UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2025

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

Commission File Number: 814-01764

Lord Abbett Private Credit Fund

(Exact name of registrant as specified in its charter)

Delaware		93-4670837
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

30 Hudson Street Jersey City, New Jersey		07302
(Address of principal executive offices)		(Zip Code)

(888) 522-2388

(Registrant’s telephone number, including area code)

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		None		None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 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 ☒

As of November 13, 2025, the registrant had 17,988,807.13 shares of common stock, $0.01 par value per share, outstanding.

Lord Abbett Private Credit Fund

Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2025

Table of Contents

Cautionary Statement Regarding Forward-Looking Statements

Part I. Financial Information

Item 1.	CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

	Consolidated Statements of Assets and Liabilities (Unaudited)	4

	Consolidated Statements of Operations (Unaudited)	5

	Consolidated Statements of Changes in Net Assets (Unaudited)	6

	Consolidated Statements of Cash Flows (Unaudited)	7

	Consolidated Schedules of Investments (Unaudited)	8

	Notes to the Consolidated Financial Statements (Unaudited)	18

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48

Item 4.	Controls and Procedures	49

Part II. Other Information

Item 1.	Legal Proceedings	49

Item 1A.	Risk Factors	49

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49

Item 3.	Defaults Upon Senior Securities	49

Item 4.	Mine Safety Disclosures	49

Item 5.	Other Information	49

Item 6.	Exhibits	50

Signatures		51

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. We are externally managed by the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts,” and variations of these words and similar expressions are intended to identify forward-looking statements. 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, including:

	•	our future operating results;

	•	our business prospects and the prospects of our portfolio companies;

	•	risk associated with possible disruptions in our operations or the economy generally;

	•	changes in the general interest rate environment;

	•	general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

	•	our contractual arrangements and relationships with third parties;

	•	actual and potential conflicts of interest with our Adviser and its affiliates;

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

	•	the ability of our portfolio companies to achieve their objectives;

	•	the use of borrowed money to finance a portion of our investments;

	•	the adequacy of our financing sources and working capital;

	•	the timing and amount of cash flows, if any, from the operations of our portfolio companies;

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

	•	the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

	•	our ability to qualify and maintain our qualification as a 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 U.S. and international financial reform legislation, rules and regulations;

	•	the effect of changes in tax laws and regulations and interpretations thereof; and

	•	the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.

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 statements in this Quarterly Report on Form 10-Q should not be regarded as a representation by us

that our plans and objectives will be achieved. This Quarterly Report on Form 10-Q contains forward-looking statements, which may relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those described or identified in the section entitled “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we may file with the SEC in the future, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Lord Abbett Private Credit Fund
Consolidated Statements of Assets and Liabilities (Unaudited)
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

	September 30, 2025		December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost $890,933, $438,194, respectively)	$	892,133	$	439,367
Controlled/affiliated investments (cost $58,092, $33,224, respectively)		58,331		33,221
Total investments at fair value (cost of $949,025, $471,418, respectively)	$	950,464	$	472,588
Cash and cash equivalents		24,151		113,767
Interest receivable from non-controlled/non-affiliated investments		3,689		4,508
Dividend receivable from controlled/affiliated investments		1,930		278
Due from affiliate		593		683
Receivable for investments sold		66		81
Deferred offering costs		-		62
Other assets		24		5
Total assets	$	980,917	$	591,972

LIABILITIES
Debt (net of deferred financing costs $4,584 and $3,652 respectively) (Note 5)	$	548,416	$	382,230
Interest payable		6,358		3,806
Distribution payable		3,658		-
Income incentive fees payable		1,606		713
Professional fees payable		855		313
Management fees payable		348		-
Administration fees payable		87		78
Accrued expenses and other liabilities		79		60
Capital gains incentive fees payable		69		36
Due to affiliate		-		1,197
Total liabilities	$	561,476	$	388,433
Total net assets	$	419,441	$	203,539
Commitments and contingencies (Note 6)
NET ASSETS
Common shares, $0.01 par value (16,627,096 and 8,071,106 shares issued and outstanding, respectively, unlimited number of authorized shares)	$	166	$	81
Paid in capital in excess of par value		417,641		202,288
Total distributable earnings /(accumulated loss)		1,634		1,170
Total net assets	$	419,441	$	203,539
Total liabilities and net assets	$	980,917	$	591,972
Net asset value per share	$	25.23	$	25.22

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund
Consolidated Statements of Operations (Unaudited)
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

	For the three months ended September 30, 2025			For the three months ended September 30, 2024			For the nine months ended September 30, 2025			For the period from February 23, 2024 (commencement of operations) to September 30, 2024
Investment income
Non-controlled/non-affiliated investments:
Interest income	$	20,722		$	7,035		$	50,156		$	11,659
Fee income		374			239			1,620			363
Controlled/affiliated investments:
Dividend income		1,931			-			3,895			-
Total investment income	$	23,027		$	7,274		$	55,671		$	12,022

Expenses
Interest expense	$	8,469		$	3,560		$	21,457		$	6,558
Income incentive fees (Note 3)		1,606			-			3,807			-
Management fees (Note 3)		1,004			-			2,370			-
Professional fees		1,070			429			2,014			596
Administration fees (Note 3)		250			-			592			-
Other general & administrative		65			59			202			137
Amortization of offering costs		-			31			62			31
Capital gains incentive fees (Note 3)		70			-			35			-
Organizational costs		-			71			-			705
Total expenses	$	12,534		$	4,150		$	30,539		$	8,027
Expense reimbursement (Note 3)	$	(680	)	$	(572	)	$	(1,312	)	$	(1,636	)
Management fees waived (Note 3)		-			-			(170	)		-
Net expenses	$	11,854		$	3,578		$	29,057		$	6,391
Net investment income (loss)	$	11,173		$	3,696		$	26,614		$	5,631

Net realized gain/(loss) and change in unrealized appreciation (depreciation):
Net realized gain/(loss):
Non-controlled/non-affiliated investments	$	-		$	237		$	-		$	237
Net realized gain/(loss)	$	-		$	237		$	-		$	237
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	$	765		$	99		$	27		$	923
Controlled/affiliated investments		143			-			242			-
Net change in unrealized appreciation (depreciation)	$	908		$	99		$	269		$	923
Net realized gain/(loss) and change in unrealized appreciation (depreciation)	$	908		$	336		$	269		$	1,160
Net increase (decrease) in net assets resulting from operations	$	12,081		$	4,032		$	26,883		$	6,791

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund
Consolidated Statements of Changes in Net Assets (Unaudited)
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

	For the three months ended September 30, 2025			For the three months ended September 30, 2024			For the nine months ended September 30, 2025			For the period from February 23, 2024 (commencement of operations) to September 30, 2024
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	11,173		$	3,696		$	26,614		$	5,631
Net realized (gain)/loss		-			237			-			237
Net change in unrealized appreciation (depreciation)		908			99			269			923
Net increase (decrease) in net assets resulting from operations	$	12,081		$	4,032		$	26,883		$	6,791

Distributions to common shareholders from:
Income distributions	$	(10,847	)	$	(3,574	)	$	(26,419	)	$	(5,509	)
Net decrease in net assets resulting from distributions	$	(10,847	)	$	(3,574	)	$	(26,419	)	$	(5,509	)

Capital share transactions:
Proceeds from capital contributions/shares sold	$	84,282		$	47,011		$	214,070		$	128,979
Distributions reinvested		1,110			-			1,368			-
Return of capital contributions		-			-			-			(1,968	)
Net increase (decrease) from capital share transactions	$	85,392		$	47,011		$	215,438		$	127,011
Total increase (decrease) in net assets		86,626			47,469			215,902			128,293
Net assets, beginning of period	$	332,815		$	80,824		$	203,539		$	-
Net assets, end of period	$	419,441		$	128,293		$	419,441		$	128,293

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund
Consolidated Statements of Cash Flows (Unaudited)
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

	For the nine months ended September 30, 2025			For the period from February 23, 2024 (commencement of operations) to September 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	26,883		$	6,791
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized gain (loss)		-			(237	)
Net change in unrealized (appreciation)/depreciation		(269	)		(923	)
Purchases of investments		(567,670	)		(384,230	)
Proceeds from principal repayments		91,947			72,223
Net amortization (accretion) on investments		(1,884	)		(395	)
Amortization of deferred financing costs		1,028			516
Amortization of deferred offering costs		62			-
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments		819			(2,061	)
Dividend receivable from controlled/affiliated investments		(1,652	)		-
Due from affiliate		90			(426	)
Receivable for investments sold		15			(101	)
Other assets		(19	)		(96	)
Interest payable		2,552			1,211
Income incentive fees payable		893			-
Professional fees payable		542			253
Management fees payable		348			-
Administration fees payable		9			-
Accrued expenses and other liabilities		19			202
Capital gains incentive fees payable		33			-
Due to affiliate		(1,197	)		700
Net cash provided by (used in) operating activities	$	(447,451	)	$	(306,573	)
Cash flows from financing activities:
Borrowings of debt		674,511			317,687
Repayments of debt		(507,393	)		(127,475	)
Proceeds from capital contributions/shares sold		214,070			128,979
Return of capital contributions		-			(1,968	)
Income distributions to common shareholders, net of change in distributions payable and reinvested		(21,393	)		(5,509	)
Deferred financing costs paid		(1,960	)		(1,145	)
Net cash provided by (used in) financing activities	$	357,835		$	310,569
Net increase (decrease) in cash and cash equivalents		(89,616	)		3,996
Cash and cash equivalents, beginning of period		113,767			-
Cash and cash equivalents, end of period	$	24,151		$	3,996
Supplemental cash flow information
Interest paid during the period	$	17,877		$	4,832
Reinvestment of distributions during the period	$	1,368		$	-

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund
Consolidated Schedule of Investments (Unaudited)
September 30, 2025

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

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Units	Cost⁽³⁾	Fair Value	% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Secured Debt⁽⁴⁾⁽⁶⁾

Aerospace & Defense
Accel International Holdings Inc (Term Loan)	3M S + 4.50%	8.81%	4/26/2032	$12,568	$12,504	$12,505	2.98%
Accel International Holdings Inc (Revolver) ⁽⁷⁾	3M S + 4.50%	N/A	4/26/2032	—	(10)	(11)	—
Applied Aerospace Structures Corp. (Term Loan)	3M S + 4.50%	8.50%	11/29/2030	39,663	39,326	39,564	9.43
Applied Aerospace Structures Corp. (Delayed Draw) ⁽⁷⁾	3M S + 4.50%	N/A	11/29/2030	—	(67)	(40)	(0.01)
Applied Aerospace Structures Corp. (Revolver) ⁽⁷⁾	3M S + 4.50%	8.50%	11/29/2030	2,404	2,350	2,388	0.57
Electro Methods (Term Loan)	3M S + 4.75%	8.96%	2/23/2032	29,470	29,061	29,028	6.93
Electro Methods (Revolver) ⁽⁷⁾	3M S + 4.75%	N/A	2/23/2032	—	(97)	(106)	(0.03)
					83,067	83,328	19.87
Air Freight & Logistics
ICAT Intermediate Holdings LLC (Term Loan)	1M S + 6.00%	10.17%	3/1/2029	27,576	27,163	27,163	6.48
ICAT Intermediate Holdings LLC (Delayed Draw) ⁽⁷⁾	1M S + 6.00%	N/A	3/1/2029	—	(103)	(103)	(0.02)
ICAT Intermediate Holdings LLC (Revolver) ⁽⁷⁾	1M S + 6.00%	N/A	3/1/2029	—	(31)	(31)	(0.01)
RJW Logistics Group, Inc (Term Loan)	3M S + 5.00%	9.00%	11/26/2031	34,633	34,316	34,286	8.18
RJW Logistics Group, Inc (Delayed Draw) ⁽⁷⁾	3M S + 5.00%	9.00%	11/26/2031	2,945	2,930	2,911	0.69
RJW Logistics Group, Inc (Term Loan)	3M S + 5.00%	9.00%	9/23/2032	17,101	16,931	16,930	4.04
RJW Logistics Group, Inc (Delayed Draw) ⁽⁷⁾	3M S + 5.00%	N/A	9/23/2032	—	(14)	(29)	(0.01)
					81,192	81,127	19.35
Building Materials
CP Atlas Buyer, Inc. (Term Loan) ⁽¹⁰⁾	1M S + 5.25%	9.41%	7/8/2030	14,400	13,852	14,148	3.37
					13,852	14,148	3.37
Commercial Services & Supplies
Ambient Enterprises Holdco, LLC (Term Loan)	3M S + 5.25%	9.25%	6/28/2030	7,346	7,274	7,272	1.73
Ambient Enterprises Holdco, LLC (Delayed Draw)	3M S + 5.25%	9.25%	6/28/2030	425	422	421	0.10
Ambient Enterprises Holdco, LLC (Delayed Draw) ⁽⁷⁾	3M S + 5.25%	9.24%	6/28/2030	79	74	73	0.02
JFL-Atomic AcquisitionCo, Inc. (Term Loan)	3M S + 4.75%	8.95%	2/20/2031	46,235	45,594	45,600	10.87
JFL-Atomic AcquisitionCo, Inc. (Delayed Draw) ⁽⁷⁾	3M S + 4.75%	8.95%	2/20/2031	5,560	5,384	5,285	1.26
JFL-Atomic AcquisitionCo, Inc. (Revolver) ⁽⁷⁾	3M S + 4.75%	N/A	2/20/2031	—	(83)	(86)	(0.02)
Meridian Waste Acquisitions, LLC (Term Loan)	3M S + 3.38%	7.55%	8/30/2029	8,873	8,856	8,873	2.12
Meridian Waste Acquisitions, LLC (Delayed Draw) ⁽⁷⁾	3M S + 3.38%	7.55%	8/30/2029	3,433	3,433	3,433	0.82
Meridian Waste Acquisitions, LLC (Revolver) ⁽⁷⁾	3M S + 3.38%	7.38%	8/30/2029	586	586	586	0.14

