UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

               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 814-01489

North Haven Private Income Fund LLC

(Exact name of registrant as specified in its charter)

Delaware	87-4562172
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1585 Broadway	10036
New York, NY	(Zip Code)
(Address of principal executive offices)

1 212-761-4000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

The number of the registrant’s Class S Units outstanding at May 12, 2025 was 185,139,071.

North Haven Private Income Fund LLC

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025

TABLE OF CONTENTS

Part I. Financial Information
Item 1.	Consolidated Financial Statements (Unaudited)	3
	Consolidated Statements of Financial Condition	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Members’ Capital	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	72
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	96
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	107
Item 4.	Controls and Procedures	108
Part II. Other Information
Item 1.	Legal Proceedings	109
Item 1A.	Risk Factors	109
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	109
Item 3.	Defaults Upon Senior Securities	109
Item 4.	Mine Safety Disclosures	109
Item 5.	Other Information	109
Item 6.	Exhibits	109

North Haven Private Income Fund LLC

Consolidated Statements of Financial Condition

(In thousands, except unit and per unit amounts)

	As of
	March 31, 2025		December 31, 2024
	(Unaudited)		(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $6,334,804 and $6,103,560)	$	6,287,572	$	6,079,019
Non-controlled/affiliated investments, at fair value (amortized cost of $21,924 and $—)	22,107		—
Total investments, at fair value (cost of $6,356,728 and $6,103,560)	6,309,679		6,079,019
Cash and cash equivalents (restricted cash of $8,510 and $1,650)	230,292		218,004
Deferred financing costs	33,293		35,183
Interest and dividend receivable from non-controlled/non-affiliated investments	37,361		58,637
Interest and dividend receivable from non-controlled/affiliated investments	178		—
Receivable for investments sold/repaid	2,822		15,465
Other assets	9,236		2,196
Total assets	6,622,861		6,408,504
Liabilities
Debt (net of unamortized debt issuance costs of $11,829 and $12,828)	2,897,684		2,861,892
Payable for investments purchased	103,731		47,887
Payable to affiliates (Note 3)	553		583
Distributions payable	32,067		26,178
Management fees payable	6,535		7,337
Subscriptions received in advance (Note 8)	56,533		51,728
Payable for units repurchased (Note 8)	65,290		55,792
Income based incentive fee payable	7,611		8,399
Interest and financing costs payable	28,721		53,852
Accrued expenses and other liabilities	15,807		23,670
Total liabilities	3,214,532		3,137,318
Commitments and contingencies (Note 7)
Members' Capital
Units, par value $0.001 per unit (181,148,832 and 172,510,464 units issued and outstanding)	181		173
Paid-in capital in excess of par value	3,485,635		3,321,472
Distributable earnings (loss)	(77,487)		(50,459)
Total members' capital	$	3,408,329	$	3,271,186
Total liabilities and members' capital	$	6,622,861	$	6,408,504
Net asset value per unit	$	18.82	$	18.96

    

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

3

North Haven Private Income Fund LLC

Consolidated Statements of Operations (Unaudited)

(In thousands, except unit and per unit amounts)

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	150,670	$	100,240
Payment-in-kind income	6,528		2,600
Dividend income	1,123		960
Other income	3,013		2,169
From non-controlled/affiliated investments:
Interest income	112		—
Payment-in-kind income	63		—
Other income	4		—
Total investment income	161,513		105,969
Expenses:
Interest and other financing expenses	59,855		26,223
Management fees	10,535		7,897
Income based incentive fees	11,611		8,811
Professional fees	1,969		1,369
Directors' fees	130		106
Administrative service fees	4		32
Servicing fees	7,163		5,370
General and other expenses	151		98
Total expenses	91,418		49,906
Management fees waiver (Note 3)	(4,000)		—
Income based incentive fees waiver (Note 3)	(4,000)		—
Net expenses	83,418		49,906
Net investment income before taxes	78,095		56,063
Excise tax expense	—		15
Net investment income after taxes	78,095		56,048
Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments	(5,007)		(3,088)
Foreign currency and other transactions	(5)		1
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(23,320)		816
Non-controlled/affiliated investments	183		—
Translation of assets and liabilities in foreign currencies	60		(46)
Net realized and unrealized gain (loss)	(28,089)		(2,317)
Net increase (decrease) in members' capital resulting from operations	$	50,006	$	53,731
Net investment income (loss) per unit (basic and diluted)	$	0.43	$	0.41
Earnings (loss) per unit (basic and diluted)	$	0.28	$	0.40
Weighted average units outstanding:	179,816,535		135,684,002

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

4

North Haven Private Income Fund LLC

Consolidated Statements of Changes in Members’ Capital (Unaudited)

(In thousands, except unit and per unit amounts)

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Members' Capital at beginning of period:	$	3,271,186	$	2,304,430
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)	78,095		56,048
Net realized gain (loss)	(5,012)		(3,087)
Net change in unrealized appreciation (depreciation)	(23,077)		770
Net increase (decrease) in members’ capital resulting from operations	50,006		53,731
Distributions to Unitholders from:
Distributable earnings	(77,034)		(61,611)
Capital transactions:
Issuance of Units	187,462		392,591
Reinvestment of distributions	41,999		33,179
Repurchased Units	(65,290)		(28,707)
Net increase in members' capital resulting from capital transactions	164,171		397,063
Total increase (decrease) in members' capital	137,143		389,183
Members' capital at end of period	$	3,408,329	$	2,693,613
Distributions per unit	$	0.43	$	0.45

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

5

North Haven Private Income Fund LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations	$	50,006	$	53,731
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	23,137		(816)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(60)		46
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes	293		582
Net realized (gain) loss on investments	5,007		3,088
Net realized (gain) loss on foreign currency and other transactions	5		(1)
Net accretion of discount and amortization of premium on investments	(6,425)		(3,680)
Payment-in-kind interest and dividend capitalized	(6,863)		(3,278)
Amortization of deferred financing costs	1,924		867
Amortization of debt issuance costs and original issuance discount on unsecured notes	1,141		639
Purchases of investments and change in payable for investments purchased	(493,530)		(658,211)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	317,125		114,767
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	20,920		(4,340)
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments	178		—
(Increase) decrease in prepaid expenses and other assets	(3,983)		(78)
(Decrease) increase in payable to affiliates	(30)		(2,193)
(Decrease) increase in management fees payable	(802)		1,368
(Decrease) increase in incentive fees payable	(788)		978
(Decrease) increase in interest payable	(25,131)		(19,244)
(Decrease) increase in accrued expenses and other liabilities	(1,420)		1,395
Net cash provided by (used in) operating activities	(119,296)		(514,380)
Cash flows from financing activities:
Borrowings on debt	$	338,250	$	345,000
Repayments on debt	(314,000)		(153,500)
Deferred financing costs paid	(34)		(113)
Debt issuance costs paid	(16)		(170)
Distributions paid	(29,146)		(25,268)
Proceeds from issuance of Units	135,734		246,471
Subscriptions received in advance	56,533		106,042
Repurchases of Units	(55,792)		(27,596)
Net cash provided by (used in) financing activities	131,529		490,866
Net increase (decrease) in cash, cash equivalents and restricted cash	12,233		(23,514)
Effect of foreign exchange rate changes on cash	55		(7)

6

North Haven Private Income Fund LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Cash, cash equivalents and restricted cash, at beginning of period	218,004		222,244
Cash, cash equivalents and restricted cash, at end of period	$	230,292	$	198,723
Supplemental information and non-cash activities:
Excise tax paid	$	—	$	114
Interest expense paid	$	81,085	$	42,535
Distribution reinvestment paid	$	41,999	$	33,179
Accrued but unpaid distributions	$	32,067	$	21,619
Accrued but unpaid repurchases of Units	$	65,290	$	28,707
Non-cash purchases of investments	$	(23,193)	$	(21,266)
Non-cash sales of investments	$	23,193	$	21,266

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

7

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
Jonathan Acquisition Company	(6) (10)	First Lien Debt	S +	5.00%	9.40%	12/22/2026	13,343	$	13,297	$	13,343	0.39	%
Jonathan Acquisition Company	(6) (10) (19)	First Lien Debt	S +	5.00%	9.40%	12/22/2025	343	340		343		0.01
Mantech International CP	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	9.29%	9/14/2029	33,407	33,090		33,407		0.98
Mantech International CP	(6) (11) (19)	First Lien Debt	S +	5.00%	9.29%	9/14/2029	—	(22)		—		—
Mantech International CP	(6) (11) (19)	First Lien Debt	S +	5.00%	9.29%	9/14/2028	—	(37)		—		—
PCX Holding Corp.	(6) (7) (10)	First Lien Debt	S +	6.25%	10.70%	4/22/2027	7,635	7,207		7,156		0.21
PCX Holding Corp.	(6) (7) (10)	First Lien Debt	S +	6.25%	10.70%	4/22/2027	7,689	7,259		7,207		0.21
PCX Holding Corp.	(6) (10)	First Lien Debt	S +	6.25%	10.70%	4/22/2027	793	751		743		0.02
Two Six Labs, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.55%	8/20/2027	24,729	24,454		24,673		0.72
Two Six Labs, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	8/20/2027	1,802	1,753		1,787		0.05
Two Six Labs, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	8/20/2027	439	429		437		0.01
								88,521		89,096		2.61
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	9.20%	6/11/2027	55,895	55,364		55,878		1.64
RoadOne IntermodaLogistics	(6) (10)	First Lien Debt	S +	6.25%	10.49%	12/29/2028	1,265	1,241		1,231		0.04
RoadOne IntermodaLogistics	(6) (10)	First Lien Debt	S +	6.25%	10.49%	12/29/2028	116	114		113		—
RoadOne IntermodaLogistics	(6) (10) (19)	First Lien Debt	S +	6.25%	10.49%	12/29/2028	101	96		94		—
								56,815		57,316		1.68
Automobile Components
Continental Battery Company	(6) (7) (8) (10) (13) (16)	First Lien Debt	S +	7.00% (incl. 4.08% PIK)	11.06%	1/20/2027	12,945	11,731		6,379		0.19
LTI Holdings, Inc.		First Lien Debt	S +	4.25%	8.57%	7/19/2029	4,980	4,976		4,960		0.15
Randy's Holdings, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	9.30%	11/1/2029	13,506	13,273		13,506		0.40
Randy's Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	11/1/2029	2,624	2,554		2,624		0.08
Randy's Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	11/1/2029	810	780		810		0.02
Sonny's Enterprises, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.50%	9.95%	8/5/2028	52,624	52,107		49,919		1.46
Sonny's Enterprises, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.95%	8/5/2028	6,002	5,894		5,537		0.16
Sonny's Enterprises, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.95%	8/5/2027	3,227	3,154		2,941		0.09
Spectrum Automotive Holdings Corp.	(6) (7) (11)	First Lien Debt	S +	5.25%	9.58%	6/29/2028	9,904	9,833		9,904		0.29
Spectrum Automotive Holdings Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	6/29/2028	3,191	3,162		3,191		0.09
Spectrum Automotive Holdings Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	6/29/2027	—	(2)		—		—
								107,462		99,771		2.93
Automobiles
ARI Network Services, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.33%	8/28/2026	23,886	23,776		23,659		0.69
ARI Network Services, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.33%	8/28/2026	1,520	1,520		1,506		0.04

