Fortress Private Lending Fund

Consolidated Statements of Financial Condition

Fortress Private Lending Fund

Consolidated Statements of Operations

[See accompanying notes to the consolidated financial statements.]

Fortress Private Lending Fund

Consolidated Statements of Changes in Net Assets

Fortress Private Lending Fund

Consolidated Statements of Cash Flows

Fortress Private Lending Fund

Consolidated Schedule of Investments

As of March 31, 2026

(Unaudited)

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Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+525 Interest Rate 8.9% Maturity Date 5/25/20282025-12-310002012139Steele Solutions, Inc.2026-03-3100020121392026-02-282026-02-280002012139ck0002012139:BAMLCreditAgreementMemberck0002012139:ABLCreditFacilityMember2026-01-012026-03-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Goods Steele Solutions, Inc. 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Investment First Lien - Term Loan Reference Rate and Spread SOFR+400 Interest Rate 7.7% Maturity Date 12/14/20282025-12-310002012139Foreign currency forward contract, Settlement Date 8/3/20262026-01-012026-03-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Software & Services Kaseya Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+300 Interest Rate 6.7% Maturity Date 3/20/20322025-12-310002012139Jupiter Refuel US Buyer, Inc.2025-12-310002012139us-gaap:FairValueInputsLevel3Memberck0002012139:MeasurementInputIlliquidityDiscountMemberck0002012139:ValuationTechniqueValuationMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2025-12-310002012139ck0002012139:ScotiabankCreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-08-052025-08-050002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Energy Halcon Holdings, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+790 Interest Rate 11.6% Maturity Date 12/26/20282026-03-310002012139ck0002012139:HouseholdAndPersonalProductsMember2026-03-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Financial Services Global Holdings Interco Parent LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+560 Interest Rate 9.3 Maturity Date 9/16/20272026-03-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Telecommunication Services Zacapa S.a.r.l Investment First Lien - Term Loan Reference Rate and Spread SOFR+375 Interest Rate 7.40% Maturity Date 3/22/20292025-12-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Consumer Durables & Apparel Fabletics, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+750 Interest Rate 11.2% Maturity Date 10/31/20302025-12-310002012139ck0002012139:ScotiabankCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2025-08-050002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Consumer Services BB PEP Bidco, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+675 Interest Rate 10.4% Maturity Date 1/13/20302026-03-310002012139ck0002012139:ScotiabankCreditAgreementMemberck0002012139:ABLCreditFacilityMembersrt:MaximumMember2025-11-072025-11-070002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Materials G-3 Chickadee Purchaser, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+575 Interest Rate 9.4% Maturity Date 10/31/20312025-12-310002012139country:PA2025-12-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Goods Echo Transaction Company, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.2% Maturity Date 5/30/20312026-03-310002012139Amy's Kitchen, LLC2025-01-012025-12-310002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2026-03-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Health Care Equipment & Services Haven Health Acquisition, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+675 Interest Rate 10.4% Maturity Date 3/31/20312026-03-310002012139us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2025-12-310002012139GC FERRY ACQUISITION I INC2025-12-310002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Health Care Equipment & Services GT Independence Buyer, Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+500 Interest Rate 8.7% Maturity Date 11/18/20312026-03-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Software & Services GS AcquisitionCo, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 8.9% Maturity Date 5/25/20282026-03-310002012139Investments Non-controlled, non-affiliated investments Equity investments Consumer Services Riser Fitness, LLC Investment Warrants2025-12-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Software & Services SonicWall, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.2% Maturity Date 5/18/20282026-03-310002012139Jupiter Refuel Canada Buyer, Inc. Investment Type First Lien - Delayed Draw Term Loan2025-12-310002012139Shrieve Chemical Company, LLC2026-03-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Commercial & Professional Services EXEMPLIS LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+525 Interest Rate 8.9% Maturity Date 12/23/20302026-03-310002012139ck0002012139:PharmaceuticalsBiotechnologyAndLifeSciencesMember2026-03-310002012139srt:MaximumMember2026-01-012026-03-310002012139us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310002012139us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-31iso4217:EURiso4217:USDxbrli:sharesxbrli:purexbrli:sharesiso4217:CADiso4217:GBPiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended March 31, 2026


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

Commission File Number 814-01880

Fortress Private Lending Fund

(Exact name of Registrant as specified in its Charter)


