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

ratingcompapsc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended March 31, 2026


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

Commission File Number: 814-01642

First Eagle Private Credit Fund

(Exact Name of Registrant as Specified in its Charter)


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

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

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

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     N/A

     N/A

     N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

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

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements	5
	Consolidated Statement of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	5
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	6
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	7
	Consolidated Statement of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	8
	Consolidated Schedule of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	9
	Notes to Consolidated Financial Statements (Unaudited)	29
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	58
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	71
Item 4.	Controls and Procedures	72

PART II.	OTHER INFORMATION	73

Item 1.	Legal Proceedings	73
Item 1A.	Risk Factors	73
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
Item 3.	Defaults Upon Senior Securities	73
Item 4.	Mine Safety Disclosures	74
Item 5.	Other Information	74
Item 6.	Exhibits	75
Signatures		76

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

•

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

•

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

•

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

•

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

•

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

•

the ability of our portfolio companies to achieve their objectives;

•

our current and expected financing arrangements and investments;

•

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

•

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

•

our contractual arrangements and relationships with third parties;

•

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

•

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

•

our use of financial leverage;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

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

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

WEBSITE DISCLOSURE

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

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

First Eagle Private Credit Fund

Consolidated Statement of Assets and Liabilities

(in thousands, except share and per share amounts)


	March 31, 2026			December 31, 2025
	(Unaudited)
ASSETS
Non-controlled/non-affiliated investments, at fair value (amortized cost of: $539,330 and $569,177, respectively)	$	537,259		$	567,342
Cash and cash equivalents		40,965			73,325
Interest and dividends receivable		4,013			4,058
Deferred financing costs		2,299			2,499
Deferred offering costs		581			765
Receivable for investments sold or repaid		5,872			2,912
Prepaid expenses and other assets		10			65
Due from Adviser		1,671			854
Total assets	$	592,670		$	651,820

LIABILITIES
Credit facilities		281,800			339,100
Accrued interest and other borrowing costs		4,841			6,112
Payable for investments purchased		1,995			—
Distributions payable		2,617			2,616
Offering costs payable		220			161
Due to affiliates		67			53
Trustees' fees payable		11			—
Payable for shares repurchased (Note 8)		970			—
Management fees payable		317			160
Accrued professional fees		648			832
Accrued administration expense		708			391
Accrued expenses and other liabilities		260			515
Income-based incentive fees payable		827			—
Total liabilities	$	295,281		$	349,940
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.001 (unlimited shares authorized, 12,418,134 and 12,457,767 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)	$	12		$	12
Paid-in capital in excess of par value		299,216			300,427
Distributable earnings (accumulated losses)		(1,839	)		1,441
Total net assets	$	297,389		$	301,880
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets	$	297,288		$	301,778
Common Shares outstanding ($0.001 par value, unlimited shares authorized)		12,413,929			12,453,562
Net asset value per share	$	23.95		$	24.23
Class D Shares:
Net assets	$	101		$	102
Common Shares outstanding ($0.001 par value, unlimited shares authorized)		4,205			4,205
Net asset value per share	$	23.95		$	24.23

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

First Eagle Private Credit Fund

Consolidated Statement of Operations (Unaudited)

(in thousands, except share and per share amounts)


	For the Three Months Ended March 31, 2026			For the Three Months Ended March 31, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	13,622		$	15,052
Dividend income		451			263
Other income		384			204
Total investment income		14,457			15,519
Expenses:
Interest expense		5,341			6,159
Base management fees		925			931
Income-based incentive fee		827			907
Administration expense		345			604
Trustees’ fees		133			133
Professional fees		342			322
Other general and administrative expenses		293			287
Amortization of continuous offering costs		466			750
Distribution and shareholder servicing fees (Class D) (1)		—			—
Total expenses before excise tax		8,672			10,093
Management fees waiver		—			(931	)
Incentive fees waiver		—			(907	)
Expense support		(817	)		(1,352	)
Net expenses before excise tax		7,855			6,903

Net investment income (loss) before excise tax		6,602			8,616
Excise tax expense		37			34
Net investment income (loss) after excise tax		6,565			8,582

Realized and unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		(2,021	)		(539	)
Net realized gain (loss)		(2,021	)		(539	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(237	)		(3,392	)
Net change in unrealized appreciation (depreciation)		(237	)		(3,392	)
Net realized and unrealized gain (loss)		(2,258	)		(3,931	)
Net increase (decrease) in net assets resulting from operations	$	4,307		$	4,651

Per share information - basic and diluted:
Class I Shares:
Earnings available to shareholders	$	4,306		$	4,651
Weighted average shares outstanding (basic and diluted)		12,453,705			12,444,641
Basic and diluted earnings per common share	$	0.35		$	0.38
Class D Shares:
Earnings available to shareholders	$	1		$	—
Weighted average shares outstanding (basic and diluted)		4,205			—
Basic and diluted earnings per common share	$	0.33		$	—

(1)

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

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

First Eagle Private Credit Fund

Consolidated Statement of Changes in Net Assets (Unaudited)

(in thousands, except shares)


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


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

(1)

Par Value is less than $1.

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

First Eagle Private Credit Fund

Consolidated Statement of Cash Flows (Unaudited)

(in thousands, except shares)


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

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

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(in thousands, except shares)


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

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)


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

First Eagle Private Credit Fund 10-Q