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Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Building Products Copperweld Investor, LLC Class A Common Units2024-09-300001899996ck0001899996:DividendIncomeMember2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:MobotrexLlcMember2024-09-300001899996ck0001899996:FidelityInvestmentsMoneyMarketGovernmentPortfolioClassIMemberus-gaap:InvestmentAffiliatedIssuerMember2023-01-012023-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Trading Companies & Distributors2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.50% Interest Rate 11.77% Maturity Date 1/3/20292024-09-300001899996ck0001899996:QuickRoofingAcquisitionLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996ck0001899996:InvestmentMemberck0001899996:CommodityChemicalsMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:SubsequentEventMember2024-11-122024-11-120001899996ck0001899996:InvestmentMemberck0001899996:CommodityChemicalsMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMemberck0001899996:DiscountedCashFlowMemberck0001899996:YieldMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Human Resource & Employment Services FCA Partners LLC Class A Preferred Units2024-09-300001899996ck0001899996:DoubleECompanyLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996InvesInvestments, Investments - non-controlled/ non-affiliated, First Lien Debt, Health Care Services, CareRing Health, LLC, Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.50%, Maturity Date 5/4/2028tments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, Patriot Home Care, Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.50%, Maturity Date 5/4/20282023-12-310001899996Investment Dragonfly Ultimate Holdings LLC Common Units2024-01-012024-09-300001899996Investment USW Holdings, LLC Class A-1 Units2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Specialized Consumer Services, Quick Roofing Topco, LLC, Class A Interest2023-12-310001899996Investment VIP Medical Holdings, LLC Series A Preferred Units2024-01-012024-09-300001899996ck0001899996:InvestmentsInSecondLienDebtMember2024-09-300001899996Investment APCT Parent, L.P. Class C Units2024-01-012024-09-300001899996ck0001899996:InvestmentMemberus-gaap:AutomotiveSectorMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components Astro Acquisition LLC Revolving Credit Facility Reference Rate and Spread SOFR + 5.50% Interest Rate 10.57% Maturity Date 12/13/20272024-09-300001899996ck0001899996:InvestmentsInFirstLienDebtMember2024-09-300001899996 Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Electronic Components2023-12-310001899996ck0001899996:PaymentInKindIncomeMember2024-01-012024-09-300001899996us-gaap:TransferAgentMember2024-07-012024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:VipMedicalUsBuyerLlcMember2023-12-310001899996Investment RXS Enterprises LLC Senior Preferred Units2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CytracomLlcMember2024-01-012024-09-300001899996ck0001899996:InvestmentMemberck0001899996:PharmaceuticalsMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Total Second Lien Debt2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. Revolving Credit Facility Maturity Date 1/3/20292024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Environmental & Facilities Services Erosion Holdings, LLC Revolving Credit Facility Maturity Date 9/30/20292024-09-300001899996ck0001899996:ShortTermBorrowingsMemberexch:MAQIsrt:MinimumMember2024-01-012024-09-300001899996Investment, Double E Equity, L.P, Class A Common Units2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Environmental & Facilities Services, USA Water Intermediate Holdings, LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 11.71%, Maturity Date 1/27/20282023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Tiger Healthcare Buyer, LLC Revolving Credit Facility Maturity Date 2/27/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Trading Companies & Distributors2024-09-300001899996ck0001899996:InvestmentMemberck0001899996:PackagedFoodsMeatsMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996 Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services Mustang Prospects Purchaser LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 9.60% Maturity Date 6/13/20312024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Diversified Support Services EverSmith Brands Intermediate Holding Company Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 9.85% Maturity Date 6/17/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Environmental & Facilities Services Erosion Holdings, LLC Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.10% Maturity Date 9/30/20292024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CubFinancingIntermediateLlcMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Industrial Machinery & Supplies & Components, Lake Air Products, LLC, Revolving Credit Facility, , Maturity Date 1/9/20292023-12-310001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:QuickRoofingAcquisitionLlcMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:EnterpriseValueMemberus-gaap:EquityMembersrt:MinimumMemberck0001899996:MarketQuotationsMember2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:MustangProspectsPurchaserLlcMember2024-09-300001899996ck0001899996:InvestmentMemberck0001899996:ElectronicComponentsMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMembersrt:MaximumMemberus-gaap:SecuritiesFinancingTransactionCostMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Packaged Foods & Meats CCI Prime, LLC Delayed Draw Term Loan Maturity Date 10/18/20292024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Human Resource & Employment Services, Future Care Associates LLC, Term Loan, Reference Rate and Spread SOFR + 6.75%, Interest Rate 12.25%, Maturity Date 1/27/20292023-12-310001899996Investment Mustang Prospects Holdco, LLC Class A Units 12024-01-012024-09-300001899996ck0001899996:MidasFoodsInternationalLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:UswBuyerLlcMember2023-12-310001899996ck0001899996:InvestmentsInFirstLienDebtMemberck0001899996:InvestmentMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2024-01-012024-09-300001899996ck0001899996:DataProcessingAndOutsourcedServicesMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996ck0001899996:InfusionServicesManagementLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliatd First Lien Debt Application Software Routeware, Inc Revolving Credit Facility Maturity Date 9/18/20312024-09-300001899996ck0001899996:DragonflyPondWorksMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Industrial Machinery & Supplies & Components Lake Air Products, LLC Common Units2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CubFinancingIntermediateLlcMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Health Care Services, Personal Care (ITC) Holdings, LLC, Class A Units2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Houseworks Holdings, LLC Revolving Credit Facility Maturity Date 12/16/20282024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:RuppertLandscapeLlcMember2024-09-300001899996ck0001899996:March2023Member2023-01-012023-09-300001899996Investments Investments -- non-controlled/ non-affiliated Second Lien Debt Air Freight & Logistics Echo Global Logistics2024-09-300001899996us-gaap:FairValueInputsLevel1Memberck0001899996:MutualFundsMember2023-12-310001899996ck0001899996:InvestmentsInSecondLienDebtMemberck0001899996:InvestmentMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:DiscountedCashFlowMemberck0001899996:InvestmentsInFirstLienDebtMemberck0001899996:YieldMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Commodity Chemicals2023-12-310001899996ck0001899996:HouseworksHoldingsLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Trading Companies & Distributors, Belt Power Holdings LLC, Revolving Credit Facility, Reference Rate and Spread SOFR + 5.50%, Interest Rate 11.00%, Maturity Date 8/22/20282023-12-310001899996Investment Air Control Concepts Holdings, L.P Class A-1 Units 12024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Specialized Consumer Services, Senske Lawn and Tree Care, LLC One, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 10.60%, Maturity Date 12/15/20282023-12-310001899996ck0001899996:BronBuyerLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310001899996Investment NAM Group Holdings, LLC Class A Units2024-09-300001899996ck0001899996:PavementPartnersIntercoLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Life Sciences Tools & Services, WCI-BXC Purchaser, LLC , Revolving Credit Facility, Maturity Date 11/6/20292023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Specialized Consumer Services, Senske Lawn and Tree Care, LLC, Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 10.60%, Maturity Date 12/15/20282023-12-310001899996ck0001899996:InvestmentsInSecondLienDebtMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, Integrated Oncology Network LLC, Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.54%, Maturity Date 6/24/20252023-12-310001899996ck0001899996:WciBxcPurchaserLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996Investment Air Control Concepts Holdings, L.P Class A-1 Units2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Diversified Support Services2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Data Processing & Outsourced Services2024-09-300001899996ck0001899996:LaCoIndustriesIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investments Investments - non-controlled/ non-affiliated First Lien Debt Diversified Support Services EverSmith Brands Intermediate Holding Company Delayed Draw Term Loan Maturity Date 6/17/20302024-09-300001899996ck0001899996:FidelityCapitalAndIncomeFundMember2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:CopperweldGroupIncMember2024-01-012024-09-300001899996ck0001899996:C2DxIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:VipMedicalUsBuyerLlcMember2023-01-012023-12-310001899996 Investments, Investments -- non-controlled/ non-affiliated, Equity, Health Care Services, VIP Medical Holdings, Series A Preferred Units2023-12-310001899996ck0001899996:LaCoIndustriesIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996ck0001899996:InvestmentMemberck0001899996:ElectronicComponentsMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CciPrimeLlcMember2023-01-012023-12-310001899996 Investments Investments -- non-controlled/ non-affiliated Total Equity2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Health Care Services2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Human Resource & Employment Services, Future Care Associates LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.75%, Interest Rate 12.25%, Maturity Date 1/27/20292023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Specialized Consumer Services, Quick Roofing Acquisition, LLC, Revolving Credit Facility, Maturity Date 12/22/20292023-12-310001899996Investment FCA Partners LLC Common Units2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Member2023-01-012023-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:EndurancePtTechnologyBuyerCorporationMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Aerospace & Defense, Cadence - Southwick, Inc., Term Loan, Reference Rate and Spread SOFR + 6.75%, Interest Rate 12.24%, Maturity Date 5/3/20292023-12-310001899996ck0001899996:ShortTermBorrowingsMember2023-01-012023-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Supplies C2DX, Inc Delayed Draw Term Loan Maturity Date 3/19/20302024-09-300001899996ck0001899996:InvestmentMembercountry:AUus-gaap:GeographicConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Packaged Foods & Meats2024-09-300001899996ck0001899996:SpecializedConsumerServicesMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:CciPrimeLlcMember2023-01-012023-12-310001899996Investments Investments - non-controlled / non-affiliated Money Market Mutual Funds Mutual Funds State Street Institutional Treasury Plus Money Market Fund - 4.87% Investor Class Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Health Care Services Personal Care (ITC) Holdings, LLC Class A Units2024-09-300001899996us-gaap:FairValueInputsLevel2Memberck0001899996:MutualFundsMember2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AlcamiCorporationMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components LA-CO Industries, Inc Revolving Credit Facility Maturity Date 7/2/20302024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Specialized Consumer Services, Mustang Prospects Holdco, LLC , Class A Units2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Houseworks Holdings, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 12.26% Maturity Date 12/16/20282024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Air Freight & Logistics R1 Holdings Merger Sub, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.25% Interest Rate 11.37% Maturity Date 12/29/20282024-09-300001899996Investment, Mustang Prospects Holdco, LLC, Class B Units2023-12-310001899996ck0001899996:ResearchConsultingServiceMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investment WCI-BXC Investment Holdings LP Equity Interest2024-01-012024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:R1HoldingsMergerSubLlcMember2023-12-310001899996Investment MFI Group Holdings LLC Class A Units2024-09-300001899996ck0001899996:TigerHealthcareBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investment, Quick Roofing Topco, LLC, Class A Interest2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:R1HoldingsMergerSubLlcMember2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInFirstLienDebtMember2024-09-300001899996ck0001899996:DragonflyPondWorksMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investment Erosion Holdings, LLC Common Units2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services AB Centers Acquisition Corporation Revolving Credit Facility Maturity Date 7/2/20312024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Electrical Components AEP Passion Intermediate Holdings, Inc Term Loan Reference Rate and Spread SOFR + 6.50% Interest Rate 11.71% Maturity Date 10/05/20272024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Electrical Components EDS Buyer, LLC Term Loan Reference Rate and Spread SOFR + 5.75% Interest Rate 10.35% Maturity Date 1/10/20292024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:NamAcquisitionCoLlcMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Office Services & Supplies MSE Supplies, LLC Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 10.12% Maturity Date 8/14/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Technology RxStrategies, Inc Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.35% Maturity Date 8/12/20302024-09-300001899996ck0001899996:AcpAvenuBuyerLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Soft Drinks & Non-alcoholic Beverages Refresh Buyer LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.25% Interest Rate 8.85% Maturity Date 12/23/20282024-09-300001899996ck0001899996:CadenceSouthwickIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investment FCA Partners LLC Class A Preferred Units 12024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Environmental & Facilities Services Erosion Holdings, LLC Common Units2024-09-300001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMemberus-gaap:SecuritiesFinancingTransactionCostMember2023-01-012023-12-310001899996ck0001899996:MriAcquisitionsIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investment Personal Care (ITC) Holdings, LLC Class A Units2024-01-012024-09-300001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:ErosionHoldingsLlcMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Health Care Facilities2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Automotive Parts & Equipment, American Trailer Rental Group, LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 11.00%, Maturity Date 6/1/20272023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Industrial Machinery & Supplies & Components, Double E Equity, L.P, Class A Common Units2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Industrial Machinery & Supplies & Components, Double E Company, LLC, Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.50%, Maturity Date 6/21/20282023-12-310001899996ck0001899996:ErosionHoldingsLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:AbCentersAcquisitionCorporationMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Health Care Technology RXS Enterprises LLC Preferred Units2024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInFirstLienDebtMember2023-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInFirstLienDebtMember2024-01-012024-09-300001899996 Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services CareRing Health, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 11.06% Maturity Date 5/4/20282024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Industrial Machinery & Supplies & Components Double E Equity, L.P. Class A Preferred Units2024-09-300001899996Investment Copperweld Investor, LLC Class A Common Units2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.95%, Maturity Date 1/3/20292023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Human Resource & Employment Services Future Care Associates LLC Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.20% Maturity Date 12/30/20282024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components Lake Air Products, LLC Revolving Credit Facility Maturity Date 1/9/20292024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, VIP Medical US Buyer, LLC, Revolving Credit Facility, Reference Rate and Spread SOFR + 5.50%, Interest Rate 10.96%, Maturity Date 12/12/20282023-12-310001899996Investment USW Holdings, LLC Class A-1 Units 12024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Facilities, Infusion Services Management, LLC, Delayed Draw Term Loan, Maturity Date 7/7/20282023-12-310001899996ck0001899996:InvestmentMemberck0001899996:PharmaceuticalsMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Application Software Finastra USA Inc Revolving Credit Facility Reference Rate and Spread SOFR + 7.25% Interest Rate 12.18% Maturity Date 9/13/20292024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Building Products, Copperweld Group, Inc., Revolving Credit Facility, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.64%, Maturity Date 3/31/20262023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Packaged Foods & Meats, CCI Prime, Revolving Credit Facility, Maturity Date 10/18/20292023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Paper & Plastic Packaging Products & Materials Bron Buyer, LLC Revolving Credit Facility Maturity Date 1/13/20292024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:SoteriaFlexiblesCorporationMember2024-01-012024-09-300001899996ck0001899996:SabrosuraFoodsLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:QuickRoofingAcquisitionLlcMemberus-gaap:UnfundedLoanCommitmentMember2023-01-012023-12-310001899996ck0001899996:FutureCareAssociatesLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:MustangProspectsPurchaserLlcMember2024-01-012024-09-300001899996ck0001899996:LakeAirProductsLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investment FCA Partners LLC Common Units 12024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Diversified Support Services MRI Acquisitions, Inc Term Loan Reference Rate and Spread SOFR + 6.25% Interest Rate 11.00% Maturity Date 12/30/20252024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Paper & Plastic Packaging Products & Materials2023-12-310001899996Investment, KLC Fund 1022-CI-A LP, Equity Interest2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Electronic Components APCT Parent, L.P Class C Units2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AbCentersAcquisitionCorporationMember2023-01-012023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:CciPrimeLlcMember2024-09-300001899996ck0001899996:ShortTermBorrowingsMemberexch:MAQIsrt:MaximumMember2024-01-012024-09-300001899996Investments Investments - non-controlled / non-affiliated Money Market Mutual Funds Mutual Funds2024-09-300001899996ck0001899996:HouseworksHoldingsLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996Investment, FCA Partners LLC One, Class A Preferred Units2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Air Freight & Logistics, Omni Intermediate Holdings, LLC, Delayed Draw Term Loan, Maturity Date 12/30/20262023-12-310001899996ck0001899996:InvestmentMemberck0001899996:MultiSubIndustrialCommercialServicesSuppliesMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Air Freight & Logistics, Echo Global Logistics Inc, Term Loan, Reference Rate and Spread SOFR + 4.75%, Interest Rate 10.20%, Maturity Date 11/23/20282023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Supplies C2DX, Inc Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.31% Maturity Date 3/19/20302024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Facilities, Infusion Services Management, LLC, Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.98%, Maturity Date 7/7/20282023-12-310001899996ck0001899996:FidelityDirectLendingFundIJspvLlcMember2024-09-122024-09-120001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Packaged Foods & Meats, CCI Prime, Delayed Draw Term Loan, Maturity Date 10/18/20292023-12-310001899996us-gaap:FairValueInputsLevel1Member2023-12-310001899996ck0001899996:InvestmentMemberck0001899996:HealthCareServicesMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Automotive Parts & Equipment, American Trailer Rental Group, LLC, Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 11.00%, Maturity Date 6/1/20272023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Tiger Healthcare Buyer, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 10.86% Maturity Date 2/27/20302024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Specialized Consumer Services, SCP WQS Buyer, LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 11.10%, Maturity Date 10/2/20282023-12-310001899996ck0001899996:CopFoundationsAcquisitionsIncMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-300001899996ck0001899996:InvestmentMemberus-gaap:EquityMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Application Software ACP Avenu Buyer, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.58% Maturity Date 10/2/20292024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Automotive Parts & Equipment American Trailer Rental Group, LLC Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.00% Maturity Date 6/1/20272024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Electrical Components2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CytracomLlcMember2024-09-300001899996us-gaap:UnfundedLoanCommitmentMember2023-12-310001899996ck0001899996:OnePointZeroFiveBasisPointsMembersrt:MaximumMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Service Mustang Prospects Purchaser LLC Revolving Credit Facility Maturity Date 6/13/20312024-09-300001899996us-gaap:FairValueInputsLevel2Member2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Industrial Machinery & Supplies & Components2023-12-310001899996ck0001899996:ElectricalComponentsEquipmentMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Diversified Support Services Air Control Concepts Holdings, L.P Class A-1 Units2024-09-300001899996ck0001899996:AepPassionIntermediateHoldingsIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996ck0001899996:July2024Member2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. Term Loan Reference Rate and Spread SOFR + 6.50% Interest Rate 11.74% Maturity Date 1/3/20292024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services VIP Medical US Buyer, LLC Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 10.95% Maturity Date 12/12/20282024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:R1HoldingsMergerSubLlcMember2024-09-300001899996us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-07-012023-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Commodity Chemicals, Soteria Flexibles Corporation, Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 11.10%, Maturity Date 8/15/20292023-12-310001899996country:AU2023-12-310001899996ck0001899996:MriAcquisitionsIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Application Software, Prism Parent Co Inc., Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 11.11%, Maturity Date 9/19/20282023-12-310001899996ck0001899996:LakeAirProductsLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:PavementPartnersIntercoLlcMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:QuickRoofingAcquisitionLlcMemberus-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-300001899996ck0001899996:DiversifiedSupportServicesMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInFirstLienDebtMember2023-01-012023-09-3000018999962023-06-300001899996Investment Personal Care (ITC) Holdings, LLC Class A Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Integrated Oncology Network LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 11.48% Maturity Date 6/24/20252024-09-300001899996us-gaap:RestrictedStockMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Air Freight & Logistics R1 Holdings Merger Sub, LLC Revolving Credit Facility Reference Rate and Spread SOFR + 6.25% Interest Rate 11.10% Maturity Date 12/29/20282024-09-300001899996us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMemberus-gaap:SecuritiesFinancingTransactionCostMember2023-12-310001899996ck0001899996:InvestmentMemberck0001899996:IndustrialMachinerySuppliesComponentsMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Building Products2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Facilities, Infusion Services Management, LLC, Revolving Credit Facility, Reference Rate and Spread SOFR + 6.50%, Interest Rate 12.00%, Maturity Date 7/7/20282023-12-310001899996ck0001899996:RefreshBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-3000018999962024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:UswBuyerLlcMember2024-01-012024-09-300001899996ck0001899996:DoubleECompanyLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996srt:MinimumMemberck0001899996:TwoPointZeroZeroBasisPointsMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, VIP Medical US Buyer, LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 10.96%, Maturity Date 12/12/20282023-12-310001899996Investments, Investments - non-controlled/ non-affiliated, Equity, Air Freight & Logistics, REP RO Coinvest IV-A, L.P, Equity Units2023-12-310001899996us-gaap:DebtMember2024-09-300001899996ck0001899996:NonQualifyingAssetsMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Specialized Consumer Services USW Holdings, LLC Class A-1 Units2024-09-300001899996ck0001899996:ShortTermBorrowingsMember2024-07-012024-09-300001899996ck0001899996:BronBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996Investment Endurance PT Technology Holdings LLC Common Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Life Sciences Tools & Services WCI-BXC Purchaser, LLC Revolving Credit Facility Maturity Date 11/6/20292024-09-300001899996us-gaap:FairValueInputsLevel1Member2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:CciPrimeLlcMember2023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:MutualFundsMember2024-09-3000018999962023-05-102023-05-100001899996us-gaap:FairValueInputsLevel3Member2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Diversified Support Services Ruppert Landscape, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 9.85% Maturity Date 12/1/20282024-09-300001899996us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001899996ck0001899996:MriAcquisitionsIncMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Specialized Consumer Services, USW Buyer, LLC, Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 11.82%, Maturity Date 11/3/20282023-12-310001899996Total Investments -- non-controlled/ non-affiliate2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Human Resource & Employment Services, FCA Partners LLC, Class A Preferred Units2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Commodity Chemicals Soteria Flexibles Corporation Revolving Credit Facility Maturity Date 8/15/20292024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:UsaWaterIntermediateHoldingsLlcMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Packaged Foods & Meats Sabrosura Super Holdings LLC Class A Units2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Application Software, Lightspeed Solutions, LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.86%, Maturity Date 3/1/20282023-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Electrical Components AEP Passion Intermediate Holdings, Inc Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.50% Interest Rate 11.71% Maturity Date 10/05/20272024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Packaged Foods & Meats2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, Houseworks Holdings, LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.93%, Maturity Date 12/16/20282023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Soft Drinks & Non-alcoholic Beverages, Refresh Buyer LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.25%, Interest Rate 9.60%, Maturity Date 12/23/20282023-12-310001899996ck0001899996:InvestmentsInFirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Soft Drinks & Non-alcoholic Beverages Refresh Buyer LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 9.35% Maturity Date 12/23/20282024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Building Products, Copperweld Investor, LLC, Class A Common Units2023-12-310001899996Investment Double E Equity, L.P. Class A Common Units2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:VipMedicalUsBuyerLlcMember2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:EnterpriseValueMemberck0001899996:InvestmentsInFirstLienDebtMembersrt:MinimumMemberck0001899996:MarketQuotationsMember2024-09-300001899996ck0001899996:AcpAvenuBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Pharmaceuticals Alcami Corporation Delayed Draw Term Loan Reference Rate and Spread SOFR + 7.00% Interest Rate 12.21% Maturity Date 12/21/20282024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:BebrightMsoLlcMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services USW Buyer, LLC Revolving Credit Facility Reference Rate and Spread SOFR + 6.25% Interest Rate 10.95% Maturity Date 11/3/20282024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:AepPassionIntermediateHoldingsIncMember2024-01-012024-09-300001899996ck0001899996:August2024Member2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Air Freight & Logistics, R1 Holdings Merger Sub, LLC , Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 11.72%, Maturity Date 12/29/20282023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:CciPrimeLlcMember2024-01-012024-09-3000018999962023-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInFirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:SecuritiesFinancingTransactionCostMember2023-12-310001899996ck0001899996:February2024Member2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:EnterpriseValueMemberus-gaap:EquityMembersrt:MaximumMemberck0001899996:MarketQuotationsMember2023-12-310001899996ck0001899996:InvestmentMemberck0001899996:MutualFundsMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2023-01-012023-12-310001899996ck0001899996:FourthAprilTwoThousandTwentyThreeMember2023-01-012023-09-300001899996ck0001899996:InvestmentMembercountry:USus-gaap:GeographicConcentrationRiskMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Paper & Plastic Packaging Products & Materials Bron Buyer, LLC Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 11.45% Maturity Date 1/13/20292024-09-300001899996 Investments Investments -- non-controlled/ non-affiliated Equity Industrial Machinery & Supplies & Components Double E Equity, L.P. Class A Common Units2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:EversmithBrandsIntermediateHoldingCompanyMember2024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMember2023-01-012023-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMemberck0001899996:DiscountedCashFlowMemberck0001899996:YieldMember2023-12-310001899996us-gaap:FairValueInputsLevel2Memberus-gaap:EquityMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Automotive Parts & Equipment Arrowhead Holdco Company Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.46% Maturity Date 8/31/20282024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Packaged Foods & Meats, CCI Prime Holdings, LLC, Series A Preferred Units2023-12-310001899996Investment, Mustang Prospects Holdco, LLC, Class A Units2023-01-012023-12-310001899996Investment, REP RO Coinvest IV-A, L.P, Equity Units2023-01-012023-12-310001899996Investment Mustang Prospects Holdco, LLC Class A Units2024-09-300001899996ck0001899996:AcpAvenuBuyerLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-01-012023-12-310001899996ck0001899996:FutureCareAssociatesLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310001899996Investment Double E Equity, L.P. Class A Common Units2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:PavementPartnersIntercoLlcMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Electronic Components APCT Parent, L.P Class A Units2024-09-300001899996ck0001899996:CapitalDrawdownsMember2023-01-012023-09-300001899996ck0001899996:May2024Member2024-01-012024-09-300001899996ck0001899996:ApplicationSoftwareMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investment Endurance PT Technology Holdings LLC Preferred Units 12024-01-012024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:EversmithBrandsIntermediateHoldingCompanyMember2024-01-012024-09-300001899996ck0001899996:BronBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investment RXS Enterprises LLC Preferred Units2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Paper & Plastic Packaging Products & Materials, Bron Buyer, LLC, Term Loan, Reference Rate and Spread SOFR + 6.75%, Interest Rate 12.20%, Maturity Date 1/13/20292023-12-310001899996ck0001899996:ResearchConsultingServiceMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Application Software, Finastra USA Inc, Revolving Credit Facility, Reference Rate and Spread SOFR + 7.25%, Interest Rate 12.61%, Maturity Date 9/13/20292023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Trading Companies & Distributors, Belt Power Parent, LLC, Class A Units2023-12-310001899996us-gaap:EquityMember2023-12-310001899996ck0001899996:MriAcquisitionsIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Facilities Infusion Services Management, LLC Term Loan Reference Rate and Spread SOFR + 6.50% Interest Rate 11.45% Maturity Date 7/7/20282024-09-300001899996Investment VIP Medical Holdings, LLC Class A Units2024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:MutualFundsMember2023-12-310001899996Total Money Market Mutual Funds2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:RxstrategiesIncMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Electronic Components, AEP Passion Intermediate Holdings, Inc., Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 12.04%, 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Units2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInFirstLienDebtMember2022-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc, Revolving Credit Facility, Maturity Date 1/3/20292023-12-310001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:DoubleECompanyLlcMemberus-gaap:UnfundedLoanCommitmentMember2023-01-012023-12-310001899996Investment, WCI-BXC Investment Holdings LP, Equity Interest2023-12-310001899996us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001899996:EnterpriseValueMemberus-gaap:EquityMemberck0001899996:MarketQuotationsMember2024-09-300001899996ck0001899996:InfusionServicesManagementLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310001899996srt:MinimumMember2024-09-300001899996Investment, Personal Care (ITC) Holdings, LLC, Class A 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Holdings, LLC, Series A Preferred Units2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Diversified Support Services Ruppert Landscape, LLC Revolving Credit Facility Reference Rate and Spread SOFR + 5.00% Interest Rate 10.24% Maturity Date 12/1/20282024-09-300001899996us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2024-01-012024-09-300001899996ck0001899996:FidelityCapitalAndIncomeFundMember2023-12-310001899996ck0001899996:FidelityAdvisorFloatingRateHighIncomeMember2024-09-300001899996ck0001899996:InterestRateFloorOneMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Pharmaceuticals Alcami Corporation Revolving Credit Facility Maturity Date 12/21/20282024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Environmental & Facilities Services, USA Water Intermediate Holdings, LLC, Revolving Credit Facility, Maturity Date 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Distributors2024-09-300001899996ck0001899996:InvestmentMemberck0001899996:HealthCareSuppliesMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:VipMedicalUsBuyerLlcMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components MoboTrex, LLC Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.10% Maturity Date 6/7/20302024-09-300001899996ck0001899996:InvestmentMemberck0001899996:HealthCareFacilitiesMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CciPrimeLlcMember2024-01-012024-09-3000018999962024-09-300001899996ck0001899996:InvestmentMemberck0001899996:BuildingProductsMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Electrical Components & Equipment2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Aerospace & Defense Cadence - Southwick Inc Revolving Credit Facility Reference Rate and Spread SOFR + 5.00% Interest Rate 10.42% Maturity Date 5/3/20282024-09-300001899996Investment, USW Holdings, LLC, Class A-1 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Investments -- non-controlled/ non-affiliated First Lien Debt Application Software Cytracom, LLC Delayed Draw Term Loan Interest Maturity Date 6/28/20272024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:ScpWqsBuyerLlcMember2024-01-012024-09-300001899996ck0001899996:BronBuyerLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-01-012023-12-310001899996Investment, VIP Medical Holdings, LLC, Series A Preferred Units2023-01-012023-12-310001899996ck0001899996:InvestmentMemberck0001899996:MultiSubIndustrialCommercialServicesSuppliesMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Paper & Plastic Packaging Products & Materials2023-12-310001899996ck0001899996:QuickRoofingAcquisitionLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services BeBright MSO, LLC Term Loan Reference Rate and Spread SOFR + 5.75% Interest Rate 10.81% Maturity Date 6/3/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Soft Drinks & Non-alcoholic Beverages2024-09-300001899996ck0001899996:InvestmentsInSecondLienDebtMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliatd First Lien Debt Application Software Routeware, Inc Delayed Draw Term Loan Maturity Date 9/18/20312024-09-300001899996ck0001899996:QuickRoofingAcquisitionLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:SoteriaFlexiblesCorporationMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Supplies C2DX, Inc Revolving Credit Facility Reference Rate and Spread SOFR + 5.25% Interest Rate 10.31% Maturity Date 3/19/20302024-09-3000018999962024-06-300001899996ck0001899996:September2023Member2023-01-012023-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Money Market Mutual Funds, Mutual Funds, State Street Institutional Treasury Plus Money Market Fund - Investor Class, 5.21%, Mutual Fund2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Aerospace & Defense, Cadence - Southwick, Inc., Revolving Credit Facility, Reference Rate and Spread SOFR + 6.75%, Interest Rate 12.26%, Maturity Date 5/3/20282023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AlcamiCorporationMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliatd First Lien Debt Application Software Prism Parent Co Inc Delayed Draw Term Loan Reference Maturity Date 9/16/20282024-09-300001899996Investment, USW Holdings, LLC, Class A-1 Units2023-12-310001899996country:US2024-09-300001899996Investment WCI-BXC Investment Holdings LP Equity Interest2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Diversified Support Services MRI Acquisitions, Inc Revolving Credit Facility Reference Rate and Spread SOFR + 6.25% Interest Rate 11.00% Maturity Date 12/30/20252024-09-300001899996ck0001899996:InvestmentsInFirstLienDebtMemberck0001899996:InvestmentMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2023-01-012023-12-310001899996Investment, APCT Parent, L.P, Class A Units2023-01-012023-12-310001899996ck0001899996:FiamifmMember2024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:EnterpriseValueMemberus-gaap:EquityMemberck0001899996:MarketQuotationsMember2024-01-012024-09-300001899996ck0001899996:OnePointFiveZeroBasisPointsMembersrt:MaximumMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Application Software ACP Avenu Buyer, LLC Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.58% Maturity Date 10/2/20292024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components MoboTrex, LLC Revolving Credit Facility Maturity Date 6/7/20302024-09-300001899996Investment APCT Parent, L.P. Class A Units2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AstroAcquisitionLlcMember2023-01-012023-12-310001899996ck0001899996:InvestmentsInSecondLienDebtMemberus-gaap:FairValueInputsLevel2Member2023-12-310001899996Investment CCI Prime Holdings, LLC Series A Preferred Units2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Human Resource & Employment Services, Future Care Associates LLC, Revolving Credit Facility, Maturity Date 1/27/20292023-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMembersrt:MinimumMemberus-gaap:SecuritiesFinancingTransactionCostMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Industrial Machinery & Supplies & Components, Astro Acquisition LLC, Revolving Credit Facility, Reference Rate and Spread SOFR + 5.50%, Interest Rate 11.15%, Maturity Date 12/13/20272023-12-310001899996ck0001899996:FutureCareAssociatesLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, Second Lien Debt, Air Freight & Logistics, Echo Global Logistics Inc, Term Loan, Reference Rate and Spread SOFR + 8.00%, Interest Rate 13.48%, Maturity Date 11/23/20292023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, Houseworks Holdings, LLC, Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.93%, Maturity Date 12/16/2028 One2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Trading Companies & Distributors, Belt Power Holdings LLC, Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 11.00%, Maturity Date 8/22/20282023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:RuppertLandscapeLlcMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Specialized Consumer Services, SCP WQS Buyer, LLC, Revolving Credit Facility, Maturity Date 10/2/20282023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services VIP Medical US Buyer, LLC Revolving Credit Facility Reference Rate and Spread SOFR + 6.00% Interest Rate 10.95% Maturity Date 12/12/20282024-09-300001899996ck0001899996:FeeIncomeMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Environmental & Facilities Services Dragonfly Pond Works Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 9.85% Maturity Date 8/16/20302024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Soft Drinks & Non-alcoholic Beverages, Refresh Buyer LLC, Revolving Credit Facility, Reference Rate and Spread SOFR + 4.25%, Interest Rate 4.25%, Maturity Date 12/23/20272023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Life Sciences Tools & Services, WCI-BXC Purchaser, LLC, Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 11.64%, Maturity Date 11/6/20302023-12-310001899996ck0001899996:CommonUnitsMember2024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:EnterpriseValueMemberus-gaap:EquityMemberck0001899996:MarketQuotationsMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services AB Centers Acquisition Corporation Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.57% Maturity Date 7/2/20312024-09-300001899996 Investments Investments -- non-controlled/ non-affiliated Equity Trading Companies & Distributors Belt Power Parent, LLC Class A Units2024-09-300001899996ck0001899996:AtlasAuBidcoPtyLtdAtlasUsFincoIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Human Resource & Employment Services2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components LA-CO Industries, Inc Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 9.60% Maturity Date 7/2/20302024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInFirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:SecuritiesFinancingTransactionCostMember2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMemberus-gaap:SecuritiesFinancingTransactionCostMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:PrismParentCoIncMember2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:CytracomLlcMember2024-01-012024-09-300001899996ck0001899996:FutureCareAssociatesLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996ck0001899996:InterestRateFloorTwoMember2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:EdsBuyerLlcMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Commodity Chemicals Soteria Flexibles Corporation Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.10% Maturity Date 8/15/20292024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Diversified Support Services, MRI Acquisitions, Inc, Delayed Draw Term Loan, Maturity Date 12/30/20252023-12-310001899996Investments Investments -- non-controlled/ non-affiliatd First Lien Debt Application Software Lightspeed Solutions, LLC Term Loan Reference Rate and Spread SOFR + 6.5% (3.70% PIK) Interest Rate 11.11% Maturity Date 3/1/20282024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Data Processing & Outsourced Services2023-12-310001899996ck0001899996:January2023Member2023-01-012023-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Diversified Support Services, MRI Acquisitions, Inc, Revolving Credit Facility, Reference Rate and Spread SOFR + 6.25%, Interest Rate 11.81%, Maturity Date 12/30/20252023-12-310001899996Investment Quick Roofing Topco, LLC Class A Interest2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:AepPassionIntermediateHoldingsIncMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Office Services & Supplies2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Air Freight & Logistics Echo Global Logistics Inc Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 9.70% Maturity Date 11/23/20282024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Automotive Parts & Equipment American Trailer Rental Group, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.75% Interest Rate 10.25% Maturity Date 6/1/20272024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Diversified Support Services CUB Financing Intermediate, LLC Delayed Draw Term Loan Maturity Date 6/28/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services NAM Acquisition Co LLC Revolving Credit Facility Maturity Date 7/16/20302024-09-300001899996ck0001899996:InvestmentMemberck0001899996:MutualFundsMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Automotive Parts & Equipment, Arrowhead Holdco Company , Delayed Draw Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 10.05%, Maturity Date 8/31/20282023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:FertilityItcInvestmentHoldcoLlcFertilityItcBuyerIncMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996Investment Air Control Concepts Holdings, L.P Class A-1 Units2024-09-300001899996Investment Copperweld Investor, LLC Class A Common Units2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Packaged Foods & Meats2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Industrial Machinery & Supplies & Components, Double E Company, LLC, Revolving Credit Facility, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.46%, Maturity Date 6/21/20282023-12-310001899996ck0001899996:PavementPartnersIntercoLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996ck0001899996:AffiliatesOfTheAdviserMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services BeBright MSO, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.75% Interest Rate 10.98% Maturity Date 6/3/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services The Smilist DSO, LLC Delayed Draw Term Loan One Reference Rate and Spread SOFR + 6.00% Interest Rate 11.29% Maturity Date 4/4/20292024-09-300001899996Investment, Copperweld Investor, LLC, Class A Common Units2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Soft Drinks & Non-alcoholic Beverages Refresh Buyer LLC Revolving Credit Facility Reference Rate and Spread SOFR + 4.25% Interest Rate 9.10% Maturity Date 12/23/20272024-09-300001899996ck0001899996:InvestmentTypeConcentrationRiskMemberck0001899996:InvestmentOwnedAtFairValueMemberck0001899996:DebtSecuritiesFixedRateMember2024-01-012024-09-300001899996ck0001899996:OnePointFiveZeroBasisPointsMembersrt:MinimumMember2024-09-300001899996ck0001899996:AcpAvenuBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Life Sciences Tools & Services2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:ScpWqsBuyerLlcMember2024-09-300001899996Investment KLC Fund 1022-CI-A LP Equity Interest2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Life Sciences Tools & Services2024-09-300001899996country:AU2024-09-300001899996Investment MFI Group Holdings LLC Class A Units2024-01-012024-09-300001899996Investment, Belt Power Parent, LLC, Class A Units2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Office Services & Supplies2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Aerospace & Defense Cadence - Southwick Inc Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 10.33% Maturity Date 5/3/20292024-09-300001899996ck0001899996:RefreshBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996ck0001899996:ReimbursementPaymentMember2024-07-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Health Care Technology2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:UsaWaterIntermediateHoldingsLlcMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Specialized Consumer Services, USW Holdings, LLC, Class A-1 Units2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Automotive Parts & Equipment, American Trailer Rental Group, LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 11.21%, Maturity Date 6/1/20272023-12-310001899996ck0001899996:AdministrationFeesMember2024-09-300001899996Investment Dragonfly Ultimate Holdings LLC Common Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Data Processing & Outsourced Services VRC Companies LLC Term Loan Reference Rate and Spread SOFR + 5.75% Interest Rate 10.88% Maturity Date 6/29/20272024-09-300001899996ck0001899996:TheSmilistDsoLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investment, VIP Medical Holdings, LLC, Series A Preferred Units2023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMembersrt:WeightedAverageMemberck0001899996:DiscountedCashFlowMemberck0001899996:YieldMember2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AcpFalconBuyerIncMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Life Sciences Tools & Services2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Building Products2023-12-310001899996ck0001899996:LightspeedSolutionsLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-01-012023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:VipMedicalUsBuyerLlcMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Technology2024-09-300001899996ck0001899996:AcpAvenuBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996us-gaap:UnfundedLoanCommitmentMember2024-09-300001899996ck0001899996:SixJulyTwoThousandTwentyThreeMember2023-01-012023-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Environmental & Facilities Services Erosion Holdings, LLC Delayed Draw Term Loan Maturity Date 9/30/20292024-09-300001899996ck0001899996:AepPassionIntermediateHoldingsIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:EversmithBrandsIntermediateHoldingCompanyMember2024-09-300001899996ck0001899996:RefreshBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996Investment, Mustang Prospects Holdco, LLC, Class B Units2023-01-012023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:MustangProspectsPurchaserLlcMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Application Software Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc Revolving Credit Facility Maturity Date 