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falseQ10001988280--12-31Securities are valued using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the consolidated financial statements. Senior loans are variable rate obligations which generally pay interest rates that are periodically redetermined by reference to a base lending rate and spread, which are both subject to change. The rate shown represents the rate at period end.Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread of the funded portion, if any. No interest rate is determined for unfunded positions. See Note 2 for more information.All or a portion of this security is pledged as collateral pursuant to the JPM Funding Facility. All par values are denominated in U.S. dollars unless otherwise indicated.Based on average monthly shares outstanding.Total return would have been lower had certain expenses not been reduced during the applicable period.Not annualized.Annualized. Certain expenses have been presented unannualized.Asset coverage equals the total net assets plus borrowings divided by the borrowings of the Fund outstanding at period end (Note 5). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.A weighted average is an average in which each input in the grouping is assigned a weighting before summing to a single average value. The weighting of the input is determined based on a security’s fair value as a percentage of the total fair value.Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate.Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.The rate shown is the annualized seven-day yield as of 12-31-24.The rate shown is the annualized seven-day yield as of 3-31-25. 0001988280 2025-01-01 2025-03-31 0001988280 2025-05-13 0001988280 2024-01-01 2024-03-31 0001988280 2024-01-01 2024-12-31 0001988280 2023-10-03 2023-10-03 0001988280 2023-07-17 2023-07-17 0001988280 2023-07-17 0001988280 2024-12-31 0001988280 2025-03-31 0001988280 2023-12-31 0001988280 2024-03-31 0001988280 Senior loans 198.5% | Distributors 5.3% | Eastern Communications Solutions, Inc., Term Loan (3 month CME Term SOFR + 5.250%) 2025-03-31 0001988280 Senior loans 198.5% | Household durables 3.5% | Simon Pearce LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Household durables 3.5% | Simon Pearce LLC, Term Loan (1 month CME Term SOFR + 4.500%) 2025-03-31 0001988280 Senior loans 198.5% | Diversified consumer services 7.3% | Capital Construction LLC, Term Loan (1 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Diversified consumer services 7.3% | Capital Construction LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Diversified consumer services 7.3% | Capital Construction LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Diversified consumer services 7.3% | Capital Construction LLC, Add-On Term Loan (1 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Diversified consumer services 7.3% | Capital Construction LLC, Add-On Delayed Draw Term Loan (1, 3 and 6 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Distributors 5.3% | Eastern Communications Solutions, Inc., Revolver 2025-03-31 0001988280 Senior loans 198.5% | Hotels, restaurants and leisure 6.5% | Bandon Fitness, Inc., Revolver 2025-03-31 0001988280 Senior loans 198.5% | Hotels, restaurants and leisure 6.5% | Bandon Fitness, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Hotels, restaurants and leisure 6.5% | Bandon Fitness, Inc., 4th Amendment Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Diversified consumer services 7.3% | Leap Service Partners LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Diversified consumer services 7.3% | Leap Service Partners LLC, Delayed Draw Term Loan B 2025-03-31 0001988280 Senior loans 198.5% | Diversified consumer services 7.3% | Leap Service Partners LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Diversified consumer services 7.3% | Leap Service Partners LLC, Revolver (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Leisure products 3.0% | 4M Capital, Ltd., Revolver 2025-03-31 0001988280 Senior loans 198.5% | Hotels, restaurants and leisure 6.5% | Star Logistics & Hospitality Services LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Hotels, restaurants and leisure 6.5% | Star Logistics & Hospitality Services LLC, Revolver (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Hotels, restaurants and leisure 6.5% | Star Logistics & Hospitality Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Hotels, restaurants and leisure 6.5% | Bandon Fitness, Inc., Term Loan (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Distributors 9.1% | All Glass & Window Holdings, Inc., Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Distributors 9.1% | All Glass & Window Holdings, Inc., Revolver 2025-03-31 0001988280 Senior loans 198.5% | Distributors 9.1% | All Glass & Window Holdings, Inc., Term Loan (3 month CME Term SOFR + 5.000%) 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us-gaap:MeasurementInputQuotedPriceMember srt:MaximumMember 2025-03-31 0001988280 Short-term investments 11.6% 2025-03-31 0001988280 Equity (A) 0.4% 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Midwest Eye Services LLC, Delayed Draw Term Loan B (3 month CME Term SOFR + 4.500%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Midwest Eye Services LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | In Vitro Sciences LLC, Term Loan (1 month CME Term SOFR + 7.000%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Midwest Eye Services LLC, Delayed Draw Term Loan A (3 month CME Term SOFR + 4.500%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | The Smilist DSO LLC, Term Loan (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Beacon Behavioral Holdings LLC, Term Loan (15.000% PIK) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Beacon Behavioral Holdings LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Beacon Behavioral Holdings LLC, Revolver (3 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | In Vitro Sciences LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 7.000%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | In Vitro Sciences LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Refocus Management Services LLC, Revolver (3 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Refocus Management Services LLC, Term Loan (3 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | The Smilist DSO LLC, 2024-1 Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | The Smilist DSO LLC, 2024-2 Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | The Smilist DSO LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | The Smilist DSO LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Pediatric Home Respiratory Services LLC, Revolver (6 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Pediatric Home Respiratory Services LLC, Term Loan (6 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Redwood MSO LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Redwood MSO LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Redwood MSO LLC, Term Loan (1 month CME Term SOFR + 5.250%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Refocus Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Midwest Eye Services LLC, Term Loan (3 month CME Term SOFR + 4.500%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | OIS Management Services LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | OIS Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | OIS Management Services LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | OIS Management Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | Pediatric Home Respiratory Services LLC, Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Food products 7.7% | Foodscience LLC, Term Loan (6 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Food products 7.7% | Hill Country Dairies, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Food products 7.7% | Hill Country Dairies, Inc., Revolver (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Food products 7.7% | Hill Country Dairies, Inc., Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Capital markets 1.7% | Steward Partners Global Advisory LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Specialty retail 3.5% | RPC TopCo, Inc., Term Loan (6 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Consumer staples distribution and retail 2.3% | PAK Quality Foods Acquisition LLC, Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Consumer staples distribution and retail 2.3% | PAK Quality Foods Acquisition LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Consumer staples distribution and retail 2.3% | PAK Quality Foods Acquisition LLC, Term Loan (1 month CME Term SOFR + 5.750%) 2025-03-31 0001988280 Senior loans 198.5% | Food products 7.7% | Foodscience LLC, Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Food products 7.7% | Foodscience LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Insurance 4.6% | Stellar Buyer LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Insurance 4.6% | Stellar Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Health care equipment and supplies 2.9% | CPC/Cirtec Holdings, Inc., Add-On Term Loan (1 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Health care equipment and supplies 2.9% | CPC/Cirtec Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Leisure products 3.0% | 4M Capital, Ltd., Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Specialty retail 3.5% | RPC TopCo, Inc., Revolver 2025-03-31 0001988280 Senior loans 198.5% | Capital markets 1.7% | Steward Partners Global Advisory LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Capital markets 1.7% | Steward Partners Global Advisory LLC, Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Insurance 4.6% | Stellar Buyer LLC, 1st Amendment Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Insurance 4.6% | Stellar Buyer LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | VPD Management, Inc., Term Loan (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Air freight and logistics 3.5% | PNB Holdings III LLC, Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Air freight and logistics 3.5% | PNB Holdings III LLC, Revolver (1 and 6 month CME Term SOFR + 4.500%) 2025-03-31 0001988280 Senior loans 198.5% | Air freight and logistics 3.5% | PNB Holdings III LLC, Term Loan (6 month CME Term SOFR + 4.500%) 2025-03-31 0001988280 Senior loans 198.5% | Building products 12.2% | DAWGS Intermediate Holding Company, Revolver (3 month CME Term SOFR + 4.500%) 2025-03-31 0001988280 Senior loans 198.5% | Building products 12.2% | DAWGS Intermediate Holding Company, Term Loan (3 month CME Term SOFR + 4.500%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | American Combustion Industries, Inc., Term Loan (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | BCTS Parent LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | BCTS Parent LLC, Incremental Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | BCTS Parent LLC, Revolver (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | VPD Management, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Health care providers and services 33.9% | VPD Management, Inc., Revolver (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Building products 12.2% | Vybond Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Air Buyer, Inc., Revolver 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Air Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.250%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | American Combustion Industries, Inc., Delayed Draw Term Loan A (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | American Combustion Industries, Inc., Delayed Draw Term Loan B (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | American Combustion Industries, Inc., Revolver (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Building products 12.2% | Integrated Openings Solutions LLC, Revolver (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Building products 12.2% | Lockmasters Security Intermediate, Inc., Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Building products 12.2% | Lockmasters Security Intermediate, Inc., Revolver (1 month CME Term SOFR + 5.250%) 2025-03-31 0001988280 Senior loans 198.5% | Building products 12.2% | Lockmasters Security Intermediate, Inc., Term Loan (3 month CME Term SOFR + 5.250%) 2025-03-31 0001988280 Senior loans 198.5% | Building products 12.2% | Vybond Buyer LLC, Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Building products 12.2% | Vybond Buyer LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Building products 12.2% | Integrated Openings Solutions LLC, Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 195.1% | Chemicals 3.5%|Chemtron Supply LLC, Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 195.1% | Software 7.2% | Alta Buyer LLC, Add-On Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 195.1% | Software 7.2%| Alta Buyer LLC, Incremental Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 195.1% | Software 7.2% | Alta Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 195.1% | Software 7.2%| QM Buyer, Inc., Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 195.1% | Software 7.2%| QM Buyer, Inc., Revolver 2025-03-31 0001988280 Senior loans 195.1% | Software 7.2%| QM Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 195.1% | Chemicals 3.5%|Chemtron Supply LLC, Add-On Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 195.1% | Chemicals 3.5%| Chemtron Supply LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 195.1% | Chemicals 3.5%| Chemtron Supply LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | IT services 9.2%|AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan B (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | IT services 9.2%|AC Blackpoint Acquisition, Inc, Term Loan (6 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | IT services 9.2%|AIDC IntermediateCo LLC, Term Loan (1 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | IT services 9.2%|Jetson Buyer, Inc., Revolver (Prime rate + 4.500%) 2025-03-31 0001988280 Senior loans 198.5% | IT services 9.2%|Jetson Buyer, Inc., Term Loan (1 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |WWEC Holdings III Corp., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |WWEC Holdings III Corp., Incremental Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |WWEC Holdings III Corp., Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |Xenon Arc, Inc, 2024-1 Term Loan (3 month CME Term SOFR + 5.250%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |Xenon Arc, Inc, 2025-1 Term Loan (3 month CME Term SOFR + 5.750%) 2025-03-31 0001988280 Senior loans 198.5% | IT services 9.2%|AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan A (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |M&D Midco, Inc., Revolver (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |M&D Midco, Inc., Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |PVI Holdings, Inc., Term Loan (3 month CME Term SOFR + 4.950%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |SurfacePrep Buyer LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |SurfacePrep Buyer LLC, Revolver (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |SurfacePrep Buyer LLC, Term Loan (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |M&D Midco, Inc., 1st Amendment Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |M&D Midco, Inc., 3rd Amendment Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |M&D Midco, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | BCTS Parent LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Beary Landscaping LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Beary Landscaping LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Beary Landscaping LLC, Term Loan (1 month CME Term SOFR + 5.250%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Diverzify Intermediate LLC, Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Diverzify Intermediate LLC, Term Loan (3 month CME Term SOFR + 5.750%) 2025-03-31 0001988280 Senior loans 198.5% | Machinery 3.4% | Rapid Buyer LLC, Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Machinery 3.4% | Rapid Buyer LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Machinery 3.4% | Rapid Buyer LLC, Term Loan (6 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Professional services 17.5% | CPS Holdco, Inc., Delayed Draw Term Loan A 2025-03-31 0001988280 Senior loans 198.5% | Professional services 17.5% | CPS Holdco, Inc., Delayed Draw Term Loan B 2025-03-31 0001988280 Senior loans 198.5% | Professional services 17.5% | CPS Holdco, Inc., Revolver 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | StartKleen Legacy Holdings LLC, Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | StartKleen Legacy Holdings LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | StartKleen Legacy Holdings LLC, Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | XpressMyself.com LLC, Incremental Term Loan (3 month CME Term SOFR + 5.750%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | XpressMyself.com LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | XpressMyself.com LLC, Term Loan (3 month CME Term SOFR + 5.500%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Renovation Systems LLC, Term Loan (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Security Services Acquisition Sub Corp., 11th Amendment Term Loan A (1 month CME Term SOFR + 5.750%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Security Services Acquisition Sub Corp., 7th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Security Services Acquisition Sub Corp., 8th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Security Services Acquisition Sub Corp., Add-On Term Loan (1 month CME Term SOFR + 5.750%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Security Services Acquisition Sub Corp., Term Loan (1 month CME Term SOFR + 5.750%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Renovation Systems LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Renovation Systems LLC, Add-On Delayed Draw Term Loan D (6 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Renovation Systems LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Commercial services and supplies 29.9% | Renovation Systems LLC, Revolver (3 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | BLP Buyer, Inc., Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | BLP Buyer, Inc., Revolver (1 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | BLP Buyer, Inc., Term Loan (1 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | Genuine Cable Group LLC, Term Loan (1 month CME Term SOFR + 5.750%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | Krayden Holdings, Inc., Add-On Term Loan (1 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | Krayden Holdings, Inc., Revolver (1 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | Library Associates LLC, Term Loan (1 month CME Term SOFR + 6.250%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | Purple Cow Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | WeLocalize, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | WeLocalize, Inc., Incremental Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | WeLocalize, Inc., Revolver (1 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | BLP Buyer, Inc., Add-On Term Loan (1 month CME Term SOFR + 6.000%) 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | Krayden Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | WeLocalize, Inc., Term Loan (3 month CME Term SOFR + 5.000%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% |CPS Holdco, Inc., Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | Health Management Associates, Inc., Delayed Draw Term Loan (6 month CME Term SOFR + 6.250%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | Health Management Associates, Inc., Revolver (6 month CME Term SOFR + 6.250%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | Health Management Associates, Inc., Term Loan (6 month CME Term SOFR + 6.250%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | HMN Acquirer Corp., Term Loan (3 month CME Term SOFR + 4.750%) 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | Library Associates LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 6.250%) 2025-03-31 0001988280 Senior loans 198.5% | IT services 9.2%|AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan C 2025-03-31 0001988280 Senior loans 198.5% | IT services 9.2%|AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan D 2025-03-31 0001988280 Senior loans 198.5% | IT services 9.2%|AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan E 2025-03-31 0001988280 Senior loans 198.5% | IT services 9.2%|AC Blackpoint Acquisition, Inc, Revolver 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |WWEC Holdings III Corp., Revolver 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |SurfacePrep Buyer LLC, Incremental Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% |M&D Midco, Inc., 3rd Amendment Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | Krayden Holdings, Inc., Delayed Draw Term Loan A 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | Krayden Holdings, Inc., Delayed Draw Term Loan B 2025-03-31 0001988280 Senior loans 198.5% | Trading companies and distributors 26.1% | Krayden Holdings, Inc., Delayed Draw Term Loan C 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | Purple Cow Buyer LLC, Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | Purple Cow Buyer LLC, Revolver 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | HMN Acquirer Corp., Delayed Draw Term Loan 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | HMN Acquirer Corp., Revolver 2025-03-31 0001988280 Senior loans 198.5% |Professional services 17.5% | Library Associates LLC, Revolver 2025-03-31 0001988280 Senior loans 195.1% | Materials 3.5% 2025-03-31 0001988280 Senior loans 195.1% | Equity (A) 0.4%| (Cost $493,040) 2025-03-31 0001988280 Senior loans 195.1% | Machinery 0.1%| Rapid Aggregator LLC 2025-03-31 0001988280 Senior loans 195.1% | IT services 0.1%| AC BlackPoint Holdings LLC, Class A-1 Units 2025-03-31 0001988280 Senior loans 195.1% | Financials 0.1%| 2025-03-31 0001988280 Senior loans 195.1% | Insurance 0.1%| Stellar Parent LLC, Class A Units 2025-03-31 0001988280 Senior loans 195.1% | Industrials 0.2%| 2025-03-31 0001988280 Senior loans 195.1% | Professional services 0.1%| CPS Investors LP, Class A Units 2025-03-31 0001988280 Senior loans 195.1% | Information technology 0.1% 2025-03-31 0001988280 Short-term investments 11.6% | Short-term funds 11.6% 2025-03-31 0001988280 Short-term investments 11.6% | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 2025-03-31 0001988280 Short-term investments 11.6% | Total investments (Cost $266,451,937) 210.5% 2025-03-31 0001988280 Short-term investments 11.6% | Less unfunded loan commitments (59.6%) 2025-03-31 0001988280 Short-term investments 11.6% | Net investments (Cost $190,705,288) 150.9% 2025-03-31 0001988280 Short-term investments 11.6% | Other assets and liabilities, net (50.9%) 2025-03-31 0001988280 Senior loans 198.5% | Industrials 92.6% 2025-03-31 0001988280 Senior loans 198.5% | Financials 6.3% 2025-03-31 0001988280 Senior loans 198.5% | Consumer staples 10.0% 2025-03-31 0001988280 Senior loans 198.5% | Health care 36.8% 2025-03-31 0001988280 Senior loans 198.5% |Information technology 16.4% 2025-03-31 0001988280 ck0001988280:JpmFundingFacilityMember srt:MinimumMember 2025-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember us-gaap:MeasurementInputEbitdaMultipleMember srt:MinimumMember 2025-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember us-gaap:MeasurementInputEbitdaMultipleMember srt:MaximumMember 2025-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember ck0001988280:MeasurementInputPercentageOfOwnershipMember 2025-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember ck0001988280:MeasurementInputPercentageOfOwnershipMember srt:MinimumMember 2025-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember ck0001988280:MeasurementInputPercentageOfOwnershipMember srt:MaximumMember 2025-03-31 0001988280 Short-term investments 11.6% | Total net assets 100.0% 2025-03-31 0001988280 ck0001988280:JpmFundingFacilityMember srt:WeightedAverageMember 2025-01-01 2025-03-31 0001988280 ck0001988280:JpmFundingFacilityMember 2025-01-01 2025-03-31 0001988280 us-gaap:SeniorLoansMember 2025-01-01 2025-03-31 0001988280 us-gaap:EquitySecuritiesInvestmentSummaryMember 2025-01-01 2025-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorLoansMember us-gaap:MeasurementInputDiscountRateMember 2025-01-01 2025-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorLoansMember us-gaap:MeasurementInputQuotedPriceMember 2025-01-01 2025-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember us-gaap:MeasurementInputQuotedPriceMember 2025-01-01 2025-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember us-gaap:MeasurementInputEbitdaMultipleMember 2025-01-01 2025-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember ck0001988280:MeasurementInputPercentageOfOwnershipMember 2025-01-01 2025-03-31 0001988280 ck0001988280:ManulifeInternationalLimitedMember 2025-01-01 2025-03-31 0001988280 ck0001988280:ManufacturersLifeReinsuranceLimitedMember 2025-01-01 2025-03-31 0001988280 ck0001988280:ManulifePrivateCreditPlusFundMember 2025-01-01 2025-03-31 0001988280 Financials 6.3% 2025-01-01 2025-03-31 0001988280 Information Technology 16.4% 2025-01-01 2025-03-31 0001988280 IT services 9.2% 2025-01-01 2025-03-31 0001988280 ck0001988280:JpmFundingFacilityMember srt:MaximumMember 2025-01-01 2025-03-31 0001988280 ck0001988280:JpmFundingFacilityMember srt:MinimumMember 2025-01-01 2025-03-31 0001988280 Insurance 4.6% 2025-01-01 2025-03-31 0001988280 Machinery 3.4% 2025-01-01 2025-03-31 0001988280 ck0001988280:MinimumRateOfReturnRequirementNeedToMeetMember ck0001988280:QuarterPeriodMember 2025-01-01 2025-03-31 0001988280 ck0001988280:InvestmentIncomeExceedsHurdleRateButLessThanRateOfReturnMember 2025-01-01 2025-03-31 0001988280 ck0001988280:MinimumRateOfReturnRequirementNeedToMeetMember ck0001988280:AnnualPeriodMember 2025-01-01 2025-03-31 0001988280 ck0001988280:QuarterPeriodMember 2025-01-01 2025-03-31 0001988280 ck0001988280:AnnualPeriodMember 2025-01-01 2025-03-31 0001988280 ck0001988280:JpmFundingFacilityMember srt:MaximumMember 2023-07-26 0001988280 ck0001988280:JpmFundingFacilityMember srt:MinimumMember 2023-07-26 0001988280 ck0001988280:JpmFundingFacilityMember srt:MinimumMember 2024-03-26 2025-03-27 0001988280 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CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.1% | Software 8.1% | QM Buyer, Inc., Term Loan (6 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.1% | Chemicals 4.0% | Chemtron Supply LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.1% | Chemicals 4.0% | Chemtron Supply LLC, Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Renovation Systems LLC, Term Loan (1 and 3 month CME Term SOFR + 6.250%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Security Services Acquisition Sub Corp., 11th Amendment Term Loan A (1 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Security Services Acquisition Sub Corp., 7th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Security Services Acquisition Sub Corp., 8th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 198.5% | Building products 6.9% | Integrated Openings Solutions LLC, Revolver (3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 198.5% | Building products 6.9% | Lockmasters Security Intermediate, Inc., Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 198.5% | Building products 6.9% | Lockmasters Security Intermediate, Inc., Revolver (1 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 198.5% | Building products 6.9% |Lockmasters Security Intermediate, Inc., Term Loan (3 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | Air Buyer, Inc., Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Diverzify Intermediate LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Diverzify Intermediate LLC, Term Loan (3 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Renovation Systems LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Renovation Systems LLC, Add-On Delayed Draw Term Loan D (6 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Renovation Systems LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Renovation Systems LLC, Revolver (1 and 3 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | BCTS Parent LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | BCTS Parent LLC, Revolver (1 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | BCTS Parent LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | Beary Landscaping LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Beary Landscaping LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.3% | Beary Landscaping LLC, Term Loan (1 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | Air Buyer, Inc., Revolver 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | Air Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | American Combustion Industries, Inc., Delayed Draw Term Loan A (1 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | American Combustion Industries, Inc., Delayed Draw Term Loan B 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | American Combustion Industries, Inc., Revolver (1 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 198.5% | Commercial services and supplies 27.3% | American Combustion Industries, Inc., Term Loan (1 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Capital markets 1.9% | Steward Partners Global Advisory LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Capital markets 1.9% | Steward Partners Global Advisory LLC, Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Insurance 4.8% | Stellar Buyer LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Insurance 4.8% | Stellar Buyer LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Insurance 4.8% | Stellar Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Health care equipment and supplies 3.3% | CPC/Cirtec Holdings, Inc., Add-On Term Loan (1 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Food products 8.8% | Foodscience LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Food products 8.8% | Foodscience LLC, Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Food products 8.8% | Hill Country Dairies, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Food products 8.8% | Hill Country Dairies, Inc., Revolver (3 and 6 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Food products 8.8% | Hill Country Dairies, Inc., Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Capital markets 1.9% | Steward Partners Global Advisory LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Beacon Behavioral Holdings LLC, Term Loan (15.000% PIK) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | In Vitro Sciences LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Consumer staples distribution and retail 2.7% | PAK Quality Foods Acquisition LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Consumer staples distribution and retail 2.7% | PAK Quality Foods Acquisition LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Consumer staples distribution and retail 2.7% | PAK Quality Foods Acquisition LLC, Term Loan (1 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4% | Food products 8.8% | Foodscience LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Midwest Eye Services LLC, Delayed Draw Term Loan B (3 month CME Term SOFR + 4.500%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | In Vitro Sciences LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% |In Vitro Sciences LLC, Term Loan (1 month CME Term SOFR + 7.000%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Midwest Eye Services LLC, Delayed Draw Term Loan A (3 month CME Term SOFR + 4.500%) 2024-12-31 0001988280 Senior loans 195.4% | Health care equipment and supplies 3.3% | CPC/Cirtec Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Beacon Behavioral Holdings LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Beacon Behavioral Holdings LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Redwood MSO LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Redwood MSO LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Redwood MSO LLC, Term Loan (3 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | The Smilist DSO LLC, Term Loan (3 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Building products 6.9% | Integrated Openings Solutions LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | The Smilist DSO LLC, 2024-1 Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Midwest Eye Services LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Midwest Eye Services LLC, Term Loan (1 month CME Term SOFR + 4.500%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | OIS Management Services LLC, Add-On Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | OIS Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | OIS Management Services LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | OIS Management Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Pediatric Home Respiratory Services LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Pediatric Home Respiratory Services LLC, Revolver (6 month CME Term SOFR + 5.500%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Pediatric Home Respiratory Services LLC, Term Loan (6 month CME Term SOFR + 5.500%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Refocus Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Refocus Management Services LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | Refocus Management Services LLC, Term Loan (3 month CME Term SOFR + 5.500%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | VPD Management, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | VPD Management, Inc., Revolver (3 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | VPD Management, Inc., Term Loan (3 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Air freight and logistics 4.0% | PNB Holdings III LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Air freight and logistics 4.0% | PNB Holdings III LLC, Revolver (1 and 3 month CME Term SOFR + 4.500%) 2024-12-31 0001988280 Senior loans 195.4% | Air freight and logistics 4.0% | PNB Holdings III LLC, Term Loan (3 month CME Term SOFR + 4.500%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | The Smilist DSO LLC, 2024-2 Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | The Smilist DSO LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Health care providers and services 38.6% | The Smilist DSO LLC, Add-On Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | Purple Cow Buyer LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | Purple Cow Buyer LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4 %| Purple Cow Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | WeLocalize, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | WeLocalize, Inc., Incremental Term Loan (3 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | WeLocalize, Inc., Revolver (1 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | HMN Acquirer Corp., Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | BLP Buyer, Inc., Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | HMN Acquirer Corp., Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | Library Associates LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 6.250%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | Library Associates LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | Library Associates LLC, Term Loan (1 month CME Term SOFR + 6.250%) 2024-12-31 0001988280 Senior loans 195.4% | Machinery 3.8% | Rapid Buyer LLC, Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Machinery 3.8% | Rapid Buyer LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Machinery 3.8% | Rapid Buyer LLC, Term Loan (6 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | Health Management Associates, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.250%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | Health Management Associates, Inc., Revolver (Prime rate + 5.250% and 1 month CME Term SOFR + 6.250%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | Health Management Associates, Inc., Term Loan (3 month CME Term SOFR + 6.250%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.2% | Security Services Acquisition Sub Corp., Add-On Term Loan (1 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.2% | Security Services Acquisition Sub Corp., Term Loan (1 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.2% | XpressMyself. com LLC, Incremental Term Loan (3 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4%| Commercial services and supplies 27.2% | XpressMyself. com LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Commercial services and supplies 27.2% | XpressMyself. com LLC, Term Loan (3 month CME Term SOFR + 5.500%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | WeLocalize, Inc., Term Loan (3 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | BLP Buyer, Inc., Add-On Term Loan (1 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | HMN Acquirer Corp., Revolver 2024-12-31 0001988280 Senior loans 195.4% | Diversified consumer services 6.5% | Capital Construction LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.500%) 2024-12-31 0001988280 Senior loans 195.4% | Diversified consumer services 6.5% | Capital Construction LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Diversified consumer services 6.5% | Capital Construction LLC, Term Loan (1 month CME Term SOFR + 5.500%) 2024-12-31 0001988280 Senior loans 195.4% | Diversified consumer services 6.5% | Leap Service Partners LLC, Delayed Draw Term Loan (1 and 3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Diversified consumer services 6.5% | Leap Service Partners LLC, Revolver (1 and 3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Specialty retail 4.0% | RPC TopCo, Inc., Revolver 2024-12-31 0001988280 Senior loans 195.4% | Specialty retail 4.0% | RPC TopCo, Inc., Term Loan (6 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Distributors 5.3% | Eastern Communications Solutions, Inc., Revolver 2024-12-31 0001988280 Senior loans 195.4% | Distributors 5.3% | Eastern Communications Solutions, Inc., Term Loan (3 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 195.4% | Diversified consumer services 6.5% | Capital Construction LLC, Add-On Delayed Draw Term Loan (1, 3 and 6 month CME Term SOFR + 5.500%) 2024-12-31 0001988280 Senior loans 195.4% | Diversified consumer services 6.5% | Capital Construction LLC, Add-On Term Loan (1 month CME Term SOFR + 5.500%) 2024-12-31 0001988280 Senior loans 195.4% | Hotels, restaurants and leisure 7.4% | Star Logistics & Hospitality Services LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Hotels, restaurants and leisure 7.4% | Star Logistics & Hospitality Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Household durables 4.0% | Simon Pearce LLC, Revolver 2024-12-31 0001988280 Senior loans 195.4% | Household durables 4.0% | Simon Pearce LLC, Term Loan (3 month CME Term SOFR + 4.500%) 2024-12-31 0001988280 Senior loans 195.4% | Leisure products 3.5% | 4M Capital, Ltd., Revolver 2024-12-31 0001988280 Senior loans 195.4% | Leisure products 3.5% | 4M Capital, Ltd., Term Loan (3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Diversified consumer services 6.5% | Leap Service Partners LLC, Term Loan (3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Hotels, restaurants and leisure 7.4% | Bandon Fitness, Inc., 4th Amendment Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Hotels, restaurants and leisure 7.4% | Bandon Fitness, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Hotels, restaurants and leisure 7.4% | Bandon Fitness, Inc., Revolver 2024-12-31 0001988280 Senior loans 195.4% | Hotels, restaurants and leisure 7.4% | Bandon Fitness, Inc., Term Loan (3 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Hotels, restaurants and leisure 7.4% | Star Logistics & Hospitality Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | Genuine Cable Group LLC, Term Loan (1 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | BLP Buyer, Inc., Term Loan (1 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | BLP Buyer, Inc., Revolver (1 month CME Term SOFR + 6.000%) 2024-12-31 0001988280 Senior loans 195.4% | IT services 9.7% | AIDC IntermediateCo LLC, Term Loan (1 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 195.4% | IT services 9.7% | AC Blackpoint Acquisition, Inc, Term Loan (3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | SurfacePrep Buyer LLC, Term Loan (1 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | SurfacePrep Buyer LLC, Revolver (1 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | SurfacePrep Buyer LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | PVI Holdings, Inc., Term Loan (3 month CME Term SOFR + 4.940%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | M&D Midco, Inc., Term Loan (3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | M&D Midco, Inc., Revolver 2024-12-31 0001988280 Senior loans 195.4% | IT services 9.7% | AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan A 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | Xenon Arc, Inc, Term Loan (3 month CME Term SOFR + 5.250%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | WWEC Holdings III Corp., Term Loan (3 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | WWEC Holdings III Corp., Revolver 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | WWEC Holdings III Corp., Incremental Delayed Draw Term Loan (3 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | WWEC Holdings III Corp., Delayed Draw Term Loan (3 month CME Term SOFR + 5.750%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | Krayden Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | Krayden Holdings, Inc., Revolver 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | Krayden Holdings, Inc., Delayed Draw Term Loan C 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | Krayden Holdings, Inc., Delayed Draw Term Loan B 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | Krayden Holdings, Inc., Delayed Draw Term Loan A 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | Krayden Holdings, Inc., Add-On Term Loan (1 month CME Term SOFR + 4.750%) 2024-12-31 0001988280 Senior loans 195.4% | IT services 9.7% | AC Blackpoint Acquisition, Inc, Revolver 2024-12-31 0001988280 Senior loans 195.4% | IT services 9.7% | AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan B 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | M&D Midco, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | M&D Midco, Inc., 3rd Amendment Term Loan (1 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | M&D Midco, Inc., 3rd Amendment Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.4% | Trading companies and distributors 26.4% | M&D Midco, Inc., 1st Amendment Delayed Draw Term Loan (1 and 3 month CME Term SOFR + 5.000%) 2024-12-31 0001988280 Senior loans 195.1% | Software 8.1% | QM Buyer, Inc., Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.1% | Software 8.1% | QM Buyer, Inc., Revolver 2024-12-31 0001988280 Senior loans 195.1% | Chemicals 4.0% | Chemtron Supply LLC, Add-On Delayed Draw Term Loan 2024-12-31 0001988280 Senior loans 195.1% | Chemicals 4.0% | Chemtron Supply LLC, Revolver 2024-12-31 0001988280 Senior loans 195.1% | IT services 9.7% | Jetson Buyer, Inc., Revolver 2024-12-31 0001988280 Senior loans 195.4% | Information technology 17.8% 2024-12-31 0001988280 Consumer discretionary 30.7% 2024-12-31 0001988280 Senior loans 195.4% | Industrials 82.8% 2024-12-31 0001988280 Senior loans 195.4% | Financials 6.7% 2024-12-31 0001988280 Senior loans 195.4% | Consumer staples 11.5% 2024-12-31 0001988280 Senior loans 195.4% | Health care 41.9% 2024-12-31 0001988280 Senior loans 195.1% | Financials 0.1% 2024-12-31 0001988280 Senior loans 195.1% | Insurance 0.1% | Stellar Parent LLC, Class A Units 2024-12-31 0001988280 Senior loans 195.1% | Industrials 0.1% 2024-12-31 0001988280 Senior loans 195.1% | Machinery 0.1% | Rapid Aggregator LLC 2024-12-31 0001988280 Senior loans 195.1% | Information technology 0.1% 2024-12-31 0001988280 Senior loans 195.1% | IT services 0.1% | AC BlackPoint Holdings LLC, Class A-1 Units 2024-12-31 0001988280 Senior loans 195.1% | Equity (A) 0.3% 2024-12-31 0001988280 Senior loans 195.1% | Materials 4.0% 2024-12-31 0001988280 Short-term investments 11.3% | Short-term funds 11.3% 2024-12-31 0001988280 Short-term investments 11.3% | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 2024-12-31 0001988280 Short-term investments 11.3% | Other assets and liabilities, net (48.8%) 2024-12-31 0001988280 Short-term investments 11.3% | Net investments (Cost $165,237,142) 148.5% 2024-12-31 0001988280 Short-term investments 11.3% | Total investments (Cost $230,182,110) 206.7% 2024-12-31 0001988280 Short-term investments 11.3% | Less unfunded loan commitments (58.2%) 2024-12-31 0001988280 Senior loans 195.4% | Professional services 14.4% | Health Management Associates, Inc., Revolver (Prime rate + 5.250% 2024-12-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember ck0001988280:MeasurementInputPercentageOfOwnershipMember 2024-12-31 0001988280 Short-term investments 11.3% | Total net assets 100.0% 2024-12-31 0001988280 ck0001988280:JpmFundingFacilityMember srt:WeightedAverageMember 2024-01-01 2024-03-31 0001988280 ck0001988280:JpmFundingFacilityMember 2024-01-01 2024-03-31 0001988280 us-gaap:SeniorLoansMember 2024-01-01 2024-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorLoansMember us-gaap:MeasurementInputDiscountRateMember 2024-01-01 2024-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:SeniorLoansMember us-gaap:MeasurementInputQuotedPriceMember 2024-01-01 2024-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember us-gaap:MeasurementInputQuotedPriceMember 2024-01-01 2024-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember us-gaap:MeasurementInputEbitdaMultipleMember 2024-01-01 2024-03-31 0001988280 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMember ck0001988280:MeasurementInputPercentageOfOwnershipMember 2024-01-01 2024-03-31 0001988280 ck0001988280:ManulifeInternationalLimitedMember 2024-01-01 2024-12-31 0001988280 ck0001988280:ManufacturersLifeReinsuranceLimitedMember 2024-01-01 2024-12-31 0001988280 ck0001988280:ManulifePrivateCreditPlusFundMember 2024-01-01 2024-12-31 0001988280 Financials 6.7% 2024-01-01 2024-12-31 0001988280 Information Technology 17.8% 2024-01-01 2024-12-31 0001988280 IT services 9.7% 2024-01-01 2024-12-31 0001988280 Insurance 4.8% 2024-01-01 2024-12-31 0001988280 Machinery 3.8% 2024-01-01 2024-12-31 0001988280 ck0001988280:JpmFundingFacilityMember us-gaap:SubsequentEventMember 2025-04-10 0001988280 ck0001988280:JpmFundingFacilityMember srt:MaximumMember us-gaap:SubsequentEventMember 2025-04-10 2025-04-10 0001988280 ck0001988280:JpmFundingFacilityMember srt:MinimumMember us-gaap:SubsequentEventMember 2025-04-10 2025-04-10 0001988280 us-gaap:EquitySecuritiesInvestmentSummaryMember 2024-12-31 0001988280 us-gaap:EquitySecuritiesInvestmentSummaryMember 2025-03-31 0001988280 us-gaap:SeniorLoansMember 2023-12-31 0001988280 us-gaap:SeniorLoansMember 2024-03-31 xbrli:shares xbrli:pure iso4217:USD utr:Month iso4217:USD xbrli:shares ck0001988280:Times ck0001988280:Segment
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
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
814-01664
 
