# EDGAR Filing Document

**Accession Number:** 0001973476
**File Stem:** 0001193125-25-274285
**Filing Date:** 2025-11
**Character Count:** 300735
**Document Hash:** 8874b5bd60574d08a200610701b42202
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-274285.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001193125-25-274285

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Haven Private Income Fund A LLC
- **CENTRAL INDEX KEY:** 0001973476

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56571
- **FILM NUMBER:** 251466469

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

?xml version='1.0' encoding='ASCII'? 10-Q

[**<u>**Table of Contents**</u>**](#toc_page)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**___________________________________________________________________**___________________________________

**FORM** 10-Q

☑ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**<u>THE SECURITIES EXCHANGE ACT OF 1934</u>**

For the Quarterly Period Ended September 30, 2025

**<u>OR</u>**

☐ **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 814-01654

North Haven Private Income Fund A LLC

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| Delaware | 92-1385301 |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>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** |

---

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 I Units outstanding at November 10, 2025 was 13,827,418.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Part I. Financial Information | Part I. Financial Information |  |
| Item 1. | [<u>Consolidated Financial Statements (Unaudited)</u>](#consolidated_statements_of_financial_con) |  |
|  | [<u>Consolidated Statements of Financial Condition</u>](#consolidated_statements_of_financial_con) | [<u>3</u>](#consolidated_statements_of_financial_con) |
|  | [<u>Consolidated Statements of Operations</u>](#consolidated_statements_of_operations) | [<u>4</u>](#consolidated_statements_of_operations) |
|  | [<u>Consolidated Statements of Changes in Members' Capital</u>](#consolidated_statements_of_changes_membe) | [<u>5</u>](#consolidated_statements_of_changes_membe) |
|  | [<u>Consolidated Statements of Cash Flows</u>](#consolidated_statements_of_cash_flows) | [<u>6</u>](#consolidated_statements_of_cash_flows) |
|  | [<u>Consolidated Schedules of Investments</u>](#schedule_of_investments) | [<u>7</u>](#schedule_of_investments) |
|  | [<u>Notes to the Consolidated Financial Statements</u>](#notes_to_the_consolidated_financial_stat) | [<u>38</u>](#notes_to_the_consolidated_financial_stat) |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_and_analy) | [<u>54</u>](#item_2_managements_discussion_and_analy) |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative_disc) | [<u>66</u>](#item_3_quantitative_and_qualitative_disc) |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | [<u>67</u>](#item_4_controls_and_procedures) |
| Part II. Other Information | Part II. Other Information |  |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | [<u>68</u>](#item_1_legal_proceedings) |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | [<u>68</u>](#item_1a_risk_factors) |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity_sec) | [<u>68</u>](#item_2_unregistered_sales_of_equity_sec) |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | [<u>68</u>](#item_3_defaults_upon_senior_securities) |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | [<u>68</u>](#item_4_mine_safety_disclosures) |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | [<u>68</u>](#item_5_other_information) |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | [<u>69</u>](#item_6_exhibits) |
| [<u>SIGNATURES</u>](#signatures) | [<u>SIGNATURES</u>](#signatures) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Statements of Financial Condition**

*(In thousands, except unit and per unit amounts)*

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | **(Audited)** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value (amortized cost of $448,379 and $268,579) | $449424 | $269888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 13614 | 29112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs | 2205 | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable from non-controlled/non-affiliated investments | 2267 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold/ repaid | 39 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 2793 | 12 |
| **Total assets** | 470342 | 303310 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt | 185207 | 91018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 4529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to affiliates (Note 3) | 214 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 2656 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 98 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions received in advance (Note 8) | 2641 | 19143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for units repurchased | 3134 | 6487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains based incentive fee payable | 125 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and financing costs payable | 524 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees payable | 92 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 540 | 636 |
| **Total liabilities** | 195231 | 124584 |
| Commitments and contingencies (Note 7) |  |  |
| **Members' Capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common units, par value $0.001 per unit (13,604,341 and 8,811,503 units issued and outstanding) | 14 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par value | 274248 | 177322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 849 | 1395 |
| **Total members' capital** | $275111 | $178726 |
| **Total liabilities and members' capital** | $470342 | $303310 |
| Net asset value per unit | $20.22 | $20.28 |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Statements of Operations (Unaudited)**

*(In thousands, except unit and per unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Investment Income:** |  |  |  |  |
| **From non-controlled/non-affiliated investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $9853 | $5366 | $26043 | $10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 124 | 58 | 436 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 4 |  | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 28 | 217 | 59 | 363 |
| **Total investment income** | 10009 | 5641 | 26548 | 10744 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing expenses | 2785 | 1430 | 7309 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 838 | 423 | 2232 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees | 832 | 499 | 2192 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees | 3 | 6 | (56) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 371 | 185 | 1025 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 38 | 27 | 129 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees | 38 | (6) | 139 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization and offering costs |  | 7 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and other expenses | 22 | 8 | 82 | 35 |
| **Total expenses** | 4927 | 2579 | 13052 | 4699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee waiver (Note 3) | (740) | (499) | (1905) | (1004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense support (Note 3) |  |  |  | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees waiver (Note 3) | (740) | (423) | (1905) | (931) |
| **Net expenses** | 3447 | 1657 | 9242 | 2439 |
| **Net investment income (loss)** | 6562 | 3984 | 17306 | 8305 |
| **Net investment income (loss) after taxes** | 6562 | 3984 | 17306 | 8305 |
| **Realized and unrealized gain (loss):** |  |  |  |  |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments |  | 7 | 2 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | 1 |  | 1 |  |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 22 | 42 | (454) | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (1) |  | 1 |  |
| **Net realized and unrealized gain (loss)** | $22 | $49 | $(450) | $369 |
| **Net increase (decrease) in members' capital resulting from operations** | $6584 | $4033 | $16856 | $8674 |
| Net investment income (loss) per unit (basic and diluted) | $0.49 | $0.58 | $1.43 | $1.60 |
| Earnings (loss) per unit (basic and diluted) | $0.49 | $0.59 | $1.40 | $1.67 |
| Weighted average units outstanding: | 13467787 | 6860089 | 12077276 | 5201659 |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Statements of Changes in Members' Capital (Unaudited)**

*(In thousands, except per unit amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Members' Capital at beginning of period:** | $253019 | $122240 | $178726 | $43368 |
| **Increase (decrease) in members' capital resulting from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 6562 | 3984 | 17306 | 8305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1 | 7 | 3 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 21 | 42 | (453) | 362 |
| **Net increase (decrease) in members' capital resulting from operations** | 6584 | 4033 | 16856 | 8674 |
| **Distributions to Unitholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings | (6456) | (3302) | (17402) | (7478) |
| **Capital transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of units | 22562 | 23634 | 99755 | 101733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 2536 | 1291 | 6581 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased units | (3134) | (5824) | (9405) | (6966) |
| **Net increase in members' capital resulting from capital transactions** | 21964 | 19101 | 96931 | 97508 |
| **Total increase (decrease) in members' capital** | $22092 | 19832 | 96385 | 98704 |
| **Members' capital at end of period** | $275111 | $142072 | $275111 | $142072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions per unit | $0.48 | $0.48 | $1.44 | $1.44 |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Statements of Cash Flows (Unaudited)**