12/9/20282024-09-300001899996ck0001899996:FidelityDirectLendingFundIJspvLlcMember2023-06-060001899996us-gaap:FairValueInputsLevel3Memberck0001899996:DiscountedCashFlowMemberck0001899996:InvestmentsInFirstLienDebtMemberck0001899996:YieldMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Automotive Parts & Equipment2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:CopperweldGroupIncMember2023-12-310001899996Investment, Copperweld Investor, LLC, Class A Common Units2023-01-012023-12-310001899996ck0001899996:InterestRateFloorOneMember2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, Integrated Oncology Network LLC, Revolving Credit Facility, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.54%, Maturity Date 6/24/20252023-12-310001899996Investments Investments -- non-controlled/ non-affiliatd First Lien Debt Application Software Lightspeed Solutions, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.5% (3.70% PIK) Interest Rate 11.11% Maturity Date 3/1/20282024-09-300001899996ck0001899996:ThirtyAugustTwoThousandTwentyThreeMember2023-01-012023-09-300001899996Investment Erosion Holdings, LLC Common Units2024-09-300001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMemberus-gaap:SecuritiesFinancingTransactionCostMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Integrated Oncology Network LLC Revolving Credit Facility Reference Rate and Spread SOFR + 6.00% Interest Rate 11.17% Maturity Date 6/24/20252024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Specialized Consumer Services2024-09-300001899996 Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services NAM Acquisition Co LLC Delayed Draw Term Maturity Date 7/16/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Application Software ACP Avenu Buyer, LLC Revolving Credit Facility Reference Rate and Spread SOFR + 5.25% Interest Rate 10.58% Maturity Date 10/2/20292024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Health Care Services Tiger Healthcare Holdings, LLC Class A Interest2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Electronic Components, AEP Passion Intermediate Holdings, Inc., Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.96%, Maturity Date 10/5/20272023-12-310001899996Investment MoboTrex Ultimate Holdings, LLC Class A-2 Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Specialized Consumer Services Mustang Prospects Holdco, LLC Class A Units2024-09-300001899996ck0001899996:InvestmentsInFirstLienDebtMember2023-12-310001899996us-gaap:FairValueInputsLevel3Member2022-12-310001899996ck0001899996:TwentySixSeptemberTwoThousandTwentyFourMember2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:FertilityItcInvestmentHoldcoLlcFertilityItcBuyerIncMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996ck0001899996:InvestmentMemberck0001899996:LifeSciencesToolsServicesMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Air Freight & Logistics R1 Holdings Merger Sub, LLC Term Loan Reference Rate and Spread SOFR + 6.25% Interest Rate 11.10% Maturity Date 12/29/20282024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Trading Companies & Distributors2023-12-310001899996Investment Belt Power Parent, LLC Class A Units2024-09-300001899996Investment Cop Foundations Investment, LLC Class A Units2024-01-012024-09-300001899996ck0001899996:InvestmentsInSecondLienDebtMember2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Insurance Brokers2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:UswBuyerLlcMember2024-09-300001899996Investment, Double E Equity, L.P, Class A Common Units2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Application Software, ACP Avenu Buyer, LLC, Delayed Draw Term Loan, Maturity Date 10/2/20292023-12-310001899996us-gaap:EquityMember2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:AtlasAuBidcoPtyLtdAtlasUsFincoIncMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Integrated Oncology Network LLC Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 11.48% Maturity Date 6/24/20252024-09-300001899996ck0001899996:InvestmentPortfolioMemberck0001899996:InvestmentMemberus-gaap:GeographicConcentrationRiskMember2024-01-012024-09-300001899996Investment VIP Medical Holdings, LLC Class A Units2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Paper & Plastic Packaging Products & Materials, Bron Holdings, LLC, Class A Units2023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:ScpWqsBuyerLlcMember2023-01-012023-12-310001899996ck0001899996:InvestmentMemberck0001899996:PackagedFoodsMeatsMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Human Resource & Employment Services2024-09-300001899996ck0001899996:InvestmentMemberck0001899996:FoodDistributorsMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:FertilityItcInvestmentHoldcoLlcFertilityItcBuyerIncMember2023-12-310001899996ck0001899996:FidelityDirectLendingFundIJspvLlcMember2023-12-310001899996Investment Belt Power Parent, LLC Class A Units 12024-01-012024-09-300001899996ck0001899996:TwentyFourjunetwothousandtwentyFourMember2024-01-012024-09-300001899996ck0001899996:September2024Member2024-01-012024-09-300001899996Investment USW Holdings, LLC Class A-1 Units2024-09-300001899996ck0001899996:DragonflyPondWorksMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Aerospace & Defense Cadence - Southwick Inc 2024-09-300001899996us-gaap:InterestIncomeMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components Lake Air Products, LLC Term Loan Reference Rate and Spread SOFR + 7.00% Interest Rate 11.75% Maturity Date 1/9/20292024-09-300001899996ck0001899996:ReimbursementPaymentMember2023-01-012023-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CareringHealthLlcMember2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:EnterpriseValueMemberck0001899996:InvestmentsInFirstLienDebtMemberck0001899996:MarketQuotationsMember2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:CopperweldGroupIncMember2023-01-012023-12-310001899996ck0001899996:InvestmentMemberck0001899996:IndustrialMachinerySuppliesComponentsMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:VipMedicalUsBuyerLlcMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:AepPassionIntermediateHoldingsIncMember2023-12-310001899996Investment MSE Acquisitions, Inc Series A Preferred Units2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AbCentersAcquisitionCorporationMember2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:UswBuyerLlcMember2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2023-01-012023-09-300001899996Investment Tiger Healthcare Holdings, LLC Class A Interest2024-01-012024-09-300001899996ck0001899996:FidelityDirectLendingFundIJspvLlcMember2022-08-250001899996ck0001899996:AdministrationAgreementMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Specialized Consumer Services, Mustang Prospects Holdco, LLC, Class B Units2023-12-310001899996ck0001899996:InfusionServicesManagementLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996ck0001899996:InvestmentMemberck0001899996:EnvironmentalAndFacilitiesServicesMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AstroAcquisitionLlcMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Industrial Machinery & Supplies & Components Endurance PT Technology Holdings LLC Preferred Units2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Application Software, ACP Avenu Buyer, LLC, Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 11.64%, Maturity Date 10/2/20292023-12-310001899996Investment Double E Equity, L.P. Class A Preferred Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Health Care Technology RXS Enterprises LLC Senior Preferred Units2024-09-300001899996ck0001899996:SoftDrinksAndNonAlcoholicBeveragesMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments - non-controlled/ non-affiliated First Lien Debt Diversified Support Services EverSmith Brands Intermediate Holding Company Revolving Credit Facility Maturity Date 6/17/20302024-09-300001899996ck0001899996:DragonflyPondWorksMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Packaged Foods & Meats CCI Prime, LLC Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 10.60% Maturity Date 10/18/20292024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services The Smilist DSO, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 11.29% Maturity Date 4/4/20292024-09-300001899996Investment, WCI-BXC Investment Holdings LP, Equity Interest2023-01-012023-12-310001899996Investment Bron Holdings, LLC Class A Units2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Building Products2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CciPrimeLlcMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Diversified Support Services, KLC Fund 1022-CI-A LP, Equity Interest2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:RxstrategiesIncMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Diversified Support Services, Ruppert Landscape, LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.50%, Maturity Date 12/1/20282023-12-310001899996us-gaap:FairValueInputsLevel3Member2024-09-300001899996Investment, Bron Holdings, LLC, Class A Units2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:RuppertLandscapeLlcMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Specialized Consumer Services2023-12-310001899996Investment REP RO Coinvest IV-A, L.P. Equity Units2024-09-300001899996ck0001899996:AepPassionIntermediateHoldingsIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Paper & Plastic Packaging Products & Materials2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Environmental & Facilities Services2023-12-310001899996ck0001899996:FidelityDirectLendingFundIJspvLlcMember2024-09-300001899996ck0001899996:ApplicationSoftwareMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996ck0001899996:HobbsAssociatesIncMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-01-012023-12-310001899996ck0001899996:InvestmentMemberck0001899996:EnvironmentalAndFacilitiesServicesMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Life Sciences Tools & Services 2024-09-300001899996us-gaap:EquityMember2024-09-300001899996ck0001899996:WciBxcPurchaserLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Application Software2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Application Software, Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc., Term Loan, Reference Rate and Spread SOFR + 7.25%, Interest Rate 12.61%, Maturity Date 12/9/20292023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:RoutewareIncMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services The Smilist DSO, LLC Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 10.60% Maturity Date 4/4/20292024-09-300001899996ck0001899996:InvestmentTypeConcentrationRiskMemberck0001899996:InvestmentOwnedAtFairValueMemberck0001899996:DebtSecuritiesVariableRateMember2023-01-012023-12-310001899996 Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components Double E Company, LLC Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 11.50% Maturity Date 6/21/20282024-09-300001899996 Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components Astro Acquisition LLC Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.10% Maturity Date 12/13/20272024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Food Distributors Midas Foods International LLC Revolving Credit Facility Maturity Date 4/30/20292024-09-300001899996Investment Mustang Prospects Holdco, LLC Class B Units2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMembersrt:MaximumMemberus-gaap:SecuritiesFinancingTransactionCostMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services SCP WQS Buyer, LLC Revolving Credit Facility Reference Rate and Spread SOFR + 5.75% Interest Rate 10.35% Maturity Date 10/2/20282024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Research & Consulting Services RPX Corporation Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.70% Maturity Date 8/2/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Trading Companies & Distributors Belt Power Holdings LLC Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.25% Maturity Date 8/22/20282024-09-300001899996ck0001899996:MidasFoodsInternationalLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:SoteriaFlexiblesCorporationMember2023-01-012023-12-310001899996ck0001899996:InvestmentsInFirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2024-09-300001899996ck0001899996:FidelityInvestmentsMoneyMarketGovernmentPortfolioClassIMemberus-gaap:InvestmentAffiliatedIssuerMember2023-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Specialized Consumer Services Mustang Prospects Holdco, LLC Class B Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Second Lien Debt Air Freight & Logistics Echo Global Logistics Inc Term Loan Reference Rate and Spread SOFR + 8.00% Interest Rate 13.35% Maturity Date 11/23/20292024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Total Electronic Components2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:MseSuppliesLlcMember2024-01-012024-09-300001899996ck0001899996:AtlasAuBidcoPtyLtdAtlasUsFincoIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Houseworks Holdings, LLC Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 12.26% Maturity Date 12/16/20282024-09-300001899996ck0001899996:AffiliatesOfTheAdviserMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Commodity Chemicals, Soteria Flexibles Corporation, Delayed Draw Term Loan, Maturity Date 8/15/20292023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components Endurance PT Technology Buyer Corporation Term Loan1 Reference Rate and Spread SOFR + 5.25% Interest Rate 10.10% Maturity Date 2/28/20302024-09-300001899996us-gaap:InvestmentUnaffiliatedIssuerMember2023-07-012023-09-300001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:TheSmilistDsoLlcMemberus-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Industrial Machinery & Supplies & Components2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Application Software ACP Falcon Buyer, Inc Revolving Credit Facility Maturity Date 8/1/20292024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CciPrimeLlcMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Packaged Foods & Meats Sabrosura Foods, LLC Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 9.60% Maturity Date 8/22/20292024-09-300001899996ck0001899996:DiversifiedSupportServicesMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996ck0001899996:ShortTermBorrowingsMember2024-09-300001899996Investment APCT Parent, L.P. Class A Units2024-09-300001899996ck0001899996:InterestRateFloorThreeMember2024-09-300001899996ck0001899996:HouseworksHoldingsLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AlcamiCorporationMember2023-12-310001899996Investment VIP Medical Holdings, LLC Series A Preferred Units2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:R1HoldingsMergerSubLlcMember2023-12-310001899996ck0001899996:InvestmentsInFirstLienDebtMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components MoboTrex, LLC Delayed Draw Term Loan Maturity Date 6/7/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Investments Investments -- non-controlled/ non-affiliated First Lien Debt Environmental & Facilities Services Pave America Interco, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 11.50% Maturity Date 2/7/2028 Pave America Interco, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 11.96% Maturity Date 2/7/20282024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Air Freight & Logistics STG Logistics Inc Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 10.75% Maturity Date 3/24/20282024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Facilities2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Diversified Support Services, Hobbs & Associates Inc, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.86%, Maturity Date 4/11/20292023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Application Software, ACP Falcon Buyer, Inc., Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.85%, Maturity Date 8/1/20292023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMemberck0001899996:DiscountedCashFlowMemberck0001899996:YieldMember2024-01-012024-09-300001899996ck0001899996:InvestmentMemberck0001899996:AerospaceAndDefenseMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Investments Investments -- non-controlled/ non-affiliated First Lien Debt Environmental & Facilities Services Pave America Interco, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 11.50% Maturity Date 2/7/2028 Pave America Interco, LLC Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 11.50% Maturity Date 2/7/20282024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Money Market Mutual Funds, Total Mutual Funds2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Soft Drinks & Non-alcoholic Beverages2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Automotive Parts & Equipment American Trailer Rental Group, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.00% Maturity Date 6/1/20272024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Trading Companies & Distributors, Belt Power Holdings LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 11.00%, Maturity Date 8/22/20282023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:SenskeLawnAndTreeCareLlcOneMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Industrial Machinery & Supplies & Components2023-12-310001899996ck0001899996:FidelityInvestmentsMoneyMarketGovernmentPortfolioClassIMemberus-gaap:InvestmentAffiliatedIssuerMember2022-12-310001899996ck0001899996:MutualFundsMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Commodity Chemicals2024-09-300001899996us-gaap:RestrictedStockMember2023-12-310001899996ck0001899996:InfusionServicesManagementLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001899996:InvestmentsInSecondLienDebtMemberck0001899996:DiscountedCashFlowMemberck0001899996:YieldMember2024-09-300001899996us-gaap:FairValueInputsLevel2Memberck0001899996:InvestmentsInFirstLienDebtMember2024-09-300001899996Investment Cop Foundations Investment, LLC Class A Units2024-09-300001899996Investment, CCI Prime Holdings, LLC, Series A Preferred Units2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Application Software ACP Falcon Buyer, Inc Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.83% Maturity Date 8/1/20292024-09-300001899996ck0001899996:InvestmentPortfolioMemberck0001899996:InvestmentMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, VIP Medical US Buyer, LLC, Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 10.96%, Maturity Date 12/12/20282023-12-310001899996ck0001899996:ElectricalComponentsEquipmentMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:EnterpriseValueMemberck0001899996:InvestmentsInFirstLienDebtMembersrt:MaximumMemberck0001899996:MarketQuotationsMember2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:UsaWaterIntermediateHoldingsLlcMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996ck0001899996:FidelityInvestmentsMoneyMarketGovernmentPortfolioClassIMember2023-01-012023-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Diversified Support Services, Ruppert Landscape, LLC, Revolving Credit Facility, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.45%, Maturity Date 12/1/20282023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Pharmaceuticals, Alcami Corporation, Term Loan, Reference Rate and Spread SOFR + 7.00%, Interest Rate 12.46%, Maturity Date 12/21/20282023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Trading Companies & Distributors Belt Power Holdings LLC Revolving Credit Facility Maturity Date 8/22/20282024-09-300001899996ck0001899996:April2023Member2023-01-012023-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Diversified Support Services2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Insurance Brokers Alera Group, Inc Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.10% Maturity Date 9/30/20282024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Air Freight & Logistics2023-12-310001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:TigerHealthcareBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Diversified Support Services2023-12-310001899996ck0001899996:CopFoundationsAcquisitionsIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Total First Lien Debt2024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Diversified Support Services, Air Control Concepts Holdings, L.P, Class A-1 Units2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Trading Companies & Distributors, All States AG Parts LLC, Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.61%, Maturity Date 9/1/20262023-12-310001899996ck0001899996:HumanResourceAndEmploymentServicesMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001899996:InvestmentsInFirstLienDebtMemberus-gaap:SecuritiesFinancingTransactionCostMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Life Sciences Tools & Services WCI-BXC Investment Holdings LP Equity Interest2024-09-300001899996us-gaap:SubsequentEventMember2024-11-120001899996 Investments Investments -- non-controlled/ non-affiliated First Lien Debt Pharmaceuticals2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Human Resource & Employment Services, FCA Partners LLC, Common Units2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Automotive Parts & Equipment Arrowhead Holdco Company Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.46% Maturity Date 8/31/20282024-09-300001899996Investment Endurance PT Technology Holdings LLC Preferred Units2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Tiger Healthcare Buyer, LLC Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 10.60% Maturity Date 2/27/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services NAM Acquisition Co LLC Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 9.85% Maturity Date 7/16/20302024-09-300001899996Investment, Personal Care (ITC) Holdings, LLC, Class A Units2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Trading Companies & Distributors All States AG Parts LLC Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 10.96% Maturity Date 9/1/20262024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Food Distributors2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Food Distributors MFI Group Holdings LLC Class A Units2024-09-300001899996Investment Quick Roofing Topco, LLC Class A Interest2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Soft Drinks & Non-alcoholic Beverages Refresh Buyer LLC Term Loan Reference Rate and Spread SOFR + 4.25% Interest Rate 8.85% Maturity Date 12/23/20282024-09-300001899996ck0001899996:TigerHealthcareBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investment NAM Group Holdings, LLC Class A Units2024-01-012024-09-300001899996Investments, Investments - non-controlled/ non-affiliated, First Lien Debt, Health Care Services, CareRing Health, LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.39%, Maturity Date 5/4/20282023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Total Second Lien Debt2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:MustangProspectsPurchaserLlcMember2024-01-012024-09-300001899996ck0001899996:InfusionServicesManagementLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Specialized Consumer Services Cop Foundations Investment, LLC Class A Units2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:BebrightMsoLlcMember2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:EnterpriseValueMembersrt:MinimumMemberus-gaap:EquityMemberck0001899996:MarketQuotationsMember2023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInFirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:SecuritiesFinancingTransactionCostMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Paper & Plastic Packaging Products & Materials2024-09-300001899996Investment Lake Air Products Aggregator LLC Common Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Building Products Copperweld Group, Inc. Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 10.87% Maturity Date 3/31/20162024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Specialized Consumer Services Quick Roofing Topco, LLC Class A Interest2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:SoteriaFlexiblesCorporationMember2024-09-300001899996us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:NamAcquisitionCoLlcMember2024-09-300001899996ck0001899996:May2023Member2023-01-012023-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Paper & Plastic Packaging Products & Materials, Bron Buyer, LLC, Delayed Draw Term Loan, Maturity Date 1/13/20292023-12-310001899996ck0001899996:InvestmentsInSecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2023-12-310001899996Investment Double E Equity, L.P. Class A Preferred Units2024-01-012024-09-300001899996ck0001899996:CommonUnitsMember2023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMemberck0001899996:DiscountedCashFlowMembersrt:MaximumMemberck0001899996:YieldMember2024-09-300001899996ck0001899996:InvestmentMemberck0001899996:FoodDistributorsMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Member2023-09-300001899996ck0001899996:AdministrationFeesMember2023-12-310001899996ck0001899996:InvestmentPortfolioMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Industrial Machinery & Supplies & Components, Astro Acquisition LLC, Term Loan, Reference Rate and Spread SOFR + 5.50%, Interest Rate 11.11%, Maturity Date 12/13/20272023-12-310001899996ck0001899996:MutualFundsMember2023-12-310001899996ck0001899996:SpecializedConsumerServicesMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services AB Centers Acquisition Corporation Delayed Draw Term Loan Maturity Date 7/2/20312024-09-300001899996ck0001899996:ElevenSeptemberTwoThousandTwentyFourMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services SCP WQS Buyer, LLC Term Loan Reference Rate and Spread SOFR + 5.75% Interest Rate 10.35% Maturity Date 10/2/20282024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Life Sciences Tools & Services WCI-BXC Purchaser, LLC Term Loan Reference Rate and Spread SOFR + 6.25% Interest Rate 11.48% Maturity Date 11/6/20302024-09-300001899996ck0001899996:MidasFoodsInternationalLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:DiscountedCashFlowMemberck0001899996:InvestmentsInFirstLienDebtMembersrt:MinimumMemberck0001899996:YieldMember2024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:EnterpriseValueMemberus-gaap:EquityMemberck0001899996:MarketQuotationsMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Building Products, Copperweld Group, Inc., Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.61%, Maturity Date 3/31/20262023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:BeltPowerHoldingsLlcMember2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc, Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.97%, Maturity Date 1/3/20292023-12-310001899996ck0001899996:InterestRateFloorTwoMember2024-09-300001899996Investment, VIP Medical Holdings, LLC, Class A Units2023-01-012023-12-310001899996Investment, KLC Fund 1022-CI-A LP, Equity Interest2023-12-310001899996Investment, Quick Roofing Topco, LLC, Class A Interest2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001899996:DiscountedCashFlowMemberck0001899996:InvestmentsInFirstLienDebtMemberck0001899996:YieldMember2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Insurance Brokers, Alera Group, Inc, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.96%, Maturity Date 9/30/20282023-12-310001899996us-gaap:FairValueInputsLevel3Member2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Specialized Consumer Services, SCP WQS Buyer, LLC, Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 11.10%, Maturity Date 10/2/20282023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Human Resource & Employment Services2023-12-310001899996us-gaap:InvestmentAffiliatedIssuerMember2023-01-012023-09-300001899996Total Investment Portfolio2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Air Freight & Logistics REP RO Coinvest IV-A, L.P Equity Units2024-09-300001899996 Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services Houseworks Holdings, LLC Term Loan One Reference Rate and Spread SOFR + 6.75% Interest Rate 12.26% Maturity Date 12/16/20282024-09-300001899996ck0001899996:LakeAirProductsLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:R1HoldingsMergerSubLlcMember2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel2Member2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Soft Drinks & Non-alcoholic Beverages, Refresh Buyer LLC, Term Loan, Reference Rate and Spread SOFR + 4.25%, Interest Rate 9.60%, Maturity Date 12/23/20282023-12-310001899996ck0001899996:AtlasAuBidcoPtyLtdAtlasUsFincoIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Industrial Machinery & Supplies & Components Endurance PT Technology Holdings LLC Common Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components Double E Company, LLC Term Loan Reference Rate and Spread SOFR + 6.75% (2.75% PIK) Interest Rate 11.25% Maturity Date 6/21/20282024-09-300001899996ck0001899996:InvestmentMemberck0001899996:MutualFundsMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services USW Buyer, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.25% Interest Rate 10.95% Maturity Date 11/3/20282024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Health Care Services, VIP Medical Holdings, Class A Units2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Soft Drinks & Non-alcoholic Beverages, Refresh Buyer LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 5.25%, Interest Rate 10.60%, Maturity Date 12/23/20282023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Diversified Support Services2024-09-300001899996ck0001899996:AcpAvenuBuyerLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-300001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:AepPassionIntermediateHoldingsIncMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001899996us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001899996:EnterpriseValueMemberus-gaap:EquityMemberck0001899996:MarketQuotationsMember2023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:R1HoldingsMergerSubLlcMember2023-01-012023-12-310001899996ck0001899996:August2023Member2023-01-012023-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Environmental & Facilities Services, Pavement Partners Interco, LLC, Revolving Credit Facility, Maturity Date 2/7/20282023-12-310001899996ck0001899996:SabrosuraFoodsLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Food Distributors Midas Foods International LLC Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 10.85% Maturity Date 4/30/20292024-09-300001899996Investment FCA Partners LLC Common Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services Cop Foundations Acquisitions Inc. Delayed Draw Term Loan Maturity Date 5/6/20292024-09-300001899996ck0001899996:ThirtyMayTwoThousandTwentyThreeMember2023-01-012023-09-300001899996ck0001899996:NonQualifyingAssetsMember2023-12-310001899996ck0001899996:InvestmentMemberck0001899996:DiversifiedFinancialServicesMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996ck0001899996:MutualFundsMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Diversified Support Services KLC Fund 1022-CI-A LP Equity Interest2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Pharmaceuticals, Alcami Corporation, Delayed Draw Term Loan, Maturity Date 12/21/20282023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, Integrated Oncology Network LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.54%, Maturity Date 6/24/20252023-12-310001899996ck0001899996:InvestmentMemberck0001899996:AirFreightLogisticsMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMemberck0001899996:DiscountedCashFlowMembersrt:MaximumMemberck0001899996:YieldMember2023-12-310001899996ck0001899996:AcpAvenuBuyerLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMember2022-12-310001899996 Investments Investments -- non-controlled/ non-affiliated First Lien Debt Insurance Brokers Alera Group, Inc Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.10% Maturity Date 9/30/20282024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Application Software, Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc., Revolving Credit Facility, Maturity Date 12/9/20282023-12-310001899996ck0001899996:BritishPoundsMemberck0001899996:FidelityDirectLendingFundIJspvLlcMember2024-09-122024-09-120001899996Investment Lake Air Products, LLC, Common Units2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Insurance Brokers, Alera Group, Inc, Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.96%, Maturity Date 9/30/20282023-12-310001899996ck0001899996:InvestmentPortfolioMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Office Services & Supplies MSE Supplies, LLC Revolving Credit Facility Maturity Date 8/14/20302024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AstroAcquisitionLlcMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:AlcamiCorporationMember2023-12-310001899996ck0001899996:MidasFoodsInternationalLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Application Software2023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:DiscountedCashFlowMemberck0001899996:InvestmentsInFirstLienDebtMembersrt:MaximumMemberck0001899996:YieldMember2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Health Care Services2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Diversified Support Services, MRI Acquisitions, Inc, Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 11.75%, Maturity Date 12/30/20252023-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001899996:InvestmentsInFirstLienDebtMemberus-gaap:SecuritiesFinancingTransactionCostMember2023-01-012023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:OmniIntermediateHoldingsLlcMember2023-01-012023-12-310001899996ck0001899996:CadenceSouthwickIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Environmental & Facilities Services2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Total Aerospace & Defense2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:BeltPowerHoldingsLlcMember2024-01-012024-09-300001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:TheSmilistDsoLlcMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:UsaWaterIntermediateHoldingsLlcMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Air Freight & Logistics2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Life Sciences Tools & Services, WCI-BXC Investment Holdings LP, Equity Interest2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Human Resource & Employment Services Future Care Associates LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 10.20% Maturity Date 12/30/20282024-09-300001899996Investment APCT Parent, L.P. Class C Units2024-09-300001899996ck0001899996:SoftDrinksAndNonAlcoholicBeveragesMemberck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Facilities Infusion Services Management, LLC Revolving Credit Facility Maturity Date 7/7/20282024-09-300001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:AepPassionIntermediateHoldingsIncMemberus-gaap:UnfundedLoanCommitmentMember2023-01-012023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Electronic Components, AEP Passion Intermediate Holdings, Inc., Revolving Credit Facility, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.96%, Maturity Date 10/5/20272023-12-310001899996Investment, FCA Partners LLC, Common Units2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:RpxCorporationMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Technology RxStrategies, Inc Revolving Credit Facility Maturity Date 8/12/20302024-09-300001899996ck0001899996:InvestmentMemberck0001899996:IndustryConcentrationRiskMemberus-gaap:InsuranceSectorMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Application Software Cytracom, LLC Revolving Credit Facility Interest Maturity Date 6/28/20272024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Supplies2024-09-300001899996Investment REP RO Coinvest IV-A, L.P. Equity Units2024-01-012024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:MobotrexLlcMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Electrical Components EDS Buyer, LLC Revolving Credit Facility Maturity Date 1/10/20292024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:PrismParentCoIncMember2023-12-310001899996us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Soft Drinks & Non-alcoholic Beverages Refresh Buyer LLC Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 9.35% Maturity Date 12/23/20282024-09-300001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001899996:InvestmentsInFirstLienDebtMembersrt:MaximumMemberus-gaap:SecuritiesFinancingTransactionCostMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:TigerHealthcareBuyerLlcMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:DiscountedCashFlowMemberck0001899996:InvestmentsInFirstLienDebtMembersrt:MinimumMemberck0001899996:YieldMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Commodity Chemicals Soteria Flexibles Corporation Delayed Draw Term Loan Maturity Date 8/15/20292024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:PrismParentCoIncMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Investments Investments -- non-controlled/ non-affiliated First Lien Debt Environmental & Facilities Services Pave America Interco, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 11.50% Maturity Date 2/7/2028 Pave America Interco, LLC Term Loan One Reference Rate and Spread SOFR + 6.75% Interest Rate 11.50% Maturity Date 2/7/20282024-09-300001899996ck0001899996:April2024Member2024-01-012024-09-300001899996ck0001899996:ReimbursementPaymentMember2024-01-012024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:RoutewareIncMember2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:CytracomLlcMember2024-09-300001899996Investment FCA Partners LLC Class A Preferred Units2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Facilities Infusion Services Management, LLC Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 11.33% Maturity Date 7/7/20282024-09-300001899996ck0001899996:InfusionServicesManagementLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-01-012023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services Cop Foundations Acquisitions Inc. Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 9.85% Maturity Date 5/6/20292024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:RuppertLandscapeLlcMember2023-12-310001899996ck0001899996:CopFoundationsAcquisitionsIncMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Application Software Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 10.28% Maturity Date 12/9/20292024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services The Smilist DSO, LLC Revolving Credit Facility Maturity Date 4/4/20292024-09-300001899996ck0001899996:DoubleECompanyLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Commodity Chemicals, Soteria Flexibles Corporation, Revolving Credit Facility, Maturity Date 8/15/20292023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, Total First Lien Debt2023-12-310001899996ck0001899996:InvestmentMembercountry:AUus-gaap:GeographicConcentrationRiskMember2023-01-012023-12-310001899996ck0001899996:FutureCareAssociatesLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:ScpWqsBuyerLlcMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Second Lien Debt, Total Air Freight & Logistics2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services CareRing Health, LLC Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 11.06% Maturity Date 5/4/20282024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMemberck0001899996:DiscountedCashFlowMemberck0001899996:YieldMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Data Processing & Outsourced Services, VRC Companies LLC, Term Loan, Reference Rate and Spread SOFR + 5.75%, Interest Rate 11.12%, Maturity Date 6/29/20272023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services Mustang Prospects Purchaser LLC Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 9.60% Maturity Date 6/13/20312024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:MseSuppliesLlcMember2024-09-300001899996ck0001899996:InvestmentMemberus-gaap:EquityMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2024-01-012024-09-300001899996Investment RXS Enterprises LLC Preferred Units2024-01-012024-09-300001899996ck0001899996:LightspeedSolutionsLlcMemberus-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310001899996ck0001899996:FidelityDirectLendingFundIJspvLlcMember2022-08-252022-08-250001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Packaged Foods & Meats Sabrosura Foods, LLC Delayed Draw Term Loan Maturity Date 8/22/20292024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, AB Centers Acquisition Corporation, Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.46%, Maturity Date 9/6/20282023-12-310001899996us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001899996:EnterpriseValueMemberck0001899996:InvestmentsInFirstLienDebtMemberck0001899996:MarketQuotationsMember2024-09-300001899996ck0001899996:FidelityAdvisorFloatingRateHighIncomeMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Packaged Foods & Meats CCI Prime, LLC Revolving Credit Facility Maturity Date 10/18/20292024-09-300001899996Investments Investments - non-controlled / non-affiliated Money Market Mutual Funds Mutual Funds State Street Institutional U.S. Government Money Market Fund - 4.69% Administration Class Units2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AcpFalconBuyerIncMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Environmental & Facilities Services Dragonfly Pond Works Revolving Credit Facility Maturity Date 8/16/20302024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Insurance Brokers2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Human Resource & Employment Services Future Care Associates LLC Revolving Credit Facility Maturity Date 12/30/20282024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Total Equity2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Environmental & Facilities Services, USA Water Intermediate Holdings, LLC, Term Loan, Reference Rate and Spread SOFR + 6.25%, Interest Rate 11.71%, Maturity Date 1/27/20282023-12-310001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMember2024-01-012024-09-300001899996Investment RXS Enterprises LLC Senior Preferred Units2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMember2023-09-300001899996Investment KLC Fund 1022-CI-A LP Equity Interest2024-01-012024-09-3000018999962023-12-310001899996Investments Investments - non-controlled / non-affiliated Money Market Mutual Funds Mutual Funds State Street Institutional Treasury Plus Money Market Fund - 5.23% Mutual Fund2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Health Care Services, AB Centers Acquisition Corporation, Revolving Credit Facility, Maturity Date 9/6/20282023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Diversified Financial Services2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Air Freight & Logistics, STG Logistics Inc , Term Loan, Reference Rate and Spread SOFR + 6.00%, Interest Rate 11.50%, Maturity Date 3/24/20282023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Diversified Financial Services2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Health Care Services2023-12-310001899996Investment, Air Control Concepts Holdings, L.P, Class A-1 Units2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Facilities Infusion Services Management, LLC Delayed Draw Term Loan Maturity Date 7/7/20282024-09-300001899996ck0001899996:InvestmentMemberus-gaap:GeographicConcentrationRiskMembercountry:US2024-01-012024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:CopperweldGroupIncMember2024-09-300001899996Investment, VIP Medical Holdings, LLC, Class A Units2023-12-310001899996ck0001899996:InvestmentTypeConcentrationRiskMemberck0001899996:InvestmentOwnedAtFairValueMemberck0001899996:DebtSecuritiesVariableRateMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Investments Investments -- non-controlled/ non-affiliated First Lien Debt Environmental & Facilities Services Pave America Interco, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 11.50% Maturity Date 2/7/2028 Pave America Interco, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 11.50% Maturity Date 2/7/20282024-09-300001899996ck0001899996:LakeAirProductsLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300001899996ck0001899996:C2DxIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Specialized Consumer Services, Senske Lawn and Tree Care, LLC, Revolving Credit Facility, Reference Rate and Spread SOFR + 5.25%, Interest Rate 10.61%, Maturity Date 12/15/20282023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Electrical Components & Equipment Central Moloney, LLC Term Loan Reference Rate and Spread SOFR + 6.75% Interest Rate 11.35% Maturity Date 10/20/20282024-09-300001899996 Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services SCP WQS Buyer, LLC Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.75% Interest Rate 10.50% Maturity Date 10/2/20282024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services Quick Roofing Acquisition, LLC Revolving Credit Facility Maturity Date 12/22/20292024-09-300001899996us-gaap:FairValueInputsLevel1Memberck0001899996:MutualFundsMember2024-09-300001899996us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2023-12-310001899996Investments Investments - non-controlled / non-affiliated Total Money Market Mutual Funds2024-09-300001899996ck0001899996:InvestmentMemberck0001899996:HealthCareTechnologyMemberck0001899996:IndustryConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001899996:DiscountedCashFlowMemberck0001899996:InvestmentsInFirstLienDebtMemberck0001899996:YieldMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Air Freight & Logistics, Omni Intermediate Holdings, LLC, Term Loan, Reference Rate and Spread SOFR + 5.00%, Interest Rate 10.54%, Maturity Date 12/30/20262023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Electrical Components AEP Passion Intermediate Holdings, Inc Revolving Credit Facility Reference Rate and Spread SOFR + 6.50% Interest Rate 11.25% Maturity Date 10/05/20272024-09-300001899996us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2022-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AlcamiCorporationMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:MobotrexLlcMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Industrial Machinery & Supplies & Components, Double E Company, LLC, Delayed Draw Term Loan, Maturity Date 6/21/20282023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:SoteriaFlexiblesCorporationMember2023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:AbCentersAcquisitionCorporationMember2024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:PrismParentCoIncMember2024-01-012024-09-300001899996Investment, APCT Parent, L.P, Class A Units2023-12-310001899996ck0001899996:SabrosuraFoodsLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Health Care Services BeBright MSO, LLC Revolving Credit Facility Maturity Date 6/3/20302024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:ScpWqsBuyerLlcMember2023-01-012023-12-3100018999962024-11-070001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components Endurance PT Technology Buyer Corporation Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.35% Maturity Date 2/28/20302024-09-300001899996ck0001899996:FinastraUsaIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Industrial Machinery & Supplies & Components Lamons Manufacturing And Service Company Term Loan Reference Rate and Spread SOFR + 6.50% Interest Rate 11.46% Maturity Date 12/20/20252024-09-300001899996Investment Sabrosura Super Holdings LLC Class A Units2024-01-012024-09-300001899996ck0001899996:InvestmentMemberck0001899996:AirFreightLogisticsMemberck0001899996:IndustryConcentrationRiskMember2024-01-012024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Packaged Foods & Meats Sabrosura Foods, LLC Revolving Credit Facility Maturity Date 8/22/20292024-09-300001899996Investment MoboTrex Ultimate Holdings, LLC Class A-2 Units2024-01-012024-09-300001899996us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Diversified Support Services CUB Financing Intermediate, LLC Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 9.35% Maturity Date 6/28/20302024-09-300001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:BebrightMsoLlcMember2024-09-300001899996Investment Tiger Healthcare Holdings, LLC Class A Interest2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Diversified Financial Services Dragonfly Ultimate Holdings LLC Common Units2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services Quick Roofing Acquisition, LLC Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 10.20% Maturity Date 12/22/20292024-09-300001899996ck0001899996:CadenceSouthwickIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:QuickRoofingAcquisitionLlcMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:EdsBuyerLlcMember2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Environmental & Facilities Services, Pavement Partners Interco, LLC, Delayed Draw Term Loan, Reference Rate and Spread SOFR + 6.75%, Interest Rate 12.42%, Maturity Date 2/7/20282023-12-310001899996ck0001899996:InvestmentsInSecondLienDebtMemberus-gaap:FairValueInputsLevel2Member2024-09-300001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Food Distributors Midas Foods International LLC Delayed Draw Term Loan Maturity Date 4/30/20292024-09-300001899996 Investments Investments -- non-controlled/ non-affiliated First Lien Debt Research & Consulting Services2024-09-300001899996Investment MSE Acquisitions, Inc Series A Preferred Units2024-01-012024-09-300001899996us-gaap:FairValueInputsLevel3Memberck0001899996:InvestmentsInSecondLienDebtMember2023-12-310001899996us-gaap:InvestmentAffiliatedIssuerMember2023-09-300001899996ck0001899996:February2023Member2023-01-012023-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Health Care Services VIP Medical Holdings Class A2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, Equity, Total Specialized Consumer Services2023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:VipMedicalUsBuyerLlcMember2024-01-012024-09-300001899996ck0001899996:InvestmentPortfolioMemberck0001899996:InvestmentMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2023-01-012023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:OmniIntermediateHoldingsLlcMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated Equity Health Care Services VIP Medical Holdings Series A Preferred Units2024-09-300001899996ck0001899996:InvestmentTypeConcentrationRiskMemberck0001899996:InvestmentOwnedAtFairValueMemberck0001899996:DebtSecuritiesFixedRateMember2023-01-012023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:RpxCorporationMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001899996Investment, FCA Partners LLC One, Class A Preferred Units2023-12-310001899996us-gaap:InvestmentAffiliatedIssuerMember2022-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:AbCentersAcquisitionCorporationMember2024-09-300001899996Investment Personal Care (ITC) Holdings, LLC Class A Units 12024-01-012024-09-300001899996ck0001899996:QuickRoofingAcquisitionLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Automotive Parts & Equipment, Arrowhead Holdco Company, Term Loan, Reference Rate and Spread SOFR + 4.50%, Interest Rate 10.05%, Maturity Date 8/31/20282023-12-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:ScpWqsBuyerLlcMember2023-12-310001899996Investments Investments -- non-controlled/ non-affiliated First Lien Debt Specialized Consumer Services USW Buyer, LLC Term Loan Reference Rate and Spread SOFR + 6.25% Interest Rate 10.95% Maturity Date 11/3/20282024-09-300001899996Investments Investments -- non-controlled/ non-affiliated Equity Food Distributors2024-09-300001899996Investments, Investments -- non-controlled/ non-affiliated, First Lien Debt, Application Software, Lightspeed Solutions, LLC, Term Loan, Reference Rate and Spread SOFR + 6.50%, Interest Rate 11.86%, Maturity Date 3/1/20282023-12-310001899996us-gaap:DelayedDrawTermLoanMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CareringHealthLlcMember2023-12-310001899996us-gaap:DelayedDrawTermLoanMemberck0001899996:DoubleECompanyLlcMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310001899996 Investments, Investments -- non-controlled/ non-affiliated, Equity, Electronic Components, APCT Parent, L.P, Class A Units2023-12-310001899996ck0001899996:July2023Member2023-01-012023-09-3000018999962024-03-112024-03-110001899996Investments Investments -- non-controlled/ non-affiliated Equity Specialized Consumer Services NAM Group Holdings, LLC Class A Units2024-09-300001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:RevolvingCreditFacilityMemberck0001899996:BeltPowerHoldingsLlcMember2023-01-012023-12-31iso4217:USDxbrli:sharesxbrli:purexbrli:sharesiso4217:USD