8

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
ARI Network Services, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	8/28/2026	774	$	771	$	757	0.02	%
COP Collisionright Parent, LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.50%	9.79%	1/29/2030	30,927	30,404		30,927		0.91
COP Collisionright Parent, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.79%	1/29/2030	13,984	13,705		13,984		0.41
COP Collisionright Parent, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.79%	1/29/2030	752	671		752		0.02
Drivecentric Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	9.07%	8/15/2031	30,441	30,157		30,310		0.89
Drivecentric Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.07%	8/15/2031	—	(37)		(17)		—
LeadVenture, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	8/28/2026	2,178	2,158		2,148		0.06
MajorDrive Holdings IV, LLC	(12)	First Lien Debt	S +	4.00%	8.56%	6/1/2028	2,962	2,964		2,679		0.08
Turbo Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	6.00%	10.45%	12/2/2025	15,889	15,514		15,098		0.44
Turbo Buyer, Inc.	(6) (10)	First Lien Debt	S +	6.00%	10.45%	12/2/2025	2,432	2,390		2,310		0.07
Vehlo Purchaser, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.58%	5/24/2028	8,471	8,404		8,428		0.25
Vehlo Purchaser, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	5/24/2028	2,056	1,841		1,837		0.05
Vehlo Purchaser, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	5/24/2028	—	(3)		(2)		—
								134,235		134,376		3.94
Beverages
Vamos Bidco, Inc.	(6) (7) (12)	First Lien Debt	S +	4.75%	9.05%	1/30/2032	11,609	11,495		11,495		0.34
Vamos Bidco, Inc.	(6) (12) (19)	First Lien Debt	S +	4.75%	9.05%	1/30/2032	—	(24)		(24)		—
Vamos Bidco, Inc.	(6) (12) (19)	First Lien Debt	S +	4.75%	9.05%	1/30/2032	—	(14)		(14)		—
								11,457		11,457		0.34
Biotechnology
GraphPad Software, LLC	(6) (11)	First Lien Debt	S +	4.75%	9.05%	6/30/2031	37,463	37,291		37,463		1.10
GraphPad Software, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/30/2031	1,112	1,062		1,112		0.03
GraphPad Software, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/30/2031	—	(19)		—		—
								38,334		38,575		1.13
Building Products
LHS Borrower, LLC		First Lien Debt	S +	4.75%	9.17%	2/16/2029	3,414	3,348		2,882		0.08
LSF12 Crown US Commercial Bidco, LLC		First Lien Debt	S +	4.25%	8.57%	12/2/2031	3,000	3,014		2,939		0.09
Project Potter Buyer, LLC	(6) (8) (10)	First Lien Debt	S +	6.00%	10.30%	4/23/2027	10,245	10,245		10,245		0.30
Project Potter Buyer, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.30%	4/23/2026	—	—		—		—
								16,607		16,066		0.47
Capital Markets
Orion Advisor Solutions, Inc.	(14)	First Lien Debt	S +	3.75%	8.04%	9/24/2030	4,000	4,030		3,995		0.12
Chemicals
Olympus Water US Holding Corporation	(12)	First Lien Debt	S +	3.00%	7.30%	6/20/2031	4,694	4,706		4,613		0.14
Tank Holding Corp.	(9) (11)	First Lien Debt	S +	6.00%	10.43%	3/31/2028	53,231	52,436		51,108		1.50
Tank Holding Corp.	(11)	First Lien Debt	S +	6.00%	10.43%	3/31/2028	5,996	5,850		5,746		0.17

9

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Tank Holding Corp.	(11) (19)	First Lien Debt	S +	6.00%	10.43%	3/31/2028	—		$	(19)	$	(72)	—	%
V Global Holdings, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.75%	10.20%	12/22/2027	15,875		15,638		15,085		0.44
V Global Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.20%	12/22/2027	1,624		1,603		1,513		0.04
									80,214		77,993		2.29
Commercial Services & Supplies
365 Retail Markets, LLC	(6) (7) (10)	First Lien Debt	S +	4.50%	8.81%	12/26/2028	7,237		7,237		7,237		0.21
365 Retail Markets, LLC	(6) (7) (10)	First Lien Debt	S +	4.50%	8.81%	12/26/2028	2,322		2,322		2,322		0.07
Allied Universal Holdco, LLC	(12) (14)	First Lien Debt	S +	3.75%	8.17%	5/12/2028	7,470		7,465		7,458		0.22
Atlas Us Finco, Inc.	(6) (7) (8) (10) (15)	First Lien Debt	S +	5.00%	9.29%	12/9/2029	36,374		35,700		36,374		1.07
Atlas Us Finco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	5.00%	9.29%	12/9/2028	—		(24)		—		—
Belfor Holdings, Inc.	(12)	First Lien Debt	S +	3.00%	7.32%	11/1/2030	1,951		1,967		1,946		0.06
BPG Holdings IV Corp.	(6) (7) (9) (11)	First Lien Debt	S +	6.00%	10.30%	7/29/2029	25,875		24,306		22,889		0.67
Consor Intermediate II, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.80%	5/12/2031	6,837		6,780		6,836		0.20
Consor Intermediate II, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	5/12/2031	—		(19)		(1)		—
Consor Intermediate II, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	5/12/2031	—		(12)		—		—
CRCI Longhorn Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.33%	8/27/2031	8,801		8,719		8,801		0.26
CRCI Longhorn Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	8/27/2031	—		(10)		—		—
CRCI Longhorn Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	8/27/2031	765		751		765		0.02
Energy Labs Holdings Corp.	(6) (7) (9) (10)	First Lien Debt	S +	5.00%	9.40%	4/7/2028	7,944		7,872		7,844		0.23
Energy Labs Holdings Corp.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.40%	4/7/2028	1,378		1,351		1,336		0.04
Energy Labs Holdings Corp.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.40%	4/7/2028	192		174		168		—
EnergySolutions, LLC	(14)	First Lien Debt	S +	3.25%	7.57%	9/20/2030	4,986		5,011		4,961		0.15
Firebird Acquisition Corp, Inc.	(6) (11)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	9.29%	2/2/2032	5,950		5,921		5,921		0.17
Firebird Acquisition Corp, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	9.29%	2/2/2032	—		(9)		(9)		—
Firebird Acquisition Corp, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	9.29%	2/2/2032	—		(5)		(5)		—
FLS Holding, Inc.	(6) (7) (8) (10) (15)	First Lien Debt	S +	5.25%	9.69%	12/15/2028	23,713		22,635		20,931		0.61
FLS Holding, Inc.	(6) (7) (10) (15)	First Lien Debt	S +	5.25%	9.69%	12/15/2028	5,560		5,308		4,908		0.14
FLS Holding, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	5.25%	9.69%	12/17/2027	1,138		1,045		871		0.03
Foundever Worldwide Corporation	(12)	First Lien Debt	S +	3.75%	8.18%	8/28/2028	4,837		4,848		2,850		0.08
Helios Service Partners, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.56%	3/19/2027	12,280		12,102		12,214		0.36
Helios Service Partners, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.56%	3/19/2027	20,769		20,378		20,596		0.60
Helios Service Partners, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.56%	3/19/2027	—		(52)		(22)		—
Hercules Borrower, LLC	(6) (11)	First Lien Debt	S +	5.25%	9.64%	12/15/2026	33,048		32,794		32,924		0.97
Hercules Borrower, LLC	(6) (11) (19)	First Lien Debt	C +	5.25%	8.02%	12/15/2026	C$	—	(9)		(99)		—

10

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
HSI Halo Acquisition, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.29%	6/30/2031	18,974		$	18,800	$	18,974	0.56	%
HSI Halo Acquisition, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.29%	6/30/2031	786		766		786		0.02
HSI Halo Acquisition, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.29%	6/28/2030	—		(26)		—		—
Iris Buyer, LLC	(6) (7) (10) (15)	First Lien Debt	S +	5.25%	9.54%	10/2/2030	19,926		19,529		19,852		0.58
Iris Buyer, LLC	(6) (10) (15)	First Lien Debt	S +	5.25%	9.54%	10/2/2030	1,879		1,845		1,872		0.05
Iris Buyer, LLC	(6) (10) (15) (19)	First Lien Debt	S +	5.25%	9.54%	10/2/2029	865		813		854		0.03
Procure Acquireco, Inc. (Procure Analytics)	(6) (7) (11)	First Lien Debt	S +	4.75%	9.06%	12/20/2028	15,357		15,357		15,357		0.45
Procure Acquireco, Inc. (Procure Analytics)	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	12/20/2028	933		929		933		0.03
Procure Acquireco, Inc. (Procure Analytics)	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	12/20/2028	—		—		—		—
Pye-Barker Fire & Safety, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.80%	5/26/2031	18,135		18,135		18,135		0.53
Pye-Barker Fire & Safety, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	5/26/2031	2,923		2,877		2,923		0.09
Pye-Barker Fire & Safety, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	5/24/2030	314		292		314		0.01
Routeware, Inc.	(6) (7) (10)	First Lien Debt	S +	5.25%	9.55%	9/18/2031	4,773		4,728		4,744		0.14
Routeware, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	9/18/2031	136		125		123		—
Routeware, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	9/18/2031	—		(5)		(3)		—
Sherlock Buyer Corp.	(6) (7) (8) (10)	First Lien Debt	S +	5.75%	10.15%	12/8/2028	25,036		24,951		25,036		0.73
Sherlock Buyer Corp.	(6) (10) (19)	First Lien Debt	S +	5.75%	10.15%	12/8/2027	—		(7)		—		—
Surewerx Purchaser III, Inc.	(6) (7) (8) (11) (15)	First Lien Debt	S +	5.25%	9.55%	12/28/2029	4,029		3,984		4,025		0.12
Surewerx Purchaser III, Inc.	(6) (11) (15)	First Lien Debt	C +	5.25%	7.91%	12/28/2029	C$	2,611	1,884		1,812		0.05
Surewerx Purchaser III, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.25%	9.55%	12/28/2029	225		217		224		0.01
Surewerx Purchaser III, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.25%	9.55%	12/28/2028	730		714		728		0.02
Surewerx Purchaser III, Inc.	(6) (11) (15)	First Lien Debt	C +	5.25%	7.91%	12/28/2028	C$	20	14		14		—
Sweep Midco, LLC	(6) (7) (10) (17)	Second Lien Debt				3/12/2034	1,086		543		539		0.02
Sweep Midco, LLC	(6) (7) (10) (17)	Second Lien Debt				3/12/2036	3,156		—		—		—
Sweep Purchaser, LLC	(6) (7) (10)	First Lien Debt	S +	5.75% PIK	10.15%	6/30/2027	4,077		4,077		4,077		0.12
Sweep Purchaser, LLC	(6) (7) (10)	First Lien Debt	S +	5.75%	10.15%	6/30/2027	2,045		2,045		2,045		0.06
Sweep Purchaser, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.15%	6/30/2027	—		—		—		—
Tamarack Intermediate, LLC	(6) (7) (11)	First Lien Debt	S +	5.75%	10.20%	3/13/2028	22,683		22,404		22,513		0.66
Tamarack Intermediate, LLC	(6) (11)	First Lien Debt	S +	5.75%	10.20%	3/13/2028	2,225		2,186		2,208		0.06
Tamarack Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.20%	3/13/2028	—		(39)		(25)		—
Tempo Acquisition, LLC		First Lien Debt	S +	1.75%	6.07%	8/31/2028	3,977		3,989		3,943		0.12
Transit Technologies, LLC	(6) (11)	First Lien Debt	S +	4.75%	9.17%	8/20/2031	12,091		11,978		12,091		0.35
Transit Technologies, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.17%	8/20/2031	1,353		1,326		1,353		0.04
Transit Technologies, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.17%	8/20/2030	—		(23)		—		—
TruGreen Limited Partnership		First Lien Debt	S +	4.00%	8.42%	11/2/2027	4,836		4,811		4,542		0.13
Vensure Employer Services, Inc.	(6) (7) (12)	First Lien Debt	S +	5.00%	9.30%	9/26/2031	26,100		25,857		25,921		0.76
Vensure Employer Services, Inc.	(6) (12) (19)	First Lien Debt	S +	5.00%	9.30%	9/26/2031	1,003		965		960		0.03

