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11/22/20302025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:ElectricUtilitiesMemberus-gaap:SeniorLoansMember2026-03-310001923622us-gaap:CashEquivalentsMember2026-01-012026-03-310001923622ck0001923622:DistributorsMember2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 13/03/20262025-12-310001923622us-gaap:CommonStockMemberck0001923622:ClassICommonSharesMember2026-01-012026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310001923622Pryor Learning, LLC (Revolver), Due 2/28/20292026-03-310001923622us-gaap:EquityMethodInvestmentsMember2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/20272025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:IntermediaryManagerAgreementMember2026-01-012026-03-310001923622ck0001923622:SubadvisoryAgreementMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 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One2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:PenncompLlcMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:CashEquivalentsMember2026-01-012026-03-310001923622ck0001923622:ClassICommonSharesMember2025-12-310001923622ck0001923622:ClassICommonSharesMember2026-01-310001923622us-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001923622us-gaap:DebtMemberck0001923622:EntertainmentEarthLLCMember2026-03-310001923622ck0001923622:ClassSCommonSharesMember2025-01-012025-12-310001923622ADB Acquiror, Inc Due 5/12/20282025-12-310001923622ck0001923622:TitanHomeImprovementLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Nationwide Acquisition, LLC (Delayed Draw), Due 10/01/20292025-12-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001923622Penncomp, LLC (Revolver), Due 4/17/20302026-03-310001923622Sun Orchard, LLC (Delayed Draw), Due 8/7/20282026-03-310001923622ck0001923622:PlanAdministratorMemberck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622ck0001923622:ManagementAgreementMember2026-01-012026-03-310001923622us-gaap:SeniorNotesMember2026-01-012026-03-310001923622ck0001923622:ManagementAgreementMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:VeritaGlobalLLCMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622ck0001923622:PlanAdministratorMember2026-03-310001923622Studio Bidco B.V. (Netherlands), Due 4/24/20312026-03-310001923622Penncomp, LLC, Due 4/17/2030 One2026-03-310001923622country:FR2025-12-310001923622ck0001923622:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:HouseholdProductsSectorMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/20262025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001923622ck0001923622:ClassICommonSharesMember2025-01-012025-12-310001923622ck0001923622:ElectricUtilitiesMember2026-01-012026-03-310001923622us-gaap:SeniorLoansMember2026-01-012026-03-310001923622country:ES2026-01-012026-03-310001923622Efficio Holdco Limited (United Kingdom), Due 7/31/2031 One2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Four2026-03-310001923622ck0001923622:ProfessionalServicesSectorMember2025-01-012025-12-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001923622Avalon Bidco LTD (Delayed Draw) (United Kingdom), Due 4/16/20322026-03-310001923622ck0001923622:SkyrodemaBidcoLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorLoansMember2025-03-310001923622NPPI Buyer, LLC (Revolver), Due 8/20/20292026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:CommercialServicesAndSuppliesSectorMemberus-gaap:SeniorLoansMember2025-12-310001923622CPIG Holdco Inc., Due, 4/28/20282025-12-310001923622Celerion Buyer, Inc., Due 11/5/20292026-03-310001923622Greenfast & Furious Limited (United Kingdom), Due 7/31/20292025-12-310001923622TG Studios US, LLC, Due 4/6/20292026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, Three2025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:HouseholdProductsMemberus-gaap:SeniorLoansMember2025-12-310001923622Toledo AcquisitionCo Inc., Due 8/21/20292026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 24/04/20262025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/20262025-12-310001923622ck0001923622:O2025M2DividendsMemberck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622Universal GEM Gaming, LLC, Due 3/13/20312025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:RenegadeBuyerIncMember2026-03-310001923622Oxya Group (France), Due 8/30/2030 One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026, Four2025-01-012025-12-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622country:NL2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/04/20272025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:PlanAdministratorMember2025-01-012025-03-310001923622us-gaap:FoodAndBeverageSectorMember2026-01-012026-03-310001923622us-gaap:FinancialServicesSectorMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/20262025-12-310001923622ACS Industries, Inc. Due 11/26/20302026-03-310001923622ck0001923622:InformationTechnologyServicesMember2025-01-012025-12-310001923622us-gaap:FairValueMeasurementsRecurringMember2025-12-310001923622us-gaap:CommonStockMemberck0001923622:ClassICommonSharesMember2026-03-310001923622ck0001923622:PharmacyPartnersAcquisitionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Seven2026-03-310001923622ck0001923622:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:NomuraInternationalPlcMember2025-12-310001923622Axiota Animal Health, Inc. (Revolver), Due 2/13/20302026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Two2026-01-012026-03-310001923622APS Acquisition Holdings, LLC, Due 7/11/20292025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 13/03/20262025-01-012025-12-310001923622ck0001923622:ClassDCommonSharesMember2026-05-140001923622us-gaap:NondesignatedMember2026-01-012026-03-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2026M3DividendsMember2026-01-012026-03-310001923622ck0001923622:PaperForestProductsMember2026-01-012026-03-310001923622Controlled - Affiliated Investments - First Lien Debt, Entertainment Earth, LLC2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AdbAcquirorIncMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Sun Orchard, LLC, Due 8/1/2029 One2026-03-310001923622We Work for Kids, LLC, Due 9/26/20292026-03-310001923622ck0001923622:ClassDCommonSharesMemberus-gaap:CommonStockMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027,One2025-01-012025-12-310001923622Sail Energy, LLC (Delayed Draw), Due 1/24/20282026-03-310001923622Studio Bidco B.V. (Netherlands), Due 4/24/20312025-12-310001923622Barchemy BidCo, LLC, Due 10/06/20312025-12-310001923622ADB Acquiror, Inc Due 5/12/20282026-03-310001923622Sun Orchard, LLC, Due 1/08/20292025-12-310001923622country:GB2026-03-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2026M2DividendsMember2026-01-012026-03-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:PromissoryNotesMember2026-03-310001923622Toledo AcquisitionCo Inc., Due 8/21/20292025-12-310001923622ADB Acquiror, Inc (Revolver), Due 5/12/20282025-12-3100019236222025-12-310001923622Capital Construction, LLC (Delayed Draw), Due 10/22/20262025-12-310001923622Nationwide Acquisition, LLC (Revolver), Due 10/1/20292026-03-310001923622ck0001923622:AiredaleNewcoLimitedUnitedKingdomMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:StudioBidcoBVNetherlandsMember2025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/06/20262026-01-012026-03-310001923622The Wells Companies, Inc, Due 4/02/20292025-12-310001923622Medical Device Inc., Due 7/11/20292026-03-310001923622CF Newco, Inc. (Revolver), Due 12/10/20292026-03-310001923622APS Acquisition Holdings, LLC (Delayed Draw), Due 7/11/20292025-12-310001923622ck0001923622:DistributorsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 26/02/20272025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Four2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:VeritaGlobalLLCMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Association Resource Group, LLC (Revolver), Due 2/2/20332026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/2026, One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/20272025-01-012025-12-310001923622srt:WeightedAverageMemberck0001923622:ValuationMarketOrEnterpriseValueApproachMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001923622ck0001923622:SkyrodemaBidcoLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 26/02/20272026-03-3100019236222024-04-012024-06-300001923622ck0001923622:ClassICommonSharesMemberck0001923622:O2026M1DividendsMember2026-01-012026-03-310001923622Controlled - Affiliated Investments - First Lien Debt, Entertainment Earth, LLC2026-01-012026-03-310001923622Legend Buyer, Inc., Due 1/19/20292026-03-310001923622ck0001923622:AgrofreshInc.Memberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Oxya Group (France), Due 8/30/20302025-12-310001923622ck0001923622:ClassSCommonSharesMember2025-12-310001923622ck0001923622:FoodProductsSectorMember2025-01-012025-12-310001923622ck0001923622:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027, Two2025-12-310001923622Sail Energy, LLC (Revolver), Due 1/24/20282025-12-310001923622us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AS1SportsBidcoLimitedUnitedKingdomMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Anne Lewis Strategies LLC (Revolver), Due 5/29/20302026-03-310001923622ck0001923622:AssociationResourceGroupLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:RevolvingCreditFacilityMember2022-11-080001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/20272026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:NppiBuyerLlcMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622ck0001923622:ClassDCommonSharesMember2024-12-310001923622ck0001923622:BuildingProductsSectorMember2026-01-012026-03-310001923622Hometown Food Company, Due 12/03/20302025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/20272025-01-012025-12-310001923622Full Circle Fiber Operating LLC, Due 12/16/20272026-03-310001923622CI (MG) Group, LLC, Due 3/27/20302025-12-310001923622us-gaap:RevolvingCreditFacilityMember2025-01-160001923622us-gaap:CashEquivalentsMember2026-03-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2026M2DividendsMember2026-01-012026-03-310001923622Studio