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended September 30, 2024

OR

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 814-01645

 

Fidelity Private Credit Company LLC

(Exact name of Registrant as specified in its Charter)

 

Delaware

87-2722334

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

245 Summer Street

Boston, Massachusetts

02210

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (617) 563-7000

 

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

None

 

None

 

None

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

Common Units

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

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

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

 

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 units of Registrant’s Common Units, outstanding as of November 7, 2024 was 73,344,945

 

 


 

Table of Contents

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Consolidated Financial Statements

1

Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023

1

Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited)

2

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 and 2023 (unaudited)

3

Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited)

4

Consolidated Schedules of Investments as of September 30, 2024 (unaudited) and December 31, 2023

5

Notes to Consolidated Financial Statements (unaudited)

26

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

47

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

60

Item 4.

Controls and Procedures

60

PART II.

OTHER INFORMATION

61

Item 1.

Legal Proceedings

61

Item 1A.

Risk Factors

61

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

Item 3.

Defaults Upon Senior Securities

62

Item 4.

Mine Safety Disclosures

62

Item 5.

Other Information

62

Item 6.

Exhibits

63

Signatures

64

 

 


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are current expectations, estimates and projections of Fidelity Private Credit Company LLC (the “Fund,” “we,” “us” or “our”) and/or Fidelity Diversifying Solutions LLC (“FDS” or the “Adviser”) about the Fund, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. “Fund,” “we,” “us” or “our” refers to Fidelity Direct Lending Fund, LP, a Delaware limited partnership for periods prior to consummation of the BDC Conversion (as defined below), refers to Fidelity Private Credit Central Fund LLC, a Delaware limited liability company for periods following the BDC Conversion. “BDC Conversion” refers to the conversion by operation of law of Fidelity Direct Lending, LP to Fidelity Private Credit Central Fund LLC by the filing of a Certificate of Conversion to a limited liability company on January 31, 2023, and the Fund’s subsequent election to be regulated as a BDC. On March 11, 2024, the Fund was renamed Fidelity Private Credit Company LLC. Forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

our future operating results;
our business prospects and the prospects of our portfolio companies;
our ability to raise capital;
geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in Ukraine and Israel;
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, financing sources and working capital;
the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;
our contractual arrangements and relationships with third parties;
actual and potential conflicts of interest with the Adviser and 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 use of borrowed money to finance a portion of our investments;
the ability of the Adviser to identify suitable investments and to monitor and administer our investments;
the ability of the Adviser and its affiliates to attract and retain highly talented professionals;
our ability to maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended;
the impact on our business of U.S. and international financial reform legislation, rules and regulations;
the effect of changes in tax laws and regulations and interpretations thereof; and
the tax status of the enterprises in which we may invest.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934 Act, as amended (the “1934 Act”).

 


 

PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Fidelity Private Credit Company LLC

Consolidated Statements of Assets and Liabilities

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled / non-affiliate investments (amortized cost $1,458,589,301 and $1,371,453,021, at September 30, 2024 and December 31, 2023, respectively)

 

$

1,440,989,877

 

 

$

1,379,664,900

 

Cash

 

 

32,207,553

 

 

 

46,194,052

 

Deferred financing costs

 

 

6,541,302

 

 

 

7,352,890

 

Receivables from sales and paydowns of investments

 

 

517,800

 

 

 

 

Interest receivable

 

 

13,372,596

 

 

 

9,137,528

 

Prepaid expenses and other assets

 

 

10,697

 

 

 

73,097

 

Total Assets

 

$

1,493,639,825

 

 

$

1,442,422,467

 

Liabilities

 

 

 

 

 

 

Debt

 

 

754,500,000

 

 

 

743,000,000

 

Due to custodian

 

 

 

 

 

1,087,223

 

Payable for purchases of securities

 

 

185,271

 

 

 

130,378

 

Payable for capital units repurchased

 

 

26,107,687

 

 

 

 

Distribution payable

 

 

 

 

 

5,881,549

 

Interest payable

 

 

16,065,681

 

 

 

15,890,115

 

Management fee payable

 

 

741,223

 

 

 

699,223

 

Due to affiliates, net

 

 

125,708

 

 

 

139,974

 

Other accounts payable and accrued liabilities

 

 

1,460,430

 

 

 

502,237

 

Total Liabilities

 

$

799,186,000

 

 

$

767,330,699

 

Commitments and Contingencies (Note 7)

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Paid-in-capital in excess of par value

 

 

697,976,479

 

 

 

666,533,716

 

Total distributable earnings (loss)

 

 

(3,522,654

)

 

 

8,558,052

 

Total Net Assets

 

$

694,453,825

 

 

$

675,091,768

 

Total Liabilities and Net Assets

 

$

1,493,639,825

 

 

$

1,442,422,467

 

Net Asset Value per unit (70,087,969 and 66,969,593 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively)

 

$

9.91

 

 

$

10.08

 

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

 

1


 

Fidelity Private Credit Company LLC

Consolidated Statements of Operations

(unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled / non-affiliate investments

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

46,131,243

 

 

$

39,853,971

 

 

$

133,050,205

 

 

$

104,291,652

 

Dividend income

 

 

96,093

 

 

 

15,596

 

 

 

457,640

 

 

 

15,596

 

Other income

 

 

204,159

 

 

 

2,576

 

 

 

1,433,756

 

 

 

128,793

 

From non-controlled / affiliate investments

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

 

 

 

 

76,929

 

 

 

 

 

 

81,330

 

Total Investment Income

 

 

46,431,495

 

 

 

39,949,072

 

 

 

134,941,601

 

 

 

104,517,371

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

16,763,416

 

 

 

15,875,720

 

 

 

50,349,312

 

 

 

39,011,637

 

Management fees

 

 

2,227,904

 

 

 

1,987,287

 

 

 

6,576,657

 

 

 

2,464,136

 

Administration fees

 

 

445,758

 

 

 

397,524

 

 

 

1,315,357

 

 

 

517,242

 

Custodian fees

 

 

642

 

 

 

394

 

 

 

1,976

 

 

 

1,543

 

Board of Directors’ fees

 

 

67,586

 

 

 

70,109

 

 

 

214,286

 

 

 

95,901

 

Professional fees

 

 

122,851

 

 

 

476,186

 

 

 

521,968

 

 

 

657,927

 

Other general and administrative expenses

 

 

418,990

 

 

 

139,086

 

 

 

970,835

 

 

 

343,372

 

Total Expenses Before Reductions

 

 

20,047,147

 

 

 

18,946,306

 

 

 

59,950,391

 

 

 

43,091,758

 

Expense support

 

 

(184,161

)

 

 

(339,596

)

 

 

(401,086

)

 

 

(437,984

)

Net Expenses

 

 

19,862,986

 

 

 

18,606,710

 

 

 

59,549,305

 

 

 

42,653,774

 

Net Investment Income (Loss) Before Taxes

 

 

26,568,509

 

 

 

21,342,362

 

 

 

75,392,296

 

 

 

61,863,597

 

Provision for income and excise taxes

 

 

217,111

 

 

 

 

 

 

217,111

 

 

 

 

Net Investment Income (Loss) After Taxes

 

 

26,351,398

 

 

 

21,342,362

 

 

 

75,175,185

 

 

 

61,863,597

 

Net Realized and Change in Unrealized Gains (Losses)

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on non-controlled / non-affiliate investments

 

 

847,839

 

 

 

611,462

 

 

 

846,803

 

 

 

611,462

 

Benefit (provision) for taxes on realized gain on investments

 

 

(237,455

)

 

 

 

 

 

(237,455

)

 

 

 

Net realized gain (loss)

 

 

610,384

 

 

 

611,462

 

 

 

609,348

 

 

 

611,462

 

Net change in unrealized appreciation (depreciation) on non-controlled / non-affiliate investments

 

 

(21,159,895

)

 

 

7,866,823

 

 

 

(25,811,303

)

 

 

4,458,522

 

Benefit (provision) for deferred taxes on unrealized appreciation (depreciation) on investments

 

 

472,124

 

 

 

 

 

 

(607,872

)

 

 

 

Net change in unrealized appreciation (depreciation)

 

 

(20,687,771

)

 

 

7,866,823

 

 

 

(26,419,175

)

 

 

4,458,522

 

Net Realized and Change in Unrealized Gains (Losses)

 

 

(20,077,387

)

 

 

8,478,285

 

 

 

(25,809,827

)

 

 

5,069,984

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

6,274,011

 

 

$

29,820,647

 

 

$

49,365,358

 

 

$

66,933,581

 

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

 

2


 

Fidelity Private Credit Company LLC

Consolidated Statements of Changes in Net Assets

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Increase (Decrease) in Net Assets Resulting from Operations

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

$

26,351,398

 

 

$

21,342,362

 

 

$

75,175,185

 

 

$

61,863,597

 

Net realized gain (loss)

 

 

610,384

 

 

 

611,462

 

 

 

609,348

 

 

 

611,462

 

Net change in unrealized appreciation (depreciation)

 

 

(20,687,771

)

 

 

7,866,823

 

 

 

(26,419,175

)

 

 

4,458,522

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

 

6,274,011

 

 

 

29,820,647

 

 

 

49,365,358

 

 

 

66,933,581

 

Capital Activity

 

 

 

 

 

 

 

 

 

 

 

 

Capital contributions

 

 

15,000,000

 

 

 

14,383,820

 

 

 

35,000,000

 

 

 

141,101,022

 

Distributions to Unit Holders

 

 

(24,196,125

)

 

 

(17,671,224

)

 

 

(61,446,064

)

 

 

(50,062,624

)

Capital units repurchased

 

 

(26,107,687

)

 

 

 

 

 

(26,107,687

)

 

 

 

Reinvestment of distributions

 

 

9,424,165

 

 

 

7,628,958

 

 

 

22,550,450

 

 

 

39,404,178

 

Net Increase (Decrease) in Net Assets Resulting from Capital Activity

 

 

(25,879,647

)

 

 

4,341,554

 

 

 

(30,003,301

)

 

 

130,442,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Increase (Decrease) in Net Assets

 

 

(19,605,636

)

 

 

34,162,201

 

 

 

19,362,057

 

 

 

197,376,157

 

Net assets, beginning of period

 

 

714,059,461

 

 

 

625,785,015

 

 

 

675,091,768

 

 

 

462,571,059

 

Net Assets, End of Period

 

$

694,453,825

 

 

$

659,947,216

 

 

$

694,453,825

 

 

$

659,947,216

 

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

 

3


 

Fidelity Private Credit Company LLC

Consolidated Statements of Cash Flows

(unaudited)

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

49,365,358

 

 

$

66,933,581

 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Payments for purchases of investments

 

 

(337,732,369

)

 

 

(576,593,946

)

Proceeds from sales of investments and principal repayments

 

 

273,222,946

 

 

 

32,510,145

 

Net proceeds (payments) from sales (purchases) of short-term securities

 

 

(10,571,774

)

 

 

(34,216

)

Net realized (gain) loss on investments

 

 

(846,803

)

 

 

(611,462

)

Net change in unrealized (appreciation) depreciation on investments

 

 

25,811,303

 

 

 

(4,458,522

)

Payment-in-kind interest capitalized

 

 

(1,635,756

)

 

 

 

Net accretion of discount and amortization of premium

 

 

(9,572,524

)

 

 

(2,699,860

)

Amortization of deferred financing costs

 

 

1,761,589

 

 

 

1,439,831

 

Changes in operating assets and liabilities

 

 

 

 

 

 

(Increase) decrease in receivables from sales and paydowns of investments

 

 

(517,800

)

 

 

(514,604

)

(Increase) decrease in interest receivable

 

 

(4,235,068

)

 

 

(4,199,736

)

(Increase) decrease in due from affiliates, net

 

 

 

 

 

(194,661

)

(Increase) decrease in prepaid expenses and other assets

 

 

62,400

 

 

 

 

Increase (decrease) in due to custodian

 

 

(1,087,223

)

 

 

 

Increase (decrease) in payable for purchases of securities

 

 

54,893

 

 

 

653,418

 

Increase (decrease) in interest payable

 

 

175,566

 

 

 

10,900,733

 

Increase (decrease) in management fee payable

 

 

42,000

 

 

 

676,871

 

Increase (decrease) in due to affiliates, net

 

 

(14,266

)

 

 

131,245

 

Increase (decrease) in other accounts payable and accrued liabilities

 

 

958,193

 

 

 

771,781

 

Net Cash Provided by (Used in) Operating Activities

 

 

(14,759,335

)

 

 

(475,289,402

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

Payment of financing costs

 

 

(950,001

)

 

 

(4,599,758

)

Capital contributions

 

 

35,000,000

 

 

 

141,101,022

 

Capital distributions

 

 

(44,777,163

)

 

 

(10,658,446

)

Proceeds from borrowings

 

 

11,500,000

 

 

 

374,500,003

 

Repayment of borrowings

 

 

 

 

 

(62,846,018

)

Net Cash Provided by (Used in) Financing Activities

 

 

772,836

 

 

 

437,496,803

 

Net change in cash

 

 

(13,986,499

)

 

 

(37,792,599

)

Cash as of the beginning of the period

 

 

46,194,052

 

 

 

102,825,803

 

Cash as of the End of the Period

 

$

32,207,553

 

 

$

65,033,204

 

Supplemental Information and Non-Cash Financing Activities

 

 

 

 

 

 

Non-cash distributions

 

$

22,550,450

 

 

$

39,404,178

 

Reinvestment of distributions

 

$

(22,550,450

)

 

$

(39,404,178

)

Non-cash purchases of payment-in-kind securities

 

$

1,635,756

 

 

$

 

Non-cash interest income from payment-in-kind securities

 

$

(1,635,756

)

 

$

 

Cash paid for interest expense

 

$

48,412,157

 

 

$

26,671,073

 

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

 

4


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2024

(unaudited)

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Investments -- non-controlled/ non-affiliate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cadence - Southwick, Inc. (h)(k)

 

Term Loan

 

SOFR

+

5.00%

 

10.33%

 

5/3/2029

 

 

8,268,781

 

 

$

8,063,816

 

 

$

8,235,706

 

 

 

Cadence - Southwick, Inc. (f)(h)

 

Revolving Credit Facility

 

SOFR

+

5.00%

 

10.42%

 

5/3/2028

 

 

1,824,360

 

 

 

1,741,140

 

 

 

1,807,520

 

 

 

 

 

 

 

 

 

 

 

 

 

9,804,956

 

 

 

10,043,226

 

 

1.45%

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Echo Global Logistics Inc (j)(k)

 

Term Loan

 

SOFR

+

4.75%

 

9.70%

 

11/23/2028

 

 

15,288,000

 

 

 

14,875,415

 

 

 

15,288,000

 

 

 

R1 Holdings, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.25%

 

11.10%

 

12/29/2028

 

 

21,747,638

 

 

 

21,240,712

 

 

 

21,747,638

 

 

 

R1 Holdings, LLC (h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

6.25%

 

11.37%

 

12/29/2028

 

 

2,481,705

 

 

 

2,444,309

 

 

 

2,481,705

 

 

 

R1 Holdings, LLC (f)(h)

 

Revolving Credit Facility

 

SOFR

+

6.25%

 

11.10%

 

12/29/2028

 

 

330,317

 

 

 

212,915

 

 

 

330,317

 

 

 

STG Logistics Inc (i)(k)

 

Term Loan

 

SOFR

+

6.00%

 

10.75%

 

3/24/2028

 

 

41,340,000

 

 

 

40,897,810

 

 

 

20,215,260

 

 

 

 

 

 

 

 

 

 

 

 

 

79,671,161

 

 

 

60,062,920

 

 

8.65%

Application Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACP Avenu Buyer, LLC (h)(k)

 

Term Loan

 

SOFR

+

5.25%

 

10.58%

 

10/2/2029

 

 

18,609,375

 

 

 

18,159,764

 

 

 

18,237,188

 

 

 

ACP Avenu Buyer, LLC (f)(h)

 

Revolving Credit Facility

 

SOFR

+

5.25%

 

10.58%

 

10/2/2029

 

 

1,454,196

 

 

 

1,303,318

 

 

 

1,323,482

 

 

 

ACP Avenu Buyer, LLC (f)(h)

 

Delayed Draw Term Loan

 

SOFR

+

5.25%

 

10.58%

 

10/2/2029

 

 

1,924,890

 

 

 

1,847,268

 

 

 

1,868,989

 

 

 

ACP Falcon Buyer, Inc. (h)(k)

 

Term Loan

 

SOFR

+

5.50%

 

10.83%

 

8/1/2029

 

 

23,598,122

 

 

 

22,990,905

 

 

 

23,598,122

 

 

 

ACP Falcon Buyer, Inc. (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

8/1/2029

 

 

-

 

 

 

(158,035

)

 

 

-

 

 

 

Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (h)(k)

 

Term Loan

 

SOFR

+

5.00%

 

10.28%

 

12/9/2029

 

 

31,471,935

 

 

 

30,698,653

 

 

 

31,471,935

 

 

 

Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

12/9/2028

 

 

-

 

 

 

(71,625

)

 

 

-

 

 

 

Cytracom, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.00%

 

10.85%

 

6/28/2027

 

 

3,426,966

 

 

 

3,395,129

 

 

 

3,392,697

 

 

 

Cytracom, LLC (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

6/28/2027

 

 

-

 

 

 

(4,640

)

 

 

(5,056

)

 

 

Cytracom, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

6/28/2027

 

 

-

 

 

 

(5,154

)

 

 

(5,618

)

 

 

Finastra USA Inc (f)(h)(l)

 

Revolving Credit Facility

 

SOFR

+

7.25%

 

12.18%

 

9/13/2029

 

 

3,613,184

 

 

 

3,482,921

 

 

 

3,613,184

 

 

 

Lightspeed Solutions, LLC (i)(k)

 

Term Loan

 

SOFR

+

6.5% (3.70% PIK)

 

11.11%

 

3/1/2028

 

 

20,307,024

 

 

 

20,023,002

 

 

 

19,900,883

 

 

 

Lightspeed Solutions, LLC (i)(k)

 

Delayed Draw Term Loan

 

SOFR

+

6.5% (3.70% PIK)

 

11.11%

 

3/1/2028

 

 

1,337,710

 

 

 

1,336,081

 

 

 

1,310,956

 

 

 

Prism Parent Co Inc. (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

9/16/2028

 

 

-

 

 

 

(24,763

)

 

 

-

 

 

 

Prism Parent Co Inc. (i)(k)

 

Term Loan

 

SOFR

+

5.00%

 

9.92%

 

9/16/2028

 

 

31,202,115

 

 

 

30,746,008

 

 

 

31,202,115

 

 

 

Routeware, Inc (h)(k)

 

Term Loan

 

SOFR

+

5.25%

 

10.11%

 

9/18/2031

 

 

9,545,455

 

 

 

9,450,331

 

 

 

9,450,000

 

 

 

Routeware, Inc (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

9/18/2031

 

 

-

 

 

 

(22,051

)

 

 

(22,159

)

 

 

Routeware, Inc (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

9/18/2031

 

 

-

 

 

 

(10,177

)

 

 

(10,227

)

 

 

 

 

 

 

 

 

 

 

 

 

143,136,935

 

 

 

145,326,491

 

 

20.94%

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

 

5


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2024

(unaudited)

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Automotive Parts & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Trailer Rental Group, LLC (h)(k)

 

Term Loan

 

SOFR

+

5.50%

 

10.00%

 

6/1/2027

 

 

15,560,000

 

 

$

15,293,233

 

 

$

14,688,640

 

 

 

American Trailer Rental Group, LLC (h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

5.50%

 

10.00%

 

6/1/2027

 

 

14,712,975

 

 

 

14,712,975

 

 

 

13,889,048

 

 

 

American Trailer Rental Group, LLC (h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

5.75%

 

10.25%

 

6/1/2027

 

 

19,195,875

 

 

 

18,809,625

 

 

 

18,236,081

 

 

 

Arrowhead Holdco Company (i)(k)

 

Term Loan

 

SOFR

+

5.25% (2.75% PIK)

 

10.46%

 

8/31/2028

 

 

25,464,858

 

 

 

25,078,808

 

 

 

21,033,973

 

 

 

Arrowhead Holdco Company (i)(k)

 

Delayed Draw Term Loan

 

SOFR

+

5.25% (2.75% PIK)

 

10.46%

 

8/31/2028

 

 

2,325,558

 

 

 

2,325,558

 

 

 

1,920,911

 

 

 

 

 

 

 

 

 

 

 

 

 

76,220,199

 

 

 

69,768,653

 

 

10.06%

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Copperweld Group, Inc. (h)(k)

 

Term Loan

 

SOFR

+

6.00%

 

10.87%

 

3/31/2026

 

 

37,838,879

 

 

 

37,045,642

 

 

 

37,763,201

 

 

 

Copperweld Group, Inc. (f)(h)

 

Revolving Credit Facility

 

SOFR

+

6.00%

 

10.87%

 

3/31/2026

 

 

3,045,685

 

 

 

2,944,489

 

 

 

3,035,533

 

 

 

 

 

 

 

 

 

 

 

 

 

39,990,131

 

 

 

40,798,734

 

 

5.88%

Commodity Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soteria Flexibles Corporation (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

8/15/2029

 

 

-

 

 

 

(74,470

)

 

 

-

 

 

 

Soteria Flexibles Corporation (h)(k)

 

Term Loan

 

SOFR

+

5.50%

 

10.10%

 

8/15/2029

 

 

15,303,848

 

 

 

14,974,658

 

 

 

15,120,202

 

 

 

Soteria Flexibles Corporation (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

8/15/2029

 

 

-

 

 

 

(120,550

)

 

 

(70,889

)

 

 

 

 

 

 

 

 

 

 

 

 

14,779,638

 

 

 

15,049,313

 

 

2.17%

Data Processing & Outsourced Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VRC Companies LLC (h)(k)

 

Term Loan

 

SOFR

+

5.75%

 

10.88%

 

6/29/2027

 

 

34,384,627

 

 

 

34,065,288

 

 

 

34,384,627

 

 

 

 

 

 

 

 

 

 

 

 

 

34,065,288

 

 

 

34,384,627

 

 

4.95%

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CUB Financing Intermediate, LLC (j)(k)

 

Term Loan

 

SOFR

+

4.75%

 

9.35%

 

6/28/2030

 

 

5,138,889

 

 

 

5,088,962

 

 

 

5,138,889

 

 

 

CUB Financing Intermediate, LLC (f)(j)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

6/28/2030

 

 

-

 

 

 

(11,363

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

5,077,599

 

 

 

5,138,889

 

 

0.74%

Diversified Support Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EverSmith Brands Intermediate Holding Company (h)(k)

 

Term Loan

 

SOFR

+

5.00%

 

9.85%

 

6/17/2030

 

 

528,088

 

 

 

520,444

 

 

 

514,358

 

 

 

EverSmith Brands Intermediate Holding Company (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

6/17/2030

 

 

-

 

 

 

(2,629

)

 

 

(6,801

)

 

 

EverSmith Brands Intermediate Holding Company (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

6/17/2030

 

 

-

 

 

 

(1,472

)

 

 

(2,676

)

 

 

MRI Acquisitions, Inc (h)(k)

 

Term Loan

 

SOFR

+

6.25%

 

11.00%

 

12/30/2025

 

 

34,549,649

 

 

 

34,243,265

 

 

 

33,582,259

 

 

 

MRI Acquisitions, Inc (f)(h)

 

Revolving Credit Facility

 

SOFR

+

6.25%

 

11.00%

 

12/30/2025

 

 

666,667

 

 

 

646,271

 

 

 

596,667

 

 

 

Ruppert Landscape, LLC (i)(k)

 

Term Loan

 

SOFR

+

5.00%

 

10.24%

 

12/1/2028

 

 

23,934,951

 

 

 

23,392,679

 

 

 

23,934,951

 

 

 

Ruppert Landscape, LLC (i)(k)

 

Delayed Draw Term Loan

 

SOFR

+

5.00%

 

9.85%

 

12/1/2028

 

 

6,248,435

 

 

 

6,079,295

 

 

 

6,248,435

 

 

 

Ruppert Landscape, LLC (f)(i)

 

Revolving Credit Facility

 

SOFR

+

5.00%

 

10.24%

 

12/1/2028

 

 

1,159,423

 

 

 

1,065,532

 

 

 

1,159,423

 

 

 

 

 

 

 

 

 

 

 

 

 

65,943,385

 

 

 

66,026,616

 

 

9.52%

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

 

6


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2024

(unaudited)

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Electrical Components & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Central Moloney, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.75%

 

11.35%

 

10/20/2028

 

 

4,287,063

 

 

$

4,210,321

 

 

$

4,287,063

 

 

 

 

 

 

 

 

 

 

 

 

 

4,210,321

 

 

 

4,287,063

 

 

0.62%

Electronic Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AEP Passion Intermediate Holdings, Inc. (h)(k)

 

Term Loan

 

SOFR

+

6.50%

 

11.71%

 

10/5/2027

 

 

24,442,274

 

 

 

23,919,064

 

 

 

22,169,142

 

 

 

AEP Passion Intermediate Holdings, Inc. (f)(h)

 

Delayed Draw Term Loan

 

SOFR

+

6.50%

 

11.71%

 

10/5/2027

 

 

1,353,266

 

 

 

1,285,360

 

 

 

1,036,066

 

 

 

AEP Passion Intermediate Holdings, Inc. (f)(h)

 

Revolving Credit Facility

 

SOFR

+

6.50%

 

11.25%

 

10/5/2027

 

 

1,622,083

 

 

 

1,586,884

 

 

 

1,463,290

 

 

 

EDS Buyer, LLC (h)(k)

 

Term Loan

 

SOFR

+

5.75%

 

10.35%

 

1/10/2029

 

 

910,291

 

 

 

893,552

 

 

 

904,829

 

 

 

EDS Buyer, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

1/10/2029

 

 

-

 

 

 

(1,528

)

 

 

(511

)

 

 

 

 

 

 

 

 

 

 

 

 

27,683,332

 

 

 

25,572,816

 

 

3.68%

Environmental & Facilities Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dragonfly Pond Works (h)

 

Term Loan

 

SOFR

+

5.25%

 

9.85%

 

8/16/2030

 

 

2,992,999

 

 

 

2,948,774

 

 

 

2,948,104

 

 

 

Dragonfly Pond Works (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

8/16/2030

 

 

-

 

 

 

(25,725

)

 

 

(26,254

)

 

 

Dragonfly Pond Works (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

8/16/2030

 

 

-

 

 

 

(12,860

)

 

 

(13,127

)

 

 

Erosion Holdings, LLC (k)

 

Term Loan

 

SOFR

+

5.50%

 

10.10%

 

9/30/2029

 

 

2,008,929

 

 

 

1,978,807

 

 

 

1,978,795

 

 

 

Erosion Holdings, LLC (f)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

9/30/2029

 

 

-

 

 

 

(60,236

)

 

 

(60,268

)

 

 

Erosion Holdings, LLC (f)

 

Revolving Credit Facility

 

 

-

 

 

-

 

9/30/2029

 

 

-

 

 

 

(20,079

)

 

 

(20,089

)

 

 

Pave America Interco, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.75%

 

11.50%

 

2/7/2028

 

 

39,845,477

 

 

 

38,964,075

 

 

 

39,845,477

 

 

 

Pave America Interco, LLC (h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

6.75%

 

11.50%

 

2/7/2028

 

 

5,706,658

 

 

 

5,577,556

 

 

 

5,706,658

 

 

 

Pave America Interco, LLC (f)(h)

 

Revolving Credit Facility

 

SOFR

+

6.75%

 

11.96%

 

2/7/2028

 

 

3,062,186

 

 

 

2,982,639

 

 

 

3,062,186

 

 

 

Pave America Interco, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.75%

 

11.50%

 

2/7/2028

 

 

997,500

 

 

 

969,277

 

 

 

997,500

 

 

 

 

 

 

 

 

 

 

 

 

 

53,302,228

 

 

 

54,418,982

 

 

7.83%

Food Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midas Foods International LLC (h)

 

Term Loan

 

SOFR

+

6.00%

 

10.85%

 

4/30/2029

 

 

327,049

 

 

 

320,921

 

 

 

324,433

 

 

 

Midas Foods International LLC (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

4/30/2029

 

 

-

 

 

 

(9,039

)

 

 

(3,934

)

 

 

Midas Foods International LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

4/30/2029

 

 

-

 

 

 

(3,010

)

 

 

(1,311

)

 

 

 

 

 

 

 

 

 

 

 

 

308,872

 

 

 

319,188

 

 

0.05%

Health Care Facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Infusion Services Management, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.50%