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2025

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

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Units	Cost⁽³⁾	Fair Value	% of Net Assets
United Flow Technologies Intermediate Holdco II, LLC (Term Loan)	3M S + 5.25%	9.25%	6/23/2031	$11,880	$11,729	$11,835	2.82%
United Flow Technologies Intermediate Holdco II, LLC (Delayed Draw)	3M S + 5.25%	9.31%	6/23/2031	9,954	9,830	9,916	2.36
United Flow Technologies Intermediate Holdco II, LLC (Delayed Draw) ⁽⁷⁾	3M S + 5.25%	9.45%	6/23/2031	2,325	2,265	2,288	0.55
United Flow Technologies Intermediate Holdco II, LLC (Revolver) ⁽⁷⁾	3M S + 5.25%	N/A	6/21/2030	—	(23)	(8)	—
					95,341	95,488	22.77
Construction & Engineering
Qualus Power Services Corp (Delayed Draw) ⁽⁷⁾	3M S + 5.00%	9.32%	3/27/2028	8,825	8,701	8,825	2.10
					8,701	8,825	2.10
Containers & Packaging
Schoeneck Containers, LLC (Term Loan)	1M S + 4.10%	8.38%	5/7/2028	9,147	9,147	9,147	2.18
Schoeneck Containers, LLC (Delayed Draw)	1M S + 4.10%	8.38%	5/7/2028	4,672	4,672	4,672	1.11
Schoeneck Containers, LLC (Revolver) ⁽⁷⁾	1M S + 4.10%	8.38%	5/7/2028	273	273	273	0.07
					14,092	14,092	3.36
Consumer Discretionary
Spotless Brands, LLC (Delayed Draw) ⁽⁷⁾	3M S + 1.00%	N/A	7/25/2028	—	(81)	(81)	(0.02)
					(81)	(81)	(0.02)
Electrical Equipment
Spark Buyer, LLC (Term Loan)	3M S + 5.25%	9.44%	10/15/2031	46,523	45,897	44,953	10.72
Spark Buyer, LLC (Delayed Draw) ⁽⁷⁾	3M S + 5.25%	N/A	10/15/2031	—	(122)	(633)	(0.15)
Spark Buyer, LLC (Revolver) ⁽⁷⁾	3M S + 5.25%	9.24%	10/15/2031	3,188	3,066	2,870	0.68
					48,841	47,190	11.25
Health Care Equipment & Supplies
MGS MFG. Group, Inc. (Term Loan)	1M S + 4.50%	8.76%	5/31/2027	3,316	3,316	3,316	0.79
MGS MFG. Group, Inc. (Delayed Draw)	1M S + 4.50%	8.76%	5/31/2027	2,700	2,700	2,700	0.64
MGS MFG. Group, Inc. (Revolver) ⁽⁷⁾	1M S + 4.50%	N/A	5/31/2027	—	—	—	—
					6,016	6,016	1.43
Health Care Providers & Services
Continental Buyer Inc (Term Loan)	1M S + 4.50%	8.66%	4/2/2031	44,803	44,251	44,690	10.65
Continental Buyer Inc (Revolver) ⁽⁷⁾	1M S + 4.50%	N/A	4/2/2031	—	(57)	(12)	—
Flourish Research Acquistion, LLC (Term Loan)	3M S + 5.00%	9.25%	11/6/2031	35,960	35,584	35,690	8.51
Flourish Research Acquistion, LLC (Delayed Draw) ⁽⁷⁾	3M S + 5.00%	N/A	11/6/2031	—	(76)	(21)	(0.01)
Flourish Research Acquistion, LLC (Revolver) ⁽⁷⁾	3M S + 5.00%	9.22%	11/6/2031	523	468	492	0.12
					80,170	80,839	19.27
Insurance
World Insurance Associates, LLC (Delayed Draw) ⁽⁷⁾	3M S + 5.00%	9.00%	4/3/2030	1,068	1,055	1,049	0.25
World Insurance Associates, LLC (Revolver) ⁽⁷⁾	3M S + 5.00%	N/A	4/3/2030	—	(1)	(1)	—
					1,054	1,048	0.25
IT Services
BCM One, Inc. (Term Loan)	6M S + 4.50%	8.77%	11/17/2027	9,602	9,602	9,602	2.29
BCM One, Inc. (Delayed Draw)	6M S + 4.50%	8.80%	11/17/2027	4,726	4,726	4,726	1.13
BCM One, Inc. (Revolver) ⁽⁷⁾	6M S + 4.50%	N/A	11/17/2027	—	—	—	—

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2025

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

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Units	Cost⁽³⁾	Fair Value	% of Net Assets
GCOM (Term Loan)	3M S + 7.50%	11.98%	8/21/2028	$39,202	$38,884	$39,251	9.36%
Security 101 (Term Loan)	3M S + 5.00%	9.00%	4/11/2028	77,460	76,796	76,879	18.32
Security 101 (Revolver) ⁽⁷⁾	3M S + 5.00%	N/A	4/11/2028	—	(50)	(45)	(0.01)
Uptime Institute (Term Loan)	1M S + 5.00%	9.24%	1/12/2027	16,173	16,048	16,092	3.84
Uptime Institute (Revolver) ⁽⁷⁾	1M S + 5.50%	9.24%	1/12/2027	131	131	120	0.03
					146,137	146,625	34.96
Leisure Products
Playpower, Inc. (Term Loan)	3M S + 5.25%	9.25%	8/28/2030	43,000	42,454	43,000	10.25
Playpower, Inc. (Revolver) ⁽⁷⁾	3M S + 5.25%	N/A	8/28/2030	—	(81)	—	—
					42,373	43,000	10.25
Life Sciences Tools & Services
TransnetYX, Inc (Term Loan)	3M S + 4.75%	8.75%	4/13/2026	13,606	13,606	13,606	3.24
TransnetYX, Inc (Revolver) ⁽⁷⁾	3M S + 4.75%	N/A	4/13/2026	—	—	—	—
					13,606	13,606	3.24
Professional Services
ComPsych Investment Corp. (Term Loan)	3M S + 4.75%	9.08%	7/22/2031	15,056	15,024	15,037	3.59
ComPsych Investment Corp. (Delayed Draw) ⁽⁷⁾	3M S + 4.75%	N/A	7/22/2031	—	(8)	(10)	—
Vensure Employer Services Inc (Term Loan)	3M S + 5.00%	9.00%	9/29/2031	25,207	25,101	25,113	5.98
Vensure Employer Services Inc (Delayed Draw) ⁽⁷⁾	3M S + 5.00%	N/A	9/29/2031	—	(15)	(10)	—
					40,102	40,130	9.57
Real Estate Management & Development
Vacation Rental Brands, LLC (Term Loan)	3M S + 5.25%	9.25%	5/6/2032	54,510	53,990	54,101	12.90
Vacation Rental Brands, LLC (Delayed Draw) ⁽⁷⁾	3M S + 5.25%	N/A	5/6/2032	—	(29)	(32)	(0.01)
Vacation Rental Brands, LLC (Revolver) ⁽⁷⁾	3M S + 5.25%	N/A	5/6/2032	—	(53)	(41)	(0.01)
					53,908	54,028	12.88
Software
Databricks Inc (Term Loan)	1M S + 4.50%	8.72%	1/3/2031	20,313	20,222	20,313	4.84
Databricks Inc (Delayed Draw) ⁽⁷⁾	1M S + 4.50%	N/A	1/3/2031	—	—	—	—
LeadVenture, Inc (Term Loan)	3M S + 5.25%	9.25%	6/23/2032	49,916	49,188	49,167	11.73
LeadVenture, Inc (Delayed Draw) ⁽⁷⁾	3M S + 5.25%	9.25%	6/23/2032	3,138	3,046	2,995	0.71
LeadVenture, Inc (Revolver) ⁽⁷⁾	3M S + 5.25%	N/A	6/23/2032	—	(69)	(71)	(0.02)
					72,387	72,404	17.26
Telecommunication Services
CCI Buyer, Inc. (Term Loan)	3M S + 5.00%	9.00%	5/13/2032	27,524	27,261	27,387	6.53
CCI Buyer, Inc. (Revolver) ⁽⁷⁾	3M S + 5.00%	N/A	5/13/2032	—	(15)	(8)	—
Clearwave Fiber (Revolver) ⁽⁷⁾	3M S + 4.00%	8.00%	12/13/2029	7,137	7,010	7,002	1.67
					34,256	34,381	8.20
Textiles, Apparel & Luxury Goods
Kravet Inc. (Term Loan)	3M S + 5.25%	8.00%	11/26/2030	26,409	26,061	26,079	6.22
Kravet Inc. (Revolver) ⁽⁷⁾	3M S + 5.25%	N/A	11/26/2030	—	(68)	(66)	(0.02)
					25,993	26,013	6.20
Total First Lien Secured Debt					$861,007	$862,207	205.56%
Second Lien Secured Debt⁽⁴⁾⁽⁶⁾
Software
SolarWinds Holdings, Inc. (Term Loan)	3M S + 6.00%	10.03%	4/18/2033	31,000	29,926	29,926	7.13
					29,926	29,926	7.13
Total Second Lien Secured Debt					$29,926	$29,926	7.13%

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2025

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

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Units	Cost⁽³⁾	Fair Value	% of Net Assets
Investment in Joint Venture^(4)(6)(9)
SBLA Private Credit LLC ⁽⁵⁾	N/A	N/A	N/A	58,092	$58,092	$58,331	13.91%
Total Investment in Joint Venture					$58,092	$58,331	13.91%
Total Investments⁽⁸⁾					$949,025	$950,464	226.60%


⁽¹⁾	Unless otherwise indicated, debt investments held by the Company are denominated in USD dollars and are income producing.

⁽²⁾	Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S”), or an alternate base rate (commonly based on the U.S. Prime Rate (“P”), which generally resets periodically. For each loan, the Company has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of September 30, 2025.

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

⁽⁴⁾	Unless otherwise indicated, issuers of debt held by the Company are domiciled in the United States.

⁽⁵⁾	Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any nonqualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2025, non-qualifying assets represented approximately 5.95% of the total assets of the Company.

⁽⁶⁾	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies and Note 4 -Investments”).

⁽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. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. See below for more information on the Company’s unfunded commitments:

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2025

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

Investments	Maturity Date	Unfunded
Accel International Holdings Inc (Revolver)	4/26/2032	$	2,162
Ambient Enterprises Holdco LLC, (Delayed Draw)	6/28/2030		576
Applied Aerospace Structures Corp. (Delayed Draw)	11/29/2030		16,026
Applied Aerospace Structures Corp. (Revolver)	11/29/2030		4,006
BCM One, Inc. (Revolver)	11/17/2027		1,530
CCI Buyer, Inc. (Revolver)	5/13/2032		1,607
Clearwave Fiber (Revolver)	12/13/2029		4,862
ComPsych Investment Corp. (Delayed Draw)	7/22/2031		7,778
Continental Buyer Inc (Revolver)	4/2/2031		4,777
Databricks Inc (Delayed Draw)	1/3/2031		4,688
Electro Methods (Revolver)	2/23/2032		7,090
Flourish Research Acquistion, LLC (Delayed Draw)	11/6/2031		2,825
Flourish Research Acquistion, LLC (Revolver)	11/6/2031		3,661
ICAT Intermediate Holdings LLC (Delayed Draw)	3/1/2029		13,801
ICAT Intermediate Holdings LLC (Revolver)	3/1/2029		2,095
JFL-Atomic AcquisitionCo, Inc. (Delayed Draw)	2/20/2031		14,482
JFL-Atomic AcquisitionCo, Inc. (Revolver)	2/20/2031		6,264
Kravet Inc. (Revolver)	11/26/2030		5,284
LeadVenture, Inc (Delayed Draw)	6/23/2032		6,370
LeadVenture, Inc (Revolver)	6/23/2032		4,754
Meridian Waste Acquisitions, LLC (Delayed Draw)	8/30/2029		476
Meridian Waste Acquisitions, LLC (Revolver)	8/30/2029		1,190
MGS MFG. Group, Inc. (Revolver)	5/31/2027		1,776
Playpower, Inc. (Revolver)	8/28/2030		6,565
Qualus Power Services Corp (Delayed Draw)	3/27/2028		16,175
RJW Logistics Group, Inc (Delayed Draw)	11/26/2031		491
RJW Logistics Group, Inc (Delayed Draw)	9/23/2032		2,899
Schoeneck Containers, LLC (Revolver)	5/7/2028		3,136
Security 101 (Revolver)	4/11/2028		5,958
Spark Buyer, LLC (Delayed Draw)	10/15/2031		18,750
Spark Buyer, LLC (Revolver)	10/15/2031		6,188
Spotless Brands, LLC (Delayed Draw)	7/25/2028		21,848
TransnetYX, Inc (Revolver)	4/13/2026		2,167
United Flow Technologies Intermediate Holdco II, LLC (Delayed Draw)	6/23/2031		7,675
United Flow Technologies Intermediate Holdco II, LLC (Revolver)	6/21/2030		2,000
Uptime Institute (Revolver)	1/12/2027		2,056
Vacation Rental Brands, LLC (Delayed Draw)	5/6/2032		4,206
Vacation Rental Brands, LLC (Revolver)	5/6/2032		5,462
Vensure Employer Services Inc (Delayed Draw)	9/29/2031		2,622
World Insurance Associates, LLC (Delayed Draw)	4/3/2030		3,932
World Insurance Associates, LLC (Revolver)	4/3/2030		250
Total		$	230,460


⁽⁸⁾	Unless otherwise indicated, all securities are pledged as collateral to our SMBC Revolving Credit Facility (“SMBC Revolving Credit Facility”) or our ABL Credit Facility with Bank of America (“ABL Credit Facility”) as defined in “Note 5 - Debt”. As such, these securities are not available as collateral to our general creditors.

