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Investment First Lien - Term Loan Reference Rate and Spread SOFR+350 Interest Rate 7.63% Maturity Date 1/30/20312025-09-300002012139Foreign currency forward contract, Settlement Date 3/11/20262025-01-012025-09-300002012139us-gaap:RevolvingCreditFacilityMemberus-gaap:SubordinatedDebtMember2025-01-012025-09-300002012139us-gaap:EquitySecuritiesMember2025-01-012025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Leisure Products Olibre Borrower LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.48% Maturity Date 1/3/20302025-09-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:BAMLCreditAgreementMember2025-01-012025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software Cendyn Group, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.48% Maturity Date 6/23/20312025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software MRI Software LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+475 Interest Rate 8.73% Maturity Date 2/10/20282025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software LeadVenture Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.23% Maturity Date 6/23/20322025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels Phoenix Operating, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.08% Maturity Date 12/18/2027 Three2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments IT Services Asurion, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+410 Interest Rate 8.23% Maturity Date 8/19/20282025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets Edelman Financial Engines Center, LLC, The Investment First Lien - Term Loan Reference Rate and Spread SOFR+300 Interest Rate 7.13% Maturity Date 4/7/20282025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:GroundTransportationMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software Kaseya Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+325 Interest Rate 7.38% Maturity Date 3/20/20322025-09-300002012139BB PEP Bidco, LLC2025-09-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:ScotiaCreditAgreementMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-08-052025-08-050002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets OneDigital Borrower LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+300 Interest Rate 7.13% Maturity Date 7/2/20312025-09-300002012139Investments Non-controlled, Affiliated investments Debt investments Specialty Retail FR Refuel, LLC Investment First Lien - Delayed Draw Team Loan Reference Rate and Spread SOFR+486 Interest Rate 8.99% Maturity Date 7/22/20282025-09-300002012139us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2025-09-300002012139ck0002012139:SubscriptionsFromPublicOfferingMember2025-08-012025-08-310002012139Foreign currency forward contract, Settlement Date 3/11/20262025-09-300002012139ck0002012139:GoldmanSachsFinancialSquareTreasuryInstrumentsFundMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software GS AcquisitionCo, Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.23% Maturity Date 5/25/20282025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Insurance Alera Group, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+325 Interest Rate 7.38% Maturity Date 5/30/20322025-09-300002012139ck0002012139:ITServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Machinery A-AG US GSI Bidco, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+500 Interest Rate 8.98% Maturity Date 10/31/20312025-09-300002012139us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMember2025-09-300002012139us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-09-300002012139us-gaap:HealthcareSectorMember2025-09-300002012139us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0002012139:ValuationTechniqueValuationMultipleMemberck0002012139:MeasurementInputsLTMEBITDAMemberus-gaap:EquitySecuritiesMember2025-09-3000020121392025-11-100002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:ScotiaCreditAgreementMembersrt:MaximumMember2025-08-052025-08-050002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets Advisor Group Holdings, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+300 Interest Rate 7.13% Maturity Date 7/30/20322025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets Apex Group Treasury LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+350 Interest Rate 7.48% Maturity Date 2/27/20322025-09-300002012139us-gaap:CommercialAndIndustrialSectorMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Diversified Consumer Services Grand Circle Corporation, Grand Circle LLC and The Grand Circle River Cruise Lines LLC. Investment First Lien - Term Loan Reference Rate and Spread SOFR+536 Interest Rate 9.49% Maturity Date 9/19/20302025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software Olo Parent, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+450 Interest Rate 8.48% Maturity Date 9/13/20322025-09-30iso4217:EURiso4217:USDxbrli:sharesxbrli:purexbrli:sharesiso4217:CADiso4217:GBPiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended September 30, 2025


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

For the transition period from __________ to __________

Commission File No. 814-01880

Fortress Private Lending Fund
(Exact name of registrant as specified in its charter)


Delaware		33-6515727
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)