 

11.45%

 

7/7/2028

 

 

18,852,866

 

 

 

18,395,895

 

 

 

18,852,866

 

 

 

Infusion Services Management, LLC (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

7/7/2028

 

 

-

 

 

 

(122,559

)

 

 

-

 

 

 

Infusion Services Management, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

7/7/2028

 

 

-

 

 

 

(40,042

)

 

 

-

 

 

 

Infusion Services Management, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.00%

 

11.33%

 

7/7/2028

 

 

4,802,778

 

 

 

4,711,471

 

 

 

4,735,539

 

 

 

 

 

 

 

 

 

 

 

 

 

22,944,765

 

 

 

23,588,405

 

 

3.39%

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

 

7


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2024

(unaudited)

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Health Care Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AB Centers Acquisition Corporation (i)(k)

 

Term Loan

 

SOFR

+

5.25%

 

10.57%

 

7/2/2031

 

 

20,245,792

 

 

$

19,945,575

 

 

$

20,083,825

 

 

 

AB Centers Acquisition Corporation (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

7/2/2031

 

 

-

 

 

 

(26,636

)

 

 

(1,841

)

 

 

AB Centers Acquisition Corporation (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

7/2/2031

 

 

-

 

 

 

(26,640

)

 

 

(14,724

)

 

 

BeBright MSO, LLC (h)(k)

 

Term Loan

 

SOFR

+

5.75%

 

10.81%

 

6/3/2030

 

 

9,638,607

 

 

 

9,545,977

 

 

 

9,580,776

 

 

 

BeBright MSO, LLC (f)(h)

 

Delayed Draw Term Loan

 

SOFR

+

5.75%

 

10.98%

 

6/3/2030

 

 

5,815,486

 

 

 

5,741,850

 

 

 

5,769,114

 

 

 

BeBright MSO, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

6/3/2030

 

 

-

 

 

 

(18,295

)

 

 

(11,595

)

 

 

CareRing Health, LLC (i)(k)

 

Delayed Draw Term Loan

 

SOFR

+

6.00%

 

11.06%

 

5/4/2028

 

 

6,582,824

 

 

 

6,565,455

 

 

 

6,385,339

 

 

 

CareRing Health, LLC (i)(k)

 

Term Loan

 

SOFR

+

6.00%

 

11.06%

 

5/4/2028

 

 

28,313,793

 

 

 

27,859,095

 

 

 

27,464,379

 

 

 

Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (h)(k)

 

Term Loan

 

SOFR

+

6.50%

 

11.74%

 

1/3/2029

 

 

38,124,425

 

 

 

37,385,780

 

 

 

38,124,425

 

 

 

Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

6.50%

 

11.77%

 

1/3/2029

 

 

8,977,273

 

 

 

8,804,600

 

 

 

8,977,273

 

 

 

Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

1/3/2029

 

 

-

 

 

 

(48,768

)

 

 

-

 

 

 

Houseworks Holdings, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.75%

 

12.26%

 

12/16/2028

 

 

6,631,875

 

 

 

6,477,812

 

 

 

6,631,875

 

 

 

Houseworks Holdings, LLC (h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

6.75%

 

12.26%

 

12/16/2028

 

 

24,625,000

 

 

 

24,060,296

 

 

 

24,625,000

 

 

 

Houseworks Holdings, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

12/16/2028

 

 

-

 

 

 

(122,437

)

 

 

-

 

 

 

Houseworks Holdings, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.75%

 

12.26%

 

12/16/2028

 

 

43,743,690

 

 

 

42,680,067

 

 

 

43,743,690

 

 

 

Integrated Oncology Network LLC (h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

6.00%

 

11.48%

 

6/24/2025

 

 

3,120,648

 

 

 

3,120,648

 

 

 

3,120,648

 

 

 

Integrated Oncology Network LLC (f)(h)

 

Revolving Credit Facility

 

SOFR

+

6.00%

 

11.17%

 

6/24/2025

 

 

570,927

 

 

 

570,927

 

 

 

570,927

 

 

 

Integrated Oncology Network LLC (h)(k)

 

Term Loan

 

SOFR

+

6.00%

 

11.48%

 

6/24/2025

 

 

13,720,027

 

 

 

13,642,525

 

 

 

13,720,027

 

 

 

The Smilist DSO, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.00%

 

10.60%

 

4/4/2029

 

 

21,195,005

 

 

 

20,753,412

 

 

 

21,067,835

 

 

 

The Smilist DSO, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

4/4/2029

 

 

-

 

 

 

(23,368

)

 

 

(6,891

)

 

 

The Smilist DSO, LLC (f)(h)

 

Delayed Draw Term Loan

 

SOFR

+

6.00%

 

11.29%

 

4/4/2029

 

 

2,302,272

 

 

 

2,231,904

 

 

 

2,288,458

 

 

 

The Smilist DSO, LLC (f)(h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

6.00%

 

11.29%

 

4/4/2029

 

 

5,730,131

 

 

 

5,611,909

 

 

 

5,695,750

 

 

 

Tiger Healthcare Buyer, LLC (f)(h)

 

Delayed Draw Term Loan

 

SOFR

+

6.00%

 

10.86%

 

2/27/2030

 

 

74,583

 

 

 

72,549

 

 

 

72,651

 

 

 

Tiger Healthcare Buyer, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.00%

 

10.60%

 

2/27/2030

 

 

2,487,500

 

 

 

2,435,466

 

 

 

2,437,750

 

 

 

Tiger Healthcare Buyer, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

2/27/2030

 

 

-

 

 

 

(45,762

)

 

 

(45,000

)

 

 

VIP Medical US Buyer, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.00%

 

10.95%

 

12/12/2028

 

 

33,783,263

 

 

 

33,265,870

 

 

 

33,310,297

 

 

 

VIP Medical US Buyer, LLC (f)(h)

 

Revolving Credit Facility

 

SOFR

+

6.00%

 

10.95%

 

12/12/2028

 

 

5,500,000

 

 

 

5,392,275

 

 

 

5,395,000

 

 

 

VIP Medical US Buyer, LLC (f)(h)

 

Delayed Draw Term Loan

 

SOFR

+

6.00%

 

10.95%

 

12/12/2028

 

 

4,478,750

 

 

 

4,335,790

 

 

 

4,339,048

 

 

 

 

 

 

 

 

 

 

 

 

 

280,187,876

 

 

 

283,324,036

 

 

40.79%

Health Care Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C2DX, Inc (h)(k)

 

Term Loan

 

SOFR

+

5.25%

 

10.31%

 

3/19/2030

 

 

522,797

 

 

 

515,465

 

 

 

522,797

 

 

 

C2DX, Inc (f)(h)

 

Revolving Credit Facility

 

SOFR

+

5.25%

 

10.31%

 

3/19/2030

 

 

15,254

 

 

 

13,392

 

 

 

15,254

 

 

 

C2DX, Inc (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

3/19/2030

 

 

-

 

 

 

(4,646

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

524,211

 

 

 

538,051

 

 

0.08%

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

 

8


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2024

(unaudited)

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RxStrategies, Inc (h)(k)

 

Term Loan

 

SOFR

+

5.25%

 

10.35%

 

8/12/2030

 

 

20,849,359

 

 

$

20,541,730

 

 

$

20,640,865

 

 

 

RxStrategies, Inc (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

8/12/2030

 

 

-

 

 

 

(55,004

)

 

 

(37,500

)

 

 

 

 

 

 

 

 

 

 

 

 

20,486,726

 

 

 

20,603,365

 

 

2.96%

Human Resource & Employment Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future Care Associates LLC (h)(k)

 

Term Loan

 

SOFR

+

5.25%

 

10.20%

 

12/30/2028

 

 

29,475,000

 

 

 

28,895,920

 

 

 

29,003,400

 

 

 

Future Care Associates LLC (h)

 

Delayed Draw Term Loan

 

SOFR

+

5.25%

 

10.20%

 

12/30/2028

 

 

24,777,500

 

 

 

24,304,541

 

 

 

24,381,060

 

 

 

Future Care Associates LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

12/30/2028

 

 

-

 

 

 

(90,253

)

 

 

(80,000

)

 

 

 

 

 

 

 

 

 

 

 

 

53,110,208

 

 

 

53,304,460

 

 

7.68%

Industrial Machinery & Supplies & Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Astro Acquisition LLC (h)(k)

 

Term Loan

 

SOFR

+

5.50%

 

10.10%

 

12/13/2027

 

 

48,625,000

 

 

 

48,210,684

 

 

 

48,527,750

 

 

 

Astro Acquisition LLC (f)(h)

 

Revolving Credit Facility

 

SOFR

+

5.50%

 

10.57%

 

12/13/2027

 

 

3,250,000

 

 

 

3,250,000

 

 

 

3,237,500

 

 

 

Double E Company, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.75% (2.75% PIK)

 

11.25%

 

6/21/2028

 

 

15,833,021

 

 

 

15,697,365

 

 

 

13,822,228

 

 

 

Double E Company, LLC (f)(h)

 

Revolving Credit Facility

 

SOFR

+

6.75%

 

11.50%

 

6/21/2028

 

 

2,044,053

 

 

 

2,044,053

 

 

 

1,741,938

 

 

 

Endurance PT Technology Buyer Corporation (h)(k)

 

Term Loan

 

SOFR

+

5.50%

 

10.35%

 

2/28/2030

 

 

4,235,030

 

 

 

4,156,339

 

 

 

4,235,030

 

 

 

Endurance PT Technology Buyer Corporation (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

2/28/2030

 

 

-

 

 

 

(55,739

)

 

 

-

 

 

 

Endurance PT Technology Buyer Corporation (h)(k)

 

Term Loan

 

SOFR

+

5.25%

 

10.10%

 

2/28/2030

 

 

997,500

 

 

 

980,627

 

 

 

989,520

 

 

 

LA-CO Industries, Inc (h)(k)

 

Term Loan

 

SOFR

+

5.00%

 

9.60%

 

7/2/2030

 

 

9,144,487

 

 

 

9,011,429

 

 

 

9,034,753

 

 

 

LA-CO Industries, Inc (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

7/2/2030

 

 

-

 

 

 

(10,947

)

 

 

(9,125

)

 

 

Lake Air Products, LLC (h)(k)

 

Term Loan

 

SOFR

+

7.00%

 

11.75%

 

1/9/2029

 

 

38,470,917

 

 

 

37,716,111

 

 

 

38,047,737

 

 

 

Lake Air Products, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

1/9/2029

 

 

-

 

 

 

(107,975

)

 

 

(66,000

)

 

 

Lamons Manufacturing And Service Company (h)(l)

 

Term Loan

 

SOFR

+

6.50%

 

11.46%

 

12/20/2025

 

 

995,000

 

 

 

980,119

 

 

 

979,080

 

 

 

MoboTrex, LLC (h)(k)

 

Term Loan

 

SOFR

+

5.50%

 

10.10%

 

6/7/2030

 

 

544,091

 

 

 

533,619

 

 

 

544,091

 

 

 

MoboTrex, LLC (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

6/7/2030

 

 

-

 

 

 

(2,987

)

 

 

-

 

 

 

MoboTrex, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

6/7/2030

 

 

-

 

 

 

(1,990

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

122,400,708

 

 

 

121,084,502

 

 

17.44%

Insurance Brokers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group, Inc. (i)(k)

 

Term Loan

 

SOFR

+

5.25%

 

10.10%

 

9/30/2028

 

 

4,900,000

 

 

 

4,828,091

 

 

 

4,900,000

 

 

 

Alera Group, Inc. (i)(k)

 

Delayed Draw Term Loan

 

SOFR

+

5.25%

 

10.10%

 

9/30/2028

 

 

9,829,375

 

 

 

9,688,492

 

 

 

9,829,375

 

 

 

 

 

 

 

 

 

 

 

 

 

14,516,583

 

 

 

14,729,375

 

 

2.13%

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WCI-BXC Purchaser, LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

11/6/2029

 

 

-

 

 

 

(126,634

)

 

 

-

 

 

 

WCI-BXC Purchaser, LLC (i)(k)

 

Term Loan

 

SOFR

+

6.25%

 

11.48%

 

11/6/2030

 

 

23,280,074

 

 

 

22,748,694

 

 

 

23,280,074

 

 

 

 

 

 

 

 

 

 

 

 

 

22,622,060

 

 

 

23,280,074

 

 

3.35%

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

 

9


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2024

(unaudited)

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Office Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSE Supplies, LLC (h)(k)

 

Term Loan

 

SOFR

+

5.00%

 

10.12%

 

8/14/2030

 

 

5,769,231

 

 

$

5,669,862

 

 

$

5,668,269

 

 

 

MSE Supplies, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

8/14/2030

 

 

-

 

 

 

(24,722

)

 

 

(25,240

)

 

 

 

 

 

 

 

 

 

 

 

 

5,645,140

 

 

 

5,643,029

 

 

0.82%

Packaged Foods & Meats

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CCI Prime, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.00%

 

10.60%

 

10/18/2029

 

 

971,189

 

 

 

949,719

 

 

 

957,592

 

 

 

CCI Prime, LLC (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

10/18/2029

 

 

-

 

 

 

(9,091

)

 

 

(6,012

)

 

 

CCI Prime, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

10/18/2029

 

 

-

 

 

 

(73,921

)

 

 

(49,000

)

 

 

Sabrosura Foods, LLC (h)(k)

 

Term Loan

 

SOFR

+

5.00%

 

9.60%

 

8/22/2029

 

 

33,193,784

 

 

 

32,704,147

 

 

 

32,695,877

 

 

 

Sabrosura Foods, LLC (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

8/22/2029

 

 

-

 

 

 

(32,801

)

 

 

(33,509

)

 

 

Sabrosura Foods, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

8/22/2029

 

 

-

 

 

 

(118,393

)

 

 

(120,972

)

 

 

 

 

 

 

 

 

 

 

 

 

33,419,660

 

 

 

33,443,976

 

 

4.82%

Paper & Plastic Packaging Products & Materials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bron Buyer, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.75%

 

11.45%

 

1/13/2029

 

 

32,505,000

 

 

 

31,866,777

 

 

 

32,439,990

 

 

 

Bron Buyer, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

1/13/2029

 

 

-

 

 

 

(90,054

)

 

 

(10,000

)

 

 

 

 

 

 

 

 

 

 

 

 

31,776,723

 

 

 

32,429,990

 

 

4.67%

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation (h)(k)

 

Term Loan

 

SOFR

+

7.00%

 

12.21%

 

12/21/2028

 

 

44,279,795

 

 

 

42,461,835

 

 

 

44,279,795

 

 

 

Alcami Corporation (h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

7.00%

 

12.21%

 

12/21/2028

 

 

3,981,636

 

 

 

3,826,008

 

 

 

3,981,636

 

 

 

Alcami Corporation (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

12/21/2028

 

 

-

 

 

 

(274,767

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

46,013,076

 

 

 

48,261,431

 

 

6.95%

Research & Consulting Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RPX Corporation (h)

 

Term Loan

 

SOFR

+

5.50%

 

10.70%

 

8/2/2030

 

 

9,160,714

 

 

 

9,025,967

 

 

 

9,023,304

 

 

 

RPX Corporation (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

8/2/2030

 

 

-

 

 

 

(11,919

)

 

 

(12,245

)

 

 

 

 

 

 

 

 

 

 

 

 

9,014,048

 

 

 

9,011,059

 

 

1.30%

Soft Drinks & Non-alcoholic Beverages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Refresh Buyer LLC (f)(i)

 

Revolving Credit Facility

 

SOFR

+

4.25%

 

9.10%

 

12/23/2027

 

 

797,546

 

 

 

797,546

 

 

 

754,601

 

 

 

Refresh Buyer LLC (i)(k)

 

Term Loan

 

SOFR

+

4.25%

 

8.85%

 

12/23/2028

 

 

14,355,828

 

 

 

14,238,839

 

 

 

14,154,847

 

 

 

Refresh Buyer LLC (i)(k)

 

Delayed Draw Term Loan

 

SOFR

+

4.25%

 

8.85%

 

12/23/2028

 

 

2,164,417

 

 

 

2,164,417

 

 

 

2,134,115

 

 

 

Refresh Buyer LLC (i)(k)

 

Term Loan

 

SOFR

+

4.75%

 

9.35%

 

12/23/2028

 

 

34,418,012

 

 

 

33,895,997

 

 

 

34,142,668

 

 

 

Refresh Buyer LLC (i)(k)

 

Delayed Draw Term Loan

 

SOFR

+

4.75%

 

9.35%

 

12/23/2028

 

 

4,931,677

 

 

 

4,860,063

 

 

 

4,892,224

 

 

 

 

 

 

 

 

 

 

 

 

 

55,956,862

 

 

 

56,078,455

 

 

8.08%

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

 

10


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2024

(unaudited)

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Specialized Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COP Foundations Acquisitions Inc. (h)(k)

 

Term Loan

 

SOFR

+

5.00%

 

9.85%

 

5/6/2029

 

 

1,900,000

 

 

$

1,868,821

 

 

$

1,900,000

 

 

 

COP Foundations Acquisitions Inc. (f)(h)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

5/6/2029

 

 

-

 

 

 

(19,202

)

 

 

-

 

 

 

COP Foundations Acquisitions Inc. (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

5/6/2029

 

 

-

 

 

 

(9,595

)

 

 

-

 

 

 

Mustang Prospects Purchaser LLC (i)(k)

 

Term Loan

 

SOFR

+

5.00%

 

9.60%

 

6/13/2031

 

 

16,104,607

 

 

 

15,948,316

 

 

 

15,846,933

 

 

 

Mustang Prospects Purchaser LLC (f)(i)

 

Delayed Draw Term Loan

 

SOFR

+

5.00%

 

9.60%

 

6/13/2031

 

 

1,736,771

 

 

 

1,710,261

 

 

 

1,686,405

 

 

 

Mustang Prospects Purchaser LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

6/13/2031

 

 

-

 

 

 

(22,694

)

 

 

(37,893

)

 

 

NAM Acquisition Co LLC (i)(k)

 

Term Loan

 

SOFR

+

5.00%

 

9.85%

 

7/16/2030

 

 

3,469,880

 

 

 

3,419,150

 

 

 

3,417,831

 

 

 

NAM Acquisition Co LLC (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

7/16/2030

 

 

-

 

 

 

(6,985

)

 

 

(7,229

)

 

 

NAM Acquisition Co LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

7/16/2030

 

 

-

 

 

 

(6,982

)

 

 

(7,229

)

 

 

Quick Roofing Acquisition, LLC (h)(k)

 

Term Loan

 

SOFR

+

5.50%

 

10.20%

 

12/22/2029

 

 

8,135,246

 

 

 

7,950,899

 

 

 

8,135,246

 

 

 

Quick Roofing Acquisition, LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

12/22/2029

 

 

-

 

 

 

(185,722

)

 

 

-

 

 

 

Quick Roofing Acquisition, LLC (f)(h)

 

Delayed Draw Term Loan

 

SOFR

+

5.50%

 

10.20%

 

12/22/2029

 

 

2,082,787

 

 

 

2,017,177

 

 

 

2,082,787

 

 

 

SCP WQS Buyer, LLC (h)(k)

 

Term Loan

 

SOFR

+

5.75%

 

10.35%

 

10/2/2028

 

 

4,328,989

 

 

 

4,246,809

 

 

 

4,311,673

 

 

 

SCP WQS Buyer, LLC (f)(h)

 

Delayed Draw Term Loan

 

SOFR

+

5.75%

 

10.50%

 

10/2/2028

 

 

4,311,532

 

 

 

4,180,849

 

 

 

4,283,028

 

 

 

SCP WQS Buyer, LLC (f)(h)

 

Revolving Credit Facility

 

SOFR

+

5.75%

 

10.35%

 

10/2/2028

 

 

560,000

 

 

 

496,399

 

 

 

546,000

 

 

 

USW Buyer, LLC (h)(k)

 

Term Loan

 

SOFR

+

6.25%

 

10.95%

 

11/3/2028

 

 

15,720,000

 

 

 

15,482,873

 

 

 

14,635,320

 

 

 

USW Buyer, LLC (h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

6.25%

 

10.95%

 

11/3/2028

 

 

14,854,625

 

 

 

14,638,722

 

 

 

13,829,656

 

 

 

USW Buyer, LLC (f)(h)

 

Revolving Credit Facility

 

SOFR

+

6.25%

 

10.95%

 

11/3/2028

 

 

3,030,000

 

 

 

2,959,668

 

 

 

2,685,000

 

 

 

 

 

 

 

 

 

 

 

 

 

74,668,764

 

 

 

73,307,528

 

 

10.55%

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All States AG Parts LLC (h)(k)

 

Term Loan

 

SOFR

+

6.00%

 

10.96%

 

9/1/2026

 

 

24,559,789

 

 

 

24,202,766

 

 

 

23,454,598

 

 

 

Belt Power Holdings LLC (h)(k)

 

Term Loan

 

SOFR

+

5.50%

 

10.25%

 

8/22/2028

 

 

29,148,718

 

 

 

28,727,940

 

 

 

29,148,718

 

 

 

Belt Power Holdings LLC (h)(k)

 

Delayed Draw Term Loan

 

SOFR

+

5.50%

 

10.25%

 

8/22/2028

 

 

6,762,735

 

 

 

6,692,181

 

 

 

6,762,735

 

 

 

Belt Power Holdings LLC (f)(h)

 

Revolving Credit Facility

 

 

-

 

 

-

 

8/22/2028

 

 

-

 

 

 

(45,854

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

59,577,033

 

 

 

59,366,051

 

 

8.55%

Total First Lien Debt

 

 

 

 

 

 

 

 

 

 

1,407,058,488

 

 

 

1,389,191,305

 

 

200.10%

Second Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Echo Global Logistics Inc (j)(k)

 

Term Loan

 

SOFR

+

8.00%

 

13.35%

 

11/23/2029

 

 

10,000,000

 

 

 

9,704,740

 

 

 

10,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

9,704,740

 

 

 

10,000,000

 

 

1.44%

Total Second Lien Debt

 

 

 

 

 

 

 

 

 

 

9,704,740

 

 

 

10,000,000

 

 

1.44%

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

 

11


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2024

(unaudited)

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REP RO Coinvest IV-A, L.P. (l)(n)

 

Equity Units

 

 

 

 

 

 

800,000

 

 

$

800,000

 

 

$

592,000

 

 

 

 

 

 

 

 

 

 

 

 

 

800,000

 

 

 

592,000

 

 

0.09%

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Copperweld Investor, LLC (n)

 

Class A Common Units

 

 

 

 

 

 

600,000

 

 

 

1,500,000

 

 

 

1,374,000

 

 

 

 

 

 

 

 

 

 

 

 

 

1,500,000

 

 

 

1,374,000

 

 

0.20%

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dragonfly Ultimate Holdings LLC (n)

 

Common Units

 

 

 

 

 

 

131,272

 

 

 

131,272

 

 

 

131,272

 

 

 

 

 

 

 

 

 

 

 

 

 

131,272

 

 

 

131,272

 

 

0.02%

Diversified Support Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Control Concepts Holdings, L.P (l)(n)

 

Class A-1 Units

 

 

 

 

 

 

33,715

 

 

 

337,148

 

 

 

1,197,549

 

 

 

KLC Fund 1022-CI-A LP (l)(n)

 

Equity Interest

 

 

 

 

 

 

 

 

750,000

 

 

 

786,375

 

 

 

 

 

 

 

 

 

 

 

 

 

1,087,148

 

 

 

1,983,924

 

 

0.28%

Electronic Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APCT Parent, L.P. (n)

 

Class A Units

 

 

 

 

 

 

1,500

 

 

 

1,500,000

 

 

 

434,115

 

 

 

APCT Parent, L.P. (l)(n)

 

Class C Units

 

 

 

 

 

 

76

 

 

 

38,419

 

 

 

56,264

 

 

 

 

 

 

 

 

 

 

 

 

 

1,538,419

 

 

 

490,379

 

 

0.07%

Environmental & Facilities Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Erosion Holdings, LLC (n)

 

Common Units

 

 

 

 

 

 

134

 

 

 

133,775

 

 

 

133,922

 

 

 

 

 

 

 

 

 

 

 

 

 

133,775

 

 

 

133,922

 

 

0.02%

Food Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MFI Group Holdings LLC (n)

 

Class A Units

 

 

 

 

 

 

16

 

 

 

16,393

 

 

 

17,729

 

 

 

 

 

 

 

 

 

 

 

 

 

16,393

 

 

 

17,729

 

 

0.00%

Health Care Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Care (ITC) Holdings, LLC (n)

 

Class A Units

 

 

 

 

 

 

187,961

 

 

 

1,879,621

 

 

 

2,379,586

 

 

 

Tiger Healthcare Holdings, LLC (n)

 

Class A Interest

 

 

 

 

 

 

97,500

 

 

 

125,000

 

 

 

121,875

 

 

 

VIP Medical Holdings, LLC (n)

 

Class A Units

 

 

 

 

 

 

1,000,000

 

 

 

10

 

 

 

10

 

 

 

VIP Medical Holdings, LLC (n)

 

Series A Preferred Units

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

910,000

 

 

 

 

 

 

 

 

 

 

 

 

 

3,004,631

 

 

 

3,411,471

 

 

0.49%

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RXS Enterprises LLC (n)

 

Preferred Units

 

 

 

 

 

 

57,423

 

 

 

308,494

 

 

 

326,165

 

 

 

RXS Enterprises LLC (n)

 

Senior Preferred Units

 

 

 

 

 

 

92,147

 

 

 

92,147

 

 

 

92,147

 

 

 

 

 

 

 

 

 

 

 

 

 

400,641

 

 

 

418,312

 

 

0.06%

 

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

 

12


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2024

(unaudited)

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Human Resource & Employment Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCA Partners LLC (l)(n)

 

Common Units

 

 

 

 

 

 

839,085

 

 

$

4

 

 

$

8

 

 

 

FCA Partners LLC (l)(n)

 

Class A Preferred Units

 

 

 

 

 

 

839,085

 

 

 

839,085

 

 

 

503,451

 

 

 

 

 

 

 

 

 

 

 

 

 

839,089

 

 

 

503,459

 

 

0.07%

Industrial Machinery & Supplies & Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Double E Equity, L.P. (l)(n)

 

Class A Common Units

 

 

 

 

 

 

1,000

 

 

 

1,000,000

 

 

 

208,920

 

 

 

Double E Equity, L.P. (l)(n)

 

Class A Preferred Units

 

 

 

 

 

 

18

 

 

 

17,500

 

 

 

18,789

 

 

 

Endurance PT Technology Holdings LLC (n)

 

Common Units

 

 

 

 

 

 

177

 

 

 

17,722

 

 

 

30,000

 

 

 

Endurance PT Technology Holdings LLC (n)

 

Preferred Units

 

 

 

 

 

 

159

 

 

 

159,499

 

 

 

165,813

 

 

 

Lake Air Products, LLC (l)(n)

 

Common Units

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

900,000

 

 

 

MoboTrex Ultimate Holdings, LLC (n)

 

Class A-2 Units

 

 

 

 

 

 

34,965

 

 

 

34,965

 

 

 

58,392

 

 

 

 

 

 

 

 

 

 

 

 

 

2,229,686

 

 

 

1,381,914

 

 

0.19%

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WCI-BXC Investment Holdings LP (l)(n)

 

Equity Interest

 

 

 

 

 

 

 

 

608,645

 

 

 

589,865

 

 

 

 

 

 

 

 

 

 

 

 

 

608,645

 

 

 

589,865

 

 

0.08%

Office Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MSE Acquisitions, Inc (l)(n)

 

Series A Preferred Units

 

 

 

 

 

 

288

 

 

 

288,462

 

 

 

293,917

 

 

 

 

 

 

 

 

 

 

 

 

 

288,462

 

 

 

293,917

 

 

0.04%

Packaged Foods & Meats

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CCI Prime Holdings, LLC (n)

 

Series A Preferred Units

 

 

 

 

 

 

92

 

 

 

92,025

 

 

 

90,092

 

 

 

Sabrosura Super Holdings LLC (n)

 

Class A Units

 

 

 

 

 

 

323,750

 

 

 

388,500

 

 

 

388,500

 

 

 

 

 

 

 

 

 

 

 

 

 

480,525

 

 

 

478,592

 

 

0.07%

Paper & Plastic Packaging Products & Materials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bron Holdings, LLC (n)

 

Class A Units

 

 

 

 

 

 

1,000

 

 

 

1,000,000

 

 

 

1,019,540

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,019,540

 

 

0.15%

Specialized Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COP Foundations Investment, LLC (n)

 

Class A Units

 

 

 

 

 

 

119,048

 

 

 

119,048

 

 

 

126,190

 

 

 

Mustang Prospects Holdco, LLC (n)

 

Class A Units

 

 

 

 

 

 

1,027

 

 

 

1,026,657

 

 

 

1,177,031

 

 

 

Mustang Prospects Holdco, LLC (n)

 

Class B Units

 

 

 

 

 

 

1,026,689

 

 

 

32,318

 

 

 

574,946

 

 

 

NAM Group Holdings, LLC (n)

 

Class A Units

 

 

 

 

 

 

84,337

 

 

 

84,337

 

 

 

86,024

 

 

 

Quick Roofing Topco, LLC (n)

 

Class A Interest

 

 

 

 

 

 

327,869

 

 

 

327,869

 

 

 

511,475

 

 

 

USW Holdings, LLC (n)

 

Class A-1 Units

 

 

 

 

 

 

627

 

 

 

651,026

 

 

 

424,455

 

 

 

 

 

 

 

 

 

 

 

 

 

2,241,255

 

 

 

2,900,121

 

 

0.41%

 

 

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

 

13


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2024

(unaudited)

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Belt Power Parent, LLC (n)

 

Class A Units

 

 

 

 

 

 

1,110,114

 

 

$

1,146,452

 

 

$

1,698,475

 

 

 

 

 

 

 

 

 

 

 

 

 

1,146,452

 

 

 

1,698,475

 

 

0.24%

Total Equity

 

 

 

 

 

 

 

 

 

 

17,446,393

 

 

 

17,418,892

 

 

2.48%

Money Market Mutual Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Institutional Treasury Plus Money Market Fund - 4.87% (g)(m)

 

Investor Class Units

 

 

 

 

 

 

4,341,431

 

 

 

4,341,431

 

 

 

4,341,431

 

 

 

State Street Institutional U.S. Government Money Market Fund - 4.69% (g)(m)

 

Administration Class Units

 

 

 

 

 

 

20,038,249

 

 

 

20,038,249

 

 

 

20,038,249

 

 

 

 

 

 

 

 

 

 

 

 

 

24,379,680

 

 

 

24,379,680

 

 

3.52%

Total Money Market Mutual Funds

 

 

 

 

 

 

 

 

 

 

24,379,680

 

 

 

24,379,680

 

 

3.52%

Total Investments -- non-controlled/ non-affiliate

 

 

 

 

 

 

 

 

 

 

1,458,589,301

 

 

 

1,440,989,877

 

 

207.54%

Total Investment Portfolio

 

 

 

 

 

 

 

 

 

$

1,458,589,301

 

 

$

1,440,989,877

 

 

207.54%

 

 

(a)
All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.
(b)
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to Secured Overnight Funds Rate (SOFR) which resets monthly, quarterly, or semi-annually. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2024.
(c)
The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.
(d)
All debt investments are shown at amortized cost. All equity investments are shown at identified cost.
(e)
Unless otherwise indicated, investments were valued using unobservable inputs and are considered Level 3 investments.
(f)
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Negative fair value is the result of the unfunded commitment being valued below par and/or the capitalized discount on the loan. The unfunded loan commitment may be subject to a commitment termination date and may expire prior to the maturity date stated. See Notes to Consolidated Financial Statements for more information on the Fund's unfunded commitments.
(g)
These investments were not valued using unobservable inputs and are not considered Level 3 investments.
(h)
The interest rate floor on these investments as of September 30, 2024 was 1.00%.
(i)
The interest rate floor on these investments as of September 30, 2024 was 0.75%.
(j)
The interest rate floor on these investments as of September 30, 2024 was 0.50%.
(k)
Security or portion of the security is pledged as collateral for Fidelity Direct Lending Fund I JSPV LLC Facility.
(l)
The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund’s total assets. As of September 30, 2024, non-qualifying assets amounted to $9,739,402 which represents 0.7% of total assets as calculated in accordance with regulatory requirements.
(m)
The rate quoted is the annualized seven-day yield of the fund at period end.
(n)
Restricted securities (including private placements) – Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $17,418,892 or 2.5% of net assets.

 

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

 

14


 

Additional information on each restricted holding is as follows:

Investment

 

Type

 

Acquisition Date

 

Acquisition Cost ($)

 

Air Control Concepts Holdings, L.P

 

Class A-1 Units

 

04/11/2023 - 07/12/2024

 

 

337,148

 

APCT Parent, L.P.

 

Class A Units

 

2/14/2023

 

 

1,500,000

 

APCT Parent, L.P.

 

Class C Units

 

8/9/2024

 

 

38,419

 

Belt Power Parent, LLC

 

Class A Units

 

10/07/2022 - 07/24/2024

 

 

1,146,452

 

Bron Holdings, LLC

 

Class A Units

 

1/13/2023

 

 

1,000,000

 

CCI Prime Holdings, LLC

 

Series A Preferred Units

 

10/18/2023

 

 

92,025

 

COP Foundations Investment, LLC

 

Class A Units

 

5/6/2024

 

 

119,048

 

Copperweld Investor, LLC

 

Class A Common Units

 

12/15/2022

 

 

1,500,000

 

Double E Equity, L.P.

 

Class A Common Units

 

6/21/2022

 

 

1,000,000

 

Double E Equity, L.P.

 

Class A Preferred Units

 

5/7/2024

 

 

17,500

 

Dragonfly Ultimate Holdings LLC

 

Common Units

 

8/16/2024

 

 

131,272

 

Endurance PT Technology Holdings LLC

 

Common Units

 

02/29/2024 - 06/28/2024

 

 

17,722

 

Endurance PT Technology Holdings LLC

 

Preferred Units

 

02/29/2024 - 06/28/2024

 

 

159,499

 

Erosion Holdings, LLC

 

Common Units

 

9/30/2024

 

 

133,930

 

FCA Partners LLC

 

Common Units

 

04/17/2023 - 06/07/2024

 

 

4

 

FCA Partners LLC

 

Class A Preferred Units

 

04/17/2023 - 06/07/2024

 

 

839,085

 

KLC Fund 1022-CI-A LP

 

Equity Interest

 

12/1/2022

 

 

750,000

 

Lake Air Products, LLC

 

Common Units

 

1/9/2023

 

 

1,000,000

 

MFI Group Holdings LLC

 

Class A Units

 

4/30/2024

 

 

16,393

 

MoboTrex Ultimate Holdings, LLC

 

Class A-2 Units

 

6/7/2024

 

 

34,965

 

MSE Acquisitions, Inc

 

Series A Preferred Units

 

8/14/2024

 

 

288,462

 

Mustang Prospects Holdco, LLC

 

Class A Units

 

12/15/2022 - 09/30/2024

 

 

1,026,657

 

Mustang Prospects Holdco, LLC

 

Class B Units

 

12/15/2022 - 09/30/2024

 

 

32,318

 

NAM Group Holdings, LLC

 

Class A Units

 

7/16/2024

 

 

84,337

 

Personal Care (ITC) Holdings, LLC

 

Class A Units

 

02/14/2023 - 10/18/2023

 

 

1,879,621

 

Quick Roofing Topco, LLC

 

Class A Interest

 

12/22/2023

 

 

327,869

 

REP RO Coinvest IV-A, L.P.