Bidco B.V. (Delayed Draw) (Netherlands), Due 4/24/20312026-03-310001923622AgroFresh, Inc. (Revolver), Due 3/31/20292025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2026M1DividendsMember2026-01-012026-03-310001923622ck0001923622:ClassDCommonSharesMemberus-gaap:CommonStockMember2025-01-012025-03-310001923622ck0001923622:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622HEF Safety Ultimate Holdings, LLC (Revolver), Due 11/19/20292025-12-310001923622ck0001923622:ClassSCommonSharesMember2024-12-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001923622Tetris Bidco Limited (Revolver) (United Kingdom), Due 10/24/20292026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, One2026-03-310001923622NPPI Buyer, LLC (Revolver), Due 8/20/20292025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, One2025-01-012025-12-310001923622ck0001923622:ClassSCommonSharesMember2025-01-012025-03-3100019236222023-01-012023-06-300001923622Nomura International plc, Currency Purchased, Settlement On 30/04/20272025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/20272026-01-012026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001923622Pure HomeRiver LLC (Revolver), Due 1/16/20312026-03-310001923622ck0001923622:EnvironmentalAndFacilitiesServicesSectorMember2026-01-012026-03-310001923622Controlled - Affiliated Investments - Equity, Entertainment Earth, LLC2026-01-012026-03-310001923622us-gaap:RevolvingCreditFacilityMember2023-10-300001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Seven2026-01-012026-03-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001923622:ReverseRepurchaseAgreementMember2026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-3100019236222024-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/20252025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027,One2025-12-310001923622NPPI Buyer, LLC (Delayed Draw), Due 8/20/20292026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 30/04/20272026-01-012026-03-310001923622ck0001923622:ClassDCommonSharesMember2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/04/20272026-03-310001923622us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:BuildingMaterialsMemberus-gaap:SeniorLoansMember2026-03-310001923622Airedale Newco Limited (Revolver) (United Kingdom), Due 12/21/20282025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026, Two2025-12-310001923622CM2, Inc., Due 4/01/20302025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 28/02/20282026-03-310001923622us-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/2026, One2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:JCFKestrelUKBidcoLTDUnitedKingdomMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622us-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001923622us-gaap:ConsumerSectorMember2025-01-012025-12-310001923622ck0001923622:ClassDCommonSharesMember2026-03-310001923622Titan Home Improvement, LLC, Due 5/31/20302025-12-310001923622APS Acquisition Holdings, LLC (Revolver), Due 7/11/20292025-12-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassSCommonSharesMembersrt:MaximumMember2025-01-012025-03-310001923622Nayak Aircraft Services Holdings GmbH (Germany), Due 1/16/20302025-12-310001923622Nayak Aircraft Services Holdings GmbH (Germany), Due 1/16/20302026-03-310001923622ck0001923622:HotelsRestaurantsAndLeisureMember2025-01-012025-12-310001923622Medical Device Inc, Due 7/11/2029 One2025-12-3100019236222023-07-012023-09-300001923622Pryor Learning, LLC (Revolver), Due 2/28/20292025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:ApsAcquisitionHoldingsLlcMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622MKD Electric, LLC, Due 5/31/20292026-03-310001923622ck0001923622:AerospaceDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Anne Lewis Strategies LLC, Due 5/29/20302025-12-310001923622Medical Device Inc, Due 7/11/2029 Two2025-12-310001923622Knowledge Support Systems, Inc., Due 11/17/20292026-03-310001923622us-gaap:ShortTermDebtMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:IvyTechnologyParentIntermediateIIIHoldingsLLCMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassICommonSharesMember2025-03-310001923622Sun Orchard, LLC, Due 8/1/2029 Three2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 07/04/20262026-03-310001923622Skyrodema Bidco, LLC, Due 3/9/20332026-03-310001923622country:ES2025-01-012025-12-310001923622Close The Loop Group USA, Inc., Due 10/26/20292025-12-310001923622ck0001923622:GasUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 30/11/20272025-12-310001923622Aptive Environmental, LLC (Delayed Draw), Due 10/15/20322025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 30/11/20272026-01-012026-03-310001923622ck0001923622:MedicalDeviceIncOneMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Nine2026-03-310001923622ck0001923622:FoodProductsSectorMember2026-01-012026-03-310001923622APS Acquisition Holdings, LLC (Delayed Draw), Due 7/11/20292026-03-310001923622us-gaap:ConstructionSectorMember2026-01-012026-03-310001923622us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2026-03-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001923622ck0001923622:TradingCompaniesDistributorsSectorMember2026-01-012026-03-310001923622CI (MG) Group, LLC (Delayed Draw), Due 3/27/20302025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 26/02/20272026-01-012026-03-310001923622us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2025-01-012025-03-310001923622country:DE2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/04/20262026-01-012026-03-3100019236222025-01-012025-12-310001923622ck0001923622:TechnologyHardwareStorageAndPeripheralsMember2025-01-012025-12-310001923622us-gaap:SecuritiesFinancingTransactionCostMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 25/09/2026, One2026-03-310001923622ck0001923622:PureHomeRiverLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Winn Holding Limited (United Kingdom), Due 11/24/20302025-12-310001923622ZircoData Holdings Pty Ltd (Australia) , Due 5/03/20262025-12-310001923622ck0001923622:ClassDCommonSharesMember2026-01-012026-03-310001923622Penncomp, LLC (Delayed Draw), Due 4/17/2030 One2025-12-310001923622TriplePoint Acquisition Holdings LLC (Revolver), Due 5/31/20292025-12-310001923622ck0001923622:DistributorsMember2026-01-012026-03-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001923622country:US2025-12-310001923622ck0001923622:AerospaceDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Legend Buyer, Inc. (Revolver), Due 1/19/20292026-03-310001923622Penncomp, LLC (Revolver), Due 4/17/20302025-12-310001923622Reverse Repurchase Agreements Broker Macquarie Bank Limited Interest Rate 6.62% Trade Date 12/30/2025 Cost $7,670 Maturity Date 3/30/20262025-01-012025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Six2026-01-012026-03-310001923622ck0001923622:HouseholdProductsSectorMember2025-01-012025-12-310001923622ck0001923622:AptiveEnvironmentalLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622country:US2026-03-310001923622AgroFresh, Inc., Due 3/31/20302026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 28/10/20272025-12-310001923622us-gaap:InvestmentAffiliatedIssuerMember2026-01-012026-03-310001923622Johns-Byrne LLC, Due 8/31/20292025-12-310001923622HEF Safety Ultimate Holdings, LLC, (Delayed Draw), Due 11/19/20292025-12-310001923622country:AU2025-01-012025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:PlanAdministratorMember2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMemberus-gaap:AutomotiveSectorMember2026-03-310001923622Avalon Bidco LTD (United Kingdom), Due 4/16/20322025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/20272026-03-310001923622country:US2026-01-012026-03-310001923622ck0001923622:GasUtilitiesSectorMember2026-01-012026-03-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2025M2DividendsMember2025-01-012025-03-310001923622Nayak Aircraft Services Holdings GmbH (Delayed Draw) (Germany), Due 1/16/20302025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:VeritaGlobalLLCMemberus-gaap:RevolvingCreditFacilityMember2026-03-3100019236222023-10-302023-10-300001923622Medical Device Inc. (Revolver), Due 7/11/2029 Two2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001923622AS1 Sports Bidco Limited (United Kingdom) Due 9/26/20302025-12-310001923622us-gaap:ForeignExchangeContractMember2025-01-012025-03-310001923622Commonwealth Bank Of Australia Currency Purchased, Settlement On 27/02/2026, One2025-01-012025-12-310001923622Hometown Food Company, Due 12/3/20302026-03-310001923622us-gaap:ShortTermDebtMember2025-12-310001923622ck0001923622:ItConsultingAndOtherServicesSectorMember2025-01-012025-12-310001923622ck0001923622:ClassSCommonSharesMember2025-01-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AdbAcquirorIncMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2025M1DividendsMember2025-01-012025-03-310001923622ck0001923622:HealthCareProvidersAndServicesIndustryMember2026-01-012026-03-310001923622ADB Acquiror, Inc (Delayed Draw), Due 5/12/20282026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/07/20262026-01-012026-03-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2026M4DividendsMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Eleven2026-01-012026-03-310001923622ck0001923622:HealthCareEquipmentMember2025-01-012025-12-310001923622Airedale Newco Limited (United Kingdom), Due 12/21/20282025-12-310001923622Iberfrasa (Spain), Due 12/22/20312025-12-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2025M2DividendsMember2025-01-012025-03-310001923622us-gaap:FairValueInputsLevel2Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001923622us-gaap:SeniorNotesMember2025-12-010001923622us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:SeniorLoansMember2025-12-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001923622:PromissoryNotesPayableMember2025-12-310001923622ck0001923622:ClassSCommonSharesMember2025-03-310001923622Renegade Buyer, Inc (Revolver), Due 