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Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.17% Maturity Date 7/11/20292025-12-310001890107Investments—non-controlled/non-affiliated XPT Partners, LLC Commitment Type Delayed Draw Commitment Expiration Date 12/10/20262026-01-012026-03-310001890107ck0001890107:MSCreditFacilityMember2023-12-310001890107ck0001890107:ClassDMember2026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Diversified Consumer Services Streetmasters Intermediate, Inc (Revolver)Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 4/1/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Medrina, LLC (Revolver) Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 10/20/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies Prime Security Services Borrower, LLC Region United States Reference Rate and Spread S + 2.00% Interest Rate Floor 0.00% Interest Rate 6.13% Maturity Date 10/13/20302025-12-310001890107Investments—non-controlled/non-affiliated HFW Holdings, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/1/20272025-01-012025-12-310001890107Investments—non-controlled/non-affiliated The Mulch & Soil Company, LLC Commitment Type Revolver Commitment Expiration Date 5/1/20282025-12-310001890107Investments—non-controlled/non-affiliated McHale Landscape Design, Inc. Commitment Type Delayed Draw Commitment Expiration Date 7/16/20272026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering Tri Scapes, LLC Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.40% Maturity Date 7/12/20302025-12-310001890107ck0001890107:ElectricalEquipmentMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Pharmaceuticals Nephron Pharmaceuticals, LLC Region United States Reference Rate and Spread S + 4.00% Interest Rate Floor 3.25% Interest Rate 7.70% Maturity Date 12/30/20272026-03-310001890107ck0001890107:RealEstateManagementDevelopmentMember2025-12-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:FirstLienDebtMember2025-12-310001890107ck0001890107:ClassISharesMember2025-01-012025-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies Waste Resource Management, Inc. Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.42% Maturity Date 12/28/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Capital Markets Apella Capital, LLC (Revolver) Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 3/1/20292025-12-310001890107Investments - non-controlled/non-affiliated, First Lien Debt Trading Companies & Distributors DXP Enterprises, Inc. Region United States Reference Rate and Spread S + 3.25% Interest Rate Floor 0.00% Interest Rate 6.97% Maturity Date 10/11/20302025-12-310001890107ck0001890107:JPMCreditFacilityMember2026-03-3100018901072025-03-012025-03-310001890107ck0001890107:PortfolioMemberck0001890107:ControlledMembersrt:MinimumMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Trading Companies & Distributors White Cap Supply Holdings, LLC Region United States Reference Rate and Spread S + 3.25% Interest Rate Floor 0.00% Interest Rate 6.97% Maturity Date 10/19/20292025-12-310001890107Investments—non-controlled/non-affiliated Tricor, LLC Commitment Type Delayed Draw Commitment Expiration Date 8/8/20272025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Specialty Retail Penney Holdings LLC Region United States Reference Rate and Spread S + 8.13% Interest Rate Floor 2.50% Interest Rate 11.79% Maturity Date 9/20/20302026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Software Flash Charm, Inc. Region United States Reference Rate and Spread S + 3.50% Interest Rate Floor 0.00% Interest Rate 7.16% Maturity Date 3/02/20282026-03-310001890107Investments—non-controlled/non-affiliated Medrina, LLC Commitment Type Revolver Commitment Expiration Date 10/20/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Capital Markets Apella Capital, LLC (Revolver) Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 3/01/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Strategy Corps, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 1.00% Maturity Date 6/28/20302026-03-310001890107Total Unfunded Commitments2026-03-310001890107ck0001890107:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering R.L. James, Inc. Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 0.00% Interest Rate 9.42% Maturity Date 12/15/20282026-03-310001890107Investments—non-controlled/non-affiliated SuperHero Fire Protection, LLC Commitment Type Revolver Commitment Expiration Date 12/31/20292025-01-012025-12-310001890107Investments—non-controlled/non-affiliated Elevate HD Parent, Inc. Commitment Type Revolver Commitment Expiration Date 8/20/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Building Products Groundworks Operations, LLC Region United States Reference Rate and Spread S + 3.00% Interest Rate Floor 0.00% Interest Rate 6.73% Maturity Date 3/14/20312025-12-310001890107ck0001890107:CapitalMarketMember2025-12-310001890107Investments—non-controlled/non-affiliated Violet Utility Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/24/20312025-12-310001890107Investments—non-controlled/non-affiliated Case Works, LLC Commitment Type Revolver Commitment Expiration Date 10/1/20292025-12-310001890107Investments—non-controlled/non-affiliated CI (MG) Group, LLC Commitment Type Delayed Draw Commitment Expiration Date 3/27/20272025-01-012025-12-310001890107ck0001890107:JPMorganChaseBankMember2025-01-012025-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Medrina, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.63% Maturity Date 10/20/20292026-03-310001890107ck0001890107:DiversifiedConsumerServicesMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering R.L. James, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 5.90% Interest Rate Floor 1.00% Interest Rate 9.41% Maturity Date 12/15/20282026-03-310001890107country:US2025-12-310001890107ck0001890107:AirFreightLogisticsMember2025-12-310001890107ck0001890107:JPMorganChaseBankMembersrt:MinimumMember2026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Capital Markets Apella Capital, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.42% Maturity Date 3/01/2029 One2026-03-310001890107ck0001890107:ClassISharesMemberck0001890107:O2025M3OneDividendsMember2025-01-012025-03-310001890107ck0001890107:ElectricUtilitiesSectorMemberck0001890107:FirstLienDebtMember2025-12-310001890107ck0001890107:FinancialServicesMember2026-03-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:RecoverabilityApproachMemberck0001890107:FirstLienLoanMembersrt:MaximumMember2025-12-310001890107us-gaap:FairValueInputsLevel2Memberck0001890107:FirstLienLoanMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Medrina, LLC Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.69% Maturity Date 10/20/20292026-03-310001890107ck0001890107:InteractiveMediaServicesMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Capital Markets Apella Capital, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.57% Maturity Date 3/1/20292025-12-310001890107Investments—non-controlled/non-affiliated Waste Resource Management Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20292025-01-012025-12-310001890107Investments—non-controlled/non-affiliated RMBUS Holdco Inc. Commitment Type Revolver Commitment Expiration Date 1/8/20292026-03-310001890107Investments—non-controlled/non-affiliated Strategy Corps, LLC Commitment Type Delayed Draw Commitment Expiration Date 6/28/20262025-01-012025-12-310001890107ck0001890107:ProfessionalServicesMemberck0001890107:FirstLienDebtMember2026-03-310001890107ck0001890107:DiversifiedConsumerServicesMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments—non-controlled/non-affiliated 360 Partners, LLC Commitment Type Revolver Commitment Expiration Date 8/7/20312026-03-310001890107Investments—non-controlled/non-affiliated Strategy Corps, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20302026-03-310001890107us-gaap:FairValueInputsLevel2Memberck0001890107:SecondLienLoanMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services XPT Partners, LLC Region United States Reference Rate and Spread S + 4.65% Interest Rate Floor 1.00% Interest Rate 9.06% Maturity Date 9/13/20282026-03-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:RecoverabilityApproachMemberus-gaap:WarrantMembersrt:MaximumMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Pharmaceuticals Syner-G Intermediate Holdings, LLC Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 8.95% Maturity Date 9/17/20302026-03-310001890107ck0001890107:SecondLienSeniorSecuredDebtMember2026-03-310001890107ck0001890107:SecondLienDebtMember2026-03-310001890107ck0001890107:O2026M4DividendsMemberus-gaap:SubsequentEventMember2026-04-232026-04-230001890107Investments—non-controlled/non-affiliated Unified Patents, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20272025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Insurance The Mutual Group, LLC Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.42% Maturity Date 1/31/20302025-12-310001890107us-gaap:WarrantMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies SR Landscaping, LLC Region United States Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.12% Maturity Date 10/30/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Software Rocket Software, Inc. Region United States Reference Rate and Spread S + 3.75% Interest Rate Floor 0.00% Interest Rate 7.47% Maturity Date 11/28/20282025-12-310001890107Investments—non-controlled/non-affiliated RMBUS Holdco Inc. Commitment Type Delayed Draw Commitment Expiration Date 1/22/20262025-12-310001890107Investments—non-controlled/non-affiliated HFW Holdings, LLC Commitment Type Revolver Commitment Expiration Date 5/1/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services XPT Partners, LLC (Revolver) Region United States Reference Rate and Spread S + 5.40% Interest Rate Floor 1.00% Interest Rate 9.06% Maturity Date 9/13/20282026-03-3100018901072025-03-110001890107us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001890107:FirstLienLoanMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Medrina, LLC Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.69% Maturity Date 10/20/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Pharmaceuticals Syner-G Intermediate Holdings, LLC (Revolver) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 9/17/20302025-12-310001890107ck0001890107:BroadlineRetailMemberck0001890107:FirstLienDebtMember2026-03-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:FirstLienLoanMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Quorum Health Resources Region United States Reference Rate and Spread S + 5.35% Interest Rate Floor 1.00% Interest Rate 9.02% Maturity Date 5/28/20272026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Gen4 Dental Partners Opco, LLC (Revolver) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 0.00% Interest Rate 0.50% Maturity Date 05/13/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Insurance OEG Borrower, LLC Region United States Reference Rate and Spread S + 3.50% Interest Rate Floor 0.00% Interest Rate 7.19% Maturity Date 6/30/20312026-03-310001890107us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMembersrt:MinimumMemberck0001890107:OptionPricingModelMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Air Freight & Logistics Odyssey Logistics & Technology Corporation Region United States Reference Rate and Spread S + 4.50% Interest Rate Floor 0.00% Interest Rate 8.22% Maturity Date 10/12/20272025-12-310001890107Investments—non-controlled/non-affiliated Owl Vans, LLC Commitment Type Revolver Commitment Expiration Date 12/31/20302025-12-310001890107ck0001890107:MachineryMemberck0001890107:FirstLienDebtMember2025-12-310001890107us-gaap:CommonStockMember2025-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Community Based Care Acquisition, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.02% Maturity Date 09/16/20272025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Endo1 Partners, LLC Region United States Reference Rate and Spread S + 7.14% (incl. 0.38% PIK) Interest Rate Floor 2.00% Interest Rate 10.85% Maturity Date 05/24/20302025-12-310001890107us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001890107:FirstLienLoanMembersrt:MaximumMember2026-03-310001890107ck0001890107:JPMCreditFacilityMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services HFW Companies, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.85% Maturity Date 5/1/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt IT Services Asurion, LLC Region United States Reference Rate and Spread S + 4.00% Interest Rate Floor 0.00% Interest Rate 7.82% Maturity Date 8/19/20282025-12-310001890107ck0001890107:CapitalMarketMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies APS Acquisition Holdings, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.17% Maturity Date 7/11/20292025-12-310001890107ck0001890107:ClassISharesMember2026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Visante Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 1/31/20302025-01-012025-12-310001890107ck0001890107:FinancialServicesMember2025-12-310001890107us-gaap:RetainedEarningsMemberck0001890107:ClassISharesMember2026-01-012026-03-310001890107us-gaap:SoftwareDevelopmentMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Crisis Prevention Institute, Inc. Region United States Reference Rate and Spread S + 4.00% Interest Rate Floor 0.50% Interest Rate 7.67% Maturity Date 04/09/20312025-12-310001890107Investments - non-controlled/non-affiliated Second Lien Debt Pharmaceuticals Alvogen Pharma US, Inc. Region United States Reference Rate and Spread S + 10.50% (incl. 8.00% PIK) Interest Rate Floor 0.00% Interest Rate 14.20% Maturity Date 3/01/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Insurance Tricor, LLC Region United States Reference Rate and Spread S + 5.35% Interest Rate Floor 1.00% Interest Rate 9.02% Maturity Date 8/08/20312026-03-310001890107Investments—non-controlled/non-affiliated Thornton Carpet, LLC Commitment Type Revolver Commitment Expiration Date 5/15/20312025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Harbour Benefit Holdings, Inc. Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.45% Maturity Date 7/11/20292026-03-310001890107Investments—non-controlled/non-affiliated Mission Critical Group, LLC Commitment Type Delayed Draw Commitment Expiration Date 4/17/20272026-01-012026-03-3100018901072025-01-012025-01-310001890107Investments - non-controlled/non-affiliated First Lien Debt Software Irving Parent, Corp. (Revolver) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 3/11/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies Cimpress USA Incorporated Region United States Reference Rate and Spread S + 2.50% Interest Rate Floor 0.50% Interest Rate 6.17% Maturity Date 5/17/20282026-03-310001890107ck0001890107:ConsumerStaplesDistributionRetailMemberck0001890107:FirstLienDebtMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Technology Advantmed Buyer Inc (Delayed Draw) Region United States Reference Rate and Spread S + 4.50% Interest Rate Floor 1.00% Interest Rate 8.20% Maturity Date 2/14/20312026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Building Products The Mulch & Soil Company, LLC Region United States Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 9.92% Maturity Date 5/01/20282026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Houseworks Holdings (Revolver) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.17% Maturity Date 12/15/20282026-03-310001890107Investments—non-controlled/non-affiliated Apella Capital LLC Commitment Type Revolver Commitment Expiration Date 3/1/20292025-01-012025-12-310001890107us-gaap:FairValueInputsLevel1Member2026-03-310001890107ck0001890107:ClassISharesMember2025-01-310001890107Investments—non-controlled/non-affiliated HFW Holdings, LLC Commitment Type Revolver Commitment Expiration Date 5/1/20312025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services RMBUS Holdco Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 6.50% Interest Rate Floor 1.00% Interest Rate 1.00% Maturity Date 01/08/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies SR Landscaping, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 6.35% Interest Rate Floor 1.00% Interest Rate 10.02% Maturity Date 10/30/20292026-03-310001890107Investments—non-controlled/non-affiliated HFW Holdings, LLC Commitment Type Revolver Commitment Expiration Date 5/1/20312026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Consumer Staples Distribution & Retail Blazing Star Parent, LLC Region United States Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 10.67% Maturity Date 8/28/20302026-03-310001890107ck0001890107:IntermediaryManagerMemberck0001890107:ClassDSharesMember2026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Food Products Aspire Bakeries Holdings LLC Region United States Reference Rate and Spread S + 3.00% Interest Rate Floor 0.00% Interest Rate 6.67% Maturity Date 12/23/20302026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Hansei Solutions, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 6.50% Interest Rate Floor 1.00% Interest Rate 10.17% Maturity Date 1/08/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies APS Acquisition Holdings, LLC Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.20% Maturity Date 7/11/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Electrical Equipment Eiko Global, LLC (Revolver) Region United States Reference Rate and Spread S + 6.50% Interest Rate Floor 0.00% Interest Rate 10.17% Maturity Date 09/03/20302025-12-310001890107Investments—non-controlled/non-affiliated Streetmasters Intermediate, Inc Commitment Type Revolver Commitment Expiration Date 4/1/20302025-01-012025-12-310001890107Investments—non-controlled/non-affiliated RL James, Inc. Commitment Type Revolver Commitment Expiration Date 12/15/20282026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Diversified Consumer Services Mammoth Holdings, LLC (Revolver) Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.94% Maturity Date 11/15/20292025-12-310001890107ck0001890107:SecondLienDebtMemberck0001890107:PharmaceuticalsMember2026-03-310001890107Investments - non-controlled/non-affiliated Warrant Specialty Retail Xcel Brands, Inc. 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(Revolver) Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.41% Maturity Date 12/15/20282026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Strategy Corps, LLC Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.22% Maturity Date 6/28/20302025-12-310001890107Investments—non-controlled/non-affiliated SuperHero Fire Protection, LLC Commitment Type Revolver Commitment Expiration Date 12/31/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Monarch Behavioral Therapy, LLC (Revolver) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 8.73% Maturity Date 06/06/20302025-12-310001890107Investments—non-controlled/non-affiliated APS Acquisition Holdings, LLC Commitment Type Delayed Draw Commitment Expiration Date 7/11/20262026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering Violet Utility Buyer, LLC (Revolver) Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 0.00% Interest Rate 0.50% Maturity Date 7/24/20312025-12-310001890107ck0001890107:RealEstateManagementDevelopmentMemberck0001890107:FirstLienDebtMember2025-12-310001890107ck0001890107:O2026M2DividendsMemberck0001890107:ClassDSharesMember2026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Technology Visante Acquisition, LLC Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.42% Maturity Date 1/31/20302026-03-310001890107Investments—non-controlled/non-affiliated In Vitro Sciences, LLC Commitment Type Revolver Commitment Expiration Date 2/28/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Trading Companies & Distributors Verde Purchaser, LLC Region United States Reference Rate and Spread S + 4.00% Interest Rate Floor 0.00% Interest Rate 7.67% Maturity Date 11/30/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Houseworks Holdings (Delayed Draw) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.17% Maturity Date 12/15/20282026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Electrical Equipment EiKO Global, LLC (Revolver) Region United States Reference Rate and Spread S + 6.50% Interest Rate Floor 0.00% Interest Rate 10.20% Maturity Date 9/03/20302026-03-310001890107Investments—non-controlled/non-affiliated Strategy Corps, LLC Commitment Type Delayed Draw Commitment Expiration Date 6/28/20262026-03-310001890107us-gaap:RetainedEarningsMember2025-01-012025-03-310001890107us-gaap:RevolvingCreditFacilityMemberck0001890107:JPMorganChaseBankMember2025-04-090001890107Investments—non-controlled/non-affiliated Irving Parent, Corp. 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Commitment Type Revolver Commitment Expiration Date 11/19/20292025-01-012025-12-310001890107srt:EuropeMember2025-12-310001890107Investments—non-controlled/non-affiliated McHale Landscape Design, Inc. 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Region United States Reference Rate and Spread S + 3.00% Interest Rate Floor 0.00% Interest Rate 6.82% Maturity Date 7/30/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Elevate HD Parent, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.82% Maturity Date 08/20/20292025-12-310001890107ck0001890107:SpecialtyRetailMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments - non-controlled/non-affiliated Warrant Specialty Retail Xcel Brands, Inc. Region United States of America2026-03-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:RecoverabilityApproachMemberus-gaap:WarrantMembersrt:WeightedAverageMember2026-03-310001890107Investments—non-controlled/non-affiliated 360 Partners, LLC Commitment Type Revolver Commitment Expiration Date 8/7/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Passenger Airlines AAdvantage Loyalty IP Ltd. Region United States Reference Rate and Spread S + 2.25% Interest Rate Floor 0.00% Interest Rate 6.13% Maturity Date 4/20/20282025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Eisner Advisory Group LLC Region United States Reference Rate and Spread S + 4.00% Interest Rate Floor 0.50% Interest Rate 7.72% Maturity Date 2/28/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Dermatology Intermediate Holdings III, Inc Region United StatesReference Rate and Spread S + 5.50% Interest Rate Floor 0.50% Interest Rate 9.17% Maturity Date 3/30/20292026-03-310001890107Investments—non-controlled/non-affiliated Medrina, LLC Commitment Type Revolver Commitment Expiration Date 10/20/20292025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Eisner Advisory Group LLC Region United States Reference Rate and Spread S + 4.00% Interest Rate Floor 0.50% Interest Rate 7.67% Maturity Date 2/28/20312026-03-310001890107Investments—non-controlled/non-affiliated 841 Prudential MOB LLC Commitment Type Delayed Draw Commitment Expiration Date 10/8/20272025-12-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:RecoverabilityApproachMemberus-gaap:WarrantMembersrt:MinimumMember2026-03-310001890107ck0001890107:InsuranceMemberck0001890107:FirstLienDebtMember2026-03-310001890107Investments—non-controlled/non-affiliated Elevate HD Parent, Inc. Commitment Type Delayed Draw Commitment Expiration Date 2/18/20262025-12-310001890107us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-03-310001890107ck0001890107:FirstLienDebtMemberck0001890107:ItServicesMember2025-12-310001890107ck0001890107:SecondLienDebtMember2025-12-310001890107Investments—non-controlled/non-affiliated The Mulch & Soil Company, LLC Commitment Type Revolver Commitment Expiration Date 5/1/20282026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Gen4 Dental Partners Opco, LLC Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.41% Maturity Date 5/13/20302026-03-310001890107ck0001890107:BroadlineRetailMember2025-12-310001890107us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberck0001890107:FirstLienLoanMember2026-03-310001890107Investments—non-controlled/non-affiliated Gen4 Dental Partners Opco, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/13/20262026-01-012026-03-3100018901072024-12-310001890107us-gaap:FairValueInputsLevel2Member2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering Violet Utility Buyer, LLC Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 1.00% Interest Rate 8.59% Maturity Date 7/24/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Elevate HD Parent, Inc. (Revolver) Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 08/20/20292025-12-310001890107ck0001890107:FirstLienSeniorSecuredDebtMember2026-03-310001890107Investments—non-controlled/non-affiliated Schola Group Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 4/9/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Interactive Media & Services Case Works, LLC (Revolver) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 8.94% Maturity Date 10/1/20292025-12-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:SecondLienDebtMember2026-03-310001890107ck0001890107:ChemicalsMember2026-03-310001890107us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001890107us-gaap:AerospaceSectorMemberck0001890107:FirstLienDebtMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Schola Group Acquisition, Inc. Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 1.00% Interest Rate 8.39% Maturity Date 4/09/20312026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Technology Visante Acquisition, LLC Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.59% Maturity Date 1/31/20302025-12-310001890107Investments—non-controlled/non-affiliated Zenith American Solutions, Inc. Commitment Type Revolver Commitment Expiration Date 7/11/20292026-03-310001890107ck0001890107:MSCreditFacilityMember2026-03-310001890107Investments—non-controlled/non-affiliated Streetmasters Intermediate, Inc Commitment Type Revolver Commitment Expiration Date 4/1/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering McHale Landscape Design, Inc. (Revolver) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 7/16/20312025-12-310001890107us-gaap:FairValueInputsLevel3Membersrt:MinimumMember2025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services Auxey Bidco Ltd. 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(Delayed Draw) Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 1.00% Interest Rate 8.54% Maturity Date 7/16/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering Tri Scapes, LLC Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 8.92% Maturity Date 7/12/20302026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Grant Thornton Advisors LLC Region United States Reference Rate and Spread S + 2.75% Interest Rate Floor 0.00% Interest Rate 6.47% Maturity Date 6/2/20312025-12-310001890107ck0001890107:JPMorganChaseBankMemberus-gaap:LineOfCreditMember2025-12-310001890107ck0001890107:ElectricalEquipmentMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments—non-controlled/non-affiliated Prescott's Inc. Commitment Type Delayed Draw Commitment Expiration Date 12/30/20262025-12-310001890107ck0001890107:HotelsRestaurantsLeisureMember2026-03-3100018901072025-02-012025-02-280001890107ck0001890107:FirstLienDebtMemberck0001890107:AutomobileComponentsMember2026-03-310001890107ck0001890107:PharmaceuticalsMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Insurance Tricor, LLC (Revolver) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 8/08/20312026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Software AQA Acquisition Holding, Inc Region United States Reference Rate and Spread S + 4.00% Interest Rate Floor 0.00% Interest Rate 7.84% Maturity Date 3/3/20282025-12-310001890107Investments—non-controlled/non-affiliated RMBUS Holdco Inc. 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Region United States Reference Rate and Spread S + 2.00% Interest Rate Floor 0.00% Interest Rate 0.00% Maturity Date 3/17/20332026-03-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:SecondLienLoanMember2026-03-310001890107Investments—non-controlled/non-affiliated Violet Utility Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/24/20312026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Capital Markets Apella Capital, LLC Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.41% Maturity Date 3/01/20292026-03-310001890107Investments—non-controlled/non-affiliated Waste Resource Management Inc. Commitment Type Delayed Draw Commitment Expiration Date 5/19/20272026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Hotels, Restaurants & Leisure Caesars Entertainment, Inc. Region United States Reference Rate and Spread S + 2.25% Interest Rate Floor 0.00% Interest Rate 5.97% Maturity Date 2/6/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Technology Advantmed Buyer Inc Region United States Reference Rate and Spread S + 4.50% Interest Rate Floor 1.00% Interest Rate 8.17% Maturity Date 2/14/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies Waste Resource Management, Inc. Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.42% Maturity Date 12/28/2029 One2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Trading Companies & Distributors Johnstone Supply, LLC Region United States Reference Rate and Spread S + 2.25% Interest Rate Floor 0.00% Interest Rate 5.92% Maturity Date 6/09/20312026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Real Estate Management & Development 841 Prudential MOB LLC (Delayed Draw) Region United States Reference Rate and Spread S + 6.50% Interest Rate Floor 2.50% Interest Rate 1.00% Maturity Date 10/9/20272025-12-310001890107ck0001890107:ClassISharesMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001890107Investments—non-controlled/non-affiliated Schola Group Acquisition, Inc. Commitment Type Delayed Draw Commitment Expiration Date 4/9/20272026-01-012026-03-310001890107us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Chemicals Highline Aftermarket Acquisition, LLC Region United States Reference Rate and Spread S + 3.50% Interest Rate Floor 0.00% Interest Rate 7.32% Maturity Date 2/19/20302025-12-310001890107Investments—non-controlled/non-affiliated Mission Critical Group, LLC Commitment Type Revolver Commitment Expiration Date 4/17/20302026-03-310001890107Investments—non-controlled/non-affiliated Irving Parent, Corp. Commitment Type Revolver Commitment Expiration Date 3/11/20312026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Software Cloudera, Inc. Region United States Reference Rate and Spread S + 3.75% Interest Rate Floor 0.00% Interest Rate 7.57% Maturity Date 10/8/20282025-12-310001890107us-gaap:FoodAndBeverageSectorMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments—non-controlled/non-affiliated Tricor, LLC Commitment Type Delayed Draw Commitment Expiration Date 8/8/20272025-01-012025-12-310001890107Investments—non-controlled/non-affiliated Mammoth Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/15/20292026-03-310001890107ck0001890107:MetalsMiningMember2025-12-310001890107Investments—non-controlled/non-affiliated Thornton Carpet, LLC Commitment Type Revolver Commitment Expiration Date 5/15/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Air Freight & Logistics Air Buyer Inc. 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Commitment Type Delayed Draw Commitment Expiration Date 7/16/20272025-12-3100018901072025-01-012025-12-310001890107Investments—non-controlled/non-affiliated Tri Scapes, LLC Commitment Type Revolver Commitment Expiration Date 7/12/20302026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Tri Scapes, LLC Commitment Type Delayed Draw Commitment Expiration Date 7/12/20262025-01-012025-12-310001890107Investments—non-controlled/non-affiliated Tricor, LLC Commitment Type Delayed Draw Commitment Expiration Date 8/8/20272026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Apella Capital LLC Commitment Type Revolver Commitment Expiration Date 3/1/20292026-03-310001890107ck0001890107:ClassISharesMemberck0001890107:O2025M1DividendsMember2025-01-312025-01-310001890107Investments—non-controlled/non-affiliated Prescott's Inc. Commitment Type Delayed Draw Commitment Expiration Date 12/30/20262026-03-310001890107us-gaap:FoodAndBeverageSectorMemberck0001890107:FirstLienDebtMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies SR Landscaping, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 6.35% Interest Rate Floor 1.00% Interest Rate 10.02% Maturity Date 10/30/2029 One2026-03-310001890107ck0001890107:ClassISharesMember2025-03-310001890107ck0001890107:O2026M1DividendsMemberck0001890107:ClassDSharesMember2026-01-302026-01-3000018901072023-04-282023-04-280001890107Investments—non-controlled/non-affiliated Mission Critical Group, LLC Commitment Type Revolver Commitment Expiration Date 4/17/20302025-01-012025-12-310001890107Investments—non-controlled/non-affiliated Strategy Corps, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20302025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Automobile Components Owl Vans, LLC (Revolver) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 8.97% Maturity Date 12/31/20302025-12-310001890107ck0001890107:AdviserMember2026-01-012026-03-310001890107ck0001890107:ClassDSharesMember2026-01-310001890107Investments—non-controlled/non-affiliated Elevate HD Parent, Inc. 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Region United States Reference Rate and Spread S + 5.50% (incl. 4.00% PIK) Interest Rate Floor 0.00% Interest Rate 9.43% Maturity Date 8/10/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies Cimpress USA Incorporated Region United States Reference Rate and Spread S + 2.50% Interest Rate Floor 0.50% Interest Rate 6.22% Maturity Date 5/17/20282025-12-310001890107Investments—non-controlled/non-affiliated Syner-G Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/17/20302025-12-310001890107Investments—non-controlled/non-affiliated Eiko Global, LLC Commitment Type Revolver Commitment Expiration Date 9/3/20302025-12-310001890107us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001890107:FirstLienLoanMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Specialty Retail BW Gas & Convenience Holdings, LLC Region United States Reference Rate and Spread S + 3.61% Interest Rate Floor 0.50% Interest Rate 7.28% Maturity Date 3/31/20282026-03-310001890107ck0001890107:JPMorganChaseBankMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001890107Investments—non-controlled/non-affiliated Waste Resource Management Inc. 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Commitment Type Revolver Commitment Expiration Date 7/11/20292026-01-012026-03-310001890107us-gaap:FairValueInputsLevel2Member2026-03-310001890107Investments—non-controlled/non-affiliated Monarch Behavioral Therapy, LLC Commitment Type Delayed Draw Commitment Expiration Date 6/6/20262026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services In Vitro Sciences, LLC (Revolver) Region United States Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.22% Maturity Date 02/28/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Schola Group Acquisition, Inc. (Revolver) Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 0.00% Interest Rate 0.50% Maturity Date 4/9/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Machinery SPX Flow, Inc. Region United States Reference Rate and Spread S + 2.75% Interest Rate Floor 0.50% Interest Rate 6.47% Maturity Date 4/5/20292025-12-310001890107Investments—non-controlled/non-affiliated Quorum Health Resources Commitment Type Revolver Commitment Expiration Date 12/30/20302026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Air Conditioning Specialist, Inc. 