 

Equity Units

 

12/29/2022

 

 

800,000

 

RXS Enterprises LLC

 

Preferred Units

 

8/12/2024

 

 

308,494

 

RXS Enterprises LLC

 

Senior Preferred Units

 

8/12/2024

 

 

92,147

 

Sabrosura Super Holdings LLC

 

Class A Units

 

8/22/2024

 

 

388,500

 

Tiger Healthcare Holdings, LLC

 

Class A Interest

 

2/27/2024

 

 

125,000

 

USW Holdings, LLC

 

Class A-1 Units

 

11/03/2022 - 12/05/2023

 

 

651,026

 

VIP Medical Holdings, LLC

 

Class A Units

 

12/12/2022

 

 

10

 

VIP Medical Holdings, LLC

 

Series A Preferred Units

 

12/12/2022

 

 

1,000,000

 

WCI-BXC Investment Holdings LP

 

Equity Interest

 

11/6/2023

 

 

608,108

 

 

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

 

15


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2023

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Investments -- non-controlled/ non-affiliate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cadence - Southwick, Inc. (i)(l)

 

Term Loan

 

SOFR

+

6.75%

 

12.24%

 

5/3/2029

 

 

8,352,515

 

 

$

8,121,298

 

 

$

8,344,163

 

 

 

Cadence - Southwick, Inc. (f)(i)

 

Revolving Credit Facility

 

SOFR

+

6.75%

 

12.26%

 

5/3/2028

 

 

911,475

 

 

 

821,881

 

 

 

908,057

 

 

 

 

 

 

 

 

 

 

 

 

 

8,943,179

 

 

 

9,252,220

 

 

1.37%

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Echo Global Logistics Inc (k)(l)

 

Term Loan

 

SOFR

+

4.75%

 

10.20%

 

11/23/2028

 

 

15,405,000

 

 

 

14,932,105

 

 

 

15,405,000

 

 

 

Omni Intermediate Holdings, LLC (i)(l)

 

Term Loan

 

SOFR

+

5.00%

 

10.54%

 

12/30/2026

 

 

27,278,848

 

 

 

27,021,061

 

 

 

26,090,236

 

 

 

Omni Intermediate Holdings, LLC (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

12/30/2026

 

 

-

 

 

 

(5,973

)

 

 

(204,969

)

 

 

R1 Holdings Merger Sub, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.25%

 

11.72%

 

12/29/2028

 

 

21,913,650

 

 

 

21,336,855

 

 

 

21,913,650

 

 

 

R1 Holdings Merger Sub, LLC (f)(i)

 

Delayed Draw Term Loan

 

SOFR

+

6.25%

 

11.65%

 

12/29/2028

 

 

2,499,489

 

 

 

2,378,571

 

 

 

2,499,489

 

 

 

R1 Holdings Merger Sub, LLC (f)(i)

 

Revolving Credit Facility

 

SOFR

+

6.25%

 

11.72%

 

12/29/2028

 

 

330,317

 

 

 

193,025

 

 

 

330,317

 

 

 

STG Logistics Inc (j)(l)

 

Term Loan

 

SOFR

+

6.00%

 

11.50%

 

3/24/2028

 

 

41,764,000

 

 

 

41,242,895

 

 

 

39,049,340

 

 

 

 

 

 

 

 

 

 

 

 

 

107,098,539

 

 

 

105,083,063

 

 

15.56%

Application Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACP Avenu Buyer, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.25%

 

11.64%

 

10/2/2029

 

 

18,750,000

 

 

 

18,249,051

 

 

 

18,506,250

 

 

 

ACP Avenu Buyer, LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

10/2/2029

 

 

-

 

 

 

(172,529

)

 

 

(84,964

)

 

 

ACP Avenu Buyer, LLC (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

10/2/2029

 

 

-

 

 

 

(62,244

)

 

 

(61,286

)

 

 

ACP Falcon Buyer, Inc. (i)(l)

 

Term Loan

 

SOFR

+

6.50%

 

11.85%

 

8/1/2029

 

 

23,776,445

 

 

 

23,097,577

 

 

 

23,443,575

 

 

 

ACP Falcon Buyer, Inc. (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

8/1/2029

 

 

-

 

 

 

(181,779

)

 

 

(91,000

)

 

 

Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (i)(l)

 

Term Loan

 

SOFR

+

7.25%

 

12.61%

 

12/9/2029

 

 

31,471,935

 

 

 

30,623,051

 

 

 

31,471,935

 

 

 

Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

12/9/2028

 

 

-

 

 

 

(84,134

)

 

 

-

 

 

 

Finastra USA Inc (f)(i)

 

Revolving Credit Facility

 

SOFR

+

7.25%

 

12.61%

 

9/13/2029

 

 

2,064,677

 

 

 

1,915,754

 

 

 

2,002,271

 

 

 

Lightspeed Solutions, LLC (j)(l)

 

Term Loan

 

SOFR

+

6.50%

 

11.86%

 

3/1/2028

 

 

19,703,272

 

 

 

19,371,185

 

 

 

19,112,174

 

 

 

Lightspeed Solutions, LLC (f)(j)

 

Delayed Draw Term Loan

 

SOFR

+

6.50%

 

11.86%

 

3/1/2028

 

 

1,056,774

 

 

 

1,049,486

 

 

 

873,242

 

 

 

Prism Parent Co Inc. (f)(j)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

9/19/2028

 

 

-

 

 

 

(73,315

)

 

 

(92,593

)

 

 

Prism Parent Co Inc. (j)(l)

 

Term Loan

 

SOFR

+

5.75%

 

11.11%

 

9/19/2028

 

 

31,440,907

 

 

 

30,914,795

 

 

 

31,126,498

 

 

 

 

 

 

 

 

 

 

 

 

 

124,646,898

 

 

 

126,206,102

 

 

18.70%

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

 

16


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2023

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Automotive Parts & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Trailer Rental Group, LLC (i)(l)

 

Term Loan

 

SOFR

+

5.50%

 

11.00%

 

6/1/2027

 

 

15,680,000

 

 

$

15,349,375

 

 

$

15,272,320

 

 

 

American Trailer Rental Group, LLC (i)(l)

 

Delayed Draw Term Loan

 

SOFR

+

5.50%

 

11.00%

 

6/1/2027

 

 

14,820,975

 

 

 

14,820,975

 

 

 

14,435,630

 

 

 

American Trailer Rental Group, LLC (i)(l)

 

Delayed Draw Term Loan

 

SOFR

+

5.75%

 

11.21%

 

6/1/2027

 

 

19,390,875

 

 

 

18,911,599

 

 

 

19,022,448

 

 

 

Arrowhead Holdco Company (j)(l)

 

Term Loan

 

SOFR

+

4.50%

 

10.05%

 

8/31/2028

 

 

24,859,459

 

 

 

24,416,572

 

 

 

20,881,946

 

 

 

Arrowhead Holdco Company (j)(l)

 

Delayed Draw Term Loan

 

SOFR

+

4.50%

 

10.05%

 

8/31/2028

 

 

2,270,270

 

 

 

2,270,270

 

 

 

1,907,027

 

 

 

 

 

 

 

 

 

 

 

 

 

75,768,791

 

 

 

71,519,371

 

 

10.59%

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Copperweld Group, Inc. (i)(l)

 

Term Loan

 

SOFR

+

6.00%

 

11.61%

 

3/31/2026

 

 

38,131,371

 

 

 

36,986,198

 

 

 

37,940,714

 

 

 

Copperweld Group, Inc. (f)(i)

 

Revolving Credit Facility

 

SOFR

+

6.00%

 

11.64%

 

3/31/2026

 

 

3,553,299

 

 

 

3,406,502

 

 

 

3,527,919

 

 

 

 

 

 

 

 

 

 

 

 

 

40,392,700

 

 

 

41,468,633

 

 

6.14%

Commodity Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soteria Flexibles Corporation (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

8/15/2029

 

 

-

 

 

 

(85,507

)

 

 

(102,019

)

 

 

Soteria Flexibles Corporation (i)(l)

 

Term Loan

 

SOFR

+

5.75%

 

11.10%

 

8/15/2029

 

 

15,419,786

 

 

 

15,051,614

 

 

 

15,203,909

 

 

 

Soteria Flexibles Corporation (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

8/15/2029

 

 

-

 

 

 

(138,562

)

 

 

(82,704

)

 

 

 

 

 

 

 

 

 

 

 

 

14,827,545

 

 

 

15,019,186

 

 

2.22%

Data Processing & Outsourced Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VRC Companies LLC (i)(l)

 

Term Loan

 

SOFR

+

5.75%

 

11.12%

 

6/29/2027

 

 

15,647,699

 

 

 

15,254,879

 

 

 

15,569,461

 

 

 

VRC Companies LLC (i)(l)

 

Delayed Draw Term Loan

 

SOFR

+

5.75%

 

11.13%

 

6/29/2027

 

 

18,999,428

 

 

 

18,999,428

 

 

 

18,904,431

 

 

 

 

 

 

 

 

 

 

 

 

 

34,254,307

 

 

 

34,473,892

 

 

5.11%

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

 

17


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2023

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Diversified Support Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hobbs & Associates Inc (i)(l)

 

Term Loan

 

SOFR

+

6.50%

 

12.00%

 

4/11/2029

 

 

3,119,347

 

 

$

3,045,403

 

 

$

3,119,347

 

 

 

Hobbs & Associates Inc (f)(i)

 

Delayed Draw Term Loan

 

SOFR

+

6.50%

 

11.86%

 

4/11/2029

 

 

5,399,050

 

 

 

5,256,037

 

 

 

5,399,050

 

 

 

Hobbs & Associates, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.50%

 

11.95%

 

4/11/2029

 

 

22,042,475

 

 

 

21,437,483

 

 

 

22,042,475

 

 

 

Hobbs & Associates, LLC (i)(l)

 

Delayed Draw Term Loan

 

SOFR

+

6.50%

 

11.95%

 

4/11/2029

 

 

24,944,996

 

 

 

24,268,892

 

 

 

24,944,996

 

 

 

MRI Acquisitions, Inc (i)(l)

 

Term Loan

 

SOFR

+

6.25%

 

11.75%

 

12/30/2025

 

 

35,372,250

 

 

 

34,891,502

 

 

 

34,381,827

 

 

 

MRI Acquisitions, Inc (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

12/30/2025

 

 

-

 

 

 

(64,302

)

 

 

(280,000

)

 

 

MRI Acquisitions, Inc (f)(i)

 

Revolving Credit Facility

 

SOFR

+

6.25%

 

11.81%

 

12/30/2025

 

 

333,333

 

 

 

301,041

 

 

 

263,333

 

 

 

Ruppert Landscape, LLC (j)(l)

 

Term Loan

 

SOFR

+

6.00%

 

11.68%

 

12/1/2028

 

 

24,117,629

 

 

 

23,498,168

 

 

 

23,779,982

 

 

 

Ruppert Landscape, LLC (j)(l)

 

Delayed Draw Term Loan

 

SOFR

+

6.00%

 

11.50%

 

12/1/2028

 

 

6,295,652

 

 

 

6,102,579

 

 

 

6,207,513

 

 

 

Ruppert Landscape, LLC (f)(j)

 

Revolving Credit Facility

 

SOFR

+

6.00%

 

11.45%

 

12/1/2028

 

 

1,795,652

 

 

 

1,686,226

 

 

 

1,734,783

 

 

 

 

 

 

 

 

 

 

 

 

 

120,423,029

 

 

 

121,593,306

 

 

18.02%

Electronic Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AEP Passion Intermediate Holdings, Inc. (i)(l)

 

Term Loan

 

SOFR

+

6.50%

 

12.04%

 

10/5/2027

 

 

24,628,856

 

 

 

23,999,113

 

 

 

24,259,423

 

 

 

AEP Passion Intermediate Holdings, Inc. (f)(i)

 

Delayed Draw Term Loan

 

SOFR

+

6.50%

 

11.96%

 

10/5/2027

 

 

76,451

 

 

 

(7,271

)

 

 

25,233

 

 

 

AEP Passion Intermediate Holdings, Inc. (f)(i)

 

Revolving Credit Facility

 

SOFR

+

6.50%

 

11.96%

 

10/5/2027

 

 

1,152,533

 

 

 

1,110,166

 

 

 

1,126,921

 

 

 

 

 

 

 

 

 

 

 

 

 

25,102,008

 

 

 

25,411,577

 

 

3.76%

Environmental & Facilities Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pavement Partners Interco, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.75%

 

12.27%

 

2/7/2028

 

 

40,148,869

 

 

 

39,108,632

 

 

 

39,827,678

 

 

 

Pavement Partners Interco, LLC (i)(l)

 

Delayed Draw Term Loan

 

SOFR

+

6.75%

 

12.42%

 

2/7/2028

 

 

5,750,000

 

 

 

5,597,693

 

 

 

5,704,000

 

 

 

Pavement Partners Interco, LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

2/7/2028

 

 

-

 

 

 

(95,425

)

 

 

(30,151

)

 

 

USA Water Intermediate Holdings, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.25%

 

11.71%

 

1/27/2028

 

 

32,967,000

 

 

 

32,261,269

 

 

 

32,967,000

 

 

 

USA Water Intermediate Holdings, LLC (f)(i)

 

Delayed Draw Term Loan

 

SOFR

+

6.25%

 

11.71%

 

1/27/2028

 

 

420,000

 

 

 

297,016

 

 

 

420,000

 

 

 

USA Water Intermediate Holdings, LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

1/27/2028

 

 

-

 

 

 

(92,001

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

77,077,184

 

 

 

78,888,527

 

 

11.68%

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

 

18


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2023

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Health Care Facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Infusion Services Management, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.50%

 

11.98%

 

7/7/2028

 

 

18,995,691

 

 

$

18,466,912

 

 

$

18,805,734

 

 

 

Infusion Services Management, LLC (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

7/7/2028

 

 

-

 

 

 

(192,891

)

 

 

(70,950

)

 

 

Infusion Services Management, LLC (f)(i)

 

Revolving Credit Facility

 

SOFR

+

6.50%

 

12.00%

 

7/7/2028

 

 

1,541,085

 

 

 

1,498,067

 

 

 

1,525,597

 

 

 

 

 

 

 

 

 

 

 

 

 

19,772,088

 

 

 

20,260,381

 

 

3.01%

Health Care Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AB Centers Acquisition Corporation (j)(l)

 

Term Loan

 

SOFR

+

6.00%

 

11.46%

 

9/6/2028

 

 

36,518,637

 

 

 

35,623,834

 

 

 

36,518,637

 

 

 

AB Centers Acquisition Corporation (f)(j)

 

Revolving Credit Facility

 

 

-

 

 

-

 

9/6/2028

 

 

-

 

 

 

(73,582

)

 

 

-

 

 

 

CareRing Health, LLC (f)(j)

 

Delayed Draw Term Loan

 

SOFR

+

6.00%

 

11.39%

 

5/4/2028

 

 

1,931,034

 

 

 

1,931,034

 

 

 

1,622,069

 

 

 

CareRing Health, LLC (j)(l)

 

Term Loan

 

SOFR

+

6.00%

 

11.50%

 

5/4/2028

 

 

28,531,034

 

 

 

27,999,174

 

 

 

27,732,166

 

 

 

Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (i)(l)

 

Term Loan

 

SOFR

+

6.50%

 

11.97%

 

1/3/2029

 

 

38,414,713

 

 

 

37,573,679

 

 

 

38,184,224

 

 

 

Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (i)(l)

 

Delayed Draw Term Loan

 

SOFR

+

6.50%

 

11.95%

 

1/3/2029

 

 

9,045,455

 

 

 

8,849,116

 

 

 

8,991,182

 

 

 

Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

1/3/2029

 

 

-

 

 

 

(57,165

)

 

 

(16,364

)

 

 

Houseworks Holdings, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.50%

 

11.93%

 

12/16/2028

 

 

6,682,500

 

 

 

6,507,190

 

 

 

6,642,405

 

 

 

Houseworks Holdings, LLC (i)(l)

 

Delayed Draw Term Loan

 

SOFR

+

6.50%

 

11.93%

 

12/16/2028

 

 

24,812,500

 

 

 

24,169,910

 

 

 

24,663,625

 

 

 

Houseworks Holdings, LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

12/16/2028

 

 

-

 

 

 

(143,241

)

 

 

(33,541

)

 

 

Houseworks Holdings, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.50%

 

11.93%

 

12/16/2028

 

 

44,076,764

 

 

 

42,867,173

 

 

 

43,812,303

 

 

 

Integrated Oncology Network LLC (i)(l)

 

Delayed Draw Term Loan

 

SOFR

+

6.00%

 

11.54%

 

6/24/2025

 

 

3,144,529

 

 

 

3,144,528

 

 

 

3,069,060

 

 

 

Integrated Oncology Network LLC (i)

 

Revolving Credit Facility

 

SOFR

+

6.00%

 

11.54%

 

6/24/2025

 

 

571,498

 

 

 

571,498

 

 

 

557,782

 

 

 

Integrated Oncology Network LLC (i)(l)

 

Term Loan

 

SOFR

+

6.00%

 

11.54%

 

6/24/2025

 

 

13,825,190

 

 

 

13,673,813

 

 

 

13,493,385

 

 

 

VIP Medical US Buyer, LLC (i)(l)

 

Term Loan

 

SOFR

+

5.50%

 

10.96%

 

12/12/2028

 

 

34,041,150

 

 

 

33,450,118

 

 

 

33,700,739

 

 

 

VIP Medical US Buyer, LLC (f)(i)

 

Revolving Credit Facility

 

SOFR

+

5.50%

 

10.96%

 

12/12/2028

 

 

3,500,000

 

 

 

3,375,676

 

 

 

3,425,000

 

 

 

VIP Medical US Buyer, LLC (f)(i)

 

Delayed Draw Term Loan

 

SOFR

+

5.50%

 

10.96%

 

12/12/2028

 

 

2,000,000

 

 

 

1,833,944

 

 

 

1,900,000

 

 

 

 

 

 

 

 

 

 

 

 

 

241,296,699

 

 

 

244,262,672

 

 

36.18%

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

 

19


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2023

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Human Resource & Employment Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future Care Associates LLC (i)(l)

 

Term Loan

 

SOFR

+

6.75%

 

12.25%

 

1/27/2029

 

 

29,700,000

 

 

$

29,041,010

 

 

$

29,492,100

 

 

 

Future Care Associates LLC (f)(i)

 

Delayed Draw Term Loan

 

SOFR

+

6.75%

 

12.25%

 

1/27/2029

 

 

15,920,000

 

 

 

15,378,863

 

 

 

15,745,560

 

 

 

Future Care Associates LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

1/27/2029

 

 

-

 

 

 

(105,831

)

 

 

(35,000

)

 

 

 

 

 

 

 

 

 

 

 

 

44,314,042

 

 

 

45,202,660

 

 

6.69%

Industrial Machinery & Supplies & Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Astro Acquisition LLC (i)(l)

 

Term Loan

 

SOFR

+

5.50%

 

11.11%

 

12/13/2027

 

 

49,000,000

 

 

 

48,504,537

 

 

 

49,000,000

 

 

 

Astro Acquisition LLC (f)(i)

 

Revolving Credit Facility

 

SOFR

+

5.50%

 

11.15%

 

12/13/2027

 

 

1,598,317

 

 

 

1,598,317

 

 

 

1,598,317

 

 

 

Double E Company, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.00%

 

11.50%

 

6/21/2028

 

 

15,621,145

 

 

 

15,463,147

 

 

 

14,059,031

 

 

 

Double E Company, LLC (f)(i)

 

Revolving Credit Facility

 

SOFR

+

6.00%

 

11.46%

 

6/21/2028

 

 

2,264,317

 

 

 

2,264,317

 

 

 

2,026,432

 

 

 

Double E Company, LLC (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

6/21/2028

 

 

-

 

 

 

-

 

 

 

(176,211

)

 

 

Lake Air Products, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.75%

 

12.25%

 

1/9/2029

 

 

39,064,800

 

 

 

38,201,576

 

 

 

38,361,634

 

 

 

Lake Air Products, LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

1/9/2029

 

 

-

 

 

 

(126,495

)

 

 

(108,000

)

 

 

 

 

 

 

 

 

 

 

 

 

105,905,399

 

 

 

104,761,203

 

 

15.51%

Insurance Brokers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group, Inc. (j)(l)

 

Term Loan

 

SOFR

+

6.50%

 

11.96%

 

9/30/2028

 

 

4,937,500

 

 

 

4,854,962

 

 

 

4,937,500

 

 

 

Alera Group, Inc. (f)(j)(l)

 

Delayed Draw Term Loan

 

SOFR

+

6.50%

 

11.96%

 

9/30/2028

 

 

8,629,375

 

 

 

8,467,546

 

 

 

8,629,375

 

 

 

 

 

 

 

 

 

 

 

 

 

13,322,508

 

 

 

13,566,875

 

 

2.01%

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WCI-BXC Purchaser, LLC (f)(j)

 

Revolving Credit Facility

 

 

-

 

 

-

 

11/6/2029

 

 

-

 

 

 

(144,695

)

 

 

(89,038

)

 

 

WCI-BXC Purchaser, LLC (j)(l)

 

Term Loan

 

SOFR

+

6.25%

 

11.64%

 

11/6/2030

 

 

23,455,994

 

 

 

22,877,896

 

 

 

23,104,155

 

 

 

 

 

 

 

 

 

 

 

 

 

22,733,201

 

 

 

23,015,117

 

 

3.41%

Packaged Foods & Meats

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CCI Prime, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.00%

 

11.35%

 

10/18/2029

 

 

978,528

 

 

 

954,649

 

 

 

955,043

 

 

 

CCI Prime, LLC (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

10/18/2029

 

 

-

 

 

 

(10,383

)

 

 

(10,307

)

 

 

CCI Prime, LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

10/18/2029

 

 

-

 

 

 

(84,575

)

 

 

(84,000

)

 

 

 

 

 

 

 

 

 

 

 

 

859,691

 

 

 

860,736

 

 

0.13%

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

 

20


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2023

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Paper & Plastic Packaging Products & Materials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bron Buyer, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.75%

 

12.20%

 

1/13/2029

 

 

32,752,500

 

 

$

32,028,332

 

 

$

32,424,975

 

 

 

Bron Buyer, LLC (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

1/13/2029

 

 

-

 

 

 

(105,472

)

 

 

(100,000

)

 

 

Bron Buyer, LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

1/13/2029

 

 

-

 

 

 

(105,402

)

 

 

(50,000

)

 

 

 

 

 

 

 

 

 

 

 

 

31,817,458

 

 

 

32,274,975

 

 

4.78%

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation (i)(l)

 

Term Loan

 

SOFR

+

7.00%

 

12.46%

 

12/21/2028

 

 

44,617,808

 

 

 

42,556,331

 

 

 

44,617,808

 

 

 

Alcami Corporation (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

12/21/2028

 

 

-

 

 

 

(202,282

)

 

 

-

 

 

 

Alcami Corporation (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

12/21/2028

 

 

-

 

 

 

(321,903

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

42,032,146

 

 

 

44,617,808

 

 

6.61%

Soft Drinks & Non-alcoholic Beverages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Refresh Buyer LLC (f)(j)

 

Revolving Credit Facility

 

SOFR

+

4.25%

 

4.25%

 

12/23/2027

 

 

184,049

 

 

 

184,049

 

 

 

15,337

 

 

 

Refresh Buyer LLC (j)(l)

 

Term Loan

 

SOFR

+

4.25%

 

9.60%

 

12/23/2028

 

 

14,466,258

 

 

 

14,332,162

 

 

 

13,670,613

 

 

 

Refresh Buyer LLC (j)(l)

 

Delayed Draw Term Loan

 

SOFR

+

4.25%

 

9.60%

 

12/23/2028

 

 

2,180,982

 

 

 

2,180,982

 

 

 

2,061,028

 

 

 

Refresh Buyer LLC (j)(l)

 

Term Loan

 

SOFR

+

5.25%

 

10.60%

 

12/23/2028

 

 

34,680,745

 

 

 

34,084,357

 

 

 

34,091,173

 

 

 

Refresh Buyer LLC (j)(l)

 

Delayed Draw Term Loan

 

SOFR

+

5.25%

 

10.60%

 

12/23/2028

 

 

4,968,944

 

 

 

4,887,128

 

 

 

4,884,472

 

 

 

 

 

 

 

 

 

 

 

 

 

55,668,678

 

 

 

54,722,623

 

 

8.11%

Specialized Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quick Roofing Acquisition, LLC (i)(l)

 

Term Loan

 

SOFR

+

5.75%

 

11.21%

 

12/22/2029

 

 

8,196,721

 

 

 

7,992,453

 

 

 

7,991,803

 

 

 

Quick Roofing Acquisition, LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

12/22/2029

 

 

-

 

 

 

(211,554

)

 

 

(212,500

)

 

 

Quick Roofing Acquisition, LLC (f)(i)

 

Delayed Draw Term Loan

 

 

-

 

 

-

 

12/22/2029

 

 

-

 

 

 

(74,059

)

 

 

(74,385

)

 

 

SCP WQS Buyer, LLC (i)(l)

 

Term Loan

 

SOFR

+

5.75%

 

11.10%

 

10/2/2028

 

 

4,361,702

 

 

 

4,267,200

 

 

 

4,283,191

 

 

 

SCP WQS Buyer, LLC (f)(i)

 

Delayed Draw Term Loan

 

SOFR

+

5.75%

 

11.10%

 

10/2/2028

 

 

1,274,696

 

 

 

1,121,593

 

 

 

1,146,207

 

 

 

SCP WQS Buyer, LLC (f)(i)

 

Revolving Credit Facility

 

 

-

 

 

-

 

10/2/2028

 

 

-

 

 

 

(74,943

)

 

 

(63,000

)

 

 

Senske Lawn and Tree Care, LLC (j)(l)

 

Term Loan

 

SOFR

+

5.25%

 

10.60%

 

12/15/2028

 

 

13,167,000

 

 

 

12,880,946

 

 

 

13,087,998

 

 

 

Senske Lawn and Tree Care, LLC (j)(l)

 

Delayed Draw Term Loan

 

SOFR

+

5.25%

 

10.60%

 

12/15/2028

 

 

4,466,250

 

 

 

4,369,751

 

 

 

4,439,453

 

 

 

Senske Lawn and Tree Care, LLC (f)(j)

 

Revolving Credit Facility

 

SOFR

+

5.25%

 

10.61%

 

12/15/2028

 

 

1,000,000

 

 

 

922,205

 

 

 

977,500

 

 

 

Senske Lawn and Tree Care, LLC (j)(l)

 

Delayed Draw Term Loan

 

SOFR

+

5.25%

 

10.60%

 

12/15/2028

 

 

4,470,000

 

 

 

4,373,807

 

 

 

4,443,180

 

 

 

USW Buyer, LLC (i)(l)

 

Term Loan

 

SOFR

+

6.25%

 

11.82%

 

11/3/2028

 

 

15,840,000

 

 

 

15,568,610

 

 

 

15,491,520

 

 

 

USW Buyer, LLC (i)(l)

 

Delayed Draw Term Loan

 

SOFR

+

6.25%

 

11.83%

 

11/3/2028

 

 

14,967,125

 

 

 

14,720,012

 

 

 

14,637,848

 

 

 

USW Buyer, LLC (f)(i)

 

Revolving Credit Facility

 

SOFR

+

6.25%

 

11.73%

 

11/3/2028

 

 

2,000,000

 

 

 

1,918,567

 

 

 

1,890,000

 

 

 

 

 

 

 

 

 

 

 

 

 

67,774,588

 

 

 

68,038,815

 

 

10.07%

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

 

21


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2023

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All States AG Parts LLC (i)(l)

 

Term Loan

 

SOFR

+

6.00%

 

11.61%

 

9/1/2026

 

 

24,748,915

 

 

$

24,269,886

 

 

$

23,932,201

 

 

 

Belt Power Holdings LLC (i)(l)

 

Term Loan

 

SOFR

+

5.50%

 

11.00%

 

8/22/2028

 

 

29,371,795

 

 

 

28,885,850

 

 

 

29,254,308

 

 

 

Belt Power Holdings LLC (f)(i)

 

Delayed Draw Term Loan

 

SOFR

+

5.50%

 

11.00%

 

8/22/2028

 

 

4,271,453

 

 

 

4,211,625

 

 

 

4,244,248

 

 

 

Belt Power Holdings LLC (f)(i)

 

Revolving Credit Facility

 

SOFR

+

5.50%

 

11.00%

 

8/22/2028

 

 

1,391,453

 

 

 

1,337,536

 

 

 

1,377,778

 

 

 

 

 

 

 

 

 

 

 

 

 

58,704,897

 

 

 

58,808,535

 

 

8.71%

Total First Lien Debt

 

 

 

 

 

 

 

 

 

 

1,332,735,575

 

 

 

1,339,308,277

 

 

198.37%

Second Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Echo Global Logistics Inc (k)(l)

 

Term Loan

 

SOFR

+

8.00%

 

13.48%

 

11/23/2029

 

 

10,000,000

 

 

 

9,676,838

 

 

 

10,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

9,676,838

 

 

 

10,000,000

 

 

1.48%

Total Second Lien Debt

 

 

 

 

 

 

 

 

 

 

9,676,838

 

 

 

10,000,000

 

 

1.48%

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REP RO Coinvest IV-A, L.P. (m)(o)

 

Equity Units

 

 

 

 

 

 

800,000

 

 

 

800,000

 

 

 

856,000

 

 

 

 

 

 

 

 

 

 

 

 

 

800,000

 

 

 

856,000

 

 

0.13%

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Copperweld Investor, LLC (o)

 

Class A Common Units

 

 

 

 

 

 

600,000

 

 

 

1,500,000

 

 

 

1,314,000

 

 

 

 

 

 

 

 

 

 

 

 

 

1,500,000

 

 

 

1,314,000

 

 

0.19%

Diversified Support Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Control Concepts Holdings, L.P (m)(o)

 

Class A-1 Units

 

 

 

 

 

 

67,430

 

 

 

674,296

 

 

 

1,345,220

 

 

 

KLC Fund 1022-CI-A LP (m)(o)

 

Equity Interest

 

 

 

 

 

 

 

 

 

750,000

 

 

 

528,150

 

 

 

 

 

 

 

 

 

 

 

 

 

1,424,296

 

 

 

1,873,370

 

 

0.28%

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

 

22


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2023

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Electronic Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APCT Parent, L.P. (o)

 

Class A Units

 

 

 

 

 

 

1,500

 

 

$

1,500,000

 

 

$

1,589,760

 

 

 

 

 

 

 

 

 

 

 

 

 

1,500,000

 

 

 

1,589,760

 

 

0.24%

Health Care Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Care (ITC) Holdings, LLC (o)

 

Class A Units

 

 

 

 

 

 

187,961

 

 

 

1,879,621

 

 

 

2,217,940

 

 

 

VIP Medical Holdings (o)

 

Class A Units

 

 

 

 

 

 

1,000,000

 

 

 

10

 

 

 

160,000

 

 

 

VIP Medical Holdings (o)

 

Series A Preferred Units

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

1,130,000

 

 

 

 

 

 

 

 

 

 

 

 

 

2,879,631

 

 

 

3,507,940

 

 

0.52%

Human Resource & Employment Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCA Partners LLC (m)(o)

 

Common Units

 

 

 

 

 

 

500,000

 

 

 

1

 

 

 

5

 

 

 

FCA Partners LLC (m)(o)

 

Class A Preferred Units

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

270,000

 

 

 

 

 

 

 

 

 

 

 

 

 

500,001

 

 

 

270,005

 

 

0.04%

Industrial Machinery & Supplies & Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Double E Equity, L.P. (m)(o)

 

Class A Common Units

 

 

 

 

 

 

 

 

 

1,000

 

 

 

1,000,000

 

 

 

451,360

 

 

 

Lake Air Products Aggregator LLC (m)(o)

 

Common Units

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

1,200,000

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000,000

 

 

 

1,651,360

 

 

0.25%

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WCI-BXC Investment Holdings LP (m)(o)

 

Equity Interest

 

 

 

 

 

 

 

 

 

608,108

 

 

 

614,189

 

 

 

 

 

 

 

 

 

 

 

 

 

608,108

 

 

 

614,189

 

 

0.09%

Packaged Foods & Meats

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CCI Prime Holdings, LLC (o)

 

Series A Preferred Units

 

 

 

 

 

 

92

 

 

 

92,025

 

 

 

93,684

 

 

 

 

 

 

 

 

 

 

 

 

 

92,025

 

 

 

93,684

 

 

0.01%

Paper & Plastic Packaging Products & Materials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bron Holdings, LLC (o)

 

Class A Units

 

 

 

 

 

 

1,000

 

 

 

1,000,000

 

 

 

1,188,410

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,188,410

 

 

0.18%

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

 

23


 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2023

Investments (a)

 

Type

 

Reference Rate and Spread (b)

 

Interest Rate (b)

 

Maturity Date

 

Par Amount/ Units (c)

 

 

Cost (d)

 

 

Fair Value (e)

 

 

Percentage of Net Assets

Specialized Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mustang Prospects Holdco, LLC (o)

 

Class A Units

 

 

 

 

 

 

950

 

 

$

949,737

 

 

$

1,026,238

 

 

 

Mustang Prospects Holdco, LLC (o)

 

Class B Units

 

 

 

 

 

 

949,765

 

 

 

9

 

 

 

436,892

 

 

 

Quick Roofing Topco, LLC (m)(o)

 

Class A Interest

 

 

 

 

 

 

327,869

 

 

 

327,869

 

 

 

327,869

 

 

 

USW Holdings, LLC (o)

 

Class A-1 Units

 

 

 

 

 

 

627

 

 

 

651,026

 

 

 

519,000

 

 

 

 

 

 

 

 

 

 

 

 

 

1,928,641

 

 

 

2,309,999

 

 

0.34%

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Belt Power Parent, LLC (o)

 

Class A Units

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

1,280,000

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,280,000

 

 

0.19%

Total Equity

 

 

 

 

 

 

 

 

 

 

15,232,702

 

 

 

16,548,717

 

 

2.46%

Money Market Mutual Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Street Institutional Treasury Plus Money Market Fund - Investor Class, 5.23% (h)(n)

 

Mutual Fund

 

 

 

 

 

 

13,807,906

 

 

 

13,807,906

 

 

 

13,807,906

 

 

 

 

 

 

 

 

 

 

 

 

 

13,807,906

 

 

 

13,807,906

 

 

2.05%

Total Money Market Mutual Funds

 

 

 

 

 

 

 

 

 

 

13,807,906

 

 

 

13,807,906

 

 

2.05%

Total Investments -- non-controlled/ non-affiliate

 

 

 

 

 

 

 

 

 

$

1,371,453,021

 

 

$

1,379,664,900

 

 

204.36%

 

(a)
All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.
(b)
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to Secured Overnight Funds Rate (SOFR) which resets daily, monthly, quarterly or semi-annually. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023.
(c)
The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.
(d)
All debt investments are shown at amortized cost. All equity investments are shown at identified cost.
(e)
Unless otherwise indicated, these investments were valued using unobservable inputs and are considered Level 3 investments.
(f)
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See Notes to Consolidated Financial Statements for more information on the Fund's unfunded commitments.
(g)
Tickmark not used.
(h)
These investments were not valued using unobservable inputs and are not considered Level 3 investments.
(i)
The interest rate floor on these investments as of December 31, 2023 was 1.00%.
(j)
The interest rate floor on these investments as of December 31, 2023 was 0.75%.
(k)
The interest rate floor on these investments as of December 31, 2023 was 0.50%.
(l)
Security or portion of the security is pledged as collateral for Fidelity Direct Lending Fund I JSPV LLC Facility.
(m)
The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund’s total assets. As of December 31, 2023, non-qualifying assets represented 0.4% of total assets as calculated in accordance with regulatory requirements.
(n)
The rate quoted is the annualized seven-day yield of the Fund at period end.
(o)
Restricted securities (including private placements) – Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $16,548,717 or 2.5% of net assets.

 

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

 

 

 

 

 

24


 

 

 

Additional information on each restricted holding is as follows:

Investment

 

Type

 

Acquisition Date

 

Acquisition Cost ($)

 

Air Control Concepts Holdings, L.P

 

Class A-1 Units

 

4/11/2023

 

 

674,296

 

APCT Parent, L.P.

 

Class A Units

 

2/14/2023

 

 

1,500,000

 

Belt Power Parent, LLC

 

Class A Units

 

8/22/2022

 

 

1,000,000

 

Bron Holdings, LLC

 

Class A Units

 

1/13/2023

 

 

1,000,000

 

CCI Prime Holdings, LLC

 

Series A Preferred Units

 

10/18/2023

 

 

92,025

 

Copperweld Investor, LLC

 

Class A Common Units

 

12/15/2022

 

 

1,500,000

 

Double E Equity, L.P.