1/21/20332026-03-310001923622Verita Global, LLC (Delayed Draw), Due 9/25/20302026-03-310001923622us-gaap:NondesignatedMember2025-01-012025-03-310001923622us-gaap:FinancialServicesSectorMember2025-01-012025-12-310001923622ck0001923622:HealthCareProvidersAndServicesIndustryMember2025-01-012025-12-310001923622us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 23/11/20262026-01-012026-03-310001923622Solanum BidCo Limited (United Kingdom), Due 12/17/20302026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 25/09/20262026-01-012026-03-310001923622CM2, Inc., Due 4/1/20302026-03-310001923622us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2025-12-3100019236222023-03-132023-03-130001923622ck0001923622:DiversifiedTelecommunicationServicesMember2025-01-012025-12-310001923622us-gaap:RevolvingCreditFacilityMember2025-01-172025-01-170001923622us-gaap:FoodAndBeverageMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Controlled - Affiliated Investments - First Lien Debt, Entertainment Earth, LLC2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026,One2025-12-310001923622ck0001923622:TermLoanMemberck0001923622:OxyaGroupFranceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001923622us-gaap:ContainerAndPackagingSectorMember2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/01/2025,2025-01-012025-12-310001923622us-gaap:ForeignExchangeContractMember2026-01-012026-03-310001923622ck0001923622:TechnologyHardwareStorageAndPeripheralsMember2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMemberck0001923622:BarchemyBidCoLLCMember2026-03-310001923622ck0001923622:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Three2026-03-3100019236222025-04-012025-04-300001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Three2025-12-310001923622Medical Device Inc. (Revolver), Due 7/11/20292025-12-3100019236222024-10-012024-12-310001923622ck0001923622:ValuationMarketOrEnterpriseValueApproachMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001923622Winn Holding Limited (United Kingdom), Due 11/24/20302026-03-310001923622We Work for Kids, LLC (Revolver), Due 9/26/20292025-12-310001923622Pharmacy Partners Acquisition, LLC, Due 2/28/20292026-03-310001923622ck0001923622:ClassSCommonSharesMemberus-gaap:CommonStockMember2025-01-012025-03-310001923622ck0001923622:ValuationMarketOrEnterpriseValueApproachMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-03-310001923622ck0001923622:TermSecuredOvernightFinancingMembersrt:MinimumMember2023-10-300001923622Regisa DC, S.A. (Spain), Due 12/3/20302026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027, Two2025-01-012025-12-310001923622us-gaap:RevolvingCreditFacilityMember2025-01-012025-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Five2026-03-310001923622ck0001923622:PaperAndForestProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:ClassDCommonSharesMember2025-01-310001923622Axiota Animal Health, Inc., Due 2/13/20302026-03-310001923622CF Newco, Inc., Due 12/10/20292026-03-3100019236222025-12-012025-12-010001923622us-gaap:FairValueInputsLevel2Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/20272026-01-012026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 23/11/20262026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Two2026-03-310001923622ck0001923622:PioneerHOABorrowerLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622ck0001923622:MediaIndustryMember2026-01-012026-03-310001923622CF Newco, Inc., Due 12/10/2029 One2026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 28/10/20272026-03-310001923622Capital Construction, LLC (Delayed Draw), Due 10/22/20262026-03-310001923622country:GB2026-01-012026-03-310001923622ck0001923622:PlanAdministratorMemberck0001923622:ClassICommonSharesMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 24/04/20262026-03-310001923622Prestige Employee Administrators, LLC (Delayed Draw), Due 1/14/20302026-03-310001923622ck0001923622:PureHomeRiverLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/08/20262026-03-310001923622country:ES2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:SeniorLoansMember2025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Three2025-01-012025-12-310001923622Titan Home Improvement, LLC (Revolver), Due 5/31/20302026-03-310001923622Pioneer HOA Borrower, LLC (Delayed Draw), Due 2/25/20332026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:MedicalDeviceIncTwoMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:HumanResourceEmploymentServicesSectorMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:LifeSciencesToolsServicesMember2026-01-012026-03-310001923622ck0001923622:ManagerMemberck0001923622:ScenarioExceedingHurdleRateButLessThanRateOfReturnMember2026-03-310001923622ck0001923622:ItConsultingAndOtherServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Ivy Technology Parent Intermediate III Holdings, LLC, Due 2/5/20312026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Four2025-12-310001923622us-gaap:InterestRateRiskMember2026-01-012026-03-310001923622ck0001923622:ClassSCommonSharesMember2026-02-280001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Nine2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/06/20262026-03-310001923622ck0001923622:O2026M2DividendsMemberck0001923622:ClassICommonSharesMember2026-01-012026-03-310001923622ck0001923622:PaperForestProductsMember2025-01-012025-12-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310001923622Knowledge Support Systems, Inc., Due 11/17/20292025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/06/20262026-03-310001923622Johns-Byrne LLC (Revolver), Due 8/31/20292025-12-310001923622ck0001923622:ClassSCommonSharesMember2026-01-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:ApsAcquisitionHoldingsLlcMember2026-03-310001923622ck0001923622:MeasurementInputUnadjustedCostMemberck0001923622:ValuationMarketOrCostApproachMember2026-03-310001923622Sun Orchard, LLC, Due 7/08/20282025-12-310001923622Close The Loop Group USA, Inc., Due 10/26/20292026-03-310001923622Johns-Byrne LLC, Due 8/31/20292026-03-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:SeniorLoansMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027, Two2026-03-310001923622us-gaap:EstimateOfFairValueFairValueDisclosureMemberck0001923622:PromissoryNotesPayableMember2026-03-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001923622:PromissoryNotesPayableMember2026-03-310001923622HEF Safety Ultimate Holdings, LLC (Revolver), Due 11/19/20292026-03-310001923622us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001923622Capital Construction, LLC, Due 10/22/20262025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:RealEstateManagementAndDevelopmentMemberus-gaap:SeniorLoansMember2026-03-310001923622ck0001923622:MediaSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:HotelsRestaurantsAndLeisureMember2026-01-012026-03-310001923622ck0001923622:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 25/09/20262026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 26/02/20272025-01-012025-12-310001923622TriplePoint Acquisition Holdings LLC, Due 5/31/20292026-03-310001923622ck0001923622:ScenarioExceedingHurdleRateMember2026-03-310001923622us-gaap:EquityMethodInvestmentsMember2025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/2027, One2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 13/04/20262026-01-012026-03-310001923622country:AU2026-03-310001923622ck0001923622:NomuraInternationalPlcMember2026-03-310001923622ck0001923622:LifeSciencesToolsServicesMember2025-01-012025-12-310001923622ck0001923622:ItConsultingAndOtherServicesSectorMember2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMemberck0001923622:BarchemyBidCoLLCMember2025-12-310001923622ck0001923622:AerospaceComponentsBuyerLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622ck0001923622:GasUtilitiesSectorMember2025-01-012025-12-310001923622ADB Acquiror, Inc (Delayed Draw), Due 5/12/20282025-12-310001923622CPIG Holdco Inc., Due, 4/28/20282026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001923622TG Studios US, LLC, Due 4/06/20292025-12-310001923622Sun Orchard, LLC (Delayed Draw), Due 7/08/2028 Two2025-12-310001923622ck0001923622:TriplepointAcquisitionHoldingsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Ivy Technology Parent Intermediate III Holdings, LLC (Revolver), Due 2/5/20312026-03-310001923622us-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001923622ck0001923622:CapitalConstructionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Tetris Bidco Limited (United Kingdom), Due 10/24/20292026-03-310001923622Penncomp, LLC (Delayed Draw), Due 4/17/20302025-12-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:IntermediaryManagerAgreementMember2026-01-012026-03-310001923622exch:CBAE2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 25/09/20262025-01-012025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, One2025-12-310001923622Efficio Holdco Limited (United Kingdom), Due 7/31/2031 One2026-03-310001923622ck0001923622:ReverseRepurchaseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001923622country:FR2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/07/20262025-12-310001923622Pure HomeRiver LLC (Delayed Draw), Due 1/16/20312026-03-310001923622HEF Safety Ultimate Holdings, LLC, Due 11/19/20292025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Five2026-01-012026-03-310001923622us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Ten2026-01-012026-03-310001923622ck0001923622:SoftwareSectorMember2025-01-012025-12-310001923622Universal GEM Gaming, LLC, Due 3/13/20312026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001923622Commonwealth Bank Of Australia Currency Purchased, Settlement On 27/02/2026, One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/20262025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026, Three2025-12-310001923622ck0001923622:ClassICommonSharesMemberck0001923622:O2026M3DividendsMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/20252025-12-310001923622us-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassICommonSharesMember2026-02-280001923622srt:WeightedAverageMemberck0001923622:ValuationMarketOrEnterpriseValueApproachMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026,One2025-01-012025-12-310001923622Legend