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Commitment Type Delayed Draw Commitment Expiration Date 7/16/20272025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services In Vitro Sciences, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 10.83% Maturity Date 02/28/20292025-12-310001890107Investments—non-controlled/non-affiliated In Vitro Sciences, LLC Commitment Type Revolver Commitment Expiration Date 2/28/20292025-12-310001890107Investments—non-controlled/non-affiliated Eiko Global, LLC Commitment Type Revolver Commitment Expiration Date 9/3/20302026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Monarch Behavioral Therapy, LLC Commitment Type Delayed Draw Commitment Expiration Date 6/6/20262025-12-310001890107ck0001890107:DiversifiedConsumerServicesMember2026-03-310001890107ck0001890107:MorganStanleyBankMember2025-01-012025-03-310001890107ck0001890107:ClassISharesMemberck0001890107:DividendReinvestmentPlanMember2025-01-012025-03-310001890107Investments—non-controlled/non-affiliated CI (MG) Group, LLC Commitment Type Revolver Commitment Expiration Date 3/27/20302025-12-310001890107Investments—non-controlled/non-affiliated In Vitro Sciences, LLC Commitment Type Revolver Commitment Expiration Date 2/28/20292026-01-012026-03-310001890107ck0001890107:MediaMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Schola Group Acquisition, Inc. 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(Revolver) Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.42% Maturity Date 7/11/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Real Estate Management & Development 841 Prudential MOB LLC (Delayed Draw) Region United States Reference Rate and Spread S + 6.50% Interest Rate Floor 2.50% Interest Rate 1.00% Maturity Date 10/09/20272026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services XPT Partners, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.89% Maturity Date 09/13/20282025-12-310001890107us-gaap:HealthcareSectorMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt IT Services Rackspace Technology Global, Inc. 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Commitment Type Revolver Commitment Expiration Date 7/16/20312026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt IT Services Argano, LLC (Revolver) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 9/13/20292026-03-310001890107us-gaap:DistributionAndShareholderServiceMemberck0001890107:ClassDSharesMember2025-01-102025-01-100001890107ck0001890107:InsuranceMemberck0001890107:FirstLienDebtMember2025-12-310001890107us-gaap:WarrantMemberck0001890107:PharmaceuticalsMember2026-03-310001890107Investments—non-controlled/non-affiliated Air Buyer Inc. Commitment Type Revolver Commitment Expiration Date 7/23/20302026-03-310001890107us-gaap:WarrantMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies Waste Resource Management, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.48% Maturity Date 12/28/20292025-12-310001890107Investments—non-controlled/non-affiliated Sagebrush Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20302026-01-012026-03-310001890107ck0001890107:InteractiveMediaServicesMember2026-03-310001890107ck0001890107:PortfolioMembersrt:MinimumMembersrt:AffiliatedEntityMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Pharmaceuticals Syner-G Intermediate Holdings, LLC Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 8.92% Maturity Date 9/17/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Hotels, Restaurants & Leisure Caesars Entertainment, Inc. Region United States Reference Rate and Spread S + 2.25% Interest Rate Floor 0.00% Interest Rate 5.92% Maturity Date 2/06/20302026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Equipment & Supplies Prescott's Inc. Prescott's Inc. (Revolver) Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 12/30/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Metals & Mining Minerals Technologies Inc. Region United States Reference Rate and Spread S + 2.00% Interest Rate Floor 0.00% Interest Rate 5.72% Maturity Date 11/26/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Endo1 Partners, LLC Region United States Reference Rate and Spread S + 7.14% (incl. 0.38% PIK) Interest Rate Floor 2.00% Interest Rate 10.80% Maturity Date 5/24/2030 One2026-03-310001890107ck0001890107:ClassDSharesMember2025-01-012025-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Air Freight & Logistics Air Buyer Inc. Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.17% Maturity Date 7/23/20302026-03-310001890107Investments—non-controlled/non-affiliated The Mulch & Soil Company, LLC Commitment Type Revolver Commitment Expiration Date 5/1/20282025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Building Products The Mulch & Soil Company, LLC (Revolver) Region United States Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 9.92% Maturity Date 5/01/20282026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Automobile Components Owl Vans, LLC (Revolver) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 8.92% Maturity Date 12/31/20302026-03-310001890107Investments—non-controlled/non-affiliated CI (MG) Group, LLC Commitment Type Delayed Draw Commitment Expiration Date 3/27/20272026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies APS Acquisition Holdings, LLC (Revolver) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 7/11/20292026-03-310001890107ck0001890107:FoodProductsMember2025-12-310001890107Investments—non-controlled/non-affiliated Strategy Corps, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20302026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Interactive Media & Services Case Works, LLC (Revolver) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 8.95% Maturity Date 10/01/20292026-03-310001890107ck0001890107:ContainersPackagingMember2025-12-310001890107ck0001890107:FirstLienDebtMemberck0001890107:ElectricUtilitiesSectorMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Elevate HD Parent, Inc. (Revolver) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 8.67% Maturity Date 8/20/20292026-03-310001890107Investments—non-controlled/non-affiliated Mission Critical Group, LLC Commitment Type Revolver Commitment Expiration Date 4/17/20302026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Waste Resource Management Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20292025-12-310001890107ck0001890107:ItServicesMemberck0001890107:FirstLienDebtMember2026-03-310001890107ck0001890107:ClassISharesMember2026-02-012026-02-010001890107Investments - non-controlled/non-affiliated First Lien Debt Media WH Borrower, LLC Region United States Reference Rate and Spread S + 4.50% Interest Rate Floor 0.00% Interest Rate 8.39% Maturity Date 2/20/20322025-12-310001890107Investments—non-controlled/non-affiliated Prescott's Inc. Commitment Type Delayed Draw Commitment Expiration Date 12/30/20262026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Capital Markets Apella Capital, LLC Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.41% Maturity Date 3/01/2029 Two2026-03-310001890107srt:MaximumMemberck0001890107:ClassDSharesMember2025-01-012025-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Trading Companies & Distributors Verde Purchaser, LLC Region United States Reference Rate and Spread S + 4.00% Interest Rate Floor 0.00% Interest Rate 7.70% Maturity Date 11/30/20302026-03-310001890107ck0001890107:ClassISharesMember2026-03-310001890107Investments—non-controlled/non-affiliated Waste Resource Management Inc. Commitment Type Delayed Draw Commitment Expiration Date 5/19/20272025-12-310001890107Investments—non-controlled/non-affiliated Air Buyer Inc. Commitment Type Revolver Commitment Expiration Date 7/23/20302025-01-012025-12-310001890107ck0001890107:PortfolioMembersrt:MaximumMemberck0001890107:NonAffiliatedMember2026-03-310001890107us-gaap:WarrantMember2025-12-310001890107us-gaap:CommonStockMemberck0001890107:ClassISharesMember2026-01-012026-03-310001890107Investments—non-controlled/non-affiliated RL James, Inc. Commitment Type Revolver Commitment Expiration Date 12/15/20282025-12-310001890107Investments—non-controlled/non-affiliated Tricor, LLC Commitment Type Revolver Commitment Expiration Date 8/8/20312026-03-310001890107us-gaap:RetainedEarningsMember2024-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Software CDK Global, Inc. Region United States Reference Rate and Spread S + 3.25% Interest Rate Floor 0.00% Interest Rate 6.92% Maturity Date 7/6/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Metals & Mining Minerals Technologies Inc. Region United States Reference Rate and Spread S + 2.00% Interest Rate Floor 0.00% Interest Rate 5.67% Maturity Date 11/26/20312026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Automobile Components Enthusiast Auto Holdings, LLC (Revolver) Region United States Reference Rate and Spread S + 4.50% Interest Rate Floor 1.00% Interest Rate 0.38% Maturity Date 12/19/20262025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Consumer Staples Distribution & Retail National Convenience Distributors, LLC Region United States Reference Rate and Spread S + 6.75% Interest Rate Floor 1.00% Interest Rate 10.52% Maturity Date 8/9/20282025-12-310001890107ck0001890107:MorganStanleyBankMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001890107us-gaap:LineOfCreditMember2026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering Air Conditioning Specialist, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.38% Maturity Date 11/19/20292025-12-310001890107Investments—non-controlled/non-affiliated Mission Critical Group, LLC Commitment Type Delayed Draw Commitment Expiration Date 4/17/20272026-03-310001890107us-gaap:AerospaceSectorMemberck0001890107:FirstLienDebtMember2025-12-310001890107ck0001890107:ClassDSharesMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services PRGX Global, Inc Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.49% Maturity Date 12/20/20302025-12-310001890107us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Diversified Consumer Services Mammoth Holdings, LLC Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.67% Maturity Date 11/15/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Interactive Media & Services Case Works, LLC Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 8.92% Maturity Date 10/1/20292025-12-310001890107Investments—non-controlled/non-affiliated HFW Holdings, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/1/20272025-12-310001890107Investments—non-controlled/non-affiliated Elevate HD Parent, Inc. Commitment Type Revolver Commitment Expiration Date 8/20/20292026-01-012026-03-310001890107us-gaap:ContainerAndPackagingSectorMemberck0001890107:FirstLienDebtMember2026-03-310001890107us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:FirstLienDebtMember2024-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies CI (MG) Group, LLC (Revolver) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.17% Maturity Date 3/27/20302025-12-310001890107ck0001890107:HealthCareEquipmentSuppliesMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Insurance Tricor, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 0.00% Interest Rate 1.00% Maturity Date 8/8/20312025-12-310001890107ck0001890107:PharmaceuticalsMember2025-12-310001890107ck0001890107:JPMorganChaseBankMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001890107Investments—non-controlled/non-affiliated CI (MG) Group, LLC Commitment Type Delayed Draw Commitment Expiration Date 3/27/20272026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Elevate HD Parent, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.82% Maturity Date 08/20/2029 One2025-12-310001890107Investments—non-controlled/non-affiliated RMBUS Holdco Inc. Commitment Type Delayed Draw Commitment Expiration Date 1/22/20262025-01-012025-12-310001890107ck0001890107:MSCreditFacilityMember2024-12-310001890107us-gaap:FinancialServicesSectorMemberck0001890107:FirstLienDebtMember2026-03-310001890107Investments—non-controlled/non-affiliated Air Conditioning Specialist, Inc. Commitment Type Revolver Commitment Expiration Date 11/19/20292026-03-310001890107Investments—non-controlled/non-affiliated Housework Holdings Commitment Type Revolver Commitment Expiration Date 12/15/20282025-01-012025-12-310001890107Investments—non-controlled/non-affiliated Case Works, LLC Commitment Type Revolver Commitment Expiration Date 10/1/20292026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Monarch Behavioral Therapy, LLC Commitment Type Delayed Draw Commitment Expiration Date 6/6/20262025-01-012025-12-310001890107Investments—non-controlled/non-affiliated XPT Partners, LLC Commitment Type Revolver Commitment Expiration Date 9/13/20282026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies Waste Resource Management, Inc. Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.47% Maturity Date 12/28/2029 One2025-12-310001890107ck0001890107:MSCreditFacilityMember2025-01-012025-12-310001890107Investments—non-controlled/non-affiliated PRGX Global, Inc Commitment Type Delayed Draw Commitment Expiration Date 2/20/20272025-01-012025-12-310001890107Investments—non-controlled/non-affiliated SuperHero Fire Protection, LLC Commitment Type Revolver Commitment Expiration Date 12/31/20292026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt IT Services Argano, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.22% Maturity Date 9/13/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services Apex Group Treasury Limited Region Europe Reference Rate and Spread S + 3.50% Interest Rate Floor 0.00% Interest Rate 7.39% Maturity Date 02/27/20322025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Automobile Components Enthusiast Auto Holdings, LLC Region United States Reference Rate and Spread S + 4.50% Interest Rate Floor 1.00% Interest Rate 8.17% Maturity Date 12/19/20272026-03-310001890107us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Monarch Behavioral Therapy, LLC Commitment Type Revolver Commitment Expiration Date 6/6/20302026-01-012026-03-310001890107us-gaap:HealthcareSectorMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering R.L. James, Inc. Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.42% Maturity Date 12/15/20282026-03-310001890107Investments—non-controlled/non-affiliated Waste Resource Management Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20292026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Crisis Prevention Institute, Inc. Region United States Reference Rate and Spread S + 4.00% Interest Rate Floor 0.50% Interest Rate 7.70% Maturity Date 4/09/20312026-03-310001890107Investments—non-controlled/non-affiliated Strategy Corps, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20302025-12-310001890107Investments—non-controlled/non-affiliated McHale Landscape Design, Inc. Commitment Type Revolver Commitment Expiration Date 7/16/20312026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Electric Utilities Mission Critical Group, LLC (Revolver) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 0.00% Interest Rate 0.50% Maturity Date 4/17/20302026-03-310001890107Investments—non-controlled/non-affiliated 360 Partners, LLC Commitment Type Delayed Draw Commitment Expiration Date 7/31/20272025-01-012025-12-310001890107Investments—non-controlled/non-affiliated CI (MG) Group, LLC Commitment Type Delayed Draw Commitment Expiration Date 3/27/20272025-12-310001890107Investments—non-controlled/non-affiliated Visante Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 1/31/20302026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Streetmasters Intermediate, Inc Commitment Type Revolver Commitment Expiration Date 4/1/20302026-03-310001890107Investments—non-controlled/non-affiliated Monarch Behavioral Therapy, LLC Commitment Type Revolver Commitment Expiration Date 6/6/20302025-01-012025-12-310001890107Investments—non-controlled/non-affiliated Gen4 Dental Partners Opco, LLC Commitment Type Revolver Commitment Expiration Date 5/13/20302026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Quorum Health Resources Commitment Type Revolver Commitment Expiration Date 5/28/20272025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services Priority Holdings, LLC Region United States Reference Rate and Spread S + 3.75% Interest Rate Floor 0.00% Interest Rate 7.42% Maturity Date 8/02/20322026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Pharmaceuticals Nephron Pharmaceuticals, LLC Region United States Reference Rate and Spread S + 9.20% Interest Rate Floor 3.25% Interest Rate 12.87% Maturity Date 12/30/20272025-12-310001890107Investments—non-controlled/non-affiliated Owl Vans, LLC Commitment Type Revolver Commitment Expiration Date 12/31/20302026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Diversified Consumer Services Mammoth Holdings, LLC Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.70% Maturity Date 11/15/20302026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Monarch Behavioral Therapy, LLC (Revolver) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 8.67% Maturity Date 6/06/20302026-03-310001890107ck0001890107:BroadlineRetailMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Consumer Staples Distribution & Retail National Convenience Distributors, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 6.75% Interest Rate Floor 0.00% Interest Rate 10.43% Maturity Date 8/09/20282026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Food Products Golden State Foods LLC Region United States Reference Rate and Spread S + 4.00% Interest Rate Floor 0.00% Interest Rate 7.67% Maturity Date 12/04/20312025-12-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:RecoverabilityApproachMembersrt:WeightedAverageMemberck0001890107:FirstLienLoanMember2026-03-310001890107Investments - non-controlled/non-affiliated Second Lien Debt Pharmaceuticals Alvogen Pharma US, Inc. Region United States Reference Rate and Spread S + 10.50% (incl. 8.00% PIK) Interest Rate Floor 0.00% Interest Rate 14.17% Maturity Date 3/1/20292025-12-310001890107ck0001890107:MorganStanleyBankMember2026-01-012026-03-310001890107ck0001890107:HouseholdDurablesMemberck0001890107:FirstLienDebtMember2025-12-310001890107us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMemberck0001890107:OptionPricingModelMember2026-03-310001890107ck0001890107:ClassDSharesMember2026-05-140001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Quorum Health Resources (Delayed Draw) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.07% Maturity Date 05/28/20272025-12-310001890107Investments—non-controlled/non-affiliated Housework Holdings Commitment Type Revolver Commitment Expiration Date 12/15/20282025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services PRGX Global, Inc (Delayed Draw) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 1.00% Maturity Date 12/20/20302026-03-310001890107us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering RL James, Inc. 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Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.82% Maturity Date 08/20/20292025-12-310001890107ck0001890107:O2026M3DividendsMemberck0001890107:ClassDSharesMember2025-06-252025-06-250001890107Investments—non-controlled/non-affiliated Apella Capital LLC Commitment Type Revolver Commitment Expiration Date 3/1/20292026-01-012026-03-310001890107us-gaap:FairValueInputsLevel2Memberck0001890107:FirstLienLoanMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Technology Advantmed Buyer Inc (Delayed Draw) Region United States Reference Rate and Spread S + 4.50% Interest Rate Floor 1.00% Interest Rate 8.17% Maturity Date 2/14/20312025-12-310001890107ck0001890107:TradingCompaniesDistributorsMemberck0001890107:FirstLienDebtMember2026-03-310001890107ck0001890107:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2024-12-310001890107ck0001890107:MSCreditFacilityMember2023-01-012023-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Diversified Consumer Services Mammoth Holdings, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.65% Maturity Date 11/15/20302026-03-310001890107us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Monarch Behavioral Therapy, LLC Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 8.72% Maturity Date 06/06/20302025-12-310001890107ck0001890107:HealthCareTechnologyMemberck0001890107:FirstLienDebtMember2025-12-310001890107us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001890107:FirstLienLoanMember2026-03-310001890107Investments—non-controlled/non-affiliated Schola Group Acquisition, Inc. Commitment Type Delayed Draw Commitment Expiration Date 4/9/20272025-12-310001890107ck0001890107:Non-ControlledNon-AffiliatedInvestmentsMember2026-03-310001890107Investments—non-controlled/non-affiliated 360 Partners, LLC Commitment Type Revolver Commitment Expiration Date 8/7/20312026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Capital Markets Apella Capital, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.42% Maturity Date 3/01/20292026-03-310001890107Investments—non-controlled/non-affiliated APS Acquisition Holdings, LLC Commitment Type Delayed Draw Commitment Expiration Date 7/11/20262025-01-012025-12-310001890107Investments—non-controlled/non-affiliated Syner-G Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/17/20302026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services XPT Partners, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.06% Maturity Date 9/13/20282026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Interactive Media & Services Case Works, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.28% Maturity Date 10/1/20292025-12-310001890107us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-01-012025-03-310001890107Investments—non-controlled/non-affiliated Schola Group Acquisition, Inc. Commitment Type Delayed Draw Commitment Expiration Date 4/9/20272025-01-012025-12-310001890107ck0001890107:ConsumerStaplesDistributionRetailMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments—non-controlled/non-affiliated Violet Utility Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/24/20312025-01-012025-12-310001890107ck0001890107:AirFreightLogisticsMemberck0001890107:FirstLienDebtMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Electric Utilities Mission Critical Group, LLC Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 0.00% Interest Rate 9.17% Maturity Date 4/17/20302026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Software CMI Marketing, Inc Region United States Reference Rate and Spread S + 4.36% Interest Rate Floor 0.50% Interest Rate 8.03% Maturity Date 3/23/20282026-03-310001890107Investments—non-controlled/non-affiliated Tri Scapes, LLC Commitment Type Delayed Draw Commitment Expiration Date 7/12/20262025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services PRGX Global, Inc (Delayed Draw) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 1.00% Maturity Date 12/20/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Equipment & Supplies Prescott's Inc. Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 1.00% Interest Rate 8.45% Maturity Date 12/30/20302026-03-310001890107Investments—non-controlled/non-affiliated APS Acquisition Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/11/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services Sagebrush Buyer, LLC (Revolver) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 07/01/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering RL James, Inc. (Revolver) Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.02% Maturity Date 12/15/20282025-12-310001890107Investments—non-controlled/non-affiliated Visante Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 1/31/20302026-03-310001890107ck0001890107:BuildingProductsMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies CI (MG) Group, LLC Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.20% Maturity Date 3/27/20302026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Automobile Components Enthusiast Auto Holdings, LLC Region United States Reference Rate and Spread S + 4.50% Interest Rate Floor 1.00% Interest Rate 8.22% Maturity Date 12/19/20262025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services In Vitro Sciences, LLC Region United States Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 10.83% Maturity Date 02/28/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Financial Services Priority Holdings, LLC Region United States Reference Rate and Spread S + 3.75% Interest Rate Floor 0.00% Interest Rate 7.47% Maturity Date 07/30/20322025-12-310001890107ck0001890107:O2025M3DividendsMemberck0001890107:ClassISharesMember2026-03-262026-03-260001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies SR Landscaping, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.12% Maturity Date 10/30/2029 One2025-12-310001890107ck0001890107:ClassISharesMember2025-02-280001890107Investments - non-controlled/non-affiliated First Lien Debt Software Irving Parent, Corp. Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.92%, Maturity Date 3/11/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Diversified Consumer Services Mammoth Holdings, LLC (Revolver) Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 11/15/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Strategy Corps, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 1.00% Maturity Date 6/28/20302025-12-310001890107ck0001890107:AirFreightLogisticsMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments—non-controlled/non-affiliated Schola Group Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 4/9/20312026-01-012026-03-310001890107ck0001890107:IncentiveFeeBasedOnOrdinaryIncomeMembersrt:MinimumMember2026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Quorum Health Resources Commitment Type Revolver Commitment Expiration Date 12/30/20302026-03-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:RecoverabilityApproachMemberck0001890107:FirstLienLoanMember2026-03-310001890107Investments—non-controlled/non-affiliated The Mutual Group, LLC Commitment Type Revolver Commitment Expiration Date 1/31/20302026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services HFW Companies, LLC (Revolver) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 5/1/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Electric Utilities Mission Critical Group, LLC Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 0.00% Interest Rate 9.23% Maturity Date 4/17/20302025-12-310001890107ck0001890107:ClassISharesMember2026-05-140001890107ck0001890107:MediaMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Machinery CPM Holdings, Inc. Region United States Reference Rate and Spread S + 4.50% Interest Rate Floor 0.00% Interest Rate 8.34% Maturity Date 9/28/20282025-12-310001890107ck0001890107:JPMorganChaseBankMember2026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Consumer Staples Distribution & Retail Blazing Star Parent, LLC Region United States Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 10.82% Maturity Date 8/28/20302025-12-310001890107ck0001890107:HouseholdDurablesMember2025-12-310001890107Investments—non-controlled/non-affiliated CI (MG) Group, LLC Commitment Type Revolver Commitment Expiration Date 3/27/20302026-03-310001890107us-gaap:ContainerAndPackagingSectorMemberck0001890107:FirstLienDebtMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering Violet Utility Buyer, LLC (Revolver) Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 0.00% Interest Rate 8.43% Maturity Date 7/24/20312026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering RL James, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.02% Maturity Date 12/15/20282025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Insurance Tricor, LLC (Delayed Draw) Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 0.00% Interest Rate 1.00% Maturity Date 8/08/20312026-03-310001890107ck0001890107:ProfessionalServicesMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies Waste Resource Management, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.47% Maturity Date 12/28/20292025-12-310001890107ck0001890107:ClassISharesMember2025-12-310001890107Investments—non-controlled/non-affiliated Streetmasters Intermediate, Inc Commitment Type Revolver Commitment Expiration Date 4/1/20302026-01-012026-03-310001890107us-gaap:FinancialServicesSectorMemberck0001890107:FirstLienDebtMember2025-12-3100018901072024-11-072024-11-070001890107Investments—non-controlled/non-affiliated Tricor, LLC Commitment Type Revolver Commitment Expiration Date 8/8/20312025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Equipment & Supplies Prescott's Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 1.00% Interest Rate 8.62% Maturity Date 12/30/20302025-12-310001890107ck0001890107:Non-ControlledNon-AffiliatedInvestmentsMember2025-12-310001890107ck0001890107:ContainersPackagingMember2026-03-310001890107Investments—non-controlled/non-affiliated RMBUS Holdco Inc. 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Region United States Reference Rate and Spread S + 2.75% Interest Rate Floor 0.00% Interest Rate 6.46% Maturity Date 4/01/20322026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Strategy Corps, LLC (Revolver) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.24% Maturity Date 6/28/20302025-12-310001890107Investments—non-controlled/non-affiliated XPT Partners, LLC Commitment Type Delayed Draw Commitment Expiration Date 12/10/20262026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Air Freight & Logistics Air Buyer Inc. Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.36% Maturity Date 7/23/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering Air Conditioning Specialist, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.16% Maturity Date 11/19/20292026-03-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:RecoverabilityApproachMemberck0001890107:FirstLienLoanMember2025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Building Products The Mulch & Soil Company, LLC Region United States Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 9.98% Maturity Date 5/1/20282025-12-310001890107us-gaap:CommonStockMember2026-01-012026-03-310001890107ck0001890107:ClassISharesMember2026-01-012026-01-010001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Elevate HD Parent, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 8.67% Maturity Date 8/20/20292026-03-310001890107ck0001890107:MachineryMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Professional Services Unified Patents, LLC Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 0.00% Interest Rate 9.35% Maturity Date 12/23/20272025-12-310001890107Investments—non-controlled/non-affiliated Medrina, LLC Commitment Type Revolver Commitment Expiration Date 10/20/20292026-01-012026-03-310001890107ck0001890107:AerospaceDefenseMember2026-03-310001890107Investments—non-controlled/non-affiliated Sagebrush Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20302026-03-310001890107Investments—non-controlled/non-affiliated Mammoth Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/15/20292025-12-310001890107Investments—non-controlled/non-affiliated HFW Holdings, LLC Commitment Type Revolver Commitment Expiration Date 5/1/20312026-03-310001890107ck0001890107:ThirdAmendmentMember2024-11-072024-11-070001890107ck0001890107:ClassISharesMemberck0001890107:O2026M4DividendsMemberus-gaap:SubsequentEventMember2026-04-232026-04-230001890107Investments—non-controlled/non-affiliated Argano, LLC Commitment Type Revolver Commitment Expiration Date 9/13/20292025-01-012025-12-310001890107ck0001890107:AdviserMember2024-04-150001890107Investments—non-controlled/non-affiliated Thornton Carpet, LLC Commitment Type Revolver Commitment Expiration Date 5/15/20312026-01-012026-03-310001890107Investments—non-controlled/non-affiliated Argano, LLC Commitment Type Revolver Commitment Expiration Date 9/13/20292026-03-310001890107ck0001890107:PharmaceuticalsMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Insurance Tricor, LLC (Revolver) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 8/8/20312025-12-310001890107Investments—non-controlled/non-affiliated Advantmed Buyer Inc Commitment Type Revolver Commitment Expiration Date 2/14/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Endo1 Partners, LLC (Revolver) Region United States Reference Rate and Spread S + 4.38% (incl. 0.38% PIK) Interest Rate Floor 1.00% Interest Rate 7.76% Maturity Date 05/23/20302025-12-310001890107Investments - non-controlled/non-affiliated Warrant Pharmaceuticals WHF Equity Consideration LLC Region United States of America2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering R.L. James, Inc. Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.41% Maturity Date 12/15/20282026-03-310001890107us-gaap:FairValueInputsLevel3Member2025-03-310001890107us-gaap:CommonStockMember2024-12-310001890107ck0001890107:ClassDSharesMember2026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Health Care Providers & Services Houseworks Holdings Region United States Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.32% Maturity Date 12/15/2028 One2025-12-310001890107us-gaap:FairValueInputsLevel3Memberck0001890107:RecoverabilityApproachMemberck0001890107:FirstLienLoanMembersrt:MaximumMember2026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Insurance Tricor, LLC Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 8.82% Maturity Date 8/8/20312025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies Catawba Nation Gaming Authority Region United States Reference Rate and Spread S + 4.75% Interest Rate Floor 0.00% Interest Rate 8.42% Maturity Date 3/29/20322026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Media MH Sub I, LLC Region United States Reference Rate and Spread S + 4.25% Interest Rate Floor 0.00% Interest Rate 7.97% Maturity Date 5/3/20282025-12-3100018901072025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Software Project Alpha Intermediate Holdings, Inc. Region United States Reference Rate and Spread S + 3.25% Interest Rate Floor 0.50% Interest Rate 6.92% Maturity Date 10/26/20302025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Construction & Engineering McHale & McHale Landscape Design, LLC Region United States Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 8.42% Maturity Date 7/16/20312026-03-310001890107ck0001890107:O2026M4DividendsMemberus-gaap:SubsequentEventMemberck0001890107:ClassDSharesMember2026-04-232026-04-230001890107Investments—non-controlled/non-affiliated Mammoth Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/15/20292026-01-012026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Commercial Services & Supplies Waste Resource Management, Inc. (Delayed Draw) Region United States Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 9.42% Maturity Date 12/28/20292026-03-310001890107Investments - non-controlled/non-affiliated First Lien Debt Household Durables Thornton Carpet, LLC (Revolver) Region United States Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 0.50% Maturity Date 5/15/20312026-03-310001890107ck0001890107:ChemicalsMember2025-12-310001890107Investments—non-controlled/non-affiliated Zenith American Solutions, Inc. Commitment Type Revolver Commitment Expiration Date 7/11/20292025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Containers & Packaging R-Pac International Corp Region United States Reference Rate and Spread S + 6.00% Interest Rate Floor 0.00% Interest Rate 9.67% Maturity Date 12/29/20272026-03-310001890107Investments—non-controlled/non-affiliated 841 Prudential MOB LLC Commitment Type Delayed Draw Commitment Expiration Date 10/8/20272026-03-310001890107Investments—non-controlled/non-affiliated Sagebrush Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20302025-01-012025-12-310001890107Investments - non-controlled/non-affiliated First Lien Debt Software CMI Marketing, Inc Region United States Reference Rate and Spread S + 4.25% Interest Rate Floor 0.50% Interest Rate 9.08% Maturity Date 3/23/20282025-12-31ck0001890107:Measurementiso4217:USDxbrli:sharesxbrli:purexbrli:sharesck0001890107:Segmentck0001890107:Investmentsiso4217:USD