 
MANULIFE PRIVATE CREDIT FUND
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
92-3968552
(State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization)
 
Identification No.)
197 Clarendon Street, Boston, Massachusetts 02116
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (617)
663-3000
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol
 
Name of each exchange
on which registered
None
 
None
 
None
Securities registered pursuant to Section 12(g) of the Act:
Class NAV Common Shares of Beneficial Interest, par value $0.01 per share
 
 
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 at least 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 and post 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 
As of March 31, 2025, there was no established public market for the Registrant’s common shares of beneficial interest (“Common Shares”). The number of the Registrant’s Common Shares, $0.01 par value per share, outstanding as of May 13, 2025, was 7,511,781.
 
 
 


Table of Contents

TABLE OF CONTENTS

 

     Page  

PART I. FINANCIAL INFORMATION

     1  

ITEM 1. Consolidated Financial Statements (Unaudited)

     1  

Consolidated Schedule of Investments as of March 31, 2025 (Unaudited) and December 31, 2024

     1  

Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024

     18  

Consolidated Statements of Operations for the three months ended March 31, 2025 and March 31, 2024 (Unaudited)

     19  

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and March 31, 2024 (Unaudited)

     20  

Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and March 31, 2024 (Unaudited)

     21  

Notes to Consolidated Financial Statements (Unaudited)

     22  

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

     38  

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

     49  

ITEM 4. Controls and Procedures

     50  

PART II. OTHER INFORMATION

     50  

ITEM 1. Legal Proceedings

     50  

ITEM 1A. Risk Factors

     50  

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

     50  

ITEM 3. Defaults Upon Senior Securities

     51  

ITEM 4. Mine Safety Disclosures

     51  

ITEM 5. Other Information

     52  

ITEM 6. Exhibits

     53  

SIGNATURES

     54  


Table of Contents
http://fasb.org/srt/2024#ManagementMember1
PART I. FINANCIAL INFORMATION
ITEM 1. Consolidated Financial Statements (Unaudited)
Manulife Private Credit Fund
Consolidated Schedule of Investments
3-31-25
(Unaudited)
 
    
Rate (%)
    
Maturity date
    
Par value^
    
Value
 
Non-controlled/Non-affiliated
           
Senior loans (A)(B)
198.5
%

(Cost $251,166,003)
           
$
252,137,189
 
Consumer discretionary 32.9%
 
  
 
41,766,652
 
  
 
 
 
Distributors 9.1%
           
All Glass & Window Holdings, Inc., Delayed Draw Term Loan (C)
           
03-26-31
       1,282,051        1,272,436  
All Glass & Window Holdings, Inc., Revolver (C)
           
03-26-31
       769,231        757,692  
All Glass & Window Holdings, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.296       
03-26-31
       3,643,247        3,588,598  
Eastern Communications Solutions, Inc., Revolver (C)
           
12-30-30
       1,031,519        1,021,203  
Eastern Communications Solutions, Inc., Term Loan (3 month CME Term SOFR + 5.250%) (D)
     9.549       
12-30-30
       4,956,060        4,918,890  
Diversified consumer services 7.3%
           
Capital Construction LLC,
Add-On
Delayed Draw Term Loan (1, 3 and 6 month CME Term SOFR + 5.500%) (D)
     9.964       
10-22-26
       498,307        499,553  
Capital Construction LLC,
Add-On
Term Loan (1 month CME Term SOFR + 5.500%) (D)
     9.923       
10-22-26
       325,731        326,546  
Capital Construction LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.500%) (D)
     9.923       
10-22-26
       1,130,938        1,133,765  
Capital Construction LLC, Revolver (C)
           
10-22-26
       508,039        508,039  
Capital Construction LLC, Term Loan (1 month CME Term SOFR + 5.500%) (D)
     9.923       
10-22-26
       834,310        836,396  
Leap Service Partners LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)
     9.295       
03-15-29
       1,750,779        1,750,779  
Leap Service Partners LLC, Delayed Draw Term Loan B (C)
           
03-15-29
       2,022,971        2,022,971  
Leap Service Partners LLC, Revolver (1 month CME Term SOFR + 5.000%) (C)
     9.321       
03-15-29
       588,235        588,235  
Leap Service Partners LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.303       
03-15-29
       1,630,588        1,630,588  
Hotels, restaurants and leisure 6.5%
           
Bandon Fitness, Inc., 4th Amendment Delayed Draw Term Loan (C)
           
07-27-28
       1,705,489        1,705,489  
Bandon Fitness, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (C)
     10.469       
07-27-28
       566,085        566,085  
Bandon Fitness, Inc., Revolver (C)
           
07-27-28
       114,804        114,804  
Bandon Fitness, Inc., Term Loan (3 month CME Term SOFR + 6.000%) (D)
     10.441       
07-27-28
       1,460,736        1,460,736  
Star Logistics & Hospitality Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)
     9.297       
06-18-29
       1,606,205        1,549,988  
Star Logistics & Hospitality Services LLC, Revolver (3 month CME Term SOFR + 5.000%) (C)
     9.177       
06-18-29
       535,714        516,964  
Star Logistics & Hospitality Services LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.295       
06-18-29
       2,339,464        2,257,583  
Household durables 3.5%
           
Simon Pearce LLC, Revolver (C)
           
10-21-30
       642,857        638,036  
Simon Pearce LLC, Term Loan (1 month CME Term SOFR + 4.500%) (D)
     8.822       
10-21-30
       3,847,500        3,818,644  
Leisure products 3.0%
           
4M Capital, Ltd., Revolver (C)
           
06-18-27
       528,000        526,680  
See Notes to consolidated financial statements
 
1

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 3-31-25 (Unaudited
)

 
    
Rate (%)
    
Maturity date
    
Par value^
    
Value
 
Consumer discretionary (continued)
           
Leisure products (continued)
           
4M Capital, Ltd., Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.299       
06-18-27
       3,283,933      $ 3,275,724  
Specialty retail 3.5%
           
RPC TopCo, Inc., Revolver (C)
           
09-02-31
       545,455        545,455  
RPC TopCo, Inc., Term Loan (6 month CME Term SOFR + 4.750%) (D)
     8.967       
09-02-31
       3,934,773        3,934,773  
Consumer staples 10.0%
 
  
 
12,714,533
 
  
 
 
 
Consumer staples distribution and retail 2.3%
           
PAK Quality Foods Acquisition LLC, Delayed Draw Term Loan (C)
           
12-28-29
       537,313        537,313  
PAK Quality Foods Acquisition LLC, Revolver (C)
           
12-28-29
       313,433        313,433  
PAK Quality Foods Acquisition LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D)
     10.185       
12-28-29
       2,122,388        2,122,388  
Food products 7.7%
           
Foodscience LLC, Delayed Draw Term Loan (C)
           
11-14-31
       2,444,444        2,407,778  
Foodscience LLC, Revolver (C)
           
11-14-31
       763,889        752,431  
Foodscience LLC, Term Loan (6 month CME Term SOFR + 4.750%) (D)
     8.967       
11-14-31
       2,285,938        2,251,648  
Hill Country Dairies, Inc., Delayed Draw Term Loan (3 month CME Term SOFR +
4.750%) (C)
     9.041       
08-01-30
       1,088,710        1,050,605  
Hill Country Dairies, Inc., Revolver (3 month CME Term SOFR + 4.750%) (C)
     9.041       
08-01-30
       725,806        700,403  
Hill Country Dairies, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D)
     9.041       
08-01-30
       2,672,056        2,578,534  
Financials 6.3%
 
  
 
7,947,645
 
  
 
 
 
Capital markets 1.7%
           
Steward Partners Global Advisory LLC, Delayed Draw Term Loan (3 month CME Term SOFR
+ 4.750%) (C)
     9.049       
10-13-28
       927,858        927,858  
Steward Partners Global Advisory LLC, Revolver (C)
           
10-13-28
       311,716        311,716  
Steward Partners Global Advisory LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)
     9.049       
10-13-28
       911,770        911,770  
Insurance 4.6%
           
Stellar Buyer LLC, 1st Amendment Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.319       
11-12-30
       394,737        394,737  
Stellar Buyer LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)
     9.303       
11-12-30
       1,639,073        1,639,073  
Stellar Buyer LLC, Revolver (C)
           
11-12-30
       819,536        819,536  
Stellar Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.315       
11-12-30
       2,942,955        2,942,955  
Health care 36.8%
 
  
 
46,767,563
 
  
 
 
 
Health care equipment and supplies 2.9%
           
CPC/Cirtec Holdings, Inc.,
Add-On
Term Loan (1 month CME Term SOFR + 4.750%) (D)
     9.075       
01-30-29
       1,593,985        1,593,985  
CPC/Cirtec Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) (D)
     9.075       
01-30-29
       2,136,842        2,136,842  
 
See Notes to consolidated financial statements
 
2

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 3-31-25 (Unaudited
)

 
    
Rate (%)
    
Maturity date
    
Par value^
    
Value
 
Health care (continued)
           
Health care providers and services 33.9%
           
Beacon Behavioral Holdings LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (C)
     9.799       
06-21-29
       3,258,189      $ 3,217,462  
Beacon Behavioral Holdings LLC, Revolver (3 month CME Term SOFR + 5.500%) (C)
     9.803       
06-21-29
       114,512        112,794  
Beacon Behavioral Holdings LLC, Term Loan (15.000% PIK)
     15.000       
06-21-30
       288,653        284,323  
In Vitro Sciences LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 7.000%) (C)
     11.439       
02-28-29
       704,071        638,945  
In Vitro Sciences LLC, Revolver (C)
           