Delaware	33-6515727
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1345 Avenue of the Americas New York, New York	10105
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 497-2976

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

      Title of each class

      Trading
Symbol(s)

      Name of each exchange on which registered

      None

      None

      None

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

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 Act). YES ☐ NO ☒

As of March 31, 2026, there was no established public market for the Registrant's common shares. As of May 14, 2026, the Registrant had 43,551,078 Class I shares outstanding. Class I shares outstanding exclude shares issuable in connection with May 2026 subscriptions, which are not yet finalized.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•

the Company’s future operating results and distributions;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

the timing, form and amount of any distributions;

•

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

•

the outcome and impact of any litigation or regulatory proceeding;

•

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

•

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

•

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

•

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

•

the Company’s ability to recover unrealized losses;

•

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

•

uncertainty surrounding global financial stability;

•

general fluctuations in the values of financial assets; and

•

the impact of changes in laws and regulations.

The forward-looking statements contained in this Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Item 1A. Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 27, 2026 (the "2025 Annual Report") and the following factors:

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

defaults by borrowers in paying debt service on outstanding indebtedness;

•

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

•

system failures and cybersecurity breaches;

•

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

•

potential misconduct and unauthorized conduct from third-party providers;

iii

•

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

•

risks associated with joint ventures;

•

risks associated with our relationship with Fortress and the Adviser;

•

changes to United States federal income tax laws; and

•

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

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

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

For more information regarding these and other risks and uncertainties that we face, see the section entitled "Item 1A. Risk Factors" in our 2025 Annual Report and any such updated factors included in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document. Because the Company is an investment company, the forward-looking statements contained in this Form 10-Q are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Fortress Private Lending Fund

Table of Contents


Cautionary Statement Regarding Forward-Looking Statements		ii

Part I - Financial Information		1

	Item 1. Financial Statements	1
	Consolidated Financial Statements:
	Consolidated Statements of Financial Condition as of March 31, 2026 (unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three months ended March 31, 2026 (unaudited) and March 31, 2025	2
	Consolidated Statements of Changes in Net Assets as of March 31, 2026 (unaudited) and March 31, 2025	3
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 (unaudited) and March 31, 2025	4
	Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025	5
	Notes to Consolidated Financial Statements (unaudited)	16
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	41
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	56
	Item 4. Controls and Procedures	57

Part II - Other Information		59

	Item 1. Legal Proceedings	59
	Item 1A. Risk Factors	59
	Item 2. Unregistered Sales of Equity and Use of Proceeds	59
	Item 3. Defaults upon Senior Securities	63
	Item 4. Mine Safety Disclosures	63
	Item 5. Other Information	63
	Item 6. Exhibits	65

Signatures		66

Part I. Financial Information

Item 1. Financial Statements.


($ in thousands, except per share data)	As of March 31,			As of December 31,
Assets	2026 (unaudited)			2025
Investments, at fair value
Non-controlled, non-affiliated investments (amortized cost of $1,716,996 and $1,494,668, respectively)	$	1,675,484		$	1,480,750
Non-controlled, affiliated investments (amortized cost of $8,626 and $8,146, respectively)		8,469			8,106
Controlled, affiliated investments (amortized cost of $10,098 and $0, respectively)		10,817			-
Total investments, at fair value		1,694,770			1,488,856
Cash		5,873			4,247
Foreign currencies		2,752			502
Cash equivalents		6,307			26,937
Restricted cash		12,469			2,364
Restricted foreign currencies		922			1,100
Restricted cash equivalents		17,104			60,063
Deferred offering costs		600			700
Interest receivable		11,349			11,503
Receivable for investments sold		10,461			13,960
Unrealized gain on forward foreign currency contracts		1,343			167
Other assets		642			698
Total assets	$	1,764,592		$	1,611,097

Liabilities
Debt (net of unamortized debt issuance costs of $10,633 and $9,889, respectively)	$	705,690		$	647,597
Distribution payable		7,256			5,958
Incentive fee payable		3,090			2,530
Interest payable		5,192			2,823
Payable for investments purchased		20,714			89,767
Accrued expenses and other liabilities		2,520			2,567
Total liabilities	$	744,462		$	751,242

Commitments and Contingencies (Note 11)
Net Assets
Common shares, $0.01 par value, unlimited authorized, 42,492,341 and 34,892,021 shares issued and outstanding, respectively		425			349
Paid in capital in excess of par value		1,057,340			871,542
Distributable earnings (accumulated loss)		(37,635	)		(12,036	)

Total Net Assets		1,020,130			859,855
Total Liabilities and Net Assets	$	1,764,592		$	1,611,097
Net asset value per share	$	24.01		$	24.64

[See accompanying notes to the consolidated financial statements.]