ratingcompapsc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended March 31, 2026

OR

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

 

Commission File Number: 814-01642

 

First Eagle Private Credit Fund

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware	87-6975595
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1345 Avenue of the Americas New York, NY	10105
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 698-3300

 

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

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

 

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		☒		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 ☒

The number of shares of the registrant’s common shares of beneficial interest, $0.001 par value per share, outstanding as of May 14, 2026 was 12,415,642 and 4,205 of Class I shares and Class D shares, respectively.

 

 

 

1

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Table of Contents

 

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	5
	Consolidated Statement of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	5
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	6
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	7
	Consolidated Statement of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	8
	Consolidated Schedule of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	9
	Notes to Consolidated Financial Statements (Unaudited)	29
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	58
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	71
Item 4.	Controls and Procedures	72
PART II.	OTHER INFORMATION	73
Item 1.	Legal Proceedings	73
Item 1A.	Risk Factors	73
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
Item 3.	Defaults Upon Senior Securities	73
Item 4.	Mine Safety Disclosures	74
Item 5.	Other Information	74
Item 6.	Exhibits	75
Signatures		76

 

 

 

2

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

Except as otherwise specified, references to the “Company,” “we,” “us,” and “our” refer to First Eagle Private Credit Fund and its consolidated subsidiaries; “FEIM” and “Adviser” refer to the First Eagle Investment Management , LLC, our investment adviser; and “FEAC,” “Subadviser,” and “Administrator” refer to First Eagle Alternative Credit, LLC, our investment sub-adviser (and, together with the Adviser, the “Advisers”) and administrator.

This quarterly report on Form 10-Q (the “Quarterly Report”), including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements include these words.

 

These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In addition to factors previously identified in the Item 1A. Risk Factors section of our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 16, 2026, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

•

our, or our portfolio companies’, future business, operations, operating results or prospects;

•

changes in political, economic or industry conditions, including as a result of changes in U.S. presidential administrations or Congress, changes in the interest rate environment, inflation, pandemic-related or other widespread health crises, supply chain disruptions, instability in the banking system, and the conflicts between Russia and Ukraine and in the Middle East, which could result in changes in the value of our assets;

•

our business prospects and the prospects of the companies in which we may invest;

•

the impact of increased competition and the investments that we expect to make;

•

our ability to raise sufficient capital to execute our investment strategy;

•

the ability of our portfolio companies to achieve their objectives;

•

our current and expected financing arrangements and investments;

•

the adequacy of our cash resources, financing sources and working capital;

•

the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with First Eagle Holdings, Inc. and its subsidiaries and affiliated entities (collectively, “First Eagle”), the Adviser, the Subadviser, their affiliates and their investment teams;

•

the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•

our use of financial leverage;

•

the timing, form, amount, or our ability to make distributions;

•

the ability of the Adviser and the Subadviser to locate suitable investments for us and to monitor and administer our investments;

•

the ability of the Adviser, the Subadviser or their affiliates to attract and retain highly talented professionals;

•

our ability to qualify and maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

•

the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, and the rules and regulations issued thereunder;

•

the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

•

the effect of changes to tax legislation and our tax position;

3

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•

the tax status of the enterprises in which we may invest;

•

an economic downturn and the time period required for robust economic recovery therefrom, which will likely have a material impact on our portfolio companies’ results of operations and financial condition for its duration, which could lead to the loss of some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;

•

upon entry into an agreement with a lender, a contraction of available credit and/or an inability to access capital markets or additional sources of liquidity could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;

•

interest rate volatility could adversely affect our results, particularly given that we use leverage as part of our investment strategy;

•

currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•

risks associated with possible disruption in our or our portfolio companies’ operations due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events or natural disasters, such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics;

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; and

•

the risks, uncertainties and other factors we identify in our most recent Annual Report on Form 10-K filed with the SEC on March 16, 2026, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time.

 

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in our most recent Annual Report on Form 10-K filed with the SEC on March 16, 2026, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report or other information incorporated herein by reference, as applicable. Moreover, we assume no duty and do not undertake to update the forward-looking statements and projections contained in this Quarterly Report, except as required by applicable law.

 

Because we are an investment company, the forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

WEBSITE DISCLOSURE

We use our website www.FEPCF.com as a channel of distribution of Company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases, SEC filings and webcasts. The contents of our website are not, however, a part of this Quarterly Report on Form 10-Q.

 

 

4

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PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements.

First Eagle Private Credit Fund

Consolidated Statement of Assets and Liabilities

(in thousands, except share and per share amounts)

 

	March 31, 2026				December 31, 2025
	(Unaudited)
ASSETS
Non-controlled/non-affiliated investments, at fair value (amortized cost of: $539,330 and $569,177, respectively)	$	537,259			$	567,342
Cash and cash equivalents		40,965				73,325
Interest and dividends receivable		4,013				4,058
Deferred financing costs		2,299				2,499
Deferred offering costs		581				765
Receivable for investments sold or repaid		5,872				2,912
Prepaid expenses and other assets		10				65
Due from Adviser		1,671				854
Total assets	$	592,670			$	651,820
LIABILITIES
Credit facilities		281,800				339,100
Accrued interest and other borrowing costs		4,841				6,112
Payable for investments purchased		1,995				—
Distributions payable		2,617				2,616
Offering costs payable		220				161
Due to affiliates		67				53
Trustees' fees payable		11				—
Payable for shares repurchased (Note 8)		970				—
Management fees payable		317				160
Accrued professional fees		648				832
Accrued administration expense		708				391
Accrued expenses and other liabilities		260				515
Income-based incentive fees payable		827				—
Total liabilities	$	295,281			$	349,940
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.001 (unlimited shares authorized, 12,418,134 and 12,457,767 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)	$	12			$	12
Paid-in capital in excess of par value		299,216				300,427
Distributable earnings (accumulated losses)		(1,839	)			1,441
Total net assets	$	297,389			$	301,880
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets	$	297,288			$	301,778
Common Shares outstanding ($0.001 par value, unlimited shares authorized)		12,413,929				12,453,562
Net asset value per share	$	23.95			$	24.23
Class D Shares:
Net assets	$	101			$	102
Common Shares outstanding ($0.001 par value, unlimited shares authorized)		4,205				4,205
Net asset value per share	$	23.95			$	24.23

 

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

5

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First Eagle Private Credit Fund

Consolidated Statement of Operations (Unaudited)

(in thousands, except share and per share amounts)

	For the Three Months Ended March 31, 2026				For the Three Months Ended March 31, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	13,622			$	15,052
Dividend income		451				263
Other income		384				204
Total investment income		14,457				15,519
Expenses:
Interest expense		5,341				6,159
Base management fees		925				931
Income-based incentive fee		827				907
Administration expense		345				604
Trustees’ fees		133				133
Professional fees		342				322
Other general and administrative expenses		293				287
Amortization of continuous offering costs		466				750
Distribution and shareholder servicing fees (Class D) (1)		—				—
Total expenses before excise tax		8,672				10,093
Management fees waiver		—				(931	)
Incentive fees waiver		—				(907	)
Expense support		(817	)			(1,352	)
Net expenses before excise tax		7,855				6,903
Net investment income (loss) before excise tax		6,602				8,616
Excise tax expense		37				34
Net investment income (loss) after excise tax		6,565				8,582
Realized and unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		(2,021	)			(539	)
Net realized gain (loss)		(2,021	)			(539	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(237	)			(3,392	)
Net change in unrealized appreciation (depreciation)		(237	)			(3,392	)
Net realized and unrealized gain (loss)		(2,258	)			(3,931	)
Net increase (decrease) in net assets resulting from operations	$	4,307			$	4,651
Per share information - basic and diluted:
Class I Shares:
Earnings available to shareholders	$	4,306			$	4,651
Weighted average shares outstanding (basic and diluted)		12,453,705				12,444,641
Basic and diluted earnings per common share	$	0.35			$	0.38
Class D Shares:
Earnings available to shareholders	$	1			$	—
Weighted average shares outstanding (basic and diluted)		4,205				—
Basic and diluted earnings per common share	$	0.33			$	—

(1)

For the three months ended March 31, 2026 and 2025, the Class D distribution and shareholder servicing fees were less than $1.

 

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

6

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First Eagle Private Credit Fund

Consolidated Statement of Changes in Net Assets (Unaudited)

(in thousands, except shares)

													Accumulated Earnings
	Common Shares								Paid-in-Capital in				(Loss), Net of				Total
	Shares				Par Value				Excess of Par Value				Distributions				Net Assets
Balance, December 31, 2025		12,457,767			$	12			$	300,427			$	1,441			$	301,880
Issuance of common shares
Class I (1)		603				—				15				—				15
Total issuance of common shares		603				—				15				—				15
Repurchase of common shares, net of early repurchase deduction
Class I (1)		(40,500	)			—				(970	)			—				(970	)
Net increase (decrease) in net assets resulting from operations:
Net investment income		—				—				—				6,565				6,565
Net realized gain (loss)		—				—				—				(2,021	)			(2,021	)
Net change in unrealized appreciation (depreciation)		—				—				—				(237	)			(237	)
Net increase (decrease) in net assets resulting from operations		—				—				—				4,307				4,307
Distributions to shareholders:
Shares issued in connection with dividend reinvestment plan
Class I (1)		264				—				6				—				6
Distributions from distributable earnings (losses)
Class I		—				—				—				(7,846	)			(7,846	)
Class D		—				—				—				(3	)			(3	)
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles		—				—				(262	)			262				—
Total increase (decrease) for the period		(39,633	)			—				(1,211	)			(3,280	)			(4,491	)
Balance, March 31, 2026		12,418,134			$	12			$	299,216			$	(1,839	)		$	297,389

 

													Accumulated Earnings
	Common Shares								Paid-in-Capital in				(Loss), Net of				Total
	Shares				Par Value				Excess of Par Value				Distributions				Net Assets
Balance, December 31, 2024		12,407,361			$	12			$	300,733			$	(411	)		$	300,334
Issuance of shares
Class I		37,241				—				901				—				901
Total issuance of common shares		37,241				—				901				—				901
Net increase (decrease) in net assets resulting from operations:
Net investment income		—				—				—				8,582				8,582
Net realized gain (loss)		—				—				—				(539	)			(539	)
Net change in unrealized appreciation (depreciation)		—				—				—				(3,392	)			(3,392	)
Net increase (decrease) in net assets resulting from operations		—				—				—				4,651				4,651
Distributions to shareholders:
Shares issued in connection with dividend reinvestment plan
Class I (1)		111				—				3				—				3
Distributions from distributable earnings (losses)
Class I		—				—				—				(7,649	)			(7,649	)
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles		—				—				(603	)			603				—
Net increase (decrease) for the period		37,352				—				301				(2,395	)			(2,094	)
Balance, March 31, 2025		12,444,713			$	12			$	301,034			$	(2,806	)		$	298,240

(1)

Par Value is less than $1.

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

 

7

---

 

First Eagle Private Credit Fund

Consolidated Statement of Cash Flows (Unaudited)

(in thousands, except shares)

	For the Three Months Ended March 31, 2026				For the Three Months Ended March 31, 2025
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$	4,307			$	4,651
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Payment-in-kind interest capitalized		(27	)			(47	)
Net accretion of discount and amortization of premium		(531	)			(627	)
Proceeds from sale of investments and principal repayments		40,595				96,124
Purchases of investments		(13,176	)			(123,370	)
Net realized (gains) losses on investments		2,021				539
Net change in unrealized (appreciation) depreciation on investments		237				3,392
Amortization of deferred financing costs		200				152
Amortization of continuous offering costs		466				750
Changes in operating assets and liabilities:
Interest and dividends receivable		45				(32	)
Prepaid expenses and other assets		55				39
Due to affiliates		14				(45	)
Trustees' fees payable		11				—
Due from adviser		(817	)			1,233
Payable for shares repurchased		970				—
Accrued administration expense		317				122
Income-based incentive fees payable		827				—
Management fees payable		157				—
Accrued professional fees		(184	)			194
Accrued expenses and other liabilities		(1,225	)			(476	)
Accrued interest and other borrowing costs		(1,271	)			623
Net cash provided by (used in) operating activities		32,991				(16,778	)
Cash flow from financing activities
Proceeds from issuance of shares		15				901
Borrowings under credit facilities		—				21,000
Debt repayments		(57,300	)			—
Distributions paid		(7,842	)			(7,643	)
Deferred financing costs paid		—				(11	)
Deferred offering costs paid		(224	)			(21	)
Net cash provided by (used in) financing activities		(65,351	)			14,226
Net increase (decrease) in cash and cash equivalents		(32,360	)			(2,552	)
Cash and cash equivalents, beginning of period		73,325				21,319
Cash and cash equivalents, end of period	$	40,965			$	18,767
Supplemental disclosure of cash flow information and non-cash financing activities
Interest paid during the period	$	6,412			$	5,384
Distributions payable	$	2,617			$	2,551
Accrued but unpaid share repurchases	$	970			$	—
Accrued but unpaid offering costs	$	220			$	1,171
Reinvestment of distributions	$	6			$	3
Excise taxes paid	$	289			$	72

 

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

 

8

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(in thousands, except shares)

 

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Karman Holdings Inc.	(10)(11)		United States		S + 2.75%		0.00%		6.46%		4/1/2032			1,985			$	1,977			$	1,989				0.67	%
VSE Corp.	(11)(12)		United States		S + 2.00%		0.00%		0.00%		3/17/2033			2,000				1,995				2,000				0.67
																		3,972				3,989				1.34
Air Freight & Logistics
Air Buyer Inc.	(8)(9)		United States		S + 5.50%		1.00%		9.17%		7/23/2030			5,096				5,045				4,536				1.52
Air Buyer Inc. (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		11.25%		7/23/2030			347				343				290				0.10
																		5,388				4,826				1.62
Automobile Components
Enthusiast Auto Holdings, LLC	(8)(9)		United States		S + 4.50%		1.00%		8.17%		12/19/2027			8,297				8,297				8,297				2.79
Enthusiast Auto Holdings, LLC (Revolver)	(7)(8)		United States		S + 4.50%		1.00%		0.38%		12/19/2027			—				(1	)			—				—
Owl Vans, LLC	(8)(9)		United States		S + 5.25%		1.00%		8.92%		12/31/2030			3,792				3,751				3,697				1.24
Owl Vans, LLC (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		8.92%		12/31/2030			600				587				570				0.19
																		12,634				12,564				4.22
Broadline Retail
1959 Holdings, LLC	(8)(9)		United States		S + 6.50%		0.00%		10.17%		7/5/2030			9,419				9,335				9,419				3.17
																		9,335				9,419				3.17
Building Products
Groundworks Operations, LLC	(10)		United States		S + 3.00%		2.00%		6.67%		3/14/2031			1,720				1,723				1,717				0.58
The Mulch & Soil Company, LLC	(8)(9)		United States		S + 6.25%		1.00%		9.92%		5/1/2028			5,840				5,789				5,840				1.96
The Mulch & Soil Company, LLC (Revolver)	(7)(8)		United States		S + 6.25%		1.00%		9.92%		5/1/2028			130				129				130				0.04
																		7,641				7,687				2.58
Capital Markets
Apella Capital, LLC	(8)(9)(11)		United States		S + 5.75%		1.00%		9.41%		3/1/2029			583				574				583				0.20
Apella Capital, LLC	(8)(9)(11)		United States		S + 5.75%		1.00%		9.42%		3/1/2029			986				971				986				0.33
Apella Capital, LLC	(8)(9)(11)		United States		S + 5.75%		1.00%		9.41%		3/1/2029			1,245				1,230				1,245				0.42
Apella Capital, LLC (Delayed Draw)	(8)(9)(11)		United States		S + 5.75%		1.00%		9.41%		3/1/2029			292				290				292				0.10
Apella Capital, LLC (Delayed Draw)	(8)(9)(11)		United States		S + 5.75%		1.00%		9.42%		3/1/2029			988				982				988				0.33
Apella Capital, LLC (Delayed Draw)	(8)(9)(11)		United States		S + 5.75%		1.00%		9.42%		3/1/2029			1,484				1,474				1,484				0.50
Apella Capital, LLC (Delayed Draw)	(8)(9)(11)		United States		S + 5.75%		1.00%		9.42%		3/1/2029			246				242				246				0.08
Apella Capital, LLC (Revolver)	(7)(8)(11)		United States		S + 5.75%		1.00%		0.50%		3/1/2029			—				(4	)			—				—
																		5,759				5,824				1.96

 

9

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Chemicals
Highline Aftermarket Acquisition, LLC	(8)(10)		United States		S + 3.50%		0.00%		7.17%		2/19/2030			1,975				1,971				1,975				0.66
																		1,971				1,975				0.66
Commercial Services & Supplies
360 Partners, LLC	(8)(9)		United States		S + 4.50%		1.00%		8.16%		8/7/2031			5,883				5,823				5,766				1.94
360 Partners, LLC (Delayed Draw)	(7)(8)		United States		S + 4.50%		1.00%		1.00%		8/7/2031			—				(17	)			(102	)			(0.03	)
360 Partners, LLC (Revolver)	(7)(8)		United States		S + 4.50%		0.00%		0.50%		8/7/2031			—				(29	)			(57	)			(0.02	)
APS Acquisition Holdings, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.20%		7/11/2029			7,979				7,895				7,979				2.68
APS Acquisition Holdings, LLC (Delayed Draw)	(7)(8)		United States		S + 5.50%		1.00%		9.20%		7/11/2029			1,992				1,981				1,992				0.67
APS Acquisition Holdings, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		0.50%		7/11/2029			—				(17	)			—				—
Catawba Nation Gaming Authority	(10)		United States		S + 4.75%		0.00%		8.42%		3/29/2032			2,500				2,490				2,545				0.86
CI (MG) Group, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.20%		3/27/2030			9,701				9,579				9,701				3.26
CI (MG) Group, LLC (Delayed Draw)	(7)(8)		United States		S + 5.50%		1.00%		9.20%		3/27/2030			2,420				2,393				2,421				0.81
CI (MG) Group, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.20%		3/27/2030			606				593				606				0.20
Cimpress USA Incorporated	(8)(10)		United States		S + 2.50%		0.50%		6.17%		5/17/2028			997				997				998				0.34
LSF12 Crown US Commercial Bidco, LLC	(10)		United States		S + 3.00%		0.00%		6.67%		12/2/2031			1,938				1,921				1,943				0.65
SR Landscaping, LLC	(8)(9)		United States		S + 6.35%		1.00%		10.02%		10/30/2029			5,282				5,230				4,569				1.54
SR Landscaping, LLC (Delayed Draw)	(8)(9)		United States		S + 6.35%		1.00%		10.02%		10/30/2029			841				834				728				0.24
SR Landscaping, LLC (Delayed Draw)	(8)(9)		United States		S + 6.35%		1.00%		10.02%		10/30/2029			1,755				1,749				1,518				0.51
SR Landscaping, LLC (Revolver)	(8)		United States		S + 6.35%		1.00%		10.02%		10/30/2029			890				882				770				0.26
SuperHero Fire Protection, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.20%		12/31/2029			16,270				16,110				16,270				5.47
SuperHero Fire Protection, LLC (Revolver)	(7)(8)		United States		S + 5.65%		1.00%		9.35%		12/31/2029			723				708				723				0.24
Waste Resource Management, Inc.	(8)(9)		United States		S + 5.75%		1.00%		9.42%		12/28/2029			5,515				5,459				5,515				1.85
Waste Resource Management, Inc.	(8)(9)		United States		S + 5.75%		1.00%		9.42%		12/28/2029			1,412				1,394				1,413				0.48
Waste Resource Management, Inc. (Delayed Draw)	(7)(8)		United States		S + 5.75%		1.00%		9.42%		12/28/2029			182				162				182				0.06
Waste Resource Management, Inc. (Delayed Draw)	(8)(9)		United States		S + 5.75%		1.00%		9.42%		12/28/2029			2,046				2,040				2,046				0.69
Waste Resource Management, Inc. (Revolver)	(7)(8)		United States		S + 5.75%		1.00%		9.43%		12/28/2029			83				75				83				0.03
																		68,252				67,609				22.73

 

10

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Construction & Engineering
Air Conditioning Specialist, Inc.	(8)(9)		United States		S + 5.50%		1.00%		9.15%		11/19/2029			4,960				4,914				4,948				1.66
Air Conditioning Specialist, Inc. (Delayed Draw)	(8)(9)		United States		S + 5.50%		1.00%		9.16%		11/19/2029			3,624				3,583				3,615				1.22
Air Conditioning Specialist, Inc. (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.17%		11/19/2029			452				443				450				0.15
McHale & McHale Landscape Design, LLC	(8)(9)		United States		S + 5.25%		1.00%		8.42%		7/16/2031			8,507				8,420				8,465				2.85
McHale & McHale Landscape Design, LLC (Delayed Draw)	(7)(8)		United States		S + 4.75%		1.00%		8.42%		7/16/2031			967				952				945				0.32
McHale & McHale Landscape Design, LLC (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		0.50%		7/16/2031			—				(14	)			(7	)			—
R.L. James, Inc.	(8)(9)		United States		S + 5.75%		0.00%		9.42%		12/15/2028			1,537				1,519				1,537				0.51
R.L. James, Inc.	(8)(9)		United States		S + 5.75%		1.00%		9.41%		12/15/2028			744				733				744				0.25
R.L. James, Inc.	(8)(9)		United States		S + 5.75%		1.00%		9.42%		12/15/2028			2,250				2,224				2,250				0.76
R.L. James, Inc. (Delayed Draw)	(8)(9)		United States		S + 5.90%		1.00%		9.41%		12/15/2028			2,130				2,108				2,130				0.72
R.L. James, Inc. (Revolver)	(7)(8)		United States		S + 5.75%		1.00%		9.41%		12/15/2028			108				97				108				0.03
Tri Scapes, LLC	(8)(9)		United States		S + 5.25%		1.00%		8.92%		7/12/2030			4,903				4,847				4,854				1.63
Tri Scapes, LLC (Delayed Draw)	(8)(9)		United States		S + 5.25%		1.00%		8.89%		7/12/2030			2,360				2,334				2,336				0.79
Tri Scapes, LLC (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		8.92%		7/12/2030			160				147				148				0.05
Violet Utility Buyer, LLC	(8)(9)		United States		S + 4.75%		1.00%		8.42%		7/24/2031			15,078				14,922				14,908				5.01
Violet Utility Buyer, LLC (Revolver)	(7)(8)		United States		S + 4.75%		0.00%		8.43%		7/24/2031			923				890				886				0.30
																		48,119				48,317				16.25
Consumer Staples Distribution & Retail
Blazing Star Parent, LLC	(8)(9)		United States		S + 7.00%		1.00%		10.67%		8/28/2030			13,430				13,244				13,430				4.52
National Convenience Distributors, LLC	(8)(9)		United States		S + 6.75%		1.00%		10.43%		8/9/2028			8,471				8,337				8,312				2.79
National Convenience Distributors, LLC (Delayed Draw)	(8)(9)		United States		S + 6.75%		0.00%		10.43%		8/9/2028			1,073				1,056				1,053				0.36
																		22,637				22,795				7.67
Containers & Packaging
R-Pac International Corp	(8)		United States		S + 6.00%		0.00%		9.67%		12/29/2027			2,350				2,340				2,350				0.79
																		2,340				2,350				0.79
Diversified Consumer Services
LaserAway Intermediate Holdings II, LLC	(8)(9)		United States		S + 6.18%		0.75%		9.85%		10/14/2027			1,487				1,479				1,487				0.50
Mammoth Holdings, LLC	(8)(9)		United States		S + 6.00%		1.00%		9.70%		11/15/2030			5,154				5,077				4,935				1.66
Mammoth Holdings, LLC (Delayed Draw)	(8)(9)		United States		S + 6.00%		1.00%		9.65%		11/15/2030			1,295				1,276				1,240				0.42
Mammoth Holdings, LLC (Revolver)	(7)(8)		United States		S + 6.00%		1.00%		0.50%		11/15/2029			—				(8	)			(28	)			(0.01	)
Streetmasters Intermediate, Inc	(8)(9)		United States		S + 5.50%		1.00%		9.17%		4/1/2030			12,342				12,210				12,157				4.09
Streetmasters Intermediate, Inc (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.18%		4/1/2030			453				436				428				0.14
																		20,470				20,219				6.80
Electric Utilities
Mission Critical Group, LLC	(8)(9)		United States		S + 5.50%		0.00%		9.17%		4/17/2030			7,579				7,513				7,579				2.55
Mission Critical Group, LLC (Delayed Draw)	(7)(8)		United States		S + 5.50%		0.00%		9.17%		4/17/2030			2,108				2,091				2,108				0.71
Mission Critical Group, LLC (Revolver)	(7)(8)		United States		S + 5.50%		0.00%		0.50%		4/17/2030			—				(14	)			—				—
																		9,590				9,687				3.26

 

11

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Electrical Equipment
EiKO Global, LLC (Revolver)	(7)(8)(9)		United States		S + 6.50%		0.00%		10.20%		9/3/2030			3,441				3,327				3,441				1.16
																		3,327				3,441				1.16
Financial Services
Apex Group Treasury Limited	(10)(11)		Europe		S + 3.50%		0.00%		7.17%		2/27/2032			1,470				1,468				1,344				0.45
Auxey Bidco Ltd.	(9)(10)(11)		Europe		S + 6.10%		0.00%		9.76%		6/29/2027			7,810				7,757				7,279				2.45
PRGX Global, Inc	(8)(9)		United States		S + 5.50%		1.00%		9.16%		12/20/2030			4,429				4,394				4,363				1.47
PRGX Global, Inc (Delayed Draw)	(7)(8)		United States		S + 5.50%		1.00%		1.00%		12/20/2030			—				(2	)			(9	)			—
Priority Holdings, LLC	(10)		United States		S + 3.75%		0.00%		7.42%		8/2/2032			1,095				1,091				1,071				0.36
Sagebrush Buyer, LLC	(8)(9)		United States		S + 4.75%		1.00%		8.42%		7/1/2030			9,400				9,291				9,400				3.16
Sagebrush Buyer, LLC (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		0.50%		7/1/2030			—				(13	)			—				—
XPT Partners, LLC	(8)(9)		United States		S + 4.65%		1.00%		9.06%		9/13/2028			5,064				5,013				5,064				1.70
XPT Partners, LLC (Delayed Draw)	(7)(8)		United States		S + 5.50%		1.00%		9.06%		9/13/2028			337				331				337				0.11
XPT Partners, LLC (Revolver)	(7)(8)		United States		S + 5.40%		1.00%		9.06%		9/13/2028			136				133				136				0.05
																		29,463				28,985				9.75
Food Products
Aspire Bakeries Holdings LLC	(8)(10)		United States		S + 3.00%		0.00%		6.67%		12/23/2030			1,990				1,982				1,995				0.67
																		1,982				1,995				0.67
Health Care Equipment & Supplies
Prescott's Inc.	(8)(9)		United States		S + 4.75%		1.00%		8.45%		12/30/2030			5,015				4,970				5,015				1.69
Prescott's Inc. (Delayed Draw)	(7)(8)		United States		S + 4.75%		1.00%		8.45%		12/30/2030			1,486				1,476				1,486				0.50
Prescott's Inc. (Revolver)	(7)(8)		United States		S + 4.75%		1.00%		0.50%		12/30/2030			—				(8	)			—				—
																		6,438				6,501				2.19

 