*(In thousands)*

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in members' capital resulting from operations | $16856 | $8674 |
| Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 454 | (362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (2) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency and other transactions | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium on investments | (478) | (328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest and dividend capitalized | (401) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 439 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments and change in payable for investments purchased | (205170) | (176918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid | 21700 | 12435 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments | (364) | (1519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in deferred financing costs | (267) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (2781) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in payable to affiliates | 174 | (759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in management fees payable | (420) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in incentive fees payable | (360) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in interest payable | 347 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accrued expenses and other liabilities | (96) | 228 |
| **Net cash provided by (used in) operating activities** | (170371) | (158155) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | $171000 | $110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments on debt | (77000) | (46600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid in cash | (9624) | (3912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Units | 80612 | 83271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions received in advance | 2641 | 14582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of Units | (12758) | (1142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid |  | (1558) |
| **Net cash provided by (used in) financing activities** | 154871 | 154641 |
| **Net increase (decrease) in cash** | (15500) | (3514) |
| Effect of foreign exchange rate changes on cash | 2 |  |
| Cash at beginning of period | 29112 | 21310 |
| **Cash at end of period** | $13614 | $17796 |
| **Supplemental information and non-cash activities:** |  |  |
| Excise tax paid | $— | $7 |
| Interest expense paid | $6524 | $1322 |
| Distribution reinvestment | $6581 | $2741 |
| Distributions payable | $2656 | $1169 |
| Accrued but unpaid repurchases of common units | $3134 | $5824 |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| Mantech International CP | (6) (8) | First Lien Debt | S + | 5.00% | 9.31% | 09/14/2029 | 1888 | 1888 | 1888 | 0.69% |
| Mantech International CP | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.31% | 09/14/2028 |  |  |  |  |
| Mantech International CP | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.31% | 09/14/2029 |  |  |  |  |
|  |  |  |  |  |  |  |  | 1888 | 1888 | 0.69 |
| **Automobile Components** |  |  |  |  |  |  |  |  |  |  |
| LTI Holdings, Inc. |  | First Lien Debt | S + | 3.75% | 7.91% | 07/29/2029 | 990 | 996 | 998 | 0.36 |
| Sonny's Enterprises, LLC | (6) (7) | First Lien Debt | S + | 5.50% | 9.89% | 08/05/2028 | 165 | 162 | 157 | 0.06 |
| Sonny's Enterprises, LLC | (6) (7) | First Lien Debt | S + | 5.50% | 9.89% | 08/05/2028 | 749 | 738 | 715 | 0.26 |
| Sonny's Enterprises, LLC | (6) (7) (13) | First Lien Debt | S + | 5.50% | 9.89% | 08/05/2027 | 58 | 57 | 52 | 0.02 |
|  |  |  |  |  |  |  |  | 1953 | 1922 | 0.70 |
| **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| COP Collisionright Parent, LLC | (6) (7) | First Lien Debt | S + | 4.75% | 9.06% | 01/29/2030 | 1671 | 1650 | 1662 | 0.60 |
| COP Collisionright Parent, LLC | (6) (7) (13) | First Lien Debt | S + | 4.75% | 9.06% | 01/29/2030 | 36 | 33 | 35 | 0.01 |
| COP Collisionright Parent, LLC | (6) (7) (13) | First Lien Debt | S + | 4.75% | 9.06% | 01/29/2030 | 816 | 789 | 794 | 0.29 |
| Drivecentric Holdings, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.63% | 08/15/2031 | 7662 | 7591 | 7630 | 2.77 |
| Drivecentric Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.63% | 08/15/2031 |  | (16) | (16) | (0.01) |
| Drivecentric Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.63% | 08/15/2031 |  | (5) |  |  |
| Turbo Buyer, Inc. | (6) (7) | First Lien Debt | S + | 6.00% | 10.15% | 06/02/2026 | 748 | 744 | 744 | 0.27 |
| Turbo Buyer, Inc. | (6) (7) | First Lien Debt | S + | 6.00% | 10.15% | 06/02/2026 | 1051 | 1048 | 1045 | 0.38 |
| Vehlo Purchaser, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.16% | 05/24/2028 | 350 | 348 | 350 | 0.13 |
| Vehlo Purchaser, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.16% | 05/24/2028 | 2635 | 2607 | 2635 | 0.96 |
| Vehlo Purchaser, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.16% | 05/24/2028 |  |  |  |  |
|  |  |  |  |  |  |  |  | 14789 | 14879 | 5.41 |
| **Beverages** |  |  |  |  |  |  |  |  |  |  |
| Vamos Bidco, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 8.75% | 01/30/2032 | 2693 | 2668 | 2686 | 0.98 |
| Vamos Bidco, Inc. | (6) (9) (13) | First Lien Debt | S + | 4.75% | 8.75% | 01/30/2032 |  | (5) | (3) |  |
| Vamos Bidco, Inc. | (6) (9) (13) | First Lien Debt | S + | 4.75% | 8.75% | 01/30/2032 | 112 | 109 | 112 | 0.04 |
|  |  |  |  |  |  |  |  | 2772 | 2795 | 1.02 |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |
| Project Potter Buyer, LLC | (6) (7) | First Lien Debt | S + | 5.25% | 9.25% | 04/23/2027 | 7410 | 7407 | 7410 | 2.69 |
| Project Potter Buyer, LLC | (6) (7) (13) | First Lien Debt | S + | 5.25% | 9.25% | 04/23/2027 |  |  |  |  |
|  |  |  |  |  |  |  |  | 7407 | 7410 | 2.69 |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Tank Holding Corp. | (8) | First Lien Debt | S + | 6.00% | 10.04% | 03/31/2028 | 2768 | 2713 | 2611 | 0.95 |
| Tank Holding Corp. | (8) | First Lien Debt | S + | 6.00% | 10.04% | 03/31/2028 | 232 | 228 | 219 | 0.08 |
|  |  |  |  |  |  |  |  | 2941 | 2830 | 1.03 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Belfor Holdings, Inc. | (9) | First Lien Debt | S + | 2.75% | 6.91% | 11/01/2030 | 930 | 938 | 933 | 0.34 |
| Consor Intermediate II, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.75% | 05/12/2031 | 1028 | 1020 | 1028 | 0.37 |
| Consor Intermediate II, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.75% | 05/12/2031 |  | (2) |  |  |
| Consor Intermediate II, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.75% | 05/12/2031 |  | (1) |  |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| CRCI Longhorn Holdings, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 8.91% | 08/27/2031 | 2802 | 2778 | 2802 | 1.02 |
| CRCI Longhorn Holdings, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.91% | 08/27/2031 |  | (4) |  |  |
| CRCI Longhorn Holdings, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.91% | 08/27/2031 |  | (3) |  |  |
| Firebird Acquisition Corp, Inc. | (6) (8) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 9.31% | 02/02/2032 | 3439 | 3423 | 3439 | 1.25 |
| Firebird Acquisition Corp, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 9.31% | 02/02/2032 | 309 | 304 | 309 | 0.11 |
| Firebird Acquisition Corp, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 9.31% | 02/02/2032 |  | (3) |  |  |
| Helios Service Partners, LLC | (6) (7) | First Lien Debt | S + | 5.00% | 9.26% | 03/19/2027 | 240 | 237 | 239 | 0.09 |
| Helios Service Partners, LLC | (6) (7) (13) | First Lien Debt | S + | 5.00% | 9.26% | 03/19/2027 | 10 | 10 | 10 |  |
| Helios Service Partners, LLC | (6) (7) (13) | First Lien Debt | S + | 5.00% | 9.26% | 03/19/2027 | 767 | 756 | 765 | 0.28 |
| Hercules Borrower, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 8.75% | 12/15/2028 | 2530 | 2515 | 2530 | 0.92 |
| HSI Halo Acquisition, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.00% | 06/30/2031 | 7394 | 7330 | 7365 | 2.68 |
| HSI Halo Acquisition, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.00% | 06/28/2030 |  |  |  |  |
| HSI Halo Acquisition, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.00% | 06/30/2031 | 45 | 44 | 45 | 0.02 |
| Iris Buyer, LLC | (6) (7) (10) | First Lien Debt | S + | 5.25% | 9.56% | 10/02/2030 | 129 | 127 | 129 | 0.05 |
| Iris Buyer, LLC | (6) (7) (10) | First Lien Debt | S + | 5.25% | 9.56% | 10/02/2030 | 1371 | 1342 | 1368 | 0.50 |
| Iris Buyer, LLC | (6) (7) (10) (13) | First Lien Debt | S + | 5.25% | 9.56% | 10/02/2029 | 40 | 36 | 39 | 0.01 |
| Pye-Barker Fire & Safety, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.50% | 05/26/2031 | 1755 | 1755 | 1751 | 0.64 |
| Pye-Barker Fire & Safety, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.50% | 05/24/2030 | 30 | 28 | 30 | 0.01 |
| Pye-Barker Fire & Safety, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.50% | 05/26/2031 | 382 | 378 | 381 | 0.14 |
| Railpros Parent, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.70% | 05/24/2032 | 4789 | 4743 | 4742 | 1.72 |
| Railpros Parent, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.70% | 05/24/2032 |  | (7) | (15) | (0.01) |
| Railpros Parent, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.70% | 05/24/2032 |  | (7) | (7) |  |
| Routeware, Inc. | (6) (7) | First Lien Debt | S + | 5.25% | 9.28% | 09/18/2031 | 3182 | 3153 | 3172 | 1.15 |
| Routeware, Inc. | (6) (7) (13) | First Lien Debt | S + | 5.25% | 9.28% | 09/18/2031 | 68 | 65 | 67 | 0.02 |
| Routeware, Inc. | (6) (7) (13) | First Lien Debt | S + | 5.25% | 9.28% | 09/18/2031 | 91 | 84 | 86 | 0.03 |
| Tamarack Intermediate, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.15% | 03/12/2029 | 2229 | 2224 | 2223 | 0.81 |
| Tamarack Intermediate, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.15% | 03/12/2029 |  | (2) | (2) |  |
| Tamarack Intermediate, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.15% | 03/12/2029 | 746 | 730 | 730 | 0.27 |
| Transit Technologies, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 8.82% | 08/20/2031 | 3770 | 3736 | 3758 | 1.37 |
| Transit Technologies, LLC | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.82% | 08/20/2030 |  | (4) |  |  |
| Transit Technologies, LLC | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.82% | 08/20/2031 | 283 | 277 | 282 | 0.10 |
| Vensure Employer Services, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 9.04% | 09/29/2031 | 2319 | 2300 | 2319 | 0.84 |
| Vensure Employer Services, Inc. | (6) (9) (13) | First Lien Debt | S + | 4.75% | 9.04% | 09/29/2031 |  | (2) |  |  |
| VRC Companies, LLC | (6) (7) | First Lien Debt | S + | 5.50% | 9.59% | 06/29/2027 | 249 | 247 | 249 | 0.09 |
| VRC Companies, LLC | (6) (7) | First Lien Debt | S + | 5.50% | 9.59% | 06/29/2027 | 6644 | 6637 | 6644 | 2.42 |
| VRC Companies, LLC | (6) (7) (13) | First Lien Debt | S + | 5.50% | 9.59% | 06/29/2027 |  |  |  |  |
|  |  |  |  |  |  |  |  | 47182 | 47411 | 17.23 |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Arcoro Holdings Corp. | (6) (7) | First Lien Debt | S + | 5.50% | 9.50% | 03/28/2030 | 3206 | 3179 | 3151 | 1.15 |
| Arcoro Holdings Corp. | (6) (7) (13) | First Lien Debt | S + | 5.50% | 9.50% | 03/28/2030 |  | (4) | (5) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| LJ Avalon Holdings, LLC | (6) (7) | First Lien Debt | S + | 4.75% | 8.77% | 02/01/2030 | 775 | 768 | 768 | 0.28 |
| LJ Avalon Holdings, LLC | (6) (7) | First Lien Debt | S + | 4.75% | 8.77% | 02/01/2030 | 1268 | 1268 | 1268 | 0.46 |
| LJ Avalon Holdings, LLC | (6) (7) (13) | First Lien Debt | S + | 4.75% | 8.77% | 02/01/2029 |  | (3) |  |  |
| Superman Holdings, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.50% | 08/29/2031 | 4737 | 4725 | 4737 | 1.72 |
| Superman Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.50% | 08/29/2031 |  | (2) |  |  |
| Superman Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.50% | 08/29/2031 | 555 | 551 | 555 | 0.20 |
|  |  |  |  |  |  |  |  | 10482 | 10474 | 3.81 |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc. | (6) (8) | First Lien Debt | S + | 5.50% | 9.81% | 02/03/2031 | 5925 | 5903 | 5925 | 2.15 |
| PDI TA Holdings, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.50% | 9.81% | 02/03/2031 | 91 | 89 | 91 | 0.03 |
|  |  |  |  |  |  |  |  | 5992 | 6016 | 2.19 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 9.80% | 12/11/2028 | 1956 | 1938 | 1656 | 0.60 |
| Proampac PG Borrower, LLC |  | First Lien Debt | S + | 4.00% | 8.26% | 09/15/2028 | 493 | 495 | 494 | 0.18 |
|  |  |  |  |  |  |  |  | 2433 | 2150 | 0.78 |
| **Distributors** |  |  |  |  |  |  |  |  |  |  |
| Bradyplus Holdings, LLC | (6) (7) | First Lien Debt | S + | 5.00% | 9.31% | 10/31/2029 | 1775 | 1749 | 1775 | 0.65 |
| Bradyplus Holdings, LLC | (6) (7) (13) | First Lien Debt | S + | 5.00% | 9.31% | 10/31/2029 | 17 | 16 | 17 | 0.01 |
|  |  |  |  |  |  |  |  | 1765 | 1792 | 0.65 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Any Hour, LLC | (6) | Other Debt |  | 13.00% PIK | 13.00% | 05/23/2031 | 702 | 692 | 680 | 0.25 |
| Any Hour, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.25% | 05/23/2030 | 2343 | 2314 | 2307 | 0.84 |
| Any Hour, LLC | (6) (9) (13) | First Lien Debt | S + | 5.25% | 9.25% | 05/23/2030 | 66 | 62 | 56 | 0.02 |
| Any Hour, LLC | (6) (9) (13) | First Lien Debt | S + | 5.25% | 9.25% | 05/23/2030 | 208 | 204 | 203 | 0.07 |
| DA Blocker Corp. | (6) (8) (10) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2032 | 2116 | 2096 | 2111 | 0.77 |
| DA Blocker Corp. | (6) (8) (10) (13) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2032 |  | (3) | (2) |  |
| DA Blocker Corp. | (6) (8) (10) (13) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2032 |  | (2) | (1) |  |
| Eclipse Buyer, Inc. | (6) (9) | First Lien Debt | S + | 4.50% | 8.68% | 09/08/2031 | 943 | 935 | 943 | 0.34 |
| Eclipse Buyer, Inc. | (6) (9) (13) | First Lien Debt | S + | 4.50% | 8.68% | 09/08/2031 |  | (1) |  |  |
| Eclipse Buyer, Inc. | (6) (9) (13) | First Lien Debt | S + | 4.50% | 8.68% | 09/08/2031 |  | (1) |  |  |
| Essential Services Holding Corporation | (6) (8) | First Lien Debt | S + | 5.00% | 9.32% | 06/17/2031 | 9850 | 9765 | 9805 | 3.56 |
| Essential Services Holding Corporation | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.32% | 06/17/2030 | 12 | 11 | 11 |  |
| Essential Services Holding Corporation | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.32% | 06/17/2031 |  |  |  |  |
| EVDR Purchaser, Inc. | (6) (8) | First Lien Debt | S + | 5.25% | 9.41% | 02/14/2031 | 2028 | 1995 | 2028 | 0.74 |
| EVDR Purchaser, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.41% | 02/14/2031 |  | (5) |  |  |
| EVDR Purchaser, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.41% | 02/14/2031 |  | (5) |  |  |
| GarageCo Intermediate II, LLC | (6) (8) | First Lien Debt | S + | 4.25% | 8.25% | 08/02/2032 | 773 | 765 | 765 | 0.28 |
| GarageCo Intermediate II, LLC | (6) (8) (13) | First Lien Debt | S + | 4.25% | 8.25% | 07/30/2032 |  | (3) | (3) |  |
| GarageCo Intermediate II, LLC | (6) (8) (13) | First Lien Debt | S + | 4.25% | 8.25% | 08/02/2032 |  | (6) | (6) |  |
| Kodiak Buyer, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.50% | 07/26/2032 | 1534 | 1519 | 1519 | 0.55 |
| Kodiak Buyer, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.50% | 07/23/2032 |  | (4) | (4) |  |
| Kodiak Buyer, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.50% | 07/26/2032 |  | (3) | (3) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| LHS Borrower, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.41% | 09/04/2031 | 3850 | 3793 | 3793 | 1.38 |
| LHS Borrower, LLC | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.41% | 09/04/2031 |  | (4) | (4) |  |
| Vertex Service Partners, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.00% | 11/08/2030 | 309 | 303 | 303 | 0.11 |
| Vertex Service Partners, LLC | (6) (8) (13) | First Lien Debt | S + | 6.00% | 10.00% | 11/08/2030 | 65 | 64 | 64 | 0.02 |
| Vertex Service Partners, LLC | (6) (8) (13) | First Lien Debt | S + | 6.00% | 10.00% | 11/08/2030 | 792 | 774 | 760 | 0.28 |
|  |  |  |  |  |  |  |  | 25255 | 25325 | 9.21 |
| **Electric Utilities** |  |  |  |  |  |  |  |  |  |  |
| Kohler Energy Co, LLC |  | First Lien Debt | S + | 3.75% | 7.75% | 05/01/2031 | 918 | 929 | 919 | 0.33 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Accel International Holdings, Inc. | (6) (9) | First Lien Debt | S + | 4.50% | 8.81% | 04/26/2032 | 2514 | 2501 | 2514 | 0.91 |
| Accel International Holdings, Inc. | (6) (9) (13) | First Lien Debt | S + | 4.50% | 8.81% | 04/26/2032 |  | (2) |  |  |
| Spark Buyer, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.44% | 10/15/2031 | 775 | 765 | 748 | 0.27 |
| Spark Buyer, LLC | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.44% | 10/15/2031 |  | (2) | (11) |  |
| Spark Buyer, LLC | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.44% | 10/15/2031 | 53 | 51 | 48 | 0.02 |
|  |  |  |  |  |  |  |  | 3313 | 3299 | 1.20 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |  |
| Chamberlain Group, Inc. |  | First Lien Debt | S + | 3.00% | 7.16% | 09/08/2032 | 990 | 994 | 990 | 0.36 |
| Magneto Components Buyco, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.00% | 12/05/2030 | 2583 | 2533 | 2583 | 0.94 |
| Magneto Components Buyco, LLC | (6) (8) (13) | First Lien Debt | S + | 6.00% | 10.00% | 12/05/2029 |  | (7) |  |  |
| NDT Global Holding, Inc. | (6) (9) (10) | First Lien Debt | S + | 4.50% | 8.65% | 06/04/2032 | 3750 | 3714 | 3712 | 1.35 |
| NDT Global Holding, Inc. | (6) (9) (10) (13) | First Lien Debt | S + | 4.50% | 8.65% | 06/04/2032 |  | (8) | (8) |  |
| NDT Global Holding, Inc. | (6) (9) (10) (13) | First Lien Debt | S + | 4.50% | 8.65% | 06/04/2032 | 733 | 722 | 717 | 0.26 |
| NSI Holdings, Inc. | (6) (13) | First Lien Debt | P + | 3.75% | 11.00% | 11/17/2031 | 21 | 14 | 21 | 0.01 |
| NSI Holdings, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 8.91% | 11/17/2031 | 4388 | 4348 | 4388 | 1.59 |
| NSI Holdings, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.91% | 11/17/2031 |  | (3) |  |  |
|  |  |  |  |  |  |  |  | 12307 | 12403 | 4.51 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| BCTO Bluebill Midco, Inc. | (6) (8) | First Lien Debt | S + | 4.50% | 8.81% | 07/30/2032 | 4889 | 4841 | 4841 | 1.76 |
| BCTO Bluebill Midco, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.81% | 07/30/2032 |  | (6) | (6) |  |
| Cliffwater, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.31% | 04/22/2032 | 5453 | 5401 | 5398 | 1.96 |
| Cliffwater, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.31% | 04/22/2032 |  | (5) | (5) |  |
| MAI Capital Management Intermediate, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 8.75% | 08/29/2031 | 1544 | 1530 | 1529 | 0.56 |
| MAI Capital Management Intermediate, LLC | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 08/29/2031 | 73 | 70 | 69 | 0.03 |
| MAI Capital Management Intermediate, LLC | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 08/29/2031 | 478 | 469 | 462 | 0.17 |
| PMA Parent Holdings, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 8.75% | 01/31/2031 | 3028 | 2991 | 3006 | 1.09 |
| PMA Parent Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 01/31/2031 |  | (3) | (2) |  |
| RFS Opco, LLC | (6) (9) | First Lien Debt | S + | 4.75% | 8.75% | 04/04/2031 | 1485 | 1486 | 1485 | 0.54 |
| RFS Opco, LLC | (6) (9) (13) | First Lien Debt | S + | 3.50% | 7.66% | 04/04/2029 | 1010 | 1000 | 1010 | 0.37 |
| Trintech, Inc. | (6) (7) | First Lien Debt | S + | 5.50% | 9.66% | 07/25/2029 | 1825 | 1786 | 1815 | 0.66 |
| Trintech, Inc. | (6) (7) (13) | First Lien Debt | S + | 5.50% | 9.66% | 07/25/2029 | 41 | 38 | 40 | 0.01 |
|  |  |  |  |  |  |  |  | 19598 | 19642 | 7.14 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Ground Transportation** |  |  |  |  |  |  |  |  |  |  |
| SV Newco 2, Inc. | (6) (8) (10) | First Lien Debt | S + | 4.75% | 8.75% | 06/02/2031 | 1594 | 1586 | 1586 | 0.58 |
| SV Newco 2, Inc. | (6) (8) (10) | First Lien Debt | S + | 4.75% | 8.75% | 06/02/2031 | 3966 | 3947 | 3955 | 1.44 |
| SV Newco 2, Inc. | (6) (8) (10) (13) | First Lien Debt | S + | 4.75% | 8.75% | 06/02/2031 |  | (7) | (2) |  |
| SV Newco 2, Inc. | (6) (8) (10) (13) | First Lien Debt | S + | 4.75% | 8.75% | 06/02/2031 | 934 | 910 | 920 | 0.33 |
|  |  |  |  |  |  |  |  | 6436 | 6459 | 2.35 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Journey Personal Care Corp. | (8) | First Lien Debt | S + | 3.75% | 7.91% | 03/01/2028 | 987 | 990 | 978 | 0.36 |
| Medline Borrower, LP | (9) | First Lien Debt | S + | 2.00% | 6.16% | 10/23/2030 | 985 | 990 | 984 | 0.36 |
| Tidi Legacy Products, Inc. | (6) (7) | First Lien Debt | S + | 4.50% | 8.66% | 12/19/2029 | 4330 | 4310 | 4330 | 1.57 |
| Tidi Legacy Products, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.50% | 8.66% | 12/19/2029 |  | (4) |  |  |
| Tidi Legacy Products, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.50% | 8.66% | 12/19/2029 |  | (3) |  |  |
| YI, LLC | (6) (7) | First Lien Debt | S + | 5.75% | 9.90% | 12/03/2029 | 1681 | 1656 | 1681 | 0.61 |
| YI, LLC | (6) (7) (13) | First Lien Debt | S + | 5.75% | 9.90% | 12/03/2029 |  | (4) |  |  |
|  |  |  |  |  |  |  |  | 7935 | 7973 | 2.90 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |
| DCA Investment Holdings, LLC | (6) (8) | First Lien Debt | S + | 6.50% | 10.44% | 04/03/2028 | 2028 | 2008 | 1907 | 0.69 |
| Gateway US Holdings, Inc. | (6) (8) (10) | First Lien Debt | S + | 4.75% | 8.75% | 09/22/2028 | 423 | 419 | 421 | 0.15 |
| Gateway US Holdings, Inc. | (6) (8) (10) | First Lien Debt | S + | 4.75% | 8.75% | 09/22/2028 | 1404 | 1386 | 1397 | 0.51 |
| Gateway US Holdings, Inc. | (6) (8) (10) (13) | First Lien Debt | S + | 4.75% | 8.75% | 09/22/2028 |  | (1) |  |  |
| iCIMS, Inc. | (6) (8) | First Lien Debt | S + | 5.75% | 10.53% | 08/18/2028 | 949 | 944 | 941 | 0.34 |
| iCIMS, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.75% | 10.53% | 08/18/2028 | 24 | 23 | 23 | 0.01 |
| Imagine 360, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 8.75% | 10/02/2028 | 3217 | 3193 | 3217 | 1.17 |
| Imagine 360, LLC | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 10/02/2028 |  | (2) |  |  |
| Imagine 360, LLC | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 10/02/2028 |  | (2) |  |  |
| Invictus Buyer, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.50% | 06/03/2031 | 1604 | 1590 | 1604 | 0.58 |
| Invictus Buyer, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.50% | 06/03/2031 |  | (3) |  |  |
| Invictus Buyer, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.50% | 06/03/2031 |  | (2) |  |  |
| Merative LP | (6) (8) | First Lien Debt | S + | 4.75% | 8.75% | 09/30/2032 | 8235 | 8194 | 8194 | 2.98 |
| Merative LP | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 09/30/2032 |  | (4) | (4) |  |
| Merative LP | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 09/30/2032 |  | (2) | (2) |  |
| mPulse Mobile, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 8.75% | 08/26/2032 | 4846 | 4798 | 4798 | 1.74 |
| mPulse Mobile, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 08/26/2032 |  | (7) | (7) |  |
| mPulse Mobile, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 08/26/2032 |  | (2) | (2) |  |
| PPV Intermediate Holdings, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.20% | 08/31/2029 | 663 | 659 | 663 | 0.24 |
|  |  |  |  |  |  |  |  | 23189 | 23150 | 8.41 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Athenahealth, Inc. | (9) | First Lien Debt | S + | 2.75% | 6.91% | 02/15/2029 | 987 | 987 | 985 | 0.36 |
| Cotiviti Corporation |  | First Lien Debt | S + | 2.75% | 7.03% | 05/01/2031 | 985 | 989 | 967 | 0.35 |
| Hyland Software, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.16% | 09/19/2030 | 2810 | 2781 | 2810 | 1.02 |