11

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
VRC Companies, LLC	(6) (7) (10)	First Lien Debt	S +	5.75%	10.07%	6/29/2027	50,231	$	50,021	$	50,231	1.47	%
VRC Companies, LLC	(6) (10)	First Lien Debt	S +	5.75%	10.07%	6/29/2027	47,474	47,005		47,474		1.39
VRC Companies, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.07%	6/29/2027	—	—		—		—
								507,613		504,591		14.80
Construction & Engineering
Arcoro Holdings Corp.	(6) (10)	First Lien Debt	S +	5.50%	9.80%	3/28/2030	56,961	55,969		55,208		1.62
Arcoro Holdings Corp.	(6) (10) (19)	First Lien Debt	S +	5.50%	9.80%	3/28/2030	—	(143)		(265)		-0.01
Artera Services, LLC		First Lien Debt	S +	4.50%	8.80%	2/15/2031	1,990	1,973		1,883		0.06
Centuri Group, Inc.	(12)	First Lien Debt	S +	2.50%	6.94%	8/27/2028	1,897	1,896		1,894		0.06
Crown Subsea Communications Holding, Inc.	(14)	First Lien Debt	S +	4.00%	8.32%	1/30/2031	3,990	4,025		3,990		0.12
KPSKY Acquisition, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.50%	9.89%	10/19/2028	20,695	19,878		18,773		0.55
KPSKY Acquisition, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.89%	10/19/2028	16,493	16,143		14,961		0.44
LJ Avalon Holdings, LLC	(6) (10)	First Lien Debt	S +	4.75%	9.07%	2/1/2030	2,937	2,869		2,937		0.09
LJ Avalon Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.07%	2/1/2030	1,202	1,166		1,202		0.04
LJ Avalon Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.07%	2/1/2029	—	(9)		—		—
Superman Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	4.50%	8.80%	8/29/2031	25,330	25,211		25,330		0.74
Superman Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	8/29/2031	5,298	5,255		5,298		0.16
Superman Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	8/29/2031	—	(17)		—		—
								134,216		131,211		3.85
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.79%	2/3/2031	41,566	41,222		41,566		1.22
PDI TA Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.79%	2/3/2031	—	(31)		—		—
PDI TA Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.79%	2/3/2031	501	470		501		0.01
								41,661		42,067		1.23
Containers & Packaging
Berlin Packaging, LLC	(14)	First Lien Debt	S +	3.50%	7.82%	6/7/2031	5,965	5,970		5,939		0.17
BP Purchaser, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.50% PIK	10.06%	12/11/2028	34,285	32,916		30,191		0.89
Clydesdale Acquisition Holdings, Inc.	(14)	First Lien Debt	S +	3.18%	7.50%	4/13/2029	7,303	7,306		7,266		0.21
FORTIS Solutions Group, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.90%	10/13/2028	21,909	21,822		21,909		0.64
FORTIS Solutions Group, LLC	(6) (11)	First Lien Debt	S +	5.50%	9.90%	10/13/2028	330	279		330		0.01
FORTIS Solutions Group, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	9.90%	10/15/2027	810	804		810		0.02
Proampac PG Borrower, LLC		First Lien Debt	S +	4.00%	8.31%	9/15/2028	2,957	2,970		2,935		0.09
								72,067		69,380		2.04
Distributors
48Forty Solutions, LLC	(6) (7) (9) (10)	First Lien Debt	S +	6.00% (incl. 3.50% PIK)	10.46%	11/30/2029	46,817	45,416		28,853		0.85
48Forty Solutions, LLC	(6) (10) (19)	First Lien Debt	S +	6.00% (incl. 3.50% PIK)	10.46%	11/30/2029	2,705	2,496		(26)		—
ABB Concise Optical Group, LLC	(6) (8) (11)	First Lien Debt	S +	7.50%	11.95%	2/23/2028	17,008	16,767		15,668		0.46

12

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Bradyplus Holdings, LLC	(6) (7) (8) (9) (10)	First Lien Debt	S +	5.00%	9.29%	10/31/2029	44,296	$	43,594	$	44,296	1.30	%
Bradyplus Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.29%	10/31/2029	280	260		280		0.01
PT Intermediate Holdings III, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.30%	4/9/2030	60,320	59,719		60,320		1.77
PT Intermediate Holdings III, LLC	(6) (11) (19)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.30%	4/9/2030	—	(5)		—		—
								168,247		149,391		4.38
Diversified Consumer Services
Any Hour, LLC	(6) (12)	First Lien Debt	S +	5.25%	9.55%	5/23/2030	11,773	11,615		11,604		0.34
Any Hour, LLC	(6) (12) (19)	First Lien Debt	S +	5.25%	9.55%	5/23/2030	333	309		284		0.01
Any Hour, LLC	(6) (12) (19)	First Lien Debt	S +	5.25%	9.55%	5/23/2030	935	913		910		0.03
Any Hour, LLC	(6)	Other Debt		13.00% PIK	13.00%	5/23/2031	3,289	3,235		3,223		0.09
Apex Service Partners, LLC	(6) (7) (8) (9) (10)	First Lien Debt	S +	5.00%	9.31%	10/24/2030	71,923	70,963		71,923		2.11
Apex Service Partners, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.31%	10/24/2030	17,123	16,853		17,123		0.50
Apex Service Partners, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.31%	10/24/2029	4,814	4,744		4,814		0.14
Ascend Learning, LLC	(12) (14)	First Lien Debt	S +	3.00%	7.32%	12/11/2028	7,356	7,325		7,260		0.21
Assembly Intermediate, LLC	(6) (7) (10)	First Lien Debt	S +	5.25%	9.55%	10/19/2027	8,889	8,547		8,889		0.26
Assembly Intermediate, LLC	(6) (10)	First Lien Debt	S +	5.25%	9.55%	10/19/2027	1,778	1,708		1,778		0.05
Assembly Intermediate, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	10/19/2027	—	(33)		—		—
DA Blocker Corp.	(6) (9) (11) (15)	First Lien Debt	S +	4.75%	9.05%	2/10/2032	7,759	7,683		7,683		0.23
DA Blocker Corp.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	2/10/2032	—	(12)		(12)		—
DA Blocker Corp.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	2/10/2032	242	235		235		0.01
Eclipse Buyer, Inc.	(6) (7) (12)	First Lien Debt	S +	4.75%	9.06%	9/8/2031	8,362	8,283		8,362		0.25
Eclipse Buyer, Inc.	(6) (12) (19)	First Lien Debt	S +	4.75%	9.06%	9/8/2031	—	(6)		—		—
Eclipse Buyer, Inc.	(6) (12) (19)	First Lien Debt	S +	4.75%	9.06%	9/8/2031	—	(7)		—		—
Essential Services Holding Corporation	(6) (8) (11)	First Lien Debt	S +	5.00%	9.30%	6/17/2031	18,624	18,453		18,624		0.55
Essential Services Holding Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	6/17/2031	—	(23)		—		—
Essential Services Holding Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	6/17/2030	515	488		515		0.02
EVDR Purchaser, Inc.	(6) (11)	First Lien Debt	S +	5.50%	9.83%	2/14/2031	41,394	40,669		41,394		1.21
EVDR Purchaser, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.83%	2/14/2031	—	(100)		—		—
EVDR Purchaser, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.83%	2/14/2031	717	597		717		0.02
FPG Intermediate Holdco, LLC	(6) (10) (13)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.20%	3/5/2027	7,667	7,559		5,501		0.16
FPG Intermediate Holdco, LLC	(6) (10) (19)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.20%	3/5/2027	289	289		289		0.01
Heartland Home Services	(6) (11)	First Lien Debt	S +	5.75%	10.15%	12/15/2026	23,050	22,874		22,032		0.65
KUEHG Corp.	(12)	First Lien Debt	S +	3.25%	7.55%	6/12/2030	7,343	7,371		7,324		0.21

13

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Lightspeed Solution, LLC	(6) (7) (11)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	10.83%	3/1/2028	22,992	$	22,789	$	22,959	0.67	%
Lightspeed Solution, LLC	(6) (11)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	10.83%	3/1/2028	1,364	1,352		1,364		0.04
Express Wash Acquisition Company, LLC	(6) (7) (10)	First Lien Debt	S +	6.50%	11.07%	7/14/2028	9,804	9,587		8,775		0.26
Express Wash Acquisition Company, LLC	(6) (10)	First Lien Debt	S +	6.50%	11.07%	7/14/2028	2,073	2,027		1,855		0.05
Express Wash Acquisition Company, LLC	(6) (10) (19)	First Lien Debt	S +	6.50%	11.07%	7/14/2028	262	253		212		0.01
Project Accelerate Parent, LLC	(6) (11)	First Lien Debt	S +	5.25%	9.57%	2/24/2031	33,435	33,139		33,435		0.98
Project Accelerate Parent, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.57%	2/24/2031	—	(40)		—		—
Spring Education Group, Inc.		First Lien Debt	S +	4.00%	8.30%	10/4/2030	3,950	3,963		3,939		0.12
Vertex Service Partners, LLC	(6) (7) (9) (11)	First Lien Debt	S +	6.00%	10.30%	11/8/2030	9,801	9,594		9,801		0.29
Vertex Service Partners, LLC	(6) (11) (19)	First Lien Debt	S +	6.00%	10.30%	11/8/2030	19,137	18,726		19,137		0.56
Vertex Service Partners, LLC	(6) (11) (19)	First Lien Debt	S +	6.00%	10.30%	11/8/2030	900	849		900		0.03
Wand NewCo 3, Inc.		First Lien Debt	S +	2.50%	6.82%	1/30/2031	7,279	7,285		7,163		0.21
								350,056		350,012		10.27
Electric Utilities
Kohler Energy Co, LLC		First Lien Debt	S +	3.75%	8.05%	5/1/2031	4,591	4,630		4,512		0.13
Electrical Equipment
Spark Buyer, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.57%	10/15/2031	5,299	5,224		5,253		0.15
Spark Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.57%	10/15/2031	—	(15)		(19)		—
Spark Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.57%	10/15/2031	—	(15)		(9)		—
								5,194		5,225		0.15
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(6) (7) (8) (11)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	10.96%	7/6/2028	28,407	27,704		22,264		0.65
Abracon Group Holdings, LLC	(6) (11)	First Lien Debt	S +	6.50% (incl. 4.60% PIK)	10.96%	7/6/2028	1,900	1,856		1,489		0.04
Chamberlain Group, Inc.	(14)	First Lien Debt	S +	3.25%	7.67%	11/3/2028	6,842	6,836		6,772		0.20
DG Investment Intermediate Holdings 2, Inc.		First Lien Debt	S +	3.75%	8.19%	3/31/2028	4,358	4,360		4,325		0.13
Dwyer Instruments, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	4.75%	9.05%	7/20/2029	54,333	53,654		54,060		1.59
Dwyer Instruments, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	7/20/2029	23,697	23,325		23,569		0.69
Dwyer Instruments, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	7/20/2029	316	259		288		0.01
Infinite Bidco, LLC	(6) (9) (12)	First Lien Debt	S +	6.25%	10.57%	3/2/2028	9,139	9,053		9,139		0.27
Infinite Bidco, LLC	(7) (12)	Second Lien Debt	S +	7.00%	11.55%	3/2/2029	12,800	11,240		11,032		0.32
Infinite Bidco, LLC	(12)	Second Lien Debt	S +	7.00%	11.55%	3/2/2029	4,000	3,526		3,448		0.10
Magneto Components Buyco, LLC	(6) (7) (8) (9) (11)	First Lien Debt	S +	6.00% (incl.2.58% PIK)	10.30%	12/5/2030	48,403	47,658		47,470		1.39