12

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Health Care Providers & Services
Community Based Care Acquisition, Inc. (Delayed Draw)	(8)(9)		United States		S + 5.35%		1.00%		9.05%		9/16/2027			3,715				3,682				3,715				1.24
Crisis Prevention Institute, Inc.	(10)		United States		S + 4.00%		0.50%		7.70%		4/9/2031			1,721				1,714				1,705				0.57
Dermatology Intermediate Holdings III, Inc	(9)		United States		S + 5.50%		0.50%		9.17%		3/30/2029			2,435				2,417				2,322				0.78
Hansei Solutions, LLC	(8)(9)		United States		S + 6.50%		1.00%		10.07%		1/8/2029			5,532				5,472				5,532				1.86
Hansei Solutions, LLC (Delayed Draw)	(8)		United States		S + 6.50%		1.00%		10.17%		1/8/2029			2,065				2,056				2,065				0.69
Hansei Solutions, LLC (Revolver)	(7)(8)		United States		S + 6.50%		1.00%		10.17%		1/8/2029			518				508				518				0.17
Elevate HD Parent, Inc.	(8)(9)		United States		S + 5.00%		1.00%		8.67%		8/20/2029			975				963				975				0.33
Elevate HD Parent, Inc. (Delayed Draw)	(8)		United States		S + 5.00%		1.00%		8.67%		8/20/2029			23				23				23				0.01
Elevate HD Parent, Inc. (Delayed Draw)	(8)		United States		S + 5.00%		1.00%		8.67%		8/20/2029			532				530				532				0.18
Elevate HD Parent, Inc. (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		8.67%		8/20/2029			47				44				47				0.02
Endo1 Partners, LLC	(8)(9)		United States		S + 7.14% (incl. 0.38% PIK)		2.00%		10.80%		5/23/2030			2,080				2,052				2,069				0.70
Endo1 Partners, LLC	(8)(9)		United States		S + 7.14% (incl. 0.38% PIK)		2.00%		10.80%		5/24/2030			7,831				7,686				7,752				2.61
Endo1 Partners, LLC (Revolver)	(7)(8)		United States		S + 4.38% (incl. 0.38% PIK)		1.00%		7.67%		5/23/2030			725				708				720				0.24
Gen4 Dental Partners Opco, LLC	(8)(9)		United States		S + 5.75%		1.00%		9.41%		5/13/2030			6,878				6,775				6,809				2.29
Gen4 Dental Partners Opco, LLC (Delayed Draw)	(7)(8)		United States		S + 5.75%		0.00%		1.00%		5/13/2030			—				(13	)			(19	)			(0.01	)
Gen4 Dental Partners Opco, LLC (Revolver)	(7)(8)		United States		S + 5.50%		0.00%		0.50%		5/13/2030			—				(6	)			(5	)			—
Houseworks Holdings	(8)(9)		United States		S + 5.50%		1.00%		9.17%		12/15/2028			1,085				1,072				1,074				0.36
Houseworks Holdings	(8)(9)		United States		S + 5.50%		1.00%		9.17%		12/15/2028			2,486				2,474				2,461				0.83
Houseworks Holdings (Delayed Draw)	(8)(9)		United States		S + 5.50%		1.00%		9.17%		12/15/2028			316				312				312				0.10
Houseworks Holdings (Delayed Draw)	(7)(8)		United States		S + 5.50%		1.00%		1.00%		12/15/2028			—				(2	)			(4	)			—
Houseworks Holdings (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.17%		12/15/2028			122				119				120				0.04
In Vitro Sciences, LLC	(8)(9)		United States		S + 6.11%		1.00%		10.28%		2/28/2029			8,633				8,552				8,287				2.79
In Vitro Sciences, LLC (Delayed Draw)	(8)		United States		S + 6.11%		1.00%		10.28%		2/28/2029			2,205				2,200				2,117				0.71
In Vitro Sciences, LLC (Revolver)	(7)(8)		United States		S + 6.26%		1.00%		10.43%		2/28/2029			341				336				318				0.11
Medrina, LLC	(8)(9)		United States		S + 6.00%		1.00%		9.69%		10/20/2029			7,193				7,106				7,193				2.42
Medrina, LLC (Delayed Draw)	(8)(9)		United States		S + 6.00%		1.00%		9.63%		10/20/2029			1,271				1,267				1,271				0.43
Medrina, LLC (Revolver)	(7)(8)		United States		S + 6.00%		1.00%		0.50%		10/20/2029			—				(12	)			—				—
Monarch Behavioral Therapy, LLC	(8)(9)		United States		S + 5.00%		1.00%		8.67%		6/6/2030			9,024				8,921				8,979				3.02
Monarch Behavioral Therapy, LLC (Delayed Draw)	(7)(8)(9)		United States		S + 5.00%		1.00%		8.67%		6/6/2030			1,384				1,379				1,376				0.46
Monarch Behavioral Therapy, LLC (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		8.67%		6/6/2030			947				936				942				0.32
Quorum Health Resources	(8)(9)		United States		S + 5.35%		1.00%		9.02%		5/28/2027			1,614				1,602				1,610				0.54
Quorum Health Resources (Delayed Draw)	(8)(9)		United States		S + 5.35%		1.00%		9.02%		5/28/2027			754				749				752				0.25
Quorum Health Resources (Revolver)	(7)(8)		United States		S + 5.35%		1.00%		9.02%		5/28/2027			201				186				196				0.07
																		71,808				71,764				24.13

 

 

13

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Health Care Technology
Advantmed Buyer Inc	(8)(9)		United States		S + 4.50%		1.00%		8.20%		2/14/2031			11,487				11,363				11,487				3.86
Advantmed Buyer Inc (Delayed Draw)	(8)(9)		United States		S + 4.50%		1.00%		8.20%		2/14/2031			1,626				1,620				1,626				0.55
Advantmed Buyer Inc (Revolver)	(7)(8)		United States		S + 4.50%		1.00%		0.50%		2/14/2031			—				(23	)			—				—
Greenway Health, LLC	(8)(9)		United States		S + 6.75%		0.00%		10.45%		4/1/2029			9,563				9,378				9,563				3.21
Visante Acquisition, LLC	(8)(9)		United States		S + 5.75%		1.00%		9.42%		1/31/2030			8,292				8,211				8,292				2.79
Visante Acquisition, LLC (Revolver)	(7)(8)		United States		S + 5.75%		1.00%		0.50%		1/31/2030			—				(9	)			—				—
																		30,540				30,968				10.41
Hotels, Restaurants & Leisure
Caesars Entertainment, Inc.	(10)(11)		United States		S + 2.25%		0.00%		5.92%		2/6/2030			1,714				1,728				1,669				0.56
																		1,728				1,669				0.56
Household Durables
Thornton Carpet, LLC	(8)(9)		United States		S + 4.75%		1.00%		8.42%		5/15/2031			5,487				5,433				5,432				1.83
Thornton Carpet, LLC (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		0.50%		5/15/2031			—				(27	)			(28	)			(0.01	)
																		5,406				5,404				1.82
Insurance
OEG Borrower, LLC	(10)		United States		S + 3.50%		0.00%		7.19%		6/30/2031			1,980				1,977				1,991				0.67
The Mutual Group, LLC	(8)(9)		United States		S + 5.75%		1.00%		9.45%		1/31/2030			9,545				9,450				9,545				3.21
The Mutual Group, LLC (Revolver)	(7)(8)		United States		S + 5.75%		1.00%		0.50%		1/31/2030			—				(7	)			—				—
Tricor, LLC	(8)(9)		United States		S + 5.35%		1.00%		9.02%		8/8/2031			6,177				6,123				6,177				2.08
Tricor, LLC (Delayed Draw)	(7)(8)		United States		S + 5.25%		0.00%		1.00%		8/8/2031			—				(33	)			—				—
Tricor, LLC (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		0.50%		8/8/2031			—				(8	)			—				—
																		17,502				17,713				5.96
Interactive Media & Services
Case Works, LLC	(8)(9)		United States		S + 5.25%		1.00%		8.95%		10/1/2029			4,976				4,928				4,777				1.61
Case Works, LLC (Delayed Draw)	(8)(9)		United States		S + 5.25%		1.00%		8.99%		10/1/2029			747				745				717				0.24
Case Works, LLC (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		8.95%		10/1/2029			456				450				431				0.14
																		6,123				5,925				1.99
IT Services
Argano, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.18%		9/13/2029			11,488				11,338				11,488				3.87
Argano, LLC (Delayed Draw)	(8)(9)		United States		S + 5.50%		1.00%		9.17%		9/13/2029			5,030				4,990				5,030				1.69
Argano, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		0.50%		9/13/2029			—				(5	)			—				—
Asurion, LLC	(10)		United States		S + 4.10%		0.00%		7.77%		8/19/2028			2,202				2,200				2,203				0.74
																		18,523				18,721				6.30

 

14

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First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Life Sciences Tools & Services
Boston Clinical Trials LLC	(8)(9)		United States		S + 5.15%		0.00%		8.85%		12/20/2027			4,333				4,291				4,333				1.46
																		4,291				4,333				1.46
Machinery
BCP VI Summit Holdings LP	(10)		United States		S + 3.00%		0.00%		6.67%		1/30/2032			1,990				1,982				1,991				0.67
																		1,982				1,991				0.67
Media
WH Borrower, LLC	(10)		United States		S + 4.50%		0.00%		8.16%		2/20/2032			1,985				1,977				1,989				0.67
																		1,977				1,989				0.67
Metals & Mining
Minerals Technologies Inc.	(8)(10)(11)		United States		S + 2.00%		0.00%		5.67%		11/26/2031			1,975				1,985				1,982				0.67
																		1,985				1,982				0.67
Pharmaceuticals
Nephron Pharmaceuticals, LLC	(8)(9)		United States		S + 4.00%		3.25%		7.70%		12/30/2027			1,763				1,753				1,763				0.59
Nephron Pharmaceuticals, LLC	(8)(9)		United States		S + 9.20%		3.25%		12.90%		12/30/2027			5,997				5,943				5,997				2.02
Syner-G Intermediate Holdings, LLC	(8)(9)		United States		S + 5.25%		1.00%		8.95%		9/17/2030			10,249				10,162				9,531				3.21
Syner-G Intermediate Holdings, LLC (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		8.97%		9/17/2030			172				163				92				0.03
																		18,021				17,383				5.85
Professional Services
Eisner Advisory Group LLC	(10)		United States		S + 4.00%		0.50%		7.67%		2/28/2031			2,955				2,976				2,822				0.95
Harbour Benefit Holdings, Inc.	(8)(9)		United States		S + 5.75%		1.00%		9.45%		7/11/2029			9,850				9,743				9,752				3.28
Harbour Benefit Holdings, Inc. (Revolver)	(7)(8)		United States		S + 5.75%		1.00%		9.42%		7/11/2029			524				512				512				0.17
HFW Companies, LLC	(8)(9)		United States		S + 5.00%		1.00%		8.66%		5/1/2031			8,881				8,795				8,816				2.96
HFW Companies, LLC (Delayed Draw)	(7)(8)		United States		S + 5.00%		1.00%		8.66%		5/1/2031			1,851				1,828				1,798				0.60
HFW Companies, LLC (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		0.50%		5/1/2031			—				(9	)			(7	)			—
Schola Group Acquisition, Inc.	(8)(9)		United States		S + 4.75%		1.00%		8.39%		4/9/2031			5,435				5,383				5,435				1.83
Schola Group Acquisition, Inc. (Delayed Draw)	(7)(8)		United States		S + 4.75%		0.00%		8.42%		4/9/2031			2,664				2,649				2,664				0.89
Schola Group Acquisition, Inc. (Revolver)	(7)(8)		United States		S + 4.75%		0.00%		0.50%		4/9/2031			—				(11	)			—				—
Strategy Corps, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.17%		6/28/2030			6,233				6,170				6,124				2.06
Strategy Corps, LLC (Delayed Draw)	(7)(8)		United States		S + 5.25%		1.00%		1.00%		6/28/2030			—				(7	)			(58	)			(0.02	)
Strategy Corps, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.17%		6/28/2030			289				273				260				0.09
Unified Patents, LLC	(8)(9)		United States		S + 4.75%		0.00%		8.35%		12/23/2027			10,033				9,985				10,008				3.37
Unified Patents, LLC (Revolver)	(7)(8)		United States		S + 4.75%		0.00%		0.50%		12/23/2027			—				(5	)			(3	)			—
																		48,282				48,123				16.18

 

 

15

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Real Estate Management & Development
841 Prudential MOB LLC	(8)		United States		S + 6.50%		2.50%		10.17%		10/9/2027			13,773				13,663				13,773				4.63
841 Prudential MOB LLC (Delayed Draw)	(7)(8)		United States		S + 6.50%		2.50%		1.00%		10/9/2027			—				(2	)			—				—
																		13,661				13,773				4.63
Software
CDK Global, Inc.			United States		S + 3.25%		0.00%		6.95%		7/6/2029			995				991				713				0.24
Cloudera, Inc.	(9)(10)		United States		S + 3.85%		0.00%		7.52%		10/8/2028			2,218				2,217				1,987				0.66
CMI Marketing, Inc	(8)		United States		S + 4.36%		0.50%		8.03%		3/23/2028			1,969				1,967				1,900				0.64
Flash Charm, Inc.	(9)		United States		S + 3.50%		0.00%		7.16%		3/2/2028			995				991				793				0.27
Irving Parent, Corp.	(8)(9)		United States		S + 5.25%		1.00%		8.95%		3/11/2031			16,507				16,293				16,259				5.47
Irving Parent, Corp. (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		0.50%		3/11/2031			—				(29	)			(36	)			(0.01	)
																		22,430				21,616				7.27
Specialty Retail
BW Gas & Convenience Holdings, LLC	(10)		United States		S + 3.61%		0.50%		7.28%		3/31/2028			1,944				1,943				1,944				0.65
Penney Holdings LLC	(8)(9)		United States		S + 8.13%		2.50%		11.79%		9/20/2030			5,000				4,886				5,000				1.67
Xcel Brands, Inc.	(8)(9)(11)		United States		S + 8.50%		2.00%		12.17%		12/12/2028			917				890				917				0.31
																		7,719				7,861				2.63

 

 

16

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Trading Companies & Distributors
DXP Enterprises, Inc.	(10)(11)		United States		S + 3.25%		0.00%		6.92%		10/11/2030			1,463				1,456				1,473				0.50
Johnstone Supply, LLC	(10)		United States		S + 2.25%		0.00%		5.92%		6/9/2031			1,980				1,991				1,970				0.66
Verde Purchaser, LLC	(10)		United States		S + 4.00%		0.00%		7.70%		11/30/2030			1,967				1,960				1,917				0.64
White Cap Supply Holdings, LLC	(10)		United States		S + 3.25%		0.00%		6.92%		10/19/2029			1,968				1,959				1,897				0.64
																		7,366				7,257				2.44
Total First Lien Debt																	$	538,662			$	536,655				180.46	%
Second Lien Debt
Pharmaceuticals
Alvogen Pharma US, Inc.	(8)		United States		S + 10.50% (incl. 8.00% PIK)		0.00%		14.20%		3/1/2029			865				645				575				0.19
																		645				575				0.19
Warrant
Pharmaceuticals
WHF Equity Consideration LLC	(8)		United States											—				—				27				0.01
																		—				27				0.01
Specialty Retail
Xcel Brands, Inc.	(8)		United States											6				23				2				—
																		23				2				—
Total Warrant																		23				29				0.01
Total Investments - non-controlled/non-affiliated																	$	539,330			$	537,259				180.66	%

 

(1)

Security may be an obligation of one or more entities affiliated with the named portfolio company.

(2)

All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.

(3)

All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

(4)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR (denoted as “S”) or Prime (denoted as “P”) which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at March 31, 2026. Variable rate loans typically include an interest reference rate floor feature, which the Company has indicated if applicable.

(5)

Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned.

(6)

The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and inclusive of any capitalized paid-in-kind income (“PIK”), for debt securities.

17

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)

 

(7)

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. The fair value of the loan investments may include the impact of the unfunded commitment being valued below par. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(8)

These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Valuation Designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company’s valuation policy.

(9)

These debt investments were pledged as collateral under the Company’s MS Credit Facility as of March 31, 2026 (refer to Note 6 - “Borrowings”).

(10)

These debt investments were pledged as collateral under the Company’s JPM Credit Facility as of March 31, 2026 (refer to Note 6 - “Borrowings”).

(11)

The investment is not a qualifying asset under Section 55(a) of 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 March 31, 2026, non-qualifying assets represented approximately 4.1% of the total assets of the Company.

(12)

All or a portion of this position has not yet settled as of March 31, 2026. The Company will not accrue interest until the settlement date at which point SOFR will be established.

 

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

 

18

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments

December 31, 2025

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Karman Holdings Inc.	(8)(10)(11)		United States		S + 3.50%		0.00%		7.17%		4/1/2032			1,990			$	1,981			$	2,011				0.67	%
																		1,981				2,011				0.67
Air Freight & Logistics
Air Buyer Inc.	(8)(9)		United States		S + 5.50%		1.00%		9.36%		7/23/2030			5,109				5,054				4,956				1.64
Air Buyer Inc. (Revolver)	(7)(8)		United States		P + 5.50%		1.00%		11.25%		7/23/2030			347				343				331				0.11
LaserShip, Inc.	(12)		United States		S + 5.50% (incl. 4.00% PIK)		0.00%		9.43%		8/10/2029			1,350				342				369				0.12
LaserShip, Inc.			United States		S + 5.50% (incl. 4.00% PIK)		0.75%		9.43%		8/10/2029			2,043				1,670				1,538				0.51
Odyssey Logistics & Technology Corporation	(9)		United States		S + 4.50%		0.00%		8.22%		10/12/2027			1,602				1,598				1,246				0.42
																		9,007				8,440				2.80
Automobile Components
Enthusiast Auto Holdings, LLC	(8)(9)		United States		S + 4.50%		1.00%		8.22%		12/19/2026			8,318				8,318				8,318				2.75
Enthusiast Auto Holdings, LLC (Revolver)	(7)(8)		United States		S + 4.50%		1.00%		0.38%		12/19/2026			—				(1	)			—				—
Owl Vans, LLC	(8)(9)		United States		S + 5.25%		1.00%		8.97%		12/31/2030			3,802				3,758				3,707				1.23
Owl Vans, LLC (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		8.97%		12/31/2030			360				347				330				0.11
																		12,422				12,355				4.09
Broadline Retail
1959 Holdings, LLC	(8)(9)		United States		S + 6.50%		0.00%		10.20%		7/5/2030			12,558				12,437				12,433				4.12
																		12,437				12,433				4.12
Building Products
Groundworks Operations, LLC	(10)		United States		S + 3.00%		0.00%		6.73%		3/14/2031			1,724				1,727				1,735				0.57
The Mulch & Soil Company, LLC	(8)(9)		United States		S + 6.25%		1.00%		9.98%		5/1/2028			5,855				5,821				5,855				1.94
The Mulch & Soil Company, LLC (Revolver)	(7)(8)		United States		S + 6.25%		1.00%		9.97%		5/1/2028			86				83				86				0.03
																		7,631				7,676				2.54
Capital Markets
Apella Capital, LLC	(8)(9)(11)		United States		S + 5.75%		1.00%		9.52%		3/1/2029			584				575				584				0.19
Apella Capital, LLC	(8)(9)(11)		United States		S + 5.75%		1.00%		9.49%		3/1/2029			988				973				988				0.33
Apella Capital, LLC	(8)(9)(11)		United States		S + 5.75%		1.00%		9.52%		3/1/2029			1,248				1,232				1,248				0.41
Apella Capital, LLC (Delayed Draw)	(8)(9)(11)		United States		S + 5.75%		1.00%		9.64%		3/1/2029			293				291				293				0.10
Apella Capital, LLC (Delayed Draw)	(8)(9)(11)		United States		S + 5.75%		1.00%		9.52%		3/1/2029			991				984				991				0.33
Apella Capital, LLC (Delayed Draw)	(8)(9)(11)		United States		S + 5.75%		1.00%		9.59%		3/1/2029			1,488				1,476				1,488				0.49
Apella Capital, LLC (Delayed Draw)	(8)(9)(11)		United States		S + 5.75%		1.00%		9.57%		3/1/2029			247				242				247				0.08
Apella Capital, LLC (Revolver)	(7)(8)(11)		United States		S + 5.75%		1.00%		0.50%		3/1/2029			—				(5	)			—				—
																		5,768				5,839				1.93

 

19

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Chemicals
Highline Aftermarket Acquisition, LLC	(10)		United States		S + 3.50%		0.00%		7.32%		2/19/2030			1,980				1,976				1,994				0.66
																		1,976				1,994				0.66
Commercial Services & Supplies
360 Partners, LLC	(8)(9)		United States		S + 4.50%		1.00%		8.37%		8/7/2031			5,898				5,834				5,832				1.93
360 Partners, LLC (Delayed Draw)	(7)(8)		United States		S + 4.50%		1.00%		1.00%		8/7/2031			—				(18	)			(57	)			(0.02	)
360 Partners, LLC (Revolver)	(7)(8)		United States		S + 4.50%		0.00%		0.50%		8/7/2031			—				(30	)			(32	)			(0.01	)
APS Acquisition Holdings, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.17%		7/11/2029			7,999				7,908				7,999				2.65
APS Acquisition Holdings, LLC (Delayed Draw)	(7)(8)		United States		S + 5.50%		1.00%		9.17%		7/11/2029			1,214				1,201				1,214				0.40
APS Acquisition Holdings, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		0.50%		7/11/2029			—				(18	)			—				—
Catawba Nation Gaming Authority	(10)		United States		S + 4.75%		0.00%		8.47%		3/29/2032			2,500				2,489				2,565				0.85
CI (MG) Group, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.17%		3/27/2030			9,725				9,594				9,701				3.22
CI (MG) Group, LLC (Delayed Draw)	(7)(8)		United States		S + 5.50%		1.00%		9.17%		3/27/2030			2,408				2,378				2,396				0.80
CI (MG) Group, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.17%		3/27/2030			606				592				603				0.20
Cimpress USA Incorporated	(10)		United States		S + 2.50%		0.50%		6.22%		5/17/2028			1,975				1,975				1,983				0.66
LSF12 Crown US Commercial Bidco, LLC	(10)		United States		S + 3.50%		0.00%		7.37%		12/2/2031			1,943				1,926				1,958				0.65
Prime Security Services Borrower, LLC	(10)		United States		S + 2.00%		0.00%		6.13%		10/13/2030			1,778				1,788				1,783				0.59
SR Landscaping, LLC	(8)(9)		United States		S + 6.25%		1.00%		10.12%		10/30/2029			5,296				5,238				4,925				1.63
SR Landscaping, LLC (Delayed Draw)	(7)(8)(9)		United States		S + 6.25%		1.00%		10.12%		10/30/2029			844				825				719				0.24
SR Landscaping, LLC (Delayed Draw)	(8)(9)		United States		S + 6.25%		1.00%		10.12%		10/30/2029			1,759				1,753				1,636				0.54
SR Landscaping, LLC (Revolver)	(8)		United States		S + 6.25%		1.00%		10.12%		10/30/2029			890				882				828				0.27
SuperHero Fire Protection, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.17%		12/31/2029			16,311				16,136				16,311				5.40
SuperHero Fire Protection, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.32%		12/31/2029			643				632				643				0.21
Waste Resource Management, Inc.	(8)(9)		United States		S + 5.75%		1.00%		9.47%		12/28/2029			5,529				5,469				5,529				1.83
Waste Resource Management, Inc.	(8)(9)		United States		S + 5.75%		1.00%		9.47%		12/28/2029			1,416				1,397				1,416				0.47
Waste Resource Management, Inc. (Delayed Draw)	(7)(8)		United States		S + 5.75%		1.00%		9.48%		12/28/2029			183				161				183				0.06
Waste Resource Management, Inc. (Delayed Draw)	(8)(9)		United States		S + 5.75%		1.00%		9.47%		12/28/2029			2,051				2,044				2,051				0.68
Waste Resource Management, Inc. (Revolver)	(7)(8)		United States		S + 5.75%		1.00%		0.50%		12/28/2029			—				(8	)			—				—
																		70,148				70,186				23.25

 

20

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)

 

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Construction & Engineering
Air Conditioning Specialist, Inc.	(8)(9)		United States		S + 5.50%		1.00%		9.38%		11/19/2029			4,973				4,922				4,948				1.64
Air Conditioning Specialist, Inc. (Delayed Draw)	(8)(9)		United States		S + 5.50%		1.00%		9.38%		11/19/2029			3,633				3,589				3,615				1.20
Air Conditioning Specialist, Inc. (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.32%		11/19/2029			452				442				448				0.15
McHale & McHale Landscape Design, LLC	(8)(9)		United States		S + 5.25%		1.00%		8.64%		7/16/2031			8,529				8,436				8,433				2.79
McHale & McHale Landscape Design, LLC (Delayed Draw)	(7)(8)		United States		S + 4.75%		1.00%		8.54%		7/16/2031			969				954				921				0.31
McHale & McHale Landscape Design, LLC (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		0.50%		7/16/2031			—				(15	)			(16	)			(0.01	)
R.L. James, Inc.	(8)(9)		United States		S + 6.00%		0.00%		9.91%		12/15/2028			1,541				1,521				1,541				0.51
R.L. James, Inc.	(8)(9)		United States		S + 6.00%		1.00%		10.02%		12/15/2028			746				734				746				0.25
R.L. James, Inc.	(8)(9)		United States		S + 6.00%		1.00%		9.82%		12/15/2028			2,255				2,227				2,255				0.75
R.L. James, Inc. (Delayed Draw)	(8)(9)		United States		S + 6.00%		1.00%		10.02%		12/15/2028			2,136				2,111				2,136				0.71
R.L. James, Inc. (Revolver)	(7)(8)		United States		S + 6.00%		1.00%		10.02%		12/15/2028			162				150				162				0.05
Tri Scapes, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.40%		7/12/2030			4,916				4,856				4,842				1.60
Tri Scapes, LLC (Delayed Draw)	(7)(8)(9)		United States		S + 5.50%		1.00%		9.29%		7/12/2030			1,939				1,911				1,903				0.63
Tri Scapes, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		0.50%		7/12/2030			—				(13	)			(18	)			(0.01	)
Violet Utility Buyer, LLC	(8)(9)		United States		S + 4.75%		1.00%		8.59%		7/24/2031			15,115				14,951				14,945				4.95
Violet Utility Buyer, LLC (Revolver)	(7)(8)		United States		S + 4.75%		0.00%		0.50%		7/24/2031			—				(34	)			(37	)			(0.01	)
																		46,742				46,824				15.51
Consumer Staples Distribution & Retail
Blazing Star Parent, LLC	(8)(9)		United States		S + 7.00%		1.00%		10.82%		8/28/2030			13,515				13,319				13,312				4.41
National Convenience Distributors, LLC	(8)(9)		United States		S + 6.75%		1.00%		10.52%		8/9/2028			8,471				8,322				8,312				2.75
National Convenience Distributors, LLC (Delayed Draw)	(8)(9)		United States		S + 6.75%		0.00%		10.52%		8/9/2028			1,101				1,082				1,081				0.36
																		22,723				22,705				7.52
Containers & Packaging
R-Pac International Corp	(8)		United States		S + 6.00%		0.00%		9.84%		12/29/2027			2,356				2,344				2,356				0.78
																		2,344				2,356				0.78
Diversified Consumer Services
LaserAway Intermediate Holdings II, LLC	(8)(9)		United States		S + 5.75%		0.75%		9.89%		10/14/2027			1,491				1,482				1,491				0.49
Mammoth Holdings, LLC	(8)(9)		United States		S + 6.00%		1.00%		9.67%		11/15/2030			5,167				5,085				4,986				1.65
Mammoth Holdings, LLC (Delayed Draw)	(8)(9)		United States		S + 6.00%		1.00%		9.94%		11/15/2030			1,299				1,278				1,253				0.41
Mammoth Holdings, LLC (Revolver)	(7)(8)		United States		S + 6.00%		1.00%		9.94%		11/15/2029			161				153				138				0.05
Streetmasters Intermediate, Inc	(8)(9)		United States		S + 5.50%		1.00%		9.22%		4/1/2030			12,373				12,233				12,064				4.00
Streetmasters Intermediate, Inc (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		0.50%		4/1/2030			—				(18	)			(43	)			(0.01	)
																		20,213				19,889				6.59
Electric Utilities
Mission Critical Group, LLC	(8)(9)		United States		S + 5.50%		0.00%		9.23%		4/17/2030			7,598				7,527				7,598				2.52
Mission Critical Group, LLC (Delayed Draw)	(7)(8)		United States		S + 5.50%		0.00%		9.33%		4/17/2030			2,113				2,095				2,113				0.70
Mission Critical Group, LLC (Revolver)	(7)(8)		United States		S + 5.50%		0.00%		0.50%		4/17/2030			—				(14	)			—				—
																		9,608				9,711				3.22

 