| Hyland Software, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.16% | 09/19/2029 |  | (1) |  |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Imprivata, Inc. |  | First Lien Debt | S + | 3.00% | 7.00% | 12/01/2027 | 494 | 497 | 495 | 0.18 |
|  |  |  |  |  |  |  |  | 5253 | 5257 | 1.91 |
| **Household Products** |  |  |  |  |  |  |  |  |  |  |
| Kronos Acquisition Holdings, Inc. |  | First Lien Debt | S + | 4.00% | 8.00% | 07/08/2031 | 987 | 984 | 724 | 0.26 |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |
| Aptean, Inc. | (6) (13) | First Lien Debt | P + | 3.75% | 11.00% | 01/30/2031 | 24 | 23 | 24 | 0.01 |
| Aptean, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 8.89% | 01/30/2031 | 4211 | 4189 | 4211 | 1.53 |
| Aptean, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.89% | 01/30/2031 |  | (3) |  |  |
| Raptor Merger Sub Debt, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 9.50% | 04/01/2029 | 3392 | 3392 | 3392 | 1.23 |
| Raptor Merger Sub Debt, LLC | (6) (8) (13) | First Lien Debt | S + | 5.50% | 9.50% | 04/01/2029 | 20 | 20 | 20 | 0.01 |
| Raptor Merger Sub Debt, LLC | (6) (8) (13) | First Lien Debt | S + | 5.50% | 9.50% | 04/01/2029 | 147 | 147 | 147 | 0.05 |
|  |  |  |  |  |  |  |  | 7768 | 7794 | 2.83 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |  |
| Alliant Holdings Intermediate, LLC |  | First Lien Debt | S + | 2.50% | 6.67% | 09/19/2031 | 988 | 993 | 985 | 0.36 |
| Amerilife Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.17% | 08/31/2029 | 4304 | 4295 | 4304 | 1.56 |
| Amerilife Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.17% | 08/31/2028 | 54 | 53 | 54 | 0.02 |
| Amerilife Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.17% | 08/31/2029 |  | (1) |  |  |
| Foundation Risk Partners Corp. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 10/29/2029 |  | (1) |  |  |
| Foundation Risk Partners Corp. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 10/29/2030 | 100 | 95 | 100 | 0.04 |
| Galway Borrower, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.50% | 09/29/2028 | 365 | 361 | 365 | 0.13 |
| Galway Borrower, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.50% | 09/29/2028 | 606 | 602 | 606 | 0.22 |
| Higginbotham Insurance Agency, Inc. | (6) (7) | First Lien Debt | S + | 4.50% | 8.67% | 11/24/2028 | 4735 | 4726 | 4735 | 1.72 |
| Higginbotham Insurance Agency, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.50% | 8.67% | 11/24/2028 | 541 | 536 | 541 | 0.20 |
| High Street Buyer, Inc. | (6) (8) | First Lien Debt | S + | 5.25% | 8.50% | 04/14/2028 | 903 | 889 | 903 | 0.33 |
| HUB International Limited | (8) | First Lien Debt | S + | 2.25% | 6.58% | 06/20/2030 | 421 | 424 | 422 | 0.15 |
| Inszone Mid, LLC | (6) (7) | First Lien Debt | S + | 5.25% | 9.25% | 11/30/2029 | 923 | 909 | 921 | 0.33 |
| Inszone Mid, LLC | (6) (7) | First Lien Debt | S + | 5.25% | 9.25% | 11/30/2029 | 929 | 915 | 927 | 0.34 |
| Inszone Mid, LLC | (6) (7) (13) | First Lien Debt | S + | 5.25% | 9.25% | 11/30/2029 |  | (2) |  |  |
| Integrity Marketing Acquisition, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.20% | 08/25/2028 | 4902 | 4902 | 4902 | 1.78 |
| Integrity Marketing Acquisition, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.20% | 08/25/2028 |  |  |  |  |
| Patriot Growth Insurance Services, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.15% | 10/16/2028 | 6752 | 6744 | 6752 | 2.45 |
| USI, Inc. |  | First Lien Debt | S + | 2.25% | 6.25% | 09/29/2030 | 985 | 989 | 983 | 0.36 |
| World Insurance Associates, LLC | (6) (7) | First Lien Debt | S + | 5.00% | 9.00% | 04/03/2030 | 6432 | 6408 | 6432 | 2.34 |
|  |  |  |  |  |  |  |  | 33837 | 33932 | 12.33 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |  |
| FMG Suite Holdings, LLC | (6) | First Lien Debt | S + | 4.75% | 8.91% | 09/09/2032 | 3491 | 3456 | 3456 | 1.26 |
| FMG Suite Holdings, LLC | (6) (13) | First Lien Debt | S + | 4.75% | 8.91% | 09/09/2032 |  | (5) | (5) |  |
| FMG Suite Holdings, LLC | (6) (13) | First Lien Debt | S + | 4.75% | 8.91% | 09/09/2032 |  | (5) | (5) |  |
|  |  |  |  |  |  |  |  | 3446 | 3446 | 1.25 |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |
| Apollo Acquisition, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.16% | 12/30/2031 | 4572 | 4529 | 4572 | 1.66 |
| Apollo Acquisition, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.16% | 12/30/2030 |  | (8) |  |  |
| Apollo Acquisition, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.16% | 12/30/2031 | 1417 | 1395 | 1417 | 0.52 |
| Asurion, LLC |  | First Lien Debt | S + | 4.25% | 8.41% | 09/19/2030 | 987 | 983 | 983 | 0.36 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Catalis Intermediate, Inc. | (6) (8) | First Lien Debt | S + | 5.50% | 9.65% | 08/04/2027 | 677 | 677 | 666 | 0.24 |
| Catalis Intermediate, Inc. | (6) (8) | First Lien Debt | S + | 5.50% | 9.65% | 08/04/2027 | 2057 | 2057 | 2025 | 0.74 |
| Catalis Intermediate, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.50% | 9.65% | 08/04/2027 | 57 | 57 | 54 | 0.02 |
| GI DI Cornfield Acquisition, LLC | (6) | First Lien Debt | S + | 4.50% | 8.76% | 03/09/2028 | 2000 | 1990 | 1986 | 0.72 |
| GI DI Cornfield Acquisition, LLC | (6) | First Lien Debt | S + | 4.50% | 8.76% | 03/09/2028 | 3880 | 3840 | 3854 | 1.40 |
| Ridge Trail US Bidco, Inc. | (6) (7) (10) (13) | First Lien Debt | S + | 4.50% | 8.37% | 09/30/2031 |  | (8) |  |  |
| Ridge Trail US Bidco, Inc. | (6) (8) (10) | First Lien Debt | S + | 4.50% | 8.37% | 09/30/2031 | 4888 | 4843 | 4888 | 1.78 |
| Ridge Trail US Bidco, Inc. | (6) (8) (10) (13) | First Lien Debt | S + | 4.50% | 8.37% | 03/31/2031 | 106 | 101 | 106 | 0.04 |
| Sedgwick Claims Management Services, Inc. |  | First Lien Debt | S + | 2.50% | 6.66% | 07/31/2031 | 988 | 993 | 986 | 0.36 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (8) | First Lien Debt | S + | 4.75% | 8.75% | 02/02/2032 | 5412 | 5361 | 5398 | 1.96 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 02/02/2032 | 75 | 69 | 74 | 0.03 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 02/02/2032 | 800 | 788 | 795 | 0.29 |
|  |  |  |  |  |  |  |  | 27667 | 27804 | 10.11 |
| **Leisure Products** |  |  |  |  |  |  |  |  |  |  |
| Recess Holdings, Inc. | (7) | First Lien Debt | S + | 3.75% | 8.07% | 02/20/2030 | 988 | 997 | 990 | 0.36 |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| Model N, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 8.75% | 06/27/2031 | 6780 | 6721 | 6780 | 2.46 |
| Model N, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 06/27/2031 |  | (1) |  |  |
| Model N, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.75% | 06/27/2031 |  |  |  |  |
|  |  |  |  |  |  |  |  | 6720 | 6780 | 2.46 |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |
| AI Aqua Merger Sub, Inc. | (9) | First Lien Debt | S + | 3.00% | 7.28% | 07/31/2028 | 495 | 497 | 496 | 0.18 |
| Chase Intermediate, LLC | (6) (8) (13) | First Lien Debt | S + | 4.75% | 9.06% | 10/30/2028 | 10 | 9 | 9 |  |
| Chase Intermediate, LLC | (6) (8) (13) | First Lien Debt | S + | 4.75% | 9.06% | 10/30/2028 | 705 | 696 | 696 | 0.25 |
| CPM Holdings, Inc. | (9) | First Lien Debt | S + | 4.50% | 8.78% | 09/28/2028 | 492 | 493 | 491 | 0.18 |
| Engineered Machinery Holdings, Inc. | (8) | First Lien Debt | S + | 3.50% | 7.76% | 05/19/2028 | 987 | 991 | 992 | 0.36 |
| Icebox Holdco III, Inc. | (9) | First Lien Debt | S + | 3.25% | 7.25% | 12/22/2031 | 495 | 500 | 497 | 0.18 |
| TK Elevator US Newco, Inc. | (9) | First Lien Debt | S + | 3.00% | 7.20% | 04/30/2030 | 988 | 995 | 990 | 0.36 |
|  |  |  |  |  |  |  |  | 4181 | 4171 | 1.52 |
| **Media** |  |  |  |  |  |  |  |  |  |  |
| Aragorn Parent Corporation |  | First Lien Debt | S + | 3.50% | 7.66% | 12/15/2028 | 992 | 1001 | 997 | 0.36 |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| AWP Group Holdings, Inc. | (6) (7) | First Lien Debt | S + | 4.50% | 8.66% | 12/23/2030 | 1002 | 984 | 1002 | 0.36 |
| AWP Group Holdings, Inc. | (6) (7) | First Lien Debt | S + | 4.50% | 8.66% | 12/23/2030 | 1853 | 1831 | 1853 | 0.67 |
| AWP Group Holdings, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.50% | 8.66% | 12/23/2030 | 95 | 92 | 95 | 0.03 |
|  |  |  |  |  |  |  |  | 2907 | 2950 | 1.07 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Real Chemistry Intermediate III, Inc. | (6) (9) | First Lien Debt | S + | 4.50% | 8.50% | 04/12/2032 | 2115 | 2105 | 2104 | 0.76 |
| Real Chemistry Intermediate III, Inc. | (6) (9) (13) | First Lien Debt | S + | 4.50% | 8.50% | 04/12/2032 |  | (2) | (2) |  |
| Real Chemistry Intermediate III, Inc. | (6) (9) (13) | First Lien Debt | S + | 4.50% | 8.50% | 04/12/2032 | 362 | 359 | 357 | 0.13 |
|  |  |  |  |  |  |  |  | 2462 | 2459 | 0.89 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Accordion Partners, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.00% | 11/17/2031 | 5840 | 5787 | 5840 | 2.12 |
| Accordion Partners, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.00% | 11/17/2031 |  | (6) |  |  |
| Accordion Partners, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.00% | 11/17/2031 | 156 | 152 | 156 | 0.06 |
| Ascend Partner Services, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.54% | 08/11/2031 | 1945 | 1928 | 1945 | 0.71 |
| Ascend Partner Services, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.54% | 08/11/2031 |  | (6) |  |  |
| Ascend Partner Services, LLC | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.54% | 08/11/2031 | 2749 | 2718 | 2744 | 1.00 |
| Bridgepointe Technologies, LLC | (6) (7) (13) | First Lien Debt | S + | 5.00% | 9.00% | 12/31/2027 | 895 | 868 | 868 | 0.32 |
| Bullhorn, Inc. | (6) (7) | First Lien Debt | S + | 5.00% | 9.16% | 10/01/2029 | 1047 | 1040 | 1047 | 0.38 |
| Bullhorn, Inc. | (6) (7) (13) | First Lien Debt | S + | 5.00% | 9.16% | 10/01/2029 | 10 | 9 | 10 |  |
| Bullhorn, Inc. | (6) (7) (13) | First Lien Debt | S + | 5.00% | 9.16% | 10/01/2029 | 424 | 422 | 424 | 0.15 |
| Carr, Riggs and Ingram Capital, LLC | (6) (9) | First Lien Debt | S + | 4.25% | 8.25% | 11/18/2031 | 3433 | 3402 | 3424 | 1.24 |
| Carr, Riggs and Ingram Capital, LLC | (6) (9) (13) | First Lien Debt | S + | 4.25% | 8.25% | 11/18/2031 |  | (7) | (2) |  |
| Carr, Riggs and Ingram Capital, LLC | (6) (9) (13) | First Lien Debt | S + | 4.25% | 8.25% | 11/18/2031 | 369 | 361 | 365 | 0.13 |
| Crisis Prevention Institute, Inc. | (9) | First Lien Debt | S + | 4.00% | 8.00% | 04/09/2031 | 993 | 988 | 985 | 0.36 |
| Deerfield Dakota Holding, LLC | (6) (8) | First Lien Debt | S + | 5.75% (incl. 2.75% PIK) | 9.81% | 09/13/2032 | 12799 | 12672 | 12672 | 4.61 |
| Deerfield Dakota Holding, LLC | (6) (8) (13) | First Lien Debt | S + | 5.75% (incl. 2.75% PIK) | 9.81% | 09/13/2032 |  | (12) | (12) |  |
| GPS Merger Sub, LLC | (6) (7) | First Lien Debt | S + | 5.25% | 9.41% | 10/02/2029 | 1274 | 1255 | 1274 | 0.46 |
| GPS Merger Sub, LLC | (6) (7) (13) | First Lien Debt | S + | 5.25% | 9.41% | 10/02/2029 |  | (4) |  |  |
| GPS Merger Sub, LLC | (6) (7) (13) | First Lien Debt | S + | 5.25% | 9.41% | 10/02/2029 |  | (2) |  |  |
| IG Investment Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.31% | 09/22/2028 | 4460 | 4425 | 4438 | 1.61 |
| IG Investment Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.31% | 09/22/2028 |  | (4) | (3) |  |
| KENG Acquisition, Inc. | (6) (7) | First Lien Debt | S + | 4.50% | 8.81% | 08/01/2029 | 284 | 279 | 281 | 0.10 |
| KENG Acquisition, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.50% | 8.81% | 08/01/2029 |  | (1) | (1) |  |
| KENG Acquisition, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.50% | 8.81% | 08/01/2029 | 135 | 132 | 133 | 0.05 |
| UHY Advisors, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 8.95% | 11/21/2031 | 2197 | 2177 | 2197 | 0.80 |
| UHY Advisors, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.95% | 11/21/2031 | 45 | 40 | 45 | 0.02 |
| UHY Advisors, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.95% | 11/21/2031 | 139 | 129 | 139 | 0.05 |
| Verdantas, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.25% | 05/06/2031 | 115 | 113 | 115 | 0.04 |
| Verdantas, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.25% | 05/06/2031 | 5096 | 5062 | 5089 | 1.85 |
| Verdantas, LLC | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.25% | 05/06/2030 | 140 | 137 | 140 | 0.05 |
|  |  |  |  |  |  |  |  | 44054 | 44313 | 16.11 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (6) (7) | First Lien Debt | S + | 6.50% | 11.08% | 07/03/2028 | 865 | 864 | 865 | 0.31 |
| Associations, Inc. | (6) (7) (13) | First Lien Debt | S + | 6.50% | 11.08% | 07/03/2028 |  |  |  |  |
| Associations, Inc. | (6) (7) (13) | First Lien Debt | S + | 6.50% | 11.08% | 07/03/2028 | 26 | 26 | 26 | 0.01 |
| Inhabitiq, Inc. | (6) (8) | First Lien Debt | S + | 4.50% | 8.66% | 01/12/2032 | 4123 | 4104 | 4123 | 1.50 |
| Inhabitiq, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.66% | 01/12/2032 |  | (3) |  |  |
| Inhabitiq, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.50% | 8.66% | 01/12/2032 |  | (3) |  |  |
| MRI Software, LLC | (6) (7) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2028 | 5749 | 5758 | 5742 | 2.09 |
| MRI Software, LLC | (6) (7) (13) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2028 | 38 | 33 | 33 | 0.01 |
| MRI Software, LLC | (6) (7) (13) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2028 | 18 | 16 | 17 | 0.01 |
|  |  |  |  |  |  |  |  | 10795 | 10806 | 3.93 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Software** |  |  |  |  |  |  |  |  |  |  |
| Apryse Software Corp. | (6) (9) | First Lien Debt | S + | 4.75% | 8.75% | 06/28/2032 | 6003 | 5944 | 5965 | 2.17 |
| Apryse Software Corp. | (6) (9) (13) | First Lien Debt | S + | 4.75% | 8.75% | 06/28/2032 |  | (5) | (3) |  |
| Artifact Bidco, Inc. | (6) | First Lien Debt | S + | 4.25% | 8.25% | 07/28/2031 | 2113 | 2095 | 2113 | 0.77 |
| Artifact Bidco, Inc. | (6) (13) | First Lien Debt | S + | 4.25% | 8.25% | 07/26/2030 |  | (3) |  |  |
| Artifact Bidco, Inc. | (6) (13) | First Lien Debt | S + | 4.25% | 8.25% | 07/28/2031 |  | (2) |  |  |
| AuditBoard, Inc. | (6) (7) | First Lien Debt | S + | 4.50% | 8.50% | 07/14/2031 | 3600 | 3569 | 3600 | 1.31 |
| AuditBoard, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.50% | 8.50% | 07/14/2031 |  | (7) |  |  |
| AuditBoard, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.50% | 8.50% | 07/14/2031 |  | (6) |  |  |
| Banyan Software Holdings, LLC | (6) (7) | First Lien Debt | S + | 5.25% | 9.41% | 01/02/2031 | 2423 | 2401 | 2398 | 0.87 |
| Banyan Software Holdings, LLC | (6) (7) (13) | First Lien Debt | S + | 5.25% | 9.41% | 01/02/2031 |  | (2) | (3) |  |
| Banyan Software Holdings, LLC | (6) (7) (13) | First Lien Debt | S + | 5.25% | 9.41% | 01/02/2031 | 1503 | 1488 | 1486 | 0.54 |
| Central Parent, Inc. |  | First Lien Debt | S + | 3.25% | 7.25% | 07/06/2029 | 495 | 497 | 427 | 0.16 |
| Coupa Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.56% | 02/27/2030 | 1621 | 1597 | 1621 | 0.59 |
| Coupa Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.56% | 02/27/2029 |  | (1) |  |  |
| Coupa Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.56% | 02/27/2030 |  | (1) |  |  |
| Diligent Corporation | (6) (8) | First Lien Debt | S + | 5.00% | 9.20% | 08/02/2030 | 5628 | 5592 | 5628 | 2.05 |
| Diligent Corporation | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.20% | 08/02/2030 |  | (5) |  |  |
| Diligent Corporation | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.20% | 08/02/2030 | 60 | 57 | 60 | 0.02 |
| E-Discovery AcquireCo, LLC | (6) (7) | First Lien Debt | S + | 6.00% | 10.13% | 08/29/2029 | 1458 | 1442 | 1458 | 0.53 |
| E-Discovery AcquireCo, LLC | (6) (7) (13) | First Lien Debt | S + | 6.00% | 10.13% | 08/29/2029 | 51 | 50 | 51 | 0.02 |
| Emburse, Inc. | (6) (8) | First Lien Debt | S + | 4.25% | 8.25% | 05/28/2032 | 3684 | 3675 | 3675 | 1.34 |
| Emburse, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.25% | 8.25% | 05/28/2032 |  | (2) | (2) |  |
| Emburse, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.25% | 8.25% | 05/28/2032 |  | (1) | (2) |  |
| Epicor Software Corporation | (8) | First Lien Debt | S + | 2.50% | 6.66% | 05/30/2031 | 495 | 497 | 495 | 0.18 |
| Espresso Bidco, Inc. | (6) (7) (13) | First Lien Debt | S + | 5.25% (incl. 3.13% PIK) | 9.75% | 03/25/2032 |  | (8) | (18) | (0.01) |
| Espresso Bidco, Inc. | (6) (7) (13) | First Lien Debt | S + | 5.25% (incl. 3.13% PIK) | 9.75% | 03/25/2032 |  | (7) | (8) |  |
| Espresso Bidco, Inc. | (6) (8) | First Lien Debt | S + | 5.25% (incl. 3.13% PIK) | 9.75% | 03/25/2032 | 4356 | 4296 | 4291 | 1.56 |
| Everbridge Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.29% | 07/02/2031 | 7791 | 7757 | 7791 | 2.83 |
| Everbridge Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.29% | 07/02/2031 |  |  |  |  |
| Everbridge Holdings, LLC | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.29% | 07/02/2031 | 42 | 41 | 42 | 0.02 |
| Formstack Acquisition, Co. | (6) (7) | First Lien Debt | S + | 5.50% | 9.50% | 03/28/2030 | 1857 | 1835 | 1853 | 0.67 |
| Formstack Acquisition, Co. | (6) (7) (13) | First Lien Debt | S + | 5.50% | 9.50% | 03/28/2030 | 60 | 56 | 59 | 0.02 |
| Formstack Acquisition, Co. | (6) (7) (13) | First Lien Debt | S + | 5.50% | 9.50% | 03/28/2030 | 183 | 178 | 181 | 0.07 |
| Fullsteam Operations, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.48% | 08/08/2031 | 4846 | 4799 | 4799 | 1.74 |
| Fullsteam Operations, LLC | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.48% | 08/08/2031 |  | (8) | (8) |  |
| Fullsteam Operations, LLC | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.48% | 08/08/2031 |  | (5) | (5) |  |
| Granicus, Inc. | (6) (13) | First Lien Debt | P + | 4.25% | 11.75% | 01/17/2031 |  | (2) |  |  |
| Granicus, Inc. | (6) (8) | First Lien Debt | S + | 5.75% (incl. 2.25% PIK) | 10.06% | 01/17/2031 | 1585 | 1573 | 1585 | 0.58 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Granicus, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.75% (incl. 2.25% PIK) | 10.06% | 01/17/2031 | 2426 | 2403 | 2426 | 0.88 |
| GS AcquisitionCo, Inc. | (6) (7) | First Lien Debt | S + | 5.25% | 9.25% | 05/25/2028 | 1562 | 1557 | 1562 | 0.57 |
| GS AcquisitionCo, Inc. | (6) (7) (13) | First Lien Debt | S + | 5.25% | 9.25% | 05/25/2028 | 59 | 58 | 59 | 0.02 |
| GS AcquisitionCo, Inc. | (6) (7) (13) | First Lien Debt | S + | 5.25% | 9.25% | 05/25/2028 | 65 | 64 | 65 | 0.02 |
| Hootsuite, Inc. | (6) (10) | First Lien Debt | S + | 5.50% | 9.50% | 05/22/2030 | 2666 | 2633 | 2666 | 0.97 |
| Hootsuite, Inc. | (6) (10) (13) | First Lien Debt | S + | 5.50% | 9.50% | 05/22/2030 |  | (3) |  |  |
| Icefall Parent, Inc. | (6) (7) | First Lien Debt | S + | 4.75% | 8.81% | 01/25/2030 | 1769 | 1741 | 1769 | 0.64 |
| Icefall Parent, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.75% | 8.81% | 01/25/2030 |  | (2) |  |  |
| LogRhythm, Inc. | (6) (7) | First Lien Debt | S + | 7.50% | 11.66% | 07/02/2029 | 1364 | 1331 | 1326 | 0.48 |
| LogRhythm, Inc. | (6) (7) (13) | First Lien Debt | S + | 7.50% | 11.66% | 07/02/2029 |  | (3) | (4) |  |
| Nasuni Corporation | (6) (8) | First Lien Debt | S + | 5.00% | 9.07% | 09/10/2030 | 4138 | 4084 | 4138 | 1.50 |
| Nasuni Corporation | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.07% | 09/10/2030 |  | (11) |  |  |
| OceanKey (U.S.) II Corp. |  | First Lien Debt | S + | 3.50% | 7.76% | 12/15/2028 | 987 | 990 | 989 | 0.36 |
| Onit, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 8.98% | 01/27/2032 | 7463 | 7411 | 7443 | 2.71 |
| Onit, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.98% | 01/27/2032 |  | (7) |  |  |
| Onit, Inc. | (6) (8) (13) | First Lien Debt | S + | 4.75% | 8.98% | 01/27/2032 |  | (5) |  |  |
| Optimizely North America, Inc. | (6) (8) (10) | First Lien Debt | E + | 5.25% | 7.15% | 10/30/2031 | 1118 | 1204 | 1294 | 0.47 |
| Optimizely North America, Inc. | (6) (8) (10) | First Lien Debt | S + | 5.00% | 9.16% | 10/30/2031 | 3037 | 3010 | 2991 | 1.09 |
| Optimizely North America, Inc. | (6) (8) (10) | First Lien Debt | SA + | 5.50% | 9.47% | 10/30/2031 | £373 | 480 | 494 | 0.18 |
| Optimizely North America, Inc. | (6) (8) (10) (13) | First Lien Debt | S + | 5.00% | 9.16% | 10/30/2031 |  | (4) | (7) |  |
| Runway Bidco, LLC | (6) (9) | First Lien Debt | S + | 5.00% | 9.00% | 12/17/2031 | 5436 | 5387 | 5423 | 1.97 |
| Runway Bidco, LLC | (6) (9) (13) | First Lien Debt | S + | 5.00% | 9.00% | 12/17/2031 |  | (6) | (3) |  |
| Runway Bidco, LLC | (6) (9) (13) | First Lien Debt | S + | 5.00% | 9.00% | 12/17/2031 |  | (6) | (2) |  |
| Saturn Borrower, Inc. | (6) (7) | First Lien Debt | S + | 6.00% | 10.00% | 11/10/2028 | 5212 | 5146 | 5176 | 1.88 |
| Saturn Borrower, Inc. | (6) (7) (13) | First Lien Debt | S + | 6.00% | 10.00% | 11/10/2028 |  | (12) | (13) |  |
| Saturn Borrower, Inc. | (6) (7) (13) | First Lien Debt | S + | 6.00% | 10.00% | 11/10/2028 | 206 | 195 | 200 | 0.07 |
| UKG, Inc. |  | First Lien Debt | S + | 2.50% | 6.81% | 02/10/2031 | 495 | 497 | 494 | 0.18 |
| Vision Solutions, Inc. |  | First Lien Debt | S + | 4.00% | 8.57% | 04/24/2028 | 990 | 987 | 953 | 0.35 |
|  |  |  |  |  |  |  |  | 88493 | 88968 | 32.34 |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| Les Schwab Tire Centers |  | First Lien Debt | S + | 2.50% | 6.70% | 04/23/2031 | 495 | $497 | $494 | 0.18 |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |  |  |  |
| Varsity Brands, Inc. |  | First Lien Debt | S + | 3.00% | 7.03% | 08/26/2031 | 998 | 1001 | 997 | 0.36 |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |  |
| KKR Apple Bidco, LLC |  | First Lien Debt | S + | 2.50% | 6.66% | 09/23/2031 | 492 | 492 | 492 | 0.18 |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.00% | 05/13/2032 | 4960 | 4913 | 4960 | 1.80 |
| CCI Buyer, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.00% | 05/13/2032 |  | (3) |  |  |
| Mobile Communications America, Inc. | (6) (7) | First Lien Debt | S + | 4.75% | 9.04% | 10/16/2029 | 1007 | 995 | 1007 | 0.37 |
| Mobile Communications America, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.75% | 9.04% | 10/16/2029 |  | (2) |  |  |
| Mobile Communications America, Inc. | (6) (7) (13) | First Lien Debt | S + | 4.75% | 9.04% | 10/16/2029 | 326 | 318 | 326 | 0.12 |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
|  |  |  |  |  |  |  | 6221 | 6293 | 2.29 |
| **Total Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  | $**447342** | $**448404** | **162.99**% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Acquisition<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Equity Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Firebird Acquisition Corp, Inc. | (6) (11) (12) | Common Equity |  | 02/03/2025 | 145000 | $138 | $168 | 0.06% |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Eclipse Topco, Inc. | (6) (11) | Preferred Equity | 12.50% PIK | 09/05/2024 | 15 | 148 | 149 | 0.05 |
| LHS Borrower, LLC | (6) (11) (12) | Common Equity |  | 09/04/2025 | 250000 | 242 | 242 | 0.09 |
|  |  |  |  |  |  | 390 | 391 | 0.14 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Sparkstone Electrical Group | (6) (11) (12) | Common Equity |  | 10/15/2024 | 1500 | 150 | 88 | 0.03 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |
| FMG Suite Holdings, LLC | (6) (11) | Preferred Equity |  | 09/05/2025 | 250 | 251 | 251 | 0.09 |
| FMG Suite Holdings, LLC | (6) (11) (12) | Common Equity |  | 09/05/2025 | 250 |  |  |  |
|  |  |  |  |  |  | 251 | 251 | 0.09 |
| **Professional Services** |  |  |  |  |  |  |  |  |
| Verdantas, LLC | (6) (11) (12) | Common Equity |  | 05/03/2024 | 796 | 1 | 1 | 0.00 |
| Verdantas, LLC | (6) (11) | Preferred Equity | 10.00% | 05/03/2024 | 78804 | 91 | 105 | 0.04 |
|  |  |  |  |  |  | 92 | 106 | 0.04 |
| **Software** |  |  |  |  |  |  |  |  |
| Reveal Data Solutions | (6) (11) (12) | Common Equity |  | 08/29/2023 | 12307 | 16 | 16 | 0.01 |
| **Total Equity Investments - non-controlled/non-affiliated** |  |  |  |  |  | $**1037** | $**1020** | **0.37**% |
| **Total Portfolio Investments** |  |  |  |  |  | $**448379** | $**449424** | **163.36**% |