02-28-29
       177,778        161,333  
In Vitro Sciences LLC, Term Loan (1 month CME Term SOFR + 7.000%) (D)
     11.439       
02-28-29
       3,080,000        2,795,100  
Midwest Eye Services LLC, Delayed Draw Term Loan A (3 month CME Term SOFR + 4.500%) (D)
     8.949       
08-20-27
       1,237,189        1,243,375  
Midwest Eye Services LLC, Delayed Draw Term Loan B (3 month CME Term SOFR + 4.500%) (C)
     8.963       
08-20-27
       2,812,729        2,826,792  
Midwest Eye Services LLC, Revolver (C)
           
08-20-27
       704,931        708,455  
Midwest Eye Services LLC, Term Loan (3 month CME Term SOFR + 4.500%) (D)
     8.949       
08-20-27
       735,042        735,042  
OIS Management Services LLC,
Add-On
Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (C)
     9.051       
11-16-28
       2,341,006        2,346,859  
OIS Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D)
     9.049       
11-16-28
       549,356        550,729  
OIS Management Services LLC, Revolver (C)
           
11-16-28
       167,626        167,626  
OIS Management Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)
     9.049       
11-16-28
       1,423,705        1,427,264  
Pediatric Home Respiratory Services LLC, Delayed Draw Term Loan (C)
           
12-23-30
       900,000        900,000  
Pediatric Home Respiratory Services LLC, Revolver (6 month CME Term SOFR + 5.500%) (C)
     9.735       
12-23-30
       500,000        500,000  
Pediatric Home Respiratory Services LLC, Term Loan (6 month CME Term SOFR + 5.500%) (D)
     9.735       
12-23-30
       4,600,000        4,600,000  
Redwood MSO LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (C)
     9.549       
12-20-29
       786,517        774,719  
Redwood MSO LLC, Revolver (C)
           
12-20-29
       337,079        331,180  
Redwood MSO LLC, Term Loan (1 month CME Term SOFR + 5.250%) (D)
     9.575       
12-20-29
       4,864,213        4,791,250  
Refocus Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (C)
     9.907       
02-14-29
       1,050,937        1,043,055  
Refocus Management Services LLC, Revolver (3 month CME Term SOFR + 5.500%) (C)
     9.904       
02-14-29
       210,526        208,947  
Refocus Management Services LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D)
     9.902       
02-14-29
       2,709,474        2,689,153  
The Smilist DSO LLC,
2024-1
Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)
     10.299       
04-04-29
       696,705        703,672  
The Smilist DSO LLC,
2024-2
Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%)
     10.309       
04-04-29
       559,493        565,088  
The Smilist DSO LLC,
Add-On
Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (C)
     9.548       
04-04-29
       2,008,032        1,987,951  
The Smilist DSO LLC, Revolver (C)
           
04-04-29
       140,351        140,351  
The Smilist DSO LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D)
     10.299       
04-04-29
       2,577,018        2,602,788  
 
See Notes to consolidated financial statements
 
3

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 3-31-25 (Unaudited
)

 
    
Rate (%)
    
Maturity date
    
Par value^
    
Value
 
Health care (continued)
           
Health care providers and services (continued)
           
VPD Management, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (C)
     10.299       
11-02-27
       3,026,750      $ 3,019,183  
VPD Management, Inc., Revolver (3 month CME Term SOFR + 6.000%) (C)
     10.299       
11-02-27
       228,571        228,000  
VPD Management, Inc., Term Loan (3 month CME Term SOFR + 6.000%) (D)
     10.299       
11-02-27
       737,143        735,300  
Industrials 92.6%
 
  
 
117,644,065
 
  
 
 
 
Air freight and logistics 3.5%
           
PNB Holdings III LLC, Delayed Draw Term Loan (C)
           
09-17-30
       1,227,273        1,224,205  
PNB Holdings III LLC, Revolver (1 and 6 month CME Term SOFR + 4.500%) (C)
     8.815       
09-17-30
       818,182        816,136  
PNB Holdings III LLC, Term Loan (6 month CME Term SOFR + 4.500%) (D)
     8.815       
09-17-30
       2,442,273        2,436,167  
Building products 12.2%
           
DAWGS Intermediate Holding Company, Revolver (3 month CME Term SOFR + 4.500%) (C)
     8.803       
03-28-31
       378,558        374,773  
DAWGS Intermediate Holding Company, Term Loan (3 month CME Term SOFR + 4.500%) (D)
     8.803       
03-28-31
       1,544,518        1,529,073  
Integrated Openings Solutions LLC, Delayed Draw Term Loan (C)
           
11-20-29
       4,120,879        4,059,066  
Integrated Openings Solutions LLC, Revolver (3 month CME Term SOFR + 5.000%) (C)
           
11-20-29
       379,121        373,434  
Lockmasters Security Intermediate, Inc., Delayed Draw Term Loan (C)
           
09-01-27
       878,274        878,274  
Lockmasters Security Intermediate, Inc., Revolver (1 month CME Term SOFR + 5.250%) (C)
     9.689       
09-01-27
       205,895        205,895  
Lockmasters Security Intermediate, Inc., Term Loan (3 month CME Term SOFR + 5.250%) (D)
     9.811       
09-01-27
       2,146,194        2,146,194  
Vybond Buyer LLC, Delayed Draw Term Loan (C)
           
02-03-32
       1,051,402        1,040,888  
Vybond Buyer LLC, Revolver (C)
           
02-03-32
       788,551        778,695  
Vybond Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.299       
02-03-32
       4,160,047        4,118,446  
Commercial services and supplies 29.9%
           
Air Buyer, Inc., Revolver (C)
           
07-23-30
       340,909        329,830  
Air Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.250%) (D)
     9.790       
07-23-30
       3,392,045        3,281,804  
American Combustion Industries, Inc., Delayed Draw Term Loan A (1 month CME Term SOFR + 5.000%)
     9.425       
08-31-28
       810,283        802,180  
American Combustion Industries, Inc., Delayed Draw Term Loan B (1 month CME Term SOFR + 5.000%) (C)
     9.425       
08-31-28
       957,781        948,204  
American Combustion Industries, Inc., Revolver (1 month CME Term SOFR + 5.000%) (C)
     9.425       
08-31-28
       359,168        355,576  
American Combustion Industries, Inc., Term Loan (1 month CME Term SOFR + 5.000%) (D)
     9.425       
08-31-28
       2,357,092        2,333,521  
BCTS Parent LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (C)
     9.325       
12-26-29
       974,078        974,078  
BCTS Parent LLC, Incremental Delayed Draw Term Loan (C)
           
12-26-29
       2,880,800        2,880,800  
BCTS Parent LLC, Revolver (1 month CME Term SOFR + 5.000%) (C)
     9.321       
12-26-29
       354,484        354,484  
 
See Notes to consolidated financial statements
 
4

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 3-31-25 (Unaudited
)

 
    
Rate (%)
    
Maturity date
    
Par value^
    
Value
 
Industrials (continued)
           
Commercial services and supplies (continued)
           
BCTS Parent LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.291       
12-26-29
       1,400,213      $ 1,400,213  
Beary Landscaping LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.250%) (C)
     9.547       
12-21-29
       422,535        422,535  
Beary Landscaping LLC, Revolver (C)
           
12-21-29
       422,535        422,535  
Beary Landscaping LLC, Term Loan (1 month CME Term SOFR + 5.250%) (D)
     9.575       
12-21-29
       2,127,993        2,127,993  
Diverzify Intermediate LLC, Delayed Draw Term Loan (C)
           
05-11-27
       1,371,429        1,326,857  
Diverzify Intermediate LLC, Term Loan (3 month CME Term SOFR + 5.750%) (D)
     10.309       
05-11-27
       2,615,429        2,530,427  
Renovation Systems LLC,
Add-On
Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)
     10.299       
01-24-28
       1,094,254        1,094,254  
Renovation Systems LLC,
Add-On
Delayed Draw Term Loan D (6 month CME Term SOFR + 6.000%) (C)
     10.237       
01-24-28
       274,411        274,411  
Renovation Systems LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 6.000%) (D)
     10.299       
01-24-28
       249,899        249,899  
Renovation Systems LLC, Revolver (3 month CME Term SOFR + 6.000%) (C)
     10.299       
01-24-28
       125,263        125,263  
Renovation Systems LLC, Term Loan (3 month CME Term SOFR + 6.000%) (D)
     10.299       
01-24-28
       3,735,679        3,735,679  
Security Services Acquisition Sub Corp., 11th Amendment Term Loan A (1 month CME Term SOFR + 5.750%) (D)
     10.175       
09-30-27
       1,806,851        1,806,851  
Security Services Acquisition Sub Corp., 7th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D)
     10.175       
09-30-27
       187,452        187,452  
Security Services Acquisition Sub Corp., 8th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 5.750%) (D)
     10.175       
09-30-27
       1,229,986        1,229,986  
Security Services Acquisition Sub Corp.,
Add-On
Term Loan (1 month CME Term SOFR + 5.750%) (D)
     10.175       
09-30-27
       504,949        504,949  
Security Services Acquisition Sub Corp., Term Loan (1 month CME Term SOFR + 5.750%) (D)
     10.175       
09-30-27
       725,651        725,651  
StartKleen Legacy Holdings LLC, Delayed Draw Term Loan (C)
           
03-14-31
       1,282,051        1,274,038  
StartKleen Legacy Holdings LLC, Revolver (C)
           
03-14-31
       1,025,641        1,012,821  
StartKleen Legacy Holdings LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)
     9.039       
03-14-31
       3,205,128        3,165,064  
XpressMyself.com LLC, Incremental Term Loan (3 month CME Term SOFR + 5.750%) (D)
     10.142       
09-07-28
       589,892        589,892  
XpressMyself.com LLC, Revolver (C)
           
09-07-28
       233,050        231,302  
XpressMyself.com LLC, Term Loan (3 month CME Term SOFR + 5.500%) (D)
     9.895       
09-07-28
       1,317,896        1,308,012  
Machinery 3.4%
           
Rapid Buyer LLC, Delayed Draw Term Loan (C)
           
10-15-30
       1,295,585        1,285,869  
Rapid Buyer LLC, Revolver (C)
           
10-15-30
       647,793        642,934  
Rapid Buyer LLC, Term Loan (6 month CME Term SOFR + 4.750%) (D)
     9.029       
10-15-30
       2,383,877        2,365,998  
Professional services 17.5%
           
CPS Holdco, Inc., Delayed Draw Term Loan A (C)
           
03-28-31
       1,369,872        1,369,872  
CPS Holdco, Inc., Delayed Draw Term Loan B (C)
           
03-28-31
       1,498,397        1,487,159  
CPS Holdco, Inc., Revolver (C)
           
03-28-31
       705,128        694,551  
 
See Notes to consolidated financial statements
 
5

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 3-31-25 (Unaudited
)

 
    
Rate (%)
    
Maturity date
    
Par value^
    
Value
 
Industrials (continued)
           
Professional services (continued)
           
CPS Holdco, Inc., Term Loan (3 month CME Term SOFR + 4.750%) (D)
     9.053       
03-28-31
       2,663,462      $ 2,623,510  
Health Management Associates, Inc., Delayed Draw Term Loan (6 month CME Term SOFR + 6.250%)
     10.558       
03-30-29
       220,790        220,790  
Health Management Associates, Inc., Revolver (6 month CME Term SOFR + 6.250%) (C)
     10.567       
03-30-29
       124,004        124,004  
Health Management Associates, Inc., Term Loan (6 month CME Term SOFR + 6.250%) (D)
     10.567       
03-30-29
       1,698,569        1,698,569  
HMN Acquirer Corp., Delayed Draw Term Loan (C)
           
11-05-31
       1,041,667        1,033,854  
HMN Acquirer Corp., Revolver (C)
           
11-05-31
       625,000        620,313  
HMN Acquirer Corp., Term Loan (3 month CME Term SOFR + 4.750%) (D)
     9.049       
11-05-31
       2,826,250        2,805,053  
Library Associates LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 6.250%) (D)
     10.673       
03-01-27
       288,692        288,692  
Library Associates LLC, Revolver (C)
           
02-26-27
       72,418        72,418  
Library Associates LLC, Term Loan (1 month CME Term SOFR + 6.250%) (D)
     10.672       
02-26-27
       1,777,264        1,777,264  
Purple Cow Buyer LLC, Delayed Draw Term Loan (C)
           
11-05-30
       1,041,881        1,036,672  
Purple Cow Buyer LLC, Revolver (C)
           
11-05-30
       277,835        276,446  
Purple Cow Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.303       
11-05-30
       1,662,842        1,654,528  
WeLocalize, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.399       
06-23-26
       511,211        508,655  
WeLocalize, Inc., Incremental Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.399       
06-23-26
       2,014,152        2,004,081  
WeLocalize, Inc., Revolver (1 month CME Term SOFR + 5.000%) (C)
     9.421       
06-23-26
       421,597        419,489  
WeLocalize, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.399       
06-23-26
       1,532,648        1,524,984  
Trading companies and distributors 26.1%
           
BLP Buyer, Inc.,
Add-On
Term Loan (1 month CME Term SOFR + 6.000%)
     10.325       
12-24-29
       914,758        896,463  
BLP Buyer, Inc., Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%)
     10.325       
12-24-29
       288,871        283,094  
BLP Buyer, Inc., Revolver (1 month CME Term SOFR + 6.000%) (C)
     10.325       
12-24-29
       290,323        284,516  
BLP Buyer, Inc., Term Loan (1 month CME Term SOFR + 6.000%) (D)
     10.325       
12-24-29
       2,401,210        2,353,185  
Genuine Cable Group LLC, Term Loan (1 month CME Term SOFR + 5.750%) (D)
     10.175       
11-01-26
       2,136,650        2,061,867  
Krayden Holdings, Inc.,
Add-On
Term Loan (1 month CME Term SOFR + 4.750%)
     9.075       
03-01-29
       871,304        864,769  
Krayden Holdings, Inc., Delayed Draw Term Loan A (C)
           
03-01-29
       258,694        256,753  
Krayden Holdings, Inc., Delayed Draw Term Loan B (C)
           
03-01-29
       258,694        256,753  
Krayden Holdings, Inc., Delayed Draw Term Loan C (C)
           
03-01-29
       875,683        869,115  
Krayden Holdings, Inc., Revolver (1 month CME Term SOFR + 4.750%) (C)
     9.075       
03-01-29
       574,269        569,961  
Krayden Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) (D)
     9.075       
03-01-29
       1,361,000        1,350,793  
 
See Notes to consolidated financial statements
 
6

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 3-31-25 (Unaudited
)

 
    
Rate (%)
    
Maturity date
    
Par value^
    
Value
 
Industrials (continued)
 
  
Trading companies and distributors (continued)
           
M&D Midco, Inc., 1st Amendment Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)
     9.444       
08-31-28
       850,033      $ 847,908  
M&D Midco, Inc., 3rd Amendment Delayed Draw Term Loan (C)
           
08-31-28
       1,026,393        1,023,827  
M&D Midco, Inc., 3rd Amendment Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.453       
08-31-28
       1,450,422        1,446,796  
M&D Midco, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%)
     9.453       
08-31-28
       493,777        492,542  
M&D Midco, Inc., Revolver (3 month CME Term SOFR + 5.000%) (C)
     9.469       
08-31-28
       763,871        761,962  
M&D Midco, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.463       
08-31-28
       1,398,013        1,394,518  
PVI Holdings, Inc., Term Loan (3 month CME Term SOFR + 4.950%) (D)
     9.342       
01-18-28
       2,136,650        2,125,967  
SurfacePrep Buyer LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) (C)
     9.297       
02-04-30
       540,685        540,685  
SurfacePrep Buyer LLC, Incremental Delayed Draw Term Loan (C)
           
02-04-30
       821,179        821,179  
SurfacePrep Buyer LLC, Revolver (1 month CME Term SOFR + 5.000%) (C)
     9.296       
02-04-30
       547,945        547,945  
SurfacePrep Buyer LLC, Term Loan (1 month CME Term SOFR + 5.000%) (D)
     9.296       
02-04-30
       2,882,329        2,882,329  
WWEC Holdings III Corp., Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.299       
10-03-28
       335,323        335,323  
WWEC Holdings III Corp., Incremental Delayed Draw Term Loan (3 month CME Term SOFR + 5.000%) (C)
     9.299       
10-03-28
       972,328        972,328  
WWEC Holdings III Corp., Revolver (C)
           
10-03-28
       434,020        434,020  
WWEC Holdings III Corp., Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.299       
10-03-28
       1,536,205        1,536,205  
Xenon Arc, Inc,
2024-1
Term Loan (3 month CME Term SOFR + 5.250%)
     9.643       
12-20-28
       3,970,000        3,950,150  
Xenon Arc, Inc,
2025-1
Term Loan (3 month CME Term SOFR + 5.750%) (D)
     10.149       
12-20-28
       3,020,000        2,959,600  
Information technology 16.4%
 
  
 
20,848,205
 
  
 
 
 
IT services 9.2%
           
AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan A (3 month CME Term SOFR + 5.000%)
     9.310       
12-31-30
       1,016,949        1,006,780  
AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan B (3 month CME Term SOFR + 5.000%) (C)
     9.299       
12-31-30
       1,016,949        1,006,780  
AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan C (C)
           
12-31-30
       287,770        284,892  
AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan D (C)
           
12-31-30
       287,770        284,892  
AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan E (C)
           
12-31-30
       287,770        284,892  
AC Blackpoint Acquisition, Inc, Revolver (C)
           
12-31-30
       508,475        503,390  
AC Blackpoint Acquisition, Inc, Term Loan (6 month CME Term SOFR + 5.000%) (D)
     9.217       
12-31-30
       3,296,822        3,263,854  
AIDC IntermediateCo LLC, Term Loan (1 month CME Term SOFR + 5.500%) (D)
     9.822       
07-22-27
       2,136,746        2,126,063  
Jetson Buyer, Inc., Revolver (Prime rate + 4.500%) (C)
     12.000       
04-09-30
       443,656        431,455  
Jetson Buyer, Inc., Term Loan (1 month CME Term SOFR + 5.500%) (D)
     9.825       
04-09-30
       2,597,937        2,526,494  
 
See Notes to consolidated financial statements
 
7

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 3-31-25 (Unaudited
)

 
    
Rate (%)
    
Maturity date
    
Par value^
    
Value
 
Information technology (continued)
           
Software 7.2%
           
Alta Buyer LLC,
Add-On
Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.299       
12-21-27
       2,136,650      $ 2,136,650  
Alta Buyer LLC, Incremental Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.299       
12-21-27
       146,382        146,382  
Alta Buyer LLC, Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.299       
12-21-27
       1,411,284        1,411,284  
QM Buyer, Inc., Delayed Draw Term Loan (C)
           
12-06-30
       1,222,222        1,210,000  
QM Buyer, Inc., Revolver (C)
           
12-06-30
       611,111        603,472  
QM Buyer, Inc., Term Loan (3 month CME Term SOFR + 5.000%) (D)
     9.299       
12-06-30
       3,657,500        3,620,925  
Materials 3.5%
 
  
 
4,448,526
 
  
 
 
 
Chemicals 3.5%
           
Chemtron Supply LLC,
Add-On
Delayed Draw Term Loan (C)
           
03-02-29
       2,333,630        2,316,128  
Chemtron Supply LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 4.750%) (D)
     9.047       
03-02-29
       719,607        714,210  
Chemtron Supply LLC, Revolver (C)
           
03-02-29
       362,979        360,257  
Chemtron Supply LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)
     9.049       
03-02-29
       1,065,925        1,057,931  
 
                  
Shares/Units
    
Value
 
Equity (A) 0.4%
           
$
501,080
 
(Cost $493,040)
           
Financials 0.1%
 
  
 
107,500
 
  
 
 
 
Insurance 0.1%
 
  
Stellar Parent LLC, Class A Units
 
     100        107,500  
Industrials 0.2%
 
  
 
234,503
 
  
 
 
 
Machinery 0.1%
 
  
Rapid Aggregator LLC
 
     138        138,349  
Professional services 0.1%
 
  
CPS Investors LP, Class A Units
 
     962        96,154  
Information technology 0.1%
 
  
 
159,077
 
  
 
 
 
IT services 0.1%
 
  
AC BlackPoint Holdings LLC,
Class A-1
Units
 
     158        159,077  
 
See Notes to consolidated financial statements
 
8

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 3-31-25 (Unaudited
)

 
    
    
    
Yield (%)
    
Shares
    
Value
 
Short-term investments 11.6%

(Cost $14,792,894)
  
 
  
 
        
$
14,792,894
 
Short-term funds 11.6%
           
 
14,792,894
 
           
 
 
 
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class
        4.2100(E)        14,792,894        14,792,894  
Total investments (Cost $266,451,937) 210.5%
           
$
267,431,163
 
Less unfunded loan commitments (59.6%)
           
 
(75,746,649
Net investments (Cost $190,705,288) 150.9%
           
$
191,684,514
 
Other assets and liabilities, net (50.9%)
           
 
(64,658,202
Total net assets 100.0%
           
$
127,026,312
 
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.
 
^
All par values are denominated in U.S. dollars unless otherwise indicated.
 
Security Abbreviations and Legend
CME    CME Group Published Rates
PIK   
Pay-in-Kind
Security - Represents a
payment-in-kind
which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate.
SOFR    Secured Overnight Financing Rate
(A)    Securities are valued using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the consolidated financial statements.
(B)    Senior loans are variable rate obligations which generally pay interest rates that are periodically redetermined by reference to a base lending rate and spread, which are both subject to change. The rate shown represents the rate at period end.
(C)    Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread of the funded portion, if any. No interest rate is determined for unfunded positions. See Note 2 for more information.
(D)    All or a portion of this security is pledged as collateral pursuant to the JPM Funding Facility.
(E)    The rate shown is the annualized
seven-day
yield as of
3-31-25.
At
3-31-25,
the aggregate cost of investments for federal income tax purposes was $190,330,028. Net unrealized appreciation aggregated to $1,354,486, of which $2,206,543 related to gross unrealized appreciation and $852,057 related to gross unrealized depreciation.
 
