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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2025

OR

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

Commission File Number: 814-01642

First Eagle Private Credit Fund

(Exact Name of Registrant as Specified in its Charter)

Delaware	87-6975595
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1345 Avenue of the Americas New York, NY	10105
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 698-3300

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

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

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

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

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

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

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

As of May 14, 2025, the registrant had 12,444,751 common shares of beneficial interest, $0.001 par value per share, outstanding.

1

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	5
	Consolidated Statement of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	5
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	6
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	7
	Consolidated Statement of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	9
	Consolidated Schedule of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	10
	Notes to Consolidated Financial Statements (Unaudited)	30
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	56
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	69
Item 4.	Controls and Procedures	69
PART II.	OTHER INFORMATION	71
Item 1.	Legal Proceedings	71
Item 1A.	Risk Factors	71
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 3.	Defaults Upon Senior Securities	71
Item 4.	Mine Safety Disclosures	71
Item 5.	Other Information	71
Item 6.	Exhibits	72
Signatures		73

2

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Except as otherwise specified, references to the “Company,” “we,” “us” and “our” refer to First Eagle Private Credit Fund and its consolidated subsidiaries; “FEIM” and “Adviser” refer to the First Eagle Investment Management , LLC, our investment adviser; and “FEAC,” “Subadviser,” and “Administrator” refer to First Eagle Alternative Credit, LLC, our investment sub-adviser (and, together with the Adviser, the “Advisers”) and administrator.

This quarterly report on Form 10-Q (the “Quarterly Report”), including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements include these words.

These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In addition to factors previously identified in the Item 1A. Risk Factors section of our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2025, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

•our, or our portfolio companies’, future business, operations, operating results or prospects;

•changes in political, economic or industry conditions, including as a result of changes in U.S. presidential administrations or Congress, changes in the interest rate environment, inflation, pandemic-related or other widespread health crises, supply chain disruptions, instability in the banking system, and the conflicts between Russia and Ukraine and in the Middle East, which could result in changes in the value of our assets;

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

•the impact of increased competition and the investments that we expect to make;

•our ability to raise sufficient capital to execute our investment strategy;

•the ability of our portfolio companies to achieve their objectives;

•our current and expected financing arrangements and investments;

•the adequacy of our cash resources, financing sources and working capital;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with First Eagle Holdings, Inc. and its subsidiaries and affiliated entities (collectively, “First Eagle”), the Adviser, the Subadviser, their affiliates and their investment teams;

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

•our use of financial leverage;

•the timing, form, amount, or our ability to make distributions;

•the ability of the Adviser and the Subadviser to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser, the Subadviser or their affiliates to attract and retain highly talented professionals;

•our ability to qualify and maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, and the rules and regulations issued thereunder;

•the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

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

3

•the tax status of the enterprises in which we may invest;

•an economic downturn and the time period required for robust economic recovery therefrom, which will likely have a material impact on our portfolio companies’ results of operations and financial condition for its duration, which could lead to the loss of some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;

•upon entry into an agreement with a lender, a contraction of available credit and/or an inability to access capital markets or additional sources of liquidity could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;

•interest rate volatility could adversely affect our results, particularly given that we use leverage as part of our investment strategy;

•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•risks associated with possible disruption in our or our portfolio companies’ operations due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events or natural disasters, such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics;

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

•the risks, uncertainties and other factors we identify in our most recent Annual Report on Form 10-K filed with the SEC on March 14, 2025, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in our most recent Annual Report on Form 10-K filed with the SEC on March 14, 2025, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report or other information incorporated herein by reference, as applicable. Moreover, we assume no duty and do not undertake to update the forward-looking statements and projections contained in this Quarterly Report, except as required by applicable law.

Because we are an investment company, the forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

4

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

First Eagle Private Credit Fund

Consolidated Statement of Assets and Liabilities

(in thousands, except share and per share amounts)

	March 31, 2025			December 31, 2024
	(Unaudited)
ASSETS
Non-controlled/non-affiliated investments, at fair value (amortized cost of: $617,262 and $653,701, respectively)	$	614,095		$	653,925
Cash and cash equivalents		18,767			21,319
Interest and dividends receivable		4,279			4,247
Deferred financing costs		2,141			2,282
Deferred offering costs		2,099			1,968
Receivable for investments sold or repaid		19,149			5,019
Prepaid expenses and other assets		12			51
Due from Adviser		1,352			2,585
Total assets	$	661,894		$	691,396
LIABILITIES
Credit facility		346,600			325,600
Accrued interest and other borrowing costs		6,007			5,384
Payable for investments purchased		5,654			55,343
Distributions payable		2,551			2,548
Offering costs payable		1,171			311
Due to affiliates		93			138
Accrued professional fees		771			577
Accrued administration expense		591			469
Accrued expenses and other liabilities		216			692
Total liabilities	$	363,654		$	391,062
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.001 (unlimited shares authorized, 12,444,713 and 12,407,361 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)	$	12		$	12
Paid-in capital in excess of par value		301,034			300,733
Distributable earnings (accumulated losses)		(2,806	)		(411	)
Total net assets	$	298,240		$	300,334
Net asset value per share	$	23.97		$	24.21

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

5

First Eagle Private Credit Fund

Consolidated Statement of Operations (unaudited)

(in thousands, except share and per share amounts)