1345 Avenue of the Americas New York, New York		10105
(Address of principal executive offices)		(Zip Code)

(212) 497-2976

(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

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 12, 2025, the issuer had 31,960,592 Class I shares outstanding. Class I shares outstanding exclude shares issuable in connection with November 2025 subscriptions, which are not yet finalized.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q (this "Form 10-Q") contains forward-looking statements, which relate to future events or the future performance or financial condition of Fortress Private Lending Fund (the "Company," "we," "us," or "our"). Forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "target," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology, although not all forward-looking statements include these words. Some of the statements in this Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Form 10-Q may include statements as to:

•

the Company’s future operating results and distributions;

•

the Company’s business prospects and the prospects of its investments, including the dependence of the Company’s future success on general economic and political trends and other external factors;

•

the ability of the FPLF Management LLC, a Delaware limited liability company (the "Adviser" or "Administrator", as applicable) and an indirect subsidiary of Fortress Investment Group LLC ("Fortress") to identify suitable investments for the Company and to monitor and administer the Company’s investments;

•

the effect of investments that the Company expects to make and the competition for those investments;

•

the ability of the Company’s investments to achieve their expected performance;

•

the availability of debt and equity capital and the Company’s use of borrowed money to finance a portion of its investments;

•

the adequacy of the Company’s financing sources and working capital;

•

the Company’s ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations;

•

the timing of cash flows, if any, from the Company’s investments;

•

the timing, form and amount of any distributions;

•

the Company’s contractual arrangements and relationships with third parties;

•

the outcome and impact of any litigation or regulatory proceeding;

•

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

•

actual and potential conflicts of interest with the Adviser and its affiliates;

•

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

•

the Company’s ability to qualify and maintain its qualification as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"), and as a business development company ("BDC");

•

the Company’s ability to recover unrealized losses;

•

the Company’s ability to deploy any capital raised in its continuous private offering of securities (the "Offering");

•

uncertainty surrounding global financial stability;

•

general fluctuations in the values of financial assets; and

•

the impact of changes in laws and regulations.

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The forward-looking statements contained in this Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Item 1A. Risk Factors" in our Registration Statement on Form 10 initially filed with the Securities and Exchange Commission (the "SEC") on June 6, 2025, as amended (the "Registration Statement") and the following factors:

•

the ability to source high-quality investment opportunities to deploy capital;

•

risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy;

•

periods of disruption and instability in the capital markets, including as a result of United States trade policy developments, tariffs and other trade restrictions;

•

fluctuations in interest rates and credit spreads could reduce our ability to generate income on our loans and other investments, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments and may limit our ability to pay dividends to holders of our Class I common shares of beneficial interest, par value $0.01 per share (the "Shares" and holder of such Shares, "Shareholder");

•

certain economic events may cause our Shareholders to request that we repurchase their Shares, and if we decide to satisfy any or all of such requests, our cash flow and our results of operations and financial condition could be materially adversely affected. Further, our Board of Trustees (the "Board") may make exceptions to modify or suspend our share repurchase plan (including to make exceptions to the repurchase limitations or purchase fewer Shares than such repurchase limitations) if it deems such action to be in our best interest;

•

distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds (including from sales of our Shares to Fortress affiliates), proceeds from repayments of our debt investments, sales of our liquid investments and, if necessary, sales of our investments and/or assets, and we have no limits on the amounts we may fund from such sources;

•

the valuation of our investments may not be certain or transparent as a result of the highly volatile environments we operate in;

•

the purchase prices for our Shares are generally based on our prior month’s net asset value ("NAV") and are not based on any public trading market;

•

future changes in laws or regulations and conditions in our operating areas;

•

our ability to raise additional funds to enable us to make additional investments and diversify the risk profile of our portfolio;

•

our ability to capitalize on potential investment opportunities on attractive terms;

•

our ability to accurately identify or adequately evaluate potential risks in volatile investing environments with limited market liquidity or price transparency;