14

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Magneto Components Buyco, LLC	(6) (11) (19)	First Lien Debt	S +	6.00% (incl. 2.58% PIK)	10.30%	12/5/2030	—	$	(71)	$	(183)	-0.01	%
Magneto Components Buyco, LLC	(6) (11) (19)	First Lien Debt	S +	6.00% (incl. 2.58% PIK)	10.30%	12/5/2029	—	(113)		(153)		—
NSI Holdings, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.30%	11/15/2031	22,785	22,566		22,562		0.66
NSI Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	11/15/2031	—	(17)		(40)		—
NSI Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	11/15/2031	—	(39)		(40)		—
								211,797		206,002		6.04
Entertainment
Renaissance Holding Corp.	(12)	First Lien Debt	S +	4.00%	8.32%	4/5/2030	2,955	2,952		2,896		0.08
Financial Services
Applitools, Inc.	(6) (7) (11) (15)	First Lien Debt	S +	6.25% PIK	10.55%	5/25/2029	15,247	15,096		15,152		0.44
Applitools, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	6.25%	10.55%	5/25/2028	—	(17)		(10)		—
Boost Newco Borrower, LLC		First Lien Debt	S +	2.00%	6.30%	1/31/2031	7,481	7,506		7,423		0.22
Cerity Partners, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.25%	9.56%	7/30/2029	3,516	3,478		3,516		0.10
Cerity Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.56%	7/30/2029	9,371	9,236		9,338		0.27
Cerity Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.56%	7/28/2028	408	403		408		0.01
GC Waves Holdings, Inc.	(6) (11)	First Lien Debt	S +	4.75%	9.18%	10/4/2030	27,498	26,974		27,498		0.81
GC Waves Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.18%	10/4/2030	6,616	6,129		6,616		0.19
GC Waves Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.18%	10/4/2030	—	(27)		—		—
MAI Capital Management Intermediate, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	9.05%	8/29/2031	4,632	4,589		4,632		0.14
MAI Capital Management Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	8/29/2031	1,083	1,065		1,083		0.03
MAI Capital Management Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	8/29/2031	249	240		249		0.01
PMA Parent Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.58%	1/31/2031	3,410	3,361		3,380		0.10
PMA Parent Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	1/31/2031	—	(3)		(2)		—
RFS Opco, LLC	(6) (12)	First Lien Debt	S +	4.75%	9.05%	4/4/2031	16,915	16,973		16,915		0.50
RFS Opco, LLC	(6) (19)	First Lien Debt	S +	3.50%	7.79%	4/4/2029	17,333	17,125		17,301		0.51
SitusAMC Holdings Corp.	(6) (11)	First Lien Debt	S +	5.50%	9.90%	12/22/2027	15,768	15,723		15,768		0.46
Smarsh, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	9.05%	2/16/2029	11,250	11,174		11,174		0.33
Smarsh, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	2/16/2029	—	(4)		(4)		—
Smarsh, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	2/16/2029	214	203		203		0.01
Trintech, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.50%	9.83%	7/25/2029	69,758	68,624		69,322		2.03
Trintech, Inc.	(6) (10) (19)	First Lien Debt	S +	5.50%	9.83%	7/25/2029	1,735	1,642		1,697		0.05
								209,490		211,659		6.21
Food Products
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(6) (16)	Other Debt		16.25% PIK	16.25%	6/18/2026	500	307		36		—

15

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Teasdale Foods, Inc. (Teasdale Latin Foods)	(6) (7) (10)	First Lien Debt	S +	6.25%	10.69%	12/18/2025	3,595	$	3,503	$	3,163	0.09	%
								3,810		3,199		0.09
Ground Transportation
PODS, LLC	(11)	First Lien Debt	S +	3.00%	7.55%	3/31/2028	4,837	4,840		4,361		0.13
SV Newco 2, Inc.	(6) (11) (15)	First Lien Debt	S +	4.75%	9.05%	6/2/2031	35,105	34,625		34,971		1.03
SV Newco 2, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	6/2/2031	8,666	8,457		8,582		0.25
SV Newco 2, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	6/2/2031	—	(175)		(51)		—
								47,747		47,863		1.40
Health Care Equipment & Supplies
Journey Personal Care Corp.	(11)	First Lien Debt	S +	3.75%	8.05%	3/1/2028	4,952	4,900		4,890		0.14
Medline Borrower, LP	(12)	First Lien Debt	S +	2.25%	6.57%	10/23/2028	6,668	6,670		6,652		0.20
PerkinElmer U.S., LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.00%	9.32%	3/13/2029	27,310	26,739		27,310		0.80
Tidi Legacy Products, Inc.	(6) (7) (9) (10)	First Lien Debt	S +	5.25%	9.58%	12/19/2029	11,112	10,932		11,112		0.33
Tidi Legacy Products, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	12/19/2029	—	(23)		—		—
Tidi Legacy Products, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	12/19/2029	—	(33)		—		—
YI, LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.75%	10.05%	12/3/2029	17,665	17,375		17,634		0.52
YI, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.05%	12/3/2029	—	(29)		(7)		—
YI, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.05%	12/3/2029	—	(43)		(5)		—
								66,488		67,586		1.98
Health Care Providers & Services
Advarra Holdings, Inc.	(6) (9) (11)	First Lien Debt	S +	4.50%	8.83%	9/15/2031	12,882	12,658		12,882		0.38
Advarra Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	9/15/2031	—	(3)		—		—
CHG Healthcare Services, Inc.	(12)	First Lien Debt	S +	3.00%	7.31%	9/29/2028	4,838	4,849		4,828		0.14
CNT Holdings I Corp.	(11)	First Lien Debt	S +	2.50%	6.80%	11/8/2032	6,850	6,860		6,801		0.20
DCA Investment Holdings, LLC	(6) (7) (8) (11)	First Lien Debt	S +	6.50%	10.73%	4/3/2028	49,701	49,199		48,682		1.43
DCA Investment Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	6.50%	10.73%	4/3/2028	3,817	3,772		3,739		0.11
Electron BidCo, Inc.	(12)	First Lien Debt	S +	2.75%	7.07%	11/1/2028	6,860	6,865		6,842		0.20
Ensemble RCM, LLC		First Lien Debt	S +	3.00%	7.29%	8/1/2029	4,606	4,615		4,598		0.13
Gateway US Holdings, Inc.	(6) (7) (8) (11) (15)	First Lien Debt	S +	4.75%	9.05%	9/22/2028	11,899	11,843		11,899		0.35
Gateway US Holdings, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	9/22/2028	3,355	3,327		3,355		0.10
Gateway US Holdings, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	9/22/2028	—	(2)		—		—
Heartland Veterinary Partners, LLC	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	6,312	6,302		6,312		0.19
Heartland Veterinary Partners, LLC	(6) (7) (10)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	772	767		769		0.02
Heartland Veterinary Partners, LLC	(6) (7) (10)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	14,292	14,272		14,292		0.42
Heartland Veterinary Partners, LLC	(6) (10)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	300	298		299		0.01

16

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Heartland Veterinary Partners, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	—	$	(2)	$	—	—	%
iCIMS, Inc.	(6) (7) (11)	First Lien Debt	S +	5.75%	10.04%	8/18/2028	16,989	16,856		16,989		0.50
iCIMS, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.04%	8/18/2028	68	65		68		—
Imagine 360, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	9.05%	10/2/2028	13,299	13,181		13,263		0.39
Imagine 360, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	10/2/2028	—	(8)		(5)		—
Imagine 360, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	10/2/2028	—	(10)		(3)		—
Intelerad Medical Systems Incorporated	(6) (10) (15)	First Lien Debt	S +	6.50%	10.94%	8/21/2026	9,396	9,263		9,114		0.27
Intelerad Medical Systems Incorporated	(6) (10) (15)	First Lien Debt	S +	6.50%	10.94%	8/21/2026	650	644		630		0.02
Invictus Buyer, LLC	(6) (11)	First Lien Debt	S +	4.75%	9.05%	6/3/2031	6,045	5,989		6,022		0.18
Invictus Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/3/2031	—	(11)		(9)		—
Invictus Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/3/2031	—	(8)		(4)		—
LSCS Holdings, Inc.	(14)	First Lien Debt	S +	4.50%	8.80%	3/4/2032	3,500	3,504		3,489		0.10
MED ParentCo, LP		First Lien Debt	S +	3.50%	7.82%	4/15/2031	2,992	3,007		2,986		0.09
Medical Solutions Holdings, Inc.	(12)	First Lien Debt	S +	3.50%	7.89%	11/1/2028	5,340	5,337		3,407		0.10
Midwest Physician Administrative Services, LLC	(11)	First Lien Debt	S +	3.00%	7.56%	3/12/2028	3,869	3,864		3,356		0.10
National Mentor Holdings, Inc.	(11)	First Lien Debt	S +	3.75%	8.16%	3/2/2028	2,713	2,700		2,622		0.08
Pacific Dental Services, LLC		First Lien Debt	S +	2.75%	7.07%	3/15/2031	2,970	2,980		2,950		0.09
Pareto Health Intermediate Holdings, Inc.	(6) (9) (10)	First Lien Debt	S +	5.00%	9.22%	6/3/2030	76,502	75,284		76,215		2.24
Pareto Health Intermediate Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.22%	6/1/2029	—	(148)		(40)		—
PPV Intermediate Holdings, LLC	(6) (9) (11)	First Lien Debt	S +	5.75%	10.06%	8/31/2029	27,638	26,831		27,638		0.81
PPV Intermediate Holdings, LLC	(6) (11)	First Lien Debt	S +	6.00%	10.31%	8/31/2029	26,424	26,243		26,424		0.78
Promptcare Infusion Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	6.00%	10.42%	9/1/2027	3,800	3,784		3,724		0.11
Promptcare Infusion Buyer, Inc.	(6) (10)	First Lien Debt	S +	6.00%	10.42%	9/1/2027	592	589		580		0.02
Raven Acquisition Holdings, LLC	(15)	First Lien Debt	S +	3.25%	7.57%	11/19/2031	4,667	4,644		4,606		0.14
Raven Acquisition Holdings, LLC	(15) (19)	First Lien Debt	S +	3.25%	7.57%	11/19/2031	—	(2)		(4)		—
Stepping Stones Healthcare Services, LLC	(6) (7) (11)	First Lien Debt	S +	5.00%	9.30%	1/2/2029	8,487	8,448		8,487		0.25
Stepping Stones Healthcare Services, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	1/2/2029	2,590	2,562		2,590		0.08
Stepping Stones Healthcare Services, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	12/30/2026	—	(3)		—		—
Suveto Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	9/9/2027	5,234	5,113		5,224		0.15
Suveto Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	9/9/2027	—	(13)		(1)		—
Tivity Health, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.33%	6/28/2029	17,951	17,817		17,929		0.53
TTF Holdings, LLC		First Lien Debt	S +	3.75%	8.00%	7/18/2031	1,995	2,012		1,953		0.06
Vardiman Black Holdings, LLC	(6) (7) (8) (12)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.42%	3/18/2027	15,631	15,631		15,377		0.45
Vardiman Black Holdings, LLC	(6) (12) (13) (19)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.42%	3/18/2027	1,686	1,650		1,656		0.05
								383,415		382,531		11.22