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(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 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 September 30, 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 September 30, 2025, the Company is not an "affiliated person" of any of its portfolio companies.

(2)Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the SMBC 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"), EURIBOR ("E"), SOFR ("S"), 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 September 30, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at September 30, 2025. As of September 30, 2025, the reference rates for our variable rate loans were the C at 2.56% 1-month E 1.93%, 1-month S at 4.13%, 3-month S at 3.98%, 6-month S at 3.85%, SA at 3.97% and the P at 7.25%.

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

(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 to be denominated in 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 Board of Directors (the "Board of Directors" or "Board") (see Note 2 and Note 5), pursuant to the Company's Valuation Designee, under the supervision of the valuation policy.

(7)Loan includes interest rate floor of 1.00%.

(8)Loan includes interest rate floor of 0.75%.

(9)Loan includes interest rate floor of 0.50%.

(10)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 September 30, 2025 non-qualifying assets represented 6.12% of total assets as calculated in accordance with regulatory requirements.

(11)Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be "restricted securities." As of September 30, 2025, the aggregate fair value of these securities is $1,020 or 0.37% of the Company's net assets. The initial acquisition dates have been included for such securities.

(12)Non-income producing security.

(13)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 September 30, 2025:

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| **First Lien Debt** |  |  |  |  |
| AWP Group Holdings, Inc. | Delayed Draw Term Loan | 08/23/2026 | $1284 | $— |
| AWP Group Holdings, Inc. | Revolver | 12/23/2030 | 129 |  |
| Accel International Holdings, Inc. | Revolver | 04/26/2032 | 432 |  |
| Accordion Partners, LLC | Delayed Draw Term Loan | 11/15/2026 | 822 |  |
| Accordion Partners, LLC | Revolver | 11/17/2031 | 652 |  |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 02/28/2027 | 651 |  |
| Amerilife Holdings, LLC | Revolver | 08/31/2028 | 271 |  |
| Any Hour, LLC | Delayed Draw Term Loan | 05/23/2026 | 625 | (9) |
| Any Hour, LLC | Revolver | 05/23/2030 | 139 | (2) |
| Apollo Acquisition, Inc. | Delayed Draw Term Loan | 06/04/2027 | 1917 |  |
| Apollo Acquisition, Inc. | Revolver | 12/30/2030 | 852 |  |
| Apryse Software Corp. | Revolver | 06/28/2032 | 497 | (3) |
| Aptean, Inc. | Delayed Draw Term Loan | 02/14/2027 | 761 |  |
| Aptean, Inc. | Revolver | 01/30/2031 | 226 |  |
| Arcoro Holdings Corp. | Revolver | 03/28/2030 | 261 | (4) |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 05/22/2027 | 517 |  |
| Artifact Bidco, Inc. | Revolver | 07/26/2030 | 369 |  |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 08/09/2026 | 803 |  |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 08/09/2027 | 809 | (5) |
| Ascend Partner Services, LLC | Revolver | 08/11/2031 | 673 |  |
| Associations, Inc. | Delayed Draw Term Loan | 07/03/2028 | 42 |  |
| Associations, Inc. | Revolver | 07/03/2028 | 54 |  |
| AuditBoard, Inc. | Delayed Draw Term Loan | 07/12/2026 | 1714 |  |
| AuditBoard, Inc. | Revolver | 07/14/2031 | 686 |  |
| BCTO Bluebill Midco, Inc. | Revolver | 07/30/2032 | 611 | (6) |
| Banyan Software Holdings, LLC | Delayed Draw Term Loan | 04/15/2027 | 247 | (2) |
| Banyan Software Holdings, LLC | Revolver | 01/02/2031 | 261 | (3) |
| Bradyplus Holdings, LLC | Delayed Draw Term Loan | 10/31/2025 | 35 |  |
| Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 07/03/2026 | 4105 | (21) |
| Bullhorn, Inc. | Delayed Draw Term Loan | 05/11/2026 | 28 |  |
| Bullhorn, Inc. | Revolver | 10/01/2029 | 65 |  |
| CCI Buyer, Inc. | Revolver | 05/13/2032 | 290 |  |
| COP Collisionright Parent, LLC | Delayed Draw Term Loan | 01/29/2026 | 76 |  |
| COP Collisionright Parent, LLC | Delayed Draw Term Loan | 04/04/2027 | 3523 | (18) |
| COP Collisionright Parent, LLC | Revolver | 01/29/2030 | 216 | (1) |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 08/27/2026 | 706 |  |
| CRCI Longhorn Holdings, Inc. | Revolver | 08/27/2031 | 471 |  |
| Carr, Riggs and Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 1379 | (3) |
| Carr, Riggs and Ingram Capital, LLC | Revolver | 11/18/2031 | 800 | (2) |
| Catalis Intermediate, Inc. | Revolver | 08/04/2027 | 188 | (3) |
| Chase Intermediate, LLC | Delayed Draw Term Loan | 04/10/2027 | 149 | (2) |
| Chase Intermediate, LLC | Revolver | 10/30/2028 | 25 |  |
| Cliffwater, LLC | Revolver | 04/22/2032 | 520 | (5) |
| Consor Intermediate II, LLC | Delayed Draw Term Loan | 05/10/2026 | 405 |  |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Consor Intermediate II, LLC | Revolver | 05/12/2031 | 183 |  |
| Coupa Holdings, LLC | Delayed Draw Term Loan | 06/03/2027 | 147 |  |
| Coupa Holdings, LLC | Revolver | 02/27/2029 | 112 |  |
| DA Blocker Corp. | Delayed Draw Term Loan | 02/10/2027 | 661 | (2) |
| DA Blocker Corp. | Revolver | 02/10/2032 | 220 | (1) |
| Deerfield Dakota Holding, LLC | Revolver | 09/13/2032 | 1200 | (12) |
| Diligent Corporation | Delayed Draw Term Loan | 04/30/2026 | 824 |  |
| Diligent Corporation | Revolver | 08/02/2030 | 489 |  |
| Drivecentric Holdings, LLC | Delayed Draw Term Loan | 07/22/2027 | 3250 | (16) |
| Drivecentric Holdings, LLC | Revolver | 08/15/2031 | 588 |  |
| E-Discovery AcquireCo, LLC | Revolver | 08/29/2029 | 44 |  |
| EVDR Purchaser, Inc. | Delayed Draw Term Loan | 08/14/2026 | 588 |  |
| EVDR Purchaser, Inc. | Revolver | 02/14/2031 | 353 |  |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 09/06/2026 | 160 |  |
| Eclipse Buyer, Inc. | Revolver | 09/08/2031 | 81 |  |
| Emburse, Inc. | Delayed Draw Term Loan | 05/28/2027 | 658 | (2) |
| Emburse, Inc. | Revolver | 05/28/2032 | 658 | (2) |
| Espresso Bidco, Inc. | Delayed Draw Term Loan | 03/25/2027 | 1187 | (18) |
| Espresso Bidco, Inc. | Revolver | 03/25/2032 | 527 | (8) |
| Essential Services Holding Corporation | Delayed Draw Term Loan | 06/17/2026 | 92 |  |
| Essential Services Holding Corporation | Revolver | 06/17/2030 | 46 |  |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 07/02/2026 | 65 |  |
| Everbridge Holdings, LLC | Revolver | 07/02/2031 | 43 |  |
| FMG Suite Holdings, LLC | Delayed Draw Term Loan | 09/09/2027 | 943 | (5) |
| FMG Suite Holdings, LLC | Revolver | 09/09/2032 | 566 | (6) |
| Firebird Acquisition Corp, Inc. | Delayed Draw Term Loan | 01/31/2027 | 1690 |  |
| Firebird Acquisition Corp, Inc. | Revolver | 02/02/2032 | 600 |  |
| Formstack Acquisition, Co. | Delayed Draw Term Loan | 03/30/2026 | 561 | (1) |
| Formstack Acquisition, Co. | Revolver | 03/28/2030 | 315 | (1) |
| Foundation Risk Partners Corp. | Delayed Draw Term Loan | 02/26/2027 | 1900 |  |
| Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 200 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 08/09/2027 | 1615 | (8) |
| Fullsteam Operations, LLC | Revolver | 08/08/2031 | 538 | (5) |
| GPS Merger Sub, LLC | Delayed Draw Term Loan | 10/02/2026 | 335 |  |
| GPS Merger Sub, LLC | Revolver | 10/02/2029 | 268 |  |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 03/26/2026 | 99 |  |
| GS AcquisitionCo, Inc. | Revolver | 05/25/2028 | 129 |  |
| GarageCo Intermediate II, LLC | Delayed Draw Term Loan | 08/02/2027 | 1136 | (6) |
| GarageCo Intermediate II, LLC | Revolver | 08/02/2032 | 341 | (3) |
| Gateway US Holdings, Inc. | Revolver | 09/22/2028 | 54 |  |
| Granicus, Inc. | Delayed Draw Term Loan | 01/17/2026 | 838 |  |
| Granicus, Inc. | Revolver | 01/17/2031 | 220 |  |
| HSI Halo Acquisition, Inc. | Delayed Draw Term Loan | 06/28/2026 | 45 |  |
| HSI Halo Acquisition, Inc. | Revolver | 06/28/2030 | 60 |  |
| Helios Service Partners, LLC | Delayed Draw Term Loan | 01/26/2026 | 84 |  |
| Helios Service Partners, LLC | Revolver | 03/19/2027 | 36 |  |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 03/27/2026 | 404 |  |
| Hootsuite, Inc. | Revolver | 05/22/2030 | 300 |  |
| Hyland Software, Inc. | Revolver | 09/19/2029 | 136 |  |
| IG Investment Holdings, LLC | Revolver | 09/22/2028 | 505 | (3) |
| Icefall Parent, Inc. | Revolver | 01/25/2030 | 174 |  |
| iCIMS, Inc. | Revolver | 08/18/2028 | 60 |  |
| Imagine 360, LLC | Delayed Draw Term Loan | 09/20/2026 | 458 |  |
| Imagine 360, LLC | Revolver | 10/02/2028 | 284 |  |
| Inhabitiq, Inc. | Delayed Draw Term Loan | 01/11/2027 | 1148 |  |
| Inhabitiq, Inc. | Revolver | 01/12/2032 | 718 |  |
| Inszone Mid, LLC | Revolver | 11/30/2029 | 117 |  |
| Integrity Marketing Acquisition, LLC | Revolver | 08/25/2028 | 48 |  |
| Invictus Buyer, LLC | Delayed Draw Term Loan | 06/03/2026 | 675 |  |
| Invictus Buyer, LLC | Revolver | 06/03/2031 | 250 |  |
| Iris Buyer, LLC | Revolver | 10/02/2029 | 160 |  |
| KENG Acquisition, Inc. | Delayed Draw Term Loan | 01/21/2027 | 82 | (1) |
| KENG Acquisition, Inc. | Revolver | 08/01/2029 | 105 | (1) |
| Kodiak Buyer, LLC | Delayed Draw Term Loan | 07/26/2027 | 536 | (3) |
| Kodiak Buyer, LLC | Revolver | 07/26/2032 | 429 | (4) |
| LHS Borrower, LLC | Revolver | 09/04/2031 | 293 | (4) |
| LJ Avalon Holdings, LLC | Delayed Draw Term Loan | 02/12/2027 | 1010 | (6) |
| LJ Avalon Holdings, LLC | Revolver | 02/01/2029 | 443 |  |
| LogRhythm, Inc. | Revolver | 07/02/2029 | 136 | (4) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 08/29/2026 | 434 | (4) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 06/11/2027 | 738 | (7) |
| MAI Capital Management Intermediate, LLC | Revolver | 08/29/2031 | 333 | (3) |
| MRI Software, LLC | Delayed Draw Term Loan | 10/04/2027 | 1765 | (5) |
| MRI Software, LLC | Revolver | 02/10/2028 | 393 |  |
| Magneto Components Buyco, LLC | Revolver | 12/05/2029 | 423 |  |
| Mantech International CP | Delayed Draw Term Loan | 12/14/2025 | 90 |  |
| Mantech International CP | Revolver | 09/14/2028 | 227 |  |
| Merative LP | Delayed Draw Term Loan | 09/30/2027 | 941 | (2) |
| Merative LP | Revolver | 09/30/2032 | 824 | (4) |
| mPulse Mobile, Inc. | Delayed Draw Term Loan | 08/26/2027 | 462 | (2) |
| mPulse Mobile, Inc. | Revolver | 08/26/2032 | 692 | (7) |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 06/23/2027 | 1003 |  |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 165 |  |
| Model N, Inc. | Delayed Draw Term Loan | 06/26/2026 | 98 |  |
| Model N, Inc. | Revolver | 06/27/2031 | 52 |  |
| NDT Global Holding, Inc. | Delayed Draw Term Loan | 06/04/2027 | 933 | (9) |
| NDT Global Holding, Inc. | Revolver | 06/04/2032 | 833 | (8) |
| NSI Holdings, Inc. | Delayed Draw Term Loan | 11/15/2026 | 790 |  |
| NSI Holdings, Inc. | Revolver | 11/17/2031 | 769 |  |
| Nasuni Corporation | Revolver | 09/10/2030 | 862 |  |
| Onit, Inc. | Delayed Draw Term Loan | 01/27/2027 | 1528 |  |
| Onit, Inc. | Revolver | 01/27/2032 | 509 |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Optimizely North America, Inc. | Revolver | 10/30/2031 | 450 | (7) |
| PDI TA Holdings, Inc. | Revolver | 02/03/2031 | 137 |  |
| PMA Parent Holdings, LLC | Revolver | 01/31/2031 | 245 | (2) |
| Project Potter Buyer, LLC | Revolver | 04/23/2027 | 150 |  |
| Pye-Barker Fire & Safety, LLC | Delayed Draw Term Loan | 05/24/2026 | 320 | (1) |
| Pye-Barker Fire & Safety, LLC | Revolver | 05/24/2030 | 213 | (1) |
| RFS Opco, LLC | Revolver | 04/04/2029 | 490 |  |
| Railpros Parent, LLC | Delayed Draw Term Loan | 05/24/2027 | 1474 | (15) |
| Railpros Parent, LLC | Revolver | 05/24/2032 | 737 | (7) |
| Raptor Merger Sub Debt, LLC | Delayed Draw Term Loan | 11/09/2026 | 1029 |  |
| Raptor Merger Sub Debt, LLC | Revolver | 04/01/2029 | 403 |  |
| Real Chemistry Intermediate III, Inc. | Delayed Draw Term Loan | 10/11/2027 | 578 | (3) |
| Real Chemistry Intermediate III, Inc. | Revolver | 04/12/2032 | 470 | (2) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 03/30/2027 | 1181 |  |
| Ridge Trail US Bidco, Inc. | Revolver | 03/31/2031 | 288 |  |
| Routeware, Inc. | Delayed Draw Term Loan | 09/18/2026 | 1386 | (4) |
| Routeware, Inc. | Revolver | 09/18/2031 | 273 | (1) |
| Runway Bidco, LLC | Delayed Draw Term Loan | 12/17/2026 | 1358 | (3) |
| Runway Bidco, LLC | Revolver | 12/17/2031 | 679 | (2) |
| SV Newco 2, Inc. | Delayed Draw Term Loan | 03/22/2028 | 4906 | (12) |
| SV Newco 2, Inc. | Revolver | 06/02/2031 | 563 | (2) |
| Saturn Borrower, Inc. | Delayed Draw Term Loan | 01/24/2027 | 1905 | (13) |
| Saturn Borrower, Inc. | Revolver | 11/10/2028 | 652 | (5) |
| Sonny's Enterprises, LLC | Revolver | 08/05/2027 | 87 | (4) |
| Spark Buyer, LLC | Delayed Draw Term Loan | 10/15/2026 | 313 | (11) |
| Spark Buyer, LLC | Revolver | 10/15/2031 | 103 | (4) |
| Superman Holdings, LLC | Delayed Draw Term Loan | 08/28/2026 | 314 |  |
| Superman Holdings, LLC | Revolver | 08/29/2031 | 387 |  |
| Tamarack Intermediate, LLC | Delayed Draw Term Loan | 07/01/2027 | 1790 | (11) |
| Tamarack Intermediate, LLC | Revolver | 03/12/2029 | 699 | (2) |
| Thrive Buyer, Inc. (Thrive Networks) | Delayed Draw Term Loan | 01/31/2027 | 1082 | (3) |
| Thrive Buyer, Inc. (Thrive Networks) | Revolver | 02/02/2032 | 631 | (2) |
| Tidi Legacy Products, Inc. | Delayed Draw Term Loan | 12/21/2026 | 362 |  |
| Tidi Legacy Products, Inc. | Revolver | 12/19/2029 | 261 |  |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2026 | 624 |  |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2027 | 275 | (1) |
| Transit Technologies, LLC | Revolver | 08/20/2030 | 546 |  |
| Trintech, Inc. | Revolver | 07/25/2029 | 102 | (1) |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 11/22/2026 | 2069 |  |
| UHY Advisors, Inc. | Revolver | 11/21/2031 | 539 |  |
| VRC Companies, LLC | Revolver | 06/29/2027 | 59 |  |
| Vamos Bidco, Inc. | Delayed Draw Term Loan | 01/30/2027 | 1125 | (3) |
| Vamos Bidco, Inc. | Revolver | 01/30/2032 | 225 | (1) |
| Vehlo Purchaser, LLC | Delayed Draw Term Loan | 10/05/2025 | 93 |  |
| Vehlo Purchaser, LLC | Delayed Draw Term Loan | 12/18/2026 | 586 |  |
| Vehlo Purchaser, LLC | Revolver | 05/24/2028 | 17 |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**September 30, 2025**

*(In thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 09/27/2026 | 164 |  |
| Verdantas, LLC | Revolver | 05/06/2030 | 152 |  |
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/01/2026 | 804 | (16) |
| Vertex Service Partners, LLC | Revolver | 11/08/2030 | 16 |  |
| YI, LLC | Revolver | 12/03/2029 | 267 |  |
| **Total First Lien Debt Unfunded Commitments** |  |  | $**110949** | $**(401)** |

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Debt Investments** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| Mantech International CP | (6) (8) | First Lien Debt | S + | 5.00% | 9.59% | 09/14/2029 | 1911 | $1911 | $1911 | 1.07% |
| Mantech International CP | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.59% | 09/14/2029 |  |  |  |  |
| Mantech International CP | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.59% | 09/14/2028 |  |  |  |  |
|  |  |  |  |  |  |  |  | 1911 | 1911 | 1.07 |
| **Automobile Components** |  |  |  |  |  |  |  |  |  |  |
| LTI Holdings, Inc. |  | First Lien Debt | S + | 4.75% | 9.11% | 07/19/2029 | 998 | 1005 | 998 | 0.56 |
| Sonny's Enterprises, LLC | (6) (7) | First Lien Debt | S + | 5.50% | 10.17% | 08/05/2028 | 755 | 741 | 730 | 0.41 |
| Sonny's Enterprises, LLC | (6) (7) | First Lien Debt | S + | 5.50% | 10.17% | 08/05/2028 | 166 | 163 | 161 | 0.09 |
| Sonny's Enterprises, LLC | (6) (7) (14) | First Lien Debt | S + | 5.50% | 10.17% | 08/05/2027 | 36 | 34 | 31 | 0.02 |
|  |  |  |  |  |  |  |  | 1943 | 1920 | 1.07 |
| **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| COP Collisionright Parent, LLC | (6) (7) | First Lien Debt | S + | 5.50% | 10.09% | 01/29/2030 | 776 | 762 | 767 | 0.43 |
| COP Collisionright Parent, LLC | (6) (7) (14) | First Lien Debt | S + | 5.50% | 10.09% | 01/29/2030 | 227 | 221 | 222 | 0.12 |
| COP Collisionright Parent, LLC | (6) (7) (14) | First Lien Debt | S + | 5.50% | 10.09% | 01/29/2030 | 19 | 17 | 17 | 0.01 |
| Drivecentric Holdings, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 9.27% | 08/15/2031 | 4412 | 4369 | 4408 | 2.47 |
| Drivecentric Holdings, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.27% | 08/15/2031 |  | (5) |  |  |
| Turbo Buyer, Inc. | (6) (7) | First Lien Debt | S + | 6.00% | 10.48% | 12/02/2025 | 751 | 746 | 726 | 0.41 |
| Turbo Buyer, Inc. | (6) (7) | First Lien Debt | S + | 6.00% | 10.48% | 12/02/2025 | 1056 | 1049 | 1020 | 0.57 |
| Vehlo Purchaser, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.61% | 05/24/2028 | 350 | 347 | 348 | 0.19 |
| Vehlo Purchaser, LLC | (6) (8) (14) | First Lien Debt | S + | 5.25% | 9.61% | 05/24/2028 | 85 | 75 | 73 | 0.04 |
| Vehlo Purchaser, LLC | (6) (8) (14) | First Lien Debt | S + | 5.25% | 9.61% | 05/24/2028 |  |  |  |  |
|  |  |  |  |  |  |  |  | 7581 | 7581 | 4.24 |
| **Biotechnology** |  |  |  |  |  |  |  |  |  |  |
| GraphPad Software, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 9.08% | 06/30/2031 | 7405 | 7370 | 7405 | 4.14 |
| GraphPad Software, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.08% | 06/30/2031 | 11 | 10 | 11 | 0.01 |
| GraphPad Software, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.08% | 06/30/2031 |  |  |  |  |
|  |  |  |  |  |  |  |  | 7380 | 7416 | 4.15 |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |
| Project Potter Buyer, LLC | (6) (7) | First Lien Debt | S + | 6.00% | 10.33% | 04/23/2027 | 6766 | 6766 | 6766 | 3.79 |
| Project Potter Buyer, LLC | (6) (7) (14) | First Lien Debt | S + | 6.00% | 10.33% | 04/23/2026 |  |  |  |  |
|  |  |  |  |  |  |  |  | 6766 | 6766 | 3.79 |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Tank Holding Corp. | (6) (8) | First Lien Debt | S + | 5.75% | 10.31% | 03/31/2028 | 2789 | 2720 | 2746 | 1.54 |
| Tank Holding Corp. | (6) (8) (14) | First Lien Debt | S + | 5.75% | 10.31% | 03/31/2028 | 199 | 194 | 197 | 0.11 |
|  |  |  |  |  |  |  |  | 2914 | 2943 | 1.65 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Allied Universal Holdco, LLC | (9) | First Lien Debt | S + | 3.75% | 8.21% | 05/12/2028 | 992 | 995 | 995 | 0.56 |
| Belfor Holdings, Inc. |  | First Lien Debt | S + | 3.75% | 8.11% | 11/01/2030 | 997 | 1007 | 1007 | 0.56 |
| Consor Intermediate II, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.83% | 05/12/2031 | 753 | 746 | 749 | 0.42 |
| Consor Intermediate II, LLC | (6) (8) (14) | First Lien Debt | S + | 4.50% | 8.83% | 05/12/2031 |  | (3) | (4) |  |