See Notes to consolidated financial statements
 
9

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 12-31-24
 
    
Rate (%)
    
Maturity
date
    
Par value^
    
Value
 
Non-controlled/Non-affiliated
           
Senior loans (A)(B)
195.4
%

(Cost $
217,210,058
)
           
$
217,811,402
 
Consumer discretionary
30.7
%
 
  
 
34,243,658
 
  
 
 
 
Distributors
5.3
%
           
Eastern Communications Solutions, Inc., Revolver (C)
           
12-30-30
       1,031,519        1,016,046  
Eastern Communications Solutions, Inc., Term Loan (3 month CME Term SOFR +
5.250
%) (D)
     9.575       
12-30-30
       4,968,481        4,893,961  
Diversified consumer services
6.5
%
           
Capital Construction LLC,
Add-On
Delayed Draw Term Loan (1, 3 and 6 month CME Term SOFR +
5.500
%)
     10.081       
10-22-26
       498,946        501,441  
Capital Construction LLC,
Add-On
Term Loan (1 month CME Term SOFR +
5.500
%) (D)
     10.153       
10-22-26
       326,552        328,184  
Capital Construction LLC, Delayed Draw Term Loan (1 month CME Term SOFR +
5.500
%) (D)
     10.153       
10-22-26
       1,133,794        1,139,463  
Capital Construction LLC, Revolver (C)
           
10-22-26
       508,039        508,039  
Capital Construction LLC, Term Loan (1 month CME Term SOFR +
5.500
%) (D)
     10.153       
10-22-26
       836,417        840,599  
Leap Service Partners LLC, Delayed Draw Term Loan (1 and 3 month CME Term SOFR +
5.000
%) (C)
     9.457       
03-15-29
       1,754,088        1,754,088  
Leap Service Partners LLC, Revolver (1 and 3 month CME Term SOFR +
5.000
%) (C)
     9.339       
03-15-29
       588,235        588,235  
Leap Service Partners LLC, Term Loan (3 month CME Term SOFR +
5.000
%) (D)
     9.647       
03-15-29
       1,634,706        1,634,706  
Hotels, restaurants and leisure
7.4
%
           
Bandon Fitness, Inc., 4th Amendment Delayed Draw Term Loan (C)
           
07-27-28
       1,705,489        1,705,489  
Bandon Fitness, Inc., Delayed Draw Term Loan (3 month CME Term SOFR +
6.000
%) (C)
     10.684       
07-27-28
       567,436        567,436  
Bandon Fitness, Inc., Revolver (C)
           
07-27-28
       114,804        114,804  
Bandon Fitness, Inc., Term Loan (3 month CME Term SOFR +
6.000
%) (D)
     10.735       
07-27-28
       1,464,481        1,464,481  
Star Logistics & Hospitality Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR +
4.750
%) (C)
     9.145       
06-18-29
       1,607,143        1,558,929  
Star Logistics & Hospitality Services LLC, Revolver (C)
           
06-18-29
       535,714        519,643  
Star Logistics & Hospitality Services LLC, Term Loan (3 month CME Term SOFR + 4.750%) (D)
     9.101       
06-18-29
       2,345,357        2,274,996  
Household durables
4.0
%
           
Simon Pearce LLC, Revolver (C)
           
10-21-30
       642,857        634,821  
Simon Pearce LLC, Term Loan (3 month CME Term SOFR +
4.500
%) (D)
     9.117       
10-21-30
       3,857,143        3,808,929  
Leisure products
3.5
%
           
4M Capital, Ltd., Revolver (C)
           
06-18-27
       528,000        524,040  
4M Capital, Ltd., Term Loan (3 month CME Term SOFR +
5.000
%) (D)
     9.329       
06-18-27
       3,445,960        3,420,115  
Specialty retail
4.0
%
           
RPC TopCo, Inc., Revolver (C)
           
09-02-31
       545,455        540,000  
RPC TopCo, Inc., Term Loan (6 month CME Term SOFR +
5.000
%) (D)
     9.245       
09-02-31
       3,944,659        3,905,213  
 
See Notes to consolidated financial statements
 
10

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 12-31-24
 
    
Rate (%)
    
Maturity
date
    
Par value^
    
Value
 
Consumer staples
11.5
%
           
$
12,776,962
 
           
 
 
 
Consumer staples distribution and retail
2.7
%
           
PAK Quality Foods Acquisition LLC, Delayed Draw Term Loan (C)
           
12-28-29
       537,313        537,313  
PAK Quality Foods Acquisition LLC, Revolver (C)
           
12-28-29
       313,433        313,433  
PAK Quality Foods Acquisition LLC, Term Loan (1 month CME Term SOFR +
5.750
%) (D)
     10.217       
12-28-29
       2,127,761        2,127,761  
Food products
8.8
%
           
Foodscience LLC, Delayed Draw Term Loan (C)
           
11-14-31
       2,444,444        2,407,778  
Foodscience LLC, Revolver (C)
           
11-14-31
       763,889        752,431  
Foodscience LLC, Term Loan (3 month CME Term SOFR +
4.750
%) (D)
     9.079       
11-14-31
       2,291,667        2,257,292  
Hill Country Dairies, Inc., Delayed Draw Term Loan (3 month CME Term SOFR +
4.750
%) (C)
     9.271       
08-01-30
       1,088,710        1,061,492  
Hill Country Dairies, Inc., Revolver (3 and 6 month CME Term SOFR +
4.750
%) (C)
     9.267       
08-01-30
       725,806        707,661  
Hill Country Dairies, Inc., Term Loan (3 month CME Term SOFR +
4.750
%) (D)
     9.321       
08-01-30
       2,678,770        2,611,801  
Financials
6.7
%
 
  
 
7,483,031
 
  
 
 
 
Capital markets
1.9
%
           
Steward Partners Global Advisory LLC, Delayed Draw Term Loan (3 month CME Term SOFR +
4.750
%) (C)
     8.830       
10-13-28
       929,401        929,401  
Steward Partners Global Advisory LLC, Revolver (C)
           
10-13-28
       311,716        311,716  
Steward Partners Global Advisory LLC, Term Loan (3 month CME Term SOFR +
4.750
%) (D)
     9.079       
10-13-28
       914,108        914,108  
Insurance
4.8
%
           
Stellar Buyer LLC, Delayed Draw Term Loan (C)
           
11-12-30
       1,639,073        1,614,487  
Stellar Buyer LLC, Revolver (C)
           
11-12-30
       819,536        807,243  
Stellar Buyer LLC, Term Loan (3 month CME Term SOFR +
5.000
%) (D)
     9.522       
11-12-30
       2,950,331        2,906,076  
Health care
41.9
%
 
  
 
46,730,618
 
  
 
 
 
Health care equipment and supplies
3.3
%
           
CPC/Cirtec Holdings, Inc.,
Add-On
Term Loan (1 month CME Term SOFR +
4.750
%) (D)
     9.107       
01-30-29
       1,598,000        1,598,000  
CPC/Cirtec Holdings, Inc., Term Loan (1 month CME Term SOFR + 4.750%) (D)
     9.107       
01-30-29
       2,142,293        2,142,293  
Health care providers and services
38.6
%
           
Beacon Behavioral Holdings LLC, Delayed Draw Term Loan (3 month CME Term SOFR +
5.500
%) (C)
     9.854       
06-21-29
       3,259,721        3,227,124  
Beacon Behavioral Holdings LLC, Revolver (C)
           
06-21-29
       114,512        112,222  
Beacon Behavioral Holdings LLC, Term Loan (
15.000
% PIK)
     15.000       
06-21-30
       278,219        272,655  
In Vitro Sciences LLC, Delayed Draw Term Loan (1 month CME Term SOFR +
6.000
%) (C)
     10.471       
02-28-29
       705,831        652,894  
In Vitro Sciences LLC, Revolver (C)
           
02-28-29
       177,778        164,444  
In Vitro Sciences LLC, Term Loan (1 month CME Term SOFR +
6.000
%) (D)
     10.471       
02-28-29
       3,087,778        2,856,194  
Midwest Eye Services LLC, Delayed Draw Term Loan A (1 month CME Term SOFR +
4.500
%) (D)
     8.957       
08-20-27
       1,240,345        1,246,546  
Midwest Eye Services LLC, Delayed Draw Term Loan B (C)
           
08-20-27
       2,812,729        2,826,792  
 
See Notes to consolidated financial statements
 
11

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 12-31-24
 
    
Rate (%)
    
Maturity
date
    
Par value^
    
Value
 
Health care (continued)
           
Health care providers and services (continued)
           
Midwest Eye Services LLC, Revolver (C)
           
08-20-27
       704,931      $ 704,931  
Midwest Eye Services LLC, Term Loan (1 month CME Term SOFR +
4.500
%) (D)
     8.957       
08-20-27
       736,941        740,626  
OIS Management Services LLC,
Add-On
Delayed Draw Term Loan (3 month CME Term SOFR +
4.750
%) (C)
     9.191       
11-16-28
       2,344,227        2,344,227  
OIS Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR +
4.750
%) (D)
     9.079       
11-16-28
       550,753        550,753  
OIS Management Services LLC, Revolver (C)
           
11-16-28
       167,626        167,626  
OIS Management Services LLC, Term Loan (3 month CME Term SOFR +
4.750
%) (D)
     9.079       
11-16-28
       1,427,337        1,427,337  
Pediatric Home Respiratory Services LLC, Delayed Draw Term Loan (C)
           
12-23-30
       900,000        897,750  
Pediatric Home Respiratory Services LLC, Revolver (6 month CME Term SOFR +
5.500
%) (C)
     9.781       
12-23-30
       500,000        497,500  
Pediatric Home Respiratory Services LLC, Term Loan (6 month CME Term SOFR +
5.500
%) (D)
     9.781       
12-23-30
       4,600,000        4,577,000  
Redwood MSO LLC, Delayed Draw Term Loan (C)
           
12-20-29
       786,517        778,652  
Redwood MSO LLC, Revolver (C)
           
12-20-29
       337,079        330,337  
Redwood MSO LLC, Term Loan (3 month CME Term SOFR +
5.250
%) (D)
     9.604       
12-20-29
       4,876,405        4,778,876  
Refocus Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR +
5.500
%) (C)
     10.113       
02-14-29
       1,051,868        1,038,720  
Refocus Management Services LLC, Revolver (C)
           
02-14-29
       210,526        207,895  
Refocus Management Services LLC, Term Loan (3 month CME Term SOFR +
5.500
%) (D)
     10.256       
02-14-29
       2,716,316        2,682,362  
The Smilist DSO LLC,
2024-1
Delayed Draw Term Loan (3 month CME Term SOFR +
6.000
%) (D)
     10.329       
04-04-29
       698,460        694,967  
The Smilist DSO LLC,
2024-2
Delayed Draw Term Loan (1 month CME Term SOFR +
6.000
%) (C)
     10.345       
04-04-29
       560,700        557,897  
The Smilist DSO LLC,
Add-On
Delayed Draw Term Loan (C)
           
04-04-29
       2,008,032        1,997,991  
The Smilist DSO LLC, Revolver (C)
           
04-04-29
       140,351        139,649  
The Smilist DSO LLC, Term Loan (3 month CME Term SOFR +
6.000
%) (D)
     10.329       
04-04-29
       2,583,509        2,570,591  
VPD Management, Inc., Delayed Draw Term Loan (3 month CME Term SOFR +
6.000
%) (C)
     10.329       
11-02-27
       3,028,571        2,990,714  
VPD Management, Inc., Revolver (3 month CME Term SOFR +
6.000
%) (C)
     10.329       
11-02-27
       228,571        225,714  
VPD Management, Inc., Term Loan (3 month CME Term SOFR +
6.000
%) (D)
     10.329       
11-02-27
       738,571        729,339  
Industrials
82.8
%
 
  
 
92,296,045
 
  
 
 
 
Air freight and logistics
4.0
%
           
PNB Holdings III LLC, Delayed Draw Term Loan (C)
           
09-17-30
       1,227,273        1,218,068  
PNB Holdings III LLC, Revolver (1 and 3 month CME Term SOFR +
4.500
%) (C)
     8.975       
09-17-30
       818,182        812,045  
PNB Holdings III LLC, Term Loan (3 month CME Term SOFR +
4.500
%)
     8.985       
09-17-30
       2,448,409        2,430,046  
Building products
6.9
%
           
Integrated Openings Solutions LLC, Delayed Draw Term Loan (C)
           
11-20-29
       4,120,879        4,059,066  
 
See Notes to consolidated financial statements
 
12

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 12-31-24
 
    
Rate (%)
    
Maturity
date
    
Par value^
    
Value
 
Industrials (continued)
 
Building products (continued)
           
Integrated Openings Solutions LLC, Revolver (3 month CME Term SOFR +
5.000
%) (C)
     9.392       
11-20-29
       379,121      $ 373,434  
Lockmasters Security Intermediate, Inc., Delayed Draw Term Loan (C)
           
09-01-27
       878,274        873,882  
Lockmasters Security Intermediate, Inc., Revolver (C)
           
09-01-27
       205,895        204,865  
Lockmasters Security Intermediate, Inc., Term Loan (3 month CME Term SOFR +
5.500
%) (D)
     9.840       
09-01-27
       2,151,619        2,140,861  
Commercial services and supplies
27.3
%
           
Air Buyer, Inc., Delayed Draw Term Loan (C)
           
07-23-30
       750,000        720,000  
Air Buyer, Inc., Revolver (C)
           
07-23-30
       340,909        327,273  
Air Buyer, Inc., Term Loan (3 month CME Term SOFR +
5.250
%)
     9.876       
07-23-30
       3,400,568        3,264,545  
American Combustion Industries, Inc., Delayed Draw Term Loan A (1 month CME Term SOFR +
5.000
%) (C)
     9.457       
08-31-28
       812,199        802,046  
American Combustion Industries, Inc., Delayed Draw Term Loan B (C)
           
08-31-28
       957,781        945,809  
American Combustion Industries, Inc., Revolver (1 month CME Term SOFR +
5.000
%) (C)
     9.457       
08-31-28
       359,168        354,678  
American Combustion Industries, Inc., Term Loan (1 month CME Term SOFR +
5.000
%)
     9.457       
08-31-28
       2,363,014        2,333,476  
BCTS Parent LLC, Delayed Draw Term Loan (1 month CME Term SOFR +
5.000
%) (C)
     9.357       
12-26-29
       974,455        974,455  
BCTS Parent LLC, Revolver (1 month CME Term SOFR +
5.000
%) (C)
     9.366       
12-26-29
       354,484        354,484  
BCTS Parent LLC, Term Loan (3 month CME Term SOFR +
5.000
%) (D)
     9.585       
12-26-29
       1,403,758        1,403,758  
Beary Landscaping LLC, Delayed Draw Term Loan (C)
           
12-21-29
       422,535        422,535  
Beary Landscaping LLC, Revolver (C)
           
12-21-29
       422,535        422,535  
Beary Landscaping LLC, Term Loan (1 month CME Term SOFR +
5.750
%) (D)
     10.107       
12-21-29
       2,133,380        2,133,380  
Diverzify Intermediate LLC, Delayed Draw Term Loan (C)
           
05-11-27
       1,371,429        1,330,286  
Diverzify Intermediate LLC, Term Loan (3 month CME Term SOFR +
5.750
%)
     10.534       
05-11-27
       2,622,000        2,543,340  
Renovation Systems LLC,
Add-On
Delayed Draw Term Loan (3 month CME Term SOFR +
6.000
%)
     10.329       
01-24-28
       1,096,996        1,096,996  
Renovation Systems LLC,
Add-On
Delayed Draw Term Loan D (1 month CME Term SOFR +
6.000
%) (C)
     10.356       
01-24-28
       274,740        274,740  
Renovation Systems LLC, Delayed Draw Term Loan (3 month CME Term SOFR +
6.000
%)
     10.329       
01-24-28
       250,528        250,528  
Renovation Systems LLC, Revolver (1 and 3 month CME Term SOFR +
6.000
%) (C)
     10.329       
01-24-28
       125,263        125,263  
Renovation Systems LLC, Term Loan (1 and 3 month CME Term SOFR +
6.250
%) (D)
     10.579       
01-24-28
       3,745,116        3,745,116  
Security Services Acquisition Sub Corp., 11th Amendment Term Loan A (1 month CME Term SOFR +
5.750
%)
     10.195       
09-30-27
       1,811,425        1,811,425  
Security Services Acquisition Sub Corp., 7th Amendment Delayed Draw Term Loan (1 month CME Term SOFR +
5.750
%) (D)
     10.195       
09-30-27
       187,934        187,934  
Security Services Acquisition Sub Corp., 8th Amendment Delayed Draw Term Loan (1 month CME Term SOFR +
5.750
%) (D)
     10.195       
09-30-27
       1,233,100        1,233,100  
 
See Notes to consolidated financial statements
 
13

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 12-31-24
 
    
Rate (%)
    
Maturity
date
    
Par value^
    
Value
 
Industrials (continued)
 
Commercial services and supplies (continued)
           
Security Services Acquisition Sub Corp.,
Add-On
Term Loan (1 month CME Term SOFR +
5.750
%)
     10.195       
09-30-27
       506,224      $ 506,224  
Security Services Acquisition Sub Corp., Term Loan (1 month CME Term SOFR +
5.750
%) (D)
     10.195       
09-30-27
       727,484        727,484  
XpressMyself. com LLC, Incremental Term Loan (3 month CME Term SOFR +
5.750
%) (D)
     10.246       
09-07-28
       591,393        589,915  
XpressMyself. com LLC, Revolver (C)
           
09-07-28
       233,050        230,719  
XpressMyself. com LLC, Term Loan (3 month CME Term SOFR +
5.500
%) (D)
     10.028       
09-07-28
       1,321,276        1,308,063  
Machinery
3.8
%
           
Rapid Buyer LLC, Delayed Draw Term Loan (C)
           
10-15-30
       1,295,585        1,276,152  
Rapid Buyer LLC, Revolver (C)
           
10-15-30
       647,793        638,076  
Rapid Buyer LLC, Term Loan (6 month CME Term SOFR +
4.750
%)
     9.199       
10-15-30
       2,383,877        2,348,119  
Professional services
14.4
%
           
Health Management Associates, Inc., Delayed Draw Term Loan (3 month CME Term SOFR +
6.250
%) (C)
     10.766       
03-30-29
       307,593        307,593  
Health Management Associates, Inc., Revolver (Prime rate +
5.250
% and 1 month CME Term SOFR +
6.250
%) (C)
     11.007       
03-30-29
       124,004        124,004  
Health Management Associates, Inc., Term Loan (3 month CME Term SOFR +
6.250
%) (D)
     10.816       
03-30-29
       1,698,569        1,698,569  
HMN Acquirer Corp., Delayed Draw Term Loan (C)
           
11-05-31
       1,041,667        1,026,042  
HMN Acquirer Corp., Revolver (C)
           
11-05-31
       625,000        615,625  
HMN Acquirer Corp., Term Loan (3 month CME Term SOFR +
4.750
%)
     9.079       
11-05-31
       2,833,333        2,790,833  
Library Associates LLC, Delayed Draw Term Loan (1 month CME Term SOFR +
6.250
%) (D)
     10.821       
03-01-27
       289,428        289,428  
Library Associates LLC, Revolver (C)
           
02-26-27
       72,418        72,418  
Library Associates LLC, Term Loan (1 month CME Term SOFR +
6.250
%) (D)
     10.705       
02-26-27
       1,781,718        1,781,718  
Purple Cow Buyer LLC, Delayed Draw Term Loan (C)
           
11-05-30
       1,041,881        1,026,253  
Purple Cow Buyer LLC, Revolver (C)
           
11-05-30
       277,835        273,667  
Purple Cow Buyer LLC, Term Loan (3 month CME Term SOFR +
5.000
%)
     9.554       
11-05-30
       1,667,010        1,642,005  
WeLocalize, Inc., Delayed Draw Term Loan (3 month CME Term SOFR +
5.250
%)
     9.679       
06-23-26
       512,496        506,089  
WeLocalize, Inc., Incremental Term Loan (3 month CME Term SOFR +
5.250
%)
     9.679       
06-23-26
       2,019,213        1,993,973  
WeLocalize, Inc., Revolver (1 month CME Term SOFR +
5.250
%) (C)
     9.737       
06-23-26
       421,597        416,327  
WeLocalize, Inc., Term Loan (3 month CME Term SOFR +
5.250
%)
     9.679       
06-23-26
       1,536,499        1,517,292  
Trading companies and distributors
26.4
%
           
BLP Buyer, Inc.,
Add-On
Term Loan (1 month CME Term SOFR +
6.000
%)
     10.345       
12-24-29
       917,056        905,593  
BLP Buyer, Inc., Delayed Draw Term Loan (1 month CME Term SOFR +
6.000
%)
     10.345       
12-24-29
       289,597        285,977  
 
See Notes to consolidated financial statements
 
14

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 12-31-24
 
    
Rate (%)
    
Maturity
date
    
Par value^
    
Value
 
Industrials (continued)
 
Trading companies and distributors (continued)
           
BLP Buyer, Inc., Revolver (1 month CME Term SOFR +
6.000
%) (C)
     10.345       
12-24-29
       290,323      $ 286,694  
BLP Buyer, Inc., Term Loan (1 month CME Term SOFR +
6.000
%) (D)
     10.345       
12-24-29
       2,407,258        2,377,167  
Genuine Cable Group LLC, Term Loan (1 month CME Term SOFR +
5.750
%) (D)
     10.207       
11-01-26
       2,142,128        2,056,443  
Krayden Holdings, Inc.,
Add-On
Term Loan (1 month CME Term SOFR +
4.750
%)
     9.107       
03-01-29
       873,493        866,942  
Krayden Holdings, Inc., Delayed Draw Term Loan A (C)
           
03-01-29
       258,694        256,753  
Krayden Holdings, Inc., Delayed Draw Term Loan B (C)
           
03-01-29
       258,694        256,753  
Krayden Holdings, Inc., Delayed Draw Term Loan C (C)
           
03-01-29
       875,683        869,115  
Krayden Holdings, Inc., Revolver (C)
           
03-01-29
       574,269        569,961  
Krayden Holdings, Inc., Term Loan (1 month CME Term SOFR +
4.750
%) (D)
     9.107       
03-01-29
       1,364,472        1,354,239  
M&D Midco, Inc., 1st Amendment Delayed Draw Term Loan (1 and 3 month CME Term SOFR +
5.000
%) (C)
     9.868       
08-31-28
       852,123        847,862  
M&D Midco, Inc., 3rd Amendment Delayed Draw Term Loan (C)
           
08-31-28
       1,026,393        1,021,261  
M&D Midco, Inc., 3rd Amendment Term Loan (1 month CME Term SOFR +
5.000
%) (D)
     9.482       
08-31-28
       1,454,057        1,446,787  
M&D Midco, Inc., Delayed Draw Term Loan (3 month CME Term SOFR +
5.000
%)
     9.697       
08-31-28
       495,030        492,555  
M&D Midco, Inc., Revolver (C)
           
08-31-28
       763,871        760,052  
M&D Midco, Inc., Term Loan (3 month CME Term SOFR +
5.000
%) (D)
     9.664       
08-31-28
       1,401,598        1,394,590  
PVI Holdings, Inc., Term Loan (3 month CME Term SOFR +
4.940
%) (D)
     9.681       
01-18-28
       2,142,128        2,142,128  
SurfacePrep Buyer LLC, Delayed Draw Term Loan (1 month CME Term SOFR +
5.000
%) (C)
     9.524       
02-04-30
       547,945        547,945  
SurfacePrep Buyer LLC, Revolver (1 month CME Term SOFR +
5.000
%) (C)
     9.524       
02-04-30
       547,945        547,945  
SurfacePrep Buyer LLC, Term Loan (1 month CME Term SOFR +
5.000
%) (D)
     9.524       
02-04-30
       2,889,589        2,889,589  
WWEC Holdings III Corp., Delayed Draw Term Loan (3 month CME Term SOFR +
5.750
%) (D)
     10.079       
10-03-28
       336,172        336,172  
WWEC Holdings III Corp., Incremental Delayed Draw Term Loan (3 month CME Term SOFR +
5.750
%) (C)
     10.079       
10-03-28
       972,701        972,701  
WWEC Holdings III Corp., Revolver (C)
           