⁽⁹⁾	Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2025, the Company’s controlled/affiliated investments were as follows:

	Fair Value as of January 1, 2025	Gross Additions	Gross Reductions	Net Change in Unrealized appreciation/ (depreciation)	Net Realized Gain (Loss)	Fair Value as of September 30, 2025	Dividend Income
Controlled/Affiliated Investments
SBLA Private Credit LLC	$33,221	$24,868	$—	$242	$—	$58,331	$3,895
Total	$33,221	$24,868	$—	$242	$—	$58,331	$3,895

⁽¹⁰⁾

Investment is valued using quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices unobservable inputs (Level 2), (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 -Investments”).

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Concluded)
September 30, 2025

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

The following shows the composition of the Company’s portfolio at fair value by industry and geography as of September 30, 2025.

Industry	First Lien Secured Debt			Second Lien Secured Debt		Joint Venture		Total			Percentage of Total Investments at Fair Value
Aerospace & Defense	$	83,328		$	-	$	-	$	-			8.77	%
Air Freight & Logistics		54,098			-		-		54,098			5.69	%
Air Freight & Logistics		27,029			-		-		27,029			2.84	%
Building Materials		14,148			-		-		14,148			1.49	%
Commercial Services & Supplies		95,488			-		-		95,488			10.05	%
Construction and Engineering		8,825			-		-		8,825			0.93	%
Consumer Discretionary		(81	)		-		-		(81	)		(0.01	)%
Containers & Packaging		14,092			-		-		14,092			1.48	%
Electrical Equipment		47,190			-		-		47,190			4.96	%
Health Care Equipment & Supplies		6,016			-		-		6,016			0.63	%
Health Care Providers & Services		80,839			-		-		80,839			8.51	%
Insurance		1,048			-		-		1,048			0.11	%
Investments in Joint Venture		-			-		58,331		58,331			6.14	%
IT Services		146,625			-		-		146,625			15.43	%
Leisure Products		43,000			-		-		43,000			4.52	%
Life Sciences Tools & Services		13,606			-		-		13,606			1.43	%
Professional Services		40,130			-		-		40,130			4.22	%
Real Estate Management & Development		54,028			-		-		54,028			5.68	%
Software		72,404			29,926		-		102,330			10.77	%
Telecommunication Services		34,381			-		-		34,381			3.62	%
Textiles, Apparel & Luxury Goods		26,013			-		-		26,013			2.74	%
Total	$	862,207		$	29,926	$	58,331	$	950,464			100	%

Geography	Fair Value		Percentage of Total Investments at Fair Value
United States	$	950,464		100.00	%
Total	$	950,464		100.00	%

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund
Consolidated Schedule of Investments (Unaudited)
December 31, 2024

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

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾		Fair Value		% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Secured Debt— non-controlled/non-affiliated^{(4) (6)}
Aerospace & Defense
Applied Aerospace Structures Corp. (Term Loan)	3M S + 4.75%	9.08%	12/1/2030		$39,964		$39,577		$39,616		19.47%
Applied Aerospace Structures Corp. (Delayed Draw)⁽⁸⁾	3M S + 4.75%	N/A	11/29/2030		—		(77)		(139)		(0.07)
Applied Aerospace Structures Corp. (Revolver)⁽⁸⁾	3M S + 4.75%	N/A	11/29/2030		—		(62)		(56)		(0.03)
							39,438		39,421		19.37
Air Freight & Logistics
RJW Logistics Group, Inc (Term Loan)	3M S + 5.25%	9.58%	11/26/2031		34,633		34,285		34,284		16.85
RJW Logistics Group, Inc (Delayed Draw)⁽⁸⁾	3M S + 5.25%	N/A	11/26/2031		—		(17)		(17)		(0.01)
							34,268		34,267		16.84
Commercial Services & Supplies
Ambient Enterprises Holdco LLC (Term Loan)	3M S + 5.75%	10.08%	12/27/2031		2,073		2,052		2,052		1.01
Ambient Enterprises Holdco LLC (Delayed Draw)⁽⁸⁾	3M S + 5.75%	N/A	6/30/2030		—		(2)		(2)		—⁽¹¹⁾
Meridian Waste Acquisitions, LLC (Term Loan)	3M S + 3.75%	8.40%	8/30/2029		9,043		9,023		8,998		4.41
Meridian Waste Acquisitions, LLC (Delayed Draw)⁽⁸⁾	1M S + 3.75%	8.25%	8/30/2029		927		927		907		0.45
Meridian Waste Acquisitions, LLC (Revolver)⁽⁸⁾	3M S + 3.25%	7.99%	8/30/2029		275		275		266		0.13
United Flow Technologies Intermediate Holdco II, LLC (Term Loan)	3M S + 5.25%	9.58%	6/23/2031		11,970		11,800		11,866		5.83
United Flow Technologies Intermediate Holdco II, LLC (Delayed Draw)⁽⁸⁾	3M S + 5.25%	9.88%	6/23/2031		980		904		893		0.44
United Flow Technologies Intermediate Holdco II, LLC (Revolver)⁽⁸⁾	3M S + 5.25%	N/A	6/21/2030		—		(27)		(17)		(0.01)
							24,952		24,963		12.26
Construction and Engineering
Qualus Power Services Corp (Delayed Draw)⁽⁸⁾	3M S + 1.00%	N/A	3/27/2028		—		(118)		(118)		(0.06)
							(118)		(118)		(0.06)
Containers & Packaging
Schoeneck Containers, LLC (Term Loan)	3M S + 4.75%	9.53%	5/7/2025		9,322		9,322		9,311		4.57
Schoeneck Containers, LLC (Delayed Draw)	3M S + 4.75%	9.53%	5/7/2025		4,756		4,756		4,751		2.33
Schoeneck Containers, LLC (Revolver)⁽⁸⁾	3M P + 3.75%	11.25%	5/7/2025		597		597		592		0.30
							14,675		14,654		7.20
Electrical Equipment
Sparkstone Electrical Group (Term Loan)	3M S + 5.25%	9.77%	10/15/2031		46,875		46,187		46,187		22.70
Sparkstone Electrical Group (Delayed Draw)⁽⁸⁾	3M S + 5.25%	N/A	10/15/2031		—		(136)		(136)		(0.07)
Sparkstone Electrical Group (Revolver)⁽⁸⁾	3M S + 5.25%	N/A	10/15/2031		—		(137)		(137)		(0.07)
							45,914		45,914		22.56
Health Care Equipment & Supplies
MGS MFG. Group, Inc. (Term Loan)	1M S + 4.25%	8.71%	5/31/2027		3,312		3,312		3,312		1.63
MGS MFG. Group, Inc. (Delayed Draw)	1M S + 4.25%	8.71%	5/31/2027		2,794		2,794		2,794		1.37
MGS MFG. Group, Inc. (Revolver)⁽⁸⁾	3M S + 4.25%	N/A	5/31/2027		—		—		—		—
							6,106		6,106		3.00
Health Care Providers & Services
Continental Buyer Inc (Term Loan)	6M S + 5.25%	9.50%	4/2/2031		32,403		31,954		32,403		15.92
Continental Buyer Inc (Delayed Draw)⁽⁸⁾	3M S + 5.25%	N/A	4/2/2031		—		(85)		—		—
Continental Buyer Inc (Revolver)⁽⁸⁾	3M S + 5.25%	9.53%	4/2/2031		—		(64)		—		—
Endo1 Partners - California, LLC	1M S + 5.25%	9.86%	3/24/2026		4,807		4,807		4,807		2.36
Flourish Research Acquisition, LLC (Term Loan)	3M S + 5.00%	9.53%	11/6/2031		15,970		15,734		15,734		7.73
Flourish Research Acquisition, LLC (Delayed Draw)⁽⁸⁾	3M S + 5.00%	9.44%	11/6/2031		837		773		773		0.38
Flourish Research Acquisition, LLC (Revolver)⁽⁸⁾	3M S + 5.00%	N/A	11/6/2031		—		(61)		(61)		(0.03)
							53,058		53,656		26.36

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund
Consolidated Schedule of Investments (Unaudited) (Continued)
December 31, 2024
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾		Fair Value		% of Net Assets
Insurance
Ardonagh Midco 3 PLC (Term Loan)⁽⁵⁾⁽⁷⁾	6M S + 4.75%	9.90%	2/17/2031		$29,398		$28,995		$29,398		14.44%
RSC Acquisition, Inc. (Delayed Draw)	3M S + 4.75%	9.34%	11/1/2029		7,135		7,104		7,117		3.50
RSC Acquisition, Inc. (Delayed Draw)⁽⁸⁾	3M S + 4.75%	N/A	11/1/2029		—		(186)		(100)		(0.05)
RSC Acquisition, Inc. (Revolver)⁽⁸⁾	3M P + 3.75%	N/A	10/30/2029		—		(24)		(13)		(0.01)
							35,889		36,402		17.88
IT Services
BCM One, Inc. (Term Loan)	6M S + 4.50%	8.85%	11/17/2027		9,684		9,684		9,684		4.76
BCM One, Inc. (Delayed Draw)	1M S + 4.50%	8.96%	11/17/2027		4,762		4,762		4,762		2.34
BCM One, Inc. (Revolver)⁽⁸⁾	3M S + 4.50%	N/A	11/17/2027		—		—		—		—
GCOM (Term Loan)	3M S + 7.50%	12.28%	8/1/2031		39,798		39,414		39,500		19.40
							53,860		53,946		26.50
Leisure Products
Playpower, Inc. (Term Loan)	3M S + 5.25%	9.58%	8/28/2030		43,326		42,704		42,732		20.99
Playpower, Inc. (Revolver)⁽⁸⁾	3M S + 5.25%	N/A	8/28/2030		—		(93)		(90)		(0.04)
							42,611		42,642		20.95
Life Sciences Tools & Services
TransnetYX, Inc (Term Loan)	3M S + 5.25%	9.78%	4/13/2027		16,050		16,050		16,050		7.89
TransnetYX, Inc (Revolver)⁽⁸⁾	3M S + 5.25%	N/A	4/13/2027		—		—		—		—
							16,050		16,050		7.89
Professional Services
ComPsych Investment Corp. (Term Loan)	3M S + 4.75%	9.38%	7/22/2031		15,170		15,134		15,132		7.44
ComPsych Investment Corp. (Delayed Draw)⁽⁸⁾	3M S + 4.75%	N/A	7/22/2031		—		(9)		(19)		(0.01)
Vensure Employer Services Inc (Term Loan)	3M S + 5.00%	9.33%	9/29/2031		19,888		19,793		19,792		9.72
Vensure Employer Services Inc (Delayed Draw)⁽⁸⁾	3M S + 5.00%	9.65%	9/29/2031		1,234		1,208		1,194		0.59
							36,126		36,099		17.74
Telecommunication Services
Clearwave Fiber (Revolver)⁽⁸⁾	3M S + 4.00%	8.40%	12/13/2029		6,439		6,291		6,291		3.09
							6,291		6,291		3.09
Textiles, Apparel & Luxury Goods
Kravet Inc. (Term Loan)	1M S + 5.25%	9.77%	11/25/2030		29,590		29,152		29,152		14.32
Kravet Inc. (Revolver)⁽⁸⁾	3M S + 5.25%	N/A	11/25/2030		—		(78)		(78)		(0.04)
							29,074		29,074		14.28

Total First Lien Secured Debt—non-controlled/non-affiliated							$438,194		$439,367		215.86%

Investments—controlled/affiliated
Investments in Joint Venture^(4)(6)(10)
SBLA Private Credit LLC⁽⁵⁾					$33,224		$33,224		$33,221		16.32%
							33,224		33,221		16.32
Total Investments in Joint Venture							$33,224		$33,221		16.32%
Total Investments at Fair Value⁽⁹⁾							$471,418		$472,588		232.18%

⁽¹⁾	Unless otherwise indicated, debt investments held by the Company are denominated in USD dollars. All debt investments are income producing unless otherwise indicated.

⁽²⁾	Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S”), or an alternate base rate (commonly based on the U.S. Prime Rate (“P”), which generally resets periodically. For each loan, the Company has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of December 31, 2024.

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

⁽⁴⁾	Unless otherwise indicated, issuers of debt held by the Company are domiciled in the United States.

⁽⁵⁾	Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any nonqualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2024, non-qualifying assets represented approximately 10.59% of the total assets of the Company.

⁽⁶⁾	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies and Note 4 -Investments”).

The accompanying notes are an integral part of these Consolidated Financial Statements.

⁽⁷⁾	The issuer of this investment is domiciled in the United Kingdom.

⁽⁸⁾	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from unamortized fees, which are capitalized to the investment cost. See below for more information on the Company’s unfunded commitments:

Investments	Maturity Date	Unfunded
Ambient Enterprises Holdco LLC (Delayed Draw)	6/30/2030	$	427
Applied Aerospace Structures Corp. (Delayed Draw)	11/29/2030		16,026
Applied Aerospace Structures Corp. (Revolver)	11/29/2030		6,410
BCM One, Inc. (Revolver)	11/17/2027		1,530
Clearwave Fiber (Revolver)	12/13/2029		5,561
ComPsych Investment Corp. (Delayed Draw)	7/22/2031		7,778
Continental Buyer Inc (Delayed Draw)	4/2/2031		12,739
Continental Buyer Inc (Revolver)	4/2/2031		4,777
Flourish Research Acquisition, LLC (Delayed Draw)	11/6/2031		7,009
Flourish Research Acquisition, LLC (Revolver)	11/6/2031		4,185
Kravet Inc. (Revolver)	11/25/2030		5,284
Meridian Waste Acquisitions, LLC (Delayed Draw)	8/30/2029		2,982
Meridian Waste Acquisitions, LLC (Revolver)	8/30/2029		1,501
MGS MFG. Group, Inc. (Revolver)	5/31/2027		1,776
Playpower, Inc. (Revolver)	8/28/2030		6,565
Qualus Power Services Corp (Delayed Draw)	3/27/2028		25,000
RJW Logistics Group, Inc (Delayed Draw)	11/1/2031		3,436
RSC Acquisition, Inc. (Delayed Draw)	11/1/2029		40,097
RSC Acquisition, Inc. (Revolver)	10/30/2029		5,250
Schoeneck Containers, LLC (Revolver)	5/7/2025		2,812
Sparkstone Electrical Group (Delayed Draw)	10/15/2031		18,750
Sparkstone Electrical Group (Revolver)	10/15/2031		9,375
TransnetYX, Inc (Revolver)	4/13/2026		2,167
United Flow Technologies Intermediate Holdco II, LLC (Delayed Draw)	6/23/2031		9,020
United Flow Technologies Intermediate Holdco II, LLC (Revolver)	6/21/2030		2,000
Vensure Employer Services Inc (Delayed Draw)	9/29/2031		6,878
Total		$	209,335

⁽⁹⁾	Unless otherwise indicated, all securities are pledged as collateral to our SMBC Revolving Credit Facility (“SMBC Revolving Credit Facility”) as defined in “Note 5 -Debt”). As such, these securities are not available as collateral to our general creditor.