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Consor Intermediate II, LLC | (6) (8) (14) | First Lien Debt | S + | 4.50% | 8.83% | 05/12/2031 |  | (2) | (1) |  |
| CRCI Longhorn Holdings, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.36% | 08/27/2031 | 2824 | 2796 | 2824 | 1.58 |
| CRCI Longhorn Holdings, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.36% | 08/27/2031 |  | (3) | - |  |
| CRCI Longhorn Holdings, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.36% | 08/27/2031 | 212 | 207 | 212 | 0.12 |
| Helios Service Partners, LLC | (6) (7) | First Lien Debt | S + | 5.00% | 9.59% | 03/19/2027 | 242 | 238 | 242 | 0.14 |
| Helios Service Partners, LLC | (6) (7) (14) | First Lien Debt | S + | 5.00% | 9.59% | 03/19/2027 | 395 | 385 | 391 | 0.22 |
| Helios Service Partners, LLC | (6) (7) (14) | First Lien Debt | S + | 5.00% | 9.59% | 03/19/2027 |  | (1) |  |  |
| Hercules Borrower, LLC | (6) (8) (14) | First Lien Debt | S + | 5.25% | 9.68% | 12/15/2026 | 243 | 233 | 235 | 0.13 |
| HSI Halo Acquisition, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.59% | 06/30/2031 | 7450 | 7379 | 7450 | 4.17 |
| HSI Halo Acquisition, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.59% | 06/30/2031 | 16 | 15 | 16 | 0.01 |
| HSI Halo Acquisition, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.59% | 06/28/2030 |  | (1) |  |  |
| Iris Buyer, LLC | (6) (7) | First Lien Debt | S + | 6.25% | 10.84% | 10/02/2030 | 1382 | 1349 | 1382 | 0.77 |
| Iris Buyer, LLC | (6) (7) (14) | First Lien Debt | S + | 6.25% | 10.84% | 10/02/2030 | 130 | 126 | 130 | 0.07 |
| Iris Buyer, LLC | (6) (7) (14) | First Lien Debt | S + | 6.25% | 10.84% | 10/02/2029 |  | (4) |  |  |
| Pye-Barker Fire & Safety, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.83% | 05/26/2031 | 1755 | 1755 | 1755 | 0.98 |
| Pye-Barker Fire & Safety, LLC | (6) (8) (14) | First Lien Debt | S + | 4.50% | 8.83% | 05/26/2031 | 250 | 245 | 250 | 0.14 |
| Pye-Barker Fire & Safety, LLC | (6) (8) (14) | First Lien Debt | S + | 4.50% | 8.83% | 05/24/2030 | 30 | 28 | 30 | 0.02 |
| Routeware, Inc. | (6) (7) | First Lien Debt | S + | 5.25% | 9.60% | 09/18/2031 | 3182 | 3151 | 3182 | 1.78 |
| Routeware, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.60% | 09/18/2031 |  | (7) |  |  |
| Routeware, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.60% | 09/18/2031 |  | (3) |  |  |
| Transit Technologies, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 9.51% | 08/20/2031 | 2545 | 2521 | 2545 | 1.42 |
| Transit Technologies, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.51% | 08/20/2031 |  | (4) |  |  |
| Transit Technologies, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.51% | 08/20/2030 |  | (5) |  |  |
| Vensure Employer Services, Inc. | (6) (9) | First Lien Debt | S + | 5.00% | 9.33% | 09/29/2031 | 1993 | 1974 | 1993 | 1.12 |
| Vensure Employer Services, Inc. | (6) (9) (14) | First Lien Debt | S + | 5.00% | 9.33% | 09/29/2031 | 77 | 74 | 77 | 0.04 |
| VRC Companies, LLC | (6) (7) | First Lien Debt | S + | 5.75% | 10.27% | 06/29/2027 | 2896 | 2887 | 2896 | 1.62 |
| VRC Companies, LLC | (6) (7) | First Lien Debt | S + | 5.75% | 10.27% | 06/29/2027 | 251 | 248 | 251 | 0.14 |
| VRC Companies, LLC | (6) (7) (14) | First Lien Debt | S + | 5.75% | 10.27% | 06/29/2027 |  |  |  |  |
|  |  |  |  |  |  |  |  | 28326 | 28607 | 16.01 |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Arcoro Holdings Corp. | (6) (7) | First Lien Debt | S + | 5.50% | 9.83% | 03/28/2030 | 1730 | 1699 | 1718 | 0.96 |
| Arcoro Holdings Corp. | (6) (7) (14) | First Lien Debt | S + | 5.50% | 9.83% | 03/28/2030 |  | (4) | (2) |  |
| Superman Holdings, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.86% | 08/29/2031 | 2673 | 2660 | 2673 | 1.50 |
| Superman Holdings, LLC | (6) (8) (14) | First Lien Debt | S + | 4.50% | 8.86% | 08/29/2031 |  | (2) |  |  |
| Superman Holdings, LLC | (6) (8) (14) | First Lien Debt | S + | 4.50% | 8.86% | 08/29/2031 |  | (2) |  |  |
|  |  |  |  |  |  |  |  | 4351 | 4389 | 2.46 |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc. | (6) (8) | First Lien Debt | S + | 5.50% | 10.09% | 02/03/2031 | 2240 | 2221 | 2228 | 1.25 |
| PDI TA Holdings, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.50% | 10.09% | 02/03/2031 | 291 | 286 | 288 | 0.16 |
| PDI TA Holdings, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.50% | 10.09% | 02/03/2031 |  | (2) | (1) |  |
|  |  |  |  |  |  |  |  | 2505 | 2515 | 1.41 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| BP Purchaser, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 10.16% | 12/11/2028 | 1876 | 1854 | 1740 | 0.97 |
| Proampac PG Borrower, LLC | (8) | First Lien Debt | S + | 4.00% | 8.60% | 09/15/2028 | 496 | 499 | 497 | 0.28 |
|  |  |  |  |  |  |  |  | 2353 | 2237 | 1.25 |
| **Distributors** |  |  |  |  |  |  |  |  |  |  |
| Avalara, Inc. | (6) (8) | First Lien Debt | S + | 6.25% | 10.58% | 10/19/2028 | 1091 | 1085 | 1091 | 0.61 |
| Avalara, Inc. | (6) (14) | First Lien Debt | S + | 6.25% | 10.58% | 10/19/2028 |  | (1) |  |  |
| Bradyplus Holdings, LLC | (6) (7) | First Lien Debt | S + | 5.00% | 9.52% | 10/31/2029 | 1788 | 1758 | 1788 | 1.00 |
| Bradyplus Holdings, LLC | (6) (7) (14) | First Lien Debt | S + | 5.00% | 9.52% | 10/31/2029 | 11 | 11 | 11 | 0.01 |
|  |  |  |  |  |  |  |  | 2853 | 2890 | 1.62 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Any Hour, LLC | (6) | First Lien Debt | S + | 5.00% | 9.33% | 05/23/2030 | 2360 | 2328 | 2335 | 1.31 |
| Any Hour, LLC | (6) (14) | First Lien Debt | S + | 5.00% | 9.33% | 05/23/2030 | 67 | 62 | 60 | 0.03 |
| Any Hour, LLC | (6) (14) | First Lien Debt | S + | 5.00% | 9.33% | 05/23/2030 | 166 | 162 | 163 | 0.09 |
| Any Hour, LLC | (6) | Other Debt |  | 13.00% PIK | 13.00% | 05/23/2031 | 637 | 626 | 630 | 0.35 |
| Eclipse Buyer, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 9.26% | 09/08/2031 | 943 | 934 | 943 | 0.53 |
| Eclipse Buyer, Inc. | (6) (9) (14) | First Lien Debt | S + | 4.75% | 9.26% | 09/08/2031 |  | (1) |  |  |
| Eclipse Buyer, Inc. | (6) (9) (14) | First Lien Debt | S + | 4.75% | 9.26% | 09/06/2031 |  | (1) |  |  |
| Essential Services Holding Corporation | (6) (8) | First Lien Debt | S + | 5.00% | 9.65% | 06/17/2031 | 9850 | 9757 | 9850 | 5.51 |
| Essential Services Holding Corporation | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.65% | 06/17/2031 |  |  |  |  |
| Essential Services Holding Corporation | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.65% | 06/17/2030 |  | (1) |  |  |
| EVDR Purchaser, Inc. | (6) (8) | First Lien Debt | S + | 5.50% | 9.86% | 02/14/2031 | 2044 | 2006 | 2044 | 1.14 |
| EVDR Purchaser, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.50% | 9.86% | 02/14/2031 |  | (5) |  |  |
| EVDR Purchaser, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.50% | 9.86% | 02/14/2031 | 59 | 53 | 59 | 0.03 |
| Vertex Service Partners, LLC | (6) (8) | First Lien Debt | S + | 5.75% | 10.11% | 11/08/2030 | 312 | 305 | 312 | 0.17 |
| Vertex Service Partners, LLC | (6) (8) (14) | First Lien Debt | S + | 5.75% | 10.11% | 11/08/2030 | 621 | 603 | 616 | 0.34 |
| Vertex Service Partners, LLC | (6) (8) (14) | First Lien Debt | S + | 5.75% | 10.11% | 11/08/2030 | 72 | 70 | 72 | 0.04 |
|  |  |  |  |  |  |  |  | 16898 | 17084 | 9.56 |
| **Electric Utilities** |  |  |  |  |  |  |  |  |  |  |
| Kohler Energy Co, LLC |  | First Lien Debt | S + | 3.75% | 8.11% | 05/01/2031 | 918 | 930 | 916 | 0.51 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Spark Buyer, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.77% | 10/15/2031 | 781 | 770 | 770 | 0.43 |
| Spark Buyer, LLC | (6) (8) (14) | First Lien Debt | S + | 5.25% | 9.77% | 10/15/2031 |  | (3) | (3) |  |
| Spark Buyer, LLC | (6) (8) (14) | First Lien Debt | S + | 5.25% | 9.77% | 10/15/2031 |  | (2) | (2) |  |
|  |  |  |  |  |  |  |  | 765 | 765 | 0.43 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |  |
| Chamberlain Group, Inc. | (10) | First Lien Debt | S + | 3.25% | 7.71% | 11/03/2028 | 997 | 1003 | 1002 | 0.56 |
| DG Investment Intermediate Holdings 2, Inc. | (10) | First Lien Debt | S + | 3.75% | 8.22% | 03/31/2028 | 499 | 504 | 503 | 0.28 |
| Magneto Components Buyco, LLC | (6) (8) | First Lien Debt | S + | 6.00% (incl. 1.50% PIK) | 10.33% | 12/05/2030 | 2567 | 2510 | 2549 | 1.43 |
| Magneto Components Buyco, LLC | (6) (8) (14) | First Lien Debt | S + | 6.00% (incl. 1.50% PIK) | 10.33% | 12/05/2030 |  | (5) | (3) |  |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Magneto Components Buyco, LLC | (6) (8) (14) | First Lien Debt | S + | 6.00% (incl. 1.50% PIK) | 10.33% | 12/05/2029 |  | (9) | (3) |  |
| NSI Holdings, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.36% | 11/15/2031 | 4421 | 4378 | 4378 | 2.45 |
| NSI Holdings, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.36% | 11/15/2031 |  | (4) | (4) |  |
| NSI Holdings, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.36% | 11/15/2031 |  | (8) | (8) |  |
|  |  |  |  |  |  |  |  | 8369 | 8414 | 4.71 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| MAI Capital Management Intermediate, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 9.08% | 08/29/2031 | 1544 | 1529 | 1544 | 0.86 |
| MAI Capital Management Intermediate, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.08% | 08/29/2031 | 289 | 283 | 289 | 0.16 |
| MAI Capital Management Intermediate, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.08% | 08/29/2031 | 46 | 43 | 46 | 0.03 |
| PMA Parent Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 9.83% | 01/31/2031 | 2102 | 2071 | 2071 | 1.16 |
| PMA Parent Holdings, LLC | (6) (8) (14) | First Lien Debt | S + | 5.50% | 9.83% | 01/31/2031 |  | (2) | (2) |  |
| RFS Opco, LLC | (6) (9) | First Lien Debt | S + | 4.75% | 9.08% | 04/04/2031 | 1496 | 1482 | 1490 | 0.83 |
| RFS Opco, LLC | (6) (9) (14) | First Lien Debt | S + | 3.50% | 7.83% | 04/04/2029 | 270 | 257 | 264 | 0.15 |
| Trintech, Inc. | (6) (7) | First Lien Debt | S + | 5.50% | 9.86% | 07/25/2029 | 1839 | 1794 | 1812 | 1.01 |
| Trintech, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.50% | 9.86% | 07/25/2029 | 41 | 38 | 39 | 0.02 |
|  |  |  |  |  |  |  |  | 7495 | 7553 | 4.23 |
| **Ground Transportation** |  |  |  |  |  |  |  |  |  |  |
| SV Newco 2, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.75% | 9.26% | 06/02/2031 | 1496 | 1475 | 1484 | 0.83 |
| SV Newco 2, Inc. | (6) (8) (11) (14) | First Lien Debt | S + | 4.75% | 9.26% | 06/02/2031 |  | (6) | (7) |  |
| SV Newco 2, Inc. | (6) (8) (11) (14) | First Lien Debt | S + | 4.75% | 9.26% | 06/02/2031 |  | (8) | (4) |  |
|  |  |  |  |  |  |  |  | 1461 | 1473 | 0.82 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Journey Personal Care Corp. | (8) | First Lien Debt | S + | 3.75% | 8.11% | 03/01/2028 | 995 | 998 | 994 | 0.56 |
| Medline Borrower, LP | (9) | First Lien Debt | S + | 2.25% | 6.61% | 10/23/2028 | 993 | 998 | 995 | 0.56 |
| Tidi Legacy Products, Inc. | (6) (7) | First Lien Debt | S + | 5.25% | 9.61% | 12/19/2029 | 1363 | 1339 | 1361 | 0.76 |
| Tidi Legacy Products, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.61% | 12/19/2029 |  | (3) | (1) |  |
| Tidi Legacy Products, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.61% | 12/19/2029 |  | (4) |  |  |
| YI, LLC | (6) (7) | First Lien Debt | S + | 5.75% | 10.39% | 12/03/2029 | 1694 | 1665 | 1694 | 0.95 |
| YI, LLC | (6) (7) (14) | First Lien Debt | S + | 5.75% | 10.39% | 12/03/2029 |  | (3) |  |  |
| YI, LLC | (6) (7) (14) | First Lien Debt | S + | 5.75% | 10.39% | 12/03/2029 |  | (5) |  |  |
|  |  |  |  |  |  |  |  | 4985 | 5043 | 2.82 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |
| DCA Investment Holdings, LLC | (6) (8) | First Lien Debt | S + | 6.50% | 10.77% | 04/03/2028 | 2045 | 2018 | 2029 | 1.14 |
| Gateway US Holdings, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.75% | 9.08% | 09/22/2028 | 1404 | 1382 | 1404 | 0.79 |
| Gateway US Holdings, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.75% | 9.08% | 09/22/2028 | 423 | 418 | 423 | 0.24 |
| Gateway US Holdings, Inc. | (6) (8) (11) (14) | First Lien Debt | S + | 4.75% | 9.08% | 09/22/2028 |  | (1) |  |  |
| iCIMS, Inc. | (6) (8) | First Lien Debt | S + | 5.75% | 10.38% | 08/18/2028 | 949 | 943 | 949 | 0.53 |
| iCIMS, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.75% | 10.38% | 08/18/2028 | 17 | 16 | 17 | 0.01 |
| Imagine 360, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 9.10% | 10/02/2028 | 3242 | 3211 | 3242 | 1.81 |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Imagine 360, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.10% | 10/02/2028 |  | (2) |  |  |
| Imagine 360, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.10% | 10/02/2028 |  | (3) |  |  |
| Invictus Buyer, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 9.08% | 06/03/2031 | 1616 | 1601 | 1611 | 0.90 |
| Invictus Buyer, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.08% | 06/03/2031 |  | (3) | (2) |  |
| Invictus Buyer, LLC | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.08% | 06/03/2031 |  | (2) | (1) |  |
| PPV Intermediate Holdings, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.52% | 08/31/2029 | 668 | 664 | 668 | 0.37 |
|  |  |  |  |  |  |  |  | 10242 | 10340 | 5.79 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Athenahealth, Inc. | (9) | First Lien Debt | S + | 3.25% | 7.61% | 02/15/2029 | 992 | 992 | 993 | 0.56 |
| Cotiviti Corporation |  | First Lien Debt | S + | 2.75% | 7.30% | 05/01/2031 | 993 | 997 | 997 | 0.56 |
| Hyland Software, Inc. | (6) (8) | First Lien Debt | S + | 6.00% | 10.36% | 09/19/2030 | 2831 | 2798 | 2831 | 1.58 |
| Hyland Software, Inc. | (6) (8) (14) | First Lien Debt | S + | 6.00% | 10.36% | 09/19/2029 |  | (1) |  |  |
| Imprivata, Inc. | (9) | First Lien Debt | S + | 3.50% | 8.09% | 12/01/2027 | 496 | 500 | 499 | 0.28 |
|  |  |  |  |  |  |  |  | 5286 | 5320 | 2.98 |
| **Household Products** |  |  |  |  |  |  |  |  |  |  |
| Kronos Acquisition Holdings, Inc. |  | First Lien Debt | S + | 4.00% | 8.58% | 07/08/2031 | 995 | 991 | 937 | 0.52 |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |
| Aptean, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.59% | 01/30/2031 | 1521 | 1508 | 1519 | 0.85 |
| Aptean, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.59% | 01/30/2031 | 25 | 24.0 | 25.0 | 0.01 |
| Aptean, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.59% | 01/30/2031 |  | (1) |  |  |
|  |  |  |  |  |  |  |  | 1531 | 1544 | 0.86 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |  |
| Alliant Holdings Intermediate, LLC |  | First Lien Debt | S + | 2.75% | 7.11% | 09/19/2031 | 995 | 1001 | 996 | 0.56 |
| Amerilife Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.70% | 08/31/2029 | 2383 | 2383 | 2383 | 1.33 |
| Foundation Risk Partners Corp. | (6) (8) (14) | First Lien Debt | S + | 5.25% | 9.58% | 10/29/2029 |  | (2) |  |  |
| Galway Borrower, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.83% | 09/29/2028 | 369 | 363 | 369 | 0.21 |
| Galway Borrower, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.83% | 09/29/2028 | 610 | 606 | 610 | 0.34 |
| Higginbotham Insurance Agency, Inc. | (6) (7) | First Lien Debt | S + | 4.50% | 8.86% | 11/24/2028 | 4771 | 4761 | 4750 | 2.66 |
| Higginbotham Insurance Agency, Inc. | (6) (7) (14) | First Lien Debt | S + | 4.50% | 8.86% | 11/24/2028 | 275 | 270 | 271 | 0.15 |
| High Street Buyer, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.25% | 9.58% | 04/14/2028 |  | (8) | (3) |  |
| HUB International Limited |  | First Lien Debt | S + | 2.75% | 7.37% | 06/20/2030 | 496 | 500 | 499 | 0.28 |
| Inszone Mid, LLC | (6) (7) | First Lien Debt | S + | 5.25% | 9.50% | 11/30/2029 | 930 | 914 | 930 | 0.52 |
| Inszone Mid, LLC | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.50% | 11/30/2029 | 780 | 765 | 780 | 0.44 |
| Inszone Mid, LLC | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.50% | 11/30/2029 |  | (2) |  |  |
| Integrity Marketing Acquisition, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.51% | 08/25/2028 | 4939 | 4939 | 4939 | 2.76 |
| Integrity Marketing Acquisition, LLC | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.51% | 08/25/2028 |  |  |  |  |
| Peter C. Foy & Associates Insurance Services, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 9.83% | 11/01/2028 | 592 | 583 | 592 | 0.33 |
| Peter C. Foy & Associates Insurance Services, LLC | (6) (8) (14) | First Lien Debt | S + | 5.50% | 9.83% | 11/01/2028 | 694 | 688 | 691 | 0.39 |
| RSC Acquisition, Inc. | (6) (7) | First Lien Debt | S + | 4.75% | 9.21% | 11/01/2029 | 172 | 171 | 172 | 0.10 |
| RSC Acquisition, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 9.21% | 11/01/2029 | 415 | 412 | 415 | 0.23 |
| USI, Inc. |  | First Lien Debt | S + | 2.25% | 6.58% | 09/27/2030 | 993 | 997 | 990 | 0.55 |
| World Insurance Associates, LLC | (6) (7) | First Lien Debt | S + | 6.00% | 10.34% | 04/03/2028 | 3465 | 3436 | 3436 | 1.92 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
|  |  |  |  |  |  |  |  | 22777 | 22820 | 12.77 |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |
| Apollo Acquisition, Inc. | (6) | First Lien Debt | S + | 5.00% | 9.33% | 12/30/2031 | 4031 | 3991 | 3991 | 2.23 |
| Apollo Acquisition, Inc. | (6) (14) | First Lien Debt | S + | 5.00% | 9.33% | 12/30/2031 |  | (7) | (7) |  |
| Apollo Acquisition, Inc. | (6) (14) | First Lien Debt | S + | 5.00% | 9.33% | 12/30/2030 |  | (5) | (5) |  |
| Asurion, LLC |  | First Lien Debt | S + | 4.25% | 8.61% | 09/19/2030 | 995 | 989 | 991 | 0.55 |
| GI DI Cornfield Acquisition, LLC | (6) | First Lien Debt | S + | 4.50% | 8.96% | 03/09/2028 | 3880 | 3830 | 3842 | 2.15 |
| GI DI Cornfield Acquisition, LLC | (6) (14) | First Lien Debt | S + | 4.50% | 8.96% | 03/09/2028 |  | (13) | (19) | (0.01) |
| Ridge Trail US Bidco, Inc. | (6) (7) (11) | First Lien Debt | S + | 4.50% | 8.83% | 09/30/2031 | 3425 | 3375 | 3416 | 1.91 |
| Ridge Trail US Bidco, Inc. | (6) (7) (11) (14) | First Lien Debt | S + | 4.50% | 8.83% | 09/30/2031 |  | (9) | (3) |  |
| Ridge Trail US Bidco, Inc. | (6) (7) (11) (14) | First Lien Debt | S + | 4.50% | 8.83% | 03/31/2031 | 106 | 101 | 105 | 0.06 |
| Sedgwick Claims Management Services, Inc. |  | First Lien Debt | S + | 3.00% | 7.59% | 07/31/2031 | 995 | 1001 | 1000 | 0.56 |
|  |  |  |  |  |  |  |  | 13253 | 13311 | 7.45 |
| **Leisure Products** |  |  |  |  |  |  |  |  |  |  |
| Recess Holdings, Inc. | (10) | First Lien Debt | S + | 4.50% | 9.09% | 02/20/2030 | 996 | 1007 | 1005 | 0.56 |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| Model N, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.33% | 06/27/2031 | 6831 | 6766 | 6831 | 3.82 |
| Model N, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.33% | 06/27/2031 |  |  |  |  |
| Model N, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.33% | 06/27/2031 |  | (1) |  |  |
|  |  |  |  |  |  |  |  | 6765 | 6831 | 3.82 |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |
| AI Aqua Merger Sub, Inc. | (9) | First Lien Debt | S + | 3.50% | 8.05% | 07/31/2028 | 498 | 500 | 498 | 0.28 |
| Chase Intermediate, LLC | (6) (14) | First Lien Debt | S + | 4.75% | 9.08% | 10/30/2028 | 284 | 279 | 283 | 0.16 |
| Chase Intermediate, LLC | (6) (14) | First Lien Debt | S + | 4.75% | 9.08% | 10/30/2028 |  | (1) |  |  |
| CPM Holdings, Inc. | (9) | First Lien Debt | S + | 4.50% | 9.05% | 09/28/2028 | 496 | 497 | 480 | 0.27 |
| Engineered Machinery Holdings, Inc. | (8) | First Lien Debt | S + | 3.75% | 8.34% | 05/19/2028 | 995 | 1000 | 1000 | 0.56 |
| Icebox Holdco III, Inc. | (10) | First Lien Debt | S + | 3.50% | 8.09% | 12/22/2028 | 499 | 504 | 502 | 0.28 |
| TK Elevator US Newco, Inc. | (9) | First Lien Debt | S + | 3.50% | 8.59% | 04/30/2030 | 995 | 1004 | 1002 | 0.56 |
|  |  |  |  |  |  |  |  | 3783 | 3765 | 2.11 |
| **Media** |  |  |  |  |  |  |  |  |  |  |
| Aragorn Parent Corporation | (10) | First Lien Debt | S + | 4.00% | 8.34% | 12/15/2028 | 997 | 1007 | 1003 | 0.56 |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| AWP Group Holdings, Inc. | (6) (7) | First Lien Debt | S + | 4.75% | 9.11% | 12/23/2030 | 1867 | 1842 | 1867 | 1.04 |
| AWP Group Holdings, Inc. | (6) (7)(14) | First Lien Debt | S + | 4.75% | 9.11% | 12/23/2030 | 1010 | 990 | 1010 | 0.57 |
| AWP Group Holdings, Inc. | (6) (7) (14) | First Lien Debt | S + | 4.75% | 9.11% | 12/23/2030 | 11 | 7 | 11 | 0.01 |
|  |  |  |  |  |  |  |  | 2839 | 2888 | 1.62 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Accordion Partners, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.58% | 11/17/2031 | 5870 | 5812 | 5812 | 3.25 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Accordion Partners, LLC | (6) (8) (14) | First Lien Debt | S + | 5.25% | 9.58% | 11/17/2031 |  | (5) | (5) |  |
| Accordion Partners, LLC | (6) (8) (14) | First Lien Debt | S + | 5.25% | 9.58% | 11/17/2031 |  | (6) | (6) |  |
| Ascend Partner Services, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.86% | 08/11/2031 | 1960 | 1941 | 1960 | 1.10 |
| Ascend Partner Services, LLC | (6) (8) (14) | First Lien Debt | S + | 4.50% | 8.86% | 08/11/2031 |  | (16) |  |  |
| Ascend Partner Services, LLC | (6) (8) (14) | First Lien Debt | S + | 4.50% | 8.86% | 08/11/2031 | 404 | 398 | 404 | 0.23 |
| Bullhorn, Inc. | (6) (7) | First Lien Debt | S + | 5.00% | 9.36% | 10/01/2029 | 1047 | 1039 | 1047 | 0.59 |
| Bullhorn, Inc. | (6) (7)(14) | First Lien Debt | S + | 5.00% | 9.36% | 10/01/2029 | 389 | 387 | 389 | 0.22 |
| Bullhorn, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.00% | 9.36% | 10/01/2029 |  |  |  |  |
| Carr, Riggs and Ingram Capital, LLC | (6) (9) | First Lien Debt | S + | 4.75% | 9.24% | 11/18/2031 | 3450 | 3416 | 3416 | 1.91 |
| Carr, Riggs and Ingram Capital, LLC | (6) (9) (14) | First Lien Debt | S + | 4.75% | 9.24% | 11/18/2031 |  | (9) | (9) | (0.01) |
| Carr, Riggs and Ingram Capital, LLC | (6) (9) (14) | First Lien Debt | S + | 4.75% | 9.24% | 11/18/2031 | 100 | 92 | 92 | 0.05 |
| Crisis Prevention Institute, Inc. | (6) (9) | First Lien Debt | S + | 4.00% | 8.39% | 04/09/2031 | 1000 | 995 | 1000 | 0.56 |
| GPS Merger Sub, LLC | (6) (7) | First Lien Debt | S + | 6.00% | 10.36% | 10/02/2029 | 1284 | 1262 | 1284 | 0.72 |
| GPS Merger Sub, LLC | (6) (7) (14) | First Lien Debt | S + | 6.00% | 10.36% | 10/02/2029 |  | (3) |  |  |
| GPS Merger Sub, LLC | (6) (7) (14) | First Lien Debt | S + | 6.00% | 10.36% | 10/02/2029 |  | (4) |  |  |
| IG Investment Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.57% | 09/22/2028 | 4494 | 4451 | 4451 | 2.49 |
| IG Investment Holdings, LLC | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.57% | 09/22/2028 |  | (5) | (5) |  |
| KENG Acquisition, Inc. | (6) (7) | First Lien Debt | S + | 5.00% | 9.36% | 08/01/2029 | 286 | 281 | 285 | 0.16 |
| KENG Acquisition, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.00% | 9.36% | 08/01/2029 | 98 | 94 | 96 | 0.05 |
| KENG Acquisition, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.00% | 9.36% | 08/01/2029 |  | (2) |  |  |
| UHY Advisors, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 9.26% | 11/21/2031 | 2208 | 2186 | 2186 | 1.22 |
| UHY Advisors, Inc. | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.26% | 11/21/2031 |  | (11) | (11) | (0.01) |
| UHY Advisors, Inc. | (6) (8) (14) | First Lien Debt | S + | 4.75% | 9.26% | 11/21/2031 |  | (6) | (6) |  |
| Verdantas, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.45% | 05/06/2031 | 2735 | 2697 | 2707 | 1.51 |
| Verdantas, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.45% | 05/06/2031 | 116 | 113 | 114 | 0.06 |
| Verdantas, LLC | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.45% | 05/06/2030 |  | (4) | (3) |  |
|  |  |  |  |  |  |  |  | 25093 | 25198 | 14.10 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (6) (7) | First Lien Debt | S + | 6.50% | 11.32% | 07/03/2028 | 871 | 871 | 871 | 0.49 |
| Associations, Inc. | (6) (7) (14) | First Lien Debt | S + | 6.50% | 11.32% | 07/03/2028 | 11 | 11 | 11 | 0.01 |
| Associations, Inc. | (6) (7) (14) | First Lien Debt | S + | 6.50% | 11.32% | 07/03/2028 | 27 | 27 | 27 | 0.02 |
| MRI Software, LLC | (6) (7) | First Lien Debt | S + | 4.75% | 9.08% | 02/10/2027 | 5794 | 5808 | 5790 | 3.24 |
| MRI Software, LLC | (6) (7) (14) | First Lien Debt | S + | 4.75% | 9.08% | 02/10/2027 | 4 | 4 | 4 |  |
| MRI Software, LLC | (6) (7) (14) | First Lien Debt | S + | 4.75% | 9.08% | 02/10/2027 | 10 | 9 | 10 | 0.01 |
|  |  |  |  |  |  |  |  | 6730 | 6713 | 3.76 |
| **Software** |  |  |  |  |  |  |  |  |  |  |
| Artifact Bidco, Inc. | (6) (9) | First Lien Debt | S + | 4.50% | 8.83% | 07/01/2031 | 2113 | 2093 | 2113 | 1.18 |
| Artifact Bidco, Inc. | (6) (9) (14) | First Lien Debt | S + | 4.50% | 8.83% | 07/01/2031 |  | (2) |  |  |
| Artifact Bidco, Inc. | (6) (9) (14) | First Lien Debt | S + | 4.50% | 8.83% | 07/01/2031 |  | (3) |  |  |
| AuditBoard, Inc. | (6) (7) | First Lien Debt | S + | 4.75% | 9.08% | 07/14/2031 | 3600 | 3566 | 3600 | 2.01 |
| AuditBoard, Inc. | (6) (7) (14) | First Lien Debt | S + | 4.75% | 9.08% | 07/14/2031 |  | (8) |  |  |
| AuditBoard, Inc. | (6) (7) (14) | First Lien Debt | S + | 4.75% | 9.08% | 07/14/2031 |  | (6) |  |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Central Parent, Inc. | (9) | First Lien Debt | S + | 3.25% | 7.58% | 07/06/2029 | 499 | 502 | 491 | 0.27 |
| Cloud Software Group, Inc. | (9) | First Lien Debt | S + | 3.50% | 7.83% | 03/30/2029 | 371 | 370 | 371 | 0.21 |
| Coupa Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 10.09% | 02/27/2030 | 1633 | 1606 | 1626 | 0.91 |
| Coupa Holdings, LLC | (6) (8) (14) | First Lien Debt | S + | 5.50% | 10.09% | 02/27/2030 |  | (1) | (1) |  |
| Coupa Holdings, LLC | (6) (8) (14) | First Lien Debt | S + | 5.50% | 10.09% | 02/27/2029 |  | (2) | (1) |  |
| Diligent Corporation | (6) (8) | First Lien Debt | S + | 5.00% | 10.09% | 08/02/2030 | 5628 | 5589 | 5628 | 3.15 |
| Diligent Corporation | (6) (8) (14) | First Lien Debt | S + | 5.00% | 10.09% | 08/02/2030 |  | (6) |  |  |
| Diligent Corporation | (6) (8) (14) | First Lien Debt | S + | 5.00% | 10.09% | 08/02/2030 |  | (4) |  |  |
| E-Discovery AcquireCo, LLC | (6) (7) | First Lien Debt | S + | 6.25% | 10.70% | 08/29/2029 | 1458 | 1440 | 1453 | 0.81 |
| E-Discovery AcquireCo, LLC | (6) (7) (14) | First Lien Debt | S + | 6.25% | 10.70% | 08/29/2029 |  | (1) |  |  |
| Epicor Software Corporation | (8) | First Lien Debt | S + | 2.75% | 7.11% | 05/30/2031 | 499 | 500 | 502 | 0.28 |
| Everbridge Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.59% | 07/02/2031 | 7850 | 7813 | 7850 | 4.39 |
| Everbridge Holdings, LLC | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.59% | 07/02/2031 | 42 | 42 | 42 | 0.02 |
| Everbridge Holdings, LLC | (6) (8) (14) | First Lien Debt | S + | 5.00% | 9.59% | 07/02/2031 |  |  |  |  |
| Formstack Acquisition Co | (6) (7) | First Lien Debt | S + | 5.25% | 9.58% | 03/28/2030 | 1868 | 1843 | 1856 | 1.04 |
| Formstack Acquisition Co | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.58% | 03/28/2030 | 187 | 180 | 182 | 0.10 |
| Formstack Acquisition Co | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.58% | 03/28/2030 | 38 | 33 | 35 | 0.02 |
| Granicus, Inc. | (6) (8) | First Lien Debt | S + | 5.75% (incl.<br>2.25% PIK) | 10.34% | 01/17/2031 | 1570 | 1556 | 1570 | 0.88 |
| Granicus, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.75% (incl.<br>2.25% PIK) | 10.34% | 01/17/2031 | 2403 | 2376 | 2402 | 1.34 |
| Granicus, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.75% (incl.<br>2.25% PIK) | 10.34% | 01/17/2031 |  | (2) |  |  |
| GS AcquisitionCo, Inc. | (6) (7) | First Lien Debt | S + | 5.25% | 9.58% | 05/25/2028 | 1574 | 1568 | 1574 | 0.88 |
| GS AcquisitionCo, Inc. | (6) (8) (14) | First Lien Debt | S + | 5.25% | 9.58% | 05/25/2028 | 35 | 35 | 35 | 0.02 |
| GS AcquisitionCo, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.58% | 05/25/2028 |  | (1) |  |  |
| Hootsuite, Inc. | (6) (11) | First Lien Debt | S + | 5.50% | 9.83% | 05/22/2030 | 2687 | 2649 | 2663 | 1.49 |
| Hootsuite, Inc. | (6) (11) (14) | First Lien Debt | S + | 5.50% | 9.83% | 05/22/2030 |  | (4) | (3) |  |
| Icefall Parent, Inc. | (6) (7) | First Lien Debt | S + | 6.50% | 10.86% | 01/25/2030 | 1826 | 1794 | 1797 | 1.01 |
| Icefall Parent, Inc. | (6) (7) (14) | First Lien Debt | S + | 6.50% | 10.86% | 01/25/2030 |  | (3) | (3) |  |
| LogRhythm, Inc. | (6) (7) | First Lien Debt | S + | 7.50% | 11.86% | 07/02/2029 | 1364 | 1326 | 1339 | 0.75 |
| LogRhythm, Inc. | (6) (7) (14) | First Lien Debt | S + | 7.50% | 11.86% | 07/02/2029 |  | (4) | (2) |  |
| Mediaocean, LLC | (9) | First Lien Debt | S + | 3.50% | 7.96% | 12/15/2028 | 995 | 998 | 997 | 0.56 |
| Nasuni Corporation | (6) (8) | First Lien Debt | S + | 5.75% | 10.18% | 09/10/2030 | 4138 | 4078 | 4138 | 2.32 |
| Nasuni Corporation | (6) (8) (14) | First Lien Debt | S + | 5.75% | 10.18% | 09/10/2030 |  | (12) |  |  |
| Optimizely North America, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.36% | 10/30/2031 | 3052 | 3022 | 3022 | 1.69 |
| Optimizely North America, Inc. | (6) (8) (11) | First Lien Debt | E + | 5.25% | 8.11% | 10/30/2031 | 1124 | 1208 | 1152 | 0.64 |
| Optimizely North America, Inc. | (6) (8) (11) | First Lien Debt | SA + | 5.50% | 10.20% | 10/30/2031 | £375 | 482 | 465 | 0.26 |
| Optimizely North America, Inc. | (6) (8) (11) (14) | First Lien Debt | S + | 5.00% | 9.36% | 10/30/2031 |  | (4) | (4) |  |
| Runway Bidco, LLC | (6) (9) | First Lien Debt | S + | 5.00% | 9.33% | 12/17/2031 | 5464 | 5409 | 5409 | 3.03 |
| Runway Bidco, LLC | (6) (9) (14) | First Lien Debt | S + | 5.00% | 9.33% | 12/17/2031 |  | (7) | (7) |  |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Runway Bidco, LLC | (6) (9) (14) | First Lien Debt | S + | 5.00% | 9.33% | 12/17/2031 |  | (7) | (7) |  |
| UKG, Inc. |  | First Lien Debt | S + | 3.00% | 7.33% | 02/10/2031 | 498 | 500 | 501 | 0.28 |
| Vision Solutions, Inc. |  | First Lien Debt | S + | 4.00% | 8.85% | 04/24/2028 | 997 | 994 | 981 | 0.55 |
|  |  |  |  |  |  |  |  | 53495 | 53766 | 30.08 |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| Les Schwab Tire Centers | (9) | First Lien Debt | S + | 3.00% | 7.36% | 04/23/2031 | 498 | 499 | 499 | 0.28 |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |  |  |  |
| Varsity Brands, Inc. | (10) | First Lien Debt | S + | 3.75% | 8.27% | 08/26/2031 | 1000 | 1004 | 1000 | 0.56 |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |  |
| KKR Apple Bidco, LLC | (9) | First Lien Debt | S + | 2.75% | 7.22% | 09/22/2028 | 496 | 497 | 498 | 0.28 |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. | (8) | First Lien Debt | S + | 4.00% | 8.33% | 12/17/2027 | 496 | 495 | 496 | 0.28 |
| Mobile Communications America, Inc. | (6) (7) | First Lien Debt | S + | 5.25% | 9.78% | 10/16/2029 | 1014 | 1001 | 1014 | 0.57 |
| Mobile Communications America, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.78% | 10/16/2029 | 63 | 61 | 63 | 0.04 |
| Mobile Communications America, Inc. | (6) (7) (14) | First Lien Debt | S + | 5.25% | 9.78% | 10/16/2029 | 41 | 39 | 41 | 0.02 |
|  |  |  |  |  |  |  |  | 1596 | 1614 | 0.90 |
| **Total Debt Investments** |  |  |  |  |  |  |  | $**268181** | $**269475** | **150.78**% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Acquisition<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair<br>Value** | **Percentage<br>of Net<br>Assets** |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Eclipse Topco, Inc. | (6) (12) | Preferred Equity | 12.5% PIK | 09/05/2024 | 15 | $147 | $147 | 0.08% |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Sparkstone Electrical Group | (6) (12) (13) | Common Equity |  | 10/15/2024 | 1500 | 150 | 150 | 0.08 |
| **Professional Services** |  |  |  |  |  |  |  |  |
| Verdantas, LLC | (6) (12) (13) | Common Equity |  | 05/03/2024 | 796 | 1 | 1 |  |
| Verdantas, LLC | (6) (12) | Preferred Equity | 10.00% | 05/03/2024 | 78804 | 84 | 95 | 0.05 |
|  |  |  |  |  |  | 85 | 96 | 0.05 |
| **Software** |  |  |  |  |  |  |  |  |
| Reveal Data Solutions | (6) (12) (13) | Common Equity |  | 08/29/2023 | 12307 | 16 | 20 | 0.01 |
| **Total Equity Investments** |  |  |  |  |  | 398 | 413 | 0.23 |
| **Total Portfolio Investments** |  |  |  |  |  | $**268579** | $**269888** | **151.01**% |