Buyer, Inc., Due 1/19/20292025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 28/10/20272025-01-012025-12-310001923622Nationwide Acquisition, LLC (Revolver), Due 10/01/20292025-12-310001923622us-gaap:SeniorLoansMember2025-12-310001923622us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2026-01-012026-03-310001923622ck0001923622:ElectricUtilitiesMember2025-01-012025-12-310001923622AS1 Sports Bidco Limited (United Kingdom) Due 9/26/20302026-03-310001923622ck0001923622:ClassDCommonSharesMember2025-12-310001923622ck0001923622:HealthCareProvidersAndServicesIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001923622ck0001923622:ClassSCommonSharesMembersrt:MaximumMember2026-01-012026-03-310001923622ck0001923622:PioneerHOABorrowerLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Eleven2026-03-310001923622Penncomp, LLC, Due 4/17/20302025-12-310001923622Medical Device Inc. (Revolver), Due 7/11/2029 Two2026-03-310001923622ck0001923622:MedicalDeviceIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Medical Device Inc. (Revolver), Due 7/11/2029 One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/04/20272026-01-012026-03-310001923622us-gaap:CommercialAndIndustrialSectorMember2025-01-012025-12-310001923622Penncomp, LLC, Due 4/17/2030 One2025-12-310001923622Controlled - Affiliated Investments - First Lien Debt, Entertainment Earth, LLC2024-12-310001923622ck0001923622:MediaIndustryMember2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 25/09/20262025-12-310001923622Nationwide Acquisition, LLC, Due 10/1/20292026-03-310001923622ck0001923622:ClassICommonSharesMember2026-05-140001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/20262025-12-310001923622Kandelium Group GmbH (Delayed Draw) (France), Due 11/22/20302026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/20262026-03-310001923622us-gaap:RevolvingCreditFacilityMember2023-10-302023-10-300001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026, Four2025-12-310001923622Oxya Group (France), Due 8/30/20302026-03-310001923622Sun Orchard, LLC (Delayed Draw), Due 7/08/2028 One2025-12-310001923622ck0001923622:O2025M3DividendsMemberck0001923622:ClassSCommonSharesMember2025-01-012025-03-310001923622ck0001923622:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Delaware Valley Floral Group LLC (Revolver), Due 8/24/20282025-12-310001923622ck0001923622:BuildingProductsSectorMember2025-01-012025-12-310001923622Golden State Buyer, Inc. (Revolver), Due 4/2/20312026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 23/11/20262025-01-012025-12-310001923622Commonwealth Bank Of Australia Currency Purchased, Settlement On 27/02/20262025-01-012025-12-310001923622ck0001923622:CapitalConstructionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622ck0001923622:ClassSCommonSharesMember2026-03-310001923622ck0001923622:O2026M4DividendsMemberck0001923622:ClassICommonSharesMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001923622ck0001923622:PlanAdministratorMemberck0001923622:ClassSCommonSharesMember2026-01-012026-03-3100019236222023-03-312023-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Eight2026-03-310001923622ck0001923622:TermLoanMemberck0001923622:OxyaGroupFranceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:NppiBuyerLlcMember2026-03-310001923622ck0001923622:TitanHomeImprovementLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Pharmacy Partners Acquisition, LLC (Revolver), Due 2/28/20292025-12-310001923622us-gaap:BaseRateMembersrt:MinimumMember2023-10-300001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001923622us-gaap:CommonStockMemberck0001923622:ClassICommonSharesMember2025-03-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/2027, One2026-01-012026-03-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2026M1DividendsMember2026-01-012026-03-310001923622Entertainment Earth, LLC, Trading Companies & Distributors2026-03-310001923622ck0001923622:PrestigeEmployeeAdministratorsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622ck0001923622:DiversifiedTelecommunicationServicesMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/04/20262026-03-310001923622us-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Titan Home Improvement, LLC, Due 5/31/20302026-03-310001923622us-gaap:ShortTermDebtMember2026-01-012026-03-310001923622Titan Home Improvement, LLC (Delayed Draw), Due 5/31/20302025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 28/02/20282026-01-012026-03-310001923622Nayak Aircraft Services Holdings GmbH (Delayed Draw) (Germany), Due 1/16/20302026-03-310001923622HDS Intermediate, LLC (Revolver), Due 10/15/20322026-03-3100019236222024-07-012024-09-300001923622ck0001923622:TermSecuredOvernightFinancingMembersrt:MaximumMember2023-10-302023-10-300001923622us-gaap:FairValueMeasurementsRecurringMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/2026, Two2025-12-310001923622Frozen Bakery Acquisition, LLC, Due 7/07/20292025-12-310001923622CI (MG) Group, LLC (Delayed Draw), Due 3/27/20302026-03-310001923622us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001923622Sail Energy, LLC, Due 1/24/20282025-12-310001923622us-gaap:SubsequentEventMember2026-05-050001923622Due 5/12/20282026-03-310001923622JCF Kestrel UK Bidco LTD (Delayed Draw) (United Kingdom), Due 2/27/20322025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2025M1DividendsMember2025-01-012025-03-310001923622ck0001923622:CIMGGroupLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622country:NL2025-12-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001923622The Wells Companies, Inc, Due 4/02/2029 One2025-12-310001923622Ivy Technology Parent Intermediate III Holdings, LLC, Due 2/05/20312025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMemberck0001923622:HotelsRestaurantsAndLeisureSectorMember2026-03-310001923622Iberfrasa (Spain), Due 12/22/20312026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Eight2026-01-012026-03-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001923622MajorKey Technologies Holdings LLC, Due 12/3/20262026-03-310001923622Nomura International plc, Currency 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Limited, Currency Purchased, Settlement On 24/04/20262025-01-012025-12-310001923622BlueSun Holdco, S.L (Spain), Due 5/30/20322026-03-310001923622ck0001923622:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Verita Global, LLC, Due 9/25/20302025-12-310001923622ck0001923622:ScenarioExceedingHurdleRateButLessThanRateOfReturnMember2026-03-310001923622Verita Global, LLC, Due 9/25/20302026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/20272026-03-310001923622Aptive Environmental, LLC (Revolver), Due 10/15/20322025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/2026, One2025-01-012025-12-310001923622CI (MG) Group, LLC (Revolver), Due 3/27/20302026-03-310001923622Equity Investments, Trading Companies & Distributors, Entertainment Earth, 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1/21/20332026-03-310001923622ck0001923622:CIMGGroupLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622us-gaap:ShortTermDebtMember2025-01-012025-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:HouseholdProductsMemberus-gaap:SeniorLoansMember2026-03-310001923622JCF Kestrel UK Bidco LTD (Delayed Draw) (United Kingdom), Due 2/27/20322026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027,One2026-01-012026-03-310001923622Verita Global, LLC (Revolver), Due 9/25/20302025-12-310001923622Aptive Environmental, LLC, Due 10/15/20322026-03-310001923622us-gaap:AutomotiveSectorMember2025-01-012025-12-3100019236222024-01-012024-03-310001923622country:FR2025-01-012025-12-310001923622ck0001923622:ValuationMarketOrEnterpriseValueApproachMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001923622NPPI Buyer, LLC, Due 8/20/20292026-03-310001923622AgroFresh, Inc., Due 4/1/2030 One2026-03-310001923622ck0001923622:LifeSciencesToolsServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622ck0001923622:PlanAdministratorMember2025-03-310001923622ACS Industries, Inc. Due 11/26/20302025-12-310001923622Sun Orchard, LLC (Delayed Draw), Due 7/08/20282025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 26/02/20272026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 30/10/20262025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:TetrisBidcoLimitedUnitedKingdomMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Medical Device Inc. (Revolver), Due 7/11/2029 One2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:HefSafetyUltimateHoldingsLlcMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:ApsAcquisitionHoldingsLlcMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:SailEnergyLlcMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassSCommonSharesMember2026-05-140001923622Nomura International plc, Currency Purchased, Settlement On 26/02/20272026-01-012026-03-310001923622us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Renegade Buyer, Inc (Delayed Draw), Due 1/21/20332026-03-310001923622us-gaap:CashEquivalentsMember2025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:LegendBuyerInc.Memberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/2026, One2026-01-012026-03-310001923622ck0001923622:HealthCareProvidersAndServicesIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Nationwide Acquisition, LLC, Due 10/01/2029 One2025-12-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMemberck0001923622:TradingCompaniesDistributorsSectorMemberus-gaap:EquityMethodInvestmentsMember2026-03-3100019236222025-10-012025-12-310001923622ck0001923622:HumanResourceEmploymentServicesSectorMember2025-01-012025-12-310001923622Efficio Holdco Limited (United Kingdom), Due 7/31/20312026-03-310001923622Entertainment Earth, LLC, Due 3/31/20282025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 