	For the Three Months Ended March 31, 2025			For the Three Months Ended March 31, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	15,052		$	3,251
Dividend income		263			2,013
Other income		204			279
Total investment income		15,519			5,543
Expenses:
Interest expense		6,159			820
Administration expense		604			422
Base management fees		931			785
Amortization of continuous offering costs		750			198
Trustees’ fees		133			98
Professional fees		322			281
Other general and administrative expenses		287			172
Income-based incentive fee		907			198
Capital gains incentive fee		—			6
Total expenses before excise tax		10,093			2,980
Management fees waiver		(931	)		(785	)
Incentive fees waiver		(907	)		(204	)
Expense support		(1,352	)		—
Net expenses before excise tax		6,903			1,991
Net investment income (loss) before excise tax		8,616			3,552
Excise tax expense		34			—
Net investment income (loss) after excise tax		8,582			3,552
Realized and unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		(539	)		—
Net realized gain (loss)		(539	)		—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(3,392	)		46
Net change in unrealized appreciation (depreciation)		(3,392	)		46
Net realized and unrealized gain (loss)		(3,931	)		46
Net increase (decrease) in net assets resulting from operations	$	4,651		$	3,598
Per share information - basic and diluted:
Net investment income (loss) after excise tax per share (basic and diluted)	$	0.69		$	0.32
Net increase (decrease) in net assets resulting from operations per share (basic and diluted)	$	0.38		$	0.33
Distributions declared per share	$	0.62		$	0.36
Weighted average shares outstanding (basic and diluted)		12,444,641			11,060,438

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

6

First Eagle Private Credit Fund

Consolidated Statement of Changes in Net Assets (unaudited)

(in thousands, except shares)

								Accumulated Earnings
	Common Shares				Paid-in-Capital in			(Loss), Net of			Total
	Shares		Par Value		Excess of Par Value			Distributions			Net Assets
Balance, December 31, 2024		12,407,361	$	12	$	300,733		$	(411	)	$	300,334
Operations:
Net investment income		—		—		—			8,582			8,582
Net realized gain (loss)		—		—		—			(539	)		(539	)
Net change in unrealized appreciation (depreciation)		—		—		—			(3,392	)		(3,392	)
Net increase (decrease) in net assets resulting from operations		—		—		—			4,651			4,651
Shareholder distributions:
Distributions to shareholders		—		—		—			(7,649	)		(7,649	)
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—			(7,649	)		(7,649	)
Capital Share Transactions:
Common Shares issued from reinvestment of distributions (1)		111		—		3			—			3
Issuance of shares		37,241		—		901			—			901
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles		—		—		(603	)		603			—
Net increase (decrease) in net assets resulting from capital share transactions		37,352		—		301			603			904
Net increase (decrease) for the period		37,352		—		301			(2,395	)		(2,094	)
Balance, March 31, 2025		12,444,713	$	12	$	301,034		$	(2,806	)	$	298,240

(1)Par Value, Paid-in-Capital in Excess of Par Value and Total Net Assets are less than $1.

7

First Eagle Private Credit Fund

Consolidated Statement of Changes in Net Assets (unaudited)

(in thousands, except shares)

								Accumulated Earnings
	Common Shares				Paid-in-Capital in			(Loss), Net of			Total
	Shares		Par Value		Excess of Par Value			Distributions			Net Assets
Balance, December 31, 2023		10,366,818	$	10	$	252,307		$	(649	)	$	251,668
Operations:
Net investment income		—		—		—			3,552			3,552
Net realized gain (loss)		—		—		—			—			—
Net change in unrealized appreciation (depreciation)		—		—		—			46			46
Net increase (decrease) in net assets resulting from operations		—		—		—			3,598			3,598
Shareholder distributions:
Distributions paid or accrued		—		—		—			(3,979	)		(3,979	)
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—			(3,979	)		(3,979	)
Capital Share Transactions:
Common Shares issued from reinvestment of distributions (1)		40		—		1			—			1
Issuance of shares		2,058,460		2		49,998			—			50,000
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles		—		—		(198	)		198			—
Net increase (decrease) in net assets resulting from capital share transactions		2,058,500		2		49,801			198			50,001
Net increase (decrease) for the period		2,058,500		2		49,801			(183	)		49,620
Balance, March 31, 2024		12,425,318	$	12	$	302,108		$	(832	)	$	301,288

(1)Par Value, Paid-in-Capital in Excess of Par Value and Total Net Assets are less than $1.

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

8

First Eagle Private Credit Fund

Consolidated Statement of Cash Flows (unaudited)

(in thousands, except shares)