The following shows the composition of the Company’s portfolio at fair value by industry and geography as of December 31, 2024.

Industry	Investment Type	Fair Value			Percentage of Total Investments at Fair Value
IT Services	First Lien Secured Debt	$	53,946			11.42	%
Health Care Providers & Services	First Lien Secured Debt		53,656			11.35
Electrical Equipment	First Lien Secured Debt		45,914			9.72
Leisure Products	First Lien Secured Debt		42,642			9.02
Aerospace & Defense	First Lien Secured Debt		39,421			8.34
Insurance	First Lien Secured Debt		36,402			7.70
Professional Services	First Lien Secured Debt		36,099			7.64
Air Freight & Logistics	First Lien Secured Debt		34,267			7.25
Investment in Joint Venture	Joint Venture		33,221			7.03
Textiles, Apparel & Luxury Goods	First Lien Secured Debt		29,074			6.15
Commercial Services & Supplies	First Lien Secured Debt		24,963			5.28
Life Sciences Tools & Services	First Lien Secured Debt		16,050			3.40
Containers & Packaging	First Lien Secured Debt		14,654			3.10
Telecommunication Services	First Lien Secured Debt		6,291			1.33
Health Care Equipment & Supplies	First Lien Secured Debt		6,106			1.29
Construction and Engineering	First Lien Secured Debt		(118	)		(0.02	)
Total		$	472,588			100.00	%

Geography	Fair Value		Percentage of Total Investments at Fair Value
United Kingdom	$	29,398		6.22	%
United States		443,190		93.78
Total	$	472,588		100.00	%

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund
Consolidated Schedule of Investments (Unaudited) (Concluded)
December 31, 2024
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

⁽¹⁰⁾

Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company’s controlled/affiliated investments were as follows:

Controlled/Affiliated Investments

Fair Value as of
February 23, 2024
(commencement
of operations)

Gross
Additions

Gross
Reductions

Net
Change
in
Unrealized
appreciation/
(depreciation)

Net
Realized
Gain
(Loss)

Fair Value as
of
December 31,
2024

Dividend
Income

SBLA Private Credit LLC

$–

$33,224

$–

$(3)

$–

$33,221

$278

Total

$–

$33,224

$–

$(3)

$–

$33,221

$278

⁽¹¹⁾	Amount is less than (0.01)%.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited)

September 30, 2025

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

(1) ORGANIZATION

Lord Abbett Private Credit Fund (the “Company”) is a closed-end, non-diversified management investment company organized under the laws of the State of Delaware. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) on October 4, 2024 (the “BDC Election Date”). The Company will elect, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) for U.S. federal income tax purposes as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company was formed on November 27, 2023 and commenced investment operations on February 23, 2024. Lord Abbett Private Credit Advisor LLC is the investment adviser to the Company (the “Adviser”). The Adviser is a wholly-owned subsidiary of Lord Abbett & Co. LLC. The Adviser provides the Company with investment advisory services pursuant to the terms of an investment advisory agreement (the “Advisory Agreement”). Lord, Abbett & Co. LLC, the “Administrator” or “Lord Abbett” performs, or oversees the performance of, the Company’s corporate operations and required administrative services pursuant to an administration agreement (the “Administration Agreement”).

The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company invests in loans targeted at (i) private U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended the (“Exchange Act”), and (ii) U.S. operating companies whose securities are listed on a national securities exchange that have a market capitalization of less than $250 million. In limited instances we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position.

On January 8, 2024, the Company established Lord Abbett Private Credit Funding 1, LLC (“Lord Abbett PCF I LLC”), a wholly-owned subsidiary of the Company and a Delaware limited liability company that is a disregarded entity for tax purposes, to acquire investments in the State of California.

On August 30, 2024 (the “Conversion Date”), Lord Abbett Private Credit Fund 1, LP filed a certificate of conversion with the state of Delaware to convert from a limited partnership to a Delaware statutory trust and changed its name to Lord Abbett Private Credit Fund. Effective September 30, 2024, all limited partnership interests were converted into common shares, formalizing the unitization of Lord Abbett Private Credit Fund. On this date 5,080,444 shares were issued and outstanding at a par value of $0.01.

On December 2, 2024, the Company established Lord Abbett PCF Financing LLC (“PCF Financing”), a wholly-owned subsidiary of the Company and a Delaware limited liability company that is a disregarded entity for tax purposes, to hold investment collateral in connection with a credit facility.

On April 4, 2025, the Company established Lord Abbett PCF Financing 2 LLC (“PCF Financing 2”), a wholly-owned subsidiary of the Company and a Delaware limited liability company that is a disregarded entity for tax purposes, to hold investment collateral in connection with a credit facility.

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting and reporting policies used in preparing the Consolidated Financial Statements.

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, and any other parameters used in determining these estimates could cause actual results to differ materially.

Consolidation

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries in the Consolidated Financial Statements. All intercompany balances and transactions have been eliminated in consolidation.

The Company does not consolidate SBLA Private Credit LLC (the “SBLA JV”). See “Note 4 - Investments” for further description of the joint venture.

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2025

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

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity, that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost, which approximates fair value. The cash and cash equivalents balance as of September 30, 2025 and December 31, 2024 was $24,151 and $113,767, respectively.

Investment Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments derecognized or recognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as 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. Fair value measurements are determined within a framework control partnership hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the Consolidated Financial Statements may differ materially from the values that would be received upon an actual disposition of such investments.

Investment Valuation Process

Pursuant to Rule 2a-5, the Company’s Board of Trustees (the “Board”) has designated the Adviser as the valuation designee responsible for valuing all of the Company’s investments, including making fair valuation determinations as needed. The Adviser has established a fair value committee (the “Fair Value Committee”) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Fair Value Committee and the performance of functions required to determine the fair value of a fund’s investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations, selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used.

In accordance with the Adviser’s policies and procedures, investments, including debt securities, that are publicly traded but for which no readily available market quotations exist are generally valued on the basis of information furnished by an independent third-party pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Fair Value Committee regularly performs price verification procedures on behalf of the Adviser and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations or prices received from third-party

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2025

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

pricing services are not reflective of the fair value of an investment. Investments that are not publicly traded or whose current market prices or quotations are not readily available, as will be the case for a substantial portion of the Company’s investments, are valued at fair value as determined by the Adviser in good faith pursuant to the Adviser’s Board-approved policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Company’s loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities and factors such as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, 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 and other relevant factors.

The Fair Value Committee manages the Company’s fair valuation practices and maintains the fair valuation policies and procedures. To assess the continuing appropriateness of pricing sources and methodologies, the Fair Value Committee regularly performs price verification procedures, engages in oversight activities with respect to independent third-party pricing sources used and issues challenges as necessary. In addition, the Fair Value Committee may rely on independent third party valuation firms to assist us in determining fair value of certain investments. At least each quarter, the valuation process will be reassessed by the Adviser or an independent valuation firm to reflect company specific events and the latest market data for certain investments. The Adviser reports to the Board information regarding the fair valuation process and related material matters. The Board may determine to modify its designation of the Adviser as valuation designee, relating to any or all Company investments, at any time.

Valuation techniques used to value the Company’s investments by major category are as follows:

•	Equity securities and other investments, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) as reported by a third-party pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used.

•	Debt securities that are publicly traded, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

•	When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services.

•	Investments in open-end investment companies are valued at their closing net asset value.

•	Investments, including private placements, for which observable inputs are not available are generally valued using one or more valuation methods including the market approach, the income approach and cost approach. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities. The Company may use amortized cost as a pricing technique for investments that have recently transacted.

Realized Gains or Losses

Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

Investment Income Recognition

Interest Income

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

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2025

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

Payment-in-Kind (“PIK”) Income

The Company may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Company’s Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. For the three and nine months ended September 30, 2025, there was no PIK income.

Dividend Income

Dividend income on preferred equity securities is recorded on the 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 securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Dividend income on the Company’s equity interest in its joint venture is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.

Fee Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Investments

Loans are generally placed on non-accrual status when, in management’s judgement, there is sufficient doubt that all or a portion of principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount 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. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of September 30, 2025 and December 31, 2024, there were no loans on non-accrual status.

Organizational and Offering Costs

Organizational costs consist of costs incurred to establish the entity as a Delaware statutory trust and subsequent conversion to a BDC. Organizational costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of interests in the partnership and subsequently the BDC. Offering costs are capitalized as a deferred charge and will be amortized to expense on a straight-line basis over twelve months.

Deferred Financing Costs

Financing costs incurred in connection with the Company’s Credit Facility (as defined below) are capitalized and amortized into expense using the straight-line method, which approximates the effective yield method over the life of the facility. See “Note 5 - Debt.”

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, Modification and Extinguishments. For extinguishments of our debt, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Income Taxes

The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Company reviews and evaluates tax positions in its major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. Based on this review, the Company has determined the major tax jurisdictions to be where the Company is organized, where the Company makes investments, and where the Company is located; however, no reserves for uncertain tax positions were recorded for the period ended December 31, 2024 and for the three and nine months ended September 30, 2025. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no tax liability or expense, including interest and penalties, has been recorded in the Consolidated Financial Statements. Generally, the Company’s U.S. federal, state, and local tax returns remain open for examination for a period of three to five years from when they are filed under varying statutes of limitations.

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2025

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

The Company has elected to be treated as a RIC under Subchapter M of the Code with its initial taxable year ended December 31, 2024. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as distributions.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company will be subject to a 4% non-deductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary net income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any ordinary income or capital gain net income realized, but not distributed, in prior years. For this purpose, the Company will be deemed to have distributed any income and gains on which it paid U.S. federal income tax.

Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its Consolidated Financial Statements.

Segment Reporting

An operating segment is defined in FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Company is Lord Abbett & Co. LLC (“Lord Abbett”) through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Company has a single operating segment based on the fact that the CODM monitors the operating results of the Company as a whole and that the Company’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Company’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Company’s Consolidated Schedules of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statements of Cash Flows and Consolidated Financial Highlights.

(3) RELATED PARTY TRANSACTIONS

Expense Support and Conditional Reimbursement Agreement

On October 4, 2024, the Company entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, effective as of February 13, 2024 and pursuant to which the Adviser is able to elect to pay certain expenses of the Company on the Company’s behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay shareholders servicing and/or distribution fees of the Company. Any Expense Payment that the Adviser committed to pay is to 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 no later than forty-five (45) days after such obligation was incurred.

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2025

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

Pursuant to the Expense Support Agreement the Company has entered into with the Adviser, the Adviser is obligated to advance all of the Company’s Other Operating Expenses (each, a “Required Expense Payment”) to the effect that such expenses do not exceed 0.70% (on an annualized basis) of the Company’s NAV. 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 organizational and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, excluding the Company’s base management and incentive fees owed to the Adviser, financing fees and costs (other than upfront fees on the Company’s initial credit facility), brokerage commissions, placement agent fees, costs and expenses of distributing and placing the Company’s common shares (“Common Shares”), extraordinary expenses and any interest expenses owed by the Company, all as determined in accordance with U.S. GAAP.

The Adviser may elect to pay, at such times as the Adviser determines, certain expenses on the Company’s behalf (each, 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 shareholder servicing and/or distribution fees, if any, 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 month in which Other Operating Expenses are below 0.70% (on an annualized basis) of the Company’s NAV (the “Expense Cap”), the Adviser may be reimbursed (a, “Required Reimbursement Payment”) for any Required Expense Payment to the extent that (i) the Other Operating Expenses, inclusive of such Required Reimbursement Payment, remain at or below the Expense Cap and (ii) the applicable Required Expense Payment was made no more than three (3) years prior to the Required Reimbursement Payment.

Following any calendar month in which Available Operating Funds exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), we shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Voluntary Expense Payments made by the Adviser to the Company within three (3) years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company with respect to Voluntary Expense Payments shall be referred to herein as a “Voluntary Reimbursement Payment”, and together with the Required Reimbursement Payments, the “Reimbursement Payments”). “Available Operating Funds” means the sum of (i) our net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) our 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 us 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 Voluntary Reimbursement Payment for any calendar month shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Company at the time of such Voluntary Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Voluntary Reimbursement Payment relates, (2) the Company’s Operating Expense Ratio at the time of such Voluntary Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Voluntary Reimbursement Payment relates, or (3) the Company’s Other Operating Expenses at the time of such Voluntary Reimbursement Payment exceeds 0.70% of the Company’s NAV. “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365-day year) of regular cash distributions per share exclusive of returns of capital and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, if any, and interest expense, by the Company’s net assets. “Operating Expenses” means all of the Company’s operating costs and expenses incurred, as determined in accordance with U.S. GAAP for investment companies.

The Company’s obligation to make a Reimbursement Payment shall 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 month.

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

Based on the terms described above, the Company may be obligated to make Reimbursement Payments to the Adviser in accordance with the Expense Support Agreement. As of September 30, 2025, no such reimbursements were required.