21

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Electrical Equipment
EiKO Global, LLC (Revolver)	(7)(8)(9)		United States		S + 6.50%		0.00%		10.17%		9/3/2030			3,584				3,464				3,455				1.15
																		3,464				3,455				1.15
Financial Services
Apex Group Treasury Limited	(10)(11)		Europe		S + 3.50%		0.00%		7.39%		2/27/2032			2,978				2,972				2,814				0.93
Auxey Bidco Ltd.	(9)(10)(11)		Europe		S + 6.00%		0.00%		10.03%		6/29/2027			7,830				7,767				7,419				2.46
PRGX Global, Inc	(8)(9)		United States		S + 5.50%		1.00%		9.49%		12/20/2030			4,440				4,402				4,362				1.45
PRGX Global, Inc (Delayed Draw)	(7)(8)		United States		S + 5.50%		1.00%		1.00%		12/20/2030			—				(3	)			(10	)			—
Priority Holdings, LLC	(10)		United States		S + 3.75%		0.00%		7.47%		7/30/2032			2,957				2,945				2,913				0.97
Sagebrush Buyer, LLC	(8)(9)		United States		S + 5.00%		1.00%		8.72%		7/1/2030			9,400				9,284				9,400				3.11
Sagebrush Buyer, LLC (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		0.50%		7/1/2030			—				(14	)			—				—
TouchTunes Music Group, LLC	(10)		United States		S + 4.75%		0.00%		8.42%		4/2/2029			3,430				3,430				3,354				1.11
XPT Partners, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.89%		9/13/2028			5,077				5,020				5,039				1.67
XPT Partners, LLC (Delayed Draw)	(7)(8)		United States		S + 5.50%		1.00%		9.89%		9/13/2028			253				246				244				0.08
XPT Partners, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.38%		9/13/2028			135				132				133				0.04
																		36,181				35,668				11.82
Food Products
Aspire Bakeries Holdings LLC	(10)		United States		S + 3.50%		0.00%		7.22%		12/23/2030			1,990				1,982				2,004				0.66
Golden State Foods LLC	(10)		United States		S + 4.00%		0.00%		7.67%		12/4/2031			2,388				2,373				2,406				0.80
																		4,355				4,410				1.46
Health Care Equipment & Supplies
Prescott's Inc.	(8)(9)		United States		S + 4.75%		1.00%		8.42%		12/30/2030			5,028				4,979				5,015				1.66
Prescott's Inc. (Delayed Draw)	(7)(8)		United States		S + 4.75%		1.00%		8.62%		12/30/2030			1,490				1,479				1,481				0.49
Prescott's Inc. (Revolver)	(7)(8)		United States		S + 4.75%		1.00%		0.50%		12/30/2030			—				(8	)			(2	)			—
																		6,450				6,494				2.15

 

22

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Health Care Providers & Services
Community Based Care Acquisition, Inc. (Delayed Draw)	(8)(9)		United States		S + 5.25%		1.00%		9.02%		9/16/2027			3,724				3,685				3,724				1.24
Crisis Prevention Institute, Inc.	(10)		United States		S + 4.00%		0.50%		7.67%		4/9/2031			1,973				1,964				1,965				0.65
Dermatology Intermediate Holdings III, Inc	(9)		United States		S + 5.50%		0.50%		9.34%		3/30/2029			2,441				2,421				2,373				0.79
RMBUS Holdco Inc.	(8)(9)		United States		S + 6.50%		1.00%		10.62%		1/8/2029			5,546				5,480				5,546				1.84
RMBUS Holdco Inc. (Delayed Draw)	(7)(8)		United States		S + 6.50%		1.00%		1.00%		1/8/2029			—				(11	)			—				—
RMBUS Holdco Inc. (Revolver)	(7)(8)		United States		S + 6.50%		1.00%		0.50%		1/8/2029			—				(11	)			—				—
Elevate HD Parent, Inc.	(8)(9)		United States		S + 6.00%		1.00%		9.82%		8/20/2029			978				965				977				0.32
Elevate HD Parent, Inc. (Delayed Draw)	(8)		United States		S + 6.00%		1.00%		9.82%		8/20/2029			23				23				23				0.01
Elevate HD Parent, Inc. (Delayed Draw)	(7)(8)		United States		S + 6.00%		1.00%		9.82%		8/20/2029			275				273				275				0.09
Elevate HD Parent, Inc. (Revolver)	(7)(8)		United States		S + 6.00%		1.00%		0.50%		8/20/2029			—				(2	)			—				—
Endo1 Partners, LLC	(8)(9)		United States		S + 7.14% (incl. 0.38% PIK)		2.00%		10.85%		5/23/2030			2,085				2,056				2,074				0.69
Endo1 Partners, LLC	(8)(9)		United States		S + 7.14% (incl. 0.38% PIK)		2.00%		10.85%		5/24/2030			7,841				7,687				7,762				2.57
Endo1 Partners, LLC (Revolver)	(7)(8)		United States		S + 4.38% (incl. 0.38% PIK)		1.00%		7.76%		5/23/2030			725				707				720				0.24
Gen4 Dental Partners Opco, LLC	(8)(9)		United States		S + 5.75%		1.00%		9.64%		5/13/2030			6,895				6,785				6,826				2.26
Gen4 Dental Partners Opco, LLC (Delayed Draw)	(7)(8)		United States		S + 5.75%		0.00%		1.00%		5/13/2030			—				(14	)			(19	)			(0.01	)
Gen4 Dental Partners Opco, LLC (Revolver)	(7)(8)		United States		S + 5.50%		0.00%		0.50%		5/13/2030			—				(7	)			(5	)			—
Houseworks Holdings	(8)(9)		United States		S + 5.50%		1.00%		9.32%		12/15/2028			1,088				1,073				1,071				0.36
Houseworks Holdings	(8)(9)		United States		S + 5.50%		1.00%		9.32%		12/15/2028			2,492				2,479				2,455				0.81
Houseworks Holdings (Delayed Draw)	(8)(9)		United States		S + 5.50%		1.00%		9.32%		12/15/2028			316				312				312				0.10
Houseworks Holdings (Delayed Draw)	(7)(8)		United States		S + 5.50%		1.00%		1.00%		12/15/2028			—				(3	)			(6	)			—
Houseworks Holdings (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.32%		12/15/2028			116				113				113				0.04
In Vitro Sciences, LLC	(8)(9)		United States		S + 7.00%		1.00%		10.83%		2/28/2029			8,655				8,566				7,962				2.64
In Vitro Sciences, LLC (Delayed Draw)	(8)		United States		S + 7.00%		1.00%		10.83%		2/28/2029			2,211				2,204				2,034				0.67
In Vitro Sciences, LLC (Revolver)	(7)(8)		United States		S + 7.00%		1.00%		11.22%		2/28/2029			341				336				296				0.10
Medrina, LLC	(8)(9)		United States		S + 6.00%		1.00%		9.69%		10/20/2029			7,211				7,117				7,211				2.39
Medrina, LLC (Delayed Draw)	(8)(9)		United States		S + 6.00%		1.00%		10.22%		10/20/2029			1,275				1,269				1,275				0.42
Medrina, LLC (Revolver)	(7)(8)		United States		S + 6.00%		1.00%		0.50%		10/20/2029			—				(13	)			—				—
Monarch Behavioral Therapy, LLC	(8)(9)		United States		S + 5.00%		1.00%		8.72%		6/6/2030			9,047				8,937				9,002				2.98
Monarch Behavioral Therapy, LLC (Delayed Draw)	(7)(8)(9)		United States		S + 5.00%		1.00%		8.72%		6/6/2030			1,388				1,382				1,380				0.46
Monarch Behavioral Therapy, LLC (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		8.73%		6/6/2030			947				935				942				0.31
Quorum Health Resources	(8)(9)		United States		S + 5.25%		1.00%		9.07%		5/28/2027			1,618				1,603				1,610				0.53
Quorum Health Resources (Delayed Draw)	(8)(9)		United States		S + 5.25%		1.00%		9.07%		5/28/2027			756				749				752				0.25
Quorum Health Resources (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		9.07%		5/28/2027			201				184				192				0.06
																		69,244				68,842				22.81

 

23

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Health Care Technology
Advantmed Buyer Inc	(8)(9)		United States		S + 4.50%		1.00%		8.17%		2/14/2031			11,516				11,385				11,516				3.81
Advantmed Buyer Inc (Delayed Draw)	(8)(9)		United States		S + 4.50%		1.00%		8.17%		2/14/2031			1,630				1,623				1,630				0.54
Advantmed Buyer Inc (Revolver)	(7)(8)		United States		S + 4.50%		1.00%		0.50%		2/14/2031			—				(25	)			—				—
Greenway Health, LLC	(8)(9)		United States		S + 6.75%		0.00%		10.42%		4/1/2029			9,587				9,386				9,587				3.18
Visante Acquisition, LLC	(8)(9)		United States		S + 5.75%		1.00%		9.59%		1/31/2030			8,313				8,224				8,313				2.75
Visante Acquisition, LLC (Revolver)	(7)(8)		United States		S + 5.75%		1.00%		0.50%		1/31/2030			—				(10	)			—				—
																		30,583				31,046				10.28
Hotels, Restaurants & Leisure
Caesars Entertainment, Inc.	(10)(11)		United States		S + 2.25%		0.00%		5.97%		2/6/2030			1,720				1,734				1,711				0.57
																		1,734				1,711				0.57
Household Durables
Thornton Carpet, LLC	(8)(9)		United States		S + 5.00%		1.00%		8.73%		5/15/2031			5,501				5,442				5,439				1.80
Thornton Carpet, LLC (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		0.50%		5/15/2031			—				(28	)			(31	)			(0.01	)
																		5,414				5,408				1.79
Insurance
OEG Borrower, LLC	(10)		United States		S + 3.50%		0.00%		7.20%		6/30/2031			1,985				1,982				1,999				0.66
The Mutual Group, LLC	(8)(9)		United States		S + 5.75%		1.00%		9.42%		1/31/2030			9,570				9,465				9,570				3.17
The Mutual Group, LLC (Revolver)	(7)(8)		United States		S + 5.75%		1.00%		0.50%		1/31/2030			—				(7	)			—				—
Tricor, LLC	(8)(9)		United States		S + 5.00%		1.00%		8.82%		8/8/2031			6,193				6,136				6,193				2.05
Tricor, LLC (Delayed Draw)	(7)(8)		United States		S + 5.00%		0.00%		1.00%		8/8/2031			—				(34	)			—				—
Tricor, LLC (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		0.50%		8/8/2031			—				(9	)			—				—
																		17,533				17,762				5.88
Interactive Media & Services
Case Works, LLC	(8)(9)		United States		S + 5.25%		1.00%		8.92%		10/1/2029			4,988				4,936				4,864				1.61
Case Works, LLC (Delayed Draw)	(8)(9)		United States		S + 5.25%		1.00%		9.28%		10/1/2029			749				746				730				0.24
Case Works, LLC (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		8.94%		10/1/2029			350				344				335				0.11
																		6,026				5,929				1.96
IT Services
Argano, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.23%		9/13/2029			11,517				11,353				11,517				3.81
Argano, LLC (Delayed Draw)	(8)(9)		United States		S + 5.50%		1.00%		9.22%		9/13/2029			5,039				4,995				5,039				1.67
Argano, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		0.50%		9/13/2029			—				(5	)			—				—
Asurion, LLC	(10)		United States		S + 4.00%		0.00%		7.82%		8/19/2028			2,487				2,484				2,493				0.83
Rackspace Technology Global, Inc.			United States		S + 6.25%		0.75%		10.11%		5/15/2028			173				175				176				0.06
																		19,002				19,225				6.37

 

24

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Machinery
BCP VI Summit Holdings LP	(10)		United States		S + 3.00%		0.00%		6.84%		1/30/2032			1,995				1,986				2,011				0.67
CPM Holdings, Inc.	(9)		United States		S + 4.50%		0.00%		8.34%		9/28/2028			1,194				1,194				1,190				0.39
SPX Flow, Inc.	(10)		United States		S + 2.75%		0.50%		6.47%		4/5/2029			2,000				2,009				2,008				0.67
																		5,189				5,209				1.73
Media
MH Sub I, LLC	(10)		United States		S + 4.25%		0.00%		7.97%		5/3/2028			997				992				930				0.31
WH Borrower, LLC	(10)		United States		S + 4.50%		0.00%		8.39%		2/20/2032			1,990				1,982				2,002				0.66
																		2,974				2,932				0.97
Metals & Mining
Minerals Technologies Inc.	(8)(10)(11)		United States		S + 2.00%		0.00%		5.72%		11/26/2031			1,980				1,990				1,990				0.66
																		1,990				1,990				0.66
Passenger Airlines
AAdvantage Loyality IP Ltd.	(10)		United States		S + 2.25%		0.00%		6.13%		4/20/2028			1,848				1,890				1,855				0.61
																		1,890				1,855				0.61
Pharmaceuticals
Nephron Pharmaceuticals, LLC	(8)(9)		United States		S + 4.00%		3.25%		7.99%		12/30/2027			1,846				1,833				1,846				0.61
Nephron Pharmaceuticals, LLC	(8)(9)		United States		S + 9.20%		3.25%		13.19%		12/30/2027			6,277				6,210				6,277				2.08
Syner-G Intermediate Holdings, LLC	(8)(9)		United States		S + 5.25%		1.00%		8.92%		9/17/2030			10,275				10,182				9,453				3.13
Syner-G Intermediate Holdings, LLC (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		0.50%		9/17/2030			—				(10	)			(92	)			(0.03	)
																		18,215				17,484				5.79
Professional Services
Eisner Advisory Group LLC	(10)		United States		S + 4.00%		0.50%		7.72%		2/28/2031			2,963				2,984				2,987				0.99
Grant Thornton Advisors LLC	(10)		United States		S + 2.75%		0.00%		6.47%		6/2/2031			1,985				1,999				1,991				0.66
Harbour Benefit Holdings, Inc.	(8)(9)		United States		S + 5.50%		1.00%		9.17%		7/11/2029			9,875				9,759				9,776				3.24
Harbour Benefit Holdings, Inc. (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.22%		7/11/2029			524				511				512				0.17
HFW Companies, LLC	(8)(9)		United States		S + 5.00%		1.00%		8.85%		5/1/2031			8,905				8,811				8,816				2.92
HFW Companies, LLC (Delayed Draw)	(7)(8)		United States		S + 5.00%		1.00%		8.85%		5/1/2031			1,856				1,831				1,785				0.59
HFW Companies, LLC (Revolver)	(7)(8)		United States		S + 5.00%		1.00%		0.50%		5/1/2031			—				(9	)			(9	)			—
Schola Group Acquisition, Inc.	(8)(9)		United States		S + 4.75%		1.00%		8.59%		4/9/2031			5,449				5,393				5,395				1.79
Schola Group Acquisition, Inc. (Delayed Draw)	(7)(8)		United States		S + 4.75%		0.00%		8.60%		4/9/2031			783				768				738				0.24
Schola Group Acquisition, Inc. (Revolver)	(7)(8)		United States		S + 4.75%		0.00%		0.50%		4/9/2031			—				(11	)			(11	)			—
Strategy Corps, LLC	(8)(9)		United States		S + 5.50%		1.00%		9.22%		6/28/2030			6,249				6,182				6,139				2.03
Strategy Corps, LLC (Delayed Draw)	(7)(8)		United States		S + 5.25%		1.00%		1.00%		6/28/2030			—				(8	)			(58	)			(0.02	)
Strategy Corps, LLC (Revolver)	(7)(8)		United States		S + 5.50%		1.00%		9.24%		6/28/2030			206				190				177				0.06
Unified Patents, LLC	(8)(9)		United States		S + 4.75%		0.00%		8.35%		12/23/2027			10,338				10,279				10,286				3.40
Unified Patents, LLC (Revolver)	(7)(8)		United States		S + 4.75%		0.00%		0.50%		12/23/2027			—				(6	)			(6	)			—
																		48,673				48,518				16.07

 

25

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Real Estate Management & Development
841 Prudential MOB LLC	(8)		United States		S + 6.50%		2.50%		10.32%		10/9/2027			13,773				13,641				13,773				4.56
841 Prudential MOB LLC (Delayed Draw)	(7)(8)		United States		S + 6.50%		2.50%		1.00%		10/9/2027			—				(2	)			—				—
																		13,639				13,773				4.56
Software
AQA Acquisition Holding, Inc	(10)		United States		S + 4.00%		0.00%		7.84%		3/3/2028			992				991				937				0.31
Boxer Parent Company Inc.	(10)		United States		S + 3.00%		0.00%		6.82%		7/30/2031			1,985				1,984				1,982				0.66
CDK Global, Inc.			United States		S + 3.25%		0.00%		6.92%		7/6/2029			997				993				848				0.28
Cloudera, Inc.	(9)(10)		United States		S + 3.75%		0.00%		7.57%		10/8/2028			4,671				4,668				4,488				1.48
CMI Marketing, Inc			United States		S + 4.25%		0.50%		8.08%		3/23/2028			1,974				1,971				1,952				0.65
Dragon Buyer Inc.	(10)		United States		S + 2.75%		0.00%		6.42%		9/30/2031			1,980				1,972				1,984				0.66
Flash Charm, Inc.	(9)		United States		S + 3.50%		0.00%		7.35%		3/2/2028			997				992				933				0.31
Irving Parent, Corp.	(8)(9)		United States		S + 5.25%		1.00%		8.92%		3/11/2031			16,549				16,322				16,300				5.40
Irving Parent, Corp. (Revolver)	(7)(8)		United States		S + 5.25%		1.00%		0.50%		3/11/2031			—				(31	)			(36	)			(0.01	)
Modena Buyer LLC	(10)		United States		S + 4.25%		0.00%		8.09%		7/1/2031			1,982				1,949				1,976				0.65
Project Alpha Intermediate Holdings, Inc.	(10)		United States		S + 3.25%		0.50%		6.92%		10/26/2030			1,975				1,992				1,974				0.65
Rocket Software, Inc.	(10)		United States		S + 3.75%		0.00%		7.47%		11/28/2028			990				983				991				0.33
Zodiac Purchaser, L.L.C.	(10)		United States		S + 3.50%		0.00%		7.22%		2/14/2032			998				993				995				0.33
																		35,779				35,324				11.70
Specialty Retail
BW Gas & Convenience Holdings, LLC	(10)		United States		S + 3.50%		0.50%		7.33%		3/31/2028			1,949				1,948				1,950				0.65
Penney Holdings LLC	(8)(9)		United States		S + 8.13%		2.50%		11.82%		9/20/2030			5,000				4,879				4,875				1.61
Sweetwater Borrower LLC	(8)(10)		United States		S + 4.25%		0.75%		8.08%		8/7/2028			1,941				1,932				1,956				0.65
Xcel Brands, Inc.	(8)(9)(11)		United States		S + 8.50%		2.00%		12.17%		12/12/2028			1,083				1,047				1,083				0.36
																		9,806				9,864				3.27

 

26

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)

 

Investments (1)(2)(3)	Footnotes		Region		Reference Rate and Spread		Interest Rate Floor		Interest Rate (4)		Maturity Date		Principal (5)				Amortized Cost (6)				Fair Value				Percentage of Net Assets
Trading Companies & Distributors
DXP Enterprises, Inc.	(10)(11)		United States		S + 3.25%		0.00%		6.97%		10/11/2030			1,466				1,460				1,481				0.49
Johnstone Supply, LLC	(10)		United States		S + 2.50%		0.00%		6.23%		6/9/2031			1,985				1,997				1,998				0.66
Verde Purchaser, LLC	(10)		United States		S + 4.00%		0.00%		7.67%		11/30/2030			1,972				1,965				1,975				0.65
White Cap Supply Holdings, LLC	(10)		United States		S + 3.25%		0.00%		6.97%		10/19/2029			1,973				1,963				1,983				0.66
																		7,385				7,437				2.46
Total First Lien Debt																	$	568,526			$	566,755				187.74	%
Second Lien Debt
Pharmaceuticals
Alvogen Pharma US, Inc.	(8)		United States		S + 10.50% (incl. 8.00% PIK)		0.00%		14.17%		3/1/2029			856				620				586				0.20
																		620				586				0.20
Warrant
Specialty Retail
Xcel Brands, Inc.	(8)		United States											8				31				1				—
																		31				1				—
Total Investments - non-controlled/non-affiliated																	$	569,177			$	567,342				187.94	%

 

(1)

Security may be an obligation of one or more entities affiliated with the named portfolio company.

(2)

All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.

(3)

All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

(4)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR (denoted as “S”) or Prime (denoted as “P”) which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2025. Variable rate loans typically include an interest reference rate floor feature, which the Company has indicated if applicable.

(5)

Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned.

(6)

The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and inclusive of any capitalized paid-in-kind income (“PIK”), for debt securities.

(7)

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. The fair value of the loan investments may include the impact of the unfunded commitment being valued below par. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

27

---

First Eagle Private Credit Fund

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)

 

(8)

These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Valuation Designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company’s valuation policy.

(9)

These debt investments were pledged as collateral under the Company’s MS Credit Facility as of December 31, 2025 (refer to Note 6 - “Borrowings”).

(10)

These debt investments were pledged as collateral under the Company’s JPM Credit Facility as of December 31, 2025 (refer to Note 6 - “Borrowings”).

(11)

The investment is not a qualifying asset under Section 55(a) of 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 December 31, 2025, non-qualifying assets represented approximately 3.7% of the total assets of the Company.

(12)

Loan was on non-accrual status as of December 31, 2025.

 

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

 

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First Eagle Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited)

(in thousands, except share/per share data, percentages and as otherwise noted)

Note 1. Organization

First Eagle Private Credit Fund (together with its subsidiaries, the “Company”), is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to qualify as a RIC annually.

The Company is externally managed by First Eagle Investment Management, LLC (“FEIM” or the “Adviser”). The Adviser oversees the management of the Company’s activities and supervises the activities of First Eagle Alternative Credit, LLC (“FEAC” or the “Subadviser,” and together with the Adviser, the “Advisers”). FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company’s investment subadviser and administrator (the “Administrator”). As of September 5, 2025, Napier Park Global Capital LLC (“Napier Park”), which is also a wholly-owned subsidiary of FEIM, and FEAC investment activities are unified under Napier Park’s management.

The Company has three wholly owned subsidiaries - First Eagle Private Credit Fund SPV, LLC and First Eagle Private Credit Fund BSL SPV I, LLC, which are financing subsidiaries of the Company, and FEPC Fund Servicer, LLC, which is the servicer of the Company’s MS Credit Facility (see Note 6—“Borrowings”).

The Company’s investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. Under normal circumstances, the Company expects that the majority of its total assets will be in private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured or asset-based loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, Rule 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, “Private Credit”). Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). This policy may be changed by the Board, and with at least 60 days’ prior notice to shareholders, upon the completion of the Company’s next repurchase offer (so long as such repurchase offer is not oversubscribed). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will likely be used to initially deploy capital upon receipt of subscriptions and may also be used for the purposes of maintaining and managing liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

The Company offers on a continuous basis up to $5.0 billion of common shares of beneficial interest (“Common Shares”) pursuant to an offering registered with the SEC that commenced on March 11, 2025. The Company offers to sell any combination of three classes of shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of common shares equals the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date.

Prior to the commencement of the Public Offering (as defined in Note 8 - “Net Assets”), the Company conducted a separate private offering (the “Private Offering”) of Common Shares (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act. The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act).

The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) of the Private Offering on June 12, 2023 (the “Initial Closing”), and commenced operations following its first capital call on July 10, 2023 (the “Commencement of Operations”). Prior to the Initial Closing, on April 28, 2023, the Adviser purchased 4,000 Common Shares at $25.00 per share.

 

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Note 2. Significant Accounting Policies

Basis of Presentation

The Company is an investment company following the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Company’s first fiscal year ended on December 31, 2023.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included herein. The current period’s results of operations are not necessarily indicative of the operating results to be expected for the year ending December 31, 2026.

As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

Consolidation

As provided under ASC Topic 946, Financial Services—Investment Companies, the Company generally will not consolidate its investment in a company other than substantially owned investment company subsidiaries or a controlled operating company whose business consists of providing services to the Company.

Use of Estimates

The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates and such differences could be material.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents are held with a financial institution and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Investments

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and is recorded within net realized gain (loss) on the Consolidated Statement of Operations.

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, and is recorded within net unrealized appreciation (depreciation) on the Consolidated Statement of Operations.

Fair Value of Financial Instruments

The Company applies fair value to its portfolio investments in accordance with ASC Topic 820—Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 also requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. Refer to Note 5—“Fair Value Measurements” for further discussion regarding fair value measurements and hierarchy.

 

 

 

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Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks.

During the three months ended March 31, 2026 and 2025, the Company had $13,622 and $15,052, respectively, of interest income.

PIK Income

The Company may have investments in its portfolio which contain a contractual paid-in-kind (“PIK”), interest provision. PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income. The Company will cease accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect amounts to be collectible and will generally only begin to recognize PIK income again when all principal and interest have been paid or upon the restructuring of the investment where the interest is deemed collectible. To maintain the Company’s status as a RIC, PIK interest income, which is considered investment company taxable income, may be required to be paid out to shareholders in the form of dividends even though the Company has not yet collected the cash. Amounts necessary to pay these dividends may come from available cash. During the three months ended March 31, 2026 and 2025, the Company had $29 and zero, respectively, of PIK income, which is included in Interest Income on the Consolidated Statement of Operations.

Dividend Income

Dividend income from cash equivalents is recorded on the record date. Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. During the three months ended March 31, 2026 and 2025, the Company had $451 and $263, respectively, of dividend income.

Other Income

The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered. During the three months ended March 31, 2026 and 2025, the Company had $384 and $204, respectively, of other income.

Non-Accrual

Loans are placed on non-accrual status when there is reasonable doubt whether principal or interest payments will be collected in full. The Company records the reversal of any previously accrued income against the same income category reflected in the Consolidated Statement of Operations. Additionally, any original issue discount (“OID”) and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. However, the Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2026, the Company had no investments on non-accrual status. As of December 31, 2025, non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.07%, respectively.

Organization and Offering Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Costs associated with the offering of Common Shares are capitalized as deferred offering costs on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from the later of the Commencement of Operations or the date of incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous offering.

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Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing and amendments of the Company’s Credit Facilities (as defined in Note 6 - “Borrowings”), including legal, accounting, and other related expenses. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the Company’s Credit Facilities.

If the borrowing capacity of a new arrangement is lower than the borrowing capacity of the old arrangement, evaluated on a lender by lender basis, then any unamortized deferred financing costs would be expensed during the period in proportion to the decrease in the old arrangement for that lender. Any remaining unamortized deferred financing costs relating to the old arrangement would be deferred and amortized over the term of the new arrangement along with any costs associated with the new arrangement.

Capitalized deferred financing costs related to the Company’s Credit Facilities are presented separately on the Company’s Consolidated Statement of Assets and Liabilities. Refer to Note 6 - “Borrowings” for additional information.

U.S. Federal Income Taxes, Including Excise Tax

The Company has elected to be regulated as a BDC under the 1940 Act. In addition, the Company has elected to be treated as a RIC under Subchapter M of the Code, and expects to qualify as a RIC annually. 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 by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statement 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.

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 the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed earnings unless the Company distributes in a timely manner in each calendar year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of its capital gain net income (both long-term and short-term, and adjusted for certain ordinary losses) for the one-year period generally ending October 31 of 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. Although the Company currently intends to make the required distributions to avoid the application of the 4% U.S. federal excise tax, the Company may also decide to retain taxable income in excess of current year dividend distributions and to pay any applicable excise tax on such undistributed income.

Distributions

The Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Company’s board of trustees (the “Board”), considering factors such as the Company’s earnings, cash flows, capital and liquidity needs and general financial condition and the requirements of Delaware law.

Recent Accounting Pronouncements

The Company considers the applicability and impact of each accounting standard update (“ASU”) issued by the FASB. ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance. However, the Company does not expect a material impact on its consolidated financial statements.

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In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), Narrow-Scope Improvements (“ASU 2025-11”), which improves the navigability of required interim disclosures and clarifies when that guidance is applicable. Additionally, ASU 2025-11 provides additional guidance on what disclosures should be provided in interim reporting periods. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of this guidance; however, the Company does not expect a material impact on its consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

On April 17, 2025, the Company’s Board unanimously approved an investment advisory agreement (the “Advisory Agreement”) and a subadvisory agreement (the “Subadvisory Agreement,” and together with the Advisory Agreement, the “Advisory Agreements”), each of which became effective on August 15, 2025. The Advisory Agreement was effective for an initial two-year term and remained in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent trustees. The Company could terminate the Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreement automatically terminated in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

Under the terms of the Advisory Agreement, the Company pays the Adviser a fee for its services consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee is ultimately borne by the shareholders. The subadvisory fee payable to FEAC is paid by FEIM out of its investment advisory fee rather than paid separately by the Company. Base management fees and incentive fees began to accrue upon the Commencement of Operations.

Base Management Fee

The management fee is calculated at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For services rendered under the Advisory Agreement, the management fee is payable monthly in arrears. Management fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated.

For these purposes, “net assets” means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets as of the Initial Closing.