	For the Three Months Ended March 31, 2025			For the Three Months Ended March 31, 2024
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$	4,651		$	3,598
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Accrued interest and dividends received in-kind		(47	)		—
Net accretion of discount and amortization of premium		(627	)		(159	)
Proceeds from sale of investments and principal repayments		96,124			212
Purchases of investments		(123,370	)		(95,666	)
Net realized (gains) losses on investments		539			—
Net change in unrealized (appreciation) depreciation on investments		3,392			(46	)
Amortization of deferred financing costs		152			153
Amortization of continuous offering costs		750			198
Changes in operating assets and liabilities:
Interest and dividends receivable		(32	)		(532	)
Prepaid expenses and other assets		39			(60	)
Due to affiliates		(45	)		—
Trustees' fees payable		—			7
Due from adviser		1,233			—
Accrued administration expense		122			(108	)
Accrued professional fees		194			(17	)
Accrued expenses and other liabilities		(476	)		(692	)
Accrued interest and other borrowing costs		623			681
Net cash provided by (used in) operating activities		(16,778	)		(92,431	)
Cash flow from financing activities
Proceeds from issuance of shares		901			50,000
Borrowings under credit facility		21,000			5,000
Distributions paid		(7,643	)		(2,488	)
Deferred financing costs paid		(11	)		(1,313	)
Deferred offering costs paid		(21	)		(50	)
Net cash provided by (used in) financing activities		14,226			51,149
Net decrease in cash and cash equivalents		(2,552	)		(41,282	)
Cash and cash equivalents, beginning of period		21,319			183,395
Cash and cash equivalents, end of period	$	18,767		$	142,113
Supplemental disclosure of cash flow information and non-cash financing activities
Interest paid during the period	$	5,384		$	—
Distributions payable	$	2,551		$	1,491
Accrued but unpaid offering costs	$	1,171		$	579
Reinvestment of distributions	$	3		$	—
Excise taxes paid	$	72		$	—

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

9

First Eagle Private Credit Fund

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Bleriot US Bidco Inc.	(12)	United States	S + 2.75%	0.00%	7.05%	10/31/2030		1,878	$	1,884		$	1,867			0.63	%
Chromalloy Corporation	(12)	United States	S + 3.75%	0.00%	8.06%	3/27/2031		7		7			7			—
Karman Holdings Inc.	(8)(11)(13)	United States	S + 3.50%	0.00%	0.00%	4/1/2032		2,000		1,990			2,003			0.67
Titan Sub LLC	(8)(12)	United States	S + 3.00%	0.00%	7.32%	6/14/2030		2,376		2,376			2,367			0.79
										6,257			6,244			2.09
Air Freight & Logistics
Air Buyer Inc.	(8)(12)	United States	S + 5.50%	0.00%	9.79%	7/23/2030		5,148		5,088			5,096			1.71
Air Buyer Inc. (Revolver)	(7)(8)(9)	United States	S + 5.25%	1.00%	0.50%	7/23/2030		—		(6	)		(5	)		—
AIT Worldwide Logistics Holdings, Inc.	(12)	United States	S + 4.00%	0.00%	8.30%	4/8/2030		4,962		4,981			4,965			1.66
LaserShip, Inc.		United States	S + 6.25%	0.00%	10.56%	1/2/2029		1,267		1,255			1,259			0.42
LaserShip, Inc.		United States	S + 1.50%	0.75%	6.06%	8/10/2029		1,982		1,560			1,167			0.39
LaserShip, Inc.	(14)	United States	S + 1.50%	0.00%	6.06%	8/10/2029		1,409		363			353			0.12
Odyssey Logistics & Technology Corporation	(12)	United States	S + 4.50%	0.00%	8.72%	10/12/2027		1,985		1,979			1,980			0.67
										15,220			14,815			4.97
Automobile Components
Enthusiast Auto Holdings, LLC	(8)(12)	United States	S + 4.75%	1.00%	9.07%	12/19/2026		8,381		8,381			8,381			2.81
Enthusiast Auto Holdings, LLC (Revolver)	(7)(8)(9)	United States	S + 4.75%	1.00%	0.50%	12/19/2026		—		(1	)		(1	)		—
Owl Vans, LLC	(8)(12)	United States	S + 5.25%	1.00%	9.57%	12/31/2030		3,830		3,782			3,780			1.27
Owl Vans, LLC (Revolver)	(7)(8)(9)	United States	S + 5.25%	1.00%	0.50%	12/31/2030		—		(15	)		(16	)		(0.01	)
										12,147			12,144			4.07
Building Products
Groundworks Operations, LLC	(12)	United States	S + 3.00%	0.00%	7.32%	3/14/2031		2,520		2,526			2,473			0.83
Groundworks Operations, LLC (Delayed Draw)	(7)(9)(12)	United States	S + 3.25%	0.50%	7.32%	3/14/2031		74		75			65			0.02
MI Windows and Doors, LLC	(12)	United States	S + 3.00%	0.00%	7.32%	3/28/2031		1,975		1,966			1,944			0.65
										4,567			4,482			1.50
Chemicals
Hexion Holdings Corporation	(12)	United States	S + 4.00%	0.00%	8.32%	3/15/2029		2,985		2,971			2,909			0.98
Highline Aftermarket Acquisition, LLC	(8)(12)	United States	S + 3.50%	0.00%	7.82%	2/19/2030		1,995		1,990			1,993			0.67
Ineos US Finance LLC	(13)	Europe	S + 3.00%	0.00%	7.32%	2/7/2031		995		995			954			0.32
Project Cloud Holdings, LLC	(8)(12)	United States	S + 6.25%	1.00%	10.67%	3/31/2029		10,470		10,274			10,287			3.45
Project Cloud Holdings, LLC (Revolver)	(8)(9)	United States	S + 6.25%	0.00%	10.67%	3/31/2029		1,424		1,392			1,399			0.47
Sparta U.S. Holdco LLC		United States	S + 3.00%	0.00%	7.32%	8/2/2030		1,990		1,990			1,979			0.66
										19,612			19,521			6.55