•

the incurrence of contingent liabilities as a result of our investments, including our assumption of default risk or other third-party risks;

•

our ability to forecast correlations between the value of our portfolio and the direction of exchange rates, interest rates and the price of securities in order to effectively or appropriately mitigate risks associated with our investments;

•

defaults by borrowers in paying debt service on outstanding indebtedness;

•

certain risks associated with limitations on our remedies under bankruptcy laws;

•

system failures and cybersecurity breaches;

•

substantial compliance costs that may be required to meet the constantly evolving legal and regulatory landscape for data protection and privacy;

•

potential misconduct and unauthorized conduct from third-party providers;

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•

compliance with state and local laws, statutes, regulations and ordinances relating to pollution, the protection of the environment and human health and safety;

•

risks associated with joint ventures;

•

risks associated with our relationship with Fortress and the Adviser;

•

changes to United States federal income tax laws; and

•

political and regulatory conditions that contribute to uncertainty and market volatility including the impact of a prolonged U.S. government shutdown as well as the legislative, regulatory, trade, immigration and other policies associated with the current U.S. presidential administration.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions could also be inaccurate. In light of these and other uncertainties, the inclusion of a forward-looking statement in this Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved.

You should read this Form 10-Q and the documents that we reference herein and have filed as exhibits hereto with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Form 10-Q, whether as a result of any new information, future events or otherwise.

For more information regarding these and other risks and uncertainties that we face, see the section entitled "Item 1A. Risk Factors" in our Registration Statement and any such updated factors included in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document. Because the Company is an investment company, the forward-looking statements contained in this Form 10-Q are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

iii

Table of Contents

Fortress Private Lending Fund

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS		i

PART I - FINANCIAL INFORMATION		1

	ITEM 1. FINANCIAL STATEMENTS	1
	Condensed Consolidated Financial Statements:
	Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024	1
	Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2025 (unaudited)	2
	Condensed Consolidated Statement of Changes in Net Assets for the three and nine months ended September 30, 2025 (unaudited)	3
	Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 and 2024(unaudited)	4
	Consolidated Schedule of Investments as of September 30, 2025 (unaudited)	5
	Notes to Condensed Consolidated Financial Statements (unaudited)	10
	ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	30
	ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	46
	ITEM 4. CONTROLS AND PROCEDURES	47

PART II - OTHER INFORMATION		48

	ITEM 1. LEGAL PROCEEDINGS	48
	ITEM 1A. RISK FACTORS	48
	ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	48
	ITEM 3. DEFAULTS UPON SENIOR SECURITIES.	48
	ITEM 4. MINE SAFETY DISCLOSURES	48
	ITEM 5. OTHER INFORMATION	48
	ITEM 6. EXHIBITS	50

SIGNATURES		51

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Fortress Private Lending Fund

Consolidated Statement of Financial Condition


($ in thousands, except per share data)	As of September 30,		As of December 31,
Assets	2025 (Unaudited)		2024
Investments, at fair value
Non-controlled, non-affiliated investments (amortized cost of $972,028 and $0, respectively)	$	971,358	$	—
Non-controlled, affiliated investments (amortized cost of $7,541 and $0, respectively)		7,481		-
Total investments, at fair value		978,839		—
Cash and cash equivalents		56,596		—
Deferred offering costs		830		—
Interest receivable		7,809		—
Receivable for investments sold		15,686		—
Unrealized gain on forward currency contracts		118		—
Other assets		1,096		—
Total assets	$	1,060,974	$	—

Liabilities
Debt (net of unamortized debt issuance costs of $3,869 and $0, respectively)	$	246,631	$	—
Distribution payable		4,621
Incentive fee payable		1,333		—
Interest payable		240		—
Payable for investments purchased		41,129		—
Accrued expenses and other liabilities		2,666		—
Total liabilities	$	296,620	$	—

Commitments and Contingencies (Note 11)
Net Assets
Common shares, $0.01 par value, unlimited authorized, 30,566,728 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		306
Paid in capital in excess of par value		763,864
Distributable earnings (accumulated loss)		184
Total Net Assets		764,354		—
Total Liabilities and Net Assets	$	1,060,974	$	—
Net asset value per share	$	25.01	$	-

[See accompanying notes to the consolidated financial statements.]