17

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Health Care Technology
Athenahealth, Inc.	(12)	First Lien Debt	S +	3.00%	7.32%	2/15/2029	7,341		$	7,322	$	7,237	0.21	%
Hyland Software, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	9.33%	9/19/2030	77,067		76,192		77,067		2.26
Hyland Software, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	9/19/2029	—		(37)		—		—
Imprivata, Inc.	(12)	First Lien Debt	S +	3.50%	7.79%	12/1/2027	6,404		6,403		6,395		0.19
Lightspeed Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	9.05%	2/3/2027	10,072		10,047		10,072		0.30
Lightspeed Buyer, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	2/3/2027	654		645		654		0.02
Lightspeed Buyer, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	2/3/2027	—		(2)		—		—
MedAssets Software Intermediate Holdings, Inc.	(12)	First Lien Debt	S +	4.00%	8.38%	12/15/2028	6,135		6,135		5,567		0.16
Press Ganey Holdings, Inc.	(14)	First Lien Debt	S +	3.25%	7.57%	4/30/2031	2,992		2,989		2,974		0.09
Project Ruby Ultimate Parent Corp.		First Lien Debt	S +	3.00%	7.44%	3/10/2028	5,334		5,334		5,313		0.16
Symplr Software, Inc.	(11)	First Lien Debt	S +	4.50%	8.89%	12/22/2027	4,836		4,843		4,193		0.12
									119,871		119,472		3.51
Household Durables
ACProducts, Inc.	(12)	First Lien Debt	S +	4.25%	8.81%	5/17/2028	4,837		4,826		3,164		0.09
Madison Safety & Flow, LLC	(14)	First Lien Debt	S +	2.75%	7.07%	9/26/2031	5,000		5,013		4,989		0.15
									9,839		8,153		0.24
Independent Power and Renewable Electricity Producers
Lightning Power, LLC		First Lien Debt	S +	2.25%	6.55%	8/18/2031	6,982		6,991		6,935		0.20
Industrial Conglomerates
Aptean, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	5.25%	9.56%	1/30/2031	71,875		71,277		71,667		2.10
Aptean, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	1/30/2031	1,418		1,389		1,406		0.04
Aptean, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	1/30/2031	—		(48)		(17)		—
Excelitas Technologies Corp.	(6) (9) (11)	First Lien Debt	S +	5.25%	9.58%	8/13/2029	30,707		30,280		30,553		0.90
Excelitas Technologies Corp.	(6)	First Lien Debt	E +	5.25%	7.61%	8/13/2029	€	5,603	5,718		6,022		0.18
Excelitas Technologies Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	8/13/2029	—		(89)		(65)		—
Excelitas Technologies Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	8/14/2028	—		(35)		(16)		—
Raptor Merger Sub Debt, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.50%	9.80%	4/1/2029	45,465		44,799		45,207		1.33
Raptor Merger Sub Debt, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	9.80%	4/1/2029	930		880		910		0.03
									154,171		155,667		4.57
Insurance Services
Acrisure, LLC		First Lien Debt	S +	3.00%	7.32%	11/6/2030	4,988		4,975		4,947		0.15
Alliant Holdings Intermediate, LLC		First Lien Debt	S +	2.75%	7.07%	9/19/2031	7,139		7,148		7,091		0.21
Amerilife Holdings, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	9.26%	8/31/2029	30,921		30,632		30,921		0.91
Amerilife Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.26%	8/31/2029	1,765		1,740		1,752		0.05
Amerilife Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.26%	8/31/2028	—		(13)		—		—

18

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
AssuredPartners, Inc.	(12) (14)	First Lien Debt	S +	3.50%	7.82%	2/14/2031	7,451	$	7,469	$	7,456	0.22	%
Broadstreet Partners, Inc.	(14)	First Lien Debt	S +	3.00%	7.32%	6/13/2031	7,500	7,484		7,428		0.22
Fetch Insurance Services, LLC	(6)	Other Debt		12.75% (incl. 3.75% PIK)	12.75%	10/31/2027	3,133	3,079		3,101		0.09
Foundation Risk Partners Corp.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.30%	10/29/2030	34,886	34,589		34,886		1.02
Foundation Risk Partners Corp.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	10/29/2030	18,512	18,298		18,509		0.54
Foundation Risk Partners Corp.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	10/29/2029	—	(19)		—		—
Galway Borrower, LLC	(6) (7) (8) (9) (11)	First Lien Debt	S +	4.50%	8.80%	9/29/2028	51,399	50,714		51,399		1.51
Galway Borrower, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	9/29/2028	21,049	20,755		21,049		0.62
Galway Borrower, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	9/29/2028	1,165	1,126		1,165		0.03
Higginbotham Insurance Agency, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.50%	8.83%	11/24/2028	20,065	19,988		19,955		0.59
Higginbotham Insurance Agency, Inc.	(6) (10) (19)	First Lien Debt	S +	4.50%	8.83%	11/24/2028	9,532	9,399		9,432		0.28
High Street Buyer, Inc.	(6) (7) (11)	First Lien Debt	S +	5.25%	9.55%	4/14/2028	4,184	4,182		4,184		0.12
High Street Buyer, Inc.	(6) (7) (11)	First Lien Debt	S +	5.25%	9.55%	4/14/2028	48,022	47,447		48,022		1.41
High Street Buyer, Inc.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	4/16/2027	—	(1)		—		—
HUB International Limited	(11)	First Lien Debt	S +	2.50%	6.79%	6/20/2030	4,950	4,956		4,926		0.14
Inszone Mid, LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.25%	9.55%	11/30/2029	13,803	13,576		13,803		0.40
Inszone Mid, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	11/30/2029	18,267	17,900		18,267		0.54
Inszone Mid, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	11/30/2029	—	(49)		—		—
Integrity Marketing Acquisition, LLC	(6) (7) (8) (9) (11)	First Lien Debt	S +	5.00%	9.31%	8/25/2028	112,028	112,028		112,028		3.29
Integrity Marketing Acquisition, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.31%	8/25/2028	—	—		—		—
Long Term Care Group, Inc.	(6) (7) (8) (11) (13)	First Lien Debt	S +	6.00%	10.53%	9/8/2027	14,753	14,378		12,872		0.38
Patriot Growth Insurance Services, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.45%	10/16/2028	6,421	6,348		6,421		0.19
Patriot Growth Insurance Services, LLC	(6) (11)	First Lien Debt	S +	5.00%	9.45%	10/14/2028	24,697	24,406		24,697		0.72
Patriot Growth Insurance Services, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.45%	10/16/2028	234	229		234		0.01
Peter C. Foy & Associates Insurance Services, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.90%	11/1/2028	22,870	22,695		22,751		0.67
Peter C. Foy & Associates Insurance Services, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.90%	11/1/2028	24,467	24,304		24,297		0.71
Peter C. Foy & Associates Insurance Services, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	9.90%	11/1/2027	—	(1)		(4)		—
RSC Acquisition, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	9.05%	11/1/2029	18,460	18,417		18,446		0.54
RSC Acquisition, Inc.	(6) (11)	First Lien Debt	S +	4.75%	9.05%	11/1/2029	54,158	53,838		54,118		1.59
Truist Insurance Holdings, LLC	(14)	First Lien Debt	S +	2.75%	7.05%	5/6/2031	5,000	4,984		4,963		0.15
USI, Inc.		First Lien Debt	S +	2.25%	6.55%	9/29/2030	2,963	2,971		2,931		0.09
USI, Inc.		First Lien Debt	S +	2.25%	6.55%	11/21/2029	1,975	1,979		1,954		0.06

19

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
World Insurance Associates, LLC	(6) (7) (8) (9) (10)	First Lien Debt	S +	5.00%	9.30%	4/3/2030	100,799	$	99,479	$	99,791	2.93	%
World Insurance Associates, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	4/3/2030	—	(15)		(10)		—
								691,415		693,782		20.36
Interactive Media & Services
Arches Buyer, Inc.	(12)	First Lien Debt	S +	3.25%	7.67%	12/6/2027	2,418	2,413		2,364		0.07
FMG Suite Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	5.00%	9.39%	10/30/2026	9,258	9,191		9,237		0.27
FMG Suite Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	5.00%	9.39%	10/30/2026	1,938	1,923		1,933		0.06
FMG Suite Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.39%	10/30/2026	—	(8)		(2)		—
Spectrio, LLC	(6) (7) (10)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	10.31%	12/9/2026	11,490	11,073		10,293		0.30
Spectrio, LLC	(6) (7) (10)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	10.31%	12/9/2026	4,604	4,437		4,124		0.12
Spectrio, LLC	(6) (10) (19)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	10.31%	12/9/2026	1,230	1,183		1,089		0.03
Triple Lift, Inc.	(6) (8) (11)	First Lien Debt	S +	5.75%	10.21%	5/5/2028	16,157	15,432		15,641		0.46
Triple Lift, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.21%	5/5/2028	—	(96)		(55)		—
								45,548		44,624		1.31
IT Services
Apollo Acquisition, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.33%	12/30/2031	16,755	16,592		16,535		0.49
Apollo Acquisition, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	12/30/2031	—	(28)		(77)		—
Apollo Acquisition, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	12/30/2030	—	(22)		(31)		—
Asurion, LLC		First Lien Debt	S +	4.25%	8.57%	9/19/2030	7,324	7,311		7,221		0.21
Atlas Purchaser, Inc.	(6) (7)	First Lien Debt	S+	7.50% (incl. 5.50% PIK)	11.94%	5/5/2028	1,093	915		1,093		0.03
Atlas Purchaser, Inc.	(6) (7)	First Lien Debt	S +	7.50% (incl. 6.50% PIK)	11.94%	5/5/2028	2,524	1,674		1,287		0.04
Catalis Intermediate, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.50%	9.95%	8/4/2027	23,319	22,816		23,086		0.68
Catalis Intermediate, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.95%	8/4/2027	5,247	5,138		5,194		0.15
Catalis Intermediate, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.95%	8/4/2027	907	854		881		0.03
Endure Digital, Inc.		First Lien Debt	S +	3.50%	7.93%	2/10/2028	5,394	5,341		3,830		0.11
Gainwell Acquisition Corp.	(11)	First Lien Debt	S +	4.00%	8.40%	10/1/2027	6,770	6,785		6,336		0.19
GI DI Cornfield Acquisition, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.92%	3/9/2028	31,687	31,304		31,497		0.92
GI DI Cornfield Acquisition, LLC	(6) (19)	First Lien Debt	S +	4.50%	8.92%	3/9/2028	—	(95)		(98)		—
Idera, Inc.	(6) (7) (11)	Second Lien Debt	S +	6.75%	11.19%	3/2/2029	355	355		355		0.01
Redwood Services Group, LLC	(6) (7) (9) (11)	First Lien Debt	S +	5.25%	9.55%	6/15/2029	50,406	49,780		50,106		1.47
Redwood Services Group, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	6/15/2029	34,094	33,619		33,857		0.99
Ridge Trail US Bidco, Inc.	(6) (7) (10) (15)	First Lien Debt	S +	4.50%	8.80%	9/30/2031	48,858	48,164		48,297		1.42
Ridge Trail US Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	4.50%	8.80%	9/30/2031	—	(118)		(194)		-0.01
Ridge Trail US Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	4.50%	8.80%	3/31/2031	1,520	1,442		1,455		0.04
Sedgwick Claims Management Services, Inc.		First Lien Debt	S +	3.00%	7.31%	7/31/2031	7,429	7,452		7,401		0.22
Syntax Systems, Ltd.	(6) (7) (11) (15)	First Lien Debt	S +	5.00%	9.42%	10/27/2028	18,558	18,484		18,493		0.54
Thrive Buyer, Inc. (Thrive Networks)	(6) (7) (11)	First Lien Debt	S +	4.75%	9.05%	2/2/2032	43,971	43,539		43,539		1.28