10

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value			Percentage of Net Assets
Commercial Services & Supplies
APS Acquisition Holdings, LLC	(8)(12)	United States	S + 5.75%	1.00%	10.05%	7/11/2029		8,060		7,957			7,939			2.66
APS Acquisition Holdings, LLC (Delayed Draw)	(7)(8)(10)	United States	S + 5.75%	1.00%	1.00%	7/11/2029		—		(15	)		(52	)		(0.02	)
APS Acquisition Holdings, LLC (Revolver)	(7)(8)(9)	United States	S + 5.75%	1.00%	0.50%	7/11/2029		—		(22	)		(26	)		(0.01	)
Catawba Nation Gaming Authority		United States	S + 4.75%	0.00%	9.05%	3/28/2030		10,000		9,950			10,046			3.37
CI (MG) Group, LLC	(8)(12)	United States	S + 5.50%	1.00%	9.72%	3/27/2030		9,774		9,628			9,627			3.23
CI (MG) Group, LLC (Delayed Draw)	(7)(8)(10)	United States	S + 5.50%	1.00%	1.00%	3/27/2030		—		(35	)		(70	)		(0.02	)
CI (MG) Group, LLC (Revolver)	(7)(8)(9)	United States	S + 5.50%	1.00%	0.50%	3/27/2030		—		(16	)		(16	)		(0.01	)
Cimpress USA Incorporated	(8)(12)	United States	S + 2.50%	0.50%	6.82%	5/17/2028		1,990		1,990			1,948			0.65
LRS Holdings LLC	(12)	United States	S + 4.25%	0.00%	8.69%	8/31/2028		1,974		1,974			1,890			0.64
LSF12 Crown US Commercial Bidco, LLC	(12)	United States	S + 4.25%	0.00%	8.57%	12/2/2031		2,000		1,981			1,968			0.66
Prime Security Services Borrower, LLC		United States	S + 2.00%	0.00%	6.32%	10/13/2030		1,995		2,007			1,989			0.67
Waste Resource Management Inc.	(8)(12)	United States	S + 5.75%	1.00%	10.07%	12/28/2029		5,572		5,505			5,572			1.87
Waste Resource Management Inc. (Delayed Draw)	(7)(8)(10)	United States	S + 5.75%	1.00%	10.07%	12/28/2029		1,146		1,137			1,146			0.38
Waste Resource Management Inc. (Revolver)	(7)(8)(9)	United States	S + 5.75%	1.00%	10.07%	12/28/2029		538		528			538			0.18
										42,569			42,499			14.25
Communications Equipment
SonicWall US Holdings Inc.	(11)	United States	S + 5.00%	0.50%	0.00%	5/18/2028		1,995		2,000			1,968			0.66
										2,000			1,968			0.66
Construction & Engineering
RL James, Inc.	(8)(12)	United States	S + 6.00%	1.00%	10.42%	12/15/2028		2,273		2,241			2,250			0.75
RL James, Inc. (Delayed Draw)	(7)(8)(10)	United States	S + 6.00%	1.00%	10.45%	12/15/2028		1,539		1,509			1,517			0.51
RL James, Inc. (Revolver)	(7)(8)(9)	United States	S + 6.00%	1.00%	10.45%	12/15/2028		65		50			54			0.02
										3,800			3,821			1.28
Containers & Packaging
Closure Systems International Group Inc.	(12)	United States	S + 3.50%	0.00%	7.82%	3/22/2029		1,995		1,986			1,998			0.67
R-Pac International Corp	(8)	United States	S + 6.00%	0.00%	10.29%	12/29/2027		2,374		2,354			2,362			0.79
										4,340			4,360			1.46
Diversified Consumer Services
AMCP Clean Acquisition Co LLC	(8)(12)	United States	S + 4.75%	0.50%	9.05%	6/15/2028		9,625		9,546			9,655			3.24
AMCP Clean Acquisition Co LLC (Delayed Draw)	(7)(8)(10)	United States	S + 4.75%	0.00%	9.05%	6/15/2028		1,087		1,078			1,094			0.37
LaserAway Intermediate Holdings II, LLC	(8)(12)	United States	S + 5.75%	0.75%	10.31%	10/14/2027		1,502		1,491			1,502			0.50
Mammoth Holdings, LLC	(8)(12)	United States	S + 6.00%	1.00%	10.30%	11/15/2030		5,207		5,120			5,077			1.70
Mammoth Holdings, LLC (Delayed Draw)	(8)(10)(12)	United States	S + 6.00%	1.00%	10.30%	11/15/2030		1,309		1,287			1,276			0.43
Mammoth Holdings, LLC (Revolver)	(7)(8)(9)	United States	S + 5.75%	1.00%	0.50%	11/15/2029		—		(11	)		(16	)		(0.01	)
Reedy Industries Inc.	(12)	United States	S + 4.25%	0.00%	8.55%	8/31/2028		1,995		1,986			1,999			0.67
										20,497			20,587			6.90
Diversified Telecommunication Services
Guardian US Holdco LLC	(12)	United States	S + 3.50%	0.00%	7.80%	1/31/2030		3,960		3,943			3,907			1.31
										3,943			3,907			1.31