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Fortress Private Lending Fund

Consolidated Statement of Operations

(Unaudited)


($ in thousands, except per share data)	For the Three Months Ended September 30, 2025			For the Nine Months Ended September 30, 2025
Investment income
From non-controlled, non-affiliated investments
Interest income	$	15,924		$	18,455
Payment-in-kind interest income		101			126
Other income		68			618
Total investment income from non-controlled, non-affiliated investments		16,093			19,199
From non-controlled, affiliated investments
Interest income		97			97
Other income		4			4
Total investment income from non-controlled, affiliated investments		101			101
Total investment income	$	16,194		$	19,300

Operating Expenses
Organization costs	$	157		$	2,796
Offering Costs		167			167
Interest expense		2,820			5,260
Management fee		2,377			2,377
Investment income incentive fee		1,469			1,555
Capital gains incentive fee		(88	)		-
Administration fees		747			884
Professional fees		362			433
Other expenses		283			285
Total operating expenses before expense support and waivers		8,294			13,757
Expense support (Note 3)		(148	)		(2,786	)
Management fee waiver		(2,377	)		(2,377	)
Investment income incentive fee waiver		(135	)		(221	)
Net Operating Expenses		5,634			8,373
Net investment income (loss) before taxes		10,560			10,928
Income taxes, including unincorporated business tax expense		55			123
Net investment income (loss)		10,505			10,805
Net realized gain (loss)
Net realized gain (loss) from:
Non-controlled, non-affiliated investments		(89	)		(75	)
Foreign currency transactions		(22	)		8
Forward currency contracts		(214	)		(214	)
Total net realized gain (loss)		(325	)		(281	)
Net change in unrealized gain (loss)
Net change in unrealized gain (loss) from:
Non-controlled, non-affiliated investments		(1,374	)		(670	)
Non-controlled, affiliated investments		(61	)		(61	)
Foreign currency transactions		-			-
Forward foreign currency contracts		162			118
Total net change in unrealized gain (loss)		(1,273	)		(613	)
Total net realized and change in unrealized gain (loss)		(1,598	)		(894	)
Total Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,907		$	9,911
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted)	$	0.34		$	0.36
Earnings per share (basic and diluted)	$	0.29		$	0.32
Weighted average shares outstanding		30,533,432			30,533,432

[See accompanying notes to the consolidated financial statements.]

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Fortress Private Lending Fund

Consolidated Statement of Changes in Net Assets

(Unaudited)


($ in thousands)	For the Three Months Ended September 30, 2025			For the Nine Months Ended September 30, 2025
Operations
Net investment income (loss)	$	10,505		$	10,805
Total net realized gain (loss)		(325	)		(281	)
Total net change in unrealized gain (loss)		(1,273	)		(613	)
Net increase (decrease) in net assets resulting from operations	$	8,907		$	9,911
Distributions
Class I	$	(9,069	)	$	(9,069	)
Capital allocation		(658	)		(658	)
Net increase (decrease) in net assets resulting from distributions	$	(9,727	)	$	(9,727	)
Capital Share Transactions
Class I:
Issuance of Shares	$	763,330		$	763,330
Reinvestment of shareholders' distributions		840			840
Net increase (decrease) in net assets resulting from capital share transactions	$	764,170		$	764,170
Total increase (decrease) in net assets		763,350			764,354
Net assets at beginning of period		1,004			—
Net assets at end of period	$	764,354		$	764,354

[See accompanying notes to the consolidated financial statements.]