10-03-28
       434,020        434,020  
WWEC Holdings III Corp., Term Loan (3 month CME Term SOFR +
5.750
%) (D)
     10.079       
10-03-28
       1,540,144        1,540,144  
Xenon Arc, Inc, Term Loan (3 month CME Term SOFR +
5.250
%)
     9.982       
12-20-28
       3,980,000        3,960,100  
Information technology
17.8
%
 
  
 
19,839,123
 
  
 
 
 
IT services
9.7
%
           
AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan A (C)
           
12-31-30
       1,016,949        1,010,593  
AC Blackpoint Acquisition, Inc, Delayed Draw Term Loan B (C)
           
12-31-30
       1,016,949        1,010,593  
AC Blackpoint Acquisition, Inc, Revolver (C)
           
12-31-30
       508,475        502,119  
AC Blackpoint Acquisition, Inc, Term Loan (3 month CME Term SOFR +
5.000
%) (D)
     9.329       
12-31-30
       3,305,085        3,263,771  
AIDC IntermediateCo LLC, Term Loan (1 month CME Term SOFR +
5.250
%) (D)
     9.589       
07-22-27
       2,142,211        2,142,211  
 
See Notes to consolidated financial statements
 
15

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 12-31-24
 
    
Rate (%)
    
Maturity
date
    
Par value^
    
Value
 
Information technology (continued)
 
IT services (continued)
           
Jetson Buyer, Inc., Revolver (C)
           
04-09-30
       443,656      $ 425,909  
Jetson Buyer, Inc., Term Loan (1 month CME Term SOFR +
5.500
%) (D)
     9.857       
04-09-30
       2,604,481        2,500,302  
Software
8.1
%
           
Alta Buyer LLC,
Add-On
Term Loan (3 month CME Term SOFR +
5.000
%) (D)
     9.329       
12-21-27
       2,142,128        2,142,128  
Alta Buyer LLC, Term Loan (3 month CME Term SOFR +
5.000
%) (D)
     9.329       
12-21-27
       1,414,830        1,414,830  
QM Buyer, Inc., Delayed Draw Term Loan (C)
           
12-06-30
       1,222,222        1,213,056  
QM Buyer, Inc., Revolver (C)
           
12-06-30
       611,111        601,944  
QM Buyer, Inc., Term Loan (6 month CME Term SOFR +
5.000
%) (D)
     9.444       
12-06-30
       3,666,667        3,611,667  
Materials
4.0
%
 
  
 
4,441,965
 
  
 
 
 
Chemicals
4.0
%
           
Chemtron Supply LLC,
Add-On
Delayed Draw Term Loan (C)
           
03-02-29
       2,333,630        2,310,294  
Chemtron Supply LLC, Delayed Draw Term Loan (3 month CME Term SOFR +
4.750
%) (D)
     9.128       
03-02-29
       721,422        714,207  
Chemtron Supply LLC, Revolver (C)
           
03-02-29
       362,979        359,350  
Chemtron Supply LLC, Term Loan (3 month CME Term SOFR +
4.750
%) (D)
     9.079       
03-02-29
       1,068,802        1,058,114  
                  
Shares
    
Value
 
Equity (A)
0.3
%

(Cost $
381,798
)
           
$
377,668
 
Financials
0.1
%
           
 
86,930
 
           
 
 
 
Insurance
0.1
%
           
Stellar Parent LLC, Class A Units
           91        86,930  
Industrials
0.1
%
           
 
138,196
 
           
 
 
 
Machinery
0.1
%
           
Rapid Aggregator LLC
           138        138,196  
Information technology
0.1
%
           
 
152,542
 
           
 
 
 
IT services
0.1
%
           
AC BlackPoint Holdings LLC,
Class A-1
Units
           153        152,542  
 
See Notes to consolidated financial statements
 
16

Table of Contents
Manulife Private Credit Fund
Consolidated Schedule of Investments 12-31-24
 
    
Yield (%)
   
Shares
    
Value
 
Short-term investments
11.3
%

(Cost $12,591,254)
       
$
12,591,254
 
Short-term funds
11.3
%
       
 
12,591,254
 
       
 
 
 
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class
     4.4100 (E)      12,591,254        12,591,254  
Total investments (Cost $
230,183,110
)
207.0
%
       
$
230,780,324
 
Less unfunded loan commitments (
58.2
%)
       
 
(64,945,968
Net investments (Cost $
165,237,142
)
148.8
%
       
$
165,834,356
 
Other assets and liabilities, net (
48.8
%)
       
 
(54,364,892
Total net assets
100.0
%
       
$
111,469,464
 
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.
 
^
All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
 
CME    CME Group Published Rates
PIK   
Pay-in-Kind
Security - Represents a
payment-in-kind
which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate.
SOFR    Secured Overnight Financing Rate
(A)    Securities are valued using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the consolidated financial statements.
(B)    Senior loans are variable rate obligations which generally pay interest rates that are periodically redetermined by reference to a base lending rate and spread, which are both subject to change. The rate shown represents the rate at period end.
(C)    Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread of the funded portion, if any. No interest rate is determined for unfunded positions. See Note 2 for more information.
(D)    All or a portion of this security is pledged as collateral pursuant to the JPM Funding Facility.
(E)    The rate shown is the annualized
seven-day
yield as of
12-31-24.
At
12-31-24,
the aggregate cost of investments for federal income tax purposes was $
164,861,882
. Net unrealized appreciation aggregated to $
972,474
, of which $
1,741,579
related to gross unrealized appreciation and $
769,105
related to gross unrealized depreciation.
 
See Notes to consolidated financial statements
 
17

Table of Contents
Manulife Private Credit Fund
Consolidated Statements of Assets and Liabilities
 
    
March 31, 2025
        
    
(Unaudited)
    
December 31, 2024
 
Assets
     
Investments –
Non-controlled/Non-affiliated,
at value (Cost $190,705,288 and $165,237,142, at March 31, 2025 and December 31, 2024, respectively)
   $ 191,684,514      $ 165,834,356  
Cash
     414,776        753,840  
Receivable for investments sold
     43,720        57,924  
Interest and dividends receivable
     984,985        1,109,924  
Receivable from affiliates
            23,495  
Deferred financing cost
     1,724,917        1,830,038  
Other assets
     23,746         
  
 
 
    
 
 
 
Total assets
  
 
194,876,658
 
  
 
169,609,577
 
  
 
 
    
 
 
 
Liabilities
     
Credit facility payable
     63,800,000        53,200,000  
Distributions payable
     2,328,936        3,179,815  
Interest and credit facility expenses payable
     880,728        906,329  
Payables to affiliates:
     
Management fees payable
     20,412         
Incentive fees payable
     593,668        469,067  
Accounting and legal services fees
     12,474        11,659  
Other liabilities and accrued expenses
     214,128        373,243  
  
 
 
    
 
 
 
Total liabilities
  
 
67,850,346
 
  
 
58,140,113
 
  
 
 
    
 
 
 
Net assets
  
$
127,026,312
 
  
$
111,469,464
 
Net assets consist of
     
Paid-in
capital
   $ 126,369,374      $ 111,369,374  
Total distributable earnings (loss)
     656,938        100,090  
  
 
 
    
 
 
 
Net assets
  
$
127,026,312
 
  
$
111,469,464
 
  
 
 
    
 
 
 
Net asset value per share
Based on net assets and shares outstanding - the Fund has an unlimited number of shares authorized with par value of $0.01 per share.
     
Class NAV:
     
Net assets
   $ 127,026,312      $ 111,469,464  
Shares outstanding
     6,076,649        5,360,173  
Per share
   $ 20.90      $ 20.80  
See Notes to Consolidated financial statements
 
18

Table of Contents
Manulife Private Credit Fund
Consolidated Statements of Operations
 
    
For the three months ended
 
    
March 31, 2025

(Unaudited)
   
March 31, 2024

(Unaudited)
 
Investment income
    
From
non-controlled/non-affiliated
investments:
    
Interest
   $ 4,301,267     $ 1,788,772  
Dividends
     93,934       458,090  
Other income
     22,685       20,622  
  
 
 
   
 
 
 
Total investment income
  
 
4,417,886
 
 
 
2,267,484
 
  
 
 
   
 
 
 
Expenses
    
Management fee
     375,807       302,891  
Incentive fees
     422,877        
Accounting and legal services fees
     11,958       8,767  
Interest and credit facility expenses
     1,035,403       31,485  
Investment servicing fees
     19,177        
Trustee fees
     23,237       21,648  
Professional fees
     129,306       103,991  
Custody and accounting fees
     66,881       57,239  
Transfer Agent
     46,939        
Printing and postage
     8,699       11,065  
Organization cost
           24,253  
Offering cost
           100,007  
Other expenses
     13,690       8,795  
  
 
 
   
 
 
 
Total expenses
  
 
2,153,974
 
 
 
670,141
 
Less expense reductions
     (225,546     (280,745
  
 
 
   
 
 
 
Net expenses
  
 
1,928,428
 
 
 
389,396
 
  
 
 
   
 
 
 
Net investment income
  
 
2,489,458
 
 
 
1,878,088
 
  
 
 
   
 
 
 
Realized and unrealized gain (loss):
    
Net realized gain (loss) on
non-controlled/non-affiliated
investments
     14,314       2,895  
Change in net unrealized appreciation (depreciation) of
non-controlled/non-affiliated
investments
     382,012       484,289  
  
 
 
   
 
 
 
Net realized and unrealized gain (loss):
    
396,326
 
 
 
487,184
 
  
 
 
   
 
 
 
Increase (decrease) in net assets from operations
  
$
2,885,784
 
 
$
2,365,272
 
See Notes to consolidated financial statements
 
19

Table of Contents
Manulife Private Credit Fund
Consolidated Statements of Changes in Net Assets
 
    
For the three months ended
 
    
March 31, 2025

(Unaudited)
   
March 31, 2024

(Unaudited)
 
Increase (decrease in net assets)
    
From operations
    
Net investment income
   $ 2,489,458     $ 1,878,088  
Net realized gain (loss)
     14,314       2,895  
Change in net unrealized appreciation (depreciation)
     382,012       484,289  
  
 
 
   
 
 
 
Increase (decrease) in net assets resulting from operations
  
 
2,885,784
 
 
 
2,365,272
 
  
 
 
   
 
 
 
Distributions to common shareholders
    
From earnings
    
Class NAV
     (2,328,936     (1,090,634
  
 
 
   
 
 
 
Increase (decrease) from share transactions
    
Fund shares issued
    
Class NAV
     15,000,000       45,000,000  
  
 
 
   
 
 
 
Total increase (decrease)
  
 
15,556,848
 
 
 
46,274,638
 
  
 
 
   
 
 
 
Net assets
    
Beginning of period
     111,469,464       66,463,119  
  
 
 
   
 
 
 
End of period
  
$
127,026,312
 
 
$
112,737,757
 
  
 
 
   
 
 
 
Share activity
    
Class NAV shares outstanding
    
Beginning of period
     5,360,173       3,204,574  
Shares issued
     716,476       2,155,599  
  
 
 
   
 
 
 
End of period
  
 
6,076,649
 
 
 
5,360,173
 
  
 
 
   
 
 
 
See Notes to consolidated financial statements
 
20

Table of Contents
Manulife Private Credit Fund
Consolidated Statements of Cash Flows
 
    
For the three months ended
 
    
March 31, 2025
   
March 31, 2024
 
    
(Unaudited)
   
(Unaudited)
 
Cash flows from operating activities
    
Net increase (decrease) in net assets from operations
    $ 2,885,784      $ 2,365,272  
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities
    
Long-term investments purchased
     (24,957,879     (23,991,923
Long-term investments sold
     1,927,484       561,618  
Net purchases and sales of short-term investments
     (2,201,640     (22,443,878
Net amortization of premium (discount)
     (221,797     (8,924
Amortization of deferred financing cost
     105,121       5,558  
(Increase) decrease in assets:
    
Receivable for investments sold
     14,204       (60,781
Interest and dividends receivable
     124,939       (202,574
Receivable from affiliates
     23,495       68,082  
Other assets
     (23,746     53,293  
Increase (decrease) in liabilities:
    
Payable to affiliates
     145,828       116,350  
Interest and credit facility expenses payable
     (25,601     25,927  
Other liabilities and accrued expenses
     (159,115     (80,802
Net change in unrealized (appreciation) depreciation of:
    
non-controlled/non-affiliated
investments
     (382,012     (484,289
Net realized (gain) loss on:
    
non-controlled/non-affiliated
investments
     (14,314     (2,895
  
 
 
   
 
 
 
Net cash provided by (used in) operating activities
  
($
22,759,249
 
($
44,079,966
  
 
 
   
 
 
 
Cash flows from financing activities
    
Cash distributions to shareholders
   ($ 3,179,815   ($ 1,491,569
Borrowings under the credit facility
     24,600,000       5,000,000  
Repayments under the credit facility
     (14,000,000      
Financing cost paid
           (1,692,500
Proceeds from Fund shares issued
     15,000,000       45,000,000  
  
 
 
   
 
 
 
Net cash provided by (used in) financing activities
  
 $
22,420,185
 
 
 $
46,815,931
 
  
 
 
   
 
 
 
Net increase (decrease) in cash
  
($
339,064
 
 $
2,735,965
 
Cash at beginning of period
     753,840       95,039  
  
 
 
   
 
 
 
Cash at end of period
  
 $
414,776
 
 
 $
2,831,004
 
Supplemental disclosure of cash flow information:
    
Distributions declared for the period
    $ 2,328,936      $ 1,090,634  
Interest paid for the period
   ($ 608,438      
See Notes to consolidated financial statements
 
21

Table of Contents
Notes to Consolidated Financial Statements (Unaudited)
Note 1 – Organization
Manulife Private Credit Fund (the Fund) was formed on February 8, 2023 as a Delaware statutory trust and commenced operations on July 17, 2023 concurrent with the initial closing on the Seed Contribution (as defined below). The investment objective of the Fund is to seek to maximize total return in the form of current income and, to a lesser extent, capital appreciation.
Effective October 3, 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 date of the Fund’s election to be regulated as a BDC under the 1940 Act is referred to herein as the BDC Election Date) and thereafter operate as a continuously offered, diversified
closed-end
management investment company that has elected to be regulated as a BDC under the 1940 Act. The Fund is a
non-exchange
traded, perpetual-life BDC, which is a BDC whose shares of beneficial interest are not listed for trading on a stock exchange or other securities market. At the sole discretion of the Board of Trustees (the Board or Trustees) of the Fund and provided that it is in the best interest of the Fund and shareholders to do so, the Fund intends to provide a limited degree of liquidity to shareholders by conducting repurchase offers generally quarterly; however, there can be no assurance that any such tender offers will be conducted on a quarterly basis or at all. The Fund currently does not intend to offer to repurchase shares at any time during the first two years of operations of the Fund.
The Fund is only offered to “accredited investors” within the meaning of Regulation D under the Securities Act of 1933, as amended (the Securities Act),
non-U.S.
investors within the meaning of Regulation S under the Securities Act, and other investors eligible to invest in a private placement.
On July 17, 2023, Manulife International Limited (Hong Kong) and Manufacturers Life Reinsurance Limited (collectively, the Sponsors) invested an aggregate of approximately $
41.2
 million in the Fund (Seed Contribution). The Sponsors received an aggregate of approximately
2.1
 million shares of the Fund at $
20.00
per share, which represented all the issued and outstanding shares of the Fund on that date. The Fund commenced operations concurrent with the initial closing on the Seed Contribution. Immediately following the closing of the Seed Contribution, the Fund entered into a purchase agreement with John Hancock Funding Company, LLC (JH Funding) to acquire an initial seed portfolio of assets which consisted of approximately $
50
 million in total par value of senior loan investments, including both funded loans and unfunded commitments.
Note 2 – Significant accounting policies
Basis of Consolidation
Manulife Private Credit Fund SPV, LLC (the SPV) is a Delaware limited liability company that was formed on December 11, 2023. The SPV, which holds certain of the Fund’s portfolio loan investments that are used as collateral for the credit facility, is a wholly owned subsidiary of the Fund. The SPV commenced operations on March 26, 2024 upon receipt of a contribution of portfolio loan investments from the Fund.
Manulife Private Credit Subsidiary Fund LLC (the Subsidiary) is a Delaware limited liability company that was formed on October 27, 2023. The Subsidiary, which holds equity investments and commenced operations on November 13, 2024, is a wholly owned subsidiary of the Fund.

As provided under Accounting Standards Codification (ASC) 946, the Fund will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the consolidated financial statements include the accounts of the Fund and its wholly owned subsidiaries, the SPV and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the consolidated financial statements. Actual results could differ from those estimates and those differences could be significant. The Fund qualifies as an investment company under ASC 946 of US GAAP.
Certain financial information that is included in annual financial statements, including certain financial statement disclosures, prepared in accordance with US GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Fund’s audited financial statements and notes related thereto for the year ended December 31, 2024, included in the Fund’s Form
10-K
filing. The results for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or future year or period.
The following summarizes the significant accounting policies of the Fund:
Security valuation.
Investments are valued at the end of each month at a minimum. The Fund invests primarily in senior loans. Manulife Investment Management Private Markets (US) LLC (the Advisor), assisted by its Pricing Committee (composed of officers of the Advisor and its affiliates), as designated by the Board, determines the fair value of the Fund’s securities that are not publicly traded or whose market prices are not readily available pursuant to procedures established by the Advisor and adopted by the Board. In connection with that determination, portfolio valuations are prepared in accordance with the Advisor’s valuation policy using valuations obtained from independent valuation firms and/or proprietary models.
Valuation techniques include discounted cash flow models, comparison with similar instruments for which observable market prices exist and other valuation models. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spreads and other inputs used in estimating discount rates. For senior loans, the Fund uses valuations from independent valuation firms, which are based on models developed
 
22

from recognized US GAAP valuation approaches under ASC 820. Some or all of the significant inputs into these models may be unobservable and are derived either from observable market prices or rates or are estimated based on unobservable assumptions. Valuation models that employ significant unobservable inputs require a higher degree of management judgment and estimation in the determination of fair value. Judgment and estimation are usually required for the selection of the appropriate valuation model to be used, determination of expected future cash flows on the financial instrument being valued, determination of the probability of counterparty default and prepayments and selection of appropriate discount rates.
The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
Senior loan investments are measured at fair value based on the present value of the expected cash flows of the loans. There are no quoted prices in active markets. Assumptions and inputs used in the valuation of senior loan investments include prepayment estimates, determination of the discount rate based on the risk-free interest rate adjusted for credit risk (including estimation of probability of default), liquidity and any other adjustments that the independent valuation firm believes that a third-party market participant would take into account in pricing a transaction. Senior loan investment valuations rely primarily on the use of significant unobservable inputs, including credit assumptions, which require significant judgment and, accordingly, are classified as Level 3.
Equity investments that do not have a counterparty trading in public market will be fair valued as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. Private equities rely primarily on the use of significant unobservable inputs, which require significant judgment and, accordingly, are classified as Level 3.
Investments in
open-end
mutual funds are valued at their respective net asset values each business day and are generally classified as Level 1.
The following is a summary of the values by input classification of the Fund’s investments as of March 31, 2025 and December 31, 2024, by major security category or type:
 
    
Total value
at
3-31-25
    
Level 1
quoted
price
    
Level 2
Significant
observable inputs
    
Level 3 Significant
unobservable inputs
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments in securities:
           
Assets
           
Senior loans (less unfunded loan commitments)
  
$
176,390,540
 
                 $ 176,390,540  
Equity
  
 
501,080
 
                   501,080  
Short-term investments
  
 
14,792,894
 
   $ 14,792,894                
  
 
 
    
 
 
    
 
 
    
 
 
 
Total investments in securities
  
$
191,684,514
 
  
$
14,792,894
 
  
 
 
  
$
176,891,620
 
  
 
 
    
 
 
    
 
 
    
 
 
 
    
Total value at
12-31-24
    
Level 1
quoted price
    
Level 2
Significant
observable inputs
    
Level 3
Significant
unobservable inputs
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments in securities:
           
Assets
           
Senior loans (less unfunded loan commitments)
  
$
152,865,434
 
                 $ 152,865,434  
Equity
  
 
377,668
 
                   377,668  
Short-term investments
  
 
12,591,254
 
   $ 12,591,254                
  
 
 
    
 
 
    
 
 
    
 
 
 
Total investments in securities
  
$
165,834,356
 
  
$
12,591,254
 
  
 
 
  
$
153,243,102
 
  
 
 
    
 
 
    
 
 
    
 
 
 
 
23

The Fund holds liabilities for which the carrying amount approximates the fair value for financial statement purposes. As of March 31, 2025 and December 31, 2024, the liability for the Fund’s Credit facility payable on the Consolidated Statements of Assets and Liabilities is categorized as Level 2 within the disclosure hierarchy.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. There were no transfers into or out of Level 3 during the three months ended March 31, 2025 and March 31, 2024.
 
Investments in securities
  
Senior loans
    
Equity
    
Total
 
Beginning balance as of
12-31-24
   $ 152,865,434      $ 377,668      $ 153,243,102  
Purchases and drawdowns
     24,846,638        111,241        24,957,879  
Sales and paydowns
     (1,927,484             (1,927,484
Net amortization of (premium) discount
     221,797               221,797  
Realized gain (loss)
     14,314               14,314  
Change in unrealized appreciation (depreciation) at period end
     369,841        12,171        382,012  
Ending balance as of
3-31-25
  
$
176,390,540
 
  
$
501,080
 
  
$
176,891,620
 
Change in unrealized appreciation (depreciation) at period end*
   $ 369,841      $ 12,171      $ 382,012  
 
Investments in securities
  
Senior loans
 
Beginning balance as of
12-31-23
   $ 47,912,823  
Purchases and drawdowns
     23,991,923  
Sales and paydowns
     (561,618
Net amortization of (premium) discount
     8,924  
Realized gain (loss)
     2,895  
Change in unrealized appreciation (depreciation) at period end
     484,289  
Ending balance as of
3-31-24
  
$
71,839,236
 
Change in unrealized appreciation (depreciation) at period end*
   $ 484,289  
 
*
Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.
The valuation techniques and significant unobservable inputs used in the fair value measurement of the Fund’s Level 3 securities are outlined in the tables below as of March 31, 2025 and as of December 31, 2024.
 