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2025

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

The following table presents a cumulative summary of the expense payments and reimbursement payments as of September 30, 2025:

For the Quarter Ended	Required Expense Payments by Adviser		Required Reimbursement Payments to Adviser		Unreimbursed Expense Payments		Reimbursement Eligibility Expiration
March 31, 2024	$	232	$	-	$	232	March 31, 2027
June 30, 2024		832		-		832	June 30, 2027
September 30, 2024		572		-		572	September 30, 2027
December 31, 2024		949		-		949	December 31, 2027
March 31, 2025		353		-		353	March 31, 2028
June 30, 2025		280		-		280	June 30, 2028
September 30, 2025		680		-		680	September 30, 2028
Total	$	3,898	$	-	$	3,898

Due to / Due From Affiliate

From time to time, the Adviser may pay certain expenses or fees on behalf of the Company. These expenses will be paid by the Company at a future date. For the three and nine months ended September 30, 2025, in accordance with the Expense Support Agreement, the Required Expense Payments by the Adviser were $680 and $1,312, respectively, for certain expenses incurred. As of September 30, 2025 and December 31, 2024, $593 and $683, respectively, remains receivable from the Adviser and are included in Due from Affiliate on the Consolidated Statements of Assets and Liabilities.

Management fee

Prior to the BDC Election Date, the Company did not incur management fees. Following the BDC Election Date, the Company began to accrue management fees. The management fee is payable monthly in arrears at an annual rate of 1.00% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month, adjusted for any share issuances or repurchases during the applicable month. For purposes of the Advisory Agreement, net assets mean the Company’s total assets less liabilities determined on a consolidated basis in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). For the three and nine months ended September 30, 2025, the Company incurred $1,004 and $2,200, respectively, in management fees net of voluntary management fees waived. As of September 30, 2025, $348 of such management fees were unpaid and are included in Management fees payable on the Consolidated Statements of Assets and Liabilities. For the three months ended September 30, 2024, the Company incurred $0 in management fees net of voluntary management fees waived. For the period from February 23, 2024 (commencement of operations) to September 30, 2024, the Company incurred $0 in management fees net of voluntary management fees waived.

Incentive Fees

The incentive fee will consist 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 our income and a portion is based on a percentage of our capital gains, each as described below.

Incentive Fee Based on Income

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns attributable to our Common Shares. “Pre-Incentive Fee Net Investment Income Returns” means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Advisory Agreement and an Administration Agreement with our Administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding the Incentive Fee and shareholder servicing and/or distribution fees, if any). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses, or unrealized gain/(loss).

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 immediate preceding quarter, adjusted for any Share issuances or repurchases during the applicable quarter in which the Incentive Fee is calculated, is compared to a “hurdle rate” of return of 1.50% per quarter (6.00% annualized).

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2025

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

We 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 1.50% per quarter (6.00% annualized);

•	100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.71% (6.84% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.71%) 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 1.71% 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 1.71% (6.84% 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 pro-rated for any period of less than three (3) months and adjusted for any share issuances or repurchases during the relevant quarter.

Prior to the BDC Election Date, the Company did not incur incentive fees. Following the BDC Election Date, the Company began to accrue incentive fees. For the three and nine months ended September 30, 2025, income based incentive fees were $1,606 and $3,807, respectively. For the three months ended September 30, 2024, income based incentive fees were $0. For the period from February 23, 2024 (commencement of operations) to September 30, 2024, income based incentive fees were $0. As of September 30, 2025 and December 31, 2024, $1,606 and $713, respectively, of such income based incentive fees were unpaid and are included in Income incentive fees payable on the Consolidated Statements of Assets and Liabilities.

Incentive Fee Based 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 U.S. GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

For purposes of computing the Company’s incentive fee on income and the incentive fee on capital gains, the calculation methodology will look through derivative financial instruments or swaps as if we owned the reference assets directly. The fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated.

We accrued capital gains based incentive fees of $70 and $35, respectively, for the three and nine months ended September 30, 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 in the prior period. If such cumulative amount is negative, then there is no accrual. As of September 30, 2025 and December 31, 2024, $69 and $36, respectively, of capital gains incentive fees, were unpaid and are included in Capital gains incentive fees payable on the Consolidated Statements of Assets and Liabilities.

Lord Abbett Private Credit Fund
Notes to the Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2025
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Administration Fees

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. Unless such expenses are specifically assumed by the Adviser, Administrator or their affiliates under the Advisory Agreement or Administration Agreement, as applicable, the Company will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Company’s behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

The Company will pay the Administrator a fee payable monthly in arrears at an annual rate of 0.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month, adjusted for any share issuances or repurchases during the applicable month.

Prior to the BDC Election Date, the Company did not incur administration fees. For the three and nine months ended September 30, 2025, the Company incurred $250 and $592, respectively, of administration fees, of which $87 remains payable as of September 30, 2025. There were no administration fees for the period from February 23, 2024 (commencement of operations) to September 30, 2024. As of December 31, 2024, Administration fees payable was $78.

(4) INVESTMENTS

Fair Value Measurement and Disclosures

The following table shows the composition of the Company’s investment portfolio as of September 30, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value⁽¹⁾
First Lien Secured Debt	$	861,007	$	862,207	$	-	$	14,148	$	848,059	$	-
Second Lien Secured Debt		29,926		29,926		-		-		29,926		-
Investments in Joint Venture		58,092		58,331				-		-		58,331
Total Investments at Fair Value	$	949,025	$	950,464	$	-	$	14,148	$	877,985	$	58,331

⁽¹⁾	In accordance with ASC 820, the Company’s investment in JV is measured using the net asset value (or its equivalent) as a practical expedient for fair value and has not been classified in the fair value hierarchy.

The following table shows the composition of the Company’s investment portfolio as of December 31, 2024, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value⁽¹⁾
First Lien Secured Debt	$	438,194	$	439,367	$	-	$	-	$	439,367	$	-
Investments in Joint Venture		33,224		33,221		-		-		-		33,221
Total Investments	$	471,418	$	472,588	$	-	$	-	$	439,367	$	33,221

⁽¹⁾	In accordance with ASC 820, the Company’s investment in JV is measured using the net asset value (or its equivalent) as a practical expedient for fair value and has not been classified in the fair value hierarchy.

The following table presents changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2025:

	For the nine months ended September 30, 2025
	First Lien Secured Debt			Second Lien Secured Debt
Fair value, beginning of period	$	439,367		$	-
Purchases		499,047			29,915
Sales and repayments		(91,947	)		-
Net (amortization) accretion on investments		1,861			11
Net realized gains (losses) on investments		-			-
Net change in unrealized gains (losses) on investments		(269	)		-
Transfers out of Level 3⁽¹⁾		-			-
Transfers into Level 3⁽¹⁾		-			-
Fair value, end of period	$	848,059		$	29,926
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	443		$	-

⁽¹⁾	For the nine months ended September 30, 2025 there were no transfers out of/into Level 3.

The following table presents changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value for the period ended September 30, 2024:

	For the period February 23, 2024 (commencement of operations) to September 30, 2024
	First Lien Secured Debt
Fair value, beginning of period	$	-
Purchases, including capitalized PIK		384,230
Sales and repayments		(72,223	)
Net (amortization) accretion on investments		395
Net realized gains (losses)		237
Net change in unrealized gains (losses)		923
Transfers out of Level 3⁽¹⁾		-
Transfers into Level 3⁽¹⁾		-
Fair value, end of period	$	313,562

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2024	$	923

⁽¹⁾	During the period from February 23, 2024 (commencement of operations) to September 30, 2024, there were no transfers out of/into Level 3.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2025, were as follows:

Asset
Category

Fair Value

Valuation
Techniques/
Methodologies

Unobservable
Input

Range

Weighted
Average ⁽¹⁾

First Lien Secured Debt

821,113

Income Approach

Discount Rate

6.63% - 11.25%

8.66%

First Lien Secured Debt

26,946

Market Approach

Transaction Price

n/a

Second Lien Secured Debt

29,926

Market Approach

Transaction Price

n/a

Total Level 3 Investments

877,985

⁽¹⁾	Weighted averages are calculated based on fair value of investments.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2024, were as follows:

Asset
Category

Fair Value

Valuation
Techniques/
Methodologies

Unobservable
Input

Range

Weighted
Average⁽¹⁾

First Lien Secured Debt

305,443

Income Approach

Discount Rate

7.27% - 12.33%

9.46%

First Lien Secured Debt

133,924

Market Approach

Transaction Price

n/a

Total Level 3 Investments

439,367

⁽¹⁾	Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the market approach is the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction. The significant unobservable inputs used in the income approach is the discount rate. The discount rate is used to discount the estimated future cash flows, which include both future principal and interest payments expected to be received from the underlying investment. An increase/decrease in the discount rate would result in a decrease/increase, respectively, in the fair value. There have been no material changes to the valuation approaches utilized during the period ended December 31, 2024 or the three and nine months ended September 30, 2025.

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2025

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

Joint Venture

On April 23, 2024, the Company entered into a joint venture with Stifel Bank & Trust (the “JV partner”), which was amended and restated on May 5, 2025. The joint venture is called SBLA Private Credit LLC (the “SBLA JV”). On October 9, 2024, the SBLA JV established SBLA Private Credit Funding, LLC, a wholly-owned subsidiary of the SBLA JV and a Delaware limited liability company that is a disregarded entity for tax purposes, to hold investment collateral in connection with a credit facility.

The Company and the JV partner have $140 million and $20 million, respectively, in total commitments to SBLA JV, with targeted member ownership interests of approximately 87.5% and 12.5%, respectively. The Company and the JV partner have equal voting rights with respect to the SBLA JV and the SBLA JV’s general partner. The SBLA JV will not be consolidated in the Company’s Consolidated Financial Statements. As of September 30, 2025 and December 31, 2024, the Company had $140 million, and $200 million of commitments to the SBLA JV, respectively, of which $82 million and $166.78 million, respectively, were unfunded.

SBLA Private Credit LLC

Consolidated Schedule of Investments

September 30, 2025

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

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ CommonUnits		Cost⁽³⁾			Fair Value			% of Net Assets
Investments—non-controlled/non-affiliated

First Lien Secured Debt⁽⁴⁾⁽⁵⁾

Aerospace & Defense
Unical Aviation Inc (Term Loan)	1M S + 3.75%	7.91%	11/7/2031	$	7,994	$	7,917		$	7,934			11.90	%
							7,917			7,934			11.90

Air Freight & Logistics
RJW Logistics Group, Inc (Term Loan)	3M S + 5.00%	9.00%	11/26/2031		12,000		11,892			11,880			17.82
							11,892			11,880			17.82

Automobile Components
ATCDT Corp (Term Loan)	1M S + 3.75%	8.01%	1/25/2028		14,023		13,895			13,883			20.83
							13,895			13,883			20.83

Beverages
King Juice (Term Loan)	3M S + 4.35%	8.52%	3/25/2027		2,403		2,388			2,391			3.58
King Juice (Revolver)	3M S + 4.35%	N/A	3/25/2027		—		(20	)		(16	)		(0.02	)
							2,368			2,375			3.56

Commercial Services & Supplies
KDV Label (Term Loan)	3M S + 4.25%	8.42%	6/11/2026		8,400		8,352			8,358			12.54
KDV Label (Delayed Draw)	3M S + 4.25%	N/A	6/11/2026		—		(8	)		(18	)		(0.03	)
United Flow Technologies Intermediate Holdco II, LLC (Term Loan)	3M S + 5.25%	9.25%	6/23/2031		5,940		5,893			5,918			8.88
							14,237			14,258			21.39

Construction & Engineering
Discovery Marketing And Distributing, LLC (Term Loan)	3M S + 4.25%	8.25%	8/10/2027		17,192		17,044			17,085			25.63
							17,044			17,085			25.63

Construction Materials
Concrete Partners, LLC (Term Loan)	1M S + 3.25%	7.51%	7/27/2029		7,355		7,287			7,355			11.03
							7,287			7,355			11.03

Containers & Packaging
Accord Buyer LLC (Term Loan)	1M S + 4.50%	8.65%	5/19/2028		9,912		9,834			9,770			14.66
							9,834			9,770			14.66

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2025

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

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ CommonUnits		Cost⁽³⁾		Fair Value		% of Net Assets
First Lien Secured Debt⁽⁴⁾⁽⁵⁾

Financial Services
Trimont Holdings LLC (Term Loan)	1M S + 3.00%	7.16%	5/31/2027	$	26,600	$	26,364	$	26,334		39.50	%
							26,364		26,334		39.50

Health Care Equipment & Supplies
MGS MFG. Group, Inc. (Term Loan)	1M S + 4.50%	8.76%	5/31/2027		10,173		10,173		10,173		15.26
MGS MFG. Group, Inc. (Delayed Draw)	1M S + 4.50%	8.76%	5/31/2027		1,213		1,213		1,213		1.82
							11,386		11,386		17.08

Health Care Providers & Services
Flourish Research Acquistion, LLC (Term Loan)	3M S + 5.00%	9.25%	11/6/2031		5,955		5,874		5,910		8.87
							5,874		5,910		8.87

Industrials
Fairbank Equipment (Term Loan)	3M S + 3.75%	7.90%	12/23/2026		9,303		9,216		9,222		13.83
Madison Safety & Flow LLC (Revolver)	3M S + 0.38%	N/A	9/26/2029		—		—		—		—
							9,216		9,222		13.83

IT Services
BCM One, Inc. (Term Loan)	6M S + 4.50%	8.77%	11/17/2027		10,292		10,292		10,292		15.44
BCM One, Inc. (Delayed Draw)	6M S + 4.50%	8.80%	11/17/2027		1,575		1,575		1,575		2.36
							11,867		11,867		17.80

Leisure Products
Buffalo Games LLC (Term Loan)	3M S + 2.50%	6.72%	8/31/2027		2,934		2,933		2,919		4.38
							2,933		2,919		4.38

Life Sciences Tools & Services
TransnetYX, Inc (Term Loan)	3M S + 4.75%	8.75%	4/13/2026		10,150		10,150		10,150		15.23
							10,150		10,150		15.23