Table of Contents

Fortress Private Lending Fund

Consolidated Statement of Cash Flows

(Unaudited)


($ in thousands)		For the Nine Months Ended September 30, 2025				For the Nine Months Ended September 30, 2024
Cash flows from operating activities
Net increase/(decrease) in Net Assets resulting from operations	$		9,911		$		—
Adjustments to reconcile net increase/(decrease) in Net Assets resulting from operations to net cash, cash equivalents provided by/(used in) operating activities:

Amortization of debt issuance and financing costs			631				—
Accretion/amortization of original issue discount/premium on investments			(470	)			—
Paid-in-kind interest on investments			(126	)			—
Net realized gain/(loss) on investments			75
Net change in unrealized gain/(loss) on investments and derivatives			731				—
Net change in unrealized gain/(loss) on forward foreign currency contracts			(118	)			—
Purchases of investments and derivatives			(1,032,687	)			—
Proceeds from sales and paydowns of investments			53,638				—
Changes in operating assets and liabilities:
(Increase)/decrease in interest receivable			(7,809	)			—
(Increase)/decrease in receivable for investments sold			(15,686	)			—
(Increase)/decrease in deferred offering costs			(830	)
(Increase)/decrease in other assets			(1,096	)			—
Increase/(decrease) in interest payable			240				—
Increase/(decrease) in due to payable for investments purchased			41,129				—
Increase/(decrease) in incentive fee payable			1,333				—
Increase/(decrease) in accrued expenses and other liabilities			2,666				—
Net cash and cash equivalents provided by/(used in) operating activities	$		(948,468	)			—

Cash flows from financing activities
Proceeds from issuance of common shares			764,170				—
Distribution paid to Shareholders, net of distribution payable			(4,448	)			—
Capital Allocation paid to Shareholders			(658	)
Payment for debt issuance and financing costs			(4,500	)			—
Drawdown on loans			721,200				—
Repayment of loans			(470,700	)			—
Net cash and cash equivalents provided by/(used in) financing activities	$		1,005,064				—

Net increase/(decrease) in cash and cash equivalents			56,596				—
Cash and cash equivalents at beginning of period			—				—
Cash and cash equivalents at end of period	$		56,596		$		—

Supplemental disclosure of cash flow information
Cash paid during the period for interest	$		4,389		$		—

[See accompanying notes to the consolidated financial statements.]

Table of Contents

Fortress Private Lending Fund

Consolidated Schedule of Investments as of September 30, 2025

(Unaudited)