11

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value			Percentage of Net Assets
Electrical Equipment
Arcline FM Holding, LLC	(12)	United States	S + 4.50%	0.00%	8.80%	6/23/2028		3,589		3,604			3,578			1.20
Energy Acquisition	(8)(12)	United States	S + 6.50%	2.00%	10.81%	5/10/2029		7,841		7,715			7,762			2.60
Energy Acquisition (Delayed Draw)	(7)(8)(10)	United States	S + 6.50%	2.00%	1.00%	5/10/2029		—		(4	)		(4	)		—
										11,315			11,336			3.80
Electronic Equipment, Instruments & Components
Creation Technologies Inc.	(8)	United States	S + 5.50%	0.50%	10.06%	10/5/2028		1,995		1,970			1,940			0.65
										1,970			1,940			0.65
Entertainment
StubHub	(12)	United States	S + 4.75%	0.00%	9.07%	3/15/2030		4,888		4,848			4,876			1.64
										4,848			4,876			1.64
Financial Services
Ahead DB Holdings, LLC	(12)	United States	S + 3.00%	0.75%	7.30%	2/1/2031		983		974			982			0.33
Apella Capital, LLC	(8)(12)(13)	United States	P + 6.50%	1.00%	13.00%	3/1/2029		1,257		1,239			1,257			0.42
Apella Capital, LLC	(8)(12)(13)	United States	S + 6.50%	1.00%	10.82%	3/1/2029		589		578			589			0.20
Apella Capital, LLC	(8)(12)(13)	United States	S + 6.50%	1.00%	10.80%	3/1/2029		996		977			996			0.33
Apella Capital, LLC (Delayed Draw)	(7)(8)(10)(13)	United States	S + 6.50%	1.00%	1.00%	3/1/2029		—		(9	)		—			—
Apella Capital, LLC (Delayed Draw)	(7)(8)(10)(13)	United States	S + 6.50%	1.00%	10.80%	3/1/2029		147		145			147			0.05
Apella Capital, LLC (Delayed Draw)	(8)(10)(13)	United States	S + 6.50%	1.00%	10.81%	3/1/2029		249		243			249			0.08
Apella Capital, LLC (Revolver)	(8)(9)(13)	United States	S + 6.50%	1.00%	10.80%	3/1/2029		250		246			250			0.08
Apex Group Treasury Limited	(13)	Europe	S + 3.50%	0.00%	7.82%	2/27/2032		3,000		2,993			2,994			1.01
Aretec Group Inc.		United States	S + 3.50%	0.00%	7.82%	8/9/2030		1,995		2,007			1,981			0.66
Auxey Bidco Ltd.	(8)(12)(13)	Europe	S + 6.00%	0.00%	10.44%	6/29/2027		7,890		7,802			7,703			2.58
Evertec Group, LLC	(8)(13)	United States	S + 2.75%	0.00%	7.07%	10/30/2030		2,000		2,032			2,010			0.67
Focus Financial Partners, LLC	(12)	United States	S + 2.75%	0.00%	7.07%	9/15/2031		1,995		1,990			1,978			0.66
GTCR Everest Borrower LLC	(12)	United States	S + 2.75%	0.00%	7.05%	9/5/2031		1,995		1,988			1,984			0.67
Paint Intermediate III LLC	(12)	United States	S + 3.00%	0.00%	7.30%	10/9/2031		2,000		1,991			2,001			0.67
PRGX Global, Inc	(8)(12)	United States	S + 5.50%	1.00%	9.85%	12/20/2030		4,474		4,430			4,429			1.49
PRGX Global, Inc (Delayed Draw)	(7)(8)(10)	United States	S + 5.50%	1.00%	1.00%	12/20/2030		—		(3	)		(6	)		—
Priority Holdings, LLC	(12)	United States	S + 4.75%	0.00%	9.07%	5/16/2031		4,922		4,918			4,928			1.65
Ryan Specialty Group, LLC	(12)	United States	S + 2.25%	0.00%	6.57%	9/15/2031		998		995			996			0.33
Sagebrush Buyer, LLC	(8)(12)	United States	S + 5.00%	1.00%	9.32%	7/1/2030		10,074		9,941			10,074			3.38
Sagebrush Buyer, LLC (Revolver)	(7)(8)(9)	United States	S + 5.00%	1.00%	0.50%	7/1/2030		—		(17	)		—			—
TouchTunes	(12)	United States	S + 4.75%	0.00%	9.05%	4/2/2029		3,456		3,456			3,389			1.14
XPT Partners, LLC	(8)(12)	United States	S + 5.50%	0.00%	10.01%	9/13/2028		5,115		5,045			5,039			1.69
XPT Partners, LLC (Delayed Draw)	(7)(8)(10)	United States	S + 5.50%	1.00%	10.01%	9/13/2028		255		247			237			0.08
XPT Partners, LLC (Revolver)	(7)(8)(9)	United States	S + 5.50%	0.00%	0.50%	9/13/2028		—		(4	)		(4	)		—
										54,204			54,203			18.17