For the three months ended March 31, 2026 and 2025, the Company accrued $925 and $931, respectively, in base management fees. For the three months ended March 31, 2026 and 2025, the Advisers waived zero and $931, respectively, in base management fees (see “Fee Waiver” below). As of March 31, 2026 and December 31, 2025, $317 and $160, respectively, were payable to the Adviser relating to management fees.

Incentive Fees

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:

(i)

Incentive Fee Based on Income

The portion based on our 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 our net assets at the end of the immediately 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 we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between us 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 OID, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet 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 our net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). Pre-Incentive Fee Net Investment Income Returns are calculated on a quarterly basis with no look-back period.

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The Company will pay the Adviser an incentive fee quarterly in arrears with respect to our 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 our 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 our 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 but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

•

12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.

For the three months ended March 31, 2026 and 2025, the Company accrued $827 and $907, respectively, in income-based incentive fees. For the three months ended March 31, 2026 and 2025, the Advisers waived zero and $907, respectively, in income-based incentive fees (see “Fee Waiver” below). As of March 31, 2026 and December 31, 2025, $827 and zero, respectively, were payable to the Adviser relating to income-based incentive fees.

(ii)

Incentive Fee on Capital Gains

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar year, 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 GAAP.

Under GAAP, the Company includes unrealized gains in the calculation of capital gains incentive fee expense. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

For the three months ended March 31, 2026 and 2025, the Company accrued no capital gains incentive fees. As of March 31, 2026 and December 31, 2025, there were no amounts payable to the Adviser relating to capital gain incentive fees.

Fee Waiver

For the period from June 6, 2024 through June 30, 2025, the Advisers had agreed to waive all management fees, incentive fees and subadvisory fees (the “Initial Advisory Fee Waiver”) payable to them under the Advisory Agreement and Subadvisory Agreement.

For the period from July 1, 2025 through December 31, 2025, the Advisers had agreed to waive 50% of the base management fee and 100% of the incentive fee payable to them under the Advisory Agreements (together with the Initial Advisory Fee Waiver, the “Advisory Fee Waivers”). The Advisory Fee Waivers are not revocable during their terms and amounts waived pursuant to the Advisory Fee Waivers will not be subject to any right of future recoupment in favor of the Advisers.

There were no fee waivers in place during the three months ended March 31, 2026.

Administration Agreement

The Company has also entered into an Administration Agreement with FEAC as the Administrator. Under the Administration Agreement, the Administrator performs, or oversees the performance of, administrative services necessary for the operation of the Company, which include, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to the Company’s shareholders and reports filed with the SEC. In addition, the Administrator assists in determining and publishing the Company’s NAV, oversees the preparation and filing of the Company’s tax returns, oversees the printing and dissemination of reports to the Company’s shareholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company will reimburse the Administrator for its allocable portion of the costs and expenses incurred by the Administrator in performance by the Administrator of its duties under the Administration Agreement, including technology costs and the Company’s allocable portion of cost of compensation and related expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which may

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include personnel at FEIM or FEAC, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company. The Company’s Board reviews the allocation methodologies with respect to such expenses. Under the Administration Agreement, non-investment professionals of the Administrator may provide, on behalf of the Company, managerial assistance to those portfolio companies to which the Company is required to provide such assistance. To the extent that the Company’s Administrator outsources any of its functions, the Company pays the fees associated with such functions on a direct basis without profit to the Administrator. Administrative costs and expenses under the Administration Agreement began to accrue upon the Commencement of Operations.

For the three months ended March 31, 2026 and 2025, the Company incurred administrator expenses of $345 and $604, respectively. As of March 31, 2026 and December 31, 2025, $708 and $391, respectively, of administrator expenses were due to the Administrator, which were included in accrued administration expense on the Consolidated Statement of Assets and Liabilities. Additionally, as of March 31, 2026 and December 31, 2025, $67 and $53, respectively, were due to the Administrator for direct expenses paid on the Company’s behalf, which were included in due to affiliates on the Consolidated Statement of Assets and Liabilities.

Expense Support and Conditional Reimbursement Agreement

From June 6, 2024 through the term of the Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”), which shall be through at least June 6, 2027, the Adviser will advance all of the Company’s Other Operating Expenses (as defined below) so such expenses do not exceed 1.00% (on an annualized basis) of the Company’s NAV (“Required Expense Payment”). Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates.

“Other Operating Expenses” means the Company’s organization and offering expenses, professional fees (including accounting, legal and auditing fees), custodian and transfer agent fees, third party valuation service fees, insurance costs, trustee fees, administration fees and other general and administrative expenses. For the avoidance of doubt, Other Operating Expenses excludes: (i) base management fees, (ii) incentive fees, (iii) shareholder servicing and/or distribution fees, (iv) brokerage costs or other investment-related out-of-pocket expenses, (v) dividend/interest payments (including any dividend payments, interest expense, commitment fees, or other expenses related to any leverage incurred by the Company), (vi) taxes, and (vii) extraordinary expenses (as determined in the sole discretion of the Adviser).

Additionally, pursuant to the Expense Support Agreement, the Adviser may elect to pay, at such times as the Adviser determines, certain additional expenses on the Company’s behalf (each such payment, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month (the “Applicable Calendar Month”) 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 the Applicable Calendar Month (“Excess Operating Funds”), the Company will pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to or on behalf of the Company within three years prior to the last business day of the Applicable Calendar Month have been reimbursed (“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).

No Reimbursement Payment for any Applicable Calendar Month shall be made if (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Company at the time of such proposed 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 unless such decrease in the Effective Rate of Distribution Per Share is as a result of a reduction in SOFR, or (2) the Company’s Other Operating Expenses at the time of such Reimbursement Payment exceed 1.00% of the Company’s net asset value at the end of the Applicable Calendar Month. “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, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special distributions, if any.

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 Month, except to the extent the Adviser has waived its right to receive such payment for the Applicable Calendar Month.

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The following is a summary of Expense Payments and related Reimbursement Payments for the three months ended March 31, 2026 and 2025:

For the Month Ended		Expense Payments by Adviser				Reimbursement Payments to Adviser				Unreimbursed Expense Payments				Reimbursement Eligibility Expiration
January 31, 2026		$	258			$	—			$	258			January 31, 2029
February 28, 2026			263				—				263			February 28, 2029
March 31, 2026			296				—				296			March 31, 2029
Total		$	817			$	—			$	817

 

For the Month Ended		Expense Payments by Adviser				Reimbursement Payments to Adviser				Unreimbursed Expense Payments				Reimbursement Eligibility Expiration
January 31, 2025		$	434			$	—			$	434			January 31, 2028
February 28, 2025			359				—				359			February 28, 2028
March 31, 2025			559				—				559			March 31, 2028
Total		$	1,352			$	—			$	1,352

For the three months ended March 31, 2026, the Company accrued Expense Payments due from the Adviser in the amount of $817. For the three months ended March 31, 2026, there were no Reimbursement Payments made to the Adviser.

For the three months ended March 31, 2025, the Company accrued Expense Payments due from the Adviser in the amount of $1,352. For the three months ended March 31, 2025, there were no Reimbursement Payments made to the Adviser.

As of March 31, 2026 and December 31, 2025, $1,671 and $854, respectively, of Expense Payments were due from the Adviser, which were included in due from adviser on the Consolidated Statement of Assets and Liabilities.

Intermediary Manager Agreement

On April 17, 2025, the Company entered into an intermediary manager agreement (the “Intermediary Manager Agreement”) with FEF Distributors, LLC (the “Intermediary Manager”), an affiliate of the Adviser. The Intermediary Manager Agreement became effective on August 15, 2025.

Pursuant to the Intermediary Manager Agreement, no upfront transaction fee will be paid with respect to Class I shares, Class S shares or Class D shares. However, if shareholders purchase Class S shares or Class D shares through certain financial intermediaries, they may directly charge shareholders transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and a 3.5% cap on NAV for Class S shares. Under the terms of the Intermediary Manager Agreement, the Intermediary Manager will serve as the intermediary manager for the Company’s public offering of its Common Shares. The Intermediary Manager will be entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Company’s net assets attributable to Class S shares and Class D shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I shares. The shareholder servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers.

The Company will cease paying the shareholder servicing and/or distribution fees on the Class S shares and the Class D shares held in a shareholder’s account at the end of the month in which the Intermediary Manager, in conjunction with the transfer agent, determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (including total transaction or other fees, including upfront placement fees or brokerage commissions). At the end of such month, each such Class S share or Class D share (and any shares issued under the Company’s dividend reinvestment plan with respect thereto) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such Class S shares or Class D shares. In addition, the Company will cease paying the shareholder servicing and/or distribution fees on the Class S shares and the Class D shares upon the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the shareholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering.

The Intermediary Manager is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”).

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The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s Trustees who are not “interested persons,” as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Intermediary Manager Agreement, or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Distribution and Service Plan

On January 10, 2025, the Board approved a distribution and service plan (the “Distribution and Service Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Intermediary Manager with respect to Class I shares, Class S shares and Class D shares on an annualized basis as a percentage of the Company’s NAV for such class.

 

		Shareholder Servicing and/or Distribution Fee as a % of NAV
Class I shares			—		%
Class S shares			0.85		%
Class D shares			0.25		%

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

The Intermediary Manager will reallow (pay) all of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, they reduce the NAV with respect to all shares of each such class, including shares issued under the Company’s dividend reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to Class S shares or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will not reallow (pay) the shareholder servicing and/or distribution fee to such broker that the broker otherwise would have been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For the three months ended March 31, 2026, the Company accrued shareholder servicing and/or distribution fees of less than $1, which were attributable to Class D shares. There were no shareholder servicing and/or distribution fees accrued for the same time period for Class S shares.

There were no shareholder servicing and/or distribution fees accrued for either Class D shares or Class S shares for the three months ended March 31, 2025.

Note 4. Investments

The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2026 and December 31, 2025:

		March 31, 2026												December 31, 2025
		Amortized Cost				Fair Value				% of Total Investments at Fair Value				Amortized Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt		$	538,662			$	536,655				99.88	%		$	568,526			$	566,755				99.90	%
Second Lien Debt			645				575				0.11				620				586				0.10
Warrant			23				29				0.01				31				1				—
Total investments		$	539,330			$	537,259				100.00	%		$	569,177			$	567,342				100.00	%

 

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The following is a summary of the industry classifications in which the Company invests as of March 31, 2026 and December 31, 2025:

March 31, 2026
	Amortized Cost				Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets
Aerospace & Defense	$	3,972			$	3,989				0.74	%			1.34	%
Air Freight & Logistics		5,388				4,826				0.90				1.62
Automobile Components		12,634				12,564				2.34				4.22
Broadline Retail		9,335				9,419				1.75				3.17
Building Products		7,641				7,687				1.43				2.58
Capital Markets		5,759				5,824				1.09				1.96
Chemicals		1,971				1,975				0.37				0.66
Commercial Services & Supplies		68,252				67,609				12.58				22.73
Construction & Engineering		48,119				48,317				8.99				16.25
Consumer Staples Distribution & Retail		22,637				22,795				4.24				7.67
Containers & Packaging		2,340				2,350				0.44				0.79
Diversified Consumer Services		20,470				20,219				3.76				6.80
Electric Utilities		9,590				9,687				1.80				3.26
Electrical Equipment		3,327				3,441				0.64				1.16
Financial Services		29,463				28,985				5.40				9.75
Food Products		1,982				1,995				0.37				0.67
Health Care Equipment & Supplies		6,438				6,501				1.21				2.19
Health Care Providers & Services		71,808				71,764				13.36				24.13
Health Care Technology		30,540				30,968				5.76				10.41
Hotels, Restaurants & Leisure		1,728				1,669				0.31				0.56
Household Durables		5,406				5,404				1.01				1.82
Insurance		17,502				17,713				3.30				5.96
Interactive Media & Services		6,123				5,925				1.10				1.99
IT Services		18,523				18,721				3.49				6.30
Life Sciences Tools & Services		4,291				4,333				0.81				1.46
Machinery		1,982				1,991				0.37				0.67
Media		1,977				1,989				0.37				0.67
Metals & Mining		1,985				1,982				0.37				0.67
Pharmaceuticals		18,666				17,985				3.35				6.05
Professional Services		48,282				48,123				8.96				16.18
Real Estate Management & Development		13,661				13,773				2.56				4.63
Software		22,430				21,616				4.02				7.27
Specialty Retail		7,742				7,863				1.46				2.63
Trading Companies & Distributors		7,366				7,257				1.35				2.44
	$	539,330			$	537,259				100.00	%			180.66	%

 

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December 31, 2025
	Amortized Cost				Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets
Aerospace & Defense	$	1,981			$	2,011				0.35	%			0.67	%
Air Freight & Logistics		9,007				8,440				1.49				2.80
Automobile Components		12,422				12,355				2.18				4.09
Broadline Retail		12,437				12,433				2.19				4.12
Building Products		7,631				7,676				1.35				2.54
Capital Markets		5,768				5,839				1.03				1.93
Chemicals		1,976				1,994				0.35				0.66
Commercial Services & Supplies		70,148				70,186				12.37				23.25
Construction & Engineering		46,742				46,824				8.25				15.51
Consumer Staples Distribution & Retail		22,723				22,705				4.00				7.52
Containers & Packaging		2,344				2,356				0.42				0.78
Diversified Consumer Services		20,213				19,889				3.51				6.59
Electric Utilities		9,608				9,711				1.71				3.22
Electrical Equipment		3,464				3,455				0.61				1.15
Financial Services		36,181				35,668				6.29				11.82
Food Products		4,355				4,410				0.78				1.46
Health Care Equipment & Supplies		6,450				6,494				1.14				2.15
Health Care Providers & Services		69,244				68,842				12.13				22.81
Health Care Technology		30,583				31,046				5.47				10.28
Hotels, Restaurants & Leisure		1,734				1,711				0.30				0.57
Household Durables		5,414				5,408				0.95				1.79
Insurance		17,533				17,762				3.13				5.88
Interactive Media & Services		6,026				5,929				1.04				1.96
IT Services		19,002				19,225				3.39				6.37
Machinery		5,189				5,209				0.92				1.73
Media		2,974				2,932				0.52				0.97
Metals & Mining		1,990				1,990				0.35				0.66
Passenger Airlines		1,890				1,855				0.33				0.61
Pharmaceuticals		18,835				18,070				3.19				5.99
Professional Services		48,673				48,518				8.55				16.07
Real Estate Management & Development		13,639				13,773				2.43				4.56
Software		35,779				35,324				6.23				11.70
Specialty Retail		9,837				9,865				1.74				3.27
Trading Companies & Distributors		7,385				7,437				1.31				2.46
	$	569,177			$	567,342				100.00	%			187.94	%

The following is a summary of the geographical concentration of the Company’s investment portfolio as of March 31, 2026 and December 31, 2025:

		March 31, 2026
		Amortized Cost				Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets
United States		$	530,105			$	528,636				98.40	%			177.76	%
Europe			9,225				8,623				1.60				2.90
Total		$	539,330			$	537,259				100.00	%			180.66	%

 

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		December 31, 2025
		Amortized Cost				Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets
United States		$	558,438			$	557,109				98.20	%			184.55	%
Europe			10,739				10,233				1.80				3.39
Total		$	569,177			$	567,342				100.00	%			187.94	%

As of March 31, 2026, we had no loans on non-accrual status. As of December 31, 2025, we had one loan on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.07%, respectively.

As of March 31, 2026 and December 31, 2025, on a fair value basis, 100.00% of the Company’s performing debt investments bore interest at a floating rate.

Note 5. Fair Value Measurements

Investments

The Company values all investments in accordance with ASC Topic 820, which requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC Topic 820, fair value is 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. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity.

ASC Topic 820 establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The 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 guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly;

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management.

Pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), the Board has designated FEIM as the Company’s valuation designee, as the term is defined in Rule 2a-5 (the “Valuation Designee”). FEIM, as the Valuation Designee, performs fair value determinations of the Company’s assets by implementing valuation policies and procedures approved by the Board, subject to the oversight of the Board and the Board’s Audit Committee, and in compliance with the requirements of Rule 2a-5. In calculating the value of the Company’s total assets, investments for which market quotations are readily available are valued using market quotations, which are generally obtained from an independent pricing service or one or more broker-dealers or market makers. Debt and equity securities for which market quotations are not readily available or are determined to be unreliable are valued at fair value as determined in good faith by the Valuation Designee.

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With respect to the investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below:

1.

the Company’s valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for managing portfolio investments; concurrently therewith, on at least an annual basis, independent valuation firms are used to conduct independent appraisals of all investments for which market quotations are either not readily available or are determined to be unreliable unless the amount of an investment is immaterial;

2.

the preliminary valuation recommendation of the investment professionals and the applicable input of the independent valuation firms (the “Preliminary Valuation Data”) are then documented and reviewed with FEAC’s pricing professionals;

3.

the Preliminary Valuation Data are then discussed with, and approved by, the pricing committee of FEAC;

4.

FEIM’s valuation committee independently discusses the Preliminary Valuation Data and determines the fair value of each investment in good faith based on the Preliminary Valuation Data; and

5.

on a quarterly basis, a designee of FEIM’s valuation committee discusses the fair value determinations of each investment with the Audit Committee.

When we determine our NAV as of the last day of a month that is not also the last day of a calendar quarter, we intend to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, FEIM’s valuation team will generally value such assets at the most recent quarterly valuation unless FEAC determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If FEAC determines such a change has occurred with respect to one or more investments, the relevant portfolio management team shall determine whether to recommend a change to the FEIM valuation committee and whether the applicable pricing professional will determine whether to engage an independent valuation firm for assistance. FEIM will then discuss and determine the fair value of such investment(s) in the Company’s portfolio in good faith based on the input of any applicable respective independent valuation firms.

The types of factors that the Valuation Designee may take into account in fair value pricing the Company’s investments include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors.

For cash flow debt investments, the Valuation Designee generally determines the fair value primarily using an income, or yield, approach that analyzes the discounted cash flows of interest and principal for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of each portfolio investment. The Valuation Designee’s estimate of the expected repayment date is generally the legal maturity date of the instrument. The yield analysis considers changes in leverage levels, credit quality, portfolio company performance and other factors. The enterprise value, a market approach, is used to determine the value of debt investments that are credit impaired, close to maturity or where the Company also holds a controlling equity interest. The method for determining enterprise value uses a multiple analysis, whereby appropriate multiples are applied to the portfolio company’s revenues or net income before net interest expense, income tax expense, depreciation and amortization, or EBITDA.

For asset-based loans, the Valuation Designee generally determines the fair value using the liquidation approach that analyzes the underlying collateral of the loan, as set forth in the associated loan agreements and the borrowing base certificates. Liquidation valuations may be determined using a net orderly liquidation value, a forced liquidation value, or other methodology. Such liquidation values may be further reduced by certain reserves that may reduce the value of the collateral available to support the outstanding debt in a wind down scenario (the net realized value of the collateral).

For equity investments, an income and/or market approach is generally used to value equity investments for which there is no established public or private market. The market approach values an investment by examining observable market values for similar investments. The resulting valuation, although stated as a precise number, is necessarily within a range of values that vary depending upon the significance attributed to the various factors being considered. Some of these factors may include current market trading and/or transaction multiples, the portfolio company’s relative financial performance relative to public and private peer companies and leverage levels.

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In addition, for certain debt investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

The Company has adopted the authoritative guidance under GAAP for estimating the fair value of investments in investment companies that have calculated NAV per share in accordance with the specialized accounting guidance for investment companies. Accordingly, in circumstances in which NAV per share of an investment is determinative of fair value, the Company estimates the fair value of an investment in an investment company using the NAV per share of the investment (or its equivalent) without further adjustment if the NAV per share of the investment is determined in accordance with the specialized accounting guidance for investment companies as of the reporting entity’s measurement date.

As of March 31, 2026, the Valuation Designee determined, in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuations procedures based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time.

Fair Value Disclosures

The following is a summary of the composition of the Company’s investment portfolio at fair value as of March 31, 2026 and December 31, 2025:

		March 31, 2026
		Level 1					Level 2					Level 3					Total
First Lien Debt		$	—				$	49,274				$	487,381				$	536,655
Second Lien Debt			—					—					575					575
Warrant			—					—					29					29
Total Investments		$	—				$	49,274				$	487,985				$	537,259
Percentage of Total			0.00		%			9.17		%			90.83		%			100.00		%

 

		December 31, 2025
		Level 1					Level 2					Level 3					Total
First Lien Debt		$	—				$	90,219				$	476,536				$	566,755
Second Lien Debt			—					—					586					586
Warrant			—					—					1					1
Total Investments		$	—				$	90,219				$	477,123				$	567,342
Percentage of Total			0.00		%			15.90		%			84.10		%			100.00		%

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31, 2026
	First Lien Loan				Second Lien Loan				Warrant				Total Investments
Fair value, beginning of period	$	476,536			$	586			$	1			$	477,123
Purchase of investments (including PIK)		13,186				17				—				13,203
Proceeds from principal repayments and sales of investments		(11,193	)			(8	)			—				(11,201	)
Amortization of premium/accretion of discount, net		512				16				—				528
Net realized gain (loss) on investments		16				—				(8	)			8
Net change in unrealized appreciation (depreciation) on investments		23				(36	)			36				23
Restructures		2,371				—				—				2,371
Transfers into Level 3		5,930				—				—				5,930
Fair value, end of period	$	487,381			$	575			$	29			$	487,985
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2026	$	193			$	(36	)		$	36			$	193

 

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	Three Months Ended March 31, 2025
	First Lien Loan				Second Lien Loan				Warrant				Total Investments
Fair value, beginning of period	$	332,589			$	—			$	32			$	332,621
Purchase of investments (including PIK)		68,504				17				—				68,521
Proceeds from principal repayments and sales of investments		(29,651	)			—				—				(29,651	)
Amortization of premium/accretion of discount, net		550				5				—				555
Net realized gain (loss) on investments		(941	)			—				—				(941	)
Net change in unrealized appreciation (depreciation) on investments		1,358				(94	)			(32	)			1,232
Reclassification		(528	)			528								—
Transfers out of Level 3		(16,039	)			—				—				(16,039	)
Transfers into Level 3		8,865				—				—				8,865
Fair value, end of period	$	364,707			$	456			$	—			$	365,163
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2025	$	(594	)		$	(94	)		$	(32	)		$	(720	)

Investments were transferred out of Level 3 during the three months ended March 31, 2025 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment, as assessed by the Valuation Designee. Investments were transferred into Level 3 during the three months ended March 31, 2026 and 2025 due to a decrease in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment, as assessed by the Valuation Designee.

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Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2026 and December 31, 2025. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

		March 31, 2026
										Range
		Fair Value				Valuation Technique		Unobservable Input		Low				High				Weighted Average (1)
First lien debt (2)		$	417,420			Discounted cash flows (income approach)		Comparative Yield			7.24	%			17.06	%			9.33	%
			63,104			Recoverability		Collateral Value		$18.8mm				$11,987.6mm				$3,081.4mm
			480,524
Warrant			27			Recoverability		Collateral Value		$341.4mm				$443.8mm				$392.6mm
			2			Option pricing model		Volatility			50.00	%			80.00	%			65.00	%
			29					Time Horizon (years)		1.0 yrs				5.0 yrs				3.0 yrs
Total		$	480,553

(1)

Weighted averages are calculated based on fair value of investments.

(2)

Excluded from the presentation is $6,857 in first lien senior secured debt and $575 in second lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

 

		December 31, 2025
										Range
		Fair Value				Valuation Technique		Unobservable Input		Low				High				Weighted Average (1)
First lien debt (2)		$	404,134			Discounted cash flows (income approach)		Comparative Yield			7.46	%			14.33	%			9.58	%
			66,447			Recoverability		Collateral Value		$19.4mm				$12,657.7mm				$3,178.4mm
			470,581
Warrant			1			Option pricing model		Volatility			50.00	%			80.00	%			65.00	%
								Time Horizon (years)		1.0 yrs				5.0 yrs				3.0 yrs
Total		$	470,582

(1)

Weighted averages are calculated based on fair value of investments.

(2)

Excluded from the presentation is $5,955 in first lien senior secured debt and $586 in second lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

The significant unobservable input used in the fair value measurement of the Company’s debt securities, excluding investments in asset-backed loans, is the comparative yield which is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. In determining the comparative yield for the income approach, the Company considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Significant increases (decreases) in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement.

The primary significant unobservable input used in the fair value measurement of the Company’s investment in asset-backed loans is the net realizable value of the underlying collateral of the loan. The Company considers information provided by the borrower in its compliance certificates and information from third party appraisals, among other factors, in its analysis. Significant increases (decreases) in the net realizable value of the underlying collateral would result in a significantly higher (lower) fair value measurement.

44

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Other Financial Assets and Liabilities

As of March 31, 2026, the carrying amounts of the Company’s other financial instruments, such as cash and cash equivalents, receivables and payables, approximate the fair value of such items due to the short maturity of such instruments and would be categorized as Level 1 within the fair value hierarchy. As of March 31, 2026, the carrying amounts of the Company’s outstanding Credit Facilities approximate fair value and would be categorized as Level 3 within the fair value hierarchy. The fair values of the Credit Facilities are estimated based upon market interest rates and entities with similar credit risk.

Note 6. Borrowings

In connection with the Company’s organization, the Board and the Company’s initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act to the Company. As a result of this approval, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2026, the Company’s asset coverage ratio was 205.5%.

MS Credit Facility

On September 22, 2023, First Eagle Private Credit Fund SPV, LLC (the “MS Credit Facility SPV”), a wholly-owned financing subsidiary of the Company, as borrower, the Company, as transferor, and FEPC Fund Servicer, LLC, an affiliate of the Company, as servicer, entered into a $350,000 senior secured revolving credit facility, as amended (the “MS Credit Facility”) with Morgan Stanley Bank, N.A., as initial lender, certain other lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as account bank and collateral custodian, and FEPC Fund Servicer, LLC, a wholly-owned subsidiary of the Company, as servicer under the MS Credit Facility.

On June 20, 2024, the MS Credit Facility SPV entered into the second amendment to the loan and servicing agreement (“Second Amendment”), amending the MS Credit Facility. The Second Amendment (i) amends the concentration limitation component of the borrowing base to allow, (x) until April 1, 2025, up to 75% of the MS Credit Facility SPV’s portfolio to be broadly syndicated loans or senior secured bonds, (y) thereafter until September 30, 2025, 50% of the MS Credit Facility SPV’s portfolio to be broadly syndicated loans or senior secured bonds, and (z) after September 30, 2025, 35% of the MS Credit Facility SPV’s portfolio to be broadly syndicated loans or senior secured bonds, (ii) reduces the minimum utilization amount under the MS Credit Facility to be 35% of the commitments under the MS Credit Facility until September 22, 2024, and (iii) changes the interest rate applicable to the minimum utilization amount to be only the “applicable margin.”

On November 7, 2024, the MS Credit Facility SPV entered into the third amendment to the loan and servicing agreement (“Third Amendment”), amending the MS Credit Facility. The Third Amendment (i) reduces the spread to 2.55% per annum during the revolving period and 3.05% per annum during the amortization period; (ii) amends the 5% PIK loan concentration limitation component of the borrowing base to exclude from the concentration limitation PIK loans with a minimum cash spread of at least 5% paid quarterly; (iii) increases the minimum utilization amount to be 75% of the commitments under the MS Credit Facility; and (iv) resets as of the Third Amendment date the time period the prepayment premium is due in connection with reducing or terminating commitments under the MS Credit Facility.

The Company’s ability to borrow under the MS Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 75% of the principal balance of its eligible portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 65%. Under the terms of the MS Credit Facility, the MS Credit Facility SPV is permitted to reinvest available cash and make new borrowings under the MS Credit Facility through September 22, 2026. The MS Credit Facility has a minimum utilization requirement (“MS Credit Facility Minimum Utilization”) of 35% of the facility amount (following a nine-month ramp-up period through September 21, 2024). The MS Credit Facility Minimum Utilization increased to 65% from September 22, 2024 and increased again to 75% from November 7, 2024 through the end of the revolving period. Distributions from the MS Credit Facility SPV to the Company are limited by the terms of the MS Credit Facility, which generally allows for the distribution of net interest income quarterly pursuant to a waterfall during the reinvestment period. The MS Credit Facility SPV’s obligations under the MS Credit Facility are secured by a first priority security interest in substantially all of the assets of the MS Credit Facility SPV, including its portfolio of investments, and the Company’s equity interest in the MS Credit Facility SPV. As of March 31, 2026, the Company held 88 investments with a total fair market value of $442,713 in the MS Credit Facility SPV as collateral for the MS Credit Facility. As of December 31, 2025, the Company held 89 investments with a total fair market value of $445,989 in the MS Credit Facility SPV as collateral for the MS Credit Facility. As of March 31, 2026 and December 31, 2025, the Company had $246,300 and $264,100, respectively, in borrowings outstanding under the MS Credit Facility.