---

(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 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 December 31, 2024, the Company does not "control" any of these portfolio companies. Under the 1940 Act, the

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

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 December 31, 2024, the Company is not an "affiliated person" of any of its portfolio companies.

(2)Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the SMBC 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"), 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 December 31, 2024. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024. As of December 31, 2024, the reference rates for our variable rate loans were the C at 3.32% 1-month E 2.85%, 1-month S at 4.33%, 3-month S at 4.31%, 6-month S at 4.25%, SA at 4.70% 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)Loan includes interest rate floor of 1.00%.

(8)Loan includes interest rate floor of 0.75%.

(9)Loan includes interest rate floor of0.50%.

(10)Position or portion thereof unsettled as of December 31, 2024.

(11)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 December 31, 2024 non-qualifying assets represented 4.65% of total assets as calculated in accordance with regulatory requirements.

(12)Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be "restricted securities." As of December 31, 2024, the aggregate fair value of these securities is $413 or 0.23% of the Company's net assets. The initial acquisition dates have been included for such securities.

(13)Non-income producing security.

(14)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 December 31, 2024.

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**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| **First Lien Debt** |  |  |  |  |
| AWP Group Holdings, Inc. | Delayed Draw Term Loan | 08/23/2026 | $1284 | $— |
| AWP Group Holdings, Inc. | Revolver | 12/23/2030 | 212 |  |
| Accordion Partners, LLC | Delayed Draw Term Loan | 11/15/2026 | 978 | (5) |
| Accordion Partners, LLC | Revolver | 11/17/2031 | 652 | (6) |
| Any Hour, LLC | Delayed Draw Term Loan | 05/23/2026 | 625 | (7) |
| Any Hour, LLC | Revolver | 05/23/2030 | 180 | (2) |
| Apollo Acquisition, Inc. | Delayed Draw Term Loan | 12/30/2026 | 1406 | (7) |
| Apollo Acquisition, Inc. | Revolver | 12/30/2030 | 563 | (6) |
| Aptean, Inc. | Delayed Draw Term Loan | 01/30/2026 | 70 |  |
| Aptean, Inc. | Revolver | 01/30/2031 | 127 |  |
| Arcoro Holdings Corp. | Revolver | 03/28/2030 | 261 | (2) |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 05/22/2027 | 517 |  |
| Artifact Bidco, Inc. | Revolver | 07/26/2030 | 370 |  |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 08/09/2026 | 3367 |  |
| Ascend Partner Services, LLC | Revolver | 08/11/2031 | 269 |  |
| Associations, Inc. | Delayed Draw Term Loan | 07/03/2028 | 56 |  |
| Associations, Inc. | Revolver | 07/03/2028 | 27 |  |
| AuditBoard, Inc. | Delayed Draw Term Loan | 07/12/2026 | 1714 |  |
| AuditBoard, Inc. | Revolver | 07/14/2031 | 686 |  |
| Avalara, Inc. | Revolver | 10/19/2028 | 109 |  |
| Bradyplus Holdings, LLC | Delayed Draw Term Loan | 10/31/2025 | 41 |  |
| Bullhorn, Inc. | Delayed Draw Term Loan | 05/11/2026 | 63 |  |
| Bullhorn, Inc. | Revolver | 10/01/2029 | 74 |  |
| COP Collisionright Parent, LLC | Delayed Draw Term Loan | 01/29/2026 | 225 | (3) |
| COP Collisionright Parent, LLC | Revolver | 01/29/2030 | 108 | (1) |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 08/27/2026 | 706 |  |
| CRCI Longhorn Holdings, Inc. | Revolver | 08/27/2031 | 259 |  |
| Carr, Riggs and Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 1750 | (9) |
| Carr, Riggs and Ingram Capital, LLC | Revolver | 11/18/2031 | 700 | (7) |
| Chase Intermediate, LLC | Delayed Draw Term Loan | 08/31/2025 | 414 | (1) |
| Chase Intermediate, LLC | Revolver | 10/30/2028 | 35 |  |
| Consor Intermediate II, LLC | Delayed Draw Term Loan | 05/10/2026 | 687 | (4) |
| Consor Intermediate II, LLC | Revolver | 05/12/2031 | 183 | (1) |
| Coupa Holdings, LLC | Delayed Draw Term Loan | 08/27/2025 | 147 | (1) |
| Coupa Holdings, LLC | Revolver | 02/27/2029 | 112 | (1) |
| Diligent Corporation | Delayed Draw Term Loan | 04/30/2026 | 824 |  |
| Diligent Corporation | Revolver | 08/02/2030 | 549 |  |
| Drivecentric Holdings, LLC | Revolver | 08/15/2031 | 588 |  |
| E-Discovery AcquireCo, LLC | Revolver | 08/29/2029 | 95 |  |
| EVDR Purchaser, Inc. | Delayed Draw Term Loan | 08/14/2025 | 588 |  |
| EVDR Purchaser, Inc. | Revolver | 02/14/2031 | 294 |  |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 09/06/2026 | 160 |  |
| Eclipse Buyer, Inc. | Revolver | 09/06/2031 | 81 |  |
| Essential Services Holding Corporation | Delayed Draw Term Loan | 06/17/2026 | 92 |  |
| Essential Services Holding Corporation | Revolver | 06/17/2030 | 58 |  |

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 07/02/2026 | 65 |  |
| Everbridge Holdings, LLC | Revolver | 07/02/2031 | 43 |  |
| Formstack Acquisition Co | Delayed Draw Term Loan | 03/30/2026 | 561 | (4) |
| Formstack Acquisition Co | Revolver | 03/28/2030 | 338 | (2) |
| Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 200 |  |
| GI DI Cornfield Acquisition, LLC | Delayed Draw Term Loan | 05/31/2026 | 2000 | (19) |
| GPS Merger Sub, LLC | Delayed Draw Term Loan | 10/02/2026 | 335 |  |
| GPS Merger Sub, LLC | Revolver | 10/02/2029 | 268 |  |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 03/26/2026 | 123 |  |
| GS AcquisitionCo, Inc. | Revolver | 05/25/2028 | 194 |  |
| Gateway US Holdings, Inc. | Revolver | 09/22/2028 | 54 |  |
| Granicus, Inc. | Delayed Draw Term Loan | 01/17/2026 | 838 | (1) |
| Granicus, Inc. | Revolver | 01/17/2031 | 220 |  |
| GraphPad Software, LLC | Delayed Draw Term Loan | 06/28/2026 | 98 |  |
| GraphPad Software, LLC | Revolver | 06/30/2031 | 41 |  |
| HSI Halo Acquisition, Inc. | Delayed Draw Term Loan | 06/28/2026 | 74 |  |
| HSI Halo Acquisition, Inc. | Revolver | 06/28/2030 | 60 |  |
| Helios Service Partners, LLC | Delayed Draw Term Loan | 02/10/2025 | 460 | (4) |
| Helios Service Partners, LLC | Revolver | 03/19/2027 | 46 |  |
| Hercules Borrower, LLC | Delayed Draw Term Loan | 04/05/2026 | 2300 | (7) |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 03/27/2026 | 674 | (3) |
| High Street Buyer, Inc. | Delayed Draw Term Loan | 03/11/2026 | 905 | (3) |
| Hootsuite, Inc. | Revolver | 05/22/2030 | 300 | (3) |
| Hyland Software, Inc. | Revolver | 09/19/2029 | 136 |  |
| IG Investment Holdings, LLC | Revolver | 09/22/2028 | 505 | (5) |
| Icefall Parent, Inc. | Revolver | 01/25/2030 | 174 | (3) |
| Imagine 360, LLC | Delayed Draw Term Loan | 09/20/2026 | 458 |  |
| Imagine 360, LLC | Revolver | 10/02/2028 | 284 |  |
| Inszone Mid, LLC | Delayed Draw Term Loan | 11/10/2025 | 156 |  |
| Inszone Mid, LLC | Revolver | 11/12/2029 | 117 |  |
| Integrity Marketing Acquisition, LLC | Revolver | 08/25/2028 | 48 |  |
| Invictus Buyer, LLC | Delayed Draw Term Loan | 06/03/2026 | 675 | (2) |
| Invictus Buyer, LLC | Revolver | 06/03/2031 | 250 | (1) |
| Iris Buyer, LLC | Delayed Draw Term Loan | 04/02/2025 | 68 |  |
| Iris Buyer, LLC | Revolver | 10/02/2029 | 199 |  |
| KENG Acquisition, Inc. | Delayed Draw Term Loan | 08/01/2025 | 121 | (1) |
| KENG Acquisition, Inc. | Revolver | 08/01/2029 | 79 |  |
| LogRhythm, Inc. | Revolver | 07/02/2029 | 136 | (2) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 08/29/2026 | 623 |  |
| MAI Capital Management Intermediate, LLC | Revolver | 08/29/2031 | 298 |  |
| MRI Software, LLC | Delayed Draw Term Loan | 09/04/2026 | 34 |  |
| MRI Software, LLC | Revolver | 02/10/2027 | 166 |  |
| Magneto Components Buyco, LLC | Delayed Draw Term Loan | 06/05/2025 | 507 | (3) |
| Magneto Components Buyco, LLC | Revolver | 12/05/2029 | 423 | (3) |
| Mantech International CP | Delayed Draw Term Loan | 06/14/2025 | 290 |  |
| Mantech International CP | Revolver | 09/14/2028 | 227 |  |