 

Class A Common Units

 

6/21/2022

 

 

1,000,000

 

FCA Partners LLC

 

Common Units

 

4/17/2023

 

 

1

 

FCA Partners LLC

 

Class A Preferred Units

 

4/17/2023

 

 

500,000

 

KLC Fund 1022-CI-A LP

 

Equity Interest

 

12/1/2022

 

 

750,000

 

Lake Air Products Aggregator LLC

 

Common Units

 

1/9/2023

 

 

1,000,000

 

Mustang Prospects Holdco, LLC

 

Class A Units

 

12/15/2022 - 05/31/2023

 

 

949,737

 

Mustang Prospects Holdco, LLC

 

Class B Units

 

12/15/2022 - 05/31/2023

 

 

9

 

Personal Care (ITC) Holdings, LLC

 

Class A Units

 

02/14/2023 - 10/18/2023

 

 

1,879,621

 

Quick Roofing Topco, LLC

 

Class A Interest

 

12/22/2023

 

 

327,869

 

REP RO Coinvest IV-A, L.P.

 

Equity Units

 

12/29/2022

 

 

800,000

 

USW Holdings, LLC

 

Class A-1 Units

 

11/03/2022 - 12/05/2023

 

 

651,026

 

VIP Medical Holdings

 

Class A Units

 

12/12/2022

 

 

10

 

VIP Medical Holdings

 

Series A Preferred Units

 

12/12/2022

 

 

1,000,000

 

WCI-BXC Investment Holdings LP

 

Equity Interest

 

11/6/2023

 

 

608,108

 

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

 

25


 

Fidelity Private Credit Company LLC

Notes to Consolidated Financial Statements

(unaudited)

Note 1. Organization

Fidelity Private Credit Company LLC (formerly Fidelity Private Credit Central Fund LLC) (the “Fund”) is a non-diversified, closed-end management investment company. The Fund was formed on September 16, 2021, as a Delaware limited partnership named Fidelity Direct Lending Fund L.P. and elected, on January 31, 2023, to amend its legal structure to a Delaware limited liability company, adopt a fiscal year end of December 31 and was renamed Fidelity Private Credit Central Fund LLC. On March 11, 2024, the Fund was renamed Fidelity Private Credit Company LLC. The Fund has entered into an Investment Advisory Agreement with Fidelity Diversifying Solutions LLC (“FDS” or the “Adviser”), a Delaware limited liability company. FDS is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) and is an affiliate of FMR LLC (“FMR”) and its subsidiaries. Prior to May 10, 2023, FIAM LLC was the Adviser. Prior to January 31, 2023, FIAM Institutional Funds Manager, LLC (“FIAMIFM”), a Delaware limited liability company and a wholly owned subsidiary of FIAM Holdings Corp., was the general partner of the Fund (“General Partner”).

Effective January 31, 2023, the General Partner and the Limited Partners became unit holders of the Fund (“Unit Holder”) and the interests in the Limited Partnership were converted into Common Units of the Fund. Within these Consolidated Financial Statements and Notes to Consolidated Financial Statements, all references to Unit Holder and net assets prior to January 31, 2023 are referring to Partners and Partners’ Capital, respectively.

On June 1, 2023, the Fund elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) for its taxable year ending December 31, 2023 and subsequent taxable years.

The Fund’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in directly originated loans to private companies but also in liquid credit investments, like broadly syndicated loans, and other select private credit investments. The Fund generally seeks to invest in loans that carry variable (i.e., “floating”) interest rates. Under normal circumstances, the Fund will invest at least 80% of its total assets in private credit investments. Specific private investments may include: (a) directly originated first lien loans, senior secured revolving lines of credit, term loans and delayed draw term loans, (b) directly originated second lien, last out senior, secured or unsecured mezzanine term loans and delayed draw term loans, (c) club deals (investments generally comprised of a small group of lenders), and broadly syndicated leveraged loans (investments generally arranged or underwritten by investment banks or other intermediaries), and (d) other debt (collectively referred to as “Private Credit”). The Adviser may also invest to a lesser degree in equity linked instruments (may include debt with warrants, preferred equity investments, or equity co-investments). The Adviser and/or affiliates may lead and structure the transaction as sole-lender, as the agent of a club credit facility (a group of similar direct lenders that invest in the same tranches), or may participate as a non-agent investor in a large club or syndicated transactions. In order to provide liquidity for unit repurchases, the Fund intends to maintain an allocation to syndicated loans and other liquid investments.

Note 2. Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 and pursuant to Regulation S-X. The functional currency is the U.S. Dollar and these consolidated financial statements have been prepared in that currency. These consolidated financial statements reflect all adjustments considered necessary for the fair presentation of consolidated financial statements for the period presented. Certain prior period information has been reclassified to conform to the current period presentation and this had no effect on the Fund’s consolidated financial position or the consolidated results of operations as previously reported.

26


 

Consolidation

The Fund will generally consolidate any wholly-owned, or substantially wholly-owned, subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, as of September 30, 2024 and December 31, 2023, the Fund consolidated the financial position and results of its wholly-owned subsidiaries in its consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Fund is an investment company, portfolio investments held by the Fund are not consolidated into the consolidated financial statements. The portfolio investments held by the Fund (including investments held by consolidated subsidiaries) are included on the consolidated statements of assets and liabilities as investments at fair value.

Use of Estimates

The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts may ultimately differ from those estimates and the differences could be material.

Income Taxes

The Fund was formerly classified as a partnership for U.S. federal income tax purposes. While the Fund was classified as a partnership no provisions for income taxes were recorded in the consolidated financial statements since the Fund was not subject to income tax. Tax obligations relating to the Fund’s activities were the responsibility of the Unit Holders.

Effective June 6, 2023, the Fund elected to be classified as a corporation for U.S. federal income tax purposes and to be treated as a RIC under the Code for its taxable period starting June 6, 2023 and ended December 31, 2023 and intends to qualify annually thereafter. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unit Holders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund’s investors and would not be reflected in the consolidated financial statements of the Fund.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes, if any, are included in provision for income and excise taxes on the consolidated statements of operations. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

The Fund holds certain portfolio investments through wholly-owned subsidiaries taxed as corporations which may be subject to federal and state taxes. The wholly-owned subsidiaries are not consolidated with the Fund for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities as a result of its ownership of certain portfolio investments. Deferred tax liabilities are estimated and may differ materially depending on conditions when these investments earn income or are disposed. Income or gains recognized as a result of these investments will be reflected as a current tax liability and expense. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Fund’s consolidated financial statements.

As of September 30, 2024, and December 31, 2023, respectively, the Fund, through wholly-owned subsidiaries, recorded tax liabilities of $1,062,438 and $0 which are included in other accounts payable and accrued liabilities in the consolidated statements of assets and liabilities.

 

27


 

For the three and nine months ended September 30, 2024, the Fund, through wholly-owned subsidiaries, recognized a total benefit for taxes of $17,558 and provision for taxes of $1,062,438, respectively, which was comprised of provision for taxes related to income of $217,111 and $217,111, respectively, provision for taxes related to realized gain on investments of $237,455 and $237,455, respectively, and benefit for deferred tax expense of $472,124 and provision for deferred tax expense of $607,872, respectively. The Fund did not incur an excise tax for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, the Fund did not recognize any provisions for taxes. For all periods prior to June 6, 2023, the Fund was treated as a partnership for tax purposes and was not subject to U.S. federal income tax.

The Fund files a U.S. federal income tax return, in addition to state and local tax returns as required. The Fund’s U.S. federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its Unit Holders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Fund will be subject to a 4% nondeductible U.S. federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax is considered to have been distributed.

Deferred Financing Costs

The Fund records costs related to issuance of revolving credit facilities as deferred financing costs on the consolidated statements of assets and liabilities. These costs are deferred and amortized using the straight-line method through interest expense on the consolidated statements of operations over the life of the related credit facility.

Investment Valuation

The Fund values its investments, upon which its NAV is based, in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value and prescribes disclosure requirements for fair value measurements.

Pursuant to Rule 2a-5 of the 1940 Act, the Fund’s Board of Directors (the “Board”) has designated the Adviser as the valuation designee responsible for valuing all of the Fund’s investments, including making fair valuation determinations as needed. The Adviser has established a fair value committee (the “Fair Value Committee”) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Fair Value Committee and the performance of functions required to determine the fair value of the Fund’s investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations, selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used.

In accordance with the Adviser’s policies and procedures, which have been approved by the Board, investments, including debt securities, that are publicly traded but for which no readily available market quotations exist are generally valued on the basis of information furnished by an independent third-party pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures, engages in oversight activities with respect to third-party pricing sources used and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations or prices received from third-party pricing services are not reflective of the fair value of an investment.

 

28


 

Investments that are not publicly traded or whose current market prices or quotations are not readily available are valued at fair value as determined by the Adviser in good faith pursuant to the Adviser’s Board-approved policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Fund’s loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business and other relevant factors.

The Fund has engaged an independent valuation firm to prepare month-end valuation recommendations for investments for which market quotations are not readily available as of the last calendar day of each month. The independent valuation firm undertakes a full analysis of the investments and provides estimated fair values for such investments to the Adviser. The independent valuation firm also provides analyses to support their valuation methodology and calculations. The Adviser’s Fair Value Committee reviews and approves each valuation recommendation and confirms it has been calculated in accordance with the Board-approved policies and procedures. The Fair Value Committee manages the Fund’s fair valuation practices and maintains the fair valuation policies and procedures. The Adviser reports to the Board information regarding the fair valuation process and related material matters. The Board may determine to modify its designation of the Adviser as valuation designee, relating to any or all Fund investments, at any time.

Investment Transactions

For financial reporting purposes, the Fund’s investment holdings and net assets include trades executed through the end of the last business day of the period. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method and is recorded within net realized gain (loss) on the consolidated statements of operations.

Interest Income

Interest income, including paid-in-kind interest, is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Commitment fees, loan origination fees, original issue discount (“OID”) and market discount or premium are capitalized into the cost of the investment to which it applies and accreted into interest income. For the Fund’s investments in revolving credit facilities and delayed draw term loans, the cost basis of the investment is adjusted for any market discount or OID on the total balance committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not fully funded may result in a negative cost and fair value until funded. Upon prepayment of a loan or debt instrument, any prepayment premium and any unamortized discount or premium are recognized through interest income.

Dividend Income

Dividend income earned on the Fund’s equity and mutual fund investments is recorded on an accrual basis to the extent that such amounts are payable and are expected to be collected. Dividend income is recorded on the record date for private portfolio companies or on the ex-dividend date for mutual funds.

PIK Income

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount (if debt) or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income and capitalized to the cost basis of the related instrument. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income.

Fee Income

The Fund earns certain fees in connection with its direct lending underwriting activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and syndication fees. Certain fees such as structuring fees and syndication fees are recorded as other income when earned. Administrative agent fees received by the Fund are recorded as other income when received.

 

29


 

Non-Accrual Policy

Debt investments may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. As of September 30, 2024 and December 31, 2023, no loans in the portfolio were on non-accrual status.

Cash

Cash represents deposits maintained with the Fund’s custodian bank. At times, deposits may be in excess of federally insured limits. The Fund has not experienced any losses and does not believe it is exposed to any significant credit risk on such deposits.

Expenses

Expenses are recorded on the accrual basis. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Foreign Currency

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized appreciation/(depreciation) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in realized gain (loss) on foreign currency transactions on the consolidated statements of operations. The portion of both realized and unrealized gains and losses on investments that result from changes in foreign currency exchange rates is included in realized gain (loss) on investments and net change in unrealized appreciation on investments, respectively, on the consolidated statements of operations.

New Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024 for public business entities (PBEs), and December 15, 2025 for entities other than PBEs, the amendment requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation for PBEs and income taxes paid for all entities. The ASU allows for early adoption and the Fund can elect to apply the amendments on a prospective or retrospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact its consolidated financial statements.

 

30


 

Note 3. Unit Holder Transactions

Effective January 31, 2023, the Fund has the authority to issue an unlimited number of units. Units have no par value. For the three and nine months ended September 30, 2024, three months ended September 30, 2023, and for the period January 31, 2023 through September 30, 2023, unit transaction activity is as follows:

 

 

For the three months ended September 30, 2024

 

 

For the three months ended September 30, 2023

 

 

For the nine months ended September 30, 2024

 

 

For the period January 31, 2023 through September 30, 2023

 

 

 

Units

 

 

Units

 

 

Units

 

 

Units

 

Units issued - initial conversion to unitized LLC

 

 

 

 

 

 

 

 

 

 

 

53,784,131

 

Units issued - contributions during the period

 

 

1,524,390

 

 

 

1,494,525

 

 

 

3,502,919

 

 

 

7,554,723

 

Units repurchased

 

 

(2,634,479

)

 

 

 

 

 

(2,634,479

)

 

 

 

Distributions reinvested

 

 

945,274

 

 

 

765,185

 

 

 

2,249,936

 

 

 

3,475,392

 

Net increase (decrease)

 

 

(164,815

)

 

 

2,259,710

 

 

 

3,118,376

 

 

 

64,814,246

 

As of the dates indicated, we had aggregate Capital Commitments and undrawn Capital Commitments from investors as follows:

 

 

September 30, 2024

 

 

 

Capital Commitments

 

 

Unfunded Capital Commitments

 

 

% Unfunded Capital Commitments

 

Common Units

 

$

798,010,000

 

 

$

169,611,957

 

 

 

21.3

%

Total

 

$

798,010,000

 

 

$

169,611,957

 

 

 

21.3

%

 

 

 

December 31, 2023

 

 

 

Capital Commitments

 

 

Unfunded Capital Commitments

 

 

% Unfunded Capital Commitments

 

Common Units

 

$

790,010,000

 

 

$

196,611,957

 

 

 

24.9

%

Total

 

$

790,010,000

 

 

$

196,611,957

 

 

 

24.9

%

The following tables summarize the total Units issued and proceeds related to capital drawdowns during the nine months ended September 30, 2024 and 2023:

Unit Issue Date

 

Units Issued

 

 

Proceeds Received

 

For the Nine Months Ended September 30, 2024

 

 

 

 

 

 

January 2, 2024

 

 

992,063

 

 

$

10,000,000

 

June 24, 2024

 

 

986,466

 

 

 

10,000,000

 

September 11, 2024

 

 

1,524,390

 

 

 

15,000,000

 

Total capital drawdowns

 

 

3,502,919

 

 

$

35,000,000

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2023

 

 

 

 

 

 

January 11, 2023

 

*

 

 

$

36,100,014

 

January 23, 2023

 

*

 

 

 

30,000,000

 

April 4, 2023

 

 

5,555,657

 

 

 

55,001,004

 

May 30, 2023

 

 

504,541

 

 

 

5,000,004

 

July 6, 2023

 

 

499,500

 

 

 

5,000,000

 

August 30, 2023

 

 

995,025

 

 

 

10,000,000

 

Total capital drawdowns

 

 

7,554,723

 

 

$

141,101,022

 

*Capital investment occurred prior to unitization of the Fund.

 

31


 

The following tables summarize distributions declared for the nine months ended September 30, 2024 and 2023:

Month

 

Distribution per unit

 

 

Gross Distributions

 

 

Reinvestment of Distributions

 

February 2024

 

$

0.10

 

 

$

6,728,204

 

 

$

2,338,075

 

March 2024

 

 

0.09

 

 

 

5,932,764

 

 

 

2,074,772

 

April 2024

 

 

0.11

 

 

 

7,250,072

 

 

 

2,549,529

 

May 2024

 

 

0.12

 

 

 

8,443,898

 

 

 

2,989,728

 

June 2024

 

 

0.12

 

 

 

8,895,001

 

 

 

3,174,181

 

July 2024

 

 

0.11

 

 

 

7,938,565

 

 

 

2,876,668

 

August 2024

 

 

0.11

 

 

 

7,618,153

 

 

 

2,780,234

 

September 2024

 

 

0.13

 

 

 

8,639,407

 

 

 

3,767,263

 

 

 

$

0.89

 

 

$

61,446,064

 

 

$

22,550,450

 

 

Month

 

Distribution per unit

 

 

Gross Distributions

 

 

Reinvestment of Distributions

 

January 2023

 

$

*

 

$

4,917,124

 

 

$

4,917,124

 

February 2023

 

 

0.11

 

 

 

5,887,204

 

 

 

5,887,204

 

March 2023

 

 

0.12

 

 

 

6,708,882

 

 

 

6,708,882

 

April 2023

 

 

0.12

 

 

 

6,893,872

 

 

 

6,753,294

 

May 2023

 

 

0.13

 

 

 

7,984,318

 

 

 

7,508,716

 

June 2023

 

 

 

 

 

 

 

 

 

July 2023

 

 

0.05

 

 

 

3,152,702

 

 

 

2,920,180

 

August 2023

 

 

0.11

 

 

 

7,221,550

 

 

 

2,320,830

 

September 2023

 

 

0.11

 

 

 

7,296,972

 

 

 

2,387,948

 

 

 

$

0.75

 

 

$

50,062,624

 

 

$

39,404,178

 

*Capital distribution occurred prior to unitization of the Fund.

The Private Offering

Prior to the BDC Conversion, the Fund entered into separate subscription agreements (each, a “Subscription Agreement”) with investors who were admitted as limited partners. Following the BDC Conversion, the Fund continues to enter into separate Subscription Agreements with a number of investors who will be admitted as Unit Holders providing for the private placement of the Fund’s Units. Each subscriber makes a capital commitment (“Capital Commitment”) to purchase Units of the Fund pursuant to the Subscription Agreement. Subscribers are required to make capital contributions (“Capital Contributions”) to purchase Units of the Fund each time the Fund delivers a drawdown notice.

The first closing date occurred on December 9, 2021, on which initial capital was contributed by investors. Additional closings are expected to occur from time to time as determined by the Fund (each, a “Subsequent Closing”). Capital Commitments will be drawn in such amounts and proportions as will be required by the Fund in its sole discretion, provided however, the Fund expects drawdowns to generally be made pro rata in accordance with each Unit Holder’s unfunded Capital Commitments.

In connection with each drawdown, Unit Holders will receive a number of Units corresponding to the Capital Contribution, with such Units issued at a per-share price that will be determined prior to the issuance of such Units and in accordance with the 1940 Act, subject to a determination by the Board (including any committee thereof) or the officers of the Fund that such offer price is not below the Fund’s then current net asset value per Unit of the Fund (“NAV”) as required pursuant to the 1940 Act. Capital Commitments will generally be drawn from Unit Holders by the Fund as needed, upon 10 business days’ prior written notice, in such amounts as will be required by the Fund in its sole discretion.

Effective March 11, 2024, the Board approved the Fund entering into the First Amended and Restated Limited Liability Company Agreement which made eligible to invest any “accredited investor” (as enumerated in Rule 502 under Regulation D of the Securities Act) who have committed to a strategic relationship with Fidelity. In addition, the Board approved the Fund entering into a Placement Agent Agreement with Fidelity Distributors Company LLC, with respect to the private placement of its Units as described in Note 4. Expenses and Transactions with Affiliates.

 

32


 

Additionally, the Fund intends to commence drawdowns of capital commitments of investors who make capital commitments after March 1, 2024 only after the Fund has drawn down the capital commitments of investors admitted prior to March 1, 2024 by 90%.

Distribution Reinvestment Plan

The Fund has adopted an “opt out” distribution reinvestment plan (“DRIP”), which became effective upon the filing of the election to be regulated as a BDC. As a result of adopting the plan, if the Board authorizes, and the Fund declares, a cash dividend or distribution, Unit Holders will have their cash dividends or distributions automatically reinvested in additional Units, rather than receiving cash, unless they “opt out.” Unit Holders who make an affirmative election to “opt out” will receive their distributions in cash. Units issued pursuant to the DRIP will not reduce a Unit Holder’s Capital Commitments to the Fund.

The Fund may terminate the DRIP upon notice in writing to each participant at least 30 days prior to any record date for the payment of any distribution by the Fund.

Repurchase Program

The Fund has implemented a share repurchase program under which, subject to market conditions and the approval of the Board, the Fund may repurchase Units on a quarterly basis pursuant to written tenders by Unit Holders. The Fund currently expects to make quarterly tender offers of up to 10% per year beginning in 2025. However, the Fund may begin making tender offers sooner in its discretion. With respect to any such repurchase offer, Unit Holders tendering Units must do so by a date specified in the notice describing the terms of the repurchase offer. No Unit Holder or other person holding Units acquired from a Unit Holder has the right to require the Fund to repurchase any Units.

There is no minimum portion of a Unit Holder’s Units which must be repurchased in any repurchase offer. The Fund has no obligation to repurchase Units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion. In determining whether the Fund should offer to repurchase Units, the Fund will consider the timing of such an offer, as well as a variety of operational, business and economic factors. In determining whether to accept a recommendation to conduct a repurchase offer at any such time, the Fund will consider the following factors, among others:

whether any Unit Holders have requested to tender Units to the Fund;
the liquidity of the Fund’s assets (including fees and costs associated with redeeming or otherwise withdrawing from investment funds);
the investment plans and working capital and reserve requirements of the Fund;
the relative economies of scale of the tenders with respect to the size of the Fund;
the existing conditions of the securities markets and the economy generally, as well as political, national or international developments or current affairs;
any anticipated tax consequences to the Fund of any proposed repurchases of Units; and
the recommendations of the Adviser.

The Fund will repurchase Units from Unit Holders pursuant to written tenders on terms and conditions that the Adviser determines are fair to the Fund and to all Unit Holders. Notice will be provided to Unit Holders describing the terms of the offer, containing information Unit Holders should consider in deciding whether to participate in the repurchase opportunity and containing information on how to participate.

Units that have not been outstanding for at least two years will be repurchased at 98% of such net asset value (the “Early Repurchase Deduction”). The Early Repurchase Deduction may be waived at the Fund’s discretion. The Fund does not impose any charges in connection with repurchases of Units.

If a repurchase offer is oversubscribed by Unit Holders who tender Units, the Fund will repurchase a pro rata portion by value of the Units tendered by each Unit Holder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. The Fund also has the right to repurchase all of a Unit Holder’s Units at any time if the aggregate value of such Unit Holder’s Units is, at the time of such compulsory repurchase, less than the minimum initial investment applicable for the Fund.

 

33


 

The following table summarizes the Unit repurchases completed during the nine months ended September 30, 2024:

Repurchase deadline request

 

Percentage of Outstanding Shares the Company Offered to Repurchase

 

Price Paid Per Share

 

 

Repurchase Pricing Date

 

Amount Repurchased

 

 

Number of Shares
Repurchased

 

 

Percentage of Outstanding Shares Repurchased (1)

September 26, 2024

 

3.75%

 

$

9.91

 

 

September 30, 2024

 

$

26,107,687

 

 

 

2,634,479

 

 

3.75%

(1) Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 65.6% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1).

For the nine months ended September 30, 2023, the Fund did not repurchase any Units from Unit Holders.

Note 4. Expenses and Transactions with Affiliates

Prior to May 10, 2023 the Fund was party to an investment advisory agreement with FIAM, pursuant to which FIAM managed the Fund’s investment program and related activities and in a manner that is consistent with applicable laws, rules and regulations.

Investment Advisory Agreement

Effective May 10, 2023, the Fund entered into an Advisory Agreement with FDS. As compensation for advisory services, commencing on June 9, 2023, the Fund will pay an advisory fee (the “Management Fee”) to FDS monthly in arrears at an annual rate of 1.25% of the average daily net assets of the Fund throughout the month.

For the three and nine months ended September 30, 2024, management fees were $2,227,904 and $6,576,657, respectively. For the three and nine months ended September 30, 2023, management fees were $1,987,287 and $2,464,136, respectively.

As of September 30, 2024 and December 31, 2023, $741,223 and $699,223, respectively, was payable to the Adviser for management fees in management fee payable on the consolidated statements of assets and liabilities.

Administration Agreement

Prior to May 10, 2023, administration fees were based on the level of net assets of the Fund and were paid on a monthly basis as follows:

Net Assets less than $50 million

 

2.00 basis points

Net Assets between $50 million – $200 million

 

1.50 basis points

Net Assets between $200 million – $1 billion

 

1.05 basis points

Net Assets greater than $1 billion

 

0.50 basis points

Effective May 10, 2023, the Fund entered into an Administration Agreement with FDS. Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services necessary for the Fund operations, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Fund’s other service providers), preparing reports to Unit Holders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

As compensation for the services of and expenses borne by FDS in its capacity as administrator, commencing on June 9, 2023, the Fund shall pay an administration fee to FDS monthly in arrears at an annual rate of 0.25% of the average daily net assets of the Fund throughout the month.

From time to time, FDS (in its capacity as the Adviser and Administrator) or its affiliates may pay third-party providers of goods or services. The Fund will reimburse FDS (in its capacity as the Adviser or Administrator) or such affiliates thereof for any such amounts paid on our behalf. From time to time, FDS (in its capacity as the Adviser and Administrator) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our Unit Holders, subject to the cap on organization and offering expenses.

 

34


 

Costs and expenses of FDS in its capacity as both the Administrator and the Adviser that are eligible for reimbursement by the Fund will be reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

For the three and nine months ended September 30, 2024, the Fund recorded $445,758 and $1,315,357, respectively, in administration fees on the consolidated statements of operations. For the three and nine months ended September 30, 2023, the Fund recorded $397,524 and $517,242, respectively, in administration fees on the consolidated statements of operations. Included in the $517,242 for the nine months ended September 30, 2023 is $24,382 in pricing and bookkeeping fees.

As of September 30, 2024 and December 31, 2023, $148,399 and $139,974, respectively, was unpaid and included in due to affiliates, net in the consolidated statements of assets and liabilities.

Transfer Agent Agreement

On March 11, 2024, the Fund entered into a Transfer Agent Agreement with Fidelity Investments Institutional Operations Company LLC (“FIIOC”), an affiliate of the Adviser, effective April 1, 2024. In accordance with the Transfer Agent Agreement, FIIOC is the Fund’s transfer agent, distribution paying agent and registrar. FIIOC will receive an asset-based fee with respect to Units. The Fund will pay a fee for transfer agent services equal to 0.00833% (0.10% on an annualized basis) of net assets as of the end of the last business day of the month. Such fees are payable in arrears.

For the three and nine months ended September 30, 2024, the Fund recorded $178,232 and $352,876 in transfer agent fees, respectively, which are included in other general and administrative expenses in the consolidated statements of operations. No transfer agency fees were incurred by the Fund in prior periods, as the fee was effective as of April 1, 2024.

Expense Support and Conditional Reimbursement Agreement

The Fund entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser. Pursuant to the Expense Support Agreement for the first twelve months commencing upon the Fund’s election to be regulated as a BDC under the 1940 Act, which occurred on June 1, 2023, the Adviser, will be obligated to advance all of the Fund’s Other Operating Expenses to the effect that such expenses do not exceed 0.50% (on an annualized basis) of the Fund’s average net assets (referred to as a “Required Expense Payment”). Any Required Expense Payment must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates. “Other Operating Expenses” means the Fund’s professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees and third party valuation agent fees, insurance costs, director fees, administration fees, and other general and administrative expenses.

Upon the termination of Adviser’s obligation to make Required Expense Payments, the Adviser may elect to pay, at such times as the Adviser determines, certain expenses on the Fund’s behalf, provided that no portion of the payment will be used to pay any interest expense or Unit Holder servicing fees of the Fund (referred to as a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”). Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

In consideration of the Adviser’s agreement to make Expense Payments, the Fund has agreed to repay the Adviser in the amount of any Expense Payment subject to the limitation that a repayment to the Adviser (an “Adviser Reimbursement”) will be made only if and to the extent that: (i) it is payable not more than three years from the date on which the applicable Expense Payment was made by the Adviser; and (ii) the Adviser Reimbursement does not cause the Fund’s total annual operating expenses (on an annualized basis and net of any Advisor Reimbursements received by the Fund during such fiscal year) during the applicable quarter to exceed the Expense Limitation (as applicable). The Adviser may waive its right to receive all or a portion of any Adviser Reimbursement in any particular calendar month. The Fund’s obligation to make an Adviser Reimbursement shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

The Adviser will look only to the assets of the Fund for its performance under the Expense Support Agreement and for any claims for payment. No directors, officers, employees, agents, or Members of the Fund will be personally liable for performance by the Fund under the Expense Support Agreement.

 

35


 

This Expense Support Agreement shall continue in force until November 30, 2024. This Expense Support Agreement shall renew automatically for successive one-year terms, unless either the Fund or the Adviser determines to terminate it after the Initial Term and so notifies the other party.

As of May 10, 2023, the Adviser has voluntarily agreed to waive its right to receive any Reimbursement Payment for any Excess Operating Funds incurred in any month prior to revocation. Any such amounts shall not be considered unreimbursed Expense Payments reimbursable in future months pursuant to the terms of the Expense Support Agreement. This voluntary arrangement can be terminated at any time, upon thirty days’ prior written notice to the Fund.

For the three and nine months ended September 30, 2024, $184,161 and $401,086, respectively, was recognized and recorded in expense support on the consolidated statements of operations. For the three and nine months ended September 30, 2023, $339,596 and $437,984, respectively, was recognized and recorded in expense support on the consolidated statements of operations.

As of September 30, 2024 and December 31, 2023, there were $125,708 and $139,974, respectively, due to affiliates, net included on the consolidated statements of assets and liabilities.

Administrative Agent Expense Allocation Agreement

Fidelity Direct Lending LLC (“FDL”), an affiliate of the Fund, acts as administrative agent for certain of the Fund’s loan investments. As an administrative agent, FDL is responsible for performing loan administrative services on behalf of borrowers and lenders and is entitled to fees for those services. FDL does not retain fees from portfolio companies for providing services with respect to loans in which the Fund has invested. Pursuant to the Amended and Restated Administrative Agent Expense Allocation Agreement (the “Agent Allocation Agreement”), all fees earned and expenses incurred by FDL are transferred pro rata to the Fund and other affiliated funds based on the amounts the funds invested or committed, provided that those expenses shall not exceed the fees received by the Fund by FDL. Any income received or expense incurred is included in Other income or Other general and administrative expenses, respectively, if applicable.

Affiliated Investments

There were no affiliated holdings at September 30, 2024. The table below presents the Fund's affiliated investments for the nine months ended September 30, 2023.

 

 

 

Fair Value as of December 31, 2022

 

 

Gross Additions

 

 

Gross Reductions

 

 

Change in Unrealized Appreciation (Depreciation)

 

 

Realized Gains (Losses)

 

 

Fair Value as of September 30, 2023

 

 

Dividend and Interest Income

 

Non-controlled/ Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelity Investments Money Market Government Portfolio Class I

 

$

 

 

$

94,206,726

 

 

$

(94,206,726

)

 

$

 

 

$

 

 

$

 

 

$

81,330

 

Total

 

$

 

 

$

94,206,726

 

 

$

(94,206,726

)

 

$

 

 

$

 

 

$

 

 

$

81,330

 

Affiliated Unit Holder Investments

The following investment companies managed by an affiliate were each owners of record of 10% or more of the total net assets:

Affiliated Investment Company

 

September 30, 2024 % Net Assets

 

 

December 31, 2023 % Net Assets

 

Fidelity Capital and Income Fund

 

 

51

%

 

 

52

%

Fidelity Advisor Floating Rate High Income Fund

 

 

16

%

 

 

14

%

Investment companies managed by an affiliate, in aggregate, were owners of record of 100% of the units as of September 30, 2024 and December 31, 2023.

 

36


 

Placement Agent Agreement

The Fund has entered into a Placement Agent Agreement (the “Placement Agent Agreement”) with Fidelity Distributors Company LLC (“FDC”), an affiliate of the Adviser. FDC will act as a non-exclusive placement agent for the Fund in connection with the private placement offering of units of interest.

Co-investment Relief

The Fund and the Adviser have received an exemptive order from the SEC that permits the Fund, among other things, to co-invest with certain other persons in negotiated transactions, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. Pursuant to such order, the Fund’s Board may establish Board-Established Criteria clearly defining co-investment opportunities in which the Fund will have the opportunity to participate with other public or private affiliated funds that target similar assets. If an investment falls within the Board-Established Criteria, the Adviser must offer an opportunity for the Fund to participate. The Fund may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Fund (e.g., based on investment strategy). The co-investment would generally be allocated to the Fund and the other affiliated funds that target similar assets in accordance with the Adviser’s allocation policies and procedures. If the Adviser determines that such investment is not appropriate for the Fund, the investment will not be allocated to the Fund, but the Adviser will be required to report such investment and the rationale for its determination for the Fund to not participate in the investment to the Board at the next quarterly Board meeting.

 

Note 5. Investments

The composition of the Fund’s investment portfolio at cost and fair value was as follows:

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

First Lien Debt

 

$

1,407,058,488

 

 

$

1,389,191,305

 

 

 

96.4

%

 

$

1,332,735,575

 

 

$

1,339,308,277

 

 

 

97.1

%

Second Lien Debt

 

 

9,704,740

 

 

 

10,000,000

 

 

 

0.7

%

 

 

9,676,838

 

 

 

10,000,000

 

 

 

0.7

%

Equity

 

 

17,446,393

 

 

 

17,418,892

 

 

 

1.2

%

 

 

15,232,702

 

 

 

16,548,717

 

 

 

1.2

%

Mutual Funds

 

 

24,379,680

 

 

 

24,379,680

 

 

 

1.7

%

 

 

13,807,906

 

 

 

13,807,906

 

 

 

1.0

%

Total Investment

 

$

1,458,589,301

 

 

$

1,440,989,877

 

 

 

100.0

%

 

$

1,371,453,021

 

 

$

1,379,664,900

 

 

 

100.0

%

 

 

37


 

The industry composition of investments at fair value was as follows:

 

 

September 30, 2024

 

 

December 31, 2023

 

 Health Care Services

 

 

19.9

%

 

 

18.0

%

 Application Software

 

 

10.1

%

 

 

9.1

%

 Industrial Machinery & Supplies & Components

 

 

8.5

%

 

 

7.7

%

 Specialized Consumer Services

 

 

5.3

%

 

 

5.1

%

 Air Freight & Logistics

 

 

4.9

%

 

 

8.4

%

 Automotive Parts & Equipment

 

 

4.9

%

 

 

5.2

%

 Diversified Support Services

 

 

4.7

%

 

 

8.9

%

 Trading Companies & Distributors

 

 

4.2

%

 

 

4.4

%

 Soft Drinks & Non-alcoholic Beverages

 

 

3.9

%

 

 

4.0

%

 Environmental & Facilities Services

 

 

3.8

%

 

 

5.7

%

 Human Resource & Employment Services

 

 

3.7

%

 

 

3.3

%

 Pharmaceuticals

 

 

3.4

%

 

 

3.2

%

 Building Products

 

 

2.9

%

 

 

3.1

%

 Data Processing & Outsourced Services

 

 

2.4

%

 

 

2.5

%

 Packaged Foods & Meats

 

 

2.4

%

 

 

0.1

%

 Paper & Plastic Packaging Products & Materials

 

 

2.3

%

 

 

2.4

%

 Electronic Components

 

 

1.8

%

 

 

2.0

%

 Mutual Funds

 

 

1.7

%

 

 

1.0

%

 Life Sciences Tools & Services

 

 

1.7

%

 

 

1.7

%

 Health Care Facilities

 

 

1.6

%

 

 

1.5

%

 Health Care Technology

 

 

1.5

%

 

 

0.0

%

 Commodity Chemicals

 

 

1.0

%

 

 

1.1

%

 Insurance Brokers

 

 

1.0

%

 

 

1.0

%

 Aerospace & Defense

 

 

0.7

%

 

 

0.6

%

 Research & Consulting Services

 

 

0.6

%

 

 

0.0

%

 Office Services & Supplies

 

 

0.4

%

 

 

0.0

%

 Diversified Financial Services

 

 

0.4

%

 

 

0.0

%

 Electrical Components & Equipment

 

 

0.3

%

 

 

0.0

%

 Health Care Supplies

 

 

0.0

%

 

 

0.0

%

 Food Distributors

 

 

0.0

%

 

 

0.0

%

Total

 

 

100.0

%

 

 

100.0

%

The geographic composition of investments at fair value was as follows:

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

United States

 

$

1,409,517,942

 

 

 

97.8

%

 

 

203.0

%

 

$

1,348,192,965

 

 

 

97.7

%

 

 

199.7

%

Australia

 

 

31,471,935

 

 

 

2.2

%

 

 

4.5

%

 

 

31,471,935

 

 

 

2.3

%

 

 

4.7

%

Total

 

$

1,440,989,877

 

 

 

100.0

%

 

 

207.5

%

 

$

1,379,664,900

 

 

 

100.0

%

 

 

204.4

%

As of September 30, 2024 and December 31, 2023, on a fair value basis, 100% of debt investments bore interest at a floating rate and 0% of debt investments bore interest at a fixed rate. As of September 30, 2024 and December 31, 2023, there were no investments on non-accrual status.