30/11/20272025-01-012025-12-310001923622ck0001923622:InformationTechnologyServicesMember2026-01-012026-03-310001923622ck0001923622:CIMGGroupLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMemberck0001923622:PryorLearningLlcMember2025-12-310001923622Kandelium Group GmbH (France), Due 11/22/2030 One2026-03-310001923622Frozen Bakery Acquisition, LLC, Due 7/7/20292026-03-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001923622us-gaap:FairValueInputsLevel3Member2026-03-310001923622ck0001923622:MacquarieBankLimitedMember2025-12-310001923622Sail Energy, LLC (Revolver), Due 1/24/20282026-03-310001923622Verita Global, LLC (Revolver), Due 9/25/20302026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMemberck0001923622:ConsumerCyclicalServicesMember2026-03-310001923622ck0001923622:TradingCompaniesDistributorsSectorMember2025-01-012025-12-310001923622us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001923622Prestige Employee Administrators, LLC (Delayed Draw), Due 1/14/20302025-12-310001923622country:ES2025-12-310001923622ck0001923622:TechnologyHardwareStorageAndPeripheralsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ADB Companies, LLC, Due 7/07/2026 One2025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2025M3DividendsMember2025-01-012025-03-310001923622Greenfast & Furious Limited (United Kingdom), Due 7/31/20292026-03-310001923622Aerospace Components Buyer, LLC, Due 1/6/20312026-03-310001923622us-gaap:SeniorLoansMember2026-03-310001923622ck0001923622:ClassDCommonSharesMember2025-03-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2026M3DividendsMember2026-01-012026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, Three2025-12-310001923622ck0001923622:StudioBidcoB.v.Memberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Ten2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 07/04/20262026-01-012026-03-310001923622Anne Lewis Strategies LLC (Revolver), Due 5/29/20302025-12-310001923622ck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001923622us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Capital Construction, LLC (Revolver), Due 10/22/20262026-03-310001923622ck0001923622:PharmacyPartnersAcquisitionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622HEF Safety Ultimate Holdings, LLC, Due 11/19/20292026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Two2025-01-012025-12-310001923622ADB Acquiror, Inc (Revolver), Due 5/12/2028 One2025-12-310001923622us-gaap:RealEstateSectorMember2025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AxiotaAnimalHealthIncMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:CommonStockMemberck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622ck0001923622:AnneLewisStrategiesLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Tetris Bidco Limited (Revolver) (United Kingdom), Due 10/24/20292025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, One2025-01-012025-12-310001923622ck0001923622:PlanAdministratorMemberck0001923622:ClassSCommonSharesMember2025-01-012025-03-310001923622ck0001923622:ValuationMarketOrEnterpriseValueApproachMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001923622Commonwealth Bank Of Australia Currency Purchased, Settlement On 27/02/2026, Two2025-01-012025-12-310001923622Tetris Bidco Limited (United Kingdom), Due 10/24/20292025-12-310001923622Controlled - Affiliated Investments - Equity, Entertainment Earth, LLC2025-01-012025-12-310001923622Kandelium Group GmbH (France), Due 11/22/2030 One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 04/03/20262025-12-310001923622TriplePoint Acquisition Holdings LLC, Due 5/31/20292025-12-310001923622country:AU2026-01-012026-03-310001923622Suja Merger Sub, LLC, Due 8/23/20292025-12-310001923622country:DE2026-01-012026-03-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2026M4DividendsMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001923622JCF Kestrel UK Bidco LTD (United Kingdom), Due 2/27/20322026-03-310001923622ck0001923622:JohnsByrneLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Aptive Environmental, LLC, Due 10/15/20322025-12-310001923622Studio Bidco B.V. (Delayed Draw) (Netherlands), Due 4/24/20312025-12-310001923622Delaware Valley Floral Group LLC, Due 8/24/20282025-12-310001923622ck0001923622:AerospaceAndDefenseSectorMember2025-01-012025-12-310001923622Aerospace Components Buyer, LLC (Revolver), Due 1/6/20312026-03-310001923622ck0001923622:EnvironmentalAndFacilitiesServicesSectorMember2025-01-012025-12-310001923622Pharmacy Partners Acquisition, LLC (Revolver), Due 2/28/20292026-03-310001923622ck0001923622:HumanResourceEmploymentServicesSectorMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/06/2026, One2026-01-012026-03-3100019236222023-01-012026-03-310001923622us-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 30/11/20272026-03-310001923622ck0001923622:AerospaceAndDefenseSectorMember2026-01-012026-03-310001923622ck0001923622:PaperAndForestProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Kandelium Group GmbH (France), Due 11/22/20302025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AS1SportsBidcoLimitedUnitedKingdomMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:CommercialAndIndustrialSectorMember2026-01-012026-03-310001923622Medical Device Inc, Due 7/11/2029 Two2026-03-310001923622ck0001923622:DelawareValleyFloralGroupLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassDCommonSharesMember2026-01-310001923622ck0001923622:HealthCareEquipmentMember2026-01-012026-03-310001923622ck0001923622:PromissoryNotesPayableMember2025-12-310001923622Nationwide Acquisition, LLC (Delayed Draw), Due 10/1/20292026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/2026, One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 24/04/20262026-01-012026-03-310001923622AS1 Sports Bidco Limited (Revolver) (United Kingdom), Due 9/26/20302025-12-310001923622Sail Energy, LLC, Due 1/24/20282026-03-310001923622TriplePoint Acquisition Holdings LLC, Due 5/31/2029 One2026-03-310001923622ck0001923622:ClassSCommonSharesMember2025-02-280001923622country:AU2025-12-310001923622ck0001923622:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:ExpenseLimitationAndReimbursementAgreementMember2026-01-012026-03-310001923622country:US2025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AerospaceComponentsBuyerLLCMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001923622HH Global Finance LTD, Due 2/25/20272025-12-310001923622ck0001923622:AssociationResourceGroupLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 25/09/2026, One2026-01-012026-03-310001923622Commonwealth Bank Of Australia Currency Purchased, Settlement On 27/02/2026, Two2025-12-310001923622Kandelium Group GmbH (France), Due 11/22/20302026-03-310001923622MajorKey Technologies Holdings LLC, Due 12/03/20262025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/07/20262025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/20262026-03-310001923622ck0001923622:ClassICommonSharesMember2025-01-310001923622TriplePoint Acquisition Holdings LLC (Revolver), Due 5/31/20292026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, One2025-12-310001923622CF Newco, Inc. (Revolver), Due 12/10/20292025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Six2026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 30/10/20262026-01-012026-03-310001923622country:DE2026-03-310001923622ck0001923622:ClassSCommonSharesMemberus-gaap:CommonStockMember2025-03-310001923622Nationwide Acquisition, LLC, Due 10/01/20292025-12-310001923622ck0001923622:PharmaceuticalsMember2025-01-012025-12-310001923622ck0001923622:MacquarieBankLimitedMemberck0001923622:ReverseRepurchaseAgreementMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/08/20262026-01-012026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 23/11/20262025-12-310001923622Controlled - Affiliated Investments - Equity, Entertainment Earth, LLC2024-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/07/20262026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:SeniorLoansMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:NppiBuyerLlcMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/20272025-01-012025-12-310001923622ck0001923622:O2025M3DividendsMemberck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622ck0001923622:EnvironmentalAndFacilitiesServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Pharmacy Partners Acquisition, LLC, Due 2/28/20292025-12-310001923622Pryor Learning, LLC, Due 2/28/20292025-12-310001923622us-gaap:ChemicalsSectorMember2026-01-012026-03-310001923622Suja Merger Sub, LLC, Due 8/23/20292026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:NppiBuyerLlcMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AxiotaAnimalHealthIncMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/20272026-03-310001923622Pioneer HOA Borrower, LLC, Due 2/25/20332026-03-310001923622ck0001923622:AptiveEnvironmentalLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622ck0001923622:TitanHomeImprovementLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Sun Orchard, LLC, Due 8/1/20292026-03-310001923622Anne Lewis Strategies LLC, Due 5/29/20302026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/20262026-03-310001923622ck0001923622:NayakAircraftServicesHoldingsGmbHGermanyMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001923622Sail Energy, LLC (Delayed Draw), Due 1/24/20282025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/20272025-12-310001923622us-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Cold Spring Brewing Company, Due 12/10/20302026-03-310001923622ck0001923622:ManagerMemberck0001923622:ScenarioExceedingRateOfReturnMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026, Two2025-01-012025-12-310001923622ck0001923622:ClassDCommonSharesMember2025-01-012025-03-310001923622ck0001923622:HealthCareEquipmentSuppliesMember2026-01-012026-03-310001923622Skyrodema Bidco, LLC (Delayed Draw), Due 3/9/20332026-03-310001923622Medical Device Inc. (Revolver), Due 7/11/20292026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Two2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:LegendBuyerInc.Memberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Legend Buyer, Inc. (Revolver), Due 