    
Fair Value
at
3-31-25
    
Valuation Technique
  
Significant Unobservable Inputs
  
Input Range
  
Input
Weighted
Average*
 
 
 

 
 
 
 
 
 
 
 
 
 
Senior Loans
   $ 162,191,036      Discounted cash flow    Discount rate   
8.23% - 16.50%
     9.73%  
Senior Loans
     14,199,504      Recent transaction    Transaction price   
$98.50 - $100
     $99.36  
  
 
 
             
   $ 176,390,540              
Equity
   $ 96,154      Recent transaction    Transaction price    $100      $100  
Equity
     404,926      Market Comparable    EV / LTM EBITDA multiple   
7.75X
 - 
14.00X
     11.06X  
      Ownership allocation    Fully diluted percentage of ownership   
0.74% - 1.83%
     1.21%  
  
 
 
             
   $ 501,080              
  
 
 
             
  
$
176,891,620
 
           
  
 
 
             
 
24

    
Fair Value
at 12-31-24
    
Valuation
Technique
  
Significant
Unobservable
Inputs
  
Input Range
    
Input Weighted
Average*
 
Senior Loans
   $ 130,881,801      Discounted cash flow    Discount rate     
8.36% - 13.79%
       9.88%  
Senior Loans
     21,983,633      Recent transaction    Transaction price     
$98.00 - $99.75
       $98.96  
  
 
 
             
   $ 152,865,434              
Equity
   $ 290,738      Recent transaction    Transaction price      $1,000        $1,000  
Equity
     86,930      Market Comparable    Price/book value multiple      10.5X        10.5X  
      Ownership allocation    Percentage of ownership      1.05%        1.05%  
  
 
 
             
   $ 377,668              
  
 
 
             
  
$
153,243,102
 
           
  
 
 
             
 
*
A weighted average is an average in which each input in the grouping is assigned a weighting before summing to a single average value. The weighting of the input is determined based on a security’s fair value as a percentage of the total fair value.
A change to unobservable inputs of the Fund’s Level 3 securities as of March 31, 2025 and December 31, 2024 could have resulted in changes to the fair value measurement, as follows:
 
Significant Unobservable Input
  
Impact to Valuation if input
had increased
  
Impact to Valuation if input
had decreased
Discount rate    Decrease    Increase
Transaction price    Increase    Decrease
Price/book value multiple/Enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) multiple    Increase    Decrease
Percentage of ownership/Fully diluted percentage of ownership    Increase    Decrease
Due to the inherent uncertainty of determining the fair value of Level 3 investments, the fair value of the investments may differ significantly from the values that would have been used had a ready available market value for such securities existed and may differ materially from the values that may ultimately be received or settled. Further, such investments will generally be subject to legal and other restrictions, or otherwise will be less liquid than publicly traded instruments. If the Fund is required to liquidate a portfolio investment in a forced or liquidation sale, the Fund might realize significantly less than the value at which such investment will have been previously been recorded. The Fund’s investments will be subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.
 
25

Investments.
The Fund invests primarily in the debt of private middle-market U.S. companies with a focus on directly originated first and second lien loans (including delayed draw term loans and revolving credit facilities). The Fund’s investments 
(excluding unfunded loan commitments) consisted
 
of the following:
 
    
March 31, 2025
    
% of
Investments at
Fair Value
   
December 31, 2024
    
% of
Investments at
Fair Value
 
    
Amortized Cost
    
Fair Value
   
Amortized Cost
    
Fair Value
 
First-Lien Loans
   $ 175,419,354      $ 176,390,540        92.0   $ 152,264,090      $ 152,865,434        92.2
Equity
     493,040        501,080        0.3     381,798        377,668        0.2
Other Securities
     14,792,894        14,792,894        7.7     12,591,254        12,591,254        7.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Investments
   $ 190,705,288      $ 191,684,514        100.0   $ 165,237,142      $ 165,834,356        100.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The sector and industry composition of investments at fair value as a percentage of net assets as of March 31, 2025 and December 31, 2024, was as follows:
 
Sector Composition
  
as of 3-31-25
(% of net assets)
   
as of 12-31-24
(% of net assets)
 
Industrials
     92.8       82.9  
Health care
     36.8       41.9  
Consumer discretionary
     32.9       30.7  
Information technology
     16.5       17.9  
Consumer staples
     10.0       11.5  
Financials
     6.4       6.8  
Materials
     3.5       4.0  
Short-term investments and other (less unfunded loan commitments)
     (98.9     (95.7
  
 
100
 
 
 
100
 
 
Industry Composition
  
as of 3-31-25
(% of net assets)
 
Health care providers and services
     33.9  
Commercial services and supplies
     29.9  
Trading companies and distributors
     26.1  
Professional services
     17.6  
Building products
     12.2  
IT services
     9.3  
Distributors
     9.1  
Food products
     7.7  
Diversified consumer services
     7.3  
Software
     7.2  
Hotels, restaurants and leisure
     6.5  
 
26

Insurance
     4.7  
Specialty retail
     3.5  
Air freight and logistics
     3.5  
Household durables
     3.5  
Chemicals
     3.5  
Machinery
     3.5  
Leisure products
     3.0  
Health care equipment and supplies
     2.9  
Consumer staples distribution and retail
     2.3  
Capital markets
     1.7  
Short-term investments and other (less unfunded loan commitments)
     (98.9
  
 
100
 
 
Industry composition
  
as of
12-31-24

(% of net assets)
 
Health care providers and services
     38.6  
Commercial services and supplies
     27.3  
Trading companies and distributors
     26.4  
Professional services
     14.4  
IT services
     9.8  
Food products
     8.8  
Software
     8.1  
Hotels, restaurants and leisure
     7.4  
Building products
     6.9  
Diversified consumer services
     6.5  
Distributors
     5.3  
Insurance
     4.9  
Air freight and logistics
     4.0  
Specialty retail
     4.0  
Household durables
     4.0  
Chemicals
     4.0  
Machinery
     3.9  
Leisure products
     3.5  
Health care equipment and supplies
     3.3  
Consumer staples distribution and retail
     2.7  
Capital markets
     1.9  
Short-term investments and other (less unfunded loan commitments)
     (95.7
  
 
100
 
As of March 31, 2025 and December 31, 2024, 100% of investments held were based in the United States.
Senior loans.
The Fund invests in senior loans. Senior loans include first and second lien term loans, delayed draw term loans, and revolving credit facilities. The Fund will only invest in loans and commitments that are determined to be below investment-grade, based on credit quality, as determined by the Advisor, at the time of purchase. The Fund will invest in first lien, senior secured loans and senior secured bonds that generally have stated terms of five to seven years, and subordinated debt investments (to a lesser extent) that generally have stated terms of up to nine years, but the expected average life of such securities is generally two to four years. However, the Fund may invest in loans and securities with any maturity or duration. The Advisor typically expects to employ a
buy-and-hold
strategy. The Fund may invest in loans either by transacting directly at the initial funding date or acquiring loans in secondary market transactions. The Fund may invest in loans secured by substantially all of the assets of the borrower and the other loan parties, subject to customary exceptions, including a pledge of the equity of the borrower and its subsidiaries.
 
27

The Fund may be subject to greater levels of credit risk, call (or prepayment) risk, settlement risk and liquidity risk than funds that do not invest in senior loans. Senior loans are considered predominantly speculative with respect to an issuer’s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely affect the market for these instruments and reduce the Fund’s ability to sell these instruments at an advantageous time or price. An economic downturn would generally lead to a higher
non-payment
rate and a senior loan may lose significant value before a default occurs. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in senior loans. In addition, the senior loans in which the Fund invests may not be listed on any exchange and a secondary market for such loans may be comparatively less liquid relative to markets for other more liquid fixed income securities. Consequently, transactions in senior loans may involve greater costs than transactions in more actively traded securities. Restrictions on transfers in loan agreements, a lack of publicly available information, irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make senior loans difficult to value accurately or sell at an advantageous time or price than other types of securities or instruments. These factors may result in the Fund being unable to realize full value for the senior loans and/or may result in the Fund not receiving the proceeds from a sale of a senior loan for an extended period after such sale, each of which could result in losses to the Fund. Senior loans may have extended trade settlement periods which may result in cash not being immediately available to the Fund. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in other senior loans or similar instruments that may pay lower interest rates. Senior loans in which the Fund invests may or may not be collateralized, although the loans may not be fully collateralized and the collateral may be unavailable or insufficient to meet the obligations of the borrower. The Fund may have limited rights to exercise remedies against such collateral or a borrower, and loan agreements may impose certain procedures that delay receipt of the proceeds of collateral or require the Fund to act collectively with other creditors to exercise its rights with respect to a senior loan. Because of the risks involved in investing in senior loans, an investment in the Fund should be considered speculative. Junior loans, which are secured and unsecured subordinated loans, second lien loans and subordinate bridge loans, involve a higher degree of overall risk than senior loans of the same borrower due to the junior loan’s lower place in the borrower’s capital structure and, in some cases, their unsecured status.
The Fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities, in which a bank or other lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not be desirable to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender. Unfunded loan commitments are marked to market in accordance with the Fund’s valuation policies. Any related unrealized appreciation (depreciation) on unfunded commitments is included in
non-controlled/non-affiliated
investments, at value in the Consolidated Statements of Assets and Liabilities and change in net unrealized appreciation (depreciation) in the Consolidated Statements of Operations.
As of March 31, 2025 and December 31, 2024, the Fund had the following unfunded commitments outstanding:
 
 
  
March 31, 2025
 
 
December 31, 2024
 
Unfunded Term Loan
  
Principal on
Delayed Draw
Term Loan
 
  
Principal on
Revolver
 
  
Unrealized
Appreciation
(Depreciation)
 
 
Principal on
Delayed Draw
Term Loan
 
  
Principal on Revolver
 
  
Unrealized
Appreciation
(Depreciation)
 
4M Capital, Ltd.
     —       $ 528,000      $ 3,708       —        $ 528,000      $ 1,623  
AC Blackpoint Acquisition, Inc
   $ 1,407,378        508,475        (4,442   $ 2,033,898        508,475        (9
Air Buyer, Inc.
     —         340,909        (5,784     750,000        340,909        (32,009
All Glass & Window Holdings, Inc.
     1,282,051        769,231        (55     —         —         —   
American Combustion Industries, Inc.
     857,214        227,473        (51     1,005,670        299,307        (2,284
Bandon Fitness, Inc.
     1,725,959        114,804        13,317       1,739,184        114,804        14,226  
BCTS Parent LLC
     3,704,976        283,587        32,019       824,176        283,587        11,708  
Beacon Behavioral Holdings LLC
     1,652,025        28,628        (4,742     2,646,894        114,512        (231
 
28

Beary Landscaping LLC
     135,211        422,535        8,831       422,535        422,535        11,776  
BLP Buyer, Inc.
     —         191,129        (747     —          229,839        995  
Capital Construction LLC
     —         508,039        5,959       —          508,039        6,891  
Chemtron Supply LLC
     2,333,630        362,979        4,999       2,333,630        362,979        (175
CPS Holdco, Inc.
     2,868,269        705,128        (38     —         —         —   
DAWGS Intermediate Holding Company
     —         363,416        (7     —         —         —   
Diverzify Intermediate LLC
     1,371,429        —         (25,782     1,371,429        —          (20,191
Eastern Communications Solutions, Inc.
     —         1,031,519        4,521       —          1,031,519        (33
Foodscience LLC
     2,444,444        763,889        (19,963     2,444,444        763,889        (18,860
Health Management Associates, Inc.
     —         71,302        1,340       155,005        65,102        4,384  
Hill Country Dairies, Inc.
     870,968        580,645        (35,891     870,968        508,065        (19,932
HMN Acquirer Corp.
     1,041,667        625,000        3,688       1,041,667        625,000        (8,169
In Vitro Sciences LLC
     7,111        177,778        (14,983     7,111        177,778        (11,611
Integrated Openings Solutions LLC
     4,120,879        379,121        (33,232     4,120,879        303,297        (31,676
Jetson Buyer, Inc.
     —         381,544        (7,285     —          443,656        (13,834
Krayden Holdings, Inc.
     1,393,071        554,743        8,232       1,393,071        574,269        9,798  
Leap Service Partners LLC
     2,464,147        400,000        23,071       752,941        517,647        13,234  
Library Associates LLC
     —         72,418        566       —          72,418        638  
Lockmasters Security Intermediate, Inc.
     878,274        150,989        6,758       878,274        205,895        2,875  
M&D Midco, Inc.
     1,045,311        687,484        6,996       1,045,311        763,871        3,848  
Midwest Eye Services LLC
     2,591,461        704,931        43,668       2,812,729        704,931        45,607  
OIS Management Services LLC
     893,039        167,626        6,561       1,185,503        167,626        5,956  
PAK Quality Foods Acqusition LLC
     537,313        313,433        9,275       537,313        313,433        9,755  
Pediatric Home Respiratory Services LLC
     900,000        420,000        4,146       900,000        420,000        (19
PNB Holdings III LLC
     1,227,273        490,909        10,730       1,227,273        490,909        2,969  
Purple Cow Buyer LLC
     1,041,881        277,835        11,869       1,041,881        277,835        (516
QM Buyer, Inc.
     1,222,222        611,111        (2,488     1,222,222        611,111        (233
Rapid Buyer LLC
     1,295,585        647,793        3,538       1,295,585        647,793        (10,299
Redwood MSO LLC
     703,371        337,079        (3,427     786,517        337,079        (100
Refocus Management Services LLC
     564,211        147,368        8,788       680,000        210,526        7,587  
Renovation Systems LLC
     142,865        75,158        2,765       142,865        68,894        2,810  
RPC TopCo, Inc.
     —         545,455        7,503       —          545,455        2,341  
Simon Pearce LLC
     —         642,857        2,648       —          642,857        (245
Star Logistics & Hospitality Services LLC
     1,232,143        428,571        (40,507     1,232,143        535,714        (32,401
StartKleen Legacy Holdings LLC
     1,282,051        1,025,641        (157     —         —         —   
Stellar Buyer LLC
     1,529,801        819,536        22,264       1,639,073        819,536        (12,846
Steward Partners Global Advisory LLC
     255,607        311,716        9,121       317,951        311,716        10,841  
SurfacePrep Buyer LLC
     932,138        479,452        12,661       227,397        479,452        10,226  
The Smilist DSO LLC
     1,884,741        140,351        (7,744     2,086,698        140,351        1,959  
VPD Management, Inc.
     2,299,948        137,143        25,462       2,299,948        137,143        5,715  
Vybond Buyer LLC
     1,051,402        788,551        (1,108     —         —         —   
WeLocalize, Inc.
     —         320,414        (1,602     —          354,142        (4,427
WWEC Holdings III Corp.
     824,818        434,020        14,086       824,818        434,020        15,110  
XpressMyself.com LLC
     —         233,050        4,073       —          233,050        3,900  
Total
  
$
54,015,884
 
  
$
21,730,765
 
  
$
113,128
 
 
$
46,297,003
 
  
$
18,648,965
 
  
($
13,328
 
29

Security transactions and related investment income.
Investment security transactions are accounted for on a trade date plus one basis for net asset value (NAV) calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a
non-accrual
status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on
ex-date.
Certain senior loan related fees, such as amendment fees, are recorded as Other income when earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Overdraft.
Pursuant to the custodian agreement, the Fund’s custodian may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.
Expenses.
Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Offering and Organization Costs
Organization costs are expensed as incurred. During the three months ended March 31, 2025 and March 31, 2024, the Fund incurred organization costs of $0 and $24,253, respectively. Offering costs are accounted for as a deferred charge by the Fund and will be amortized to expense over 12 months from the BDC Election Date. During the three months ended March 31, 2025 and March 31, 2024, $0 and $100,007, respectively, of offering costs were expensed.
Consolidated Statement of Cash Flows.
A Statement of Cash Flows is presented when a certain percentage of the Fund’s investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Consolidated Statements of Cash Flows. The cash amount shown in the Consolidated Statements of Cash Flows is the amount included in the Fund’s Consolidated Statements of Assets and Liabilities and represents the cash on hand at the Fund’s custodian and does not include any short-term investments.
Federal income taxes.
The Fund has elected and intends to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
Due to certain Internal Revenue Code rules, future realized gain/loss may be offset by built in gains acquired from when the entity was a partnership.
As of December 31, 2024, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns once filed are subject to examination by the Internal Revenue Service for a period of three years.
Distribution of income and gains.
Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the
ex-date.
The Fund generally declares and pays dividends quarterly. Capital gain distributions, if any, are typically distributed annually.
Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s consolidated financial statements as a return of capital. The final determination of tax characteristics of the Fund’s distribution will occur at the end of the year and will subsequently be reported to shareholders.
Capital accounts within the consolidated financial statements are adjusted for permanent
book-tax
differences. These adjustments have no impact on net assets or the results of operations. Temporary
book-tax
differences, if any, will reverse in a subsequent period.
Book-tax
differences are primarily attributable to partnership tracking.
Note 3 – Guarantees and indemnifications
Under the Fund’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.
 
30

Table of Contents
Note 4 – Agreements and transactions with related parties
Manulife Investment Management Private Markets (US) LLC (the Advisor) serves as investment advisor for the Fund. The Fund does not have a principal underwriter. The Fund has entered into a Placement Agency Agreement with John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, to offer to sell shares of the Fund. The Advisor is an indirect wholly-owned subsidiary of Manulife Financial Corporation (MFC), and the Distributor is an indirect, principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of MFC.
Management fee.
The Fund has an investment management agreement with the Advisor under which the Fund pays an annual fee rate of
1.25
% of monthly net assets effective on and after October 3, 2023. The management fee is payable monthly in arrears.
The Advisor contractually agrees to limit its management fee for the Fund (excluding any incentive fee) to an annual rate of
1.00
% of monthly net assets. This agreement expires on October 3, 2025, unless renewed by mutual agreement of the Advisor and the Fund based upon a determination that this is appropriate under the circumstances at that time.
The Advisor contractually agrees to reduce the Fund management fee, or, if necessary, make payment to the Fund, in an amount equal to the amount by which the expenses of the Fund, incurred in the ordinary course of the Fund’s business, exceed
0.50
% of monthly net assets (on an annualized basis) of the Fund. For purposes of this agreement, “expenses of the Fund” means all expenses of the Fund, excluding (a) management and incentive fees, (b) interest expense and other borrowing related costs, fees and expenses, (c) taxes, (d) portfolio brokerage commissions, (e) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the Fund, (f) short dividends and (g) cashiering or other investment servicing fees. This agreement expires on October 3, 2025, unless renewed by mutual agreement of the Advisor and the Fund based upon a determination that this is appropriate under the circumstances at that time.
The expense reductions described above amounted to $
225,546
and $
280,745
for the three months ended March 31, 2025 and March 31, 2024, respectively.
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The management fee, including the impact of the waivers and reimbursements as described above, incurred for the three months ended March 31, 2025 and March 31, 2024, was equivalent to a net annual effective rate of
0.49
% and
0.09
%, respectively, of the Fund’s average monthly net assets.
Incentive fee.
The Fund has agreed to pay the Advisor an Incentive Fee commencing on and after October 3, 2024. A portion of the incentive fee is based upon
pre-incentive
fee net investment income and a portion is based on capital gains.
Incentive Fee Based on Income
The first part of the Incentive Fee, referred to as the “Incentive Fee on Income,” is based on
“Pre-Incentive
Fee Net Investment Income Returns.”
Pre-Incentive
Fee Net Investment Income Returns means, as the context requires, either the dollar value of, or percentage rate of return on, the value of net investment income, which will include interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the month, minus our operating expenses accrued for the month (including the Management Fee, any fee waiver or expense limitation by the Advisor, expenses payable under the Service Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee on Income and any shareholder servicing and/or distribution fees).
Pre-Incentive
Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with
payment-in-kind
interest and zero coupon securities), accrued income that has not yet been received in cash.
Pre-Incentive
Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
The Incentive Fee on Income will be calculated and accrued on a monthly basis while being determined and payable in arrears as of the end of each calendar quarter beginning on and after the commencement of the first calendar quarter following October 3, 2024. With respect to the Fund, the Incentive Fee on Income is earned on
Pre-Incentive
Fee Net Investment Income Returns and compared to a “hurdle rate” of return of
1.50
% per quarter
(6.00
% annualized) and for each calendar quarter will be calculated as follows:
(i) No Incentive Fee on Income will be payable in any calendar quarter in which the Fund’s
Pre-Incentive
Fee Net Investment Income Returns do not exceed the hurdle rate of
1.50
% per quarter, or
6.00
% annualized, based on the Fund’s average beginning monthly net assets for the applicable quarterly payment period.
(ii)
100
% of the dollar amount of the Fund’s
Pre-Incentive
Fee Net Investment Income Returns with respect to that portion of such
Pre-Incentive
Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of
1.715
% (
6.86
% annualized) of the average beginning monthly net assets of the Fund for the applicable quarterly payment period. This portion of
Pre-Incentive
Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than
1.715
%) is referred to as the
“catch-up.”
The
“catch-up”
is meant to provide the Advisor with approximately
12.5
% of our
Pre-Incentive
Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds
1.715
% in any calendar quarter and
 
31

(iii) 12.5% of the dollar amount of the Fund’s
Pre-Incentive
Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.715% (6.86% annualized) of the Fund’s average beginning monthly net assets for the applicable quarterly payment period. This reflects that once the hurdle rate is reached and the
catch-up
is achieved, 12.5% of all
Pre-Incentive
Fee Net Investment Income Returns thereafter are allocated to the Advisor.
Incentive Fee Based on Capital Gains
The second component of the Incentive Fee, referred to as the Incentive Fee on Capital Gains, is determined and payable at the end of each calendar year in arrears commencing with the end of the first calendar year after October 3, 2024. The amount payable equals:
(i)
12.5
% of cumulative realized capital gains net of cumulative realized capital losses and cumulative unrealized capital depreciation commencing from October 3, 2024 through the end of such calendar year, less the aggregate amount of any previously paid Incentive Fee on Capital Gains as calculated in accordance with GAAP.
Each year, the fee paid for the Incentive Fee on Capital Gains is net of the aggregate amount of any previously paid Incentive Fee on Capital Gains for all prior periods. The Fund will accrue, but will not pay, an Incentive Fee on Capital Gains with respect to unrealized appreciation because an Incentive Fee on Capital Gains would be owed to the Advisor if the Fund was to sell the relevant investment and realize a capital gain. In no event will the Incentive Fee on Capital Gains payable pursuant to this Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.
Any of the fees payable to the Advisor under the Investment Advisory Agreement for any partial period will be appropriately prorated.
The Advisor is under no obligation to repay any Incentive Fees previously paid by the Fund.
For the three months ended March 31, 2025 and March 31, 2024, the incentive fee amounted to $422,877 and $0, respectively. As of March 31, 2025 and December 31, 2024, $593,668 and $469,067 remained payable, respectively.
Accounting and legal services.
Effective October 3, 2023, the Fund has entered into a service agreement with the Advisor, under which the Advisor is responsible for providing, at the expense of the Fund, various administrative, accounting and legal services, including treasury, valuation, and portfolio and cash management services. Pursuant to a separate service level agreement between the Advisor and John Hancock Investment Management LLC (JHIM), JHIM is responsible for providing certain financial, accounting and administrative services such as legal, tax, accounting, financial reporting and performance, compliance and service provider oversight services. The Fund shall reimburse the Advisor for all expenses associated with providing all such financial, accounting and administrative services.
These accounting and legal services fees incurred for the three months ended March 31, 2025 and March 31, 2024 amounted to an annual rate of 0.04% and 0.04%, respectively, of the Fund’s average monthly net assets.
Trustee expenses.
The Fund compensates each Trustee who is not an employee of the Advisor or its affiliates. 
Co-investment.
Pursuant to an Exemptive Order issued by the SEC, the Fund is permitted to negotiate certain investments with entities with which it would be restricted from doing so under the 1940 Act, such as the Advisor and its affiliates. The Fund is permitted to
co-invest
with affiliates if certain conditions are met. For example, the Advisor makes an independent determination of the appropriateness of the investment for the Fund. Also, a “required majority” (as defined in the 1940 Act) of the Fund’s independent Trustees make certain conclusions in connection with a
co-investment
transaction as set forth in the Exemptive Order, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Fund and shareholders and do not involve overreaching by the Fund or shareholders on the part of any person concerned and (2) the transaction is consistent with the interests of shareholders and is consistent with the Fund’s investment objective and strategies.
During the three months ended March 31, 2025, commitments entered into by the Fund pursuant to the Exemptive Order amounted to $35,612,817 including unfunded commitments of $16,724,000.
During the three months ended March 31, 2024, commitments entered into by the Fund pursuant to the Exemptive Order amounted to $30,292,319, including unfunded commitments of $8,686,393.
Note 5 – Borrowings
On July 26, 2023, the Board and the Fund’s sole shareholder approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the 1940 Act to the Fund and such election became effective the following day. As a result of this approval, the Fund’s applicable minimum asset coverage ratio under the 1940 Act was decreased to 150% from 200% and the Fund is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing (if certain requirements are met). As of March 31, 2025, the asset coverage ratio was 299%.
 