		For the three months ended March 31,
($ in thousands, except per share data)		2026 (unaudited)				2025
Investment income
From non-controlled, non-affiliated investments
Interest income	$		37,533		$		8
Payment-in-kind interest income			121				-
Other income			490				13
Total investment income from non-controlled, non-affiliated investments	$		38,144		$		21
From non-controlled, affiliated investments
Interest income			187				-
Other income			2				-
Total investment income from non-controlled, affiliated investments	$		189		$		-
From controlled, affiliated investments
Interest income			85				-
Total investment income from controlled, affiliated investments	$		85		$		-
Total investment income	$		38,418		$		21

Operating Expenses
Interest expense			9,459				174
Organization costs			-				2,392
Management fees			3,095				-
Investment income incentive fee			3,090				-
Capital gains incentive fee			-				14
Administration fees			807				27
Professional fees			336				3
Offering costs			290				-
Other expenses			588				1
Total operating expenses before expense support and waivers	$		17,665		$		2,611
Expense support (Note 3)			-				(2,392	)
Management fees waiver			(1,043	)			-
Investment income incentive fee waiver			-				-
Net Operating Expenses	$		16,622		$		219
Net investment income (loss) before taxes	$		21,796		$		(198	)
Income taxes, including unincorporated business tax expense			165				-
Net investment income (loss)	$		21,631		$		(198	)
Net realized gain (loss)
Net realized gain (loss) from:
Non-controlled, non-affiliated investments			(586	)			-
Foreign currency transactions			194				-
Forward currency contracts			(525	)			-
Total net realized gain (loss)	$		(917	)	$		-
Net change in unrealized gain (loss)
Net change in unrealized gain (loss) from:
Non-controlled, non-affiliated investments			(27,594	)			115
Non-controlled, affiliated investments			(118	)			-
Controlled, affiliated investments			719				-
Foreign currency translation on loans payable			574				-
Foreign currency transactions			(44	)			-
Forward foreign currency contracts			1,174				-
Total net change in unrealized gain (loss)	$		(25,289	)	$		115
Total net realized and change in unrealized gain (loss)	$		(26,206	)	$		115
Total Net Increase (Decrease) in Net Assets Resulting from Operations	$		(4,575	)	$		(83	)

Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted)			0.53			N/A
Earnings (loss) per share (basic and diluted)			(0.11	)		N/A
Weighted average shares outstanding			41,040,180			N/A


		For the three months ended March 31,
($ in thousands)		2026 (unaudited)				2025
Operations
Net investment income (loss)	$		21,631		$		(198	)
Total net realized gain (loss)			(917	)			-
Total net change in unrealized gain (loss)			(25,289	)			115
Net increase (decrease) in net assets resulting from operations	$		(4,575	)	$		(83	)
Capital Share Transactions (Class I)
Distributions			(21,025	)			-
Net increase (decrease) in net assets resulting from distributions	$		(21,025	)	$		-
Issuance of Shares			182,381				-
Reinvestment of shareholders' distributions			3,494				-
Net increase (decrease) in net assets resulting from capital share transactions	$		185,875		$		-
Total increase (decrease) in net assets			160,275				(83	)
Net assets at the beginning of the period			859,855				-
Net assets at end of the period	$		1,020,130		$		(83	)

[See accompanying notes to the consolidated financial statements.]