45

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The MS Credit Facility has a scheduled maturity date of September 22, 2028, or earlier in accordance with the terms of the MS Credit Facility. Borrowings under the MS Credit Facility bear interest initially at the annual rate of three month SOFR plus a spread. The initial spread through November 6, 2024 was 3.05% per annum for term SOFR advances, reducing to 2.55% per annum for term SOFR advances from November 7, 2024 through the end of the revolving period, and 3.05% per annum during the amortization period. Additionally, the MS Credit Facility SPV pays a fee of 0.15% per annum on the notional loan amount of $350,000, a minimum utilization fee of 2.55% per annum on the MS Credit Facility Minimum Utilization less any outstanding borrowings if outstanding borrowings are less than the MS Credit Facility Minimum Utilization, and an unused fee of 0.60% per annum on the difference between the total facility amount and the greater of the MS Credit Facility Minimum Utilization or total outstanding borrowings.

Components of Interest Expense

The components of the Company’s interest expense on the MS Credit Facility were as follows:

	For the Three Months Ended March 31, 2026				For the Three Months Ended March 31, 2025
Borrowing interest expense	$	3,929			$	5,864
Borrowing administration fees		131				131
Facility unused fees		206				12
Amortization of financing costs		153				152
Total interest expense	$	4,419			$	6,159
Average Debt Outstanding		253,026				341,878
Average Stated Interest Rate		6.21	%			6.86	%

 

JPM Credit Facility

On April 9, 2025, First Eagle Private Credit Fund BSL SPV I, LLC (the “JPM Credit Facility SPV”), a wholly-owned financing subsidiary of the Company, as borrower, entered into a $100,000 senior secured revolving credit facility (the “JPM Credit Facility,” and together with the MS Credit Facility, the “Credit Facilities”) with JPMorgan Chase Bank, National Association, as initial lender, certain other lenders from time to time party thereto, FEAC, as portfolio manager, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent.

The Company’s ability to borrow under the JPM Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 70% of the net asset value of the portfolio assets held in the JPM Credit Facility SPV. Under the terms of the JPM Credit Facility, the JPM Credit Facility SPV is permitted to reinvest available cash and make new borrowing under the JPM Credit Facility through April 8, 2028. The JPM Credit Facility has a minimum utilization requirement (“JPM Credit Facility Minimum Utilization”) of 50% of the facility amount (following a three-month ramp-up period through July 9, 2025), increasing to 75% on October 10, 2025 through the end of the reinvestment period. Distributions from the JPM Credit Facility SPV to the Company are limited by the terms of the JPM Credit Facility, which generally allows for the distribution of net interest income quarterly pursuant to a waterfall during the reinvestment period. The JPM Credit Facility SPV’s obligations under the JPM Credit Facility are secured by a first priority security interest in substantially all of the assets of the JPM Credit Facility SPV, including its portfolio of investments. As of March 31, 2026, the Company held 24 investments with a total fair market value of $50,190 in the JPM Credit Facility SPV as collateral for the JPM Credit Facility. As of December 31, 2025, the Company held 39 investments with a total fair market value of $78,395 in the JPM Credit Facility SPV as collateral for the JPM Credit Facility. As of March 31, 2026 and December 31, 2025, the Company had $35,500 and $75,000, respectively, in borrowings outstanding under the JPM Credit Facility.

The JPM Credit Facility has a scheduled maturity date of April 9, 2030, or earlier in accordance with the terms of the JPM Credit Facility. Borrowings under the JPM Credit Facility bear interest at the annual rate of three month SOFR plus a spread of 1.55% per annum. Additionally, the JPM Credit Facility SPV pays a minimum utilization fee of 1.55% per annum on the JPM Credit Facility Minimum Utilization less any outstanding borrowings if outstanding borrowings are less than the JPM Credit Facility Minimum Utilization, and an unused fee of 0.50% per annum on the difference between the total facility amount and the greater of the JPM Credit Facility Minimum Utilization or total outstanding borrowings.

46

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Components of Interest Expense

The components of the Company’s interest expense on the JPM Credit Facility were as follows:

	For the Three Months Ended March 31, 2026				For the Three Months Ended March 31, 2025
Borrowing interest expense	$	757			$	—
Borrowing administration fees		—				—
Facility unused fees		118				—
Amortization of financing costs		47				—
Total interest expense	$	922			$	—
Average Debt Outstanding		58,072				—
Average Stated Interest Rate		5.21	%		N/A

 

For the three months ended March 31, 2026 and 2025, the average total debt outstanding was $311,098 and $341,878, respectively.

For the three months ended March 31, 2026 and 2025, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, was 6.96% and 7.31%, respectively.

Note 7. Commitments and Contingencies

Unfunded Commitments

Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statement of Assets and Liabilities. The Company’s unfunded commitments may be significant from time to time. These commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company intends to use cash flow from normal and early principal repayments and proceeds from borrowings to fund these commitments.

47

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As of March 31, 2026 and December 31, 2025, the Company has the following unfunded commitments to portfolio companies:

March 31, 2026
Investments—non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Delayed Draw
360 Partners, LLC		Delayed Draw		7/31/2027		$	5,090			$	(102	)
841 Prudential MOB LLC		Delayed Draw		10/8/2027		$	719			$	—
APS Acquisition Holdings, LLC		Delayed Draw		7/11/2026		$	1,480			$	—
CI (MG) Group, LLC		Delayed Draw		3/27/2027		$	2,162			$	—
Gen4 Dental Partners Opco, LLC		Delayed Draw		5/13/2026		$	1,867			$	(19	)
HFW Holdings, LLC		Delayed Draw		5/1/2027		$	5,213			$	(39	)
Housework Holdings		Delayed Draw		5/28/2026		$	417			$	(4	)
McHale Landscape Design, Inc.		Delayed Draw		7/16/2027		$	3,314			$	(17	)
Mission Critical Group, LLC		Delayed Draw		4/17/2027		$	1,849			$	—
Monarch Behavioral Therapy, LLC		Delayed Draw		6/6/2026		$	266			$	(1	)
Prescott's Inc.		Delayed Draw		12/30/2026		$	2,091			$	—
PRGX Global, Inc		Delayed Draw		2/20/2027		$	597			$	(9	)
Schola Group Acquisition, Inc.		Delayed Draw		4/9/2027		$	1,894			$	—
Strategy Corps, LLC		Delayed Draw		6/28/2026		$	3,300			$	(58	)
Tricor, LLC		Delayed Draw		8/8/2027		$	7,780			$	—
Waste Resource Management Inc.		Delayed Draw		5/19/2027		$	4,684			$	—
XPT Partners, LLC		Delayed Draw		12/10/2026		$	866			$	—

 

48

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Investments—non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Revolver
360 Partners, LLC		Revolver		8/7/2031		$	2,874			$	(57	)
Advantmed Buyer Inc		Revolver		2/14/2031		$	2,189			$	—
Air Buyer Inc.		Revolver		7/23/2030		$	171			$	(19	)
Air Conditioning Specialist, Inc.		Revolver		11/19/2029		$	395			$	(1	)
Apella Capital LLC		Revolver		3/1/2029		$	350			$	—
APS Acquisition Holdings, LLC		Revolver		7/11/2029		$	1,741			$	—
Argano, LLC		Revolver		9/13/2029		$	348			$	—
Case Works, LLC		Revolver		10/1/2029		$	148			$	(6	)
CI (MG) Group, LLC		Revolver		3/27/2030		$	439			$	—
Eiko Global, LLC		Revolver		9/3/2030		$	2,273			$	—
Elevate HD Parent, Inc.		Revolver		8/20/2029		$	153			$	—
Endo1 Partners, LLC		Revolver		5/23/2030		$	322			$	(2	)
Enthusiast Auto Holdings, LLC		Revolver		12/19/2027		$	1,151			$	—
Gen4 Dental Partners Opco, LLC		Revolver		5/13/2030		$	467			$	(5	)
HFW Holdings, LLC		Revolver		5/1/2031		$	944			$	(7	)
Housework Holdings		Revolver		12/15/2028		$	80			$	(1	)
In Vitro Sciences, LLC		Revolver		2/28/2029		$	227			$	(9	)
Irving Parent, Corp.		Revolver		3/11/2031		$	2,382			$	(36	)
Mammoth Holdings, LLC		Revolver		11/15/2029		$	659			$	(28	)
McHale Landscape Design, Inc.		Revolver		7/16/2031		$	1,429			$	(7	)
Medrina, LLC		Revolver		10/20/2029		$	1,107			$	—
Mission Critical Group, LLC		Revolver		4/17/2030		$	1,612			$	—
Monarch Behavioral Therapy, LLC		Revolver		6/6/2030		$	167			$	(1	)
Owl Vans, LLC		Revolver		12/31/2030		$	600			$	(15	)
Prescott's Inc.		Revolver		12/30/2030		$	896			$	—
Quorum Health Resources		Revolver		5/28/2027		$	1,556			$	(4	)
RL James, Inc.		Revolver		12/15/2028		$	973			$	—
RMBUS Holdco Inc.		Revolver		1/8/2029		$	518			$	—
Sagebrush Buyer, LLC		Revolver		7/1/2030		$	1,263			$	—
Schola Group Acquisition, Inc.		Revolver		4/9/2031		$	1,141			$	—
Strategy Corps, LLC		Revolver		6/28/2030		$	1,361			$	(24	)
Streetmasters Intermediate, Inc		Revolver		4/1/2030		$	1,247			$	(19	)
SuperHero Fire Protection, LLC		Revolver		12/31/2029		$	884			$	—
Syner-G Intermediate Holdings, LLC		Revolver		9/17/2030		$	977			$	(68	)
The Mulch & Soil Company, LLC		Revolver		5/1/2028		$	562			$	—
The Mutual Group, LLC		Revolver		1/31/2030		$	691			$	—
Thornton Carpet, LLC		Revolver		5/15/2031		$	2,764			$	(28	)
Tri Scapes, LLC		Revolver		7/12/2030		$	1,025			$	(10	)
Tricor, LLC		Revolver		8/8/2031		$	996			$	—
Unified Patents, LLC		Revolver		12/23/2027		$	1,271			$	(3	)
Violet Utility Buyer, LLC		Revolver		7/24/2031		$	2,372			$	(27	)
Visante Acquisition, LLC		Revolver		1/31/2030		$	976			$	—
Waste Resource Management Inc.		Revolver		12/28/2029		$	745			$	—
XPT Partners, LLC		Revolver		9/13/2028		$	136			$	—
Zenith American Solutions, Inc.		Revolver		7/11/2029		$	676			$	(7	)
Total Unfunded Commitments						$	88,847			$	(633	)

 

49

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December 31, 2025
Investments—non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Delayed Draw
360 Partners, LLC		Delayed Draw		7/31/2027		$	5,090			$	(57	)
841 Prudential MOB LLC		Delayed Draw		10/8/2027		$	719			$	—
APS Acquisition Holdings, LLC		Delayed Draw		7/11/2026		$	2,264			$	—
CI (MG) Group, LLC		Delayed Draw		3/27/2027		$	2,180			$	(5	)
Elevate HD Parent, Inc.		Delayed Draw		2/18/2026		$	257			$	—
Gen4 Dental Partners Opco, LLC		Delayed Draw		5/13/2026		$	1,867			$	(19	)
HFW Holdings, LLC		Delayed Draw		5/1/2027		$	5,213			$	(52	)
Housework Holdings		Delayed Draw		5/28/2026		$	417			$	(6	)
McHale Landscape Design, Inc.		Delayed Draw		7/16/2027		$	3,314			$	(37	)
Mission Critical Group, LLC		Delayed Draw		4/17/2027		$	1,849			$	—
Monarch Behavioral Therapy, LLC		Delayed Draw		6/6/2026		$	266			$	(1	)
Prescott's Inc.		Delayed Draw		12/30/2026		$	2,091			$	(5	)
PRGX Global, Inc		Delayed Draw		2/20/2027		$	597			$	(10	)
RMBUS Holdco Inc.		Delayed Draw		1/22/2026		$	2,070			$	—
Schola Group Acquisition, Inc.		Delayed Draw		4/9/2027		$	3,777			$	(38	)
SR Landscaping, LLC		Delayed Draw		2/20/2026		$	932			$	(65	)
Strategy Corps, LLC		Delayed Draw		6/28/2026		$	3,300			$	(58	)
Tri Scapes, LLC		Delayed Draw		7/12/2026		$	427			$	(6	)
Tricor, LLC		Delayed Draw		8/8/2027		$	7,780			$	—
Waste Resource Management Inc.		Delayed Draw		5/19/2027		$	4,684			$	—
XPT Partners, LLC		Delayed Draw		12/10/2026		$	950			$	(7	)

 

50

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Investments—non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Revolver
360 Partners, LLC		Revolver		8/7/2031		$	2,874			$	(32	)
Advantmed Buyer Inc		Revolver		2/14/2031		$	2,189			$	—
Air Buyer Inc.		Revolver		7/23/2030		$	171			$	(5	)
Air Conditioning Specialist, Inc.		Revolver		11/19/2029		$	396			$	(2	)
Apella Capital LLC		Revolver		3/1/2029		$	350			$	—
APS Acquisition Holdings, LLC		Revolver		7/11/2029		$	1,741			$	—
Argano, LLC		Revolver		9/13/2029		$	348			$	—
Case Works, LLC		Revolver		10/1/2029		$	253			$	(6	)
CI (MG) Group, LLC		Revolver		3/27/2030		$	439			$	(1	)
Eiko Global, LLC		Revolver		9/3/2030		$	2,130			$	(48	)
Elevate HD Parent, Inc.		Revolver		8/20/2029		$	200			$	—
Endo1 Partners, LLC		Revolver		5/23/2030		$	322			$	(2	)
Enthusiast Auto Holdings, LLC		Revolver		12/19/2026		$	1,151			$	—
Gen4 Dental Partners Opco, LLC		Revolver		5/13/2030		$	467			$	(5	)
HFW Holdings, LLC		Revolver		5/1/2031		$	944			$	(9	)
Housework Holdings		Revolver		12/15/2028		$	86			$	(1	)
In Vitro Sciences, LLC		Revolver		2/28/2029		$	227			$	(18	)
Irving Parent, Corp.		Revolver		3/11/2031		$	2,382			$	(36	)
Mammoth Holdings, LLC		Revolver		11/15/2029		$	498			$	(17	)
McHale Landscape Design, Inc.		Revolver		7/16/2031		$	1,429			$	(16	)
Medrina, LLC		Revolver		10/20/2029		$	1,107			$	—
Mission Critical Group, LLC		Revolver		4/17/2030		$	1,612			$	—
Monarch Behavioral Therapy, LLC		Revolver		6/6/2030		$	167			$	(1	)
Owl Vans, LLC		Revolver		12/31/2030		$	840			$	(21	)
Prescott's Inc.		Revolver		12/30/2030		$	896			$	(2	)
Quorum Health Resources		Revolver		5/28/2027		$	1,556			$	(8	)
RL James, Inc.		Revolver		12/15/2028		$	919			$	—
RMBUS Holdco Inc.		Revolver		1/8/2029		$	1,035			$	—
Sagebrush Buyer, LLC		Revolver		7/1/2030		$	1,263			$	—
Schola Group Acquisition, Inc.		Revolver		4/9/2031		$	1,141			$	(11	)
Strategy Corps, LLC		Revolver		6/28/2030		$	1,444			$	(25	)
Streetmasters Intermediate, Inc		Revolver		4/1/2030		$	1,700			$	(43	)
SuperHero Fire Protection, LLC		Revolver		12/31/2029		$	964			$	—
Syner-G Intermediate Holdings, LLC		Revolver		9/17/2030		$	1,150			$	(92	)
The Mulch & Soil Company, LLC		Revolver		5/1/2028		$	605			$	—
The Mutual Group, LLC		Revolver		1/31/2030		$	691			$	—
Thornton Carpet, LLC		Revolver		5/15/2031		$	2,764			$	(31	)
Tri Scapes, LLC		Revolver		7/12/2030		$	1,185			$	(18	)
Tricor, LLC		Revolver		8/8/2031		$	996			$	—
Unified Patents, LLC		Revolver		12/23/2027		$	1,271			$	(6	)
Violet Utility Buyer, LLC		Revolver		7/24/2031		$	3,295			$	(37	)
Visante Acquisition, LLC		Revolver		1/31/2030		$	976			$	—
Waste Resource Management Inc.		Revolver		12/28/2029		$	828			$	—
XPT Partners, LLC		Revolver		9/13/2028		$	136			$	(1	)
Zenith American Solutions, Inc.		Revolver		7/11/2029		$	676			$	(7	)
Total Unfunded Commitments						$	97,858			$	(867	)

Legal Proceedings

From time to time, the Company, or the Advisers, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of the Company’s rights under contracts with its portfolio companies. Neither the Company, nor the Advisers, is currently subject to any material legal proceedings.

Note 8. Net Assets

Share Issuances

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares at $0.001 per share par value.

The Company offers on a continuous basis up to $5.0 billion of Common Shares pursuant to an offering registered with the SEC that commenced on March 11, 2025 (the “Public Offering”). The Company offers to sell any combination of three classes of shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of common shares equals the NAV per share, as of the effective date of the monthly share purchase date.

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Prior to the commencement of the Public Offering, the Company conducted the Private Offering of Common Shares (i) to accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act. The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act).

The following table summarizes the issuance of shares from the Public Offering and the Private Offering during the three months ended March 31, 2026 and 2025:

		Class I
Subscriptions Effective		Shares Issued				Net Proceeds
For the three months ended March 31, 2026
January 1, 2026			297			$	7
February 1, 2026			306				8
Total			603			$	15
For the three months ended March 31, 2025
January 1, 2025			37,241			$	901
Total			37,241			$	901

 

		Class D
Subscriptions Effective		Shares Issued				Net Proceeds
For the three months ended March 31, 2026
None			—			$	—
Total			—			$	—
For the three months ended March 31, 2025
None			—			$	—
Total			—			$	—

 

During the three months ended March 31, 2026 and 2025, the Company also issued 264 Class I shares and 111 Class I shares, respectively, for aggregate values of $6 and $3, respectively, under the DRP (as defined below).

Net Asset Value Per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following table presents each month-end NAV per share for Class I shares and Class D shares for the three months ended March 31, 2026 and 2025:

		NAV Per Share
For the Month Ended		Class I				Class D
For the three months ended March 31, 2026
January 31, 2026		$	24.09			$	24.09
February 28, 2026			23.97				23.97
March 31, 2026			23.95				23.95
For the three months ended March 31, 2025
January 31, 2025		$	24.27			$	—
February 28, 2025			24.37				—
March 31, 2025			23.97				—

 

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Distributions

The following table presents distributions that were declared and payable during the three months ended March 31, 2026 and 2025:

		Class I
Date Declared		Record Date		Payment Date		Distribution Per Share				Distribution Amount
For the three months ended March 31, 2026
January 30, 2026		January 30, 2026		February 26, 2026		$	0.210			$	2,615
February 27, 2026		February 27, 2026		March 30, 2026			0.210				2,615
March 31, 2026		March 31, 2026		April 29, 2026			0.210				2,616
Total										$	7,846
For the three months ended March 31, 2025
January 31, 2025		January 31, 2025		February 27, 2025		$	0.205			$	2,548
March 26, 2025		March 26, 2025		March 28, 2025			0.205				2,550
March 31, 2025		March 31, 2025		April 29, 2025			0.205				2,551
Total										$	7,649

 

		Class D
Date Declared		Record Date		Payment Date		Distribution Per Share (1)				Distribution Amount
For the three months ended March 31, 2026
January 30, 2026		January 30, 2026		February 26, 2026		$	0.205			$	1
February 27, 2026		February 27, 2026		March 30, 2026			0.205				1
March 31, 2026		March 31, 2026		April 29, 2026			0.205				1
Total										$	3
For the three months ended March 31, 2025
None						$	—			$	—
Total										$	—

(1)

Distribution per share is net of shareholder servicing and/or distribution fees.

 

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Character of Distributions

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, and capital gains proceeds from the sale of assets.

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 cash distributions on a GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2026 and 2025:

		March 31, 2026								March 31, 2025
		Class I				Class D				Class I
Ordinary income (including net short-term capital gains)		$	7,846			$	3			$	7,109
Capital gains			—				—				540
Return of capital			—				—				—
Total taxable distributions		$	7,846			$	3			$	7,649

Distribution Reinvestment

The Company has adopted a dividend reinvestment plan (“DRP”), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who elected not to receive their dividends in cash. Shareholders who have opted into the Company’s DRP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. As of the commencement of the Public Offering, investors and clients of certain participating brokers in states that do not permit automatic enrollment in our DRP will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. A participating shareholder will receive an amount of shares equal to the amount of the distribution on that participant’s shares divided by the most recent NAV per share that is available on the date such distribution was paid. Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan.

Share Repurchase Program

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board intends to reinstate the share repurchase program when appropriate and subject to our Board’s duties to the Company. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase Common Shares pursuant to quarterly tender offers (such date of the offer, the “Repurchase Date”) using a purchase price equal to the NAV per share as of the close of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the prospective repurchase date. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

We may, from time to time, waive the Early Repurchase Deduction in respect of repurchase of Common Shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a shareholder who is a natural person.

In addition, our Common Shares are sold to certain feeder vehicles primarily created to hold the Company’s Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, we may not apply the Early Repurchase Deduction to repurchase requests made by the feeder vehicles, including because of administrative or systems limitations.

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The following table presents share repurchases completed under the share repurchase program during the three months ended March 31, 2026:

Repurchase Request Deadline		Total Number of Shares Repurchased (all classes)				Percentage of Outstanding Shares Repurchased(1)				Price Paid Per Share				Repurchase Pricing Date		Amount Repurchased (all classes)(2)				Maximum number of shares that may yet be purchased under the repurchase plan(3)
February 27, 2026			40,500				0.33	%		$	23.95			March 31, 2026		$	970				—

 

(1)

Percentage is based on total shares as of the close of the previous calendar quarter.

(2)

Amounts shown net of Early Repurchase Deductions, if any.

(3)

All repurchase requests were satisfied in full.

 

During the three months ended March 31, 2025, zero shares were repurchased.

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Note 9. Financial Highlights and Senior Securities

The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025:

	For the Three Months Ended March 31, 2026								For the Three Months Ended March 31, 2025
	Class I				Class D (1)				Class I
Per Share Data:
Net assets, beginning of period	$	24.23			$	24.23			$	24.21
Net investment income (loss) after excise tax (2)		0.53				0.51				0.69
Net realized gain (loss) (2)		(0.16	)			(0.16	)			(0.04	)
Net change in unrealized appreciation (depreciation) (2)		(0.02	)			(0.02	)			(0.27	)
Net increase (decrease) in net assets resulting from operations (2)		0.35				0.33				0.38
Distributions declared from distributable earnings (losses)		(0.63	)			(0.61	)			(0.58	)
Issuance of shares		—				—				(0.04	)
Other (3)		—				—				—
Total increase (decrease) in net assets		(0.28	)			(0.28	)			(0.24	)
Net assets, end of period	$	23.95			$	23.95			$	23.97
Shares outstanding, end of period		12,413,929				4,205				12,444,713
Total return based on NAV (4)		1.46	%			1.40	%			1.55	%
Ratios:
Net expenses to average net assets (5)		10.64	%			10.88	%			9.37	%
Net investment income to average net assets (5)		8.53	%			8.18	%			11.34	%
Portfolio turnover rate (6)		2.75	%			2.75	%			11.62	%
Supplemental Data:
Net assets, end of period	$	297,288			$	101			$	298,240
Average debt outstanding	$	311,098			$	311,098			$	341,878
Asset coverage ratio		205.5	%			205.5	%			187.8	%

 

(1)

The date of the first sale of Class D shares was May 1, 2025. See Note 8 - “Net Assets” for additional information.

(2)

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

(3)

Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(4)

Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share. Return calculations are not annualized.

(5)

Amounts are annualized except for excise taxes. For the three months ended March 31, 2026, the ratio of total operating expenses to average net assets was 11.75% and 11.98% (annualized) for Class I shares and Class D shares, respectively, excluding the effect of expense support payments/(recoupments), and management fee and income based incentive fee waivers, by the Adviser, if any, which represented 1.11% and 1.10% (annualized) for Class I shares and Class D shares, respectively, of average assets. For the three months ended March 31, 2025, the ratio of total operating expenses to average net assets was 13.68%, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 4.33% of average assets.

(6)

Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.

 

 

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The following is information about the Company’s senior securities:

Class and Period		Total Amount Outstanding Exclusive of Treasury Securities (1)				Asset Coverage per Unit (2)				Involuntary Liquidating Preference per Unit (3)				Average Market Value per Unit (4)
MS Credit Facility
March 31, 2026		$	246,300			$	2,055				—			N/A
December 31, 2025		$	264,100			$	1,890				—			N/A
December 31, 2024		$	325,600			$	1,922				—			N/A
December 31, 2023 (5)		$	—			$	—				—			N/A

 

Class and Period		Total Amount Outstanding Exclusive of Treasury Securities (1)				Asset Coverage per Unit (2)				Involuntary Liquidating Preference per Unit (3)				Average Market Value per Unit (4)
JPM Credit Facility
March 31, 2026		$	35,500			$	2,055				—			N/A
December 31, 2025		$	75,000			$	1,890				—			N/A

 

(1)

Total amount of each class of senior securities outstanding at the end of the period presented, in thousands.

(2)

Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)

The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)

Not applicable because the senior securities are not registered for public trading.

(5)

As of December 31, 2023, the Company had no debt outstanding under the MS Credit Facility.

Note 10. Segment Reporting

Operating segments are defined as components of a company that engage in business activities and for which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. In accordance with ASC 280, the Company has determined that it has a single operating segment which makes investments in accordance with the Company’s investment objectives to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation investments. The Company’s CODM is comprised of the Subadviser’s Direct Lending Investment Committee and Liquid Credit Investment Committee.

The CODM assesses the performance of, and makes the operating decisions of, the Company on a consolidated basis primarily based on the Company’s net investment income and net increase (decrease) in net assets resulting from operations. In addition to numerous other factors and metrics, the CODM utilizes net investment income and net increase (decrease) in net assets resulting from operations as key metrics in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company has a single reporting segment, the segment assets are reflected on the accompanying consolidated Statement of Assets and Liabilities as “total assets,” and the significant segment expenses are listed on the accompanying consolidated Statement of Operations.

Note 11. Subsequent Events

There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of March 31, 2026, except as discussed below.

On April 23, 2026, the Company’s Board declared a distribution of $0.210 per Class I share and $0.205 per Class D share, which are payable on May 28, 2026 to shareholders of record as of April 30, 2026.

 

 

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Except as otherwise specified, references to the “Company,”“we,” “us,” and “our” refer to First Eagle Private Credit Fund and its consolidated subsidiaries; “FEIM” and “Adviser” refer to First Eagle Investment Management, LLC, our investment adviser; and “FEAC,” “Subadviser,” and “Administrator” refer to First Eagle Alternative Credit, LLC, our investment sub-adviser (and, together with the Adviser, the “Advisers”) and administrator.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q (the “Quarterly Report”).

 

Overview

The Company is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a BDC under the 1940 Act. In addition, the Company has elected to be treated as a RIC under Subchapter M of the Code and expects to qualify as a RIC annually.

The Company offers on a continuous basis up to $5.0 billion of common shares of beneficial interest (“Common Shares”) pursuant to an offering registered with the SEC that commenced on March 11, 2025. The Company offers to sell any combination of three classes of shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of common shares equals the net asset value (“NAV”) per share, as of the effective date of the monthly share purchase date.

Prior to the commencement of its public offering on March 11, 2025 (the “Public Offering”), the Company conducted a separate private offering (the “Private Offering”) of Common Shares (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act. The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act).

The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) of the Private Offering of its Common Shares on June 12, 2023, and commenced operations following its first capital call on July 10, 2023.

The Company is externally managed by the Adviser. The Adviser oversees the management of the Company’s activities and supervises the activities of the Subadviser. FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company’s investment subadviser and administrator. As of September 5, 2025, Napier Park, which is also a wholly-owned subsidiary of FEIM, and FEAC investment activities are unified under Napier Park’s management.

The Company’s investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. Under normal circumstances, the Company expects that the majority of its total assets will be in private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured loans or asset-based loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, Rule 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, “Private Credit”). Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will likely be used to initially deploy capital upon receipt of subscriptions and may also be used for the purposes of maintaining and managing liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Key Components of Our Results of Operations

Revenues

We generate revenue in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our debt investments will generally bear interest at a fixed or floating rate. Interest on debt securities is generally payable monthly, quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. OIDs and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

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Expenses

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to the Company, and the base compensation, bonuses and benefits of such personnel and the routine overhead expenses (including rent, office equipment and utilities) allocable to such services, will be provided and paid for by the Advisers.

The Company will bear all other costs and expenses of the Company’s operations, administration and transactions. Our primary operating expenses include the payment of base management fees and incentive fees to the Adviser pursuant to the Advisory Agreement, the payment of fees to the Administrator for the Company’s allocable portion of compensation and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, interest expense on borrowing, and other operating costs. Refer to Note 3—“Agreements and Related Party Transactions” in the Notes to the Consolidated Financial Statements for additional information on our Advisory Agreement and Administration Agreement.