1/19/20292025-12-310001923622Capital Construction, LLC (Revolver), Due 10/22/20262025-12-310001923622CF Newco, Inc., Due 12/10/2029 One2025-12-310001923622ck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001923622HH Global Finance LTD (United Kingdom), Due 2/25/20272026-03-310001923622ck0001923622:ClassDCommonSharesMemberus-gaap:CommonStockMember2026-01-012026-03-3100019236222026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:IvyTechnologyParentIntermediateIIIHoldingsLLCMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:ConstructionSectorMember2025-01-012025-12-310001923622ck0001923622:CurrencyRiskMember2026-01-012026-03-310001923622HDS Intermediate, LLC, Due 11/14/20302026-03-310001923622ck0001923622:HealthCareEquipmentSuppliesMember2025-01-012025-12-310001923622ADB Companies, LLC, Due 7/07/20262025-12-310001923622CF Newco, Inc., Due 12/10/20292025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/04/20272025-01-012025-12-310001923622Ivy Technology Parent Intermediate III Holdings, LLC (Revolver), Due 2/05/20312025-12-310001923622us-gaap:RelatedPartyMemberck0001923622:ManagementAgreementMemberck0001923622:ManagerMember2026-01-012026-03-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:PromissoryNotesMember2026-03-310001923622us-gaap:RevolvingCreditFacilityMember2026-03-310001923622country:NL2026-03-310001923622Penncomp, LLC, Due 4/17/20302026-03-310001923622country:GB2025-12-310001923622ck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001923622ck0001923622:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquityMethodInvestmentsMember2025-12-310001923622country:DE2025-01-012025-12-310001923622ck0001923622:MeasurementInputUnadjustedCostMemberck0001923622:ValuationMarketOrCostApproachMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:SailEnergyLlcMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:SeniorNotesMember2025-12-012025-12-010001923622ck0001923622:MacquarieBankLimitedMember2026-03-310001923622ck0001923622:ValuationMarketOrEnterpriseValueApproachMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001923622Johns-Byrne LLC (Revolver), Due 8/31/20292026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/20262026-01-012026-03-310001923622Tetris Bidco Limited (United Kingdom), Due 10/24/2029 One2026-03-3100019236222023-03-282023-03-280001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:WeWorkForKidsLlcMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/2026, Two2025-01-012025-12-310001923622Hoffmaster Group, Inc, Due 2/24/20282025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/2026, One2026-03-310001923622Avalon Bidco LTD (Delayed Draw) (United Kingdom), Due 4/16/20322025-12-310001923622HDS Intermediate, LLC (Revolver), Due 11/14/20302025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:WeWorkForKidsLlcMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622ck0001923622:ReverseRepurchaseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, One2026-01-012026-03-310001923622us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 30/10/20262026-03-310001923622ck0001923622:ClassDCommonSharesMember2025-02-280001923622ck0001923622:ClassICommonSharesMember2026-03-310001923622ck0001923622:ClassSCommonSharesMember2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001923622ck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 03/06/20262026-03-310001923622CI (MG) Group, LLC (Revolver), Due 3/27/20302025-12-310001923622ck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2026-03-310001923622Medical Device Inc, Due 7/11/2029 One2026-03-310001923622Aptive Environmental, LLC (Revolver), Due 10/15/20322026-03-310001923622ck0001923622:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622ck0001923622:ValuationRiskMember2026-01-012026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorLoansMember2024-12-310001923622Entertainment Earth, LLC, Due 3/31/20282026-03-310001923622TriplePoint Acquisition Holdings LLC, Due 5/31/2029 One2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:PenncompLlcMember2026-03-310001923622Efficio Holdco Limited (United Kingdom), Due 7/31/20312025-12-310001923622AgroFresh, Inc. (Revolver), Due 3/31/20292026-03-3100019236222025-04-012025-06-300001923622us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:RenegadeBuyerIncMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622srt:WeightedAverageMemberck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001923622We Work for Kids, LLC (Revolver), Due 9/26/20292026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Three2026-01-012026-03-310001923622ck0001923622:PrestigeEmployeeAdministratorsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622srt:WeightedAverageMemberck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMemberck0001923622:PryorLearningLlcMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 04/03/20262025-01-012025-12-3100019236222025-07-012025-09-300001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:HDSIntermediateLLCMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMemberck0001923622:FoodProductsSectorMember2025-12-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/10/20252025-12-310001923622us-gaap:RealEstateSectorMember2026-01-012026-03-310001923622us-gaap:ChemicalsSectorMember2025-01-012025-12-310001923622ck0001923622:ClassICommonSharesMember2025-02-280001923622Sun Orchard, LLC, Due 8/1/2029 Two2026-03-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MinimumMember2026-03-310001923622APS Acquisition Holdings, LLC, Due 7/11/20292026-03-310001923622ck0001923622:O2025M1DividendsMemberck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622ck0001923622:AptiveEnvironmentalLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Controlled - Affiliated Investments - First Lien Debt, Entertainment Earth, LLC2026-03-310001923622Avalon Bidco LTD (United Kingdom), Due 4/16/20322026-03-310001923622ck0001923622:MedicalDeviceIncOneMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Skyrodema Bidco, LLC (Revolver), Due 3/9/20332026-03-310001923622Association Resource Group, LLC (Delayed Draw), Due 2/2/20332026-03-310001923622HEF Safety Ultimate Holdings, LLC, (Delayed Draw), Due 11/19/20292026-03-310001923622ck0001923622:TriplepointAcquisitionHoldingsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Axiota Animal Health, Inc. (Delayed Draw), Due 2/13/20302026-03-310001923622ck0001923622:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Verita Global, LLC (Delayed Draw), Due 9/25/20302025-12-310001923622us-gaap:FairValueInputsLevel3Member2025-12-310001923622Johns-Byrne LLC (Delayed Draw), Due 8/31/20292026-03-310001923622us-gaap:ContainerAndPackagingSectorMember2026-01-012026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Four2025-01-012025-12-310001923622Association Resource Group, LLC, Due 2/2/20332026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, Two2025-12-310001923622Prestige Employee Administrators, LLC, Due 1/14/20302025-12-310001923622Barchemy BidCo, LLC (Revolver), Due 10/6/20312026-03-310001923622Nationwide Acquisition, LLC, Due 10/1/2029 One2026-03-310001923622Pryor Learning, LLC, Due 2/28/20292026-03-3100019236222025-03-310001923622us-gaap:EquityMethodInvestmentsMember2026-03-310001923622ADB Acquiror, Inc (Revolver), Due 5/12/20282026-03-310001923622ck0001923622:AptiveEnvironmentalLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622Hoffmaster Group, Inc, Due 2/24/20282026-03-310001923622Prestige Employee Administrators, LLC, Due 1/14/20302026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:MedicalDeviceIncTwoMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622ck0001923622:ClassDCommonSharesMembersrt:MaximumMember2025-01-012025-03-3100019236222026-01-012026-03-310001923622us-gaap:EstimateOfFairValueFairValueDisclosureMemberck0001923622:PromissoryNotesPayableMember2025-12-310001923622Titan Home Improvement, LLC (Delayed Draw), Due 5/31/20302026-03-310001923622ck0001923622:ClassSCommonSharesMemberus-gaap:CommonStockMember2026-03-310001923622us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:PgimStrategicInvestmentsInc.Member2026-03-310001923622AgroFresh, Inc., Due 4/01/20302025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMemberck0001923622:HotelsRestaurantsAndLeisureSectorMember2025-12-310001923622country:FR2026-03-310001923622Titan Home Improvement, LLC (Revolver), Due 5/31/20302025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/01/2025,2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/20252025-01-012025-12-310001923622NPPI Buyer, LLC, Due 8/20/20292025-12-310001923622us-gaap:SecuritiesFinancingTransactionFairValueMember2025-12-310001923622Medical Device Inc, Due 7/11/20 One2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 03/06/20262026-01-012026-03-310001923622Aerospace Components Buyer, LLC (Delayed Draw), Due 1/6/20312026-03-310001923622ck0001923622:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Regisa DC, S.A. (Spain), Due 12/03/20302025-12-310001923622BlueSun Holdco, S.L (Spain), Due 5/30/20322025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 28/10/20272026-01-012026-03-310001923622us-gaap:SeniorLoansMember2025-01-012025-12-310001923622Controlled - Affiliated Investments - Equity, Entertainment Earth, LLC2025-12-310001923622us-gaap:ConsumerSectorMember2026-01-012026-03-310001923622AS1 Sports Bidco Limited (Revolver) (United Kingdom), Due 9/26/20302026-03-310001923622Golden State Buyer, Inc., Due 4/2/20312026-03-310001923622ck0001923622:ClassDCommonSharesMemberus-gaap:CommonStockMember2025-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, Four2025-01-012025-12-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001923622AgroFresh, Inc., Due 4/1/20302026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:HefSafetyUltimateHoldingsLlcMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Cold Spring Brewing Company, Due 12/10/20302025-12-31iso4217:AUDiso4217:EURxbrli:pureiso4217:USDxbrli:sharesxbrli:sharesck0001923622:Componentck0001923622:Itemiso4217:GBPiso4217:USDck0001923622:PromissoryNotesck0001923622:Derivativeck0001923622:Segment