12

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value			Percentage of Net Assets
Food Products
Aspire Bakeries Holdings LLC	(12)	United States	S + 4.25%	0.00%	8.57%	12/23/2030		2,985		2,971			2,996			1.00
Golden State Foods Corp	(12)	United States	S + 4.25%	0.00%	8.56%	12/4/2031		3,412		3,387			3,427			1.15
Primary Products Finance LLC		United States	S + 3.25%	0.00%	7.55%	4/1/2029		1,990		1,990			1,980			0.67
										8,348			8,403			2.82
Ground Transportation
First Student Bidco Inc.	(12)	United States	S + 2.50%	0.00%	6.80%	7/21/2028		1,990		1,990			1,989			0.67
Kenan Advantage Group, Inc.	(12)	United States	S + 3.25%	0.00%	7.57%	1/25/2029		4,970		4,969			4,957			1.66
										6,959			6,946			2.33
Health Care Equipment & Supplies
Journey Personal Care	(12)	United States	S + 3.75%	0.00%	8.05%	3/1/2028		4,949		4,937			4,912			1.64
Prescott's Inc.	(8)(12)	United States	S + 5.00%	1.00%	9.30%	12/30/2030		5,066		5,011			5,009			1.68
Prescott's Inc. (Delayed Draw)	(7)(8)	United States	S + 5.00%	1.00%	0.75%	12/30/2030		—		(13	)		(40	)		(0.01	)
Prescott's Inc. (Revolver)	(7)(8)(9)	United States	S + 5.00%	1.00%	0.50%	12/30/2030		—		(10	)		(10	)		—
										9,925			9,871			3.31
Health Care Providers & Services
Crisis Prevention Institute, Inc.	(12)	United States	S + 4.00%	0.50%	8.30%	4/9/2031		2,993		2,978			3,001			1.01
Dermatology Intermediate Holdings III, Inc.	(12)	United States	S + 5.50%	0.50%	9.79%	3/30/2029		3,465		3,448			3,306			1.11
Dermatology Intermediate Holdings III, Inc.	(12)	United States	S + 4.25%	0.50%	8.54%	3/30/2029		4,949		4,863			4,661			1.56
Elevate HD Parent, Inc.	(8)(12)	United States	S + 6.00%	1.00%	10.42%	8/20/2029		985		972			985			0.33
Elevate HD Parent, Inc. (Delayed Draw)	(8)(10)	United States	S + 6.00%	1.00%	10.42%	8/20/2029		23		23			23			0.01
Elevate HD Parent, Inc. (Delayed Draw)	(7)(8)(10)	United States	S + 6.00%	1.00%	10.42%	8/20/2029		51		49			51			0.02
Elevate HD Parent, Inc. (Revolver)	(7)(8)(9)	United States	S + 6.00%	1.00%	0.50%	8/20/2029		—		(3	)		—			—
First Steps Recovery Acquisition, LLC	(8)(12)	United States	S + 6.25%	1.00%	10.57%	3/29/2030		4,776		4,716			4,657			1.56
First Steps Recovery Acquisition, LLC (Delayed Draw)	(7)(8)(10)	United States	S + 6.25%	1.00%	1.00%	3/29/2030		—		(5	)		(29	)		(0.01	)
First Steps Recovery Acquisition, LLC (Revolver)	(7)(8)(9)	United States	S + 6.25%	1.00%	10.55%	3/29/2030		551		537			523			0.17
Gen4 Dental Partners Opco, LLC	(8)(12)	United States	S + 5.75%	1.00%	10.07%	5/13/2030		6,947		6,829			6,756			2.26
Gen4 Dental Partners Opco, LLC (Delayed Draw)	(7)(8)(10)	United States	S + 5.75%	0.00%	1.00%	5/13/2030		—		(20	)		(64	)		(0.02	)
Gen4 Dental Partners Opco, LLC (Revolver)	(7)(8)(9)	United States	S + 5.75%	0.00%	0.50%	5/13/2030		—		(8	)		(13	)		—
Houseworks Holdings	(8)(12)	United States	S + 5.25%	1.00%	9.50%	12/15/2028		1,096		1,078			1,090			0.36
Houseworks Holdings	(8)(12)	United States	S + 5.25%	1.00%	9.50%	12/15/2028		2,511		2,497			2,499			0.84
Houseworks Holdings (Delayed Draw)	(7)(8)(9)	United States	S + 5.25%	1.00%	0.50%	12/15/2028		—		(3	)		(2	)		—
Houseworks Holdings (Delayed Draw)	(8)(9)	United States	S + 5.50%	1.00%	9.50%	12/15/2028		319		314			317			0.11
Houseworks Holdings (Revolver)	(7)(8)(9)	United States	S + 5.25%	1.00%	9.55%	12/15/2028		116		112			115			0.04