	For the three months ended March 31,
($ in thousands)	2026 (unaudited)			2025
Cash flows from operating activities
Net increase/(decrease) in Net Assets resulting from operations	$	(4,575	)	$	(83	)
Adjustments to reconcile net increase/(decrease) in Net Assets resulting from operations to net cash, cash equivalents provided by/(used in) operating activities:

Amortization of debt issuance and financing costs		439			82
Accretion/amortization of original issue discount/premium on investments		(1,235	)		(1	)
Paid-in-kind interest on investments		(121	)		—
Net realized gain/(loss) on investments		586			—
Net change in unrealized gain/(loss) on investments		26,993			(115	)
Net change in unrealized gain/(loss) on forward foreign currency contracts		(1,174	)		—
Net change in unrealized gain/(loss) on foreign currency translation on loans payable		(574	)		—
Purchases of investments and derivatives		(362,173	)		(978	)
Proceeds from sales and paydowns of investments		130,035			3
Changes in operating assets and liabilities:
(Increase)/decrease in interest receivable		154			(5	)
(Increase)/decrease in receivable for investments sold		3,499			—
(Increase)/decrease in deferred offering costs		100			(997	)
(Increase)/decrease in other assets		55			—
Increase/(decrease) in interest payable		2,369			92
Increase/(decrease) in due to payable for investments purchased		(69,053	)		—
Increase/(decrease) in incentive fee payable		560			14
Increase/(decrease) in accrued expenses and other liabilities		(47	)		1,077
Net cash provided by/(used in) operating activities	$	(274,162	)	$	(911	)

Cash flows from financing activities
Proceeds from issuance of common shares	$	185,874		$	—
Distribution paid to Shareholders, net of distribution payable		(19,727	)		—
Payment for debt issuance and financing costs		(1,182	)		(1,200	)
Drawdown on loans		267,411			2,200
Repayment of loans		(208,000	)		—
Net cash provided by/(used in) financing activities	$	224,376		$	1,000

Net increase/(decrease) in cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents		(49,786	)		89
Cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents at beginning of the period		95,213			—
Cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents at end of the period	$	45,427		$	89

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	6,652		N/A
Cash paid during the period for taxes		95		N/A
Distributions declared for the period		21,025		N/A
Supplemental disclosure of non-cash financing activities:
Shares issued in connection with the reinvestment plan	$	3,493		N/A
Change in distribution payable		7,256		N/A

[See accompanying notes to the consolidated financial statements.]