Machinery
Rental Equipment Investment Co. (Term Loan)	1M S + 4.25%	8.51%	12/23/2026		5,548		5,497		5,548		8.32
Seakeeper Technologies LLC (Term Loan)	3M S + 3.25%	7.56%	7/19/2027		18,500		18,343		18,384		27.58
SkyMark Refuelers (Term Loan)	3M S + 3.00%	7.24%	12/31/2026		10,248		10,170		10,197		15.30
							34,010		34,129		51.20

Professional Services
ComPsych Investment Corp. (Term Loan)	3M S + 4.75%	9.08%	7/22/2031		11,910		11,884		11,895		17.84
Investor Group Services LLC (Term Loan)	1M S + 3.25%	7.47%	10/21/2027		12,191		12,080		12,084		18.13
Vensure Employer Services Inc (Term Loan)	3M S + 5.00%	9.00%	9/29/2031		11,912		11,859		11,867		17.80
							35,823		35,846		53.77

Real Estate Management & Development
Royal Property Company Borrower LLC (Term Loan)	1M S + 4.00%	8.16%	2/2/2028		14,266		14,140		14,195		21.29
							14,140		14,195		21.29

Specialty Retail
Alliance Mobile Inc (Term Loan)	3M S + 3.50%	7.65%	8/1/2028		17,572		17,437		17,463		26.20
Alliance Mobile Inc (Delayed Draw)	3M S + 3.75%	7.79%	8/1/2028		1,414		1,414		1,406		2.10
M&M Thrift Management Company LLC (Term Loan)	3M S + 2.25%	6.35%	12/1/2026		10,513		10,434		10,434		15.65
							29,285		29,303		43.95

Utilities
Waterworks Solutions Acquisition Inc (Term Loan)	1M S + 4.00%	8.26%	11/23/2027		6,855		6,793		6,786		10.18
							6,793		6,786		10.18

Total First Lien Secured Debt						$	282,315	$	282,587		423.90	%
Total Investments at Fair Value						$	282,315	$	282,587		423.90	%

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2025

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

(1)	Unless otherwise indicated, debt investments held by the SBLA JV are denominated in USD dollars and are income producing. All investments are pledged as collateral under a credit facility, unless otherwise indicated.

(2)	Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each loan, the SBLA JV has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of September 30, 2025.

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

(4)	Unless otherwise indicated, issuers of debt held by the SBLA JV are domiciled in the United States.

(5)	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies and Note 4 - Investments”).

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2025

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

SBLA Private Credit LLC

Schedule of Investments

December 31, 2024

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

Investments⁽¹⁾	Reference Rate and Spread	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Units		Cost⁽³⁾		Fair Value		% of Net Assets
Investments-non-controlled/non-affiliated
First Lien secured Debt-non-controlled/non-affiliated⁽⁴⁾⁽⁵⁾
Air Freight & Logistics
RJW Logistics Group, Inc	3M S + 5.25%	9.58%	11/26/2031	$	12,000	$	11,883	$	11,883		31.30	%
							11,883		11,883		31.30

Commercial Services & Supplies
United Flow Technologies Intermediate Holdco II, LLC	3M S + 5.25%	9.58%	6/23/2031		5,985		5,934		5,934		15.63
							5,934		5,934		15.63

Health Care Equipment & Supplies
MGS MFG. Group, Inc.	1M S + 4.25%	8.71%	5/31/2027		12,000		12,000		12,000		31.60
							12,000		12,000		31.60

Health Care Providers & Services
Endol Partners - California, LLC	1M S + 5.25%	9.86%	3/24/2026		11,833		11,833		11,833		31.17
Flourish Research Acquisition, LLC	3M S + 5.00%	9.53%	11/6/2031		6,000		5,911		5,911		15.57
							17,744		17,744		46.74

IT Services
BCM One, Inc.	6M S + 4.50%	8.85%	11/17/2027		10,379		10,379		10,379		27.35
BCM One, Inc. (Delayed Draw)	1M S + 4.50%	8.96%	11/17/2027		1,588		1,587		1,588		4.18
							11,966		11,967		31.53

Life Sciences Tools & Services
TransnetYX, Inc	3M S + 5.25%	9.78%	4/13/2027		11,973		11,973		11,973		31.53
							11,973		11,973		31.53

Professional Services
ComPsych Investment Corp.	3M S + 4.75%	9.38%	7/22/2031		12,000		11,972		11,970		31.53
Vensure Employer Services Inc.	3M S + 5.00%	9.33%	9/29/2031		12,000		11,942		11,940		31.45
							23,914		23,910		62.98

Total First Lien Secured Debt-non-controlled/non-affliliated						$	95,414	$	95,411		251.31	%
Total Investments at Fair Value						$	95,414	$	95,411		251.31	%

⁽¹⁾	Unless otherwise indicated, debt investments held by the SBLA JV are denominated in USD dollars. All debt investments are income producing unless otherwise indicated.

⁽²⁾	Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each loan, the SBLA JV has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of December 31, 2024.

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

⁽⁴⁾	Unless otherwise indicated, issuers of debt held by the SBLA JV are domiciled in the United States.

⁽⁵⁾	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies and Note 4 - Investments”).

Lord Abbett Private Credit Fund

Notes to the Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2025

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

SBLA Private Credit LLC

Consolidated Financial Statements

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

The following table presents the consolidated statements of assets and liabilities information of the SBLA JV as of September 30, 2025 and December 31, 2024:

	September 30, 2025		December 31, 2024
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost $282,315 and $95,414, respectively)	$	282,587	$	95,411
Cash and cash equivalents		16,818		743
Interest receivable from non-controlled/non-affiliated investments		926		673
Receivable for investments sold		52		238
Total assets	$	300,383	$	97,065

LIABILITIES
Debt (net of deferred financing costs of $2,734 and $1,553, respectively)	$	227,266	$	58,446
Interest payable		3,974		302
Distribution payable		2,201		317
Administration fees payable		146		-
Professional fees payable		133		34
Total liabilities	$	233,720	$	59,099
MEMBERS’ EQUITY
Members’ equity	$	66,663	$	37,966
Total members’ equity	$	66,663	$	37,966
Total liabilities and members’ equity	$	300,383	$	97,065

The following table presents the consolidated statements of operations information of the SBLA JV for the three and nine months ended September 30, 2025:

	For the three months ended September 30, 2025		For the nine months ended September 30, 2025

Investment income
Non-controlled/non-affiliated investments:
Interest income	$	6,469	$	12,192
Total investment income	$	6,469	$	12,192

Expenses
Interest expense	$	4,089	$	7,424
Professional fees		74		176
Administrative fees		105		146
Total expenses	$	4,268	$	7,746
Net expenses	$	4,268	$	7,746
Net investment income	$	2,201	$	4,446

Net realized and change in unrealized gain/(loss)
Net change in unrealized gain/(loss):
Non-controlled/non-affiliated investments	$	162	$	275
Net change in unrealized gain/(loss)	$	162	$	275
Net realized and change in unrealized gain/(loss)	$	162	$	275
Net increase (decrease) in net assets resulting from operations	$	2,363	$	4,721

(5) DEBT

Revolving credit facility with SMBC

On October 29, 2024, the Company entered into a revolving credit facility (the “SMBC Revolving Credit Facility”) pursuant to a Senior Secured Credit Agreement (the “SMBC Credit Agreement”), by and among the Company, as borrower, Sumitomo Mitsui Banking Corporation (“SMBC”), as administrative agent, each of the lenders and issuing banks party thereto, SMBC, as a joint lead arranger, as a joint book runner and as a syndication agent, and BofA Securities, Inc., as a joint lead arranger, as a joint book runner and as a syndication agent. The SMBC Revolving Credit Facility provides for, among other things, borrowings in U.S. dollars or certain other permitted currencies in an initial aggregate amount of up to $300 million, subject to availability under the borrowing base, with an option for the Company to elect at one or more times, subject to certain conditions, to increase the maximum committed amount up to $500 million.

The revolving period during which the Company is permitted to borrow, repay and re-borrow advances will terminate on October 27, 2028 (the “Commitment Termination Date”). Any amounts borrowed under the SMBC Revolving Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on October 29, 2029 (the “Maturity Date”). During the period from the Commitment Termination Date to the Maturity Date, the Company will be obligated to make mandatory prepayments under the SMBC Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the SMBC Revolving Credit Facility accrue interest at a rate per annum equal to the relevant rate plus an applicable margin of (a) with respect to any ABR Loan, (i) 0.875% per annum if the Gross Borrowing Base is less than 1.60x the Combined Debt Amount or (ii) 0.75% per annum if the Gross Borrowing Base is greater than or equal to 1.60x the Combined Debt Amount; (b) with respect to any Term Benchmark Loan, (i) 1.875% per annum if the Gross Borrowing Base is less than 1.60x the Combined Debt Amount or (ii) 1.75% per annum if the Gross Borrowing Base is greater than or equal to 1.60x the Combined Debt Amount, and (c) with respect to any RFR Loans, (i) 1.875% per annum if the Gross Borrowing Base is less than 1.60x the Combined Debt Amount or (ii) 1.75% per annum if the Gross Borrowing Base is greater than or equal to 1.60x the Combined Debt Amount. In addition, the Company will pay a non-usage fee of 0.375% on the average daily unused amount of the revolving commitments under the SMBC Revolving Credit Facility. Capitalized terms are as defined in the SMBC Credit Agreement. As of September 30, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of the SMBC Revolving Credit Facility.

ABL Credit Facility with Bank of America

On January 23, 2025, PCF Financing entered into a revolving credit facility pursuant to a credit agreement (the “BofA ABL Credit Facility”), by and among PCF Financing, as borrower, the Company, as servicer, Bank of America, N.A. (“Bank of America”), as administrative agent and sole lead arranger and sole book manager, each of the lenders from time to time party thereto, and State Street Bank and Trust Company, as collateral custodian. The BofA ABL Credit Facility provides for, among other things, borrowings in U.S. dollars or certain other permitted currencies in an initial aggregate amount of up to $300 million, with an option for PCF Financing to elect, subject to certain conditions, to increase the maximum committed amount up to $400 million. On May 15, 2025, the Company increased the available borrowing capacity of the BofA ABL Credit Facility to $400 million.

The revolving period during which PCF Financing is permitted to borrow, repay and re-borrow loans will terminate on January 23, 2028. Loans under the BofA ABL Credit Facility are subject to satisfaction of certain conditions, including maintenance of the required borrowing base. Any amounts borrowed under the BofA ABL Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on January 23, 2030.

Borrowings under the BofA ABL Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowing (which, for U.S. dollar-denominated borrowings, is three-month term SOFR), plus an applicable margin ranging from 1.60% per annum to 2.00% per annum depending on the nature of the collateral securing the advances, subject to a floor of 1.90% per annum. In addition, PCF Financing will pay a non-usage fee on the unused commitments under the facility equal to (i) during the first six months after the Closing Date (as defined in the BofA ABL Credit Facility), 0.25% per annum on such unused commitments, (ii) on and after the six month anniversary of the Closing Date and prior to the twelve month anniversary of the Closing Date, 0.50% per annum on such unused commitments and (iii) following the first twelve months after the Closing Date, 1.50% per annum on unused commitments below 50% of the total facility commitment and 0.50% per annum on remaining unused commitments.

As discussed further below in Note 9 - Subsequent Events, the BofA ABL Credit Facility was amended as of October 2, 2025, which, among other things, reduced the applicable margin from a range of 1.60% to 1.85% per annum, subject to a floor of 1.80% per annum.

The Company’s outstanding debt obligations were as follows:

	As of September 30, 2025
	Aggregate Borrowing Capacity		Outstanding Principal		Less Unamortized Deferred Financing Cost		Carrying Value per Consolidated Statement of Assets and Liabilities
BofA ABL Credit Facility	$	400,000	$	338,000	$	1,631	$	336,369
SMBC Revolving Credit Facility		300,000		215,000		2,953		212,047
Total	$	700,000	$	553,000	$	4,584	$	548,416

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2025.

	As of December 31, 2024
	Aggregate Borrowing Capacity		Outstanding Principal		Less Unamortized Deferred Financing Costs		Carrying Value per Consolidated Statement of Assets and Liabilities
BofA Revolving Credit Facility	$	300,000	$	235,882	$	309	$	235,573
SMBC Revolving Credit Facility		300,000		150,000		3,343		146,657
Total	$	600,000	$	385,882	$	3,652	$	382,230

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2024.

The components of interest expense for the three and nine months ended September 30, 2025, the three months ended September 30, 2024, and the period from February 23, 2024 (commencement of operations) to September 30, 2024 were as follows:

	For the three months ended September 30, 2025		For the three months ended September 30, 2024		For the nine months ended September 30, 2025		For the period from February 23, 2024 (commencement of operations) to September 30, 2024
Borrowing interest expense	$	7,983	$	3,229	$	19,765	$	5,835
Facility unused fee		211		70		664		207
Amortization of deferred financing costs		275		261		1,028		516
Total	$	8,469		3,560		21,457		6,558

The following table summarizes the average debt outstanding and the weighted average interest cost:

	For the three months ended September 30, 2025		For the nine months ended September 30, 2025
Combined weighted average interest rate ⁽¹⁾		6.46%		6.42%
Combined weighted average debt outstanding	$	494,868		412,860

⁽¹⁾

Excludes facility unused fees and amortization of deferred financing costs.

Promissory Notes

On June 2, 2025, the Company closed on an offering of 110 promissory notes due June 2, 2055 (the “Promissory Notes”) in a private offering, with each Promissory Note being issued in connection with the issuance of one common share of the Company (the “Promissory Notes Offering”) to accredited investors (as that term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (“Securities Act”). The aggregate principal amount of the Promissory Notes is $110 less the value of 110 common shares at issuance. The Company will pay interest totaling $0.12 per year on each outstanding Promissory Note, with such interest to be paid semi-annually on or before June 30 and December 31 each year. The Promissory Notes are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “Accrued expenses and other liabilities”.