13

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value			Percentage of Net Assets
Health Care Providers & Services (continued)
In Vitro Sciences, LLC	(8)(12)	United States	S + 7.00%	1.00%	11.44%	2/28/2029		8,721		8,618			8,023			2.69
In Vitro Sciences, LLC (Delayed Draw)	(7)(8)(10)	United States	S + 7.00%	1.00%	11.44%	2/28/2029		2,228		2,219			2,048			0.69
In Vitro Sciences, LLC (Revolver)	(7)(8)(9)	United States	S + 7.00%	1.00%	0.50%	2/28/2029		—		(7	)		(45	)		(0.02	)
Medrina, LLC	(8)(12)	United States	S + 6.00%	1.00%	10.44%	10/20/2029		7,266		7,163			7,266			2.44
Medrina, LLC (Delayed Draw)	(7)(8)(10)	United States	S + 6.00%	1.00%	10.25%	10/20/2029		1,284		1,277			1,284.00			0.43
Medrina, LLC (Revolver)	(7)(8)(9)	United States	S + 6.00%	1.00%	0.50%	10/20/2029		—		(16	)		—			—
Monarch Behavioral Therapy, LLC	(8)(12)	United States	S + 5.00%	1.00%	9.32%	6/6/2030		9,116		8,998			9,071			3.04
Monarch Behavioral Therapy, LLC (Delayed Draw)	(7)(8)(10)	United States	S + 5.00%	1.00%	9.32%	6/6/2030		930		923			922			0.31
Monarch Behavioral Therapy, LLC (Revolver)	(7)(8)(9)	United States	S + 5.00%	1.00%	9.33%	6/6/2030		613		599			607			0.20
Neon Maple US Debt Mergersub Inc.		United States	S + 3.00%	0.00%	7.32%	11/17/2031		1,000		999			995			0.33
NSM Top Holdings Corp	(12)	United States	S + 5.25%	0.00%	9.65%	5/14/2029		3,365		3,357			3,390			1.14
RMBUS Holdco Inc.	(8)(12)	United States	S + 6.50%	1.00%	10.74%	1/8/2029		5,589		5,518			5,589			1.87
RMBUS Holdco Inc. (Delayed Draw)	(7)(8)(10)	United States	S + 6.50%	1.00%	1.00%	1/8/2029		—		(13	)		—			—
RMBUS Holdco Inc. (Revolver)	(7)(8)(9)	United States	S + 6.50%	1.00%	0.50%	1/8/2029		—		(13	)		—			—
Southern Veterinary Partners, LLC	(12)	United States	S + 3.25%	0.00%	7.57%	12/4/2031		2,000		1,990			1,997			0.67
US Fertility Enterprises, LLC	(8)(12)	United States	S + 4.50%	0.00%	8.78%	10/11/2031		2,132		2,112			2,137			0.72
US Fertility Enterprises, LLC (Delayed Draw)	(7)(8)(12)	United States	S + 4.50%	0.00%	2.25%	10/11/2031		—		(1	)		—			—
										72,100			71,160			23.86
Health Care Technology
Advantmed Buyer Inc	(8)(12)	United States	S + 5.00%	1.00%	9.30%	2/14/2031		11,603		11,454			11,451			3.84
Advantmed Buyer Inc (Delayed Draw)	(8)(10)	United States	S + 5.00%	1.00%	9.31%	2/14/2031		1,642		1,635			1,620			0.54
Advantmed Buyer Inc (Revolver)	(7)(8)(9)	United States	S + 5.00%	1.00%	0.50%	2/14/2031		—		(28	)		(29	)		(0.01	)
Greenway Health, LLC	(8)(12)	United States	S + 6.75%	0.00%	11.05%	4/1/2029		9,660		9,441			9,660			3.24
Visante Acquisition, LLC	(8)(12)	United States	S + 5.75%	1.00%	10.04%	1/31/2030		8,376		8,275			8,376			2.81
Visante Acuqisition, LLC (Revolver)	(7)(8)	United States	S + 5.75%	1.00%	0.50%	1/31/2030		—		(12	)		—			—
										30,765			31,078			10.42
Hotels, Restaurants & Leisure
Caesars Entertainment, Inc.	(13)	United States	S + 2.25%	0.00%	6.56%	2/6/2030		1,735		1,752			1,728			0.58
										1,752			1,728			0.58
Household Durables
Air Conditioning Specialist, Inc.	(8)(12)	United States	S + 5.50%	1.00%	9.82%	11/19/2029		5,011		4,951			4,935			1.65
Air Conditioning Specialist, Inc. (Delayed Draw)	(7)(8)(10)	United States	S + 5.50%	1.00%	9.81%	11/19/2029		1,741		1,690			1,686			0.57
Air Conditioning Specialist, Inc. (Revolver)	(7)(8)(9)	United States	S + 5.50%	1.00%	9.82%	11/19/2029		226		214			213			0.07
Dorel Industries	(8)(12)(13)	Canada	S + 8.30%	2.00%	12.60%	12/8/2026		5,002		4,956			5,002			1.68
										11,811			11,836			3.97