Expense Support and Conditional Reimbursement Agreement

The Company has entered into an Expense Support Agreement with the Adviser. For additional information, see Note 3—“Agreements and Related Party Transactions” in the Notes to the Consolidated Financial Statements.

Portfolio and Investment Activity

For the three months ended March 31, 2026, the Company made new investments in 3 new portfolio companies and exited 19 positions (primarily through sale of Syndicated Loans). As of March 31, 2026, the Company had an aggregate principal commitment amount of $634.2 million (including $88.8 million of unfunded commitments).

The following summarizes our investment activity (information presented is at cost unless otherwise indicated) (dollar amounts in thousands):

	As of and For the Three Months Ended March 31, 2026
Investments:
Total investments, beginning of period	$	569,177
New investments purchased		15,198
Net accretion of discount on investments		531
Net realized gain (loss) on investments		(2,021	)
Investments sold or repaid		(43,555	)
Total investments, end of period		539,330
Amount of investments funded at principal:
First lien debt	$	544,456
Second lien debt		865
Warrant		6
Total portfolio investments	$	545,327

 

	March 31, 2026				December 31, 2025
Number of portfolio companies		90				106
Weighted average yield on debt and income producing investments, at cost (1)		9.66	%			9.46	%
Weighted average yield on debt and income producing investments, at fair value (1)		9.69	%			9.48	%
Average loan to value (LTV) (2)		41.94	%			40.39	%
Weighted average tenor (3)		3.79				4.03
Percentage of debt investments bearing a floating rate, at fair value		100.00	%			100.00	%
Percentage of debt investments bearing a fixed rate, at fair value		0.00	%			0.00	%
Percentage of assets on non-accrual, at amortized cost (4)		0.00	%			0.06	%

(1)

Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt investments, divided by (b) total debt investments (at fair value or cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)

Average loan-to-value represents the net ratio of loan-to-value for each private debt portfolio company, weighted based on the fair value of each respective investment. This calculation includes all private debt investments for which fair value is determined by our Valuation Designee and excludes quoted assets and asset-based loan (“ABL”) investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

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(3)

Weighted average tenor represents the number of years to maturity for each investment, weighted based on the fair value of each respective investment.

(4)

As a percentage of total amortized cost of investments. Assets on non-accrual represented 0.00% and 0.07% of total fair value of the investments as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026 and December 31, 2025, our portfolio companies had a weighted average annual adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of approximately $39.9 million and $39.2 million, respectively. Amounts are weighted based on fair value of each respective investment. These calculations include all private debt investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments, as well as companies with negative or de minimis EBITDA. Amounts were derived from the most recently available portfolio company financial statements, have not been independently estimated by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

The following is a summary of the asset type breakdown of our investment portfolio as of March 31, 2026 and December 31, 2025:

		March 31, 2026
		Amortized Cost				Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets
Direct Lending (1)		$	298,890			$	298,588				55.57	%			100.41	%
Club Loans (2)			190,239				189,796				35.33				63.82
Syndicated Loans (3)			50,201				48,875				9.10				16.43
Total		$	539,330			$	537,259				100.00	%			180.66	%

 

		December 31, 2025
		Amortized Cost				Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets
Direct Lending (1)		$	287,952			$	287,812				50.73	%			95.34	%
Club Loans (2)			193,381				192,752				33.98				63.85
Syndicated Loans (3)			87,844				86,778				15.29				28.75
Total		$	569,177			$	567,342				100.00	%			187.94	%

(1) Direct Lending involves loans where the Company lends directly to the borrower and holds the loan generally on its own or only with affiliates and, in some cases, third-party lenders.

(2) Club Loans are directly originated first lien senior secured loans or asset-based loans in which the Company co-invests with a small number of third party private debt providers.

(3) Syndicated Loans are generally originated by a bank and then syndicated, or sold, in several pieces to other investors.

As of March 31, 2026 and December 31, 2025, ABL investments represented 11.8% and 11.7%, respectively, of the total fair market value of all of our investments.

Direct Lending

As of March 31, 2026 and December 31, 2025, the Direct Lending portfolio had the following characteristics:

	March 31, 2026				December 31, 2025
Weighted average spread (1)		5.45	%			5.51	%
Weighted average yield on debt and income producing investments, at cost (2)		9.62	%			9.68	%
Weighted average yield on debt and income producing investments, at fair value (2)		9.62	%			9.67	%
Average EBITDA (3)	$	24.8			$	24.7
Average LTV (4)		38.60	%			36.56	%
Average Leverage Ratio (5)	3.8x				3.7x
Percentage Sponsor-backed		100.00	%			100.00	%

(1) Weighted average spread above the applicable reference rate (i.e. SOFR, Base Rate, etc.) for the Direct Lending portfolio, weighted based on the fair value of each respective investment.

(2) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing Direct Lending debt investments, divided by (b) total Direct Lending debt investments (at fair value or cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above.

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(3) Average adjusted EBITDA for the Direct Lending portfolio, weighted based on fair value of each respective investment. This calculation includes all Direct Lending investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments, as well as companies with negative or de minimis EBITDA. Amounts are derived from the most recently available portfolio company financial statements, have not been independently estimated by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

(4) Average LTV represents the net ratio of loan-to-value for each Direct Lending portfolio company, weighted based on the fair value of each respective investment. This calculation includes all Direct Lending investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments. LTV is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

(5) Average leverage ratio represents the leverage ratio for each Direct Lending portfolio company, weighted based on the fair value of each respective investment. This calculation includes all Direct Lending investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments, as well as companies with negative or de minimis EBITDA. Company leverage is calculated as the current total debt as defined in the underlying applicable investment credit agreement through each respective loan tranche divided by the adjusted EBITDA as defined in the underlying applicable investment credit agreement of the portfolio company. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

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Portfolio Asset Quality

We employ the use of board observation and information rights, regular dialogue with company management and sponsors, and detailed internally generated monitoring reports to actively monitor performance. Additionally, FEAC has developed a monitoring template that promotes compliance with these standards and that is used as a tool to assess investment performance relative to plan.

As part of the monitoring process, FEAC assesses the risk profile of each of our investments and assigns each portfolio investment a score of a 1, 2, 3, 4, or 5.

The investment performance scores are as follows:

1 - The portfolio investment is performing above our underwriting expectations.

2 - The portfolio investment is performing as expected at the time of underwriting. All new investments are initially scored a 2.

3 - The portfolio investment is operating below our underwriting expectations and requires closer monitoring. The company may be out of compliance with financial covenants, however, principal or interest payments are generally not past due.

4 - The portfolio investment is performing materially below our underwriting expectations and returns on our investment are likely to be impaired. Principal or interest payments may be past due, however, full recovery of principal and interest payments are expected.

5 - The portfolio investment is performing substantially below expectations and the risk of the investment has increased substantially. The company is in payment default and the principal and interest payments are not expected to be repaid in full.

For purposes of clarity, underwriting as referenced herein may be redetermined after the initial investment as a result of a transformative credit event or other material event whereby such initial underwriting is deemed by FEAC to be no longer appropriate for the purpose of assessing investment performance relative to plan. For any investment receiving a score of a 3 or lower, FEAC will increase their level of focus and prepare regular updates for the Investment Committee summarizing current operating results, material impending events and recommended actions.

FEAC monitors and, when appropriate, changes the investment scores assigned to each investment in our portfolio. In connection with our investment valuation process, the Adviser, the Subadviser and the Board review these investment scores on a quarterly basis. Our average portfolio company investment score was 1.87 and 1.89 at March 31, 2026 and December 31, 2025, respectively. The following is a distribution of the investment scores of our portfolio companies at March 31, 2026 and December 31, 2025 (dollar amounts in thousands):

		As of March 31, 2026																	As of December 31, 2025
Risk Rating		Fair Value				% of Portfolio				Amortized Cost				% of Portfolio					Fair Value				% of Portfolio				Amortized Cost				% of Portfolio
1		$	110,980				20.66	%		$	109,887				20.37	%			$	93,625				16.50	%		$	92,607				16.27	%
2			386,434				71.92				386,913				71.74					446,895				78.77				448,108				78.73
3			39,270				7.31				41,885				7.77					24,329				4.29				25,830				4.54
4			575				0.11				645				0.12					2,493				0.44				2,632				0.46
5			—				—				—				—					—				—				—				—
		$	537,259				100.00	%		$	539,330				100.00	%			$	567,342				100.00	%		$	569,177				100.00	%

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or when it is no longer probable that principal or interest will be collected. However, we may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2026, we had zero loans on non-accrual status. As of December 31, 2025, we had one loan on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.07%, respectively.

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Results of Operations

The following table represents our operating results (in thousands):

	For the Three Months Ended March 31, 2026				For the Three Months Ended March 31, 2025
Operating Results
Total investment income	$	14,457			$	15,519
Net expenses, including excise tax		7,892				6,937
Net unrealized appreciation (depreciation)		(237	)			(3,392	)
Net realized gain (loss)		(2,021	)			(539	)
Net increase (decrease) in net assets resulting from operations	$	4,307			$	4,651

Investment Income

The composition of our investment income was as follows (in thousands):

	For the Three Months Ended March 31, 2026				For the Three Months Ended March 31, 2025
Investment Income
Interest income	$	13,622			$	15,052
Dividend income		451				263
Other income		384				204
Total investment income	$	14,457			$	15,519

Total investment income decreased to $14.5 million for the three months ended March 31, 2026, a decrease of $1.1 million or 6.84% compared to the same period in the prior year.

Interest income decreased by $1.4 million for the three months ended March 31, 2026, driven by the size of the portfolio as well as a decline in benchmark rates. The size of our investment portfolio at fair value at March 31, 2026 was $537.3 million, with a weighted average yield of 9.7%, compared to $614.1 million at March 31, 2025, with a weighted average yield of 9.5%.

The decrease in interest income was offset by an increase in dividend income of $0.2 million for the three months ended March 31, 2026, due to an increase in cash equivalents.

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Operating Expenses

The composition of our operating expenses was as follows (in thousands):

	For the Three Months Ended March 31, 2026				For the Three Months Ended March 31, 2025
Operating Expenses
Interest expense	$	5,341			$	6,159
Base management fees		925				931
Income-based incentive fee		827				907
Administration expense		345				604
Other Expenses		768				742
Amortization of continuous offering costs		466				750
Distribution and shareholder servicing fees (Class D) (1)		—				—
Total operating expenses		8,672				10,093
Management fees waiver		—				(931	)
Incentive fees waiver		—				(907	)
Expense support		(817	)			(1,352	)
Total expenses, net of fee waivers	$	7,855			$	6,903

(1) For the three months ended March 31, 2026, the Class D distribution and shareholder servicing fees were less than $1. For the three months ended March 31, 2025, there were no Class D distribution and shareholder servicing fees.

For the three months ended March 31, 2026 and 2025 total expenses, net of expense support and fee waivers, were $7.9 million and $6.9 million, respectively.

Interest Expense

Total interest expense (including unused fees and amortization of deferred financing costs) decreased to $5.3 million for the three months ended March 31, 2026, a decrease of $0.8 million compared to the same period in the prior year. This was driven by a decrease in our average debt principal outstanding to $311.1 million for the three months ended March 31, 2026 from $341.9 million for the same period in the prior year.

Base Management Fees

Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.

Base management fees were $0.9 million for the three months ended March 31, 2026, a decrease of $6 thousand or 0.64% compared to the same period in the prior year.

The Adviser had waived all base management fees through June 30, 2025 and 50% of base management fees for the period from July 1, 2025 through December 31, 2025.

Income-Based Incentive Fees

Income-based incentive fees decreased to $0.8 million for the three months ended March 31, 2026, a decrease of $0.1 million compared to the three months ended March 31, 2025. The decrease in income-based incentive fees was driven by the decrease in pre-incentive fee net investment income to $5.7 million for the three months ended March 31, 2026 from $7.2 million for the three months ended March 31, 2025. The decrease in pre-incentive fee net investment income was driven primarily by decreased size of the portfolio.

The Adviser had waived 100% of income based incentive fees through December 31, 2025.

Capital Gains Incentive Fees

For the three months ended March 31, 2026 and 2025, the Company accrued capital gains incentive fees of zero.

The Adviser had waived 100% of capital gains incentive fees, if any, through December 31, 2025.

The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual.

Other Expense

Amortization of continuous offering costs include expenses incurred in our continuous offering of shares which are amortized over a twelve-month period from date of incurrence. Administration expenses include fees due to the Administrator under the Administration Agreement, including the Company’s allocable portion of the salaries of certain of our executive officers, their respective

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staff and other non-investment professionals that perform duties for the Company. Other expenses include professional fees (legal, audit and tax services), trustee fees, accounting and sub-administration fees, custodian fees, printing fees and other costs.

Total other expenses decreased to $1.6 million for the three months ended March 31, 2026, a decrease of $0.5 million or 24.67% compared to the three months ended March 31, 2025. The decrease compared to the same period in the prior year was primarily driven by a decrease in offering costs and our administration expenses.

Income Taxes, Including Excise Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from corporate-level U.S. federal income taxes on the distributed income. The Company will be subject to U.S. federal income tax at regular corporate rates on any income or capital gain not distributed to our shareholders.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on the excess of such taxable income that was required to be distributed over actual distributions for such tax year. To the extent that we determine that our estimated current year annual required distributions will be in excess of estimated dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025, we accrued $37 thousand and $34 thousand, respectively, of U.S. federal excise tax.

Net Realized Gains (Losses) Investments

For the three months ended March 31, 2026, the Company had net realized gains (losses) on investments of ($2.0) million from the full or partial sale of 23 broadly syndicated debt investments.

For the three months ended March 31, 2025, the Company had net realized gains (losses) on investments of ($0.5) million. The Company had net realized losses of ($1.1) million from two restructured investments, which were offset by net realized gains of $0.6 million from the full or partial sale or restructurings of our debt investments.

Net Change in Unrealized Appreciation (Depreciation) of Investments

Net change in unrealized appreciation (depreciation) reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded appreciation or depreciation when gains or losses are realized, if any.

For the three months ended March 31, 2026 and 2025, the Company had net unrealized appreciation (depreciation) on investments of ($0.2) million and ($3.4) million, respectively.

Financial Condition, Liquidity and Capital Resources

We generate our liquidity and capital resources primarily from (i) the net proceeds of our continuous public offering of Common Shares, (ii) net proceeds from private offerings of our equity, (iii) cash flows from our operations (including interest and fees earned from our investments and principal repayments and proceeds from sales of our investments), and (iv) borrowings under our existing leverage facilities and any financing arrangements we may enter into in the future. These financings may come in the form of borrowings from banks and issuances of senior securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Our primary uses of cash include (i) investments in portfolio companies in accordance with our investment strategy, (ii) general corporate operations (including payments to the Adviser and Subadviser), (iii) debt service of any borrowings, (iv) share repurchases under our share repurchase program, and (v) cash distributions to our shareholders. We believe our current cash position, available capacity on our Credit Facilities and net cash provided by operating activities will provide us with sufficient resources to meet our obligations and continue to support our investment objectives, including reserving for the capital needs which may arise at our portfolio companies.

As of March 31, 2026 and December 31, 2025, we had $41.0 million and $73.3 million, respectively, in cash and cash equivalents. Additionally, as of March 31, 2026 and December 31, 2025, we had $168.2 million and $110.9 million, respectively, available for additional borrowings under the Credit Facilities (as defined in Note 6 - “Borrowings” in the Notes to the Consolidated Financial Statements), subject to borrowing base availability. See “Borrowings” below for additional information.

We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of March 31, 2026, our asset coverage ratio was 205.5%.

 

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Cash Flows

For the three months ended March 31, 2026, our operating activities provided cash of $33.0 million, primarily in connection with proceeds from principal payments and sales of portfolio investments of $40.6 million, partially offset by the purchase of portfolio investments of $13.2 million. During the same period, cash used by financing activities was $65.4 million, primarily driven by the repayments of our Credit Facilities of $57.3 million and distribution payments of $7.8 million, partially offset by $15 thousand from the issuance of Common Shares.

For the three months ended March 31, 2025, our operating activities used cash of $16.8 million, primarily in connection with the purchases and fundings of portfolio investments of $123.4 million, partially offset by proceeds from principal payments and sales of portfolio investments of $96.1 million. During the same period, cash provided by financing activities was $14.2 million, primarily driven by $21.0 million of borrowings under the MS Credit Facility and $0.9 million from the issuance of Common Shares, that were partially offset by distribution payments of $7.6 million.

Share Issuances

The following table summarizes the issuance of shares pursuant to subscription agreements during the three months ended March 31, 2026 and 2025 (dollar amounts in thousands):

		Class I
Subscriptions Effective		Shares Issued				Net Proceeds
For the three months ended March 31, 2026
January 1, 2026			297			$	7
February 1, 2026			306				8
Total			603			$	15
For the three months ended March 31, 2025
January 1, 2025			37,241			$	901
Total			37,241			$	901

 

		Class D
Subscriptions Effective		Shares Issued				Net Proceeds
For the three months ended March 31, 2026
None			—			$	—
Total			—			$	—
For the three months ended March 31, 2025
None			—			$	—
Total			—			$	—

During the three months ended March 31, 2026, the Company also issued 264 shares for an aggregate value of $6 under the Company’s dividend reinvestment plan.

Distributions and Distribution Reinvestment

The following table presents distributions that were declared and payable during the three months ended March 31, 2026 and 2025:

		Class I
Date Declared		Record Date		Payment Date		Distribution Per Share				Distribution Amount
For the three months ended March 31, 2026
January 30, 2026		January 30, 2026		February 26, 2026		$	0.210			$	2,615
February 27, 2026		February 27, 2026		March 30, 2026			0.210				2,615
March 31, 2026		March 31, 2026		April 29, 2026			0.210				2,616
Total										$	7,846
For the three months ended March 31, 2025
January 31, 2025		January 31, 2025		February 27, 2025		$	0.205			$	2,548
March 26, 2025		March 26, 2025		March 28, 2025			0.205				2,550
March 31, 2025		March 31, 2025		April 29, 2025			0.205				2,551
Total										$	7,649

 

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		Class D
Date Declared		Record Date		Payment Date		Distribution Per Share (1)				Distribution Amount
For the three months ended March 31, 2026
January 30, 2026		January 30, 2026		February 26, 2026		$	0.205			$	1
February 27, 2026		February 27, 2026		March 30, 2026			0.205				1
March 31, 2026		March 31, 2026		April 29, 2026			0.205				1
Total										$	3
For the three months ended March 31, 2025
None						$	—			$	—
Total										$	—

(1)

Distribution per share is net of shareholder servicing and/or distribution fees.

With respect to distributions, we have adopted an “opt out” dividend reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares rather than receiving cash distributions. As of the commencement of the Public Offering, investors and clients of certain participating brokers in states that do not permit automatic enrollment in our dividend reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

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Share Repurchases

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase Common Shares pursuant to quarterly tender offers (such date of the offer, the “Repurchase Date”) using a purchase price equal to the NAV per share as of the close of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the prospective repurchase date. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

The following table presents share repurchases completed under the share repurchase program during the three months ended March 31, 2026:

Repurchase Request Deadline		Total Number of Shares Repurchased (all classes)				Percentage of Outstanding Shares Repurchased(1)				Price Paid Per Share				Repurchase Pricing Date		Amount Repurchased (all classes)(2)				Maximum number of shares that may yet be purchased under the repurchase plan(3)
February 27, 2026			40,500				0.33	%		$	23.95			March 31, 2026		$	970				—

 

(1)

Percentage is based on total shares as of the close of the previous calendar quarter.

(2)

Amounts shown net of Early Repurchase Deductions, if any.

(3)

All repurchase requests were satisfied in full.

 

During the three months ended March 31, 2025, zero shares were repurchased.

Borrowings

MS Credit Facility - On September 22, 2023, MS Credit Facility SPV (as defined in Note 6 - “Borrowings” in the Notes to the Consolidated Financial Statements), a wholly-owned financing subsidiary of the Company, as borrower, the Company, as transferor, and FEPC Fund Servicer, LLC, a wholly-owned subsidiary of the Company, as servicer, entered into the MS Credit Facility, as subsequently amended, which, as of March 31, 2026, allowed us to borrow up to $350.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2026 and December 31, 2025, we had outstanding debt under the MS Credit Facility of $246.3 million and $264.1 million, respectively. As of March 31, 2026 and December 31, 2025, subject to leverage and borrowing base restrictions, we had $103.7 million and $85.9 million, respectively, available for additional borrowings under the MS Credit Facility.

JPM Credit Facility - On April 9, 2025, JPM Credit Facility SPV (as defined in Note 6 - “Borrowings” in the Notes to the Consolidated Financial Statements), a wholly-owned financing subsidiary of the Company, as borrower, entered into the JPM Credit Facility (as defined in Note 6 - “Borrowings” in the Notes to the Consolidated Financial Statements), which, as of March 31, 2026, allowed us to borrow up to $100.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2026 and December 31, 2025, we had outstanding debt under the JPM Credit Facility of $35.5 million and $75.0 million, respectively. As of March 31, 2026 and December 31, 2025, subject to leverage and borrowing base restrictions, we had $64.5 million and $25.0 million, respectively, available for additional borrowings under the JPM Credit Facility.

For additional information on our debt obligations, refer to Note 6—“Borrowings” in the Notes to the Consolidated Financial Statements.

Commitments and Contingencies and Off-Balance Sheet Arrangements

As of March 31, 2026 and December 31, 2025, we had outstanding commitments to fund revolving lines of credit or delayed draw investments with an aggregate principal amount of $88.8 million and $97.9 million, respectively.

Related Party Transactions

Refer to Note 3—“Agreements and Related Party Transactions” in the Notes to the Consolidated Financial Statements.

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Critical Accounting Policies

The preparation of the Consolidated Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies and estimates should be read in connection with our risk factors described in our Annual Report on Form 10-K, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time.

Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield 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 upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks.

PIK Income

PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

Other Income

The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered.

Valuation of Portfolio Investments

The Board designated FEIM as the Valuation Designee as that term is defined in Rule 2a-5. As the Valuation Designee, the Board designated FEIM to perform fair value determinations of the Company’s assets by implementing valuation policies and procedures approved by the Board, subject to the oversight of the Board and the Audit Committee, and in compliance with the requirements of Rule 2a-5.

In calculating the value of our total assets, investments for which market quotations are readily available are valued using market quotations, which are generally obtained from an independent pricing service or one or more broker-dealers or market makers. Debt and equity securities for which market quotations are not readily available or are determined to be unreliable are valued at fair value as determined in good faith by the Valuation Designee.

With respect to investments for which market quotations are not readily available, we undertake a multi-step valuation process each quarter, as described below:

 

	1.	the Company’s valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for managing portfolio investments; concurrently therewith, on at least an annual basis, independent valuation firms are used to conduct independent appraisals of all investments for which market quotations are either not readily available or are determined to be unreliable unless the amount of an investment is immaterial;

 

	2.	the preliminary valuation recommendation of the investment professionals and the applicable input of the independent valuation firms (the “Preliminary Valuation Data”) are then documented and reviewed with FEAC’s pricing professionals;

	3.	the Preliminary Valuation Data are then discussed with, and approved by, the pricing committee of FEAC;

	4.	FEIM’s valuation committee independently discusses the Preliminary Valuation Data and determines the fair value of each investment in good faith based on the Preliminary Valuation Data; and

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	5.	on a quarterly basis, a designee of FEIM’s valuation committee discusses the fair value determinations of each investment with the Audit Committee.

The types of factors that FEIM may take into account in fair value pricing the Company’s investments include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

U.S. Federal Income Taxes, Including Excise Tax

The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to continue to qualify each year as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it will not be subject to corporate-level federal income tax on the portion of its ordinary income and capital gains distributed to shareholders as dividends.

In order to qualify for favorable tax treatment as a RIC, the Company is required to, among other things, distribute annually to its shareholders at least 90% of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year.

Recent Developments

On April 23, 2026, the Company’s Board declared a distribution of $0.210 per Class I share and $0.205 per Class D share, which are payable on May 28, 2026 to shareholders of record as of April 30, 2026.

 

 

 

 

 

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest in directly originated debt and equity securities of middle market companies. Because we expect that there will not be a readily available market value for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by the Valuation Designee in accordance with a documented valuation policy and GAAP and that has been reviewed and approved by our Board. The Valuation Designee will provide the Board and the Audit Committee with periodic reports, no less than quarterly, that discuss the functioning of the valuation process, if applicable to that period, and that identify issues and valuation problems that have arisen, if any. 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 our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

Interest Rate Risk

The majority of the loans in our portfolio have floating interest rates and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating SOFR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors that will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our Credit Facilities have floating interest rate provisions. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions.

Assuming that the Consolidated Statement of Assets and Liabilities as of March 31, 2026 was to remain constant and that we took no actions to alter our existing interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollar amounts in thousands):

Change in Interest Rates		Interest Income				Interest Expense				Net Income
Up 300 basis points		$	16,462			$	(8,454	)		$	8,008
Up 200 basis points			11,009				(5,636	)			5,373
Up 100 basis points			5,556				(2,818	)			2,738
Down 100 basis points			(5,306	)			2,818				(2,488	)
Down 200 basis points			(10,489	)			5,636				(4,853	)
Down 300 basis points			(14,309	)			8,454				(5,855	)

 

Market prices for floating rate investments may fluctuate in rising rate environments with prices tending to decline when credit spreads widen. Additionally, market prices tend to fluctuate more for fixed-rate securities that have longer maturities. Although we have no policy governing the maturities of our investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to 10 years. Market prices for debt that pays a fixed rate of return tend to decline as interest rates rise. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term, fixed-rate securities. A decline in the prices of the debt we own could adversely affect our net assets resulting from operations and the NAV of our Common Shares.

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Item 4. Controls and Procedures.

 

(a) Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, the Company, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

 

(b) Management's Report on Internal Control Over Financial Reporting

The Company is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Exchange Act Rule 13a-15(f), and for performing an assessment of the effectiveness of internal control over financial reporting as of March 31, 2026. Our internal control over financial reporting is a process designed by, or under the supervision of, our principal executive and principal financial officers, or persons performing similar functions, and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an assessment of the effectiveness of our internal control over financial reporting as of March 31, 2026, based on the framework established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has determined that our internal control over financial reporting as of March 31, 2026 was effective.

 

(c) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting 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.

We are not a defendant in any material pending legal proceeding, and no such material proceedings are known to be contemplated. However, from time to time, we may be party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under the contracts with our portfolio companies.

Item 1A. Risk Factors.

For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K filed with the SEC on March 16, 2026, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time. These risks are not the only risks facing our Company. 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.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Prior to the commencement of its public offering on March 11, 2025 (the “Public Offering”), the Company conducted a separate private offering (the “Private Offering”) of Common Shares (the “Common Shares”) (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act.

The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act).

On January 1, 2026, the Company sold 297 Class I shares of beneficial interest (with the final number of shares being determined on January 23, 2026) in the Private Offering to a feeder vehicle primarily created to hold the Company’s Common Shares for an aggregate offering price of $7 thousand. On February 1, 2026, the Company sold 306 Class I shares of beneficial interest (with the final number of shares being determined on February 23, 2026) in the Private Offering to a feeder vehicle primarily created to hold the Company’s Common Shares for an aggregate offering price of $8 thousand.

 

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board intends to reinstate the share repurchase program when appropriate and subject to our Board’s duties to the Company. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

The following table presents share repurchases completed under the share repurchase program during the three months ended March 31, 2026:

Repurchase Request Deadline		Total Number of Shares Repurchased (all classes)				Percentage of Outstanding Shares Repurchased(1)				Price Paid Per Share				Repurchase Pricing Date		Amount Repurchased (all classes)(2)				Maximum number of shares that may yet be purchased under the repurchase plan(3)
February 27, 2026			40,500				0.33	%		$	23.95			March 31, 2026		$	970				—

(1)

Percentage is based on total shares as of the close of the previous calendar quarter.

(2)

Amounts shown net of Early Repurchase Deductions, if any.

(3)

All repurchase requests were satisfied in full.

Item 3. Defaults Upon Senior Securities.

None.

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Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

During the quarter ended September 30, 2025, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each such term is defined in Item 408(c) of Regulation S-K.

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Item 6. Exhibits.

 

Exhibit Number		Description
3.1		Third Amended and Restated Agreement and Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on March 11, 2025).
3.2		Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on March 11, 2025).
31.1		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*
101.SCH		Inline XBRL Taxonomy Extension Schema Document*
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)*

 

* Filed herewith.

 

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SIGNATURES

Pursuant to the requirements 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.

 

		First Eagle Private Credit Fund
Date: May 14, 2026		By:	/s/ David O’Connor
			David O’Connor
			Chief Executive Officer
Date: May 14, 2026		By:	/s/ Jennifer M. Wilson
			Jennifer M. Wilson
			Chief Financial Officer and Treasurer

 

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