20

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Thrive Buyer, Inc. (Thrive Networks)	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	2/2/2032	612	$	534	$	534	0.02	%
Thrive Buyer, Inc. (Thrive Networks)	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	2/2/2032	—	(56)		(56)		—
UpStack, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.32%	8/25/2031	5,525	5,473		5,442		0.16
UpStack, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.32%	8/25/2031	425	413		393		0.01
UpStack, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.32%	8/25/2031	191	183		179		0.01
Victors Purchaser, LLC	(6) (12)	First Lien Debt	S +	4.75%	9.05%	8/15/2031	11,251	11,146		11,250		0.33
Victors Purchaser, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.05%	8/15/2031	582	567		581		0.02
Victors Purchaser, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.05%	8/15/2031	—	(11)		—		—
Virtusa Corporation	(14)	First Lien Debt	S +	3.25%	7.57%	2/15/2029	4,987	5,000		4,973		0.15
								324,551		323,359		9.49
Leisure Products
Recess Holdings, Inc.		First Lien Debt	S +	3.75%	8.05%	2/20/2030	6,471	6,517		6,463		0.19
Life Sciences Tools & Services
Model N, Inc.	(6) (8) (11)	First Lien Debt	S +	4.75%	9.05%	6/27/2031	19,797	19,615		19,797		0.58
Model N, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/27/2031	—	(24)		—		—
Model N, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/27/2031	—	(26)		—		—
Parexel International Corporation	(12)	First Lien Debt	S +	2.50%	6.82%	11/15/2028	6,528	6,536		6,510		0.19
WCG Intermediate Corp.	(14)	First Lien Debt	S +	3.00%	7.32%	2/25/2032	3,000	2,989		2,966		0.09
								29,090		29,273		0.86
Machinery
AI Aqua Merger Sub, Inc.	(12)	First Lien Debt	S +	3.00%	7.32%	7/31/2028	7,393	7,398		7,317		0.21
Answer Acquisition, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	10.45%	12/30/2026	38,834	38,530		37,944		1.11
Answer Acquisition, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.45%	12/30/2026	467	447		387		0.01
Chase Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	10/30/2028	13,640	13,412		13,640		0.40
Chase Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	10/30/2028	109	95		109		—
Conair Holdings, LLC	(12)	First Lien Debt	S +	3.75%	8.19%	5/17/2028	3,870	3,872		3,326		0.10
CPM Holdings, Inc.	(12)	First Lien Debt	S +	4.50%	8.82%	9/28/2028	4,987	4,906		4,895		0.14
Engineered Machinery Holdings, Inc.	(11) (14)	First Lien Debt	S +	3.75%	8.31%	5/19/2028	6,378	6,373		6,374		0.19
Filtration Group Corporation	(12)	First Lien Debt	S +	3.00%	7.32%	10/21/2028	7,350	7,366		7,336		0.22
Icebox Holdco III, Inc.	(12)	First Lien Debt	S +	3.50%	8.06%	12/22/2028	5,417	5,440		5,415		0.16
Madison IAQ, LLC	(12)	First Lien Debt	S +	2.50%	6.76%	6/21/2028	4,849	4,846		4,787		0.14
MHE Intermediate Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	10.44%	7/21/2027	7,791	7,769		7,753		0.23
MHE Intermediate Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	10.44%	7/21/2027	6,413	6,363		6,373		0.19
MHE Intermediate Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.44%	7/21/2027	429	429		422		0.01
Pro Mach Group, Inc.	(14)	First Lien Debt	S +	2.75%	7.07%	8/31/2028	7,238	7,272		7,214		0.21

21

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Roper Industrial Products Investment Company, LLC	(12)	First Lien Debt	S +	2.75%	7.05%	11/22/2029	3,960	$	3,978	$	3,937	0.12	%
TK Elevator US Newco, Inc.	(12) (14)	First Lien Debt	S +	3.50%	7.74%	4/30/2030	7,330	7,353		7,305		0.21
								125,849		124,534		3.65
Media
Aragorn Parent Corporation		First Lien Debt	S +	4.00%	8.32%	12/15/2028	5,799	5,789		5,808		0.17
MJH Healthcare Holdings, LLC		First Lien Debt	S +	3.25%	7.67%	1/28/2029	4,482	4,491		4,454		0.13
								10,280		10,262		0.30
Multi-Utilities
AWP Group Holdings, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	9.08%	12/23/2030	48,484	47,339		48,484		1.42
AWP Group Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.08%	12/23/2030	5,603	5,494		5,603		0.16
AWP Group Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.08%	12/23/2030	1,047	997		1,047		0.03
Vessco Midco Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	9.05%	7/24/2031	33,937	33,624		33,937		1.00
Vessco Midco Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	7/24/2031	2,979	2,915		2,979		0.09
Vessco Midco Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	7/24/2031	—	(34)		—		—
								90,335		92,050		2.70
Pharmaceuticals
Caerus US 1, Inc.	(6) (7) (9) (11) (15)	First Lien Debt	S +	5.00%	9.30%	5/25/2029	40,707	40,087		39,565		1.16
Caerus US 1, Inc.	(6) (11) (15)	First Lien Debt	S +	5.00%	9.30%	5/25/2029	5,957	5,860		5,790		0.17
Caerus US 1, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.00%	9.30%	5/25/2029	109	49		(13)		—
								45,996		45,342		1.33
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (7)	First Lien Debt	S +	6.25%	10.54%	3/10/2027	1,395	1,349		1,395		0.04
Abacus Data Holdings, Inc. (AbacusNext)	(6) (19)	First Lien Debt	S +	6.25%	10.54%	3/10/2027	—	(19)		—		—
Accordion Partners, LLC	(6) (11)	First Lien Debt	S +	5.25%	9.55%	11/17/2031	53,217	52,706		52,981		1.55
Accordion Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	11/17/2031	1,419	1,377		1,380		0.04
Accordion Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	11/17/2031	—	(56)		(26)		—
Ascend Partner Services, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.75%	8/11/2031	1,303	1,291		1,303		0.04
Ascend Partner Services, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.75%	8/11/2031	633	620		633		0.02
Ascend Partner Services, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.75%	8/11/2031	144	140		144		—
Bridgepointe Technologies, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.30%	12/31/2027	18,621	18,271		18,539		0.54
Bridgepointe Technologies, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	12/31/2027	24,715	24,230		24,598		0.72
Bullhorn, Inc.	(6) (7) (10)	First Lien Debt	S +	5.00%	9.33%	10/1/2029	3,429	3,407		3,429		0.10
Bullhorn, Inc.	(6) (10)	First Lien Debt	S +	5.00%	9.33%	10/1/2029	3,944	3,925		3,944		0.12
Bullhorn, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.33%	10/1/2029	—	(2)		—		—
Carr, Riggs and Ingram Capital, LLC	(6) (7) (12)	First Lien Debt	S +	4.75%	9.07%	11/18/2031	14,663	14,522		14,516		0.43
Carr, Riggs and Ingram Capital, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.07%	11/18/2031	1,211	1,176		1,137		0.03

22

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Carr, Riggs and Ingram Capital, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.07%	11/18/2031	850	$	818	$	816	0.02	%
Citrin Cooperman Advisors, LLC	(6) (11)	First Lien Debt	S +	5.00%	9.30%	10/1/2027	8,583	8,525		8,583		0.25
Citrin Cooperman Advisors, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	10/1/2027	14,704	14,663		14,704		0.43
ComPsych Investment Corp.	(6) (8) (11)	First Lien Debt	S +	4.75%	9.04%	7/22/2031	16,261	16,186		16,261		0.48
ComPsych Investment Corp.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.04%	7/22/2031	—	(11)		—		—
CoreLogic, Inc.	(12)	First Lien Debt	S +	3.50%	7.94%	6/2/2028	4,974	4,963		4,870		0.14
Crisis Prevention Institute, Inc.	(12)	First Lien Debt	S +	4.00%	8.30%	4/9/2031	17,955	17,874		17,940		0.53
Deerfield Dakota Holding, LLC		First Lien Debt	S +	3.75%	8.05%	4/9/2027	4,835	4,846		4,578		0.13
EAB Global, Inc.		First Lien Debt	S +	3.00%	7.32%	8/16/2030	3,950	3,948		3,819		0.11
Employbridge Holding Company		First Lien Debt	S +	4.75%	9.31%	1/19/2030	2,286	1,278		920		0.03
GPS Merger Sub, LLC	(6) (8) (10)	First Lien Debt	S +	6.00%	10.33%	10/2/2029	15,909	15,690		15,857		0.47
GPS Merger Sub, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.33%	10/2/2029	—	(25)		(12)		—
GPS Merger Sub, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.33%	10/2/2029	—	(37)		(10)		—
IG Investment Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.29%	9/22/2028	33,179	32,878		33,013		0.97
IG Investment Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.29%	9/22/2028	—	(33)		(19)		—
KENG Acquisition, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	9.33%	8/1/2029	11,008	10,795		10,884		0.32
KENG Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.33%	8/1/2029	5,231	5,085		5,114		0.15
KENG Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.33%	8/1/2029	—	(54)		(34)		—
Mermaid Bidco, Inc.		First Lien Debt	S +	3.25%	7.55%	7/3/2031	3,990	4,004		3,987		0.12
Project Boost Purchaser, LLC	(6) (8) (11)	First Lien Debt	S +	5.25%	8.90%	5/2/2029	11,992	11,914		11,992		0.35
Project Boost Purchaser, LLC	(11)	First Lien Debt	S +	5.25%	8.90%	7/16/2031	4,988	4,994		4,956		0.15
Project Boost Purchaser, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	8.90%	5/2/2028	545	541		545		0.02
Teneo Holdings, LLC		First Lien Debt	S +	4.75%	9.07%	3/13/2031	2,992	3,015		2,992		0.09
Tidal Waste & Recycling Holdings, LLC		First Lien Debt	S +	3.50%	7.80%	10/24/2031	2,000	2,007		1,998		0.06
UHY Advisors, Inc.	(6) (9) (11)	First Lien Debt	S +	4.75%	9.06%	11/21/2031	7,727	7,653		7,698		0.23
UHY Advisors, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	11/21/2031	—	(37)		(29)		—
UHY Advisors, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	11/21/2031	455	435		447		0.01
Verdantas, LLC	(6) (11)	First Lien Debt	S +	5.25%	9.58%	5/6/2031	33,008	32,560		32,988		0.97
Verdantas, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	5/6/2031	1,394	1,347		1,391		0.04
Verdantas, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	5/6/2030	—	(45)		(2)		—
								328,714		330,220		9.69
Real Estate Management & Development
Associations, Inc.	(6) (10)	First Lien Debt	S +	6.50%	11.07%	7/3/2028	10,866	10,857		10,866		0.32
Associations, Inc.	(6) (10) (19)	First Lien Debt	S +	6.50%	11.07%	7/3/2028	210	209		210		0.01
Associations, Inc.	(6) (10) (19)	First Lien Debt	S +	6.50%	11.07%	7/3/2028	502	501		502		0.01
Inhabitiq, Inc.	(6) (7) (11)	First Lien Debt	S +	4.50%	8.83%	1/12/2032	17,224	17,140		17,140		0.50
Inhabitiq, Inc.	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	1/12/2032	—	(12)		(12)		—

23

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Inhabitiq, Inc.	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	1/12/2032	—	$	(14)	$	(15)	—	%
MRI Software, LLC	(6) (7) (10)	First Lien Debt	S +	4.75%	9.05%	2/10/2027	68,602	68,456		68,200		2.00
MRI Software, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	2/10/2027	2,307	2,260		2,263		0.07
MRI Software, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	2/10/2027	304	282		272		0.01
Pritchard Industries, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	10.04%	10/13/2027	10,693	10,563		10,634		0.31
Pritchard Industries, LLC	(6) (11)	First Lien Debt	S +	5.50%	10.04%	10/13/2027	2,557	2,526		2,542		0.07
Zarya Intermediate, LLC	(6) (10) (15)	First Lien Debt	S +	6.50%	10.81%	7/1/2027	38,771	38,737		38,771		1.14
Zarya Intermediate, LLC	(6) (10) (15) (19)	First Lien Debt	S +	6.50%	10.81%	7/1/2027	—	—		—		—
								151,505		151,373		4.44
Software
Alert Media, Inc.	(6) (10)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.04%	4/12/2027	32,232	31,755		32,113		0.94
Alert Media, Inc.	(6) (10) (19)	First Lien Debt	S +	6.75%	11.04%	4/12/2027	—	(40)		(17)		—
Anaplan, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	5.00%	9.30%	6/21/2029	80,572	79,717		80,572		2.36
Appfire Technologies, LLC	(6) (7) (10)	First Lien Debt	S +	5.00%	9.30%	3/9/2028	13,435	13,393		13,435		0.39
Appfire Technologies, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	3/9/2028	—	(21)		—		—
Appfire Technologies, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	3/9/2028	—	(5)		—		—
Applied Systems, Inc.		First Lien Debt	S +	2.75%	7.05%	2/24/2031	3,970	3,988		3,966		0.12
Apryse Software Corp.	(6) (7) (10) (15)	First Lien Debt	S +	5.00%	9.29%	7/15/2027	13,862	13,862		13,862		0.41
Apryse Software Corp.	(6) (10) (15) (19)	First Lien Debt	S +	5.00%	9.29%	7/15/2026	1,100	1,100		1,100		0.03
Artifact Bidco, Inc.	(6)	First Lien Debt	S +	4.50%	8.80%	7/28/2031	21,837	21,635		21,837		0.64
Artifact Bidco, Inc.	(6) (19)	First Lien Debt	S +	4.50%	8.80%	7/28/2031	—	(24)		—		—
Artifact Bidco, Inc.	(6) (19)	First Lien Debt	S +	4.50%	8.80%	7/26/2030	—	(34)		—		—
Astra Acquisition Corp.	(12)	First Lien Debt	S +	5.25%	10.17%	2/25/2028	846	760		505		0.01
Astra Acquisition Corp.	(12)	First Lien Debt	S +	5.25%	10.17%	10/25/2028	1,185	676		12		—
AuditBoard, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	9.05%	7/14/2031	34,200	33,884		34,200		1.00
AuditBoard, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	7/14/2031	—	(73)		—		—
AuditBoard, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	7/14/2031	—	(58)		—		—
Banyan Software Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	5.25%	9.58%	1/2/2031	30,435	30,140		30,140		0.88
Banyan Software Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	1/2/2031	6,335	6,225		6,225		0.18
Banyan Software Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	1/2/2031	—	(31)		(31)		—
Bottomline Technologies, Inc.	(6) (11)	First Lien Debt	S +	5.75%	10.05%	5/14/2029	23,703	23,380		23,703		0.70
Bottomline Technologies, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.05%	5/15/2028	—	(18)		—		—
Central Parent, Inc.		First Lien Debt	S +	3.25%	7.55%	7/6/2029	3,980	3,985		3,406		0.10
CLEO Communications Holding, LLC	(6) (7) (10)	First Lien Debt	S +	5.50%	9.93%	6/9/2027	16,971	16,866		16,971		0.50
CLEO Communications Holding, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.93%	6/9/2027	—	(32)		—		—
Cloud Software Group, Inc.	(12)	First Lien Debt	S +	3.50%	7.80%	3/30/2029	7,431	7,418		7,355		0.22

