381 
 4,839,977   ETV Holdings, LLC, 10.50% PIK, 7/12/20231,2,4   7/14/2021    4,839,977    4,839,977 
 314,940   Fruition California Holdings LLC,11.49% PIK, 12/30/20231,2,4   12/30/2021    314,940    314,940 
 1,980,000   Galaxy Management Company, LLC, 14.00%, 9/25/20231,2,3   11/18/2020    1,980,000    1,980,000 
 4,000,000   Gracielo at Wolf Creek Ranch, LLC, 12.50%, 12/31/20231,2   2/1/2022    4,000,000    4,000,000 
 2,279,100   Grind Ventures, LLC, 9.65%, 10/20/20221,2   10/20/2021    2,279,100    2,279,100 
 4,700,000   Jordan River Innovation Center, LLC, 9.95%, 12/1/20221,2   6/1/2022    4,700,000    4,700,000 
 3,575,314   JPA 1800, LLC, 10.00% PIK, 9/1/20221,2,4   8/31/2021    3,575,314    3,575,314 
 10,952,186   MAP Logistics Center I, LLC, 6.25% + 6.25% PIK, 10/26/20261,2,4   12/27/2021    10,952,186    10,952,186 
 5,140,952   MAP Logistics Center Lot 33, LLC1,2   6/13/2022    5,140,952    5,140,952 
 2,913,614   MC Oslo Hermitage, LLC, 13.00% PIK, 6/1/20251,2,4   5/19/2022    2,913,614    2,913,614 
 2,107,872   MC Oslo SFM Two, LLC, 11.25% PIK, 6/1/20251,2,4   5/19/2022    2,107,872    2,107,872 
 6,864,536   Meridian Hotel Holdings, LLC, 9.90% PIK, 12/20/20221,2,4   6/21/2021    6,864,536    6,864,536 
 28,000,000   MPI Group, LLC, 12.00%, 4/26/2022-6/8/20221,2   5/6/2021    28,000,000    28,000,000 
 2,826,906   Nancy Jay Industrial Center, LLC, 12.00% PIK, 6/3/20241,2,4   6/3/2022    2,826,906    2,826,906 
 1,365,317   Olympus Pines FF Wash, LLC, 6.25% + 6.25% PIK, 6/14/20261,2   7/15/2021    1,365,317    1,365,317 
 796,260   Pierce Street Holdings LLC, 9.75% PIK, 9/15/20231,2   3/15/2022    796,260    796,260 
 1,643,178   RadNet Management, Inc., 9.00% PIK, 9/30/20221,2,4   3/29/2021    1,643,178    1,643,178 
 1,380,921   SAG El Camino, LLC, 9.95% PIK, 8/11/20231,2   2/11/2022    1,380,921    1,380,921 
 15,316,135   Shiraz I-215 Logistics Center, LLC, 6.25% + 6.25 PIK, 6/26/20221,2   12/22/2021    15,316,135    15,316,135 
 3,368,403   Universal Development Group, LLC, 10.00 PIK, 1/11/20231,2   1/11/2022    3,368,403    3,368,403 
 2,618,706   VG Burlington Storage LLC, 9.25% PIK, 10/4/20231,2,4   5/4/2022    2,618,706    2,618,706 
 4,170,635   VG Clayton Storage LLC, 8.95% PIK, 2/12/20231,2,4   5/12/2022    4,170,635    4,170,635 
              167,438,411    167,438,411 
     Total Private Credit       $579,259,989   $579,259,989 

 

Number of            
Shares      Cost   Fair Value 
     Warrants - 0.0%          
 73,274   Sovrn Holdings, Inc2,5  $-   $- 
                
     Total Investments - 101.7%6       $579,259,989 
     Liabilities in excess of other assets - (1.7%)        (9,550,746)
     Net Assets - 100%       $569,709,243 

 

1Restricted security. The total value of these securities is $579,259,989, which represents 101.7% of total net assets of the Fund.
2Level 3 securities fair valued under procedures established by the Board of Trustees. The total value of these securities is $579,259,989, which represents 101.7% of total net assets of the Fund.
3This investment was made through a participation.
4Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any.
5Investment made through an affiliated single purpose holding company.
6Entire portfolio is pledged as collateral for line of credit.

 

See accompanying notes to schedule of investments.

 

 

 

 

Keystone Private Income Fund, LLC

 

Notes to Schedule of Investments

June 30, 2022 (Unaudited)

 

 

Note 1 - Valuation of Investments

 

The Board has approved valuation procedures for the Fund (the “Valuation Procedures”) and appointed a separate valuation committee (the “Valuation Committee”). The Board has delegated the day-to-day responsibility for determining the fair valuation of the Fund’s investments to the Investment Manager, subject to the oversight of the Valuation Committee. The Investment Manager oversees the valuation of the Fund’s investments on behalf of the Fund in accordance with the Valuation Procedures, which provide that investments will be valued at fair value. Furthermore, the valuation of the Fund’s assets will be done in accordance with the FASB ASC Topic 820, Fair Value Measurements and Disclosures.

 

In general, fair value represents a good faith approximation of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. As a result, the fair values of one or more assets may not be the prices at which those assets are ultimately sold. Prospective investors should be aware that situations involving uncertainties as to the value of investments could have an adverse effect on the Fund’s net asset value (“NAV”) if the judgments of the Valuation Committee or Investment Manager regarding appropriate valuations should prove incorrect.

 

The Fund expects that it will hold a high proportion of illiquid investments relative to its total investments, which is directly related to the Fund’s investment objectives and strategy. The valuation approach will likely vary by investment, but may include comparable public market valuations, comparable transaction valuations and discounted cash flow analyses. All factors that might materially impact the value of an investment (i.e., underlying collateral, operating results, financial condition, achievement of milestones, and economic and/or market events) may be considered. In certain circumstances the Investment Manager may determine that cost best approximates the fair value of the particular investment.

 

Note 2 – Fair Value Measurements and Disclosure

 

The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

 

•Level 1 – Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

 

•Level 2 – Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

 

•Level 3 – Valuations based on inputs that are both significant and unobservable to the overall fair value measurement.

 

 

 

 

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainly of valuation, estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Investment Manager in determining fair value is greatest for investments categorized in Level 3.

 

The Fund’s assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund’s significant accounting policies. The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2022:

 

Investments  Level 1   Level 2   Level 3   Total 
Private Credit  $—   $—   $579,259,989   $579,259,989 
Warrants   —    —    —    — 
Total Investments, at fair value  $—   $—   $579,259,989   $579,259,989 

 

The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended June 30, 2022:

 

   Private Credit   Warrants 
Balance as of October 1, 2021  $360,166,897   $— 
Transfers In   —    — 
Transfers Out   —    — 
Purchases   479,731,220    — 
Sales   —    — 
Principal reductions received   (260,638,128)   — 
Realized gains (losses)   —    — 
Change in unrealized appreciation (depreciation)   —    — 
Balance as of June 30, 2022  $579,259,989   $— 

 

 

 

 

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2022.

 

Investments  Fair Value   Valuation Technique  Unobservable Inputs  Range of
Inputs		 
Private Credit  $579,259,989   Cost   Price   N/A 
Warrants  $—   Cost   Price   N/A