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: 814-01582

PGIM Private Credit Fund

(Exact name of Registrant as specified in its Charter)


Delaware		88-1771414
(State or Other Jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)

655 Broad Street
Newark, NJ		07102-4410
(Address of Principal Executive Offices)		(Zip Code)

(Registrant’s telephone number, including area code): (973) 802-5032

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


None	Not applicable	Not applicable
(Title of each class)	(Trading Symbol(s))	(Name of each exchange on which registered)

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 Registrant’s common shares of beneficial interest, $0.001 par value per share, outstanding as of May 14, 2026 was 10,817,031, 100,192 and 660 of Class I, Class S and Class D, respectively.

Table of Contents


PART I	Financial Information	PAGE
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2026 (Unaudited) and Consolidated Schedule of Investments as of December 31, 2025	5
	Notes to Consolidated Financial Statements (Unaudited)	22
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 4.	Controls and Procedures	64

PART II	Other Information	66
Item 1.	Legal Proceedings	66
Item 1A.	Risk Factors	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66
Item 3.	Defaults Upon Senior Securities	66
Item 4.	Mine Safety Disclosures	66
Item 5.	Other Information	67
Item 6.	Exhibits	67
Signatures		68

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements about PGIM Private Credit Fund’s (together, with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”) business, including, in particular, statements about the Company’s plans, strategies and objectives. You can generally identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. These statements include the Company’s plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond the Company’s control. Although the Company believes the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and the Company’s actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward looking statements, the inclusion of this information should not be regarded as a representation by the Company or any other person that the Company’s objectives and plans, which the Company considers to be reasonable, will be achieved. These risks, uncertainties and other factors include, without limitation:

●

our future operating results;

●

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

●

the impact of the investments that we expect to make;

●

our ability to raise sufficient capital and repurchase the Company’s common shares of beneficial interest, $0.001 par value per share (“Common Shares” or “Shares”), to execute our investment strategy;

●

general economic, logistical and political trends and other external factors, including inflation and supply chain and labor market disruptions;

●

the ability of our portfolio companies to achieve their objectives;

●

our current and expected financing arrangements and investments;

●

changes in the general interest rate environment;

●

the adequacy of our cash resources, future 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;

●

risks associated with the demand for liquidity under our share repurchase program and the Board of Trustees’ (the “Board” and the members thereof, the “Trustees”) continued approval of quarterly tender offers;

●

actual and potential conflicts of interest with PGIM Investments LLC (“PGIM Investments,” the “Manager” or the “Valuation Designee”) or any of its affiliates;

●

the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

●

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

●

the ability of the Manager to source suitable investments for us and to monitor and administer our investments;

●

the impact of future acquisitions and divestitures;

●

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

Table of Contents

●

general price and volume fluctuations in the stock market;

●

our ability to maintain our qualification as a regulated investment company (“RIC”) and as a business development company (“BDC”);

●

the impact on our business of U.S. and international financial reform legislation, rules and regulations;

●

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

●

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

You should carefully review the “Risk Factors” section in Item 1A in the Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of the risks and uncertainties that the Company believes are material to its business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, the Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Table of Contents

Item 1.Consolidated Financial Statements

PGIM Private Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost of $392,761 and $355,367, respectively)(1)	$	395,177	$	359,364
Controlled/affiliated investments (cost of $1,730 and $1,730, respectively)		2,405		2,190
Cash		5,663		16,626
Cash equivalents		4,676		—
Foreign currency, at value (cost of $2,674 and $2,132, respectively)		2,709		2,135
Interest receivable from non-controlled/non-affiliated investments		3,223		1,720
Dividends receivable from non-controlled/non-affiliated investments		26		16
Deferred financing costs		691		757
Receivable for investments sold		173		334
Unrealized appreciation on OTC forward foreign currency exchange contracts		739		13
Deposit for investments purchased		12,393		—
Due from Manager		—		759
Prepaid expenses		6		10
Total assets	$	427,881	$	383,924

LIABILITIES
Credit facility (Note 6)		144,350		165,750
Payable for investments purchased		11,880		—
Income based incentive fees payable		743		—
Capital gains incentive fees payable		35		—
Management fees payable		61		—
Distribution payable (Note 8)		2,282		2,275
Payable for reverse repurchase agreements (cost of $0 and $7,670, respectively)		—		7,670
Unrealized depreciation on OTC forward foreign currency exchange contracts		148		1,676
Professional fees payable		543		514
Pricing fees payable		—		18
Interest payable		611		710
Custodian and accounting fees payable		172		252
Promissory notes payable		214		214
Transfer agent’s fees payable		17		44
Affiliated transfer agent’s fees payable		13		9
Service and distribution fees payable		1		—	(*)
Accrued expense and other liabilities		68		123
Total liabilities	$	161,138	$	179,255

Commitments and contingencies (Note 7)

NET ASSETS
Common Shares, $0.001 par value (unlimited shares authorized; 10,745,174 and 8,230,021 shares issued and outstanding, respectively)		11		8
Paid in capital in excess of par		265,947		203,425
Total distributable earnings/(accumulated losses)		785		1,236
Total net assets	$	266,743	$	204,669
Total liabilities and net assets	$	427,881	$	383,924
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets	$	265,478	$	204,548
Common Shares outstanding ($0.001 par value, unlimited shares authorized)		10,695,351		8,225,237
Net asset value per share	$	24.82	$	24.87

Class S Shares:
Net assets	$	1,248	$	105
Common Shares outstanding ($0.001 par value, unlimited shares authorized)		49,167		4,143
Net asset value per share	$	25.39	$	25.42

Class D Shares:
Net assets	$	17	$	16
Common Shares outstanding ($0.001 par value, unlimited shares authorized)		656		641
Net asset value per share	$	25.31	$	25.36

(1) Includes fair value of unfunded loan commitments which are disclosed in footnote seven within the Consolidated Schedule of Investments and Note 7. Commitments and Contingencies.

* Less than $500

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

Table of Contents

PGIM Private Credit Fund

Consolidated Statements of Operations

(in thousands)

(Unaudited)


	For the Three Months Ended
	March 31, 2026			March 31, 2025
Investment income
From non-controlled/non-affiliated investments:
Interest income	$	9,514		$	6,134
Dividend income		91			—
Fee income		386			106
Payment-in-kind		124			8
From controlled/affiliated investments:
Interest income		30			—
Dividend income		—			30
Total investment income		10,145			6,278

Expenses
Interest expense		2,436			1,717
Professional fees		604			315
Management fees (Note 3)		788			406
Income based incentive fees (Note 3)		743			448
Capital gains incentive fees (Note 3)		35			(5	)
Transfer agent’s fees and expenses (Note 3)(**)		87			52
Custodian and accounting fees		79			65
Shareholders’ reports		52			35
Trustees’ fees		51			51
Pricing fees		29			12
Servicing and distribution fees		1			—		(*)
Other general & administrative		74			46
Total expenses		4,979			3,142
Expense reimbursement (Note 3)		(667	)		(413	)
Incentive fees waived (Note 3)		—			(443	)
Management fees waived (Note 3)		—			(406	)
Net expenses		4,312			1,880
Net investment income (loss)		5,833			4,398

Realized and Unrealized Gain (Loss):
Net realized gain (loss):
Non-controlled/non-affiliated transactions		357			4
Forward foreign currency contracts transactions		(750	)		500
Foreign currency transactions		(250	)		(104	)
Net realized gain (loss)		(643	)		400
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(1,581	)		710
Controlled/affiliated investments		215			—
Forward foreign currency contracts		2,254			(1,210	)
Foreign currency		32			65
Net change in unrealized appreciation (depreciation)		920			(435	)
Net realized and change in unrealized gain (loss)		277			(35	)
Net increase (decrease) in net assets resulting from operations	$	6,110		$	4,363

(*) Less than $500

(**) For the three months ended March 31, 2026 and 2025, $19 and $10, respectively, of affiliated expenses were included.

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

Table of Contents

PGIM Private Credit Fund

Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	For the Three Months Ended
	March 31, 2026				March 31, 2025
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$	5,833			$	4,398
Net realized gain (loss)		(643	)			400
Net change in unrealized appreciation (depreciation)		920				(435	)
Net increase (decrease) in net assets resulting from operations		6,110				4,363

Distributions to common shareholders
Distributions from net investment income
Class I		(6,549	)			(4,242	)
Class S		(12	)			—		(*)
Class D		—		(*)		—		(*)
Total distributions to common shareholders		(6,561	)			(4,242	)
Net decrease in net assets resulting from distributions		(6,561	)			(4,242	)

Share transactions
Class I:
Proceeds from shares sold		55,896				20,280
Share transfers between classes		54				—
Distributions reinvested		5,434				4,118
Class S:
Proceeds from shares sold		1,193				—
Share transfers between classes		(54	)			—
Distributions reinvested		2				—		(*)
Class D:
Distributions reinvested		—		(*)		—		(*)
Net increase (decrease) from share transactions		62,525				24,398
Total increase (decrease) in net assets		62,074				24,519
Net Assets, beginning of period		204,669				121,588
Net Assets, end of period		266,743				146,107

(*) Less than $500

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

Table of Contents

PGIM Private Credit Fund

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	For the Three Months Ended
	March 31, 2026				March 31, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	6,110			$	4,363
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments		1,366				(710	)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		(2,254	)			1,210
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies		(32	)			(65	)
Net realized (gain) loss on investments		(357	)			(4	)
Payment-in-kind interest capitalized		(160	)			(8	)
Net accretion of discount and amortization of premium		(708	)			(385	)
Amortization of deferred financing costs		66				65
Purchases of investments		(69,692	)			(28,956	)
Proceeds from principal repayments		33,523				12,481
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments		(1,503	)			(250	)
Dividends receivable from non-controlled/non-affiliated investments		(10	)			—
Receivable for investments sold		161				(1	)
Due from Manager		759				259
Prepaid expenses		4				9
Other assets		—				(185	)
Payable for investments purchased		11,880				—
Deposit for investments purchased		(12,393	)			—
Management fee payable		61				—
Income based incentive fees payable		743				—
Capital gains incentive fees payable		35				—
Professional fees payable		29				(104	)
Pricing fees payable		(18	)			5
Interest payable		(99	)			(5	)
Custodian and accounting fees payable		(80	)			(95	)
Transfer agent’s fees payable		(27	)			3
Affiliated transfer agent’s fees payable		4				4
Service and distribution fees payable		1				—
Accrued expenses and other liabilities		(55	)			(31	)
Net cash provided by (used in) operating activities		(32,646	)			(12,400	)
Cash flows from financing activities:
Borrowings of credit facility		57,000				23,400
Repayments of credit facility		(78,400	)			(21,000	)
Deferred financing costs paid		—				(105	)
Reverse repurchase agreements		(7,670	)			—
Proceeds from issuance of Common Shares		57,089				20,280
Distributions paid in cash		(1,118	)			(30	)
Net cash provided by (used in) financing activities		26,901				22,545
Net increase (decrease) in cash and cash equivalents, including foreign currency		(5,745	)			10,145
Effect of foreign exchange rate changes on cash and cash equivalents		32				65
Cash and cash equivalents, beginning of period		18,761				5,125
Cash and cash equivalents, end of period, including foreign currency	$	13,048		*	$	15,335
Supplemental information and non-cash activities:
Interest paid during the period	$	2,463			$	1,657
Distribution payable	$	2,282			$	1,405
Issuance of Common Shares in connection with distribution reinvestment plan	$	5,436			$	4,118