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**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 10/16/2025 | 267 |  |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 124 |  |
| Model N, Inc. | Delayed Draw Term Loan | 06/26/2026 | 98 |  |
| Model N, Inc. | Revolver | 06/27/2031 | 52 |  |
| NSI Holdings, Inc. | Delayed Draw Term Loan | 11/15/2026 | 790 | (4) |
| NSI Holdings, Inc. | Revolver | 11/15/2031 | 790 | (8) |
| Nasuni Corporation | Revolver | 09/10/2030 | 862 |  |
| Optimizely North America, Inc. | Revolver | 10/30/2031 | 450 | (4) |
| PDI TA Holdings, Inc. | Delayed Draw Term Loan | 02/01/2026 | 230 | (1) |
| PDI TA Holdings, Inc. | Revolver | 02/03/2031 | 228 | (1) |
| PMA Parent Holdings, LLC | Revolver | 01/31/2031 | 148 | (2) |
| Peter C. Foy & Associates Insurance Services, LLC | Delayed Draw Term Loan | 04/23/2026 | 130 | (1) |
| Project Potter Buyer, LLC | Revolver | 04/23/2026 | 150 |  |
| Pye-Barker Fire & Safety, LLC | Delayed Draw Term Loan | 05/24/2026 | 451 |  |
| Pye-Barker Fire & Safety, LLC | Revolver | 05/24/2030 | 213 |  |
| RFS Opco, LLC | Revolver | 04/04/2029 | 1230 | (5) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 08/30/2027 | 1181 | (3) |
| Ridge Trail US Bidco, Inc. | Revolver | 03/31/2031 | 288 | (1) |
| Routeware, Inc. | Delayed Draw Term Loan | 09/18/2026 | 1477 |  |
| Routeware, Inc. | Revolver | 09/18/2031 | 341 |  |
| Runway Bidco, LLC | Delayed Draw Term Loan | 12/17/2026 | 1358 | (7) |
| Runway Bidco, LLC | Revolver | 12/17/2031 | 679 | (7) |
| SV Newco 2, Inc. | Delayed Draw Term Loan | 05/31/2026 | 938 | (7) |
| SV Newco 2, Inc. | Revolver | 06/02/2031 | 563 | (4) |
| Sonny's Enterprises, LLC | Revolver | 08/05/2027 | 109 | (3) |
| Spark Buyer, LLC | Delayed Draw Term Loan | 10/15/2026 | 313 | (2) |
| Spark Buyer, LLC | Revolver | 10/15/2031 | 156 | (2) |
| Superman Holdings, LLC | Delayed Draw Term Loan | 08/28/2026 | 874 |  |
| Superman Holdings, LLC | Revolver | 08/29/2031 | 387 |  |
| Tank Holding Corp. | Delayed Draw Term Loan | 11/22/2025 | 35 |  |
| Tidi Legacy Products, Inc. | Delayed Draw Term Loan | 06/19/2025 | 362 | (1) |
| Tidi Legacy Products, Inc. | Revolver | 12/19/2029 | 261 |  |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2026 | 909 |  |
| Transit Technologies, LLC | Revolver | 08/20/2030 | 546 |  |
| Trintech, Inc. | Revolver | 07/25/2029 | 102 | (1) |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 11/22/2026 | 2208 | (11) |
| UHY Advisors, Inc. | Revolver | 11/21/2031 | 584 | (6) |
| VRC Companies, LLC | Revolver | 06/29/2027 | 59 |  |
| Vehlo Purchaser, LLC | Delayed Draw Term Loan | 10/05/2025 | 1729 | (11) |
| Vehlo Purchaser, LLC | Revolver | 05/24/2028 | 17 |  |
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 09/27/2026 | 430 |  |
| Verdantas, LLC | Revolver | 05/06/2030 | 292 | (3) |
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/01/2026 | 979 | (5) |
| Vertex Service Partners, LLC | Revolver | 11/08/2030 | 9 |  |
| YI, LLC | Delayed Draw Term Loan | 06/01/2025 | 356 |  |
| YI, LLC | Revolver | 12/03/2029 | 267 |  |

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[**<u>**Table of Contents**</u>**](#toc_page)

**North Haven Private Income Fund A LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except per share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| iCIMS, Inc. | Revolver | 08/18/2028 | 67 |  |
| **Total Unfunded Commitments** |  |  | $**62566** | $**(229)** |

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

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**North Haven Private Income Fund A LLC**

**Notes to the Consolidated Financial Statements (Unaudited)**

**September 30, 2025**

*(In thousands, except unit and per unit amounts)*

**(1)** **ORGANIZATION**

North Haven Private Income Fund A LLC (the "Company") is a non-diversified, externally managed specialty finance company focused on lending to middle market companies. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is not a subsidiary of, or consolidated with, Morgan Stanley.

The Company was formed as a Delaware limited liability company on November 30, 2022 with the name "PIF 2 LLC." The Company changed its name to "North Haven Private Income Fund A LLC" on January 9, 2023. The Company commenced operations on July 17, 2023. The Company is externally managed by MS Capital Partners Adviser Inc., an indirect wholly owned subsidiary of Morgan Stanley (the "Adviser" or "Investment Adviser").

The Company's investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company.

The Company is conducting a continuous private offering of its units in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Company has offered and currently intends to offer one class of units, Class I Units (the "Units") in its continuous private offering.

**(2)** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

The Company's functional currency is U.S. Dollars ("USD") and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and pursuant to Regulation S-X. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies ("ASC 946") issued by the Financial Accounting Standards Board ("FASB").

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period's results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2025.

**Use of Estimates**

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management's estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

**Consolidation**

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. The Company's wholly owned subsidiaries were formed as Delaware limited liability companies and included: Broadway Funding Holdings II LLC ("Broadway"), PIF A CA SPV LLC ("CA SPV"), PIF A Financing SPV LLC ("Financing SPV") and PIF A Equity Holdings LLC ("Equity Holdings," and collectively with Broadway, CA SPV and Financing SPV, the "subsidiaries"). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary's formation.

**Cash**

Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

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**Foreign Currency Translation**

Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

**Investments**

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Financial Condition consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company applies fair value to its investments in accordance with ASC Topic 820, Fair Value Measurement ("ASC 820") issued by the FASB. The Company's Board of Directors (the "Board of Directors" or the "Board") has delegated to the Investment Adviser as the valuation designee (the "Valuation Designee") the responsibility of determining the fair value of the Company's investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company's investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 "Fair Value Measurements" for the Company's framework for determining fair value, fair value hierarchies, and the composition of the Company's portfolio.

**Revenue Recognition**

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

*PIK Income*

The Company has debt investments in its portfolio that contain payment-in-kind ("PIK") provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to unitholders in the form of distributions in order for the Company to qualify as a RIC, even though the Company has not yet collected cash.

*Dividend Income*

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Dividend income is presented net of withholding tax, if any.

*Other Income*

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

*Non-Accrual Investments*

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual investments are restored to accrual

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status when past due principal and interest are paid current and, in management's judgment, are likely to remain current. Management may determine to not place a investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

As of September 30, 2025 and December 31, 2024, the Company had no investments on non-accrual status.

**Offering Costs**

Offering costs consist of fees and expenses incurred in connection with equity offerings. Offering costs are charged against the proceeds from equity offerings when proceeds are received.

**Deferred Financing Costs**

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the Company's borrowings. The aforementioned costs are amortized using the straight-line method over each instrument's term. Deferred financing costs related to a revolving credit facility is presented separately as an asset on the Company's Consolidated Statements of Financial Condition.

**Income Taxes**

The Company intends to elect to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its unitholders as distributions.

In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its unitholders at least 90% of its investment company taxable income (the "ICTI"), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For both the three and nine months ended September 30, 2025, the Company accrued $— and $— U.S. federal excise tax, respectively. For both the three and nine months ended September 30, 2024, the Company did not accrue any U.S. federal excise tax.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more likely than not" to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

**Segment Reporting**

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation, primarily from directly originated senior secured term loans. The Company's chief operating decision maker (the "CODM") includes the Chief Executive Officer, President, Chief Financial Officer, and Chief Operating Officer. The CODM uses the net increase (decrease) in member's capital resulting from operations to assess the performance and makes operating decisions of the Company. The evaluation of this metric is used in determining the Company's distribution policy, portfolio construction and deployment, and strategic initiatives. Segment assets are reflected on the accompanying Consolidated Statements of Financial Condition as "total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations**.**

**Recent Accounting Pronouncements**

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

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**(3)** **RELATED PARTY TRANSACTIONS**

**Investment Advisory Agreement**

On January 31, 2023, the Company entered into an investment advisory agreement with the Investment Adviser (the "Investment Advisory Agreement"). The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors or the Company's unitholders, including, in each case, a majority of the directors who are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"). The renewal of the Investment Advisory Agreement was most recently approved in August 2025.

The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are ultimately borne by the unitholders.

*Base Management Fee*

The base management fee is calculated at an annual rate of 1.25% of the Company's average net asset value at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any subsequent month prior to the termination of the Investment Advisory Agreement and any such recoupment would be subject to any applicable expense waiver. Base management fees for any partial month are prorated based on the number of days in the month. The base management fee is payable quarterly in arrears, any base management fees waived are not subject to recoupment by the Adviser.

For the three and nine months ended September 30, 2025, base management fees were $838 and $2,232, respectively, and the Investment Adviser irrevocably agreed to waive $740 and $1,905, respectively. For the three and nine months ended September 30, 2024, base management fees were $423 and $931, respectively, and the Investment Adviser irrevocably agreed to waive $423 and $931, respectively. As of September 30, 2025 and December 31, 2024, $98 and $518, respectively, was payable to the Investment Adviser relating to base management fees.

*Incentive Fee*

The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains.

*i. Incentive Fee based on Income*

Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below) and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee and any servicing fees and/or distribution fees paid to broker dealers. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash.

Pursuant to the Investment Advisory Agreement, the Company pays the Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% (5% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.4286% in any quarter (5.7143% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.4286%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 12.5% of pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of the pre-incentive fee net investment income, if any, that exceeds 1.4286% in any calendar quarter (5.7143% annualized), which reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all pre-incentive fee net investment income is paid to the Investment Adviser.

For the three and nine months ended September 30, 2025, income-based incentive fees were $832, and $2,192, respectively, and the Investment Adviser irrevocably agreed to waive $740 and $1,905, respectively. For the three and nine months ended September 30, 2024, income-based incentive fees were $499, and $1,004, respectively, and the Investment Adviser irrevocably agreed to waive $499 and $1,004, respectively. Any income-based incentive fees waived are not subject to recoupment by the Adviser. As of September 30, 2025 and December 31, 2024, $92 and $395, respectively, was payable to the Investment Adviser relating to income-based incentive fees.

*ii. Incentive Fee based on Capital Gains*

The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.5% of the realized capital gains, if any, on a cumulative basis from the date of the Company's election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment

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Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the "Cumulative Capital Gains").

Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 12.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period.

For the three and nine months ended September 30, 2025, capital gains incentive fees accrued to the Investment Adviser were $3 and $(56), respectively. For the three and nine months ended September 30, 2024, capital gains incentive fees accrued to the Investment Adviser were $6 and $46, respectively. As of September 30, 2025 and December 31, 2024, $125 and $182, respectively, was payable to the Investment Adviser relating to capital gains incentive fees.

The Investment Advisory Agreement does not include unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end.

**Administration Agreement**

MS Private Credit Administrative Services LLC (the "Administrator") is the administrator of the Company pursuant to the administration agreement between the Company and the Administrator dated January 31, 2023 (the "Administration Agreement"). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company's allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company's allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement has an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which was most recently re-approved in August 2025.

For the three and nine months ended September 30, 2025, the Company incurred $38 and $139, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company incurred $(6) and $58, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. Amounts unpaid and included in the payable to affiliates on the Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 2024 was $68 and $2, respectively.

**Placement Agent Agreements**

On January 31, 2023, the Company entered into a placement agent agreement (the "Placement Agent Agreement") with Morgan Stanley Distribution Inc. (the "Paying Agent"), Morgan Stanley Smith Barney LLC (the "Placement Agent") and the Investment Adviser. Under the terms of the Placement Agent Agreement, the Placement Agent and certain of its affiliates assist in the placement of Units in the Company's private offering. The Company is not liable for any payments to the Placement Agent pursuant to the Placement Agent Agreement, which payments are made by the Investment Adviser and, to the extent the Paying Agent receives any payments, the Paying Agent.

On August 14, 2023, the Company entered into a placement agency agreement (the "MSDI Agreement") with Morgan Stanley Distribution Inc. ("MSDI"). Under the terms of the MSDI Agreement, MSDI assists in the placement of Units in the Company's private offering.

**Expense Support and Conditional Reimbursement Agreement**

On January 31, 2023, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Investment Adviser (the "Expense Support Agreement"). The Investment Adviser may elect to pay the Company's expenses on its behalf (each, an "Expense Payment"), provided that no portion of the payment will be used to pay any of the Company's interest expense. The Expense Support Agreement may require the Company to repay the Investment Adviser for previously waived reimbursement of expense payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver. Any reimbursement to the Adviser pursuant to the terms of the Expense Support Agreement would be an expense of the Company and would ultimately be borne by its unitholders.

For the three and nine months ended September 30, 2025, there were $— and $—, respectively, of Expense Payments under the Expense Support Agreement, which were recorded in expense support on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, there were $— and $325, respectively, of Expense Payments under the Expense Support Agreement, which were recorded in expense support on the Consolidated Statements of Operations.

**Indemnification Agreements**

The Company has entered into indemnification agreements with its directors and officers. The indemnification agreements are intended to provide the directors and officers the maximum indemnification permitted under Delaware law and the 1940 Act. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an "Indemnitee"), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act.

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**MS Credit Partners Holdings, Inc. Investment**

MS Credit Partners Holdings, Inc., ("MS Credit Partners Holdings"), an indirect, wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, has entered into subscription agreements to purchase Units up to an aggregate amount of $25,000 or such amount so that the Company is not considered to be "controlled" by Morgan Stanley or its affiliates for purposes of the Bank Holding Company Act of 1956, as amended from time to time. As of September 30, 2025, MS Credit Partners Holdings, has made an aggregate capital contribution of $9,884, in exchange for 488,818 Units. MS Credit Partners Holdings has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

**(4)** **INVESTMENTS**

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments.

The composition of the Company's investment portfolio was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Fair Value** | **% of Total<br>Investments<br>at Fair<br>Value** | **Cost** | **Fair Value** | **% of Total<br>Investments<br>at Fair<br>Value** |
| First Lien Debt | $446650 | $447724 | 99.6% | $267555 | $268845 | 99.6% |
| Other Debt Investments | 692 | 680 | 0.2 | 626 | 630 | 0.2 |
| Equity | 1037 | 1020 | 0.2 | 398 | 413 | 0.2 |
| **Total** | $448379 | $449424 | 100.0% | $268579 | $269888 | 100.0% |

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

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Aerospace & Defense | 0.4% | 0.7% |
| Automobile Components | 0.4 | 0.7 |
| Automobiles | 3.3 | 2.8 |
| Beverages | 0.6 |  |
| Biotechnology |  | 2.7 |
| Building Products | 1.6 | 2.5 |
| Chemicals | 0.6 | 1.1 |
| Commercial Services & Supplies | 10.6 | 10.6 |
| Construction & Engineering | 2.3 | 1.6 |
| Consumer Staples Distribution & Retail | 1.3 | 0.9 |
| Containers & Packaging | 0.5 | 0.8 |
| Distributors | 0.4 | 1.1 |
| Diversified Consumer Services | 5.7 | 6.4 |
| Electrical Equipment | 0.8 | 0.3 |
| Electronic Equipment, Instruments & Components | 2.8 | 3.1 |
| Electric Utilities | 0.2 | 0.3 |
| Financial Services | 4.4 | 2.8 |
| Ground Transportation | 1.4 | 0.5 |
| Health Care Equipment & Supplies | 1.8 | 1.9 |
| Health Care Providers & Services | 5.2 | 3.8 |
| Health Care Technology | 1.1 | 2.1 |
| Household Products | 0.2 | 0.3 |
| Industrial Conglomerates | 1.7 | 0.6 |
| Insurance Services | 7.6 | 8.5 |
| Interactive Media & Services | 0.8 |  |
| IT Services | 6.2 | 4.9 |
| Leisure Products | 0.2 | 0.4 |
| Life Sciences Tools & Services | 1.5 | 2.5 |
| Machinery | 0.9 | 1.4 |
| Media | 0.2 | 0.4 |
| Multi-Utilities | 0.7 | 1.1 |
| Pharmaceuticals | 0.6 |  |
| Professional Services | 9.9 | 9.4 |
| Real Estate Management & Development | 2.4 | 2.5 |
| Software | 19.9 | 19.9 |
| Specialty Retail | 0.1 | 0.2 |
| Textiles, Apparel & Luxury Goods | 0.2 | 0.4 |
| Transportation Infrastructure | 0.1 | 0.2 |
| Wireless Telecommunication Services | 1.4 | 0.6 |
| **Total** | 100.0% | 100.0% |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Geographic** | **Cost** | **Fair Value** | **% of Total<br>Investments<br>at Fair<br>Value** | **Cost** | **Fair Value** | **% of Total<br>Investments<br>at Fair<br>Value** |
| Canada | $10870 | $10943 | 2.4% | $5905 | $5960 | 2.2% |
| United States | 437509 | 438481 | 97.6 | 262674 | 263928 | 97.8 |
| **Total** | $448379 | $449424 | 100.0% | $268579 | $269888 | 100.0% |

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**(5)** **FAIR VALUE MEASUREMENTS**

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurements is defined as follows:

*Level 1*—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

*Level 2*—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

*Level 3*—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, first and second lien debt, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers' quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

The valuation of investments which are illiquid or for which the pricing source, agent, service, and/or broker (as applicable) does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board, does not represent fair value, will each be valued as determined in good faith by the Valuation Designee, based on, among other things, the input of the Valuation Firms (as defined below).

As part of the valuation process, the Valuation Designee, takes into account relevant factors and appropriate techniques in determining the fair value of the Company's investments, with the assistance of the independent valuation firms ("Valuation Firms"). The valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using the discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•With respect to each portfolio company or investment for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•With respect to each portfolio company or investment for which market quotations are not readily available, the Valuation Designee will engage one or more Valuation Firms to provide a preliminary independent valuations of the investments to the Valuation Designee. The Valuation Firms independently value such investments using quantitative and qualitative information according to the valuation methodologies in the Investment Adviser's valuation policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Valuation Designee reviews the recommended valuations and determines the fair value of each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Valuation Designee provides to the valuation committee, which is comprised of members of the Investment Adviser's senior management, its valuation recommendation along with valuation-related information for each portfolio company or investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each quarter, the (audit committee (the "Audit Committee") reviews the valuation assessments provided by the Valuation Designee and provides the Board with a report of the results of such review; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board and Audit Committee each oversee the Valuation Designee and the valuation process.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

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The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company's portfolio investments.

The following tables present the fair value hierarchy of the investments as of:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $28435 | $419289 | $447724 | $— | $29567 | $239278 | $268845 |
| Other Debt Investments |  |  | 680 | 680 |  |  | 630 | 630 |
| Equity | **—** | **—** | 1020 | 1020 | **—** | **—** | 413 | 413 |
| **Total** | $— | $28435 | $420989 | $449424 | $— | $29567 | $240321 | $269888 |

---

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Lien Debt** | **Other Debt Investments** | **Equity** | **Total Investments** |
| **Fair value, beginning of period** | $354185 | $659 | $517 | $355361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments <sup>(1)</sup> | 75054 |  | 491 | 75545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments <sup>(2)</sup> | (10356) |  |  | (10356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 196 |  |  | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 83 | 23 | 4 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 127 | (2) | 8 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/out of Level 3 <sup>(3)</sup> |  |  |  |  |
| **Fair value, end of period** | $419289 | $680 | $1020 | $420989 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $168 | $(2) | $8 | $174 |

---

<sup>(1)</sup> <sup>Purchases may include investments received in corporate actions and restructurings.</sup>

<sup>(2)</sup> <sup>Sales may include investments delivered in corporate actions and restructurings.</sup>

<sup>(3)</sup> <sup>Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.</sup>

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Lien Debt** | **Other Debt Investments** | **Equity** | **Total Investments** |
| **Fair value, beginning of period** | $239278 | $630 | $413 | $240321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments <sup>(1)</sup> | 199980 |  | 629 | 200609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments <sup>(2)</sup> | (19033) |  |  | (19033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 485 | 1 |  | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 327 | 65 | 9 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 265 | (16) | (31) | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/out of Level 3 <sup>(3)</sup> | (2013) |  |  | $(2013) |
| **Fair value, end of period** | $419289 | $680 | $1020 | $420989 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $324 | $(16) | $(31) | $277 |

---

<sup>(1)</sup> <sup>Purchases may include investments received in corporate actions actions and restructurings.</sup>

<sup>(2)</sup> <sup>Sales may include investments delivered in corporate actions and restructurings.</sup>

<sup>(3)</sup> <sup>Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.</sup>

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[**<u>**Table of Contents**</u>**](#toc_page)

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Lien Debt** | **Other Debt Investments** | **Equity** | **Total Investments** |
| **Fair value, beginning of period** | $147512 | $585 | $97 | $148194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments <sup>(1)</sup> | 60800 |  | 146 | 60946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments <sup>(2)</sup> | (9318) |  |  | (9318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 161 |  |  | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 31 | 20 |  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 136 | 2 | 18 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 5 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/out of Level 3 <sup>(3)</sup> | (995) |  |  | (995) |
| **Fair value, end of period** | $198332 | $607 | $261 | $199200 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024 | $133 | $2 | $18 | $153 |

---

<sup>(1)</sup> <sup>Purchases may include investments received in corporate actions and restructurings.</sup>

<sup>(2)</sup> <sup>Sales may include investments delivered in corporate actions and restructurings.</sup>

<sup>(3)</sup> <sup>Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.</sup>

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Lien Debt** | **Other Debt Investments** | **Equity** | **Total Investments** |
| **Fair value, beginning of period** | $49629 | $- | $16 | $49645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments <sup>(1)</sup> | 160610 | 577 | 226 | 161413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments <sup>(2)</sup> | (11891) |  |  | (11891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 316 |  |  | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 77 | 28 |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 510 | 2 | 19 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 5 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/out of Level 3 <sup>(3)</sup> | (924) |  |  | (924) |
| **Fair value, end of period** | $198332 | $607 | $261 | $199200 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024 | $502 | $2 | $19 | $523 |

---

<sup>(1)</sup> <sup>Purchases may include investments received in corporate actions and restructurings.</sup>

<sup>(2)</sup> <sup>Sales may include investments delivered in corporate actions and restructurings.</sup>

<sup>(3)</sup> <sup>Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.</sup>

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[**<u>**Table of Contents**</u>**](#toc_page)

The following tables present quantitative information about the significant unobservable inputs of the Company's Level 3 financial instruments as of September 30, 2025 and December 31, 2024, respectively. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company's determination of fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Fair** | **Valuation** | **Significant <br>Unobservable** | **Range**<sup>(1)</sup> | **Range**<sup>(1)</sup> | **Weighted** |
|  | **Value** | **Technique**<sup>(3)</sup> | **Input** | **Low** | **High** | **Average**<sup>(2)</sup> |
| Investments in first lien debt | $419289 | Yield Analysis | Discount Rate | 6.77% | 16.51% | 8.62% |
| Other debt | 680 | Yield Analysis | Discount Rate |  |  | 14.45% |
| Preferred equity | 149 | Income Approach | Discount Rate |  |  | 12.77% |
|  | 356 | Market Approach | EBITDA Multiple | 14.75x | 15.43x | 15.23x |
| Common equity | 499 | Market Approach | EBITDA Multiple | 11.00x | 17.50x | 13.46x |
|  | 16 | Market Approach | Revenue Multiple |  |  | 22.25x |
| Total Investments | $420989 |  |  |  |  |  |

---

<sup>(1)</sup> <sup>For an asset category that contains a single investment, the range is not included.</sup>

<sup>(2)</sup> <sup>Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.</sup>

<sup>(3)</sup> <sup>During the nine months ended September 30, 2025</sup><sup>,</sup><sup>one</sup><sup>preferred equity position with a fair value of $</sup><sup>0.10</sup><sup>million transitioned from an income approach to a market approach valuation technique.</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair** | **Valuation** | **Significant <br>Unobservable** | **Range**<sup>(1)</sup> | **Range**<sup>(1)</sup> | **Weighted** |
|  | **Value** | **Technique**<sup>(3)</sup> | **Input** | **Low** | **High** | **Average**<sup>(2)</sup> |
| Investments in first lien debt | $239278 | Yield Analysis | Discount Rate | 7.29% | 15.23% | 9.38% |
| Other debt | 630 | Yield Analysis | Discount Rate |  |  | 9.42% |
| Preferred equity | 242 | Income Approach | Discount Rate | 14.80% | 17.50% | 16.44% |
| Common equity | 151 | Market Approach | EBITDA Multiple | 13.02x | 14.80x | 13.03x |
|  | 20 | Market Approach | Revenue Multiple |  |  | 7.60x |
| Total Investments | $240321 |  |  |  |  |  |

---

<sup>(1)</sup> <sup>For an asset category that contains a single investment, the range is not included.</sup>

<sup>(2)</sup> <sup>Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.</sup>

<sup>(3)</sup> <sup>During the twelve months ended December 31, 2024</sup><sup>, no positions transitioned valuation techniques or valuation approaches.</sup>

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The significant unobservable inputs used in the income approach are the comparative yield or discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

*Financial instruments disclosed but not carried at fair value*

The Company's debt, including its credit facility, is presented at carrying value on the Consolidated Statements of Financial Condition. The fair value of the Company's credit facility is estimated in accordance with the Company's valuation policy. The carrying value and fair value of the Company's debt were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Level** | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| SMBC Facility | 3 | $185207 | $185207 | $91018 | $91018 |

---

The carrying amounts of the Company's assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.