The Promissory Notes are general unsecured senior obligations of the Company and rank equally with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. The Promissory Notes are subject to prepayment, in whole or in part, at any time on or following the date on which the Company has repurchased the common share issued in connection with the Promissory Note. If the Company elects to prepay the Promissory Notes, the Company will pay the principal as of the prepayment date plus all accrued, unpaid, and past due interest, and if the prepayment occurs within 24 months of the issue date, the Company will pay a one-time prepayment premium. The Promissory Notes are also subject to certain customary events of default with cure periods, as applicable. The Promissory Notes are also subject to certain restrictions necessary to protect the Company’s status as a business development company under the 1940 Act.

The Promissory Notes are issued in reliance on Regulation D under the Securities Act. The Promissory Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable. The Company intends to use the net proceeds from the Promissory Note Offering for general corporate purposes.

(6) COMMITMENTS AND CONTINGENCIES

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

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, the Company had $230,460 and $209,335, respectively of unfunded commitments to fund delayed draw and revolving senior secured loans.

As of September 30, 2025 and December 31, 2024, $82 million and $166.78 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to the SBLA JV.

(7) SHAREHOLDERS’ CAPITAL

The following table summarizes the total Common Shares issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the nine months ended September 30, 2025.

Date	Shares Issued		Proceeds Received
February 3, 2025		1,782,884	$	45,000
March 3, 2025		849,604		21,410
April 1, 2025		513,669		12,965
May 1, 2025		800,756		20,131
June 2, 2025		1,204,565		30,282
July 1, 2025		2,073,082		52,138
August 1, 2025		602,622		15,168
September 2, 2025		674,414		16,976
Total		8,501,596	$	214,070

The following table summarizes the total proceeds received from capital contributions/Common Shares sold for the period from February 23, 2024 (commencement of operations) to September 30, 2024.

Date	Proceeds Received
February 23, 2024	$	17,000
March 4, 2024		(1,968	)
March 25, 2024		10,610
May 21, 2024		46,200
June 27, 2024		8,158
August 16, 2024		17,886
August 29, 2024		15,375
September 27, 2024		13,750
Total	$	127,011

Distribution Reinvestment Plan

Registered holders (“Shareholders”) of Common Shares, whose Common Shares are registered with State Street Bank and Trust Company (the “Agent”), will automatically be enrolled (the “Participants”) in the Company’s Dividend Reinvestment Plan (the “DRIP”). The Company will declare its income dividends or capital gains or other distributions (“Distributions”) payable in Shares, or, at the option of Shareholders, in cash. Therefore, each Participant will have all Distributions, net of any applicable U.S. withholding taxes, on his or her Common Shares automatically reinvested in additional Common Shares, unless such Participant elects to receive such Distributions in cash by contacting the Agent. An election to receive cash may be revoked or reinstated at the election of the Shareholder. On the payment date for a Distribution, the Agent shall receive newly issued Common Shares (“Additional Shares”), including fractions, from the Company for each Participant’s account. The number of Additional Shares to be credited shall be determined by dividing the dollar amount of the Distribution by the net asset value per Share on the payment date. The net asset value per Share on a particular date shall be the amount calculated on that date (or if not calculated on such date, the amount most recently calculated) by or on behalf of the Company in accordance with the Company’s current private placement memorandum. It is contemplated that the Company will pay dividends at least quarterly. If, for any reason beyond the control of the Agent, reinvestment of the Distributions cannot be completed within thirty (30) days after the applicable payment date for such Distribution, funds held by the Agent on behalf of a Participant will be distributed to that Participant.

The following table summarizes the Company’s distributions declared, paid and payable for the nine months ended September 30, 2025:

Date Declared	Record Date	Payment Date	Per Share		Total Amount
January 29, 2025	January 29, 2025	February 25, 2025	$	0.25	$	2,017
February 26, 2025	February 26, 2025	March 27, 2025		0.24		2,365
March 27, 2025	March 27, 2025	April 28, 2025		0.24		2,569
April 24, 2025	April 30, 2025	May 27, 2025		0.24		2,692
May 22, 2025	May 30, 2025	June 27, 2025		0.24		2,885
June 24, 2025	June 30, 2025	July 28, 2025		0.23		3,044
July 24, 2025	July 31, 2025	August 27, 2025		0.23		3,524
August 25, 2025	August 31, 2025	September 26, 2025		0.23		3,665
September 22, 2025	September 30, 2025	October 28, 2025		0.22		3,658
					$	26,419

The following table summarizes the amounts received and Common Shares issued to Shareholders who have participated in the DRIP for the nine months ended September 30, 2025:

Payment Date	DRIP Shares Issued		Amount per share		DRIP Shares Value
April 28, 2025		343	$	25.24	$	9
May 27, 2025		1,195		25.14		30
June 27, 2025		8,726		25.14		219
July 28, 2025		13,997		25.15		352
August 27, 2025		14,065		25.17		354
September 26, 2025		16,068		25.17		404
		54,394			$	1,368

The following table summarizes the Company’s distributions declared and payable for the period from February 23, 2024 (commencement of operations) to September 30, 2024:

Date Declared	Record Date	Payment Date	Total Amount
June 30, 2024	June 30, 2024	July 24, 2024	$	1,935
September 30, 2024	September 30, 2024	September 30, 2024		3,574
		Total	$	5,509

As of September 30, 2025 and December 31, 2024, Lord Abbett and certain registered investment companies and other pooled vehicles advised by Lord Abbett collectively own 91.52% and 100%, respectively, of the Company.

Share Repurchase Program

At the discretion of our Board of Trustees, the Company commenced a share repurchase program in which it intends to repurchase up to 5% of the Common Shares outstanding as of the close of the previous calendar quarter. The Board of Trustees may amend, suspend or terminate the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board of Trustees suspend the share repurchase program, the Board of Trustees will consider whether the continued suspension of the program is in the best interests of the Company and its shareholders on a quarterly basis. However, the Board is not required to authorize the recommencement of the share repurchase program within any specified period of time. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

On August 1, 2025, under the Company’s share repurchase program, the Company made a tender offer to purchase up to 600,977.8516 common shares, which represents approximately 5% of the Company’s outstanding shares as of May 31, 2025. The tender offer was for cash at a price equal to the net asset value per share as of September 30, 2025. The offer expired at 11:59 P.M., Eastern Time, on August 29, 2025. No shares were validly tendered prior to the expiration of the offer.

(8) CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the financial highlights for the nine months ended September 30, 2025:

	For the nine months ended September 30, 2025
Per Share Data:⁽¹⁾
Net asset value at January 1, 2025	$	25.22
Net investment income (loss)		2.12
Net realized and unrealized gain (loss)⁽²⁾		0.01
Net increase (decrease) in net assets resulting from operations		2.13
Distributions declared⁽³⁾		(2.12	)
Total increase (decrease) in net assets		0.01
Net asset value, end of period		25.23
Common Shares outstanding at end of period		16,627,096
Total Return⁽⁴⁾
Based on net asset value⁽⁴⁾		8.78	%
Ratio/Supplemental Data:
Net assets at end of period	$	419,441
Ratio of expenses before waiver and expense reimbursement to average net asset value⁽⁵⁾		12.93	%
Ratio of net expenses to average net asset value⁽⁵⁾		12.30	%
Ratio of net investment income to average net asset value⁽⁵⁾		11.27	%
Asset coverage ratio		175	%
Portfolio Turnover		13	%

⁽¹⁾	Per share data has been derived based on the weighted average number of shares outstanding for the period from January 1, 2025 to September 30, 2025.

⁽²⁾	Net unrealized and realized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations, primarily due to the timing of the issuance of the Common Shares.

⁽³⁾	The tax character of distributions is determined based on the total amount of taxable income for the full tax year and cannot be confirmed until after the close of the tax year. Accordingly, the tax character of the Company’s distributions as denoted herein may be re-characterized later based on taxable income for the full tax year.

⁽⁴⁾	Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any. Total returns for periods of less than 1 year are not annualized.

⁽⁵⁾	Annualized for the nine months ended September 30, 2025.

The following are the financial highlights for the period from February 23, 2024 (commencement of operations) to September 30, 2024:

	For the period from February 23, 2024 (commencement of operations) to September 30, 2024
Per Share Data ⁽¹⁾:
Net asset value, end of period	$	25.25
Shares outstanding at end of period		5,080,444

Total return based on net asset value ⁽²⁾		8.60	%
Ratio/Supplental Data:
Net assets at end of period	$	128,293
Ratio of expenses before waivers to average net asset value ⁽³⁾		20.63	%
Ratio of net expenses to average net asset value ⁽³⁾		17.02	%
Ratio of net investment income to average net asset value ⁽³⁾		14.99	%
Portfolio Turnover		38	%

⁽¹⁾	Prior to September 30, 2024, the Company was not unitized, and therefore no per share roll forward is disclosed.

⁽²⁾	Total returns of less than 1 year are not annualized.

⁽³⁾	Annualized for the period from February 23, 2024 (commencement of operations) to September 30, 2024. Organization costs and expense reimbursement are not annualized.

(9) SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the Consolidated Financial Statements were issued. There have been no subsequent events that require recognition or disclosure through the date the Consolidated Financial Statements were issued, except as disclosed below.

Distributions

On October 22, 2025, the Company declared a distribution of $0.22 per share to shareholders of record as of October 31, 2025 to be payable on November 26, 2025.

Subscriptions

As of October 1, 2025, the Company issued and sold approximately 1,345,224 of the Company's Common Shares for an aggregate offering price of approximately $33.9 million, reflecting a purchase price of $25.23 per Common Share.

The Company received approximately $17.3 million of net proceeds relating to the issuance of Common Shares for subscriptions effective November 3, 2025.

Share Repurchases

On October 29, 2025, under the Company’s share repurchase program, the Company made a tender offer to purchase up to 796,830.71 common shares, which represents approximately 5% of the Company’s outstanding shares as of August 31, 2025. The tender offer is for cash at a price equal to the net asset value per share as of December 31, 2025. The offer will expire at 11:59 P.M., Eastern Time, on November 28, 2025.

Credit Facility Amendment

On October 2, 2025, PCF Financing entered into the First Amendment (the “First Amendment”) to the BofA ABL Credit Facility. The First Amendment provides for, among other things, (i) an extension of the revolving period during which PCF Financing may make borrowings under the credit agreement from January 23, 2028 to October 2, 2028; (ii) an extension of the scheduled maturity date from January 23, 2030 to October 2, 2030; and (iii) a reduction to the applicable margin to a range of 1.60% to 2.00% per annum, subject to a floor of 1.90% per annum, to a range of 1.60% to 1.85% per annum, subject to a floor of 1.80% per annum.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except share amounts, per share data, percentages, and as otherwise noted)

The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to “we,” “us,” “our,” or the “Company” refer to Lord Abbett Private Credit Fund.

OVERVIEW

We were formed on November 27, 2023, as a Delaware limited partnership named Lord Abbett Private Credit Fund 1, LP. On August 30, 2024, we converted to a Delaware statutory trust and were renamed Lord Abbett Private Credit Fund. We are a non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. We are externally managed by the Adviser, which manages our day-to-day operations and provides us with investment advisory services pursuant to the terms of the Advisory Agreement. The Adviser is registered as an investment adviser with the SEC. We will elect to be treated for U.S. federal income tax purposes, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code.

The Adviser oversees (subject to the oversight of the Board, a majority of whom are Independent Trustees) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Advisory Agreement. Under the Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to pay Lord, Abbett & Co. LLC (the “Administrator”) an administration fee on a monthly basis.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation, by primarily focusing on directly originated, senior secured loans to U.S. middle market companies.

As a BDC, we may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. “Qualifying assets” are generally privately offered securities issued by U.S. private companies or thinly traded public companies. We may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies, joint ventures or other interests that are non-qualifying. The Adviser directly originates credit opportunities from a large universe of private equity sponsors, strategic sourcing relationships, intermediaries and other direct lenders, as well as internal Lord Abbett resources.

We generally intend to distribute substantially all of our available earnings annually by paying distributions on a monthly basis, as determined by our Board, in its discretion.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We plan to generate revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable 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. Original issue discounts 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. In addition, we generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.

Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Administrator or its affiliates will bear all fees, costs, and expenses incurred that are not assumed by the Company. We will bear the following costs and expenses of our operations, administration and transactions, including, but not limited to (1) investment advisory fees, including the Base Management Fee and Incentive Fee, to the Adviser, pursuant to the Advisory Agreement; (2) Administration fee (“Administration Fee”) to the Administrator, pursuant to the Administration

Agreement; and (3) other expenses of the Company’s operations and transactions listed in “Item 1. Business – Expenses” in our Form 10-K filing.

Pursuant to the Expense Support and Conditional Reimbursement Agreement (discussed below) we have entered into with the Adviser, the Adviser is obligated to advance all of our Other Operating Expenses (each, a “Required Expense Payment”) to the effect that such expenses do not exceed 0.70% (on an annualized basis) of the Company’s NAV. Any Required Expense Payment must be paid by the Adviser to us in any combination of cash or other immediately available funds and/or offset against amounts due from us to the Adviser or its affiliates.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser and the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders, subject to the cap on organization and offering expenses described in “Item 1. Business – Expenses” in our Form 10-K filing.

The Company has entered into an Expense Support and Conditional Reimbursement Agreement with the Adviser. For additional information, see “Note 3 - Related Party Transactions - Expense Support and Conditional Reimbursement Agreement.” to our Consolidated Financial Statements included in this Report.