Company	Note		Investment	Reference Rate and Spread (1)	Note		Interest Rate (%)		Maturity Date	Par/Shares (2)		Amortized Cost (3,5)				Fair Value (4,5)			% of Net Assets
Investments
Non-controlled, non-affiliated investments
Debt investments
Aerospace & Defense
Albion Fortress Intermediate Holdings LLC	(6)	(16)	First Lien - Term Loan	EURIBOR+575	(13)			7.78	7/31/2031	€	23,592,695	$	26,248		$		27,145			3.55
													26,248				27,145			3.55
Automobile Components
Champions Fing Inc	(18)		First Lien - Term Loan	SOFR+475	(10)	(7)		8.73	2/23/2029	$	11,470,960	$	10,921		$		10,725			1.40
													10,921				10,725			1.40
Building Products
Echo Transaction Company, LLC			First Lien - Term Loan	SOFR+550	(10)			9.48	5/30/2031	$	12,824,040	$	12,577		$		12,577			1.65
Steele Solutions, Inc.			First Lien - Term Loan	SOFR+575	(10)			9.73	3/18/2030		24,613,539		24,384				24,386			3.19
Steele Solutions, Inc.	(18)		First Lien - Revolving Credit Facility	SOFR+575	(10)			9.73	3/18/2030		—		(32	)			(33	)		-
													36,929				36,930			4.84
Capital Markets
Advisor Group Holdings, Inc.			First Lien - Term Loan	SOFR+300	(9)	(7)		7.13	7/30/2032	$	25,000,000	$	24,939		$		24,982			3.27
Apex Group Treasury LLC	(18)		First Lien - Term Loan	SOFR+350	(10)	(7)		7.48	2/27/2032		24,937,343		24,870				24,324			3.18
Aretec Group, Inc. (fka RCS Capital Corporation)	(18)		First Lien - Term Loan	SOFR+350	(9)	(7)		7.63	8/9/2030		4,987,437		5,000				4,987			0.65
Edelman Financial Engines Center, LLC, The			First Lien - Term Loan	SOFR+300	(9)	(7)		7.13	4/7/2028		5,984,925		6,006				5,987			0.78
GC Ferry Acquisition I Inc			First Lien - Term Loan	SOFR+350	(10)	(7)		7.48	8/16/2032		21,354,167		21,036				21,124			2.76
GC Ferry Acquisition I Inc	(18)		First Lien - Delayed Draw Term Loan	SOFR+350	(10)	(7)		7.48	6/6/2032		—		-				(39	)		(0.01	)
OneDigital Borrower LLC			First Lien - Term Loan	SOFR+300	(9)	(7)		7.13	7/2/2031		4,668,233		4,668				4,662			0.61
													86,519				86,027			11.24
Chemicals
Alltech, Inc.	(18)		First Lien - Term Loan	SOFR+436	(9)	(7)		8.49	8/13/2030	$	2,992,481	$	3,007		$		2,992			0.39
Shrieve Chemical Company, LLC			First Lien - Term Loan	SOFR+600	(10)			9.98	10/30/2030		7,268,274		7,162				7,132			0.93
Shrieve Chemical Company, LLC			First Lien - Revolving Credit Facility	SOFR+600	(9)			10.13	10/30/2030		168,410		161				159			0.02
													10,330				10,283			1.34
Commercial Services & Supplies
Access CIG, LLC	(18)		First Lien - Term Loan	SOFR+400	(10)	(7)		7.98	8/18/2030	$	2,577,304	$	2,597		$		2,582			0.34
Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc.			First Lien - Term Loan	SOFR+525	(9)			9.38	12/31/2029		14,292,000		14,103				14,131			1.85
Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc.			First Lien - Revolving Credit Facility	SOFR+525	(9)			9.38	12/31/2029		960,000		926				927			0.12
Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc.	(18)		First Lien - Delayed Draw Term Loan	SOFR+525	(9)			9.38	12/31/2029		—		(41	)			(36	)		-
													17,585				17,604			2.31
Communications Equipment
Watchguard Technologies, Inc.	(18)		First Lien - Term Loan	SOFR+525	(9)	(7)		9.38	7/2/2029	$	2,992,288	$	2,985		$		2,985			0.39
													2,985				2,985			0.39
Construction & Engineering
Crown Subsea Communications Holding, Inc.			First Lien - Term Loan	SOFR+350	(9)	(7)		7.63	1/30/2031	$	5,000,000	$	5,044		$		5,026			0.66
Superior Intermediate LLC			First Lien - Term Loan	SOFR+550	(9)			9.63	12/18/2029		9,434,879		9,263				9,267			1.21
Superior Intermediate LLC	(18)		First Lien - Revolving Credit Facility	SOFR+550	(9)			9.63	12/18/2029		—		(26	)			(26	)		-
Superior Intermediate LLC	(18)		First Lien - Delayed Draw Term Loan	SOFR+550	(9)			9.63	12/18/2029		—		(65	)			(65	)		(0.01	)
													14,216				14,202			1.86
Containers & Packaging
Clydesdale Acquisition Holdings, Inc.			First Lien - Term Loan	SOFR+318	(9)	(7)		7.31	4/13/2029	$	20,000,000	$	20,045		$		19,966			2.61
Iris Holding, Inc.			First Lien - Term Loan	SOFR+485	(10)	(7)		8.83	6/28/2028		19,948,586		19,487				19,338			2.53
Trident TPI Holdings, Inc.			First Lien - Term Loan	SOFR+375	(10)	(7)		7.73	9/15/2028		9,974,874		9,868				9,784			1.28
													49,400				49,088			6.42
Diversified Consumer Services
Grand Circle Corporation, Grand Circle LLC and The Grand Circle River Cruise Lines LLC			First Lien - Term Loan	SOFR+536	(9)			9.49	9/19/2030	$	64,221,301	$	63,741		$		63,740			8.34
													63,741				63,740			8.34
Diversified Telecommunication Services
GTT Communications, Inc.			First Lien - Term Loan	SOFR+600	(9)			10.13	4/15/2031	$	7,417,073	$	7,275		$		7,276			0.95
Intermedia Holdings, Inc.			First Lien - Term Loan	SOFR+525	(9)			9.38	4/4/2029		10,576,212		10,402				10,470			1.37