24

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Cloudera, Inc.	(12)	First Lien Debt	S +	3.75%	8.17%	10/8/2028	7,417	$	7,371	$	7,306	0.21	%
Clover Holdings 2, LLC		First Lien Debt	S +	4.00%	8.29%	12/9/2031	6,000	5,996		5,925		0.17
Clover Holdings SPV III, LLC		First Lien Debt			15.00%	12/9/2027	281	276		286		0.01
Coupa Holdings, LLC	(6) (9) (11)	First Lien Debt	S +	5.25%	9.54%	2/27/2030	20,870	20,468		20,826		0.61
Coupa Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.54%	2/27/2030	—	(7)		(2)		—
Coupa Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.54%	2/27/2029	—	(9)		(1)		—
Cyara AcquisitionCo, LLC	(6) (10)	First Lien Debt	S +	6.25% (incl. 2.25% PIK)	10.55%	6/28/2029	62,713	61,507		62,713		1.84
Cyara AcquisitionCo, LLC	(6) (10) (19)	First Lien Debt	S +	6.25% (incl. 2.25% PIK)	10.55%	6/28/2029	—	(74)		—		—
Diligent Corporation	(6) (11)	First Lien Debt	S +	5.00%	9.31%	8/2/2030	73,157	72,670		72,938		2.14
Diligent Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	9.31%	8/2/2030	—	(68)		(32)		—
Diligent Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	9.31%	8/2/2030	—	(46)		(21)		—
Dragon Buyer, Inc.	(14)	First Lien Debt	S +	3.00%	7.30%	9/30/2031	4,988	4,990		4,943		0.15
E-Discovery AcquireCo, LLC	(6) (7) (10)	First Lien Debt	S +	5.75%	10.02%	8/29/2029	36,747	36,075		36,672		1.08
E-Discovery AcquireCo, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.02%	8/29/2029	871	804		871		0.03
ECI Macola Max Holding, LLC	(11)	First Lien Debt	S +	3.25%	7.55%	5/9/2030	4,837	4,843		4,833		0.14
Ellucian Holdings, Inc.	(12)	First Lien Debt	S +	3.00%	7.32%	10/9/2029	4,339	4,338		4,328		0.13
Epicor Software Corporation	(11)	First Lien Debt	S +	2.75%	7.07%	5/30/2031	5,162	5,166		5,144		0.15
Espresso Bidco, Inc.	(6) (10)	First Lien Debt	S +	5.25%	9.55%	3/25/2032	26,786	26,385		26,385		0.77
Espresso Bidco, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	3/25/2032	—	(55)		(55)		—
Espresso Bidco, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	3/25/2032	—	(49)		(49)		—
Everbridge Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.31%	7/2/2031	60,661	60,382		60,661		1.78
Everbridge Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.31%	7/2/2031	7,139	7,082		7,139		0.21
Everbridge Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.31%	7/2/2031	—	(33)		—		—
Formstack Acquisition Co	(6) (10)	First Lien Debt	S +	5.25%	9.55%	3/28/2030	58,109	57,362		56,998		1.67
Formstack Acquisition Co	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	3/28/2030	5,781	5,596		5,336		0.16
Formstack Acquisition Co	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	3/28/2030	1,870	1,726		1,647		0.05
Fullsteam Operations, LLC	(6) (7) (10)	First Lien Debt	S +	8.25%	12.71%	11/27/2029	19,976	19,481		19,976		0.59
Fullsteam Operations, LLC	(6) (10) (19)	First Lien Debt	S +	8.25%	12.71%	11/27/2029	22,222	21,678		22,222		0.65
Fullsteam Operations, LLC	(6) (10) (19)	First Lien Debt	S +	8.25%	12.71%	11/27/2029	—	(26)		—		—
GoTo Group, Inc.		First Lien Debt	S +	4.75%	9.19%	4/28/2028	4,784	4,145		3,411		0.10
Granicus, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.04%	1/17/2031	62,924	62,410		62,924		1.85
Granicus, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.04%	1/17/2031	12,915	12,833		12,915		0.38
Granicus, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.04%	1/17/2031	—	(71)		—		—
GS AcquisitionCo, Inc.	(6) (7) (10)	First Lien Debt	S +	5.25%	9.55%	5/25/2028	62,392	62,213		62,392		1.83

25

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
GS AcquisitionCo, Inc.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	5/25/2028	861		$	852	$	861	0.03	%
GS AcquisitionCo, Inc.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	5/22/2028	—		(18)		—		—
Hootsuite, Inc.	(6) (15)	First Lien Debt	S +	5.50%	9.80%	5/22/2030	18,758		18,508		18,711		0.55
Hootsuite, Inc.	(6) (15) (19)	First Lien Debt	S +	5.50%	9.80%	5/22/2030	—		(27)		(5)		—
Icefall Parent, Inc.	(6) (7) (10)	First Lien Debt	S +	6.50%	10.79%	1/25/2030	25,949		25,507		25,802		0.76
Icefall Parent, Inc.	(6) (10) (19)	First Lien Debt	S +	6.50%	10.79%	1/25/2030	—		(40)		(14)		—
Ivanti Software, Inc.		First Lien Debt	S +	4.25%	8.82%	12/1/2027	2,425		2,427		1,731		0.05
LegitScript, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.75%	10.08%	6/24/2029	36,890		36,444		36,890		1.08
LegitScript, LLC	(6) (11)	First Lien Debt	S +	5.75%	10.08%	6/24/2029	975		964		975		0.03
LegitScript, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.08%	6/24/2028	1,875		1,819		1,875		0.06
LogRhythm, Inc.	(6) (10)	First Lien Debt	S +	7.50%	11.81%	7/2/2029	6,818		6,637		6,665		0.20
LogRhythm, Inc.	(6) (10) (19)	First Lien Debt	S +	7.50%	11.81%	7/2/2029	—		(17)		(15)		—
Magenta Buyer, LLC		First Lien Debt	S +	5.00%	9.55%	7/27/2028	4,875		4,864		1,462		0.04
McAfee, LLC	(12) (14)	First Lien Debt	S +	3.00%	7.32%	3/1/2029	7,456		7,441		7,104		0.21
Montana Buyer, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	9.33%	7/22/2029	32,122		31,754		32,122		0.94
Montana Buyer, Inc.	(6) (19)	First Lien Debt	P +	4.00%	11.50%	7/22/2028	636		603		636		0.02
Nasuni Corporation	(6) (7) (11)	First Lien Debt	S +	5.75%	10.05%	9/10/2030	21,552		21,251		21,552		0.63
Nasuni Corporation	(6) (11) (19)	First Lien Debt	S +	5.75%	10.05%	9/10/2030	—		(61)		—		—
Netwrix Corporation And Concept Searching, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	4.75%	9.06%	6/11/2029	25,241		25,082		25,083		0.74
Netwrix Corporation And Concept Searching, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	6/11/2029	—		(9)		(10)		—
Oak Purchaser, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.72%	4/28/2028	11,724		11,628		11,724		0.34
Oak Purchaser, Inc.	(6) (11)	First Lien Debt	S +	5.50%	9.72%	4/28/2028	6,791		6,746		6,791		0.20
Oak Purchaser, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.72%	4/28/2028	—		(7)		—		—
OceanKey (U.S.) II Corp.	(14)	First Lien Debt	S +	3.50%	7.92%	12/15/2028	6,922		6,932		6,902		0.20
Onit, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	9.80%	1/27/2032	31,481		31,172		31,172		0.91
Onit, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.80%	1/27/2032	—		(68)		(68)		—
Onit, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.80%	1/27/2032	—		(45)		(45)		—
Optimizely North America, Inc.	(6) (11) (15)	First Lien Debt	S +	5.00%	9.33%	10/30/2031	18,101		17,928		18,033		0.53
Optimizely North America, Inc.	(6) (11) (15)	First Lien Debt	E +	5.25%	7.61%	10/30/2031	€	6,663	7,169		7,170		0.21
Optimizely North America, Inc.	(6) (11) (15)	First Lien Debt	SA +	5.50%	9.96%	10/30/2031	£	2,221	2,862		2,856		0.08
Optimizely North America, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.00%	9.33%	10/30/2031	—		(25)		(10)		—
Polaris Newco, LLC	(12) (14)	First Lien Debt	S +	3.75%	8.30%	6/2/2028	5,835		5,840		5,574		0.16
Pound Bidco, Inc.	(6) (7) (10) (15)	First Lien Debt	S +	6.00%	10.83%	2/1/2027	3,743		3,742		3,727		0.11
Pound Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	6.00%	10.83%	2/1/2027	123		123		121		—
Pound Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	6.00%	10.83%	2/1/2027	—		—		(2)		—
Project Leopard Holdings, Inc.	(7) (8) (12) (15)	First Lien Debt	S +	5.25%	9.64%	7/20/2029	22,795		21,658		19,675		0.58
Proofpoint, Inc.	(12)	First Lien Debt	S +	3.00%	7.32%	8/31/2028	7,024		7,018		6,995		0.21