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio is presented below:

	As of September 30, 2025							As of December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First Lien Secured Debt	$	861,007	$	862,207		91	%	$	438,194	$	439,367		93	%
Second Lien Secured Debt		29,926		29,926		3			—		—		—
Investments in Joint Venture		58,092		58,331		6			33,224		33,221		7
Total Investments at Fair value	$	949,025	$	950,464		100	%	$	471,418	$	472,588		100	%

Our debt portfolio displayed the following characteristics of each of our investments:

	September 30, 2025	December 31, 2024
Number of portfolio companies	33	22
Percentage of performing debt bearing a floating rate	100%	100%
Percentage of performing debt bearing a fixed rate	0%	0%
Percentage of our total portfolio on non-accrual	0%	0%

Investment Activity

Our investment activity is presented below:

	For the nine months ended September 30, 2025			For the period from February 23, 2024 (commencement of operations) to September 30, 2024
Investment Activity
Investments, beginning of period	$	472,588		$	—
New investments purchased		567,670			384,230
Investments sold or repaid		(91,947	)		(72,223	)
Net accretion of discount on investments		1,884			395
Net realized gain (loss) on investments		—			237
Net change in unrealized appreciation/(depreciation)		269			923
Investments, end of period	$	950,464		$	313,562

Portfolio Companies
Portfolio Companies, beginning of period		22			—
Number of new investment commitments in portfolio companies		15			17
Number of investment commitments exited or fully repaid		4			2
Number of Portfolio Companies at period end		33			15
Count of investments		34			15
Count of industries		16			10

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

	For the three months ended September 30, 2025		For the three months ended September 30, 2024		For the nine months ended September 30, 2025		For the period from February 23, 2024 (commencement of operations) to September 30, 2024
Total investment income	$	23,027	$	7,274	$	55,671	$	12,022
Less: Net expenses		11,854		3,578		29,057		6,391
Net investment income before taxes		11,173		3,696		26,614		5,631
Net investment income after taxes		11,173		3,696		26,614		5,631
Net change in unrealized appreciation (depreciation)		908		99		269		923
Net realized gain (loss)		—		237		—		237
Net increase (decrease) in net assets resulting from operations	$	12,081	$	4,032	$	26,883	$	6,791

Investment Income

The composition of our investment income for the three and nine months ended September 30, 2025 and the three months ended September 30, 2024 and for the period from February 23, 2024 (commencement of operations) to September 30, 2024 was a follows:

	For the three months ended September 30, 2025		For the three months ended September 30, 2024		For the nine months ended September 30, 2025		For the period from February 23, 2024 (commencement of operations) to September 30, 2024
Investment income:
Non-controlled/non-affiliated investments:
Interest income	$	20,722	$	7,035	$	50,156	$	11,659
Fee income		374		239		1,620		363
Controlled/affiliated investments:
Dividend income		1,931		—		3,895		—
Total Investment Income	$	23,027	$	7,274	$	55,671	$	12,022

Expenses

Expenses were as follows:

	For the three months ended September 30, 2025			For the three months ended September 30, 2024			For the nine months ended September 30, 2025			For the period from February 23, 2024 (commencement of operations) to September 30, 2024
Expenses:
Interest expense	$	8,469		$	3,560		$	21,457		$	6,558
Income incentive fees		1,606			—			3,807			—
Professional fees		1,070			429			2,014			596
Management fees		1,004			—			2,370			—
Other general & administrative		65			59			202			137
Organizational costs		—			71			—			705
Administration fees		250			—			592			—
Amortization of offering costs		—			31			62			31
Capital gains incentive fees		70			—			35			—
Total expenses	$	12,534		$	4,150		$	30,539		$	8,027
Expense reimbursement (Note 3)		(680	)		(572	)		(1,312	)		(1,636	)
Management fees waived		—			—			(170	)		—
Net expenses	$	11,854		$	3,578		$	29,057		$	6,391

Interest and Other Financing Expenses

Interest expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs for the three and nine months ended September 30, 2025 were $8,469 and $21,457, respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three and nine months ended September 30, 2025 was 6.46% and 6.42%, respectively. For the three and nine months ended September 30, 2025, interest and other debt expenses increased, primarily driven by increased borrowing expenses, on the BofA ABL Credit Facility and SMBC Revolving Credit Facility. For the three months ended September 30, 2024 and for the period from February 23, 2024 (commencement of operations) to September 30, 2024, interest expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs were $3,560 and $6,558, respectively.

Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments

Net realized gain (loss) and unrealized gain (loss) on investments were as follows:

	For the three months ended September 30, 2025		For the nine months ended September 30, 2025
Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	—	$	—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		765		27
Controlled/affiliated investments		143		242
Net realized and unrealized gain (loss)	$	908	$	269

	For the three months ended September 30, 2024		For the period from February 23, 2024 (commencement of operations) to September 30, 2024
Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	237	$	237
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		99		923
Net realized and unrealized gain (loss)	$	336	$	1,160

For the three months and nine months ended September 30, 2025 there were no realized gains/losses on investments. For the three months ended September 30, 2024 and for the period from February 23, 2024 (commencement of operations) to September 30, 2024, there were realized gains on investments of $237 and $237, respectively.

For the three months and nine months ended September 30, 2025, the net change in unrealized depreciation on our investments was $908 and $269, respectively, which was primarily the result of the changes in spreads in the primary and secondary markets. For the three months ended September 30, 2024 and for the period from February 23, 2024 (commencement of operations) to September 30, 2024, the net change in unrealized appreciation was $99 and $923, respectively.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our common shares (the “Common Shares”), net borrowings from our credit facilities and unsecured debt, and cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of any closing of our continuous private offering of our Common Shares.

Our primary use of cash is investments in portfolio companies, payments of our expenses, funding repurchases under our share repurchase program and payment of cash distributions to our shareholders. Details of our credit facilities are described in “Note 5 - Debt” to the Consolidated Financial Statements. We may also, from time to time, enter into new credit facilities, increase the size of existing credit facilities or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

Unregistered Sales of Equity Securities

The following table summarizes the total Common Shares issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the three and nine months ended September 30, 2025.

Date	Shares Issued		Proceeds Received
February 3, 2025		1,782,884	$	45,000
March 3, 2025		849,604		21,410
April 1, 2025		513,669		12,965
May 1, 2025		800,756		20,131
June 2, 2025		1,204,565		30,282
July 1, 2025		2,073,082		52,138
August 1, 2025		602,622		15,168
September 2, 2025		674,414		16,976
Total		8,501,596	$	214,070

The following table summarizes the total proceeds received from capital contributions/Common Shares sold for the period from February 23, 2024 (commencement of operations) to September 30, 2024.

Date	Proceeds Received
February 23, 2024	$	17,000
March 4, 2024		(1,968	)
March 25, 2024		10,610
May 21, 2024		46,200
June 27, 2024		8,158
August 16, 2024		17,886
August 29, 2024		15,375
September 27, 2024		13,750
Total	$	127,011

The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2025:

Date Declared	Record Date	Payment Date	Per Share		Total Amount
January 29, 2025	January 29, 2025	February 25, 2025	$	0.25	$	2,017
February 26, 2025	February 26, 2025	March 27, 2025		0.24		2,365
March 27, 2025	March 27, 2025	April 28, 2025		0.24		2,569
April 24, 2025	April 30, 2025	May 27, 2025		0.24		2,692
May 22, 2025	May 30, 2025	June 27, 2025		0.24		2,885
June 24, 2025	June 30, 2025	July 28, 2025		0.23		3,044
July 24, 2025	July 31, 2025	August 27, 2025		0.23		3,524
August 25, 2025	August 31, 2025	September 26, 2025		0.23		3,665
September 22, 2025	September 30, 2025	October 28, 2025		0.22		3,658
Total					$	26,419

The following table summarizes the Company’s distributions declared and payable for the period from February 23, 2024 (commencement of operations) to September 30, 2024:

Date Declared	Record Date	Payment Date	Per Share		Total Amount
June 30, 2024	June 30, 2024	July 24, 2024	$	0.25	$	1,935
September 30, 2024	September 30, 2024	September 30, 2024		0.24		3,574
Total Distributions					$	5,509

Debt

The Company’s outstanding debt obligations were as follows:

	As of September 30, 2025
	Aggregate Principal Committed		Outstanding Principal		Less Unamortized Deferred Financing Cost		Carrying Value per Consolidated Statement of Assets and Liabilities
BofA ABL Credit Facility	$	400,000	$	338,000	$	1,631	$	336,369
SMBC Revolving Credit Facility		300,000		215,000		2,953		212,047
Total	$	700,000	$	553,000	$	4,584	$	548,416

	As of December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Less Unamortized Deferred Financing Cost		Carrying Value per Consolidated Statement of Assets and Liabilities
BofA ABL Credit Facility	$	300,000	$	235,882	$	309	$	235,573
SMBC Revolving Credit Facility		300,000		150,000		3,343		146,657
Total	$	600,000	$	385,882	$	3,652	$	382,230

For further details, see “Note 5 - Debt” to our Consolidated Financial Statements included in this Report.

RECENT DEVELOPMENTS

Refer to Note 9 - Subsequent Events to our Consolidated Financial Statements included in this Report.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

This discussion of our expected operating plans is based upon our expected financial statements, which will be prepared in accordance with U.S. GAAP. The preparation of these financial statements will require our management 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. In addition to the discussion below, we will describe our critical accounting policies in the notes to our future financial statements.

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with Rule 2a-5 under the 1940 Act and ASC 820, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See “Item 1. Business – Determination of Net Asset Value” in our Form 10-K for more information on how we value our investments.

RELATED PARTY TRANSACTIONS

See Note 3 to the Consolidated Financial Statements for information on the Company’s related party transactions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including portfolio valuation risk, market risk and risk related to interest rates.

Portfolio Valuation Risk

The Adviser, subject to the oversight of the Board, will determine the valuation of the Company’s investments. It is expected that most of the Company’s investments will not have readily available market quotations, which will require the Adviser to estimate, in accordance with the Adviser’s valuation policies, the fair value of such investments on the valuation date. Fair value pricing is based on subjective judgments, and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold. Absent bad faith or manifest error, valuation determinations of the Adviser will be conclusive and binding on the Company investors.

In addition, the Company may rely on third-party valuation services to verify the value of certain investments. An investment may not have a readily ascertainable market value and accordingly, could potentially make it difficult to determine a fair value of an investment and may yield an inaccurate valuation. Further, because of the Adviser’s knowledge of the investment, the valuation services may defer to the Adviser’s valuation even where such valuation may not be accurate or the determination thereof involved a conflict of interest. Additionally, the Company may also choose to discontinue the use of any third-party valuation services at any time, which could create a conflict of interest and impair the third-party valuation service’s independence. An inaccurate valuation of an investment could have a substantial impact on the Company.

Market Risk

The success of the Company’s activities will be affected by general economic and market conditions, such as interest rates, inflation rates, industry conditions, competition, technological developments, tax laws, availability of credit, economic uncertainty, changes in laws (including laws relating to taxation of the Company’s investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may affect, among other things, the level and volatility of securities’ prices, the liquidity of the Company’s investments and the availability of certain securities and investments. Volatility or illiquidity could impair the Company’s profitability or result in losses. The Company may maintain substantial trading positions that can be materially adversely affected by the level of volatility in the financial markets—the larger the positions, the greater the potential for loss. Global markets have recently experienced unprecedented volatility and losses. The effects thereof are continuing and there can be no assurance that the Company will not be materially adversely affected. Furthermore, none of these conditions is within the control of the Adviser. See “Part I, Item 1A. Risk Factors—Adverse Developments in the Debt Capital Markets” of our Form 10.

Risk Related to Interest Rates

Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the ability of the Company to control or to forecast. Debt securities have varying levels of sensitivity to changes in interest rates. When the Company chooses to borrow money to make investments, the Company’s net investment income will depend, in part, upon the difference between the rate at which the Company borrows funds and the rate at which the Company invest those funds. As a result, the Company can offer no assurance that a significant change in market interest rates would not have a material adverse effect on its net investment income in the event the Company uses debt to finance its investments. In periods of rising interest rates, the Company’s cost of funds would increase, which could reduce its net investment income. The Company may use interest rate risk management techniques in an effort to limit its exposure to interest rate fluctuations. In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to the Company’s debt investments.

As of September 30, 2025, approximately 100.0% of our debt investments were at floating rates. Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2025, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of September 30, 2025):

	Interest Income	Interest Expense	Net Income
Up 100 basis points	$9,027	$5,530	$3,497
Up 50 basis points	4,514	2,765	1,749
Down 50 basis points	(4,514)	(2,765)	(1,749)
Down 100 basis points	(9,027)	(5,530)	(3,497)
Down 200 basis points	(18,054)	(11,060)	(6,994)

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of September 30, 2025, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, the Company, the Adviser, and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Adviser, and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors previously disclosed under Item 1A of our Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

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

Sales of Unregistered Securities

Refer to “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 7 - Shareholders’ Capital” in this Report for the issuance of our common shares for the nine months ended September 30, 2025 and the period ended September 30, 2024. Such issuances were part of our continuous private offering and were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Item 3: Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits and Financial Statement Schedules

(a) Exhibits

The following exhibits are filed as part of this Report or hereby incorporated by reference to exhibits previously filed with the SEC:

Exhibit		Description
3.1*		Certificate of Trust
3.2*		Amended and Restated Declaration of Trust
3.3*		Bylaws
10.1**		First Amendment, dated October 2, 2025, to Credit Agreement, dated January 23, 2025, by and among the Company, Lord Abbett PCF Financing, Bank of America, and State Street Bank and Trust Company, as Collateral Custodian.
31.1***		Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2***		Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1****		Certification of Chief Executive Officer (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 Chief Financial Officer (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 With Embedded Linkbase Documents
104 ***		Cover Page Interactive Data File (embedded within the Inline XBRL document)
*		Incorporated by reference to Amendment No. 1 to the Company’s Registration Statement on Form 10 (File No. 000-56673) filed on October 4, 2024.
**		Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K/A filed on October 6, 2025.
***		Filed herewith.
****		Furnished herewith.

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.

	Lord Abbett Private Credit Fund

Date: November 13, 2025	/s/ Stephan Kuppenheimer
	Stephan Kuppenheimer Chief Executive Officer (Principal Executive Officer)

Date: November 13, 2025	/s/ Salvatore Dona
	Salvatore Dona
	Chief Financial Officer and Treasurer (Principal Financial Officer)

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Lord Abbett Private Credit Fund 10-Q