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company


Company	Notes			Investment	Reference Rate and Spread (1)	Interest Rate (%)		Maturity Date	Par/Shares (2)		Amortized Cost (3,5)				Fair Value (4,5)			% of Net Assets
Investments
Non-controlled, non-affiliated investments
Debt investments
Automobiles & Components
Champions Fing Inc	(7)	(10)		First Lien - Term Loan	SOFR+475		8.4	2/23/2029	$	11,412,879	$	10,939		$		9,886			1.0
												10,939				9,886			1.0
Capital Goods
A-AG US GSI Bidco, Inc.	(10)			First Lien - Term Loan	SOFR+500		8.7	10/31/2031	$	2,688,155	$	2,643		$		2,675			0.3
Albion Fortress Intermediate Holdings LLC	(6)	(14)	(18)	First Lien - Term Loan	EURIBOR+575		7.8	7/31/2031	€	23,474,732		26,175				26,591			2.6
Blue Raven Solutions, LLC, Triman Industries, Inc. and Crestwood Technology Group, LLC	(9)			First Lien - Term Loan	SOFR+600		9.7	1/16/2032	$	70,875,000		69,607				69,631			6.8
Blue Raven Solutions, LLC, Triman Industries, Inc. and Crestwood Technology Group, LLC	(10)			First Lien - Revolving Credit Facility	SOFR+600		9.7	1/16/2032		3,937,500		3,806				3,800			0.4
Crown Subsea Communications Holding, Inc.	(7)	(9)		First Lien - Term Loan	SOFR+300		6.7	1/30/2031		5,000,000		5,040				5,009			0.5
Echo Transaction Company, LLC	(10)			First Lien - Term Loan	SOFR+550		9.2	5/30/2031		12,759,759		12,539				12,531			1.2
LSF12 PHOENIX HOLDCO LLC	(9)	(20)		First Lien - Term Loan	SOFR+450		8.2	3/25/2033		5,000,000		4,900				4,941			0.5
Merlin Buyer Inc.	(7)	(9)		First Lien - Term Loan	SOFR+400		7.7	12/14/2028		12,083,390		12,092				12,083			1.2
Paint Inter III LLC	(7)	(10)		First Lien - Term Loan	SOFR+300		6.7	10/9/2031		7,756,603		7,737				7,713			0.8
PMI US BIDCO INC	(10)			First Lien - Term Loan	SOFR+325		6.9	3/16/2033		4,310,345		4,289				4,324			0.4
PMI US BIDCO INC	(10)	(20)		First Lien - Delayed Draw Term Loan	SOFR+325		6.9	3/16/2028		—		-				2			-
Steele Solutions, Inc.	(10)			First Lien - Term Loan	SOFR+575		9.4	3/18/2030		24,489,853		24,286				24,284			2.4
Steele Solutions, Inc.	(10)	(20)		First Lien - Revolving Credit Facility	SOFR+575		9.4	3/18/2030		—		(28	)			(30	)		-
Superior Intermediate LLC	(9)			First Lien - Term Loan	SOFR+550		9.2	12/18/2030		9,357,460		9,199				9,174			0.9
Superior Intermediate LLC	(9)			First Lien - Delayed Draw Term Loan	SOFR+550		9.2	12/18/2030		3,629,032		3,570				3,558			0.4
Superior Intermediate LLC	(9)	(20)		First Lien - Revolving Credit Facility	SOFR+550		9.2	12/18/2030		—		(24	)			(28	)		-
Superior Intermediate LLC	(9)	(20)		First Lien - Delayed Draw Term Loan	SOFR+550		9.2	12/18/2030		—		(159	)			(313	)		(0.0	)
												185,672				185,945			18.2
Commercial & Professional Services
Access CIG, LLC	(7)	(9)		First Lien - Term Loan	SOFR+400		7.7	8/19/2030	$	2,564,385	$	2,582		$		2,307			0.2
AMCP Clean Acquisition Company, LLC	(10)			First Lien - Delayed Draw Term Loan	SOFR+425		7.9	6/15/2030		8,977,500		8,921				8,888			0.9
EagleView Technology Corporation	(7)	(8)	(10)	First Lien - Term Loan	SOFR+650		10.2	8/14/2028		48,514,528		47,651				43,956			4.3
EXEMPLIS LLC	(9)			First Lien - Term Loan	SOFR+525		8.9	12/22/2032		57,483,552		56,656				56,409			5.5
EXEMPLIS LLC	(9)	(20)		First Lien - Revolving Credit Facility	SOFR+525		8.9	12/23/2030		—		(195	)			(255	)		(0.0	)
Vomela Purchaser LLC and Vibrant Canada Acquisitionco Inc.	(9)			First Lien - Term Loan	SOFR+525		8.9	12/31/2029		60,509,733		59,492				60,207			5.9
Vomela Purchaser LLC and Vibrant Canada Acquisitionco Inc.	(9)			First Lien - Delayed Draw Term Loan	SOFR+525		8.9	12/31/2029		3,192,000		3,156				3,176			0.3
Vomela Purchaser LLC and Vibrant Canada Acquisitionco Inc.	(9)			First Lien - Revolving Credit Facility	SOFR+525		8.9	12/31/2029		1,520,000		1,490				1,496			0.2
Vomela Purchaser LLC and Vibrant Canada Acquisitionco Inc.	(9)	(20)		First Lien - Delayed Draw Term Loan	SOFR+525		8.9	12/31/2029		—		(58	)			(31	)		-
												179,695				176,153			17.3
Consumer Discretionary Distribution & Retail
EG Group Limited	(6)	(7)	(9)	First Lien - Term Loan	SOFR+325		6.9	2/10/2031	$	5,000,000	$	4,988		$		4,996			0.5
Hollywood Feed, LLC	(10)			First Lien - Term Loan	SOFR+550		9.2	2/10/2032		29,853,455		29,344				29,480			2.9
Hollywood Feed, LLC	(10)	(20)		First Lien - Delayed Draw Term Loan	SOFR+550		9.2	2/10/2032		—		(94	)			(137	)		(0.0	)
												34,238				34,339			3.4
Consumer Durables & Apparel
Fabletics, Inc.	(10)			First Lien - Term Loan	SOFR+750		11.2	10/31/2030	$	50,672,444	$	50,106		$		49,730			4.9
Fabletics, Inc.	(10)			First Lien - Delayed Draw Term Loan	SOFR+750		11.2	10/31/2030		320,222		320				283			0.0
Olibre Borrower LLC	(10)			First Lien - Term Loan	SOFR+575		9.4	1/3/2030		14,812,500		14,511				14,516			1.4
Step2 Discovery, LLC (Backyard Leisure Intermediate Parent, LLC)	(10)			First Lien - Term Loan	SOFR+600		9.7	12/23/2030		54,186,054		53,268				52,983			5.2
Varsity Brands Inc	(7)	(10)		First Lien - Term Loan	SOFR+275		6.4	8/26/2031		4,987,500		4,988				4,963			0.5
												123,193				122,475			12.0