Table of Contents

Fortress Private Lending Fund

Consolidated Schedule of Investments as of September 30, 2025- cont'd

(Unaudited)

      Company

      Note

      Investment

      Reference
Rate and
Spread (1)
 
      Note

      Interest Rate (%)
 
      Maturity
Date

      Par/Shares (2)

      Amortized 
Cost (3,5)

      Fair
Value (4,5)

      % of Net
Assets


													17,677			17,746		2.32
Financial Services
Global Holdings Interco Parent LLC				First Lien - Term Loan	SOFR+560	(9)		9.73	9/16/2027	$	1,666,083	$	1,666		$	1,666		0.22
													1,666			1,666		0.22
Food Products
Amy's Kitchen, LLC				First Lien - Term Loan	SOFR+710	(9)		11.23	1/31/2030	$	5,112,005	$	4,908		$	4,928		0.64
Amy's Kitchen, LLC	(18)			First Lien - Delayed Draw Term Loan	SOFR+710	(9)		11.23	1/31/2030		—		(51	)		(46	)	(0.01	)
Badger Finance, LLC				First Lien - Term Loan	SOFR+650	(9)		10.63	11/29/2029		14,718,750		14,071			14,545		1.90
													18,928			19,427		2.53
Ground Transportation
Jupiter Refuel Canada Buyer, Inc.	(6)	(16)		First Lien - Term Loan	CORRA+525	(12)		7.70	6/30/2031	C$	31,789,715	$	23,002		$	22,609		2.96
Jupiter Refuel Canada Buyer, Inc.	(6)	(16)		First Lien - Revolving Credit Facility	CORRA+525	(12)		7.70	6/30/2031		767,868		515			518		0.07
Jupiter Refuel Canada Buyer, Inc.	(6)	(16)	(18)	First Lien - Delayed Draw Term Loan	CORRA+525	(12)		7.70	6/30/2031		—		(37	)		(51	)	(0.01	)
Jupiter Refuel US Buyer, Inc.	(6)			First Lien - Term Loan	SOFR+525	(10)		9.23	6/30/2031	$	2,590,722	$	2,553		$	2,564		0.34
Jupiter Refuel US Buyer, Inc.	(6)	(18)		First Lien - Delayed Draw Term Loan	SOFR+525	(10)		9.23	6/30/2031		—		(4	)		(6	)	-
													26,029			25,634		3.36
Health Care Providers & Services
MJH Healthcare Holdings, LLC				First Lien - Term Loan	SOFR+275	(9)	(7)	6.88	1/29/2029	$	4,987,500	$	4,999		$	4,967		0.65
													4,999			4,967		0.65
Hotels, Restaurants & Leisure
BB PEP Bidco, LLC				First Lien - Term Loan	SOFR+675	(11)		10.60	1/13/2030	$	11,726,786	$	11,462		$	11,513		1.51
BB PEP Bidco, LLC				First Lien - Delayed Draw Term Loan	SOFR+675	(10)		10.73	1/13/2030		1,426,875		1,379			1,388

Fortress Private Lending Fund 10-Q