26

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Quartz Acquireco, LLC		First Lien Debt	S +	2.25%	6.55%	6/28/2030	4,937	$	4,948	$	4,900	0.14	%
Quest Software US Holdings, Inc.		First Lien Debt	S +	4.25%	8.69%	2/1/2029	3,900	3,883		2,262		0.07
Red Planet Borrower, LLC		First Lien Debt	S +	3.50%	7.92%	10/2/2028	4,837	4,846		4,736		0.14
Revalize, Inc.	(6) (7) (10)	First Lien Debt	S +	5.75%	10.19%	4/15/2027	14,290	13,829		13,528		0.40
Revalize, Inc.	(6) (10) (19)	First Lien Debt	S +	5.75%	10.19%	4/15/2027	468	462		427		0.01
Riskonnect Parent, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	9.04%	12/7/2028	30,522	30,065		30,255		0.89
Riskonnect Parent, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.04%	12/7/2028	23,489	23,072		23,237		0.68
Riskonnect Parent, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.04%	12/7/2028	—	(66)		(39)		—
Runway Bidco, LLC	(6) (7) (12)	First Lien Debt	S +	5.00%	9.30%	12/17/2031	18,054	17,879		17,987		0.53
Runway Bidco, LLC	(6) (12) (19)	First Lien Debt	S +	5.00%	9.30%	12/17/2031	—	(21)		(17)		—
Runway Bidco, LLC	(6) (12) (19)	First Lien Debt	S +	5.00%	9.30%	12/17/2031	—	(21)		(8)		—
Saturn Borrower, Inc.	(6) (9) (10)	First Lien Debt	S +	6.00%	10.30%	11/10/2028	17,679	17,424		17,424		0.51
Saturn Borrower, Inc.	(6) (10) (19)	First Lien Debt	S +	6.00%	10.30%	11/10/2028	—	(46)		(46)		—
Saturn Borrower, Inc.	(6) (10) (19)	First Lien Debt	S +	6.00%	10.30%	11/10/2028	—	(41)		(41)		—
Securonix, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	7.00% (incl. 3.75% PIK)	11.29%	4/5/2028	30,302	29,604		26,572		0.78
Securonix, Inc.	(6) (11) (19)	First Lien Debt	S +	7.00% (incl. 3.75% PIK)	11.29%	4/5/2028	122	5		(543)		-0.02
Trunk Acquisition, Inc.	(6) (7) (10)	First Lien Debt	S +	6.00%	10.45%	2/19/2030	13,207	13,131		13,207		0.39
Trunk Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	6.00%	10.45%	2/19/2030	622	611		622		0.02
Trunk Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	6.00%	10.45%	2/19/2030	—	(3)		—		—
UKG, Inc.	(14)	First Lien Debt	S +	3.00%	7.30%	2/10/2031	7,456	7,469		7,436		0.22
Veritas US, Inc.	(10)	First Lien Debt	S +	12.50%	16.64%	12/9/2029	851	849		851		0.02
Vision Solutions, Inc.		First Lien Debt	S +	4.00%	8.55%	4/24/2028	6,333	6,286		6,086		0.18
								1,334,626		1,328,861		38.99
Specialty Retail
Les Schwab Tire Centers		First Lien Debt	S +	2.50%	6.81%	4/23/2031	6,847	6,853		6,791		0.20
Textiles, Apparel & Luxury Goods
Gloves Buyer, Inc.	(14)	First Lien Debt	S +	4.00%	8.44%	1/17/2032	7,000	6,815		6,720		0.20
Varsity Brands, Inc.		First Lien Debt	S +	3.50%	7.82%	8/26/2031	6,000	6,004		5,871		0.17
								12,819		12,591		0.37
Trading Companies & Distributors
Spin Holdco, Inc.	(11)	First Lien Debt	S +	4.00%	8.56%	3/4/2028	4,836	4,843		4,075		0.12
White Cap Buyer, LLC		First Lien Debt	S +	3.25%	7.57%	10/19/2029	2,438	2,439		2,360		0.07
								7,282		6,435		0.19
Transportation Infrastructure
Brown Group Holding, LLC	(12)	First Lien Debt	S +	2.50%	6.81%	7/1/2031	4,963	4,968		4,928		0.14

27

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
KKR Apple Bidco, LLC		First Lien Debt	S +	2.50%	6.82%	9/23/2031	7,332	$	7,310	$	7,270	0.21	%
								12,278		12,198		0.36
Wireless Telecommunication Services
CCI Buyer, Inc.	(11) (14)	First Lien Debt	S +	4.00%	8.30%	12/17/2027	5,873	5,844		5,872		0.17
Mobile Communications America, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.25%	9.53%	10/16/2029	13,480	13,320		13,480		0.40
Mobile Communications America, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.53%	10/16/2029	1,261	1,228		1,261		0.04
Mobile Communications America, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.53%	10/16/2029	—	(25)		—		—
								20,367		20,613		0.60
Total Debt Investments - non-controlled/non-affiliated								$	6,281,955	$	6,235,768	182.96	%
Debt Investments - non-controlled/affiliated
Professional Services
KWOR Acquisition, Inc.	(6) (10) (20)	Second Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.56%	2/28/2030	13,405	13,405		13,405		0.39
KWOR Acquisition, Inc.	(6) (10) (20)	Other Debt	S +	8.00% PIK	12.31%	2/28/2030	4,468	4,468		4,468		0.13
KWOR Acquisition, Inc.	(6) (10) (19) (20)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.56%	2/28/2030	75	1		75		—
KWOR Acquisition, Inc.	(6) (10) (19) (20)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.56%	2/28/2030	111	2		111		—
								17,876		18,059		0.53
Total Debt Investments - non-controlled/affiliated								$	17,876	$	18,059	0.53
Total Debt Investments								$	6,299,831	$	6,253,827	183.49	%

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread	Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Equity Investments - non-controlled/non-affiliated
Aerospace & Defense
PCX Holding Corp.	(6) (17) (18)	Common Equity		4/22/2021	1,154	$	92	$	55	—	%
Automobile Components
Shelby Co-invest, LP (Spectrum Automotive)	(6) (17) (18)	Common Equity		6/29/2021	1,500	228		263		0.01
Wheel Pros, LLC	(17) (18)	Common Equity		12/2/2024	10,032	1,655		1,655		0.05
						1,883		1,918		0.06
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.	(6) (17) (18)	Common Equity		2/3/2025	250,000	238		238		0.01
Procure Acquiom Financial, LLC (Procure Analytics)	(6) (17) (18)	Common Equity		12/20/2021	500,000	625		812		0.02
Surewerx Topco, LP	(6) (15) (17) (18)	Common Equity		12/28/2022	384	413		482		0.01
						1,276		1,532		0.04
Containers & Packaging

28

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
BP Purchaser, LLC	(6) (17) (18)	Common Equity			12/10/2021	1,383,156	$	878	$	20	—	%
BP Purchaser, LLC Rights	(6) (17) (18)	Common Equity			3/12/2024	1,666,989	75		—		—
FORTIS Solutions Group, LLC	(6) (18)	Preferred Equity		12.25%	6/24/2022	4,000,000	5,231		3,886		0.11
							6,184		3,906		0.11
Distributors
48Forty Solutions, LLC	(6) (7) (9) (17) (18)	Common Equity			11/1/2024	7,205	—		—		—
Diversified Consumer Services
Eclipse Topco, Inc.	(6) (18)	Preferred Equity		12.50% PIK	9/5/2024	310	3,048		3,083		0.09
LUV Car Wash	(6) (17) (18)	Common Equity			4/6/2022	1,383	1,331		975		0.03
							4,379		4,058		0.12
Electrical Equipment
Sparkstone Electrical Group	(6) (17) (18)	Common Equity			10/15/2024	1,500	150		150		—
Health Care Providers & Services
SDB Holdco, LLC	(6) (17) (18)	Common Equity			3/29/2024	14,561,479	—		—		—
Suveto Buyer, LLC	(6) (15) (17) (18)	Common Equity			11/19/2021	3,398	306		316		0.01
Vardiman Black Holdings, LLC	(6) (18)	Preferred Equity		6.00% PIK	3/29/2024	7,065,190	4,798		1,572		0.05
							5,104		1,888		0.06
Insurance Services
Amerilife Holdings, LLC	(6) (17) (18)	Common Equity			9/1/2022	9,880	273		645		0.02
Frisbee Holdings, LP (Fetch)	(6) (17) (18)	Common Equity			10/31/2022	33,276	424		768		0.02
Integrity Marketing Acquisition, LLC	(6) (18)	Preferred Equity		10.50%	12/21/2021	750,000	1,040		1,042		0.03
							1,737		2,455		0.07
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (17) (18)	Common Equity			7/12/2021	5,196	317		260		0.01
Verdantas, LLC	(6) (17) (18)	Common Equity			5/3/2024	8,848	9		10		—
Verdantas, LLC	(6) (18)	Preferred Equity		10.00%	5/3/2024	875,952	960		981		0.03
							1,286		1,251		0.04
Real Estate Management & Development
Pritchard Industries, LLC	(6) (17) (18)	Common Equity			10/13/2021	332,248	352		389		0.01
Software
Cohesity Global, Inc.	(17) (18)	Preferred Equity			12/9/2024	18,617	382		382		0.01
Fullsteam Operations, LLC	(6) (17) (18)	Common Equity			11/27/2023	45,080	1,520		3,666		0.11
Knockout Intermediate Holdings I, Inc.	(6) (18)	Preferred Equity		11.75%	6/25/2022	6,294	8,275		8,830		0.26
Revalize, Inc.	(6) (18)	Preferred Equity	S +	10.00%	12/14/2021	2,951	4,076		4,247		0.12
Reveal Data Solutions	(6) (17) (18)	Common Equity			8/29/2023	861,539	1,122		1,353		0.04
RSK Holdings, Inc. (Riskonnect)	(6) (18)	Preferred Equity	S +	10.50%	7/7/2022	10,679,200	15,031		15,724		0.46
							30,406		34,202		1.00

29

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Total Equity Investments - non-controlled/non-affiliated							$	52,849	$	51,804	1.52	%
Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.	(6) (17) (18) (20)	Common Equity			2/28/2025	2,785	$	1,069	$	1,069	0.03	%
KWOR Intermediate I, Inc.	(6) (18) (20)	Preferred Equity	S +	8.00% PIK	2/28/2025	2,978,848	2,979		2,979		0.09
							4,048		4,048		0.12
Total Equity Investments - non-controlled/affiliated							$	4,048	$	4,048	0.12	%
Total Equity Investments							$	56,897	$	55,852	1.64	%
Total Portfolio Investments							$	6,356,728	$	6,309,679	185.13	%

Cash and Cash Equivalents
J.P. Morgan US Government Money Market Fund	$	36,714	$	36,714	1.12	%
Cash	193,578		193,578		5.92
Total Cash and Cash Equivalents	$	230,292	$	230,292	7.04	%
Total Portfolio Investments, Cash and Cash Equivalents	$	6,587,020	$	6,539,971	191.88	%

30

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

(1)	Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2025, the Company is an “affiliated person” of one of its portfolio companies, as indicated below.
(2)	Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility (as defined below). See Note 6 "Debt".
(3)	Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2025. As of March 31, 2025, the reference rates for our variable rate loans were the C at 2.77%, 1-month E at 2.36%, 1-month S at 4.32%, 3-month S at 4.29%, 6-month S at 4.19%, SA at 4.46% and the P at 7.50%.
(4)	Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").
(5)	The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(6)	These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(7)	Assets or a portion thereof are pledged as collateral for the JPM (as defined below). See Note 6 “Debt”.
(8)	Assets or a portion thereof are pledged as collateral for the Wells Fargo Funding Facility (as defined below). See Note 6 “Debt”.
(9)	Assets or a portion thereof are pledged as collateral for the CBNA Facility (as defined below). See Note 6 “Debt”.
(10)	Loan includes interest rate floor of 1.00%.
(11)	Loan includes interest rate floor of 0.75%
(12)	Loan includes interest rate floor of 0.50%
(13)	The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".
(14)	Position or portion thereof unsettled as of March 31, 2025.
(15)	The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented 6.44% of total assets as calculated in accordance with regulatory requirements.
(16)	Investment was on non-accrual status as of March 31, 2025.
(17)	Non-income producing security.
(18)	Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of March 31, 2025, the aggregate fair value of these securities is $55,852 or 1.64% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(19)	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date started. See below for more information on the Company’s unfunded commitments as of March 31, 2025

31

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt — non-controlled/non-affiliated
48Forty Solutions, LLC	Revolver	11/30/2029	$	4,413	$	(1,693)
ARI Network Services, Inc.	Revolver	08/28/2026	1,032		(10)
AWP Group Holdings, Inc.	Delayed Draw Term Loan	08/23/2026	2,158		—
AWP Group Holdings, Inc.	Revolver	12/23/2030	4,190		—
Abacus Data Holdings, Inc. (AbacusNext)	Revolver	03/10/2027	600		—
Accordion Partners, LLC	Delayed Draw Term Loan	11/15/2026