(*) Balance includes cash of $5,663, cash equivalents of $4,676 and foreign currency of $2,709

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

Table of Contents

PGIM Private Credit Fund

Consolidated Schedule of Investments

March 31, 2026

(in thousands)

(Unaudited)


Investments(1)	Reference Rate and Spread (2)				Interest Rate(2)			Maturity Date	Par Amount/ Units		Cost(3)			Fair Value			% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Debt(4) (5)
Aerospace & Defense
Aerospace Components Buyer, LLC	3M	S +	5.25	%		8.95	%	1/6/2031		4,845	$	4,785		$	4,805			1.80
Aerospace Components Buyer, LLC (Delayed Draw) (6)	3M	S +	5.25	%		8.95	%	1/6/2031		6,071		(36	)		(50	)		(0.02	)
Aerospace Components Buyer, LLC (Revolver) (6)	3M	S +	5.25	%		8.95	%	1/6/2031		1,071		(13	)		(9	)		0.00
Nayak Aircraft Services Holdings GmbH (Germany) (7)	3M	E +	4.75	%		6.88	%	1/16/2030	EUR	3,246		3,479			3,715			1.39
Nayak Aircraft Services Holdings GmbH (Delayed Draw) (Germany) (6)(7)	3M	E +	4.75	%		6.88	%	1/16/2030	EUR	877		(12	)		(10	)		0.00
												8,203			8,451			3.17
Auto Components
ACS Industries, Inc.	1M	S +	5.25	%		9.02	%	11/26/2030		5,903		5,817			5,919			2.22
												5,817			5,919			2.22
Beverages
Cold Spring Brewing Company	1M	S +	4.75	%		8.43	%	12/10/2030		5,106		5,064			5,106			1.91
Suja Merger Sub, LLC (8)	1M	S +	5.60	%		9.27	%	8/23/2029		2,903		2,883			2,891			1.08
Suja Merger Sub, LLC (Delayed Draw) (6)(12)	1M	S +	5.60	%		9.27	%	8/23/2029		7,500		(53	)		(31	)		(0.01	)
												7,894			7,966			2.98

Building Products
Titan Home Improvement, LLC	3M	S +	4.75	%		8.42	%	5/31/2030		3,117		3,069			3,093			1.16
Titan Home Improvement, LLC (Delayed Draw) (6)	3M	S +	4.75	%		8.42	%	5/31/2030		593		(4	)		(5	)		0.00
Titan Home Improvement, LLC (Revolver) (6)	3M	S +	4.75	%		8.42	%	5/31/2030		520		(7	)		(4	)		0.00
Skyrodema Bidco, LLC	3M	S +	4.75	%		8.42	%	3/9/2033		6,664		6,581			6,608			2.48
Skyrodema Bidco, LLC (Delayed Draw) (6)	3M	S +	4.75	%		8.42	%	3/9/2033		889		(6	)		(7	)		0.00
Skyrodema Bidco, LLC (Revolver) (6)(9)	3M	S +	4.75	%		8.42	%	3/9/2033		1,333		294			300			0.11
												9,927			9,985			3.75
Chemicals
AgroFresh, Inc.	1M	S +	5.60	%		9.27	%	4/1/2030		5,664		5,560			5,543			2.08
AgroFresh, Inc.	1M	E +	6.25	%		8.14	%	3/31/2030	EUR	791		841			894			0.34
AgroFresh, Inc.	1M	S +	5.60	%		9.27	%	4/1/2030		4,245		4,195			4,155			1.56
AgroFresh, Inc. (Revolver) (6)	1M	S +	5.60	%		9.27	%	3/31/2029		1,172		420			411			0.15
CM2, Inc.	1M	S +	6.00	%		9.67	%	4/1/2030		8,910		8,741			9,024			3.38
Kandelium Group GmbH (France) (7)	6M	S +	6.50	%		10.24	%	11/22/2030		1,926		1,883			1,901			0.71
Kandelium Group GmbH (France) (7)	6M	E +	5.75	%		8.25	%	11/22/2030	EUR	3,024		3,220			3,431			1.29
Kandelium Group GmbH (Delayed Draw) (France) (7)	6M	S +	6.50	%		10.24	%	11/22/2030		1,284		1,258			1,267			0.47
												26,118			26,626			9.98
Commercial Services & Supplies
CI (MG) Group, LLC	3M	S +	5.50	%		9.20	%	3/27/2030		5,629		5,558			5,617			2.11
CI (MG) Group, LLC (Delayed Draw) (6)	3M	S +	5.50	%		9.20	%	3/27/2030		2,659		1,380			1,399			0.52
CI (MG) Group, LLC (Revolver) (6)	3M	S +	5.50	%		9.20	%	3/27/2030		638		362			369			0.14
Greenfast & Furious Limited (United Kingdom) (7)	3M	SN +	5.75	%		9.48	%	7/31/2029	GBP	6,271		8,047			8,139			3.05
HEF Safety Ultimate Holdings, LLC	6M	S +	5.25	%		8.85	%	11/19/2029		2,020		1,985			2,014			0.76
HEF Safety Ultimate Holdings, LLC (Delayed Draw)	6M	S +	5.25	%		8.85	%	11/19/2029		494		489			492			0.18
HEF Safety Ultimate Holdings, LLC (Revolver) (6)	6M	S +	5.25	%		8.85	%	11/19/2029		297		(5	)		(1	)		0.00
Legend Buyer, Inc.	3M	S +	5.60	%		9.30	%	1/19/2029		1,034		1,020			1,013			0.38
Legend Buyer, Inc. (Revolver) (6)	3M	S +	5.60	%		9.30	%	1/19/2029		214		(3	)		(4	)		0.00
Nationwide Acquisition, LLC	3M	S +	5.25	%		8.95	%	10/1/2029		8,068		7,954			8,008			3.00
Nationwide Acquisition, LLC	3M	S +	5.25	%		8.95	%	10/1/2029		99		97			98			0.04
Nationwide Acquisition, LLC (Delayed Draw)	3M	S +	5.25	%		8.95	%	10/1/2029		2,211		2,191			2,195			0.82
Nationwide Acquisition, LLC (Revolver) (6)	3M	S +	5.25	%		8.95	%	10/1/2029		1,576		(22	)		(12	)		0.00
ZircoData Holdings Pty Ltd (Australia) (7)(8)	3M	B +	7.25	%	13.33% (incl. 1.75% PIK)			5/3/2026	AUD	1,621		1,083			1,108			0.42
												30,136			30,435			11.42

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

Table of Contents

PGIM Private Credit Fund

Consolidated Schedule of Investments (continued)

March 31, 2026

(in thousands)

(Unaudited)


Investments(1)	Reference Rate and Spread (2)				Interest Rate(2)			Maturity Date	Par Amount/ Units		Cost(3)			Fair Value			% of Net Assets
Investments—non-controlled/non-affiliated (continued)
Construction & Engineering
APS Acquisition Holdings, LLC	3M	S +	5.50	%		9.20	%	7/11/2029		2,628	$	2,593		$	2,599			0.97
APS Acquisition Holdings, LLC (Delayed Draw) (6)	3M	S +	5.50	%		9.20	%	7/11/2029		941		530			530			0.20
APS Acquisition Holdings, LLC (Revolver) (6)	3M	S +	5.50	%		9.20	%	7/11/2029		472		(6	)		(5	)		0.00
Capital Construction, LLC	1M	S +	5.85	%		9.52	%	10/22/2026		904		900			893			0.33
Capital Construction, LLC (Delayed Draw)	1M	S +	5.85	%		9.52	%	10/22/2026		1,225		1,219			1,210			0.45
Capital Construction, LLC (Revolver) (6)	3M	S +	5.90	%		9.59	%	10/22/2026		222		94			92			0.03
TriplePoint Acquisition Holdings LLC	3M	S +	5.25	%		8.95	%	5/31/2029		4,399		4,343			4,397			1.65
TriplePoint Acquisition Holdings LLC	3M	S +	5.25	%		8.95	%	5/31/2029		2,335		2,298			2,334			0.87
TriplePoint Acquisition Holdings LLC (Revolver) (6)	3M	S +	5.25	%		8.95	%	5/31/2029		1,066

PGIM Private Credit Fund 10-Q