14

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value		Percentage of Net Assets
Insurance
Acrisure, LLC	(12)	United States	S + 3.00%	0.00%	7.32%	11/6/2030		2,985		2,985			2,972		1.00
Amynta Agency Borrower Inc.	(12)	United States	S + 3.00%	0.00%	7.33%	12/29/2031		2,985		2,985			2,961		0.99
Ardonagh Midco 3 Limited	(12)(13)	Europe	S + 3.75%	0.00%	8.03%	2/15/2031		3,000		2,986			2,966		1.00
Community Based Care Acquisition, Inc. (Delayed Draw)	(7)(8)(10)	United States	S + 5.50%	1.00%	9.90%	9/30/2027		1,624		1,571			1,624		0.54
OEG Borrower, LLC	(8)(12)	United States	S + 3.50%	0.00%	7.80%	6/30/2031		2,985		2,978			2,989		1.00
PEX Holdings LLC	(8)(12)	United States	S + 2.75%	0.00%	6.97%	11/26/2031		1,000		998			995		0.34
The Mutual Group, LLC	(8)(12)	United States	S + 5.25%	1.00%	9.55%	1/31/2030		9,643		9,526			9,643		3.23
The Mutual Group, LLC (Revolver)	(7)(8)(9)	United States	S + 5.50%	1.00%	0.50%	1/31/2030		—		(16	)		—		—
Truist Insurance Holdings, LLC	(12)	United States	S + 2.75%	0.00%	7.05%	5/6/2031		1,379		1,376			1,372		0.46
										25,389			25,522		8.56
IT Services
Asurion, LLC	(12)	United States	S + 4.00%	0.00%	8.42%	8/19/2028		4,937		4,927			4,893		1.64
Ensono, Inc.	(12)	United States	S + 4.00%	0.00%	8.44%	5/26/2028		1,990		1,985			1,963		0.66
Rackspace Technology Global Inc.	(12)	United States	S + 6.25%	0.75%	10.69%	5/15/2028		1,990		2,012			2,047		0.69
										8,924			8,903		2.99
Machinery
Acuren Delaware Holdco, Inc.		United States	S + 2.75%	0.00%	7.07%	7/30/2031		1,988		1,988			1,976		0.66
CPM Holdings, Inc.	(12)	United States	S + 4.50%	0.00%	8.82%	9/28/2028		4,950		4,972			4,876		1.63
Goat Holdco LLC		United States	S + 3.00%	0.00%	7.32%	1/27/2032		2,000		1,995			1,989		0.67
Madison iAQ LLC	(12)	United States	S + 2.50%	0.00%	6.76%	6/21/2028		3,969		3,981			3,930		1.32
Nvent Thermal LLC		United States	S + 3.50%	0.00%	7.82%	1/30/2032		2,000		1,990			2,002		0.67
Project Castle, Inc.		United States	S + 5.50%	0.50%	9.76%	6/1/2029		3,959		3,653			3,369		1.13
SPX Flow, Inc.	(12)	United States	S + 3.00%	0.00%	7.32%	4/5/2029		2,000		2,012			1,999		0.67
										20,591			20,141		6.75
Media
ABG Intermediate Holdings 2 LLC	(12)	United States	S + 2.25%	0.00%	6.57%	12/21/2028		2,736		2,736			2,711		0.91
Cengage Learning, Inc.	(12)	United States	S + 3.50%	0.00%	7.83%	3/24/2031		2,978		2,950			2,958		0.99
MH Sub I/Indigo/WebMD Health	(12)	United States	S + 4.25%	0.00%	8.57%	5/3/2028		2,370		2,351			2,257		0.76
WH Borrower, LLC	(12)	United States	S + 4.75%	0.00%	9.07%	2/11/2032		2,000		1,990			1,993		0.67
										10,027			9,919		3.33
Metals & Mining
Minerals Technologies Inc.	(8)(13)	United States	S + 2.00%	0.00%	6.32%	11/26/2031		1,995		2,007			1,995		0.67
										2,007			1,995		0.67

15

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value			Percentage of Net Assets
Oil, Gas & Consumable Fuels
Liquid Tech Solutions Holdings, LLC	(8)	United States	S + 3.75%	0.00%	8.07%	3/19/2028		998		998			999			0.33
										998			999			0.33
Passenger Airlines
AAdvantage Loyalty IP Ltd.		United States	S + 2.25%	0.00%	6.57%	4/20/2028		1,857		1,916			1,838			0.62
										1,916			1,838			0.62
Personal Care Products
KDC/ONE Development Corporation, Inc.	(12)	United States	S + 4.00%	0.00%	8.32%	8/15/2028		2,000		2,000			2,002			0.67
										2,000			2,002			0.67
Pharmaceuticals
Amneal Pharmaceuticals LLC	(12)(13)	United States	S + 5.50%	0.00%	9.82%	5/4/2028		994		998			1,013			0.34
Nephron Pharmaceuticals, LLC	(8)(12)	United States	S + 4.00%	3.25%	8.33%	12/30/2027		1,875		1,857			1,856			0.62
Nephron Pharmaceuticals, LLC	(8)(12)	United States	S + 9.20%	3.25%	13.53%	12/30/2027		6,375		6,285			6,279			2.11
Syner-G Intermediate Holdings, LLC	(8)(12)	United States	S + 5.00%	1.00%	9.30%	9/17/2030		10,353		10,247			9,939			3.34
Syner-G Intermediate Holdings, LLC (Revolver)	(7)(8)(9)	United States	S + 5.00%	1.00%	0.50%	9/17/2030		—		(12	)		(46	)		(0.02	)
										19,375			19,041			6.39
Professional Services
Case Works, LLC	(8)(12)	United States	S + 5.25%	1.00%	9.56%	10/1/2029		5,026		4,966			4,960			1.66
Case Works, LLC (Delayed Draw)	(7)(8)(10)	United States	S + 5.25%	1.00%	9.55%	10/1/2029		482		479			472			0.16
Case Works, LLC (Revolver)	(7)(8)(9)	United States	S + 5.25%	1.00%	9.55%	10/1/2029		241		234			233			0.08
CP Iris Holdco I, Inc.	(12)	United States	S + 3.50%	0.00%	7.82%	10/2/2028		3,959		3,963			3,915			1.31
Dun & Bradstreet Corporation	(13)	United States	S + 2.25%	0.00%	6.57%	1/18/2029		1,990		1,999			1,987			0.67
Eisner Advisory Group LLC	(12)	United States	S + 4.00%	0.50%	8.32%	2/28/2031		2,985		3,010			2,986			1.00
Grant Thornton Advisors LLC	(12)	United States	S + 2.75%	0.00%	7.07%	6/2/2031		4,975		5,016			4,956			1.66
SR Landscaping, LLC	(8)(12)	United States	S + 6.25%	1.00%	10.67%	10/30/2029		5,336		5,275