Company	Notes			Investment	Reference Rate and Spread (1)	Interest Rate (%)		Maturity Date	Par/Shares (2)		Amortized Cost (3,5)				Fair Value (4,5)			% of Net Assets
Consumer Services
BB PEP Bidco, LLC	(11)			First Lien - Term Loan	SOFR+675		10.5	1/13/2030	$	11,667,857	$	11,433		$		11,477			1.1
BB PEP Bidco, LLC	(10)			First Lien - Delayed Draw Term Loan	SOFR+675		10.4	1/13/2030		2,132,232		2,090				2,097			0.2
BB PEP Bidco, LLC	(10)			First Lien - Revolving Credit Facility	SOFR+675		10.4	1/13/2030		571,429		549				554			0.1
CV Borrower, LLC	(10)			First Lien - Term Loan	SOFR+550		9.2	8/30/2030		6,019,046		5,955				5,956			0.6
Grand Circle Corporation, Grand Circle LLC and The Grand Circle River Cruise Lines LLC	(9)			First Lien - Term Loan	SOFR+536		9.0	9/19/2030		63,418,535		62,993				62,650			6.1
Riser Fitness, LLC	(9)			First Lien - Delayed Draw Term Loan	SOFR+685		10.5	3/14/2030		5,398,061		5,146				5,097			0.5
Riser Fitness, LLC	(9)	(20)		First Lien - Revolving Credit Facility	SOFR+685		10.5	3/14/2030		—		(11	)			(11	)		-
Ruby Bidco Holdings Limited	(6)	(15)	(18)	First Lien - Term Loan	SONIA+500		8.7	9/12/2032	£	16,203,704		21,569				20,965			2.1
Ruby Bidco Holdings Limited	(6)	(15)	(18)	First Lien - Delayed Draw Term Loan	SONIA+500		8.7	9/12/2032		1,728,395		2,243				2,063			0.2
Solidcore Topco, LLC	(10)			First Lien - Term Loan	SOFR+575		9.4	11/4/2030	$	21,427,789		21,103				21,038			2.1
Solidcore Topco, LLC	(10)			First Lien - Delayed Draw Term Loan	SOFR+575		9.4	11/4/2030		3,336,440		3,308				3,276			0.3
Solidcore Topco, LLC	(10)			First Lien - Revolving Credit Facility	SOFR+575		9.4	11/4/2030		230,951		220				213			0.0
Solidcore Topco, LLC	(10)	(20)		First Lien - Delayed Draw Term Loan	SOFR+575		9.4	11/4/2030		—		(23	)			(35	)		-
Urban Gym Group B.V.	(6)	(14)	(18)	First Lien - Term Loan	EURIBOR+675		8.8	10/28/2031	€	6,410,257		7,332				7,271			0.7
Urban Gym Group B.V.	(6)	(14)	(18)	First Lien - Delayed Draw Term Loan	EURIBOR+675		8.8	10/28/2031		427,350		475				448			0.0
Xponential Fitness LLC	(6)	(9)		First Lien - Term Loan	SOFR+675		10.4	12/9/2030	$	43,320,830		42,714				42,509			4.2
Xponential Fitness LLC	(6)	(9)	(20)	First Lien - Revolving Credit Facility	SOFR+675		10.4	12/9/2030		—		(29	)			(39	)		-
												187,067				185,529			18.2
Energy
Eagle Ford Development Finance, LLC	(10)			First Lien - Delayed Draw Term Loan	SOFR+600		9.7	12/19/2029	$	19,329,789	$	19,106		$		18,992			1.9
Halcon Holdings, LLC	(10)			First Lien - Term Loan	SOFR+790		11.6	12/26/2028		10,833,333		10,594				10,663			1.1
HighPeak Energy, Inc.	(6)	(10)

Fortress Private Lending Fund 10-Q