Note 6. Fair Value Measurements

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 — unadjusted quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 — unobservable inputs (including the Fund’s own assumptions based on the best information available)

 

38


 

The following is a summary of the inputs used, as of September 30, 2024 and December 31, 2023, involving the Fund’s assets carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

 

 

September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

First Lien Debt

 

$

 

 

$

 

 

$

1,389,191,305

 

 

$

1,389,191,305

 

Second Lien Debt

 

 

 

 

 

 

 

 

10,000,000

 

 

 

10,000,000

 

Equity

 

 

 

 

 

 

 

 

17,418,892

 

 

 

17,418,892

 

Mutual Funds

 

 

24,379,680

 

 

 

 

 

 

 

 

 

24,379,680

 

Total Investment

 

$

24,379,680

 

 

$

 

 

$

1,416,610,197

 

 

$

1,440,989,877

 

 

 

 

December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

First Lien Debt

 

$

 

 

$

 

 

$

1,339,308,277

 

 

$

1,339,308,277

 

Second Lien Debt

 

 

 

 

 

 

 

 

10,000,000

 

 

 

10,000,000

 

Equity

 

 

 

 

 

 

 

 

16,548,717

 

 

 

16,548,717

 

Mutual Funds

 

 

13,807,906

 

 

 

 

 

 

 

 

 

13,807,906

 

Total Investment

 

$

13,807,906

 

 

$

 

 

$

1,365,856,994

 

 

$

1,379,664,900

 

The following tables provide a reconciliation of the beginning and ending balances for investments for which fair value was determined using Level 3 inputs for the nine months ended September 30, 2024 and 2023:

 

 

Nine Months Ended September 30, 2024

 

 

 

First Lien Debt

 

 

Second Lien Debt

 

 

Equity

 

 

Total Investments

 

Fair value, beginning of period

$

1,339,308,277

 

 

$

10,000,000

 

 

$

16,548,717

 

 

$

1,365,856,994

 

Purchases of investments

 

335,181,375

 

 

 

 

 

 

2,550,994

 

 

 

337,732,369

 

Purchases from increase in investments due to Payment-in-kind

 

 

1,635,756

 

 

 

 

 

 

 

 

 

1,635,756

 

Proceeds from principal repayments and sales of investments

 

(272,037,248

)

 

 

 

 

 

(1,185,698

)

 

 

(273,222,946

)

Accretion of discount/ amortization of premium

 

9,544,622

 

 

 

27,902

 

 

 

 

 

 

9,572,524

 

Net realized gain (loss)

 

(1,747

)

 

 

 

 

 

848,550

 

 

 

846,803

 

Net change in unrealized appreciation (depreciation)

 

(24,439,730

)

 

 

(27,902

)

 

 

(1,343,671

)

 

 

(25,811,303

)

Fair value, end of period

$

1,389,191,305

 

 

$

10,000,000

 

 

$

17,418,892

 

 

$

1,416,610,197

 

Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2024

$

(22,167,412

)

 

$

(27,902

)

 

$

(1,343,671

)

 

$

(23,538,985

)

 

 

 

Nine Months Ended September 30, 2023

 

 

 

First Lien Debt

 

 

Second Lien Debt

 

 

Equity

 

 

Total Investments

 

Fair value, beginning of period

$

680,308,932

 

 

$

9,632,000

 

 

$

7,300,018

 

 

$

697,240,950

 

Purchases of investments

 

570,307,559

 

 

 

 

 

 

6,286,387

 

 

 

576,593,946

 

Proceeds from principal repayments and sales of investments

 

(32,510,145

)

 

 

 

 

 

 

 

 

(32,510,145

)

Accretion of discount/ amortization of premium

 

2,675,179

 

 

 

24,681

 

 

 

 

 

 

2,699,860

 

Net realized gain (loss)

 

611,462

 

 

 

 

 

 

 

 

 

611,462

 

Transfers into Level 3

 

40,500,480

 

 

 

 

 

 

 

 

 

40,500,480

 

Net change in unrealized appreciation (depreciation)

 

3,113,936

 

 

 

343,319

 

 

 

1,001,267

 

 

 

4,458,522

 

Fair value, end of period

$

1,265,007,403

 

 

$

10,000,000

 

 

$

14,587,672

 

 

$

1,289,595,075

 

Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2023

$

3,113,936

 

 

$

343,319

 

 

$

1,001,267

 

 

$

4,458,522

 

 

 

39


 

The information used in the above reconciliations represents period to date activity for any investments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any security or instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases may include securities received through corporate actions or exchanges.

The following provides information on Level 3 securities held by the Fund that were valued at September 30, 2024 and December 31, 2023 based on unobservable inputs.

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

Range

 

 

 

 

 

 

 

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Low

 

 

High

 

 

Weighted Average

 

 

Impact to Valuation from an Increase in Input*

First Lien Debt

$

1,389,191,305

 

 

Market approach

 

Transaction price

 

$

98.50

 

 

$

100.00

 

 

$

99.57

 

 

Increase

 

 

 

 

Market comparable

 

Enterprise value/EBITDA multiple (EV/EBITDA)

 

 

9.00

 

 

 

9.00

 

 

 

9.00

 

 

Increase

 

 

 

 

Discounted cash flow

 

Yield

 

 

7.2

%

 

 

15.7

%

 

 

10.1

%

 

Decrease

Second Lien Debt

 

10,000,000

 

 

Discounted cash flow

 

Yield

 

 

10.3

%

 

 

10.3

%

 

 

10.3

%

 

Decrease

Equities

 

17,418,892

 

 

Market approach

 

Transaction price

 

$

32.52

 

 

$

1,000.00

 

 

$

132.53

 

 

Increase

 

 

 

 

 

Market comparable

 

Enterprise value/EBITDA multiple (EV/EBITDA)

 

 

4.00

 

 

 

17.00

 

 

 

10.80

 

 

Increase

Total

 

$

1,416,610,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

Range

 

 

 

 

 

 

 

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Low

 

 

High

 

 

Weighted Average

 

 

Impact to Valuation from an Increase in Input*

First Lien Debt

$

1,339,308,277

 

 

Market approach

 

Transaction price

 

$

97.50

 

 

$

97.50

 

 

$

97.50

 

 

Increase

 

 

 

 

Discounted cash flow

 

Yield

 

 

8.2

%

 

 

13.9

%

 

 

11.0

%

 

Decrease

Second Lien Debt

 

10,000,000

 

 

Discounted cash flow

 

Yield

 

 

11.4

%

 

 

11.4

%

 

 

11.4

%

 

Decrease

Equities

 

16,548,717

 

 

Market comparable

 

Enterprise value / EBITDA multiple (EV/EBITDA)

 

 

6.5

 

 

17.5

 

 

 

10.5

 

 

Increase

 

 

 

 

 

Market approach

 

Transaction price

 

$

1.00

 

 

$

1.00

 

 

$

1.00

 

 

Increase

Total

 

$

1,365,856,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Financial Instruments Not Carried at Fair Value

Debt

The carrying value of the Fund’s debt, which would be categorized as Level 3 within the fair value hierarchy, as of September 30, 2024, and December 31, 2023, approximates the fair value.

 

40


 

Note 7. Commitments and Contingencies

In the normal course of business, the Fund enters into contracts that provide a variety of general indemnifications. Any exposure to the Fund under these arrangements could involve future claims that may be made against the Fund. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.

Commitments

In the normal course of business, the Fund may become party to financial instruments with off-balance sheet risk to fund investments that have unfunded commitments associated with such instruments. These financial instruments may include commitments to extend credit on the unused portions of the Fund’s commitments pursuant to the terms of certain of the Fund’s investments in revolving credit facilities, delayed draw and other loan financing agreements in connection with the Fund’s investments in direct lending instruments. The unfunded commitments are carried at fair value with the unrealized appreciation or depreciation on the unfunded portion being included in fair value for each such position disclosed on the schedule of investments, and changes in those fair values are recorded in the change in net unrealized appreciation (depreciation) on investments on the consolidated statements of operations. The following tables detail the unfunded loan commitments at September 30, 2024 and December 31, 2023:

As of September 30, 2024

Investments - non-controlled/ non-affiliate

 

Commitment Type

 

Commitment Expiration Date

 

Unfunded Commitment ($)

 

AB Centers Acquisition Corporation

 

Delayed Draw Term Loan

 

7/2/2031

 

$

3,681,053

 

AB Centers Acquisition Corporation

 

Revolving Credit Facility

 

7/2/2031

 

 

1,840,527

 

ACP Avenu Buyer, LLC

 

Revolving Credit Facility

 

10/2/2029

 

 

5,081,518

 

ACP Avenu Buyer, LLC

 

Delayed Draw Term Loan

 

10/2/2029

 

 

2,784,571

 

ACP Falcon Buyer, Inc.

 

Revolving Credit Facility

 

8/1/2029

 

 

6,500,000

 

AEP Passion Intermediate Holdings, Inc.

 

Delayed Draw Term Loan

 

10/5/2027

 

 

2,057,484

 

AEP Passion Intermediate Holdings, Inc.

 

Revolving Credit Facility

 

10/5/2027

 

 

85,373

 

Alcami Corporation

 

Revolving Credit Facility

 

12/21/2028

 

 

7,342,466

 

Astro Acquisition LLC

 

Revolving Credit Facility

 

12/13/2027

 

 

3,000,000

 

Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc.

 

Revolving Credit Facility

 

12/9/2028

 

 

3,389,831

 

BeBright MSO, LLC

 

Delayed Draw Term Loan

 

6/3/2030

 

 

1,913,227

 

BeBright MSO, LLC

 

Revolving Credit Facility

 

6/3/2030

 

 

1,932,553

 

Belt Power Holdings LLC

 

Revolving Credit Facility

 

8/22/2028

 

 

3,418,803

 

Bron Buyer, LLC

 

Revolving Credit Facility

 

1/13/2029

 

 

5,000,000

 

C2DX, Inc

 

Revolving Credit Facility

 

3/19/2030

 

 

120,339

 

C2DX, Inc

 

Delayed Draw Term Loan

 

3/19/2030

 

 

338,983

 

Cadence - Southwick, Inc.

 

Revolving Credit Facility

 

5/3/2028

 

 

2,385,702

 

CCI Prime, LLC

 

Delayed Draw Term Loan

 

10/18/2029

 

 

429,448

 

CCI Prime, LLC

 

Revolving Credit Facility

 

10/18/2029

 

 

3,500,000

 

COP Foundations Acquisitions Inc.

 

Delayed Draw Term Loan

 

5/6/2029

 

 

2,380,952

 

COP Foundations Acquisitions Inc.

 

Revolving Credit Facility

 

5/6/2029

 

 

595,238

 

Copperweld Group, Inc.

 

Revolving Credit Facility

 

3/31/2026

 

 

2,030,457

 

CUB Financing Intermediate, LLC

 

Delayed Draw Term Loan

 

6/28/2030

 

 

2,361,111

 

Cytracom, LLC

 

Delayed Draw Term Loan

 

6/28/2027

 

 

1,011,236

 

Cytracom, LLC

 

Revolving Credit Facility

 

6/28/2027

 

 

561,798

 

Double E Company, LLC

 

Revolving Credit Facility

 

6/21/2028

 

 

334,802

 

Dragonfly Pond Works

 

Delayed Draw Term Loan

 

8/16/2030

 

 

3,500,583

 

Dragonfly Pond Works

 

Revolving Credit Facility

 

8/16/2030

 

 

875,146

 

EDS Buyer, LLC

 

Revolving Credit Facility

 

1/10/2029

 

 

85,106

 

Endurance PT Technology Buyer Corporation

 

Revolving Credit Facility

 

2/28/2030

 

 

3,080,645

 

Erosion Holdings, LLC

 

Delayed Draw Term Loan

 

9/30/2029

 

 

4,017,857

 

Erosion Holdings, LLC

 

Revolving Credit Facility

 

9/30/2029

 

 

1,339,286

 

EverSmith Brands Intermediate Holding Company

 

Delayed Draw Term Loan

 

6/17/2030

 

 

367,647

 

EverSmith Brands Intermediate Holding Company

 

Revolving Credit Facility

 

6/17/2030

 

 

102,941

 

 

 

41


 

As of September 30, 2024 continued:

Investments - non-controlled/ non-affiliate

 

Commitment Type

 

Commitment Expiration Date

 

Unfunded Commitment ($)

 

Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc.

 

Revolving Credit Facility

 

1/3/2029

 

$

2,727,273

 

Finastra USA Inc

 

Revolving Credit Facility

 

9/13/2029

 

 

4,187,568

 

Future Care Associates LLC

 

Revolving Credit Facility

 

12/30/2028

 

 

5,000,000

 

Houseworks Holdings, LLC

 

Revolving Credit Facility

 

12/16/2028

 

 

5,590,163

 

Infusion Services Management, LLC

 

Delayed Draw Term Loan

 

7/7/2028

 

 

7,094,986

 

Infusion Services Management, LLC

 

Revolving Credit Facility

 

7/7/2028

 

 

1,733,966

 

LA-CO Industries, Inc

 

Revolving Credit Facility

 

7/2/2030

 

 

760,456

 

Lake Air Products, LLC

 

Revolving Credit Facility

 

1/9/2029

 

 

6,000,000

 

Midas Foods International LLC

 

Delayed Draw Term Loan

 

4/30/2029

 

 

491,803

 

Midas Foods International LLC

 

Revolving Credit Facility

 

4/30/2029

 

 

163,934

 

MoboTrex, LLC

 

Delayed Draw Term Loan

 

6/7/2030

 

 

314,685

 

MoboTrex, LLC

 

Revolving Credit Facility

 

6/7/2030

 

 

104,895

 

MRI Acquisitions, Inc

 

Revolving Credit Facility

 

12/30/2025

 

 

1,833,333

 

MSE Supplies, LLC

 

Revolving Credit Facility

 

8/14/2030

 

 

1,442,308

 

Mustang Prospects Purchaser LLC

 

Delayed Draw Term Loan

 

6/13/2031

 

 

2,052,548

 

Mustang Prospects Purchaser LLC

 

Revolving Credit Facility

 

6/13/2031

 

 

2,368,325

 

NAM Acquisition Co LLC

 

Delayed Draw Term Loan

 

7/16/2030

 

 

963,855

 

NAM Acquisition Co LLC

 

Revolving Credit Facility

 

7/16/2030

 

 

481,928

 

Pave America Interco, LLC

 

Revolving Credit Facility

 

2/7/2028

 

 

706,658

 

Prism Parent Co Inc.

 

Delayed Draw Term Loan

 

9/16/2028

 

 

3,703,704

 

Quick Roofing Acquisition, LLC

 

Revolving Credit Facility

 

12/22/2029

 

 

8,500,000

 

Quick Roofing Acquisition, LLC

 

Delayed Draw Term Loan

 

12/22/2029

 

 

892,623

 

R1 Holdings, LLC

 

Revolving Credit Facility

 

12/29/2028

 

 

5,099,548

 

Refresh Buyer LLC

 

Revolving Credit Facility

 

12/23/2027

 

 

2,269,939

 

Routeware, Inc

 

Delayed Draw Term Loan

 

9/18/2031

 

 

4,431,818

 

Routeware, Inc

 

Revolving Credit Facility

 

9/18/2031

 

 

1,022,727

 

RPX Corporation

 

Revolving Credit Facility

 

8/2/2030

 

 

816,327

 

Ruppert Landscape, LLC

 

Revolving Credit Facility

 

12/1/2028

 

 

3,623,188

 

RxStrategies, Inc

 

Revolving Credit Facility

 

8/12/2030

 

 

3,750,000

 

Sabrosura Foods, LLC

 

Delayed Draw Term Loan

 

8/22/2029

 

 

4,467,912

 

Sabrosura Foods, LLC

 

Revolving Credit Facility

 

8/22/2029

 

 

8,064,800

 

SCP WQS Buyer, LLC

 

Delayed Draw Term Loan

 

10/2/2028

 

 

2,814,529

 

SCP WQS Buyer, LLC

 

Revolving Credit Facility

 

10/2/2028

 

 

2,940,000

 

Soteria Flexibles Corporation

 

Delayed Draw Term Loan

 

8/15/2029

 

 

7,287,090

 

Soteria Flexibles Corporation

 

Revolving Credit Facility

 

8/15/2029

 

 

5,907,407

 

The Smilist DSO, LLC

 

Revolving Credit Facility

 

4/4/2029

 

 

1,148,547

 

The Smilist DSO, LLC

 

Delayed Draw Term Loan

 

4/4/2029

 

 

2,291,918

 

Tiger Healthcare Buyer, LLC

 

Delayed Draw Term Loan

 

2/27/2030

 

 

50,417

 

Tiger Healthcare Buyer, LLC

 

Revolving Credit Facility

 

2/27/2030

 

 

2,250,000

 

USW Buyer, LLC

 

Revolving Credit Facility

 

11/3/2028

 

 

1,970,000

 

VIP Medical US Buyer, LLC

 

Revolving Credit Facility

 

12/12/2028

 

 

2,000,000

 

VIP Medical US Buyer, LLC

 

Delayed Draw Term Loan

 

12/12/2028

 

 

5,500,000

 

WCI-BXC Purchaser, LLC

 

Revolving Credit Facility

 

11/6/2029

 

 

5,935,896

 

Total Unfunded Commitments

 

 

 

 

 

$

208,203,757

 

 

 

42


 

As of December 31, 2023

Investments - non-controlled/ non-affiliate

 

Commitment Type

 

Commitment Expiration Date

 

Unfunded Commitment ($)

 

First and Second Lien Debt

 

 

 

 

 

 

 

AB Centers Acquisition Corporation

 

Revolving Credit Facility

 

9/6/2028

 

 

3,103,448

 

ACP Avenu Buyer, LLC

 

Revolving Credit Facility

 

10/2/2029

 

 

6,535,714

 

ACP Avenu Buyer, LLC

 

Delayed Draw Term Loan

 

10/2/2029

 

 

4,714,286

 

ACP Falcon Buyer, Inc.

 

Revolving Credit Facility

 

8/1/2029

 

 

6,500,000

 

AEP Passion Intermediate Holdings, Inc.

 

Delayed Draw Term Loan

 

10/5/2027

 

 

3,338,076

 

AEP Passion Intermediate Holdings, Inc.

 

Revolving Credit Facility

 

10/5/2027

 

 

554,923

 

Alcami Corporation

 

Delayed Draw Term Loan

 

12/21/2028

 

 

4,589,041

 

Alcami Corporation

 

Revolving Credit Facility

 

12/21/2028

 

 

7,342,466

 

Alera Group, Inc.

 

Delayed Draw Term Loan

 

9/30/2028

 

 

1,275,000

 

Astro Acquisition LLC

 

Revolving Credit Facility

 

12/13/2027

 

 

4,651,683

 

Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc.

 

Revolving Credit Facility

 

12/9/2028

 

 

3,389,831

 

Belt Power Holdings LLC

 

Delayed Draw Term Loan

 

8/22/2028

 

 

2,529,915

 

Belt Power Holdings LLC

 

Revolving Credit Facility

 

8/22/2028

 

 

2,027,350

 

Bron Buyer, LLC

 

Delayed Draw Term Loan

 

1/13/2029

 

 

10,000,000

 

Bron Buyer, LLC

 

Revolving Credit Facility

 

1/13/2029

 

 

5,000,000

 

Cadence - Southwick, Inc.

 

Revolving Credit Facility

 

5/3/2028

 

 

2,506,557

 

CareRing Health, LLC

 

Delayed Draw Term Loan

 

5/4/2028

 

 

9,103,448

 

CCI Prime, LLC

 

Delayed Draw Term Loan

 

10/18/2029

 

 

429,448

 

CCI Prime, LLC

 

Revolving Credit Facility

 

10/18/2029

 

 

3,500,000

 

Copperweld Group, Inc.

 

Revolving Credit Facility

 

3/31/2026

 

 

1,522,843

 

Double E Company, LLC

 

Revolving Credit Facility

 

6/21/2028

 

 

114,537

 

Double E Company, LLC

 

Delayed Draw Term Loan

 

6/21/2028

 

 

1,762,115

 

Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc.

 

Revolving Credit Facility

 

1/3/2029

 

 

2,727,273

 

Finastra USA Inc

 

Revolving Credit Facility

 

9/13/2029

 

 

5,736,075

 

Future Care Associates LLC

 

Delayed Draw Term Loan

 

1/27/2029

 

 

9,000,000

 

Future Care Associates LLC

 

Revolving Credit Facility

 

1/27/2029

 

 

5,000,000

 

Hobbs & Associates Inc

 

Delayed Draw Term Loan

 

4/11/2029

 

 

3,346,066

 

Houseworks Holdings, LLC

 

Revolving Credit Facility

 

12/16/2028

 

 

5,590,163

 

Infusion Services Management, LLC

 

Delayed Draw Term Loan

 

7/7/2028

 

 

7,094,986

 

Infusion Services Management, LLC

 

Revolving Credit Facility

 

7/7/2028

 

 

7,695

 

Lake Air Products, LLC

 

Revolving Credit Facility

 

1/9/2029

 

 

6,000,000

 

Lightspeed Solutions, LLC

 

Delayed Draw Term Loan

 

3/1/2028

 

 

5,060,976

 

MRI Acquisitions, Inc

 

Delayed Draw Term Loan

 

12/30/2025

 

 

10,000,000

 

MRI Acquisitions, Inc

 

Revolving Credit Facility

 

12/30/2025

 

 

2,166,667

 

Omni Intermediate Holdings, LLC

 

Delayed Draw Term Loan

 

12/30/2026

 

 

4,455,850

 

Pavement Partners Interco, LLC

 

Revolving Credit Facility

 

2/7/2028

 

 

3,768,844

 

Prism Parent Co Inc.

 

Delayed Draw Term Loan

 

9/19/2028

 

 

9,259,259

 

Quick Roofing Acquisition, LLC

 

Revolving Credit Facility

 

12/22/2029

 

 

8,500,000

 

Quick Roofing Acquisition, LLC

 

Delayed Draw Term Loan

 

12/22/2029

 

 

2,975,410

 

R1 Holdings Merger Sub, LLC

 

Delayed Draw Term Loan

 

12/29/2028

 

 

4,498,100

 

R1 Holdings Merger Sub, LLC

 

Revolving Credit Facility

 

12/29/2028

 

 

5,099,548

 

Refresh Buyer LLC

 

Revolving Credit Facility

 

12/23/2027

 

 

2,883,436

 

Ruppert Landscape, LLC

 

Revolving Credit Facility

 

12/1/2028

 

 

2,552,174

 

SCP WQS Buyer, LLC

 

Delayed Draw Term Loan

 

10/2/2028

 

 

5,863,602

 

SCP WQS Buyer, LLC

 

Revolving Credit Facility

 

10/2/2028

 

 

3,500,000

 

Senske Lawn and Tree Care, LLC

 

Revolving Credit Facility

 

12/15/2028

 

 

2,750,000

 

Soteria Flexibles Corporation

 

Delayed Draw Term Loan

 

8/15/2029

 

 

7,287,090

 

Soteria Flexibles Corporation

 

Revolving Credit Facility

 

8/15/2029

 

 

5,907,407

 

USA Water Intermediate Holdings, LLC

 

Delayed Draw Term Loan

 

1/27/2028

 

 

5,580,000

 

USA Water Intermediate Holdings, LLC

 

Revolving Credit Facility

 

1/27/2028

 

 

4,500,000

 

USW Buyer, LLC

 

Revolving Credit Facility

 

11/3/2028

 

 

3,000,000

 

VIP Medical US Buyer, LLC

 

Revolving Credit Facility

 

12/12/2028

 

 

4,000,000

 

VIP Medical US Buyer, LLC

 

Delayed Draw Term Loan

 

12/12/2028

 

 

8,000,000

 

WCI-BXC Purchaser, LLC

 

Revolving Credit Facility

 

11/6/2029

 

 

5,935,897

 

Total Unfunded Commitments

 

 

 

 

 

$

246,537,199

 

 

 

43


 

Note 8. Borrowings

In accordance with the 1940 Act, with certain limitations, the Fund is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of September 30, 2024 and December 31, 2023, the Fund’s asset coverage was 192% and 191% respectively.

The Fund’s average outstanding debt and weighted average interest rate paid for the three and nine months ended September 30, 2024 were $754,994,565 and 8.09% and $746,998,188 and 8.14%, respectively. The Fund’s average outstanding debt and weighted average interest rate paid for the three and nine months ended September 30, 2023 were $675,619,385 and 8.09% and $589,564,221 and 7.69%, respectively.

The Fund’s outstanding borrowings at September 30, 2024 and December 31, 2023 were as follows:

 

 

September 30, 2024

 

 

 

Aggregate Principal Committed

 

 

Outstanding Principal

 

 

Carrying Value

 

Fidelity Direct Lending Fund I JSPV LLC Facility

 

$

950,000,000

 

 

$

754,500,000

 

 

$

754,500,000

 

Total

 

$

950,000,000

 

 

$

754,500,000

 

 

$

754,500,000

 

 

 

 

December 31, 2023

 

 

 

Aggregate Principal Committed

 

 

Outstanding Principal

 

 

Carrying Value

 

Fidelity Direct Lending Fund I JSPV LLC Facility

 

$

950,000,000

 

 

$

743,000,000

 

 

$

743,000,000

 

Total

 

$

950,000,000

 

 

$

743,000,000

 

 

$

743,000,000

 

For the three and nine months ended September 30, 2024 and 2023, the components of interest expense were as follows:

 

 

Three Months Ended September 30,

 

 

 

2024

 

 

2023

 

Borrowing interest expense

 

$

15,896,169

 

 

$

14,802,546

 

Facility unused fees

 

 

267,313

 

 

 

485,914

 

Amortization of financing costs

 

 

599,934

 

 

 

587,260

 

Total Interest Expense

 

$

16,763,416

 

 

$

15,875,720

 

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Borrowing interest expense

 

$

47,808,535

 

 

$

36,839,929

 

Facility unused fees

 

 

779,188

 

 

 

731,877

 

Amortization of financing costs

 

 

1,761,589

 

 

 

1,439,831

 

Total Interest Expense

 

$

50,349,312

 

 

$

39,011,637

 

Fidelity Direct Lending Fund I JSPV LLC

On August 25, 2022, Fidelity Direct Lending Fund I JSPV LLC (the “SPV”) entered into a senior secured revolving credit facility (the “Fidelity Direct Lending Fund I JSPV LLC Facility”) with JPMorgan Chase Bank, NA (“JPM”), governed by the Loan and Security Agreement (the “Agreement”), as amended from time to time. JPM serves as administrative agent, Citibank, N.A. serves as collateral agent and securities intermediary, and Virtus Group, LP serves as collateral administrator under the Fidelity Direct Lending Fund I JSPV LLC Facility.

In connection with the Fidelity Direct Lending Fund I JSPV LLC Facility, the SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Fidelity Direct Lending Fund I JSPV LLC Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, the lender under the Fidelity Direct Lending Fund I JSPV LLC Facility may declare the outstanding advances and all other obligations under the Fidelity Direct Lending Fund I JSPV LLC Facility immediately due and payable.

 

44


 

The initial commitment amount under the Fidelity Direct Lending Fund I JSPV LLC Facility was $500 million. On January 24, 2023 and June 6, 2023 this was increased to $750 million and $950 million, respectively. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by the SPV and to make advances under delayed draw term loans where the SPV is a lender. On September 12, 2024, the Fidelity Direct Lending Fund I JSPV LLC Facility entered into the Third Amendment to the Agreement. The amendment extends the last day of the revolving period to August 25, 2027, and the stated maturity date to February 25, 2029. Advances under the Fidelity Direct Lending Fund I JSPV LLC Facility currently bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is Term SOFR in the case of U.S. dollar advances), plus an applicable margin of 2.20% per annum except for borrowings denominated in British pounds, for which the applicable margin is 2.3193% per annum. Prior to September 12, 2024, the applicable margins were 2.97% per annum for certain advances in British Pounds and 2.85% per annum for other advances. The SPV currently pays a commitment fee of 0.525% per annum of the unused facility amount, based on the average daily unused amount of the financing commitments, subject to minimum utilization amounts.

The SPV had $754,500,000 and $743,000,000 outstanding on the Fidelity Direct Lending Fund I JSPV, LLC Facility as of September 30, 2024 and December 31, 2023, respectively.

Short-Term Borrowings

In order to finance certain investment transactions, the Fund may, from time to time, enter into reverse repurchase agreements, whereby the Fund sells to Macquarie Bank Limited an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon purchase price at a future date, generally not to exceed 180-days from the date it was sold (each a “Short-Term Financing Transaction”). The net purchase price that the Fund must pay to repurchase an investment includes the original purchase amount paid to the Fund by Macquarie Bank Limited to purchase an investment, a financing fee equivalent to 7.25% to 7.88% of the original purchase amount per annum and the value of cash interest payments received by Macquarie Bank Limited on the investment. Securities sold under this arrangement are presented in the Consolidated Schedule of Investments.

For the three and nine months ended September 30, 2024, there were no short-term borrowings. For the three months ended September 30, 2023, there were no short-term borrowings. For the nine months ended September 30, 2023, there were short-term borrowings which bore interest at an average applicable interest rate of 7.78% per annum. As of September 30, 2024 and December 31, 2023, the Fund had no outstanding short-term borrowings.

In accordance with ASC 860, Transfers and Servicing, the Short-Term Financing Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Fund’s consolidated statements of assets and liabilities as an asset, and the Fund records a liability to reflect its repurchase obligation, which is reported as debt on the Fund’s consolidated statements of assets and liabilities. The repurchase obligation is secured by the respective investment that is the subject of the reverse repurchase agreement. Interest expense associated with the repurchase obligation is reported on the Fund’s consolidated statements of operations within interest expense.

 

45


 

Note 9. Financial Highlights

The financial highlights for the periods ended September 30, 2024 and September 30, 2023 are as follows:

 

 

Nine Months Ended September 30, 2024

 

 

Period from January 31, 2023 through September 30, 2023 A

 

Per Unit Activity

 

 

 

 

 

 

Net asset value per unit, beginning of period

 

$

10.08

 

 

$

9.93

 

Net investment income (loss) B

 

 

1.08

 

 

 

0.91

 

Net realized and change in unrealized gain (loss) B

 

 

(0.36

)

 

 

0.09

 

Net increase (decrease) in net assets resulting from operations

 

 

0.72

 

 

 

1.00

 

Distributions B

 

 

(0.89

)

 

 

(0.75

)

Net asset value per unit, end of period

 

$

9.91

 

 

$

10.18

 

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Ratios to Average Net Assets

 

 

 

 

 

 

Net investment income (loss) D

 

 

14.32

%

 

 

13.97

%

Expenses, before reductions C,D

 

 

11.46

%

 

 

9.73

%

Expenses, after reductions C,D

 

 

11.38

%

 

 

9.63

%

Portfolio turnover D,E

 

 

26.59

%

 

 

4.00

%

Total return F

 

 

7.34

%

 

 

11.59

%

Supplemental Data:

 

 

 

 

 

 

Expenses, before reductions, excluding income and excise tax expense and interest expense C,D

 

 

1.83

%

 

 

0.92

%

Expenses, after reductions, excluding income and excise tax expense and interest expense C,D

 

 

1.75

%

 

 

0.82

%

A.
Prior to January 31, 2023, the Fund was not unitized.
B.
Calculated based on weighted average units outstanding during the period.
C.
Expense ratios reflect operating expenses of the Fund.
D.
Annualized.
E.
The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities year to date divided by the average fair value of the portfolio securities, excluding short-term securities.
F.
Total returns of less than 1 year are not annualized. Total Return was not calculated for periods prior to the date that the Fund elected to be regulated as a BDC.

Note 10. Subsequent Events

In preparation of these consolidated financial statements, management has evaluated the events and transactions subsequent to September 30, 2024, through the date when the consolidated financial statements were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Fund’s consolidated financial statements except as disclosed below.

As of May 10, 2023, the Adviser has voluntarily agreed to waive its right to receive any Reimbursement Payment for any Excess Operating Funds incurred in any month prior to revocation under the Expense Support Agreement. Any such amounts shall not be considered unreimbursed Expense Payments reimbursable in future months pursuant to the terms of the Expense Support Agreement. This voluntary arrangement will be terminated on December 31, 2024.

On November 12, 2024, the Fund and Adviser agreed to amend and restate the Expense Support Agreement, effective as of January 1, 2025 (“Amended and Restated Expense Limitation Agreement”), to provide that the Adviser has the right to recoup through the end of each fiscal year any expenses that were reimbursed during the fiscal year up to, but not in excess of, 0.50% (on an annualized basis) of the Fund’s average net assets. In addition, the Amended and Restated Expense Limitation Agreement clarifies that certain operating expenses are excluded from the operating expense limit. The Adviser intends to recoup any reimbursable expenses that are permitted under the Amended and Restated Expense Limitation Agreement.

 

46


 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” This discussion contains forward-looking statements, which relate to future events, our future performance or financial condition and involves numerous risks and uncertainties. Actual results could differ materially from those implied or expressed in any forward-looking statements.

Overview

The Fund was formed on September 16, 2021 as a Delaware limited partnership and converted to a Delaware limited liability company effective January 31, 2023. The Fund elected to be regulated as a business development company (“BDC”) on June 1, 2023 and elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As such, the Fund is required to comply with various regulatory requirements, such as the requirement to invest at least 70% of the Fund’s assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of the Fund’s taxable income and tax-exempt interest. The Fund is externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, determining the value of Fund investments, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the SEC.

An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. Instead of directly compensating employees, we pay FDS for investment and management services pursuant to the terms of the Advisory Agreement and the Administration Agreement.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund will achieve these objectives primarily through directly originated loans to private companies but also liquid credit investments, like broadly syndicated loans, and other select Private Credit investments. Under normal circumstances, the Fund will invest at least 80% of its total assets in Private Credit investments. If the Fund changes its 80% test, the Fund will provide Unit Holders with at least 60 days’ prior notice of such change. The Adviser may also invest to a lesser degree in equity linked instruments (which may include debt with warrants, preferred equity investments, or equity co-investments). Most of our investments will be in private U.S. operating companies, but (subject to compliance with BDCs’ requirement to invest at least 70% of its assets in private U.S. companies) we may also invest to a lesser degree in non-U.S. companies. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other affiliated funds. From time to time, we may co-invest with other affiliated funds.

Key Components of Our Results of Operations

Investments

The Fund focuses primarily on directly originated loans to private companies but will also invest in liquid credit investments, such as broadly syndicated loans. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

Revenues

The Fund generates revenues in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments bear interest predominantly at a floating rate. Interest on debt securities is generally payable monthly, quarterly or semiannually. In some cases, our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

 

47


 

Expenses

The Adviser and/or its affiliates paid, directly or through reimbursement of the Fund, for all costs and expenses incurred in connection with the organization of the Fund, including, without limitation, the following: (i) the offering and sale of the Units of the Fund, (ii) the BDC Conversion and the organization of the Fund, (iii) the election to be treated as a BDC under the 1940 Act, and (iv) the negotiation, execution and delivery of the LLC Agreement, the Advisory Agreement, Administration Agreement (if any), and any related or similar documents, including, without limitation, any related legal and accounting fees and expenses, printing costs, travel and out-of-pocket expenses and filing fees.

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Administrator or its affiliates will bear all fees, costs, and expenses incurred that are not specifically assumed by the Fund under the Administration Agreement.

From time to time, FDS (in its capacity as the Adviser and Administrator) or its affiliates may pay third-party providers of goods or services. We will reimburse FDS (in its capacity as the Adviser or Administrator) or such affiliates thereof for any such amounts paid on our behalf. From time to time, FDS (in its capacity as the Adviser and Administrator) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our Unit Holders, subject to the cap on organization and offering expenses.

Expense Support and Conditional Reimbursement Agreement

 

The Fund entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser. Pursuant to the Expense Support Agreement for the first twelve months commencing upon the Fund’s election to be regulated as a BDC under the 1940 Act, which occurred on June 1, 2023, the Adviser, will be obligated to advance all of the Fund’s Other Operating Expenses to the effect that such expenses do not exceed 0.50% (on an annualized basis) of the Fund’s average net assets (referred to as a “Required Expense Payment”). Any Required Expense Payment must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates. “Other Operating Expenses” means the Fund’s professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees and third party valuation agent fees, insurance costs, director fees, administration fees, and other general and administrative expenses. For additional information, see “Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 4. Expenses and Transactions with Affiliates.”

