North Haven Private Income Fund A LLC 8-K

What Happened

• North Haven Private Income Fund A LLC filed an 8-K on December 29, 2025 reporting an unregistered sale of Class I units and Regulation FD disclosures about distributions, portfolio composition and net asset value.
• As of December 1, 2025 (final unit count determined December 22, 2025), the Fund sold approximately 1,621,367 Class I units at $20.18 per unit for aggregate proceeds of about $32.7 million. The issuance was made pursuant to subscription agreements and relied on exemptions under Section 4(a)(2) and Regulation D of the Securities Act, with buyers representing they are accredited investors.
• The Fund also announced a regular distribution of $0.1442 per unit and a special distribution of $0.0381 per unit, both declared December 22, 2025 and payable on or about January 6, 2026 to holders of record as of December 31, 2025.

Key Details

• Unit sale: ~1,621,367 Class I units, $20.18 per unit, ≈$32.7 million aggregate (sale reported as of Dec 1; final units determined Dec 22, 2025).
• Distributions: $0.1442 regular + $0.0381 special per unit; payable ~Jan 6, 2026 to unitholders of record on Dec 31, 2025.
• Portfolio (as of Nov 30, 2025): 175 portfolio companies across 42 industries, aggregate par/cost ≈ $666.5M; ~99.7% first‑lien debt and ~99.9% of debt at floating rates. Industry concentration: Software $129.2M (19.4%), Commercial Services & Supplies $67.5M (10.1%).
• Net asset value estimate (unaudited): aggregate NAV ≈ $283.9M as of Nov 30, 2025; debt outstanding (principal) ≈ $236.1M. NAV estimate has not undergone quarter‑end closing and may differ materially from future NAVs.

Why It Matters

• The unit sale raised immediate capital (~$32.7M), which can be used for new investments or liquidity needs; the issuance was done under an exemption for accredited investors (not registered).
• Declared distributions (regular + special) provide near‑term cash returns to holders of record Dec 31, 2025, payable in early January 2026.
• Portfolio details signal the Fund’s risk profile: heavy concentration in first‑lien, floating‑rate senior secured loans (92% of commitments in private senior secured loans/equity), and meaningful exposure to the software sector.
• The NAV estimate and outstanding debt give a snapshot of balance sheet size and leverage, but investors should note the NAV is preliminary and subject to quarter‑end adjustments.