32

JPM Funding Facility
On March 26, 2024, the SPV entered into a Loan and Security Agreement (the JPM Funding Facility), as borrower (the “Borrower”), with the Fund, as the parent and portfolio manager, The Bank of New York Mellon Trust Company, National Association, as collateral agent, collateral administrator and securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent, that provides a secured credit facility of up to $150 million with a reinvestment period ending March 26, 2027 and an initial final maturity date of March 26, 2029. The JPM Funding Facility also provides for a feature that allows the Borrower, subject to certain conditions, to increase the overall size of the JPM Funding Facility to a maximum of $500 million. In addition, on March 26, 2024, the Fund, as seller, and the Borrower, as purchaser, entered into a Sale and Contribution Agreement, pursuant to which the Borrower will either purchase certain corporate loans or receive contributions of cash or such corporate loans, (collectively, the Loans), from time to time, originated by the Fund or its affiliates.
On November 26, 2024, the SPV entered into a First Amendment to the JPM Funding Facility, which provides for a decrease in the interest rate on borrowings under the JPM Funding Facility from an applicable margin of 2.70% to 2.30%, in each case over Term SOFR or an alternate base rate; an increase in commitment fee on the undrawn balance of 0.55% per annum (or, 0.30% during
ramp-up
period) to 0.75% per annum (or, 0.50% during
ramp-up
period), removal of the administration agency fee, extends the maturity of the JPM Funding Facility to November 26, 2029; and resets the investment period and call protection.
The obligations of the Borrower under the JPM Funding Facility are secured by substantially all assets held by the Borrower, including the Loans. Borrowings under the JPM Funding Facility will bear interest at Term SOFR or an alternate base rate, in each case plus an applicable margin equal to 2.30% as amended on November 26, 2024, subject to increases for default rate interest from time to time pursuant to the terms of the JPM Funding Facility. In addition, the Borrower will pay, among other fees, an upfront fee, an administrative agency fee (removed November 26, 2024) and a commitment fee on the undrawn balance of 0.75% per annum (or, during March 26, 2024 to March 27, 2025
ramp-up
period, 0.50% per annum) as amended on November 26, 2024 on the average daily unused facility amount.
Under the JPM Funding Facility, the Fund and the Borrower, as applicable, have made customary representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The JPM Funding Facility includes usual and customary events of default for such facilities of this nature. Proceeds from the JPM Funding Facility must be used for the purposes permitted in the JPM Funding Facility, including purchasing of loans or other portfolio investments.
As of March 31, 2025 and December 31, 2024, the Fund had outstanding borrowings of $63,800,000 and $53,200,000 at an average interest rate of 6.61% and 6.80%, which is reflected in the Credit facility payable on the Consolidated Statements of Assets and Liabilities. During the three months ended March 31, 2025 and March 31, 2024, the average daily outstanding borrowings for the JPM Funding Facility amounted to $52,711,111 and $5,000,000 and the weighted average interest rate was 6.53% and 8.01%, respectively.
The Fund recorded the following interest expense, unused commitment fee and other credit facility related fees on the JPM Funding Facility as Interest and credit facility expenses on the Consolidated Statements of Operations during the three months ended March 31, 2025 and March 31, 2024:
 
    
Three months
ended
March 31, 2025
    
Three months
ended
March 31, 2024
 
Interest expense
   $ 859,980      $ 6,677  
Unused commitment fee and administration fee
     91,611        12,083  
Other credit facility related fees
            7,167  
  
 
 
    
 
 
 
  
$
951,591
 
  
$
25,927
 
 
  
 
 
 
  
 
 
 
In connection with the JPM Funding Facility, the SPV pays an upfront fee which is deferred and amortized over the life of the JPM Funding Facility using the straight-line method. During the three months ended March 31, 2025 and March 31, 2024, $83,812 and $5,558 of the upfront fee was expensed and included in Interest and credit facility expenses and $21,310 and $0 of related upfront legal fees was expensed and included in Professional fees on the Consolidated Statements of Operations. At March 31, 2025 and December 31, 2024, $1,724,917 and $1,830,038 of unamortized upfront fee is included in Deferred financing cost on the Consolidated Statements of Assets and Liabilities.
 
33

Table of Contents
Note 6 – Shares of beneficial interest
At March 31, 2025, affiliates of the Fund, Manulife International Limited (Hong Kong), Manufacturers Life Reinsurance Limited and Manulife Private Credit Plus Fund owned 28.6%, 12.3% and 59.1%, respectively, of the Class NAV shares of beneficial interest outstanding.
At December 31, 2024, affiliates of the Fund, Manulife International Limited (Hong Kong), Manufacturers Life Reinsurance Limited and Manulife Private Credit Plus Fund owned 32.4%, 13.9% and 53.7%, respectively, of the Class NAV shares of beneficial interest outstanding.
Note 7 – Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, for the three months ended March 31, 2025 and March 31, 2024 was as follows:
 
March 31, 2025
   
March 31, 2024
 
Purchases
   
Sales
   
Purchases
   
Sales
 
$ 24,957,879     $ 1,927,484     $ 23,991,923     $ 561,618  
 
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Table of Contents
Note 8 – Consolidated Financial Highlights
 
    
For the three months ended
March 31, 2025

Class NAV
   
For the three months ended
March 31, 2024

Class NAV
 
Per share operating performance
    
Net asset value, beginning of period
  
$
20.80
 
 
$
20.74
 
Net investment income
(1)
     0.43       0.40  
Net realized and unrealized gain (loss) on investments
     0.05       0.09  
Total from investment operations
  
 
0.48
 
 
 
0.49
 
Less distributions to common shareholders
    
From investment income
     (0.38     (0.20
Total distributions
  
 
(0.38
 
 
(0.20
Net asset value, end of period
  
$
20.90
 
 
$
21.03
 
Total return (%)
(2)
  
 
2.21
%
 (3)
 
 
 
2.38
%
 (3)
 
Ratios and supplemental data
    
Net assets, end of period (in millions)
   $ 127     $ 113  
Ratios (as a percentage of average net assets):
    
Expenses before reductions
     7.07 %
 (4)
 
    2.68 %
 (5)
 
Expenses including reductions
     6.33 %
 (4)
 
    1.60 %
 (5)
 
Interest and credit facility expenses
     3.40 %
 (4)
 
        
Incentive fees
     1.39 %
 (4)
 
        
Expenses including reductions (excluding interest and credit facility expenses and incentive fees)
     1.54 %
 (4)
 
    1.50 %
 (5)
 
Net investment income
     8.17 %
 (4)
 
    7.71 %
 (5)
 
Portfolio turnover
     1     1
Total debt outstanding end of period (in millions)
   $ 64     $ 5  
Asset coverage per $1,000 of debt, end of period 
(6)
   $ 2,991     $ 2,355  
 
(1)
Based on average monthly shares outstanding.
(2)
Total return would have been lower had certain expenses not been reduced during the applicable period.
(3)
Not annualized.
(4)
Annualized.
(5)
Annualized. Certain expenses have been presented unannualized.
(6)
Asset coverage equals the total net assets plus borrowings divided by the borrowings of the Fund outstanding at period end (Note 5). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
 
35

Table of Contents
Note 9 – Segment Reporting
The
management committee
of the Advisor acts as the Fund’s chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The Fund represents a
single
operating segment, as the CODM monitors and assesses the operating results of the Fund as a whole, and the fund long-term strategic asset allocation is managed in accordance with the terms of its registration statement, based on a defined investment strategy which is executed by the Fund’s portfolio management team.
Segment assets are reflected in the Consolidated statements of assets and liabilities as “Total assets”, which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Consolidated statements of operations, which include “Increase (decrease) in net assets from operations”, Consolidated statements of changes in net assets, which include “Increase (decrease) from share transactions”, and Consolidated financial highlights, which include total return and income and expense ratios.
Note 10 – Subsequent Events
Events or transactions occurring after the end of the period through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. There are no subsequent events to disclose except for the following:
JPM Funding Facility Amendment
On April 10, 2025, the SPV entered into a Second Amendment to the JPM Funding Facility, which provides for an increase to the maximum loan commitments available under the JPM Funding Facility to $175 million, with an option for the Borrower to further increase the maximum loan commitments to $250 million, a decrease in the interest rate on borrowings under the JPM Funding Facility from an applicable margin of 2.30% to 2.20%, in each case over Term SOFR or an alternate base rate, and a decrease in the commitment fee on undrawn loan commitments from 0.75% to 0.60%. Further, the Second Amendment resets the minimum loan utilization schedule and gives the Borrower the option to increase the maximum advance rate.
 
36

Table of Contents
CERTAIN DEFINITIONS
Unless indicated otherwise in this quarterly report on Form
10-Q
or the context requires otherwise, the terms “we,” “us,” “our,” and the “Fund” refer to Manulife Private Credit Fund. The terms “Advisor” and our “Investment Advisor” refers to Manulife Investment Management Private Markets (US) LLC, our investment advisor.
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 you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. We are externally managed by the Advisor, a registered investment advisor under the Investment Advisers Act of 1940, as amended, which is an indirect wholly-owned subsidiary of Manulife Financial Corporation (Manulife). Manulife does not have any obligation, contractual or otherwise, to financially support us beyond the Seed Contribution (as defined below) of certain of their affiliates. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts,” and variations of these words and similar expressions are intended to identify 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 difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:
 
   
our future operating results;
 
   
our business prospects and the prospects of our portfolio companies;
 
   
risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of a global pandemic;
 
   
changes in the general interest rate environment;
 
   
general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;
 
   
our contractual arrangements and relationships with third parties;
 
   
actual and potential conflicts of interest with our Advisor and its affiliates;
 
   
the dependence of our future success on the general economy and its effect on the industries in which we invest;
 
   
the ability of our portfolio companies to achieve their objectives;
 
   
the use of borrowed money to finance a portion of our investments;
 
   
the adequacy of our financing sources and working capital;
 
   
the timing and amount of cash flows, if any, from the operations of our portfolio companies;
 
   
the ability of our Advisor to locate suitable investments for us and to monitor and administer our investments;
 
   
the ability of our Advisor and its affiliates to attract and retain highly talented professionals;
 
   
our ability to qualify and maintain our qualification as a business development company and as a regulated investment company 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; and
 
   
the effect of changes in tax laws and regulations and interpretations thereof.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form
10-K
for the year ended December 31, 2024 as updated by the Fund’s periodic filings with the United States Securities and Exchange Commission (the SEC). You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we may file with the SEC in the future, including annual reports on Form
10-K,
quarterly reports on Form
10-Q
and current reports on Form
8-K.
 
 
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Table of Contents

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

The information in this section contains forward-looking statements that involve risks and uncertainties, including, but not limited to, those set forth in “Part I Item 1A. Risk Factors” of our annual report for the fiscal year ended December 31, 2024 on Form 10-K. You should read the following discussion in conjunction with the Part I, Item 1 of this Form 10-Q “Consolidated Financial Statements (Unaudited)” and related notes thereto and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. This discussion also should be read in conjunction with the “Forward-Looking Statements” in this Quarterly Report on Form 10-Q.

The following discussion and analysis of our financial condition and results of operations is intended to provide a better understanding of our consolidated financial statements, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. Historical results and percentage relationships among any amounts in the consolidated financial statements are not necessarily indicative of trends in operating results for any future periods.

Overview

We are an externally managed, diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on February 8, 2023, we are externally managed by the Advisor, which manages our day-to-day operations and provides us with investment advisory and administrative services pursuant to the terms of the Investment Advisory Agreement, and the Service Agreement with the Fund and the Service Level Agreement between the Advisor and JHIM. The Advisor is registered as investment advisor with the SEC. We have elected to be treated as a regulated investment company (RIC) for U.S. federal income tax purposes, and intend to continue to qualify annually thereafter, as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code).

The Advisor oversees (subject to the oversight of the Board) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Investment Advisory Agreement. Under the Investment Advisory Agreement, we have agreed to pay the Advisor an annual management fee as well as an incentive fee based on our investment performance.

Pursuant to the Service Agreement, the Advisor is responsible for providing, at the expense of the Fund, certain treasury, valuation and portfolio and cash management services to the Fund. Pursuant to the Service Level Agreement, JHIM provides certain financial, accounting and administrative services such as legal, tax, accounting, financial reporting and performance, compliance and service provider oversight services. Pursuant to the Service Agreement, the Advisor shall determine, subject to Board approval, the expenses to be reimbursed by the Fund, including an overhead allocation. The payments under the Service Agreement are not intended to provide a profit to the Advisor. Instead, the Advisor provides the services under the Service Agreement because it also provides advisory services under the Investment Advisory Agreement. The reimbursement shall be calculated and paid monthly in arrears. Similarly, under the Service Level Agreement, the Advisor pays JHIM compensation on an at-cost basis, and JHIM does not earn any profit.

We expect to conduct the continuous private offering of our Common Shares (the Private Offering) in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. We are initially offering one class of our Common Shares – the Class NAV shares – and may offer additional classes of our Common Shares in the future. We and the Advisor may apply for the Multi- Class Exemptive Relief from the SEC that, if granted, would permit us to issue multiple classes of shares of our Common Shares with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees, the details for which will be finalized at a later date in our discretion. We have not yet applied for the Multi-Class Exemptive Relief, and there is no assurance that such relief would be granted.

We commenced operations concurrent with the initial closing on the Seed Contribution and, prior to the BDC Election Date, we have conducted our investment activities and operations pursuant to the exclusion from the definition of an “investment company” in Section 3(c)(7) of the 1940 Act. Following the BDC Election Date, we commenced holding monthly closings for the Private Offering, in connection with which we issued Common Shares to investors for immediate cash investment. If there are no purchases for the Private Offering for a particular month, a closing will not be held for that month.

Our investment objectives are to maximize the total return to our shareholders in the form of current income and, to a lesser extent, capital appreciation. The Fund invests primarily in the debt of private middle-market U.S. companies with a focus on directly originated first and second lien loans (including delayed draw term loans and revolving credit facilities) typically created by a club of lenders, as well as related equity investments in companies in which loans have been made by the Fund to middle-market companies. The club of lenders is generally a small group of investment firms.

Investments

Our level of investment activity can and is expected to vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $25 million.

 

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Table of Contents

Revenues

We plan to principally generate revenues in the form of interest income and, to a lesser extent, capital appreciation on the debt investments we hold, as well as dividends and other distributions on the equity or other securities we hold. In addition, we plan to generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, monitoring fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees. Our portfolio activity also reflects the proceeds of sales of securities.

Expenses

The Fund bears all costs of its organization and operation, including but not limited to, as applicable, expenses of preparing, printing and mailing all shareholders’ reports, notices, prospectuses, proxy statements and reports to regulatory agencies; expenses relating to the offering and issuance of shares; investment advisory fees payable under the Investment Advisory Agreement; government fees; interest charges; expenses of furnishing to investors their account statements; taxes; brokerage and other expenses connected with the execution and servicing of portfolio securities and securities transactions; fees and expenses of custodians including those for keeping books and accounts, maintaining any line of credit and calculating the NAV of shares; fees and expenses of dividend disbursing agents; legal, accounting, financial, management, tax and auditing fees and expenses of the Fund (including an allocable portion of the cost of the Advisor’s or an affiliate of the Advisor’s employees rendering such services to the Fund); expenses of Trustees’ and investors’ meetings; trade association memberships; fidelity bond and other insurance premiums; any extraordinary expenses; and all other expenses incurred by the Fund or Advisor with administering the Fund’s business. In addition, the Fund will be responsible for other expenses, fees, taxes, penalties and costs associated with the Fund’s investments, including but not limited to filing fees, fees to third party sub-servicers, taxes payable or required to be withheld by or in respect of the Fund or to which the Fund may be subject, any reasonably incurred fees and expenses relating to legal, accounting, bank or other financial intermediaries, third party advisors and consultants, due diligence, research, litigation and restructuring costs and expenses and all other out of pocket expenses of the Advisor and any affiliate to whom it has delegated any of its functions, power, responsibilities or duties. The Fund indirectly bears the cost related to the SPV, including cost, related to borrowings from the JPM Funding Facility, such as interest expense and other fees. Certain fees may be waived or reimbursed by the Advisor.

Pursuant to a Service Agreement, the Advisor is responsible for providing, at the expense of the Fund, certain treasury, valuation and portfolio and cash management services to the Fund. Pursuant to the Service Level Agreement, JHIM provides certain financial, accounting and administrative services such as legal, tax, accounting, financial reporting and performance, compliance and service provider oversight services. Pursuant to the Service Agreement, the Advisor shall determine, subject to Board approval, the expenses to be reimbursed by the Fund, including an overhead allocation. The payments under the Service Agreement are not intended to provide a profit to the Advisor. Instead, the Advisor provides the services under the Service Agreement because it also provides advisory services under the Investment Advisory Agreement. The reimbursement shall be calculated and paid monthly in arrears. Similarly, under the Service Level Agreement, the Advisor pays JHIM compensation on an at-cost basis, and JHIM does not earn any profit.

In addition, we have contracted with SS&C Technologies, Inc. (SS&C) to provide various accounting and administrative services, including, but not limited to, preparing preliminary financial information for review by the Advisor, maintaining accounting and corporate books and records, recording investment and shareholder transactions, preparing and reviewing bank account reconciliations and maintaining dividend reinvestment plan.

The Advisor has agreed to advance all of our organization and offering expenses on our behalf (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Fund’s systems and those of our participating brokers, reasonable bona fide due diligence expenses of participating brokers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees to attend retail seminars sponsored by participating brokers and costs, expenses and reimbursements for travel (provided that the Fund shall not be required to bear the cost of private airfare in excess of comparable first- class/business rates on a commercial airline, if available), meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, brokers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution fee) through a date determined by the Advisor in its discretion.

From time to time, the Advisor or its affiliates may pay third-party providers of goods or services. We will reimburse the Advisor or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Advisor may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

Portfolio and Investment Activity

As of March 31, 2025, the Fund had investments, excluding cash equivalents, in 59 portfolio companies across 7 sectors and 21 industries. Based on fair value as of March 31, 2025, 92.0% of the Fund’s fair value was invested in debt bearing a floating interest rate, all of which had an interest rate floor denoted in Secured Overnight Financing Rate (SOFR). The weighted average interest rate floor across the Fund’s portfolio was approximately 1.0% as of March 31, 2025. These floors allow the Fund to mitigate (to a degree) any impact of spread widening on the valuation of the Fund’s investments. As of March 31, 2025, the Fund’s estimated weighted average total yield of investments in debt securities was 9.6%. Weighted average yields are based on interest rates as of March 31, 2025.

 

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As of December 31, 2024, the Fund had investments, excluding cash equivalents, in 54 portfolio companies across 7 sectors and 21 industries. Based on fair value as of December 31, 2024, 92.2% of the Fund’s investments at fair value was invested in debt bearing a floating interest rate, all of which had an interest rate floor denoted in SOFR. The weighted average interest rate floor across the Fund’s portfolio was approximately 1.0% as of December 31, 2024. These floors allow the Fund to mitigate (to a degree) any impact of spread widening on the valuation of the Fund’s investments. As of December 31, 2024, the Fund’s estimated weighted average total yield of investments in debt securities was 9.7%. Weighted average yields are based on interest rates as of December 31, 2024.

Our portfolio and investment activity for the three months ended March 31, 2025 is presented below (information presented herein is at amortized cost unless otherwise indicated):

 

     March 31, 2025  

Investments:

  

Total investments, beginning of period

   $  165,237,142  

Purchase of investments

     24,957,879  

Proceeds from principal repayments and sales of investments

     (1,927,484

Net purchases and sales of short-term Investments

     2,201,640  

Payment-in-kind interest

     —   

Amortization of premium/accretion of discount, net

     221,797  

Net realized gain (loss) on investments

     14,314  
  

 

 

 

Total investments, end of period

   $ 190,705,288  
  

 

 

 

Portfolio companies at beginning of period

     54  

Number of new portfolio companies funded

     5  

Number of portfolio companies sold or repaid

     —   

Portfolio companies at end of period

     59  

Count of investments

     196  

Count of industries

     21  

As of March 31, 2025 and December 31, 2024, our investments, excluding unfunded loan commitments, consisted of the following:

 

     March 31, 2025      % of
Investments
at Fair
Value
    December 31, 2024      % of
Investments
at Fair
Value
 
     Amortized Cost      Fair Value     Amortized Cost      Fair Value  

First-Lien Loans

   $ 175,419,354      $ 176,390,540        92.0   $ 152,264,090      $ 152,865,434        92.2

Equity

     493,040        501,080        0.3     381,798        377,668        0.2

Other Securities

     14,792,894        14,792,894        7.7     12,591,254        12,591,254        7.6
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total Investments

   $ 190,705,288      $ 191,684,514        100.0   $ 165,237,142      $ 165,834,356        100.0
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

 

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Table of Contents
Portfolio Composition    as of March 31, 2025
(% of net assets)
    as of December 31, 2024
(% of net assets)
 

Senior loans

     198.5       195.4  

Equity

     0.4       0.3  

Short-term investments and other (less unfunded loan commitments)

     (98.9     (95.7
     100       100  
Sector Composition    as of 3-31-25
(% of net assets)
    as of 12-31-24
(% of net assets)
 

Industrials

     92.8       82.9  

Health care

     36.8       41.9  

Consumer discretionary

     32.9       30.7  

Information technology

     16.5       17.9  

Consumer staples

     10.0       11.5  

Financials

     6.4       6.8  

Materials

     3.5       4.0  

Short-term investments and other (less unfunded loan commitments)

     (98.9     (95.7
     100       100  

 

Industry Composition    as of 3-31-25
(% of net assets)
 

Health care providers and services

     33.9  

Commercial services and supplies

     29.9  

Trading companies and distributors

     26.1  

Professional services

     17.6  

Building products

     12.2  

IT services

     9.3  

Distributors

     9.1  

Food products

     7.7  

Diversified consumer services

     7.3  

Software

     7.2  

Hotels, restaurants and leisure

     6.5  

Insurance

     4.7  

Specialty retail

     3.5  

Air freight and logistics

     3.5  

Household durables

     3.5  

Chemicals

     3.5  

Machinery

     3.5  

Leisure products

     3.0  

Health care equipment and supplies

     2.9  

Consumer staples distribution and retail

     2.3  

Capital markets

     1.7  

Short-term investments and other (less unfunded loan commitments)

     (98.9
     100  

 

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Table of Contents
Top 10 Issuers as of 3-31-25 (% of net assets)       

Xenon Arc, Inc

     5.4  

AC Blackpoint Acquisition, Inc

     5.3  

CPS Holdco, Inc.