Portfolio and Investment Activity

For the nine months ended September 30, 2024, we acquired $401.8 million aggregate principal amount of investments (including $62.4 million of unfunded commitments).

 

48


 

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Investments:

 

 

 

 

 

 

Total investments, beginning of period

 

$

1,371,453,021

 

 

$

739,018,787

 

New investments purchased

 

 

337,732,369

 

 

 

576,628,162

 

Payment-in-kind interest capitalized

 

 

1,635,756

 

 

 

 

Net purchases (sales) of short-term securities

 

 

10,571,774

 

 

 

 

Net accretion of discount on investments

 

 

9,572,524

 

 

 

2,699,860

 

Net realized gain (loss) on investments

 

 

846,803

 

 

 

611,462

 

Investments sold or repaid

 

 

(273,222,946

)

 

 

(32,510,145

)

Total Investments, End of Period

 

$

1,458,589,301

 

 

$

1,286,448,126

 

 

 

 

 

 

 

 

Number of portfolio companies

 

 

66

 

 

 

56

 

Weighted average yield on debts, at amortized cost(1)

 

 

10.81

%

 

 

11.58

%

Weighted average yield on debt, at fair value(2)

 

 

10.81

%

 

 

11.61

%

Percentage of debt investments bearing a floating rate, at fair value

 

 

100

%

 

 

100

%

Percentage of debt investments bearing a fixed rate, at fair value

 

 

0

%

 

 

0

%

(1) Computed as the sum of, (a) the weighted average amortized cost multiplied by (b) the annual interest rate, for each investment. The weighted average amortized cost of an investment is computed by dividing the amortized cost by the sum of total amortized cost of debt investments.

(2) Computed as the sum of, (a) the weighted average fair value multiplied by (b) the annual interest rate, for each investment. The weighted average fair value of an investment is computed by dividing the fair value by the sum of total fair value of debt investments.

Our investments consisted of the following:

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

First Lien Debt

 

$

1,407,058,488

 

 

$

1,389,191,305

 

 

 

96.4

%

 

$

1,332,735,575

 

 

$

1,339,308,277

 

 

 

97.1

%

Second Lien Debt

 

 

9,704,740

 

 

 

10,000,000

 

 

 

0.7

%

 

 

9,676,838

 

 

 

10,000,000

 

 

 

0.7

%

Equity

 

 

17,446,393

 

 

 

17,418,892

 

 

 

1.2

%

 

 

15,232,702

 

 

 

16,548,717

 

 

 

1.2

%

Mutual Funds

 

 

24,379,680

 

 

 

24,379,680

 

 

 

1.7

%

 

 

13,807,906

 

 

 

13,807,906

 

 

 

1.0

%

Total Investment

 

$

1,458,589,301

 

 

$

1,440,989,877

 

 

 

100.0

%

 

$

1,371,453,021

 

 

$

1,379,664,900

 

 

 

100.0

%

As of September 30, 2024 and December 31, 2023, there were no investments on non-accrual status.

 

49


 

The industry composition of investments at fair value was as follows:

 

 

September 30, 2024

 

 

December 31, 2023

 

 Health Care Services

 

 

19.9

%

 

 

18.0

%

 Application Software

 

 

10.1

%

 

 

9.1

%

 Industrial Machinery & Supplies & Components

 

 

8.5

%

 

 

7.7

%

 Specialized Consumer Services

 

 

5.3

%

 

 

5.1

%

 Air Freight & Logistics

 

 

4.9

%

 

 

8.4

%

 Automotive Parts & Equipment

 

 

4.9

%

 

 

5.2

%

 Diversified Support Services

 

 

4.7

%

 

 

8.9

%

 Trading Companies & Distributors

 

 

4.2

%

 

 

4.4

%

 Soft Drinks & Non-alcoholic Beverages

 

 

3.9

%

 

 

4.0

%

 Environmental & Facilities Services

 

 

3.8

%

 

 

5.7

%

 Human Resource & Employment Services

 

 

3.7

%

 

 

3.3

%

 Pharmaceuticals

 

 

3.4

%

 

 

3.2

%

 Building Products

 

 

2.9

%

 

 

3.1

%

 Data Processing & Outsourced Services

 

 

2.4

%

 

 

2.5

%

 Packaged Foods & Meats

 

 

2.4

%

 

 

0.1

%

 Paper & Plastic Packaging Products & Materials

 

 

2.3

%

 

 

2.4

%

 Electronic Components

 

 

1.8

%

 

 

2.0

%

 Mutual Funds

 

 

1.7

%

 

 

1.0

%

 Life Sciences Tools & Services

 

 

1.7

%

 

 

1.7

%

 Health Care Facilities

 

 

1.6

%

 

 

1.5

%

 Health Care Technology

 

 

1.5

%

 

 

0.0

%

 Commodity Chemicals

 

 

1.0

%

 

 

1.1

%

 Insurance Brokers

 

 

1.0

%

 

 

1.0

%

 Aerospace & Defense

 

 

0.7

%

 

 

0.6

%

 Research & Consulting Services

 

 

0.6

%

 

 

0.0

%

 Office Services & Supplies

 

 

0.4

%

 

 

0.0

%

 Diversified Financial Services

 

 

0.4

%

 

 

0.0

%

 Electrical Components & Equipment

 

 

0.3

%

 

 

0.0

%

 Health Care Supplies

 

 

0.0

%

 

 

0.0

%

 Food Distributors

 

 

0.0

%

 

 

0.0

%

Total

 

 

100.0

%

 

 

100.0

%

The geographic composition of investments at fair value was as follows:

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

United States

 

$

1,409,517,942

 

 

 

97.8

%

 

 

203.0

%

 

$

1,348,192,965

 

 

 

97.7

%

 

 

199.7

%

Australia

 

 

31,471,935

 

 

 

2.2

%

 

 

4.5

%

 

 

31,471,935

 

 

 

2.3

%

 

 

4.7

%

Total

 

$

1,440,989,877

 

 

 

100.0

%

 

 

207.5

%

 

$

1,379,664,900

 

 

 

100.0

%

 

 

204.4

%

The Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. The Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;
periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;
comparisons to other companies in the portfolio company’s industry; and
review of monthly or quarterly financial statements and financial projections for portfolio companies.

 

50


 

As part of the monitoring process, the Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, the Adviser rates the credit risk of all debt investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

1 – The portfolio investment is performing above our underwriting expectations.

2 – The portfolio investment is performing as expected at the time of underwriting. As a general rule, new investments are initially rated a 2.

3 – The portfolio investment is operating below our underwriting expectations and requires closer monitoring. The company may be out of compliance with financial covenants, however, principal or interest payments are generally not past due.

4 – The portfolio investment is performing materially below our underwriting expectations and returns on our investment are likely to be impaired. Principal or interest payments may be past due, however, full recovery of principal and interest payments are expected.

5 – The portfolio investment is performing significantly below expectations and the risk of the investment has increased substantially. The company is in payment default and the principal and interest payments are not expected to be repaid in full.

The following table shows the composition of our debt portfolio on the 1 to 5 rating scale as of September 30, 2024 and December 31, 2023.

Rating

 

September 30, 2024

 

 

December 31, 2023

 

1

 

$

 

 

$

 

2

 

 

1,340,456,995

 

 

 

1,326,519,304

 

3

 

 

58,734,310

 

 

 

22,788,973

 

4

 

 

 

 

 

 

5

 

 

 

 

 

 

Total

 

$

1,399,191,305

 

 

$

1,349,308,277

 

 

Results of Operations

The following table represents the operating results:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Total investment income

 

$

46,431,495

 

 

$

39,949,072

 

 

$

134,941,601

 

 

$

104,517,371

 

Net expenses

 

 

19,862,986

 

 

 

18,606,710

 

 

 

59,549,305

 

 

 

42,653,774

 

Net Investment Income (Loss) Before Taxes

 

 

26,568,509

 

 

 

21,342,362

 

 

 

75,392,296

 

 

 

61,863,597

 

Provision for income and excise taxes

 

 

217,111

 

 

 

 

 

 

217,111

 

 

 

 

Net Investment Income (Loss) After Taxes

 

 

26,351,398

 

 

 

21,342,362

 

 

 

75,175,185

 

 

 

61,863,597

 

Net realized gain (loss)

 

 

610,384

 

 

 

611,462

 

 

 

609,348

 

 

 

611,462

 

Net change in unrealized appreciation (depreciation)

 

 

(20,687,771

)

 

 

7,866,823

 

 

 

(26,419,175

)

 

 

4,458,522

 

Net increase (decrease) in net assets resulting from operations

 

$

6,274,011

 

 

$

29,820,647

 

 

$

49,365,358

 

 

$

66,933,581

 

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

 

51


 

Investment Income

Investment income was as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest income

 

$

46,131,243

 

 

$

39,853,971

 

 

$

133,050,205

 

 

$

104,291,652

 

Other income

 

 

204,159

 

 

 

2,576

 

 

 

1,433,756

 

 

 

128,793

 

Dividend income

 

 

96,093

 

 

 

92,525

 

 

 

457,640

 

 

 

96,926

 

Total Investment Income

 

$

46,431,495

 

 

$

39,949,072

 

 

$

134,941,601

 

 

$

104,517,371

 

For the three and nine months ended September 30, 2024, total investment income was $46.4 million and $134.9 million, respectively, driven by the combination of continued deployment and the performance of our investment portfolio. The size of our investment portfolio at fair value was $1.4 billion at September 30, 2024 and our weighted average yield on debt and income producing investments, at fair value, was 10.81%. For the three and nine months ended September 30, 2023, total investment income was $39.9 million and $104.5 million, respectively, primarily driven by our deployment of capital and the increased balance of our investments. The size of our investment portfolio at fair value was $1.3 billion at September 30, 2023 and our weighted average yield on debt and income producing investments, at fair value, was 11.61%.

The interest rate environment was stable for most of the quarter, as evidenced by SOFR remaining within a tight range around 5.30% through September 18, 2024. During this same timeframe spreads in the lower and core middle market, our primary area of focus, modestly compressed from levels seen roughly a year ago. While we consider higher interest rates when determining appropriate capital structures of our borrowers, additional interest rate increases and the resulting higher cost of capital have the potential to negatively impact the free cash flow of certain borrowers which could impact their ability to service their debt. Additionally, if higher interest rates occur concurrently during a slowdown in growth or period of economic weakness, our borrowers’ and potentially our portfolio performance may be negatively impacted. Alternatively, if interest rates decline, our investment income on the existing investment portfolio could be negatively impacted.

Expenses

Expenses were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest expense

 

$

16,763,416

 

 

$

15,875,720

 

 

$

50,349,312

 

 

$

39,011,637

 

Management fees

 

 

2,227,904

 

 

 

1,987,287

 

 

 

6,576,657

 

 

 

2,464,136

 

Administration fees

 

 

445,758

 

 

 

397,524

 

 

 

1,315,357

 

 

 

517,242

 

Custodian fees

 

 

642

 

 

 

394

 

 

 

1,976

 

 

 

1,543

 

Board of Directors’ fees

 

 

67,586

 

 

 

70,109

 

 

 

214,286

 

 

 

95,901

 

Professional fees

 

 

122,851

 

 

 

476,186

 

 

 

521,968

 

 

 

657,927

 

Other general and administrative expenses

 

 

418,990

 

 

 

139,086

 

 

 

970,835

 

 

 

343,372

 

Total Expenses Before Reductions

 

 

20,047,147

 

 

 

18,946,306

 

 

 

59,950,391

 

 

 

43,091,758

 

Expense support

 

 

(184,161

)

 

 

(339,596

)

 

 

(401,086

)

 

 

(437,984

)

Net Expenses

 

 

19,862,986

 

 

 

18,606,710

 

 

 

59,549,305

 

 

 

42,653,774

 

Provision for income and excise taxes

 

 

217,111

 

 

 

 

 

 

217,111

 

 

 

 

Net Expenses After Taxes

 

$

20,080,097

 

 

$

18,606,710

 

 

$

59,766,416

 

 

$

42,653,774

 

Interest Expense

Total interest expense (including unused fees and amortization of deferred financing costs) for three and nine months ended September 30, 2024 was $16.8 million and $50.3 million, respectively. Total interest expense (including unused fees and amortization of deferred financing costs) for the three and nine months ended September 30, 2023 was $15.9 million and $39.0 million, respectively. The increase in interest expense was primarily driven by greater borrowings under our credit facility as we continue to grow the portfolio. The average principal balance outstanding increased from $589.6 million for the nine months ended September 30, 2023 to $747.0 million for the nine months ended September 30, 2024.

Management Fees

For the three and nine months ended September 30, 2024, management fees were $2.2 million and $6.6 million, respectively. For the three and nine months ended September 30, 2023, management fees were $2.0 million and $2.5 million,

 

52


 

respectively. Management fees, which went into effect on June 9, 2023, are payable monthly in arrears at an annual rate of 1.25% of the average daily net assets of the Fund throughout the month. Prior to June 9, 2023, the Fund did not incur a management fee.

Other Expenses

For the three and nine months ended September 30, 2024, total other expenses were $1.1 million and $3.0 million, respectively. For the three and nine months ended September 30, 2023, total other expenses were $1.1 million and $1.6 million, respectively. Total other expenses over the periods were primarily driven by an increase in other general and administrative expenses driven by the larger portfolio and associated costs with managing the Fund.

Income Taxes, Including Excise Taxes

We elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify annually for the tax treatment applicable to RICs. The election to be treated as a RIC will apply to the period from June 6, 2023 through December 31, 2023 and in subsequent years. For all periods prior to June 6, 2023, the Fund was treated as a partnership for tax purposes and was not subject to U.S. federal income tax. To qualify for tax treatment as a RIC, we must, among other things, distribute to our Unit Holders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our Unit Holders, which generally relieve us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual required distributable amount of income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

The Fund holds certain portfolio investments through wholly-owned subsidiaries taxed as corporations which may be subject to federal and state taxes. The wholly-owned subsidiaries are not consolidated with the Fund for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities as a result of its ownership of certain portfolio investments. Deferred tax liabilities are estimated and may differ materially depending on conditions when these investments earn income or are disposed. Income or gains recognized as a result of these investments will be reflected as a current tax liability and expense. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Fund’s consolidated financial statements.

As of September 30, 2024, and December 31, 2023, respectively, the Fund, through wholly-owned subsidiaries, recorded tax liabilities of $1,062,438 and $0 which are included in other accounts payable and accrued liabilities in the consolidated statements of assets and liabilities.

For the three and nine months ended September 30, 2024, the Fund, through wholly-owned subsidiaries recognized a total benefit for taxes of $17,558 and provision for taxes of $1,062,438, respectively, which was comprised of provision for taxes related to income of $217,111 and $217,111, respectively, provision for taxes related to realized gain on investments of $237,455 and $237,455, respectively, and benefit for deferred tax expense of $472,124 and provision for deferred tax expense of $607,872, respectively. The Fund did not incur an excise tax for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, the Fund did not recognize any provisions for taxes. For all periods prior to June 6, 2023, the Fund was treated as a partnership for tax purposes and was not subject to U.S. federal income tax.

Realized Gain (Loss)

Realized gain (loss) was comprised of the following:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net realized gain (loss) on non-controlled / non-affiliate investments

 

$

847,839

 

 

$

611,462

 

 

$

846,803

 

 

$

611,462

 

Benefit (provision) for taxes on realized gain on investments

 

 

(237,455

)

 

 

 

 

 

(237,455

)

 

 

 

Net Realized Gain (Loss)

 

$

610,384

 

 

$

611,462

 

 

$

609,348

 

 

$

611,462

 

 

 

53


 

For the three and nine months ended September 30, 2024, the Fund generated $0.8 million and $0.8 million of net realized gain on investments, respectively, primarily from the sale of one investment. For the three and nine months ended September 30, 2023, the Fund generated net realized gain on investments of $0.6 million from the full sale of an investment.

Net Change in Unrealized Appreciation (Depreciation)

Net change in unrealized appreciation (depreciation) was comprised of the following:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net change in unrealized appreciation (depreciation) on non-controlled / non-affiliate investments

 

$

(21,159,895

)

 

$

7,866,823

 

 

$

(25,811,303

)

 

$

4,458,522

 

Benefit (provision) for deferred taxes on unrealized appreciation (depreciation) on investments

 

 

472,124

 

 

 

-

 

 

 

(607,872

)

 

 

-

 

Net change in unrealized appreciation (depreciation)

 

$

(20,687,771

)

 

$

7,866,823

 

 

$

(26,419,175

)

 

$

4,458,522

 

For the three months ended September 30, 2024, the fair value of our debt investments decreased primarily due to a markdown of one of our portfolio companies. During the nine months ended September 30, 2024, the improved financial performance of our portfolio companies was offset predominantly by the markdown of one of our portfolio companies. For the three and nine months ended September 30, 2023, the fair value of our debt investments increased driven by spread tightening in the credit markets driven in part by rising rates and inflation.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds of our continuous offering of Units, proceeds from net borrowings on our credit facilities, income earned and repayments on principal on our debt investments. The primary uses of our cash are for (i) originating and purchasing debt and other investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) cash distributions to the holders of our units and (v) funding repurchases under our unit repurchase program.

As of September 30, 2024 and December 31, 2023, we had one asset-based leverage facility.

In order to finance certain investment transactions, the Fund may, from time to time, enter into short-term borrowing arrangements. Such short-term borrowing arrangements include reverse repurchase agreements, whereby the Fund sells to Macquarie Bank Limited an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon purchase price at a future date, generally not to exceed 180-days from the date it was sold.

The Fund may, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt and other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions and may be denominated in currencies other than the U.S. Dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of September 30, 2024 and December 31, 2023, we had an aggregate amount of $754.5 million and $743.0 million of debt outstanding and our asset coverage ratio was 192% and 191%, respectively.

Cash as of September 30, 2024, taken together with our $195.5 million of available capacity under our credit facilities (subject to borrowing base availability), proceeds from new or amended financing arrangements and proceeds from calling capital from uncalled commitments is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the use of existing and future financing arrangements.

Although we have attractive financing arrangements, any disruption in the financial markets or any other negative economic development could restrict our access to incremental financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we could have obtained previously. These factors may limit our ability to make new investments and adversely impact our results of operations.

 

54


 

As of September 30, 2024, we had $32.2 million in cash and $24.4 million in short-term liquid investments. During the nine months ended September 30, 2024, cash used in operating activities was $14.8 million, primarily as a result of funding portfolio investments. Cash provided by financing activities was $0.8 million during the period, primarily as a result of distributions to investors, which was offset by capital called from investors.

During the nine months ended September 30, 2023, cash used in operating activities was $475.3 million, primarily as a result of funding portfolio investments. Cash provided by financing activities was $437.5 million during the period, primarily as a result of calling capital from investors and net borrowings.

Equity

Prior to the BDC Conversion, the Fund operated as a private limited partnership. As a private limited partnership, the Fund entered into separate subscription agreements (each, a “Subscription Agreement”) with investors who were admitted as Limited Partners. An affiliate of the Fund, FIAM Institutional Funds Manager, LLC, served as the general partner of the Fund and had a capital commitment of $10,000 which was fully funded prior to the BDC Conversion. In connection with the BDC Conversion, existing investors were admitted as members of the Fund. Capital Commitments of investors pursuant to subscription agreements entered into prior to the BDC Conversion continue to be outstanding capital commitments to the Fund. Existing capital accounts of Limited Partners were converted to corresponding Units of the Fund. Following the BDC Conversion, the Fund continues to enter into separate subscription agreements with a number of investors who will be admitted as Unit Holders providing for the private placement of the Fund’s Units. Each subscriber makes a Capital Commitment to purchase Units of the Fund pursuant to the subscription agreement. Subscribers are required to make Capital Contributions to purchase Units of the Fund each time the Fund delivers a drawdown notice. Capital Commitments will generally be drawn from investors by the Fund as needed, upon 10 Business Days’ prior written notice, in such amounts as will be required by the Fund in its sole discretion.

Effective March 11, 2024, the Board approved the Fund entering into the First Amended and Restated Limited Liability Company Agreement which made eligible to invest any “accredited investor” (as enumerated in Rule 502 under Regulation D of the Securities Act) who have committed to a strategic relationship with Fidelity. In addition, the Board approved the Fund entering into a Placement Agent Agreement with Fidelity Distributors Company LLC, with respect to the private placement of its Units.

Additionally, the Fund intends to commence drawdowns of capital commitments of investors who make capital commitments after March 1, 2024 only after the Fund has drawn down the capital commitments of investors admitted prior to March 1, 2024 by 90%.

Investment companies managed by an affiliate, in aggregate, were owners of record of 100% of the total units as of September 30, 2024 and December 31, 2023.

Effective January 31, 2023, the Fund has the authority to issue an unlimited number of units. A Unit Holder shall have no liability in excess of its obligation to pay the purchase price for its units.

As of the dates indicated, we had aggregate Capital Commitments and unfunded Capital Commitments from investors as follows:

 

 

September 30, 2024

 

 

 

Capital Commitments

 

 

Unfunded Capital Commitments

 

 

% Unfunded Capital Commitments

 

Common Units

 

$

798,010,000

 

 

$

169,611,957

 

 

 

21.3

%

Total

 

$

798,010,000

 

 

$

169,611,957

 

 

 

21.3

%

 

 

 

December 31, 2023

 

 

 

Capital Commitments

 

 

Unfunded Capital Commitments

 

 

% Unfunded Capital Commitments

 

Common Units

 

$

790,010,000

 

 

$

196,611,957

 

 

 

24.9

%

Total

 

$

790,010,000

 

 

$

196,611,957

 

 

 

24.9

%

 

 

55


 

The following table summarizes total units issued and proceeds related to capital drawdowns:

Unit Issue Date

 

Units Issued

 

 

Proceeds Received

 

For the Nine Months Ended September 30, 2024

 

 

 

 

 

 

January 2, 2024

 

 

992,063

 

 

$

10,000,000

 

June 24, 2024

 

 

986,466

 

 

 

10,000,000

 

September 11, 2024

 

 

1,524,390

 

 

 

15,000,000

 

Total capital drawdowns

 

 

3,502,919

 

 

$

35,000,000

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2023

 

 

 

 

 

 

January 11, 2023

 

—*

 

 

$

36,100,014

 

January 23, 2023

 

—*

 

 

 

30,000,000

 

April 4, 2023

 

 

5,555,657

 

 

 

55,001,004

 

May 30, 2023

 

 

504,541

 

 

 

5,000,004

 

July 6, 2023

 

 

499,500

 

 

 

5,000,000

 

August 30, 2023

 

 

995,025

 

 

 

10,000,000

 

Total capital drawdowns

 

 

7,554,723

 

 

$

141,101,022

 

*Capital investment occurred prior to unitization of the Fund.

Distributions

The following tables summarize distributions declared for the nine months ended September 30, 2024 and 2023:

Month

 

Distribution per unit

 

 

Gross Distributions

 

 

Reinvestment of Distributions

 

February 2024

 

$

0.10

 

 

$

6,728,204

 

 

$

2,338,075

 

March 2024

 

 

0.09

 

 

 

5,932,764

 

 

 

2,074,772

 

April 2024

 

 

0.11

 

 

 

7,250,072

 

 

 

2,549,529

 

May 2024

 

 

0.12

 

 

 

8,443,898

 

 

 

2,989,728

 

June 2024

 

 

0.12

 

 

 

8,895,001

 

 

 

3,174,181

 

July 2024

 

 

0.11

 

 

 

7,938,565

 

 

 

2,876,668

 

August 2024

 

 

0.11

 

 

 

7,618,153

 

 

 

2,780,234

 

September 2024

 

 

0.13

 

 

 

8,639,407

 

 

 

3,767,263

 

 

 

$

0.89

 

 

$

61,446,064

 

 

$

22,550,450

 

 

Month

 

Distribution per unit

 

 

Gross Distributions

 

 

Reinvestment of Distributions

 

January 2023

 

$

*

 

$

4,917,124

 

 

$

4,917,124

 

February 2023

 

 

0.11

 

 

 

5,887,204

 

 

 

5,887,204

 

March 2023

 

 

0.12

 

 

 

6,708,882

 

 

 

6,708,882

 

April 2023

 

 

0.12

 

 

 

6,893,872

 

 

 

6,753,294

 

May 2023

 

 

0.13

 

 

 

7,984,318

 

 

 

7,508,716

 

June 2023

 

 

 

 

 

 

 

 

 

July 2023

 

 

0.05

 

 

 

3,152,702

 

 

 

2,920,180

 

August 2023

 

 

0.11

 

 

 

7,221,550

 

 

 

2,320,830

 

September 2023

 

 

0.11

 

 

 

7,296,972

 

 

 

2,387,948

 

 

 

$

0.75

 

 

$

50,062,624

 

 

$

39,404,178

 

*Capital distribution occurred prior to unitization of the Fund.

Unit Repurchase Program

Unit Holders tendering Units must do so by a date specified in the notice describing the terms of the repurchase offer. No Unit Holder has the right to require the Fund to repurchase any Units. The Fund has no obligation to repurchase units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion.

 

56


 

The following table summarizes the Unit repurchases completed during the nine months ended September 30, 2024:

Repurchase deadline request

 

Percentage of Outstanding Shares the Company Offered to Repurchase

 

Price Paid Per Share

 

 

Repurchase Pricing Date

 

Amount Repurchased

 

 

Number of Shares
Repurchased

 

 

Percentage of Outstanding Shares Repurchased (1)

September 26, 2024

 

3.75%

 

$

9.91

 

 

September 30, 2024

 

$

26,107,687

 

 

 

2,634,479

 

 

3.75%

(1) Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 65.6% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1).

During nine months ended September 30, 2023, there were no repurchases of Units.

Borrowings

The Fund’s average outstanding debt and weighted average interest rate paid for the three and nine months ended September 30, 2024 were $755.0 million and 8.09% and $747.0 million and 8.14%, respectively. The Fund’s average outstanding debt and weighted average interest rate paid for the three and nine months ended September 30, 2023 were $675.6 million and 8.09% and $589.6 million and 7.69%, respectively. Our outstanding debt obligations were as follows:

 

 

September 30, 2024

 

 

 

Aggregate Principal Committed

 

 

Outstanding Principal

 

 

Carrying Value

 

Fidelity Direct Lending Fund I JSPV LLC Facility

 

$

950,000,000

 

 

$

754,500,000

 

 

$

754,500,000

 

Total

 

$

950,000,000

 

 

$

754,500,000

 

 

$

754,500,000

 

 

 

 

December 31, 2023

 

 

 

Aggregate Principal Committed

 

 

Outstanding Principal

 

 

Carrying Value

 

Fidelity Direct Lending Fund I JSPV LLC Facility

 

$

950,000,000

 

 

$

743,000,000

 

 

$

743,000,000

 

Total

 

$

950,000,000

 

 

$

743,000,000

 

 

$

743,000,000

 

The following table shows the contractual maturities of our debt obligations as of September 30, 2024 and December 31, 2023:

 

 

Payments Due by Period

 

 

 

Total

 

 

Less than 1 year

 

 

1 — 3 Years

 

 

3 — 5 years

 

 

More than 5 years

 

Fidelity Direct Lending Fund I JSPV LLC Facility

 

$

754,500,000

 

 

$

 

 

$

 

 

$

754,500,000

 

 

$

 

Total Debt Obligations

 

$

754,500,000

 

 

$

 

 

$

 

 

$

754,500,000

 

 

$

 

 

 

 

Payments Due by Period

 

 

 

Total

 

 

Less than 1 year

 

 

1 — 3 Years

 

 

3 — 5 years

 

 

More than 5 years

 

Fidelity Direct Lending Fund I JSPV LLC Facility

 

$

743,000,000

 

 

$

 

 

$

 

 

$

743,000,000

 

 

$

 

Total Debt Obligations

 

$

743,000,000

 

 

$

 

 

$

 

 

$

743,000,000

 

 

$

 

Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities.

Our investment portfolio contains and is expected to continue to contain debt investments in the form of lines of credit, revolving credit facilities and delayed draw commitments which require us to provide funding when requested by portfolio companies in accordance with the underlying loan agreements. As of September 30, 2024 and December 31, 2023, we had unfunded commitments to borrowers in the aggregate principal amount of $208.2 million and $246.5 million, respectively.

 

57


 

From time to time, we may become party to certain legal proceedings in the ordinary course of business. At September 30, 2024, we are not aware of any pending or threatened litigation.

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

the Advisory Agreement;
the Administration Agreement;
the Transfer Agent Agreement;
the Expense Support Agreement;
Administrative Agent Expense Allocation Agreement;
Affiliated investments;
Affiliated Unit Holder Investments;
Placement Agent Agreement; and
Co-Investment Relief

In addition to the aforementioned agreements, we, our Adviser, and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 4. Expenses and Transactions with Affiliates.

Recent Developments

See “Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 11. Subsequent Events” for a summary of recent developments.

Critical Accounting Estimates

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

Fair Value Measurements

The Fund values its investments, upon which its NAV is based, in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value and prescribes disclosure requirements for fair value measurements.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee responsible for valuing all of the Fund’s investments, including making fair valuation determinations as needed. The Adviser has established a Fair Value Committee to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Fair Value Committee and the performance of functions required to determine the fair value of a fund’s investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations, selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used.

 

58


 

In accordance with the Adviser’s policies and procedures, which have been approved by the Board, investments, including debt securities, that are publicly traded but for which no readily available market quotations exist are generally valued on the basis of information furnished by an independent third-party pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures, engages in oversight activities with respect to third-party pricing sources used and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations or prices received from third-party pricing services are not reflective of the fair value of an investment.

Investments that are not publicly traded or whose current market prices or quotations are not readily available are valued at fair value as determined by the Adviser in good faith pursuant to the Adviser’s Board-approved policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Fund’s loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business and other relevant factors.

The Fund has engaged an independent valuation firm to prepare month-end valuation recommendations for investments for which market quotations are not readily available as of the last calendar day of each month. The independent valuation firm undertakes a full analysis of the investments and provides estimated fair values for such investments to the Adviser. The independent valuation firm also provides analyses to support their valuation methodology and calculations. The Adviser’s Fair Value Committee reviews and approves each valuation recommendation and confirms it has been calculated in accordance with the Board-approved policies and procedures. The Fair Value Committee manages the Fund’s fair valuation practices and maintains the fair valuation policies and procedures. The Adviser reports to the Board information regarding the fair valuation process and related material matters. The Board may determine to modify its designation of the Adviser as valuation designee, relating to any or all Fund investments, at any time.

Our accounting policy regarding the fair value of our investments is critical because the determination of fair value involves subjective judgments and requires the use of estimates. Due to the inherent uncertainty of determining fair value measurements, the fair values of our investments may differ from the amounts that we ultimately realize or collect from sales or maturities of our investments, and the differences could be material.

 

59


 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, based on, among other things, input from independent third-party valuation firms engaged to review our investments. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we are required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on our investments to be different than the unrealized appreciation (depreciation) reflected in the valuations currently recorded.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates, including changes due to inflation. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure Unit Holders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of September 30, 2024, 100% of our debt investments at fair value were at floating rates. Based on our consolidated statements of assets and liabilities as of September 30, 2024, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments assuming no changes in our investment and borrowing structure):

 

 

Interest Income

 

 

Interest Expense

 

 

Net Income

 

Up 300 basis points

 

$

43,371,793

 

 

$

22,635,000

 

 

$

20,736,793

 

Up 200 basis points

 

 

28,914,529

 

 

 

15,090,000

 

 

 

13,824,529

 

Up 100 basis points

 

 

14,457,264

 

 

 

7,545,000

 

 

 

6,912,264

 

Down 100 basis points

 

 

(14,457,264

)

 

 

(7,545,000

)

 

 

(6,912,264

)

Down 200 basis points

 

 

(28,914,529

)

 

 

(15,090,000

)

 

 

(13,824,529

)

Down 300 basis points

 

 

(43,371,793

)

 

 

(22,635,000

)

 

 

(20,736,793

)

 

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended, we, under the supervision and with the participation of our President and Treasurer (principal executive officer) and Chief Financial Officer (principal financial officer), carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

60


 

PART II—OTHER INFORMATION

The Fund is not currently subject to any material legal proceedings, nor, to the Fund’s knowledge, is any material legal proceeding threatened against the Fund. From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund’s rights under loans to or other contracts with the Fund’s portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Fund does not expect that these proceedings will have a material effect upon the Fund’s financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed in our annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 22, 2024.

 

61


 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Capital Drawdowns

Except as previously reported by the Company on its current reports on Form 8-K, the Company did not sell any securities during the period covered by this Form 10-Q that were not registered under the Securities Act.

Dividend Reinvestment Plan

During the nine months ended September 30, 2024, the Fund issued 2,249,936 Common Units in connection with reinvestment of distributions. These issuances were not subject to the registration requirements of the Securities Act. The aggregate value of the shares of the Fund’s Common Units issued for reinvestment of distributions was approximately $22.6 million.

Unit Repurchases

The Fund has adopted a unit repurchase program. The Fund has no obligation to repurchase units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion.

The following table summarizes the Unit repurchases completed during the nine months ended September 30, 2024:

Repurchase deadline request

 

Percentage of Outstanding Shares the Company Offered to Repurchase

 

Price Paid Per Share

 

 

Repurchase Pricing Date

 

Amount Repurchased

 

 

Number of Shares
Repurchased

 

 

Percentage of Outstanding Shares Repurchased (1)

September 26, 2024

 

3.75%

 

$

9.91

 

 

September 30, 2024

 

$

26,107,687

 

 

 

2,634,479

 

 

3.75%

(1) Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 65.6% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1).

 

For additional information, see “Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements –Note 3. Partner Transactions

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

As of May 10, 2023, the Adviser has voluntarily agreed to waive its right to receive any Reimbursement Payment for any Excess Operating Funds incurred in any month prior to revocation under the Expense Support Agreement. Any such amounts shall not be considered unreimbursed Expense Payments reimbursable in future months pursuant to the terms of the Expense Support Agreement. This voluntary arrangement will be terminated on December 31, 2024.

On November 12, 2024, the Fund and Adviser agreed to amend and restate the Expense Support Agreement, effective as of January 1, 2025 (“Amended and Restated Expense Limitation Agreement”), to provide that the Adviser has the right to recoup through the end of each fiscal year any expenses that were reimbursed during the fiscal year up to, but not in excess of, 0.50% (on an annualized basis) of the Fund’s average net assets. In addition, the Amended and Restated Expense Limitation Agreement clarifies that certain operating expenses are excluded from the operating expense limit. The Adviser intends to recoup any reimbursable expenses that are permitted under the Amended and Restated Expense Limitation Agreement.

The foregoing description of the Amended and Restated Expense Limitation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Expense Limitation Agreement filed as an exhibit hereto and incorporated by reference herein.

 

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Item 6. Exhibits.

 

Exhibit

Number

Description

3.1

 

First Amended and Restated Limited Liability Company Agreement of the Fund.(1)

10.1

 

Third Amendment to Loan and Security Agreement, dated as of September 12, 2024, by and among Fidelity Direct Lending Fund I JSPV LLC, as borrower, Fidelity Private Credit Central Fund LLC, as portfolio manager, JPMorgan Chase Bank, N.A., as administrative agent, Virtus Group, LP as collateral administrator, and Citibank, N.A. as collateral agent, and the lenders party thereto.(2)

10.5*

 

Amended and Restated Expense Limitation Agreement

31.1*

Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2*

Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1*

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2*

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS*

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH*

 

Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.

104*

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

* Filed herewith.

(1) Previously filed as Exhibit 3.1 to the Fund’s Current Report on Form 8-K, filed on March 15, 2024.

(2) Previously filed as Exhibit 10.1 to the Fund’s Current Report on Form 8-K, filed on September 17, 2024.

 

63


 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

FIDELITY PRIVATE CREDIT COMPANY LLC

 

 

 

Date: November 12, 2024

By:

/s/ Heather Bonner

 

Name:

Heather Bonner

 

Title:

President and Treasurer (Principal Executive Officer)

 

 

FIDELITY PRIVATE CREDIT COMPANY LLC

 

 

 

Date: November 12, 2024

By:

/s/ John J. Burke III

 

Name:

John J. Burke III

 

Title:

Chief Financial Officer (Principal Financial Officer)

 

 

1.9917001.100

FDLA-10Q3-1124

64