     4.9  

Pediatric Home Respiratory Services LLC

     4.7  

The Smilist DSO LLC

     4.7  

Leap Service Partners LLC

     4.7  

M&D Midco, Inc.

     4.7  

Eastern Communications Solutions, Inc.

     4.7  

Vybond Buyer LLC

     4.7  

Stellar Buyer LLC

     4.7  

Total

     48.5  

Cash and short-term investments are not included.

Percentages include unfunded loan commitments.

 

Top 10 Issuers as of 12-31-24 (% of net assets)       

Pediatric Home Respiratory Services LLC

     5.4  

M&D Midco, Inc.

     5.3  

The Smilist DSO LLC

     5.3  

AC Blackpoint Acquisition, Inc

     5.3  

Eastern Communications Solutions, Inc.

     5.3  

Redwood MSO LLC

     5.3  

Midwest Eye Services LLC

     5.0  

Renovation Systems LLC

     4.9  

QM Buyer, Inc.

     4.9  

Foodscience LLC

     4.9  

Total

     51.6  

Cash and cash equivalents are not included.

Percentages include unfunded loan commitments.

As of March 31, 2025 and December 31, 2024, 100% of investments held were based in the United States.

 

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Results of Operations

Our operating results for the three months ended March 31, 2025 and March 31, 2024 were as follows:

 

     March 31, 2025      March 31, 2024  

Increase (decrease) in net assets from operations

   $ 2,885,784      $ 2,365,272  

Net increase (decrease) in net assets 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 in the investment portfolio.

Our investment income for the three months ended March 31, 2025 and March 31, 2024 were as follows:

 

     March 31, 2025      March 31, 2024  

Investment income

     

From non-controlled/non-affiliated investments:

     

Interest

   $ 4,301,267      $ 1,788,772  

Dividends

     93,934        458,090  

Other income

     22,685        20,622  
  

 

 

    

 

 

 

Total investment income

   $ 4,417,886      $ 2,267,484  
  

 

 

    

 

 

 

For the three months ended March 31, 2025 and March 31, 2024, total investment income was driven by the Fund’s deployment of capital and invested balance of investments. The size of the Fund’s investment portfolio at fair value was approximately $191.7 million as of March 31, 2025 and, as of such date, all of the Fund’s debt investments were income-producing.

Interest income on the Fund’s debt investments is dependent on the composition and credit quality of the portfolio. Generally, the Fund expects the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of March 31, 2025, all of the Fund’s debt investments were performing and current on their interest payments.

Our expenses for the three months ended March 31, 2025 and March 31, 2024 were as follows:

 

     March 31, 2025      March 31, 2024  

Expenses

     

Management fee

   $ 375,807      $ 302,891  

Incentive fees

     422,877        —   

Accounting and legal services fees

     11,958        8,767  

Interest and credit facility expenses

     1,035,403        31,485  

Investment servicing fees

     19,177        —   

Trustee fees

     23,237        21,648  

Professional fees

     129,306        103,991  

Custody and accounting fees

     66,881        57,239  

Transfer Agent

     46,939        —   

Printing and postage

     8,699        11,065  

Organization cost

     —         24,253  

Offering cost

     —         100,007  

Other expenses

     13,690        8,795  
  

 

 

    

 

 

 

Total expenses

   $ 2,153,974      $ 670,141  

Less expense reductions

     (225,546      (280,745
  

 

 

    

 

 

 

Net expenses

   $ 1,928,428      $ 389,396  
  

 

 

    

 

 

 

 

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The Fund has agreed to pay the Advisor an incentive fee commencing on October 3, 2024. A portion of the incentive fee is based upon pre-incentive fee net investment income and a portion is based on capital gains. The incentive fee on net investment income shall be calculated and accrued on a monthly basis while being determined and payable in arrears as of the end of each fiscal quarter pursuant to the Investment Advisory Agreement. The incentive fee on capital gains is determined and payable at the end of each calendar year in arrears pursuant to the Investment Advisory Agreement.

Interest and credit facility expenses include interest expense, amortized deferred financing cost, unused commitment fee and utilization fee related to the JPM Funding Facility. During the three months ended March 31, 2025, legal fees related to establishing the JPM Funding Facility were capitalized and are being amortized over the life of the facility and are included in professional fees.

Other expenses generally include insurance, valuation, subscriptions and other costs.

Organization and offering costs include expenses incurred in the Fund’s initial formation and the Fund’s offering of Common Shares.

Expense reductions include contractual management fee waivers.

Income Taxes, Including Excise Taxes

The Fund has elected and intends to continue to qualify as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not have to pay corporate-level U.S. federal income taxes on any income and net capital gain that it distributes to shareholders as dividends. To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, in order to be eligible for pass-through tax treatment as a RIC, the Fund must distribute to the Fund’s shareholders, for each taxable year, at least the sum of 90% of the Fund’s “investment company taxable income,” which is generally net ordinary income plus the excess of realized net short term capital gains over realized net long-term capital losses and 90% of its net exempt interest income, if any, or the “Annual Distribution Requirement.”

For the three months ended March 31, 2025 and March 31, 2024, the Fund did not incur any excise tax.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds from the Private Offering and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of the Private Offering. Our primary use of cash will be investments in portfolio companies, payments of our expenses, payment of cash distributions to our shareholders and repurchases of our Common Shares under our share repurchase program.

Equity

For the three months ended March 31, 2025 and March 31, 2024, we held one closing and three closings of our continuous Private Offering, respectively. As a result, the total Class NAV shares issued, and proceeds received related to such closings were as follows:

 

Shares issue date

   Class NAV shares issued      Proceeds Received  

March 31, 2025

     

February 3, 2025

     716,476      $ 15,000,000  

March 31, 2024

     

January 2, 2024

     723,237      $ 15,000,000  

February 1, 2024

     718,284      $ 15,000,000  

March 1, 2024

     714,078      $ 15,000,000  

 

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Table of Contents

Credit Facilities

We utilize leverage to finance our investments. The amount of leverage that we employ will be subject to the restrictions of the 1940 Act and the supervision of our Board. At the time of any proposed borrowing, the amount of leverage we employ will also depend on our Advisor’s assessment of market and other factors.

We have established one or more credit facilities and may enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over a specified reference rate. We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

JPM Funding Facility

On March 26, 2024, the SPV, a wholly owned consolidated subsidiary of the Fund, entered into a Loan and Security Agreement (the JPM Funding Facility), as borrower (the Borrower), with the Fund, as the parent and portfolio manager, The Bank of New York Mellon Trust Company, National Association, as collateral agent, collateral administrator and securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent, that provides a secured credit facility of up to $150 million with a reinvestment period ending March 26, 2027 and an initial final maturity date of March 26, 2029 . The JPM Funding Facility also provides for a feature that allows the Borrower, subject to certain conditions, to increase the overall size of the JPM Funding Facility to a maximum of $500 million. In addition, on March 26, 2024, the Fund, as seller, and the Borrower, as purchaser, entered into a Sale and Contribution Agreement, pursuant to which Borrower will either purchase certain corporate loans or receive contributions of cash or such corporate loans (collectively, the Loans), from time to time, originated by the Fund or its affiliates. On November 26, 2024, the SPV entered into a First Amendment to the JPM Funding Facility, which provides for a decrease in the interest rate on borrowings under the JPM Funding Facility from an applicable margin of 2.70% to 2.30%, in each case over Term SOFR or an alternate base rate; an increase in commitment fee on the undrawn balance of 0.55% per annum (or, 0.30% during ramp-up period) to 0.75% per annum (or, 0.50% during ramp-up period), extends the maturity of the JPM Funding Facility to November 26, 2029; and resets the investment period and call protection.

The obligations of the Borrower under the JPM Funding Facility are secured by substantially all assets held by the Borrower, including the Loans. Borrowings under the JPM Funding Facility will bear interest at Term SOFR or an alternate base rate, in each case plus an applicable margin equal to 2.30% as amended on November 26, 2024, subject to increases for default rate interest from time to time pursuant to the terms of the JPM Funding Facility. In addition, the Borrower will pay, among other fees, an upfront fee, an administrative agency fee (removed November 26, 2024) and a commitment fee on the undrawn balance of 0.75% per annum (or, during the March 26, 2024 to March 27, 2025 ramp-up period, 0.50% per annum) as amended on November 26, 2024, on the average daily unused facility amount.

Under the JPM Funding Facility, the Fund and the Borrower, as applicable, have made customary representations and warranties regarding their businesses, among other things, and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The JPM Funding Facility includes usual and customary events of default for such facilities of this nature. Proceeds from the JPM Funding Facility must be used for the purposes permitted in the JPM Funding Facility, including purchasing of loans or other portfolio investments.

As of March 31, 2025 and December 31, 2024, the Fund had outstanding borrowings of $63,800,000 and $53,200,000 at an average interest rate of 6.61% and 6.80%, which is reflected in the Credit facility payable on the Consolidated Statements of Assets and Liabilities. During the three months ended March 31, 2025 and March 31, 2024, the average daily outstanding borrowings for the JPM Funding Facility amounted to $52,711,111 and $5,000,000 and the weighted average interest rate was 6.53% and 8.01%, respectively.

For further details, see “Note 5 – Borrowings” under “Item 1. Consolidated Financial Statements (Unaudited)” in the accompanying unaudited consolidated financial statements.

 

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Table of Contents

Contractual Obligations, Off-Balance Sheet Arrangements and Other Liquidity Considerations

We have entered into certain contracts under which we may have material future commitments. We have entered into each of the Investment Advisory Agreement and the Service Agreement with the Advisor to provide us with investment advisory services and administrative services. Payments for investment advisory services under the Investment Advisory Agreement and reimbursements made under the Service Agreement are described in “Part I Item 1. Business – Management Agreements” of our December 31, 2024 Form 10-K. The Advisor is responsible for payments under the Service Level Agreement.

If any of our contractual obligations are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Investment Advisory Agreement and our Service Agreement, and the Service Level Agreement between the Advisor and JHIM.

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet.

As of March 31, 2025 and December 31, 2024, the Fund had the following unfunded commitments outstanding:

 

     March 31, 2025      December 31, 2024  
Unfunded Term Loan    Principal on Delayed
Draw Term Loan
     Principal on
Revolver
     Principal on Delayed Draw
Term Loan
     Principal on
Revolver
 

4M Capital, Ltd.

     —       $ 528,000        —       $ 528,000  

AC Blackpoint Acquisition, Inc

   $ 1,407,378        508,475      $ 2,033,898        508,475  

Air Buyer, Inc.

     —         340,909        750,000        340,909  

All Glass & Window Holdings, Inc.

     1,282,051        769,231        —         —   

American Combustion Industries, Inc.

     857,214        227,473        1,005,670        299,307  

Bandon Fitness, Inc.

     1,725,959        114,804        1,739,184        114,804  

BCTS Parent LLC

     3,704,976        283,587        824,176        283,587  

Beacon Behavioral Holdings LLC

     1,652,025        28,628         2,646,894        114,512  

Beary Landscaping LLC

     135,211        422,535        422,535        422,535  

BLP Buyer, Inc.

     —         191,129        —         229,839  

Capital Construction LLC

     —         508,039        —         508,039  

Chemtron Supply LLC

     2,333,630        362,979        2,333,630        362,979  

CPS Holdco, Inc.

     2,868,269        705,128        —         —   

DAWGS Intermediate Holding Company

     —         363,416        —         —   

Diverzify Intermediate LLC

     1,371,429        —         1,371,429        —   

Eastern Communications Solutions, Inc.

     —          1,031,519        —          1,031,519  

Foodscience LLC

      2,444,444        763,889        2,444,444        763,889  

Health Management Associates, Inc.

     —         71,302        155,005        65,102  

Hill Country Dairies, Inc.

     870,968        580,645        870,968        508,065  

HMN Acquirer Corp.

     1,041,667        625,000        1,041,667        625,000  

In Vitro Sciences LLC

     7,111        177,778        7,111        177,778  

Integrated Openings Solutions LLC

     4,120,879        379,121        4,120,879        303,297  

Jetson Buyer, Inc.

     —         381,544        —         443,656  

Krayden Holdings, Inc.

     1,393,071        554,743        1,393,071        574,269  

Leap Service Partners LLC

     2,464,147        400,000        752,941        517,647  

Library Associates LLC

     —         72,418        —         72,418  

Lockmasters Security Intermediate, Inc.

     878,274        150,989        878,274        205,895  

M&D Midco, Inc.

     1,045,311        687,484        1,045,311        763,871  

Midwest Eye Services LLC

     2,591,461        704,931        2,812,729        704,931  

OIS Management Services LLC

     893,039        167,626        1,185,503        167,626  

 

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Table of Contents

PAK Quality Foods Acquisition LLC

     537,313        313,433        537,313        313,433  

Pediatric Home Respiratory Services LLC

     900,000        420,000        900,000        420,000  

PNB Holdings III LLC

     1,227,273        490,909        1,227,273        490,909  

Purple Cow Buyer LLC

     1,041,881        277,835        1,041,881        277,835  

QM Buyer, Inc.

     1,222,222        611,111        1,222,222        611,111  

Rapid Buyer LLC

     1,295,585        647,793        1,295,585        647,793  

Redwood MSO LLC

     703,371        337,079        786,517        337,079  

Refocus Management Services LLC

     564,211        147,368        680,000        210,526  

Renovation Systems LLC

     142,865        75,158        142,865        68,894  

RPC TopCo, Inc.

     —         545,455        —         545,455  

Simon Pearce LLC

     —         642,857        —         642,857  

Star Logistics & Hospitality Services LLC

     1,232,143        428,571        1,232,143        535,714  

StartKleen Legacy Holdings LLC

     1,282,051        1,025,641        —         —   

Stellar Buyer LLC

     1,529,801        819,536        1,639,073        819,536  

Steward Partners Global Advisory LLC

     255,607        311,716        317,951        311,716  

SurfacePrep Buyer LLC

     932,138        479,452        227,397        479,452  

The Smilist DSO LLC

     1,884,741        140,351        2,086,698        140,351  

VPD Management, Inc.

     2,299,948        137,143        2,299,948        137,143  

Vybond Buyer LLC

     1,051,402        788,551        —         —   

WeLocalize, Inc.

     —         320,414        —         354,142  

WWEC Holdings III Corp.

     824,818        434,020        824,818        434,020  

XpressMyself.com LLC

     —         233,050        —         233,050  

Total

   $ 54,015,884      $ 21,730,765      $ 46,297,003      $ 18,648,965  

 

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Distributions and Dividend Reinvestment Plan

Distributions

The Fund intends to make quarterly distributions of net investment income. Any distributions we make will be at the discretion of our Board, who will consider, among other things, our earnings, cash flow, capital needs and general financial condition, as well as our desire to comply with the RIC requirements, which generally require us to make aggregate annual distributions to our shareholders of at least 90% of our net investment income. As a result, distributions to shareholders cannot be assured, and the amount of each quarterly distribution is likely to vary. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends at least quarterly. Capital gain distributions, if any, are typically distributed annually.

The following table summarizes the distributions declared on our common shares for the three months ended March 31, 2025 and March 31, 2024:

 

Date Declared    Record Date      Payment Date      Dividend Per Share  

March 31, 2025

        

March 28, 2025

     March 27, 2025        April 22, 2025      $ 0.3833  

March 31, 2024

        

March 27, 2024

     March 26, 2024        April 19, 2024      $ 0.2035  

Dividend Reinvestment Plan

Pursuant to the Dividend Reinvestment Plan (DRP) established by the Fund, each shareholder will automatically be a participant under the DRP and have all income distributions, whether dividend distributions or capital gains distributions, automatically reinvested in additional Common Shares. Election not to participate in the DRP and to receive all income distributions, whether dividend distributions or capital gains distributions, in cash may be made by notice to a shareholder’s intermediary (who should be directed to inform the Fund). A shareholder is free to change this election at any time. If, however, a shareholder elects to change its election within 95 days prior to a distribution, the request will be effective only with respect to distributions after the 95-day period. A shareholder whose Common Shares are registered in the name of a nominee (such as an intermediary) must contact the nominee regarding its status under the DRP, including whether such nominee will participate on such shareholder’s behalf as such nominee will be required to make any such election.

Generally, for U.S. federal income tax purposes, shareholders receiving Common Shares under the DRP will be treated as having received a distribution equal to amount payable to them in cash as a distribution had the shareholder not participated in the DRP.

Common Shares will be issued pursuant to the DRP at their NAV determined on the next valuation date following the ex-dividend date (the last date of a dividend period on which an investor can purchase Common Shares and still be entitled to receive the dividend). There is no sales load or other charge for reinvestment. A request for change of participation/non-participation status in the DRP must be received by the Fund within the above timeframe to be effective for that dividend or capital gain distribution. The Fund may terminate the DRP at any time upon written notice to the participants in the DRP. The Fund may amend the DRP at any time upon 30 days’ written notice to the participants. Any expenses of the DRP will be borne by the Fund.

As of March 31, 2025 and December 31, 2024, no Common Shares were issued pursuant to the DRP.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):

 

   

the Investment Advisory Agreement;

 

   

the Service Agreement;

 

   

the Placement Agency Agreement;

 

   

the Expense Limitation and Reimbursement Agreement; and

 

   

the Sale and Contribution Agreement

 

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See “Note 4 Agreements and transactions with related parties” and “Note 5 Borrowings” under “Item 1. Consolidated Financial Statements (Unaudited)” in the accompanying unaudited consolidated financial statements.

Critical Accounting Policies and Use of Estimates

Our consolidated financial statements are prepared in conformity with US GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management utilizes available information, which includes our history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in the notes to our unaudited consolidated financial statements.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings.

We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

We plan to invest primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith pursuant to procedures adopted by the Advisor and overseen by the Board in accordance with the Advisor’s valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. See “Part I Item 1. Business – Determination of Net Asset Value.” of our December 31, 2024 Form 10-K.

From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements. We may use derivative instruments from time to time, including foreign currency forward contracts and cross currency swaps, to manage the impact of fluctuations in foreign currency exchange rates. In addition, we may have the ability to borrow in foreign currencies under any credit facilities or enter into other financing arrangements, which provides a natural hedge with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to foreign exchange rate differences. We expect to typically be a net receiver of these foreign currencies as related for our international investment positions, and, as a result, our investments denominated in foreign currencies, to the extent not hedged, are expected to benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar. See “Part I Item 1. Business – Determination of Net Asset Value.” of our December 31, 2024 Form 10-K.

As of March 31, 2025, approximately $177.0 million (principal amount) of our debt portfolio investments (funded positions) bore interest at variable rates, which are generally SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors.

 

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Based on our March 31, 2025 Consolidated Statements of Assets and Liabilities, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

 

     March 31, 2025  
     Interest income      Interest expense      Net income  

Up 300 basis points

   $ 5,360,139      $ (1,914,000    $ 3,446,139  

Up 200 basis points

   $ 3,573,426      $ (1,276,000    $ 2,297,426  

Up 100 basis points

   $ 1,786,713      $ (638,000    $ 1,148,713  

Down 100 basis points

   $ (1,786,713    $ 638,000      $ (1,148,713

ITEM 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Based upon their evaluation of the Fund’s disclosure controls and procedures as of March 31, 2025 (the end of the period covered by this report), the Fund’s principal executive officer and principal financial officer have concluded that those disclosure controls and procedures were effective as of March 31, 2025 and provided reasonable assurance that the material information required to be disclosed by the Fund on this report is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. Legal Proceedings.

There are no legal proceedings to which the Fund or the Advisor is a party that are likely to have a material adverse effect on the Fund or the ability of the Advisor to perform its services under the Investment Advisory Agreement with the Fund, nor, to our knowledge, is any material legal proceeding threatened against us or the Advisor.

ITEM 1A. Risk Factors

Investing in our Common Shares involves a number of significant risks. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in “Part I Item 1A. Risk Factors” our December 31, 2024 Form 10-K, which could materially affect the Fund’s business, financial condition and/or operating results. The risks described in our December 31, 2024 Form 10-K are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. In addition to the risk factors discussed in “Part I Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, we are subject to the following risk:

Tariffs may adversely affect us or our portfolio companies.

Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could affect their results of operations. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us or our portfolio companies.

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

The Fund offers and sells its Common Shares in a Private Offering under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder. Except as previously reported by us on our Current Report on Form 8-K, during the period covered by this Quarterly Report on Form 10-Q, the Fund did not sell any unregistered securities.

 

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ITEM 3. Defaults Upon Senior Securities

None

ITEM 4. Mine Safety Disclosures.

Not applicable.

 

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Table of Contents
ITEM 5. Other Information.
 
  (a)
None.
 
  (b)
None.
 
  (c)
For the period covered by this Quarterly Report on Form
10-Q,
no trustee or officer of the Fund has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Fund intended to satisfy the affirmative defense conditions of Rule
10b5-1(c)
under the Securities Exchange Act of 1934 or (ii) any
non-Rule
10b5-1
trading arrangement.
 
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ITEM 6. Exhibits.

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

 

  3.1    Certificate of Trust(1)
  3.2    Certificate of Amendment to Certificate of Trust(1)
  3.3    Amended and Restated Agreement and Declaration of Trust(2)
  3.4    Bylaws(1)
 31.1    Certification of Principal Executive Officer Pursuant to Rule 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 Rule 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
101.SCH*    Inline XBRL Taxonomy Extension Schema Document
101.CAL*    Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*    Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*    Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*    Inline XBRL Taxonomy Extension Presentation Linkbase Document
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
*

Filed herewith

(1)

Incorporated by reference to the Fund’s Form 10-12G filed by the Fund on August 4, 2023 (File No. 000-56578).

(2)

Incorporated by reference to Amendment No. 1 to the Fund’s Form 10-12G filed by the Fund on September 19, 2023 (File No. 000-56578).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

      Manulife Private Credit Fund
Date: May 13, 2025     By:  

/s/ Ian Roke

      Name: Ian Roke
      Title: Chief Executive Officer (Principal Executive Officer)
Date: May 13, 2025     By:  

/s/ Heidi Knapp

      Name: Heidi Knapp
      Title: Chief Financial Officer (Principal Financial Officer)

 

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