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[**<u>**Table of Contents**</u>**](#toc_page)

**(6)** **DEBT**

The Company's outstanding debt obligations were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused<br>Portion** | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused<br>Portion** |
| SMBC Facility | $340000 | $185207 | $154793 | $315000 | $91018 | $223982 |

---

The Company's summary information of its debt obligations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Weighted average interest rate<sup>(1)</sup> | 6.57% | 7.58% | 6.56% | 7.68% |
| Weighted average effective interest rate<sup>(2)</sup> | 6.97% | 8.41% | 7.02% | 9.23% |
| Weighted average outstanding balance | $146696 | $57746 | $127131 | $21531 |

---

<sup>(1)</sup> Excludes unused fees and financing costs.

<sup>(2)</sup> Excludes unused fees.

***SMBC Facility***

On July 19, 2023, the Company entered into a Senior Secured Revolving Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, the "SMBC Facility") with the Company, as a borrower, Sumitomo Mitsui Banking Corporation ("SMBC"), as administrative agent, lead arranger, and sole bookrunner, and the lenders from time to time party thereto. Pursuant to the SMBC Facility, the lenders initially agreed to extend credit to the Company in an aggregate principal amount of up to $315,000, subject to availability under a borrowing base, which is based on the Company's portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Facility may be increased to $500,000 through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. Effective August 21, 2025, this aggregate principal amount was increased to $340,000 pursuant to the accordion feature. The availability period of the SMBC Facility will terminate on July 25, 2028 and will mature on July 25, 2029.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the SMBC Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the "alternate base rate" (which is the greater of (a) zero and (b) the highest of (i) the prime rate as publicly announced by The Wall Street Journal, (ii) the sum of the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus 0.5%, and (iii) the rate per annum equal to 1% plus (x) the greater of (A) Term SOFR and (B) zero) plus 1.00% or 1.125%, based on certain borrowing base conditions and (y) for loans for which the Company elects the SOFR option, Term SOFR for such interest period, plus 2.000% or 2.125%, depending on certain borrowing base conditions. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the SMBC Facility.

The summary information of the SMBC Facility is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Borrowing interest expense | $2462 | $1119 | $6325 | $1258 |
| Facility unused commitment fees | 172 | 189 | 545 | 372 |
| Amortization of deferred financing costs | 151 | 122 | 439 | 254 |
| Total | $2785 | $1430 | $7309 | $1884 |

---

**(7)** **COMMITMENTS AND CONTINGENCIES**

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

The Company's investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, the Company had $110,949 and $62,566, respectively, of unfunded commitments to fund delayed draw and revolving senior secured loans.

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[**<u>**Table of Contents**</u>**](#toc_page)

**(8)** **MEMBERS' CAPITAL**

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Financial Condition:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
| **Net distributable earnings, beginning of period** | $1395 | $354 |
| Net investment income (loss) | 17306 | 11272 |
| Net realized gain (loss) | 3 | 73 |
| Net unrealized appreciation (depreciation) | (453) | 1221 |
| Distributions declared | (17402) | (11577) |
| Tax reclassification of unitholders' equity |  | 52 |
| **Net distributable earnings, end of period** | $849 | $1395 |

---

The following table summarizes the total Units issued and proceeds received from the closings of the Company's continuous private offering that occurred were as follow:

---

| | | |
|:---|:---|:---|
| **Unit Issuance Date** | **Class I Units Issued** | **Proceeds Received** |
| **For the nine months ended September 30, 2025** |  |  |
| January 01, 2025 | 943938 | $19143 |
| February 01, 2025 | 634382 | 12859 |
| March 01, 2025 | 745020 | 15087 |
| April 01, 2025 | 882789 | 17814 |
| May 01, 2025 | 365324 | 7354 |
| June 01, 2025 | 244821 | 4936 |
| July 01, 2025 | 645483 | 13045 |
| August 01, 2025 | 207662 | 4197 |
| September 01, 2025 | 263374 | 5320 |
| **Total** | 4932793 | $99755 |
| **For the nine months ended September 30, 2024** |  |  |
| January 01, 2024 | 918507 | $18462 |
| February 01, 2024 | 366271 | 7373 |
| March 01, 2024 | 487396 | 9826 |
| April 01, 2024 | 583000 | 11736 |
| May 01, 2024 | 524319 | 10555 |
| June 01, 2024 | 997355 | 20147 |
| July 01, 2024 | 444009 | 8969 |
| August 01, 2024 | 277270 | 5606 |
| September 01, 2024 | 446941 | 9059 |
| **Total** | 5045068 | $101733 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

The following table summarizes the Company's distributions declared and payable were as follow:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit Amount** | **Total Amount** |
| **For the Nine Months Ended September 30, 2025** |  |  |  |  |
| January 27, 2025 | January 31, 2025 | February 05, 2025 | $0.1430 | $1398 |
| February 27, 2025 | February 28, 2025 | March 05, 2025 | 0.1429 | 1492 |
| March 25, 2025 | March 31, 2025 | April 03, 2025 | 0.1430 | 1605 |
| January 27, 2025 | March 31, 2025 | April 03, 2025 | 0.0507 | 569 |
| April 25, 2025 | April 30, 2025 | May 05, 2025 | 0.1429 | 1700 |
| May 22, 2025 | May 31, 2025 | June 04, 2025 | 0.1428 | 1757 |
| June 18, 2025 | June 30, 2025 | July 03, 2025 | 0.1423 | 1790 |
| June 18, 2025 | June 30, 2025 | July 03, 2025 | 0.0505 | 635 |
| July 24, 2025 | July 31, 2025 | August 05, 2025 | 0.1424 | 1881 |
| August 21, 2025 | August 31, 2025 | September 03, 2025 | 0.1426 | 1919 |
| September 22, 2025 | September 30, 2025 | October 03, 2025 | 0.1425 | 1961 |
| September 22, 2025 | September 30, 2025 | October 03, 2025 | 0.0505 | 695 |
| **Total Distributions** |  |  | $1.4361 | $17402 |
| **For the Nine Months Ended September 30, 2024** |  |  |  |  |
| January 29, 2024 | January 31, 2024 | February 05, 2024 | $0.1591 | $490 |
| February 27, 2024 | February 29, 2024 | March 05, 2024 | 0.1593 | 551 |
| March 25, 2024 | March 31, 2024 | April 04, 2024 | 0.1596 | 631 |
| April 25, 2024 | April 30, 2024 | May 03, 2024 | 0.1594 | 721 |
| May 28, 2024 | May 31, 2024 | June 05, 2024 | 0.1594 | 809 |
| June 25, 2024 | June 30, 2024 | July 03, 2024 | 0.1599 | 974 |
| July 25, 2024 | July 31, 2024 | August 05, 2024 | 0.1599 | 1042 |
| August 27, 2024 | August 31, 2024 | September 05, 2024 | 0.1601 | 1091 |
| September 24, 2024 | September 30, 2024 | October 03, 2024 | 0.1605 | 1169 |
| **Total Distributions** |  |  | $1.4372 | $7478 |

---

The Company adopted an "opt out" distribution reinvestment plan ("DRIP"). As a result, unless unitholders elect to "opt out" of the DRIP, unitholders will have their cash dividends or distributions automatically reinvested in additional units of same class of units to which the distribution relates, rather than receiving cash. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes.

The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP were as follow:

---

| | | |
|:---|:---|:---|
| **Payment Date** | **DRIP Units Issued** | **DRIP Units Value** |
| **For the nine months ended September 30, 2025** |  |  |
| January 06, 2025 | 25363 | $514 |
| February 05, 2025 | 28796 | 584 |
| March 05, 2025 | 31379 | 635 |
| April 03, 2025 | 44857 | 906 |
| May 05, 2025 | 34378 | 692 |
| June 04, 2025 | 35429 | 714 |
| July 03, 2025 | 48996 | 990 |
| August 05, 2025 | 37718 | 762 |
| September 03, 2025 | 38779 | 784 |
| **Total** | 325695 | $6581 |
| **For the nine months ended September 30, 2024** |  |  |
| January 04, 2024 | 4483 | $90 |
| February 05, 2024 | 9919 | 200 |
| March 05, 2024 | 11682 | 236 |
| April 04, 2024 | 13050 | 263 |
| May 03, 2024 | 14667 | 295 |
| June 05, 2024 | 18143 | 366 |
| July 03, 2024 | 20287 | 410 |
| August 05, 2024 | 21181 | 428 |
| September 05, 2024 | 22357 | 453 |
| **Total** | 135769 | $2741 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

*Unit Repurchase Program*

At the discretion of the Board of Directors, the Company may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. Units purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units.

In the event the amount of Units tendered exceeds the repurchase offer amount, Units will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the unit repurchase plan, as applicable.

The following table further summarizes the unit repurchases completed for the nine months ended September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase<br>Deadline Request** | **Percentage of<br>Outstanding<br>Units the<br>Company<br>Offered to<br>Repurchase**<sup>(1)</sup> | **Price Paid<br>Per Unit** | **Repurchase<br>Pricing Date** | **Amount Repurchased** | **Number of<br>Units<br>Repurchased** | **Percentage of<br>Outstanding<br>Units<br>Repurchased**<sup>(1)</sup> | **Maximum<br>number<br>of units<br>that may<br>yet be<br>purchased<br>under the<br>repurchase<br>program**<sup>(2)</sup> |
| March 07, 2025 | 5.00% | $20.18 | March 31, 2025 | $5024 | 248972 | 2.83% |  |
| June 07, 2025 | 5.00% | $20.21 | June 30, 2025 | $1247 | 61693 | 0.56% |  |
| September 04, 2025 | 5.00% | $20.22 | September 30, 2025 | $3134 | 154986 | 1.24% |  |
| **Total** |  |  |  | $9405 | 465651 |  |  |

---

(1) Percentage is based on total units as of the close of the previous calendar quarter.

(2) All repurchase requests were satisfied in full.

For the nine months ended September 30, 2024, units repurchased as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase<br>Deadline Request** | **Percentage of<br>Outstanding<br>Units the<br>Company<br>Offered to<br>Repurchase**<sup>(1)</sup> | **Price Paid<br>Per Unit** | **Repurchase<br>Pricing Date** | **Amount<br>Repurchased** | **Number of<br>Units<br>Repurchased** | **Percentage of<br>Outstanding<br>Units<br>Repurchased**<sup>(1)</sup> | **Maximum<br>number<br>of units<br>that may<br>yet be<br>purchased<br>under the<br>repurchase<br>program**<sup>(2)</sup> |
| March 05, 2024 | 5.00% | $20.13 | March 31, 2024 | $351 | 17435 | 0.81% |  |
| June 08, 2024 | 5.00% | $20.20 | June 30, 2024 | $791 | 39147 | 0.99% |  |
| September 07, 2024 | 5.00% | $20.31 | September 30, 2024 | $5824 | 286775 | 4.74% |  |
| **Total** |  |  |  | $6966 | 343357 |  |  |

---

(1) Percentage is based on total units as of the close of the previous calendar quarter.

(2) All repurchase requests were satisfied in full.

**(9)** **EARNINGS (LOSS) PER UNIT**

The following table sets forth the computation of basic and diluted earnings per Unit:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Numerator—net increase/(decrease) in Members' Capital resulting from operations | $6584 | $4033 | $16856 | $8674 |
| Denominator—weighted average Units outstanding | 13467787 | 6860089 | 12077276 | 5201659 |
| Basic and diluted earnings (loss) per Unit | $0.49 | $0.59 | $1.40 | $1.67 |

---

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**(10)** **CONSOLIDATED FINANCIAL HIGHLIGHTS**

The following are the financial highlights:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **Per Unit Data:**<sup>(1)</sup> |  |  |
| Net asset value, beginning of period | $20.28 | $20.10 |
| Net investment income (loss) | 1.43 | 1.60 |
| Net unrealized and realized gain (loss)<sup>(2)</sup> | (0.05) | 0.05 |
| Net increase (decrease) in net assets resulting from operations | 1.38 | 1.65 |
| Distributions declared | (1.44) | (1.44) |
| Total increase (decrease) in net assets | (0.06) | 0.21 |
| Net asset value, end of period | $20.22 | $20.31 |
| Units outstanding, end of period | 13604341 | 6995354 |
| Weighted average units outstanding | 12077276 | 5201659 |
| Total return based on net asset value<sup>(3)</sup> | 7.02% | 8.50% |
| **Ratio/Supplemental Data:** |  |  |
| Members' Capital, end of period | $275111 | $142072 |
| Ratio of expenses before waivers to average Members' Capital<sup>(4)</sup> | 6.82% | 5.71% |
| Ratio of net expenses to average Members' Capital<sup>(4)</sup> | 5.01% | 3.23% |
| Ratio of net investment income to average Members' Capital<sup>(4)</sup> | 9.46% | 10.66% |
| Asset coverage ratio<sup>(5)</sup> | 249.00% | 291.00% |
| Portfolio turnover rate | 5.95% | 10.05% |

---

(1)The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)Total return (not annualized) is calculated assuming a purchase of units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company's DRIP

(4)Amounts are annualized except for incentive fees, organization and offering costs, and other expenses for which expense support was provided, as applicable.

(5)Effective January 31, 2023, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to January 31, 2023, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.

**(11)** **SUBSEQUENT EVENTS**

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.

*October Issuances and Distribution Declarations*

Pursuant to the Company's continuous private offering, the Company issued approximately 169,297 Units for an aggregate offering price of $3.4 million effective October 1, 2025.

On October 23, 2025, the Company declared a distribution in the amount of $0.1425 per unit and payable on or around November 5, 2025 to unitholders of record as of October 31, 2025.

*November Issuances*

Pursuant to the Company's continuous private offering, the Company held a close relating to the sale of the Company's Units for an aggregate offering price of $4.0 million effective November 1, 2025.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per unit amounts, unless otherwise indicated)**

In this Quarterly Report on Form 10-Q, or this "Report," except where context suggests otherwise, the terms "Company," "we," "our" or "us" refers to North Haven Private Income Fund A LLC and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "potential", "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events and natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty and changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of interruptions in the supply chain on our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruptions related to tariffs and other trade or sanction issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the "Adviser" or "Investment Adviser"), and its affiliates;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our financing sources and working capital;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of changes in tax laws and regulations and interpretations thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risks, uncertainties and other factors we identify under "Part I, Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with "Item 1. Consolidated Financial Statements." Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. *This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements.* You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the "SEC"), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

**OVERVIEW**

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for U.S. federal income tax purposes, we intend to elect to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are a private, perpetual-life BDC, which is a BDC whose units are not listed for trading on a stock exchange or other securities market. We use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration whose units are intended to be sold by us monthly on a continuous basis at a price generally equal to our monthly net asset value per unit. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by the Adviser, an indirect wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, Morgan Stanley.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company. For the purposes of this Report, "middle-market companies" refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization ("EBITDA") in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.

We invest primarily in directly originated senior secured term loans, including first lien senior secured term loans (including unitranche loans) and second lien senior secured term loans, with the balance of our investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts ("LBOs"), acquisitions, debt refinancings recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (such as the Secured Overnight Financing Rate, or SOFR). We also make investments in traded bank loans and other liquid debt securities of U.S. corporate issuers, including broadly syndicated loans, which may provide more liquidity than our private credit investments, for cash management purposes, including to manage payment obligations under our unit repurchase program. Depending on various factors, including our cash flows and the market for middle-market company debt investments, we expect that our liquid loan portfolio could represent a material portion of our investments from time to time.

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the exemptive relief granted by the SEC to us and our Adviser on June 3, 2025 (the "Order"), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds (as defined in the Order), and other accounts advised by our Adviser and its affiliates, which may include proprietary accounts of Morgan Stanley, if applicable, in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. The Order contains certain conditions and requires the Board to maintain oversight of our participation in the co-investment program. The Order also requires a "required majority" (as defined in Section 57(o) of the 1940 Act) of our eligible directors to make certain conclusions pursuant to Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of ours is an existing investor in the portfolio company, non-pro rata follow on investments and non-pro rata dispositions of investments.

**KEY COMPONENTS OF OUR RESULTS OF OPERATIONS**

***Investments***

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

***Revenue***

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

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***Expenses***

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (the "Investment Advisory Agreement"); (ii) costs and other expenses and our allocable portion of overhead incurred by MS Private Credit Administrative Services LLC (the "Administrator") in performing its administrative obligations under the administration agreement (the "Administration Agreement") between us and the Administrator; and (iii) other operating expenses as detailed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•initial organization costs and offering costs incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with any private offerings of our common units (the "Units") and any other securities offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of effecting any sales and repurchases of our Units and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•out of pocket expenses, including travel, entertainment, lodging, and meal expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies (including, without limitation, any reverse termination fees and any liquidated damage and any costs related to broken deals) and monitoring actual portfolio companies and, if necessary, enforcing our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•base management fee and any incentive fees payable under the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain costs and expenses relating to distributions paid by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, settling, clearing, monitoring, holding or disposing of prospective or actual investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•dues and expenses incurred in connection with membership industry or trade organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses payable under any dealer manager agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•escrow agent, distribution agent, transfer agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. federal, state and local taxes, including any excise taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Independent Director fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of 1940 Act compliance, Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration fees, and the compensation of professionals responsible for the preparation or review of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of any reports, proxy statements or other notices to our unitholders (including printing and mailing costs), the costs of any unitholders' meetings, and costs and expenses of preparation for the foregoing and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of specialty and custom software for monitoring risk, compliance and overall investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any fidelity bond required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any necessary insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct fees and expenses associated with independent audits, agency, consulting and legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cost of winding up; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement based upon our allocable portion of the compensation paid to our Chief Financial Officer and Chief Compliance Officer and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

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**PORTFOLIO AND INVESTMENT ACTIVITY**

Our portfolio is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| First Lien Debt | $446650 | $447724 | 99.6% | $267555 | $268845 | 99.6% |
| Other Debt Investments | 692 | 680 | 0.2 | 626 | 630 | 0.2 |
| Equity | 1037 | 1020 | 0.2 | 398 | 413 | 0.2 |
| **Total** | $448379 | $449424 | 100.0% | $268579 | $269888 | 100.0% |

---

Our debt portfolio (excluding our liquid loan portfolio) displayed the following characteristics of each of our investments<sup>(1)(2)</sup>, unless otherwise noted:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
| Number of portfolio companies | 152 | 128 |
| Number of new investment commitments in portfolio companies | 31 | 92 |
| Number of investment commitments exited or fully repaid | 7 | 5 |
| Percentage of debt investments bearing a floating rate, at fair value | 99.8% | 99.8% |
| Percentage of debt investments bearing a fixed rate, at fair value | 0.2% | 0.2% |
| Weighted average yield on debt and income producing investments, at cost<sup>(3)</sup> | 9.1% | 9.7% |
| Weighted average yield on debt and income producing investments, at fair value<sup>(3)</sup> | 9.0% | 9.7% |
| Weighted average yield on total portfolio, at cost<sup>(4)</sup> | 9.0% | 9.7% |
| Weighted average yield on total portfolio, at fair value<sup>(4)</sup> | 9.0% | 9.7% |
| Weighted average 12-month EBITDA | $151.4 | $161.8 |
| Median 12-month EBITDA | $96.3 | $111.3 |
| Weighted average net leverage through tranche<sup>(5)</sup> | 6.0x | 6.2x |
| Weighted average interest coverage<sup>(6)</sup> | 1.9x | 1.7x |
| Weighted average loan to value<sup>(7)</sup> | 39.3% | 40.4% |
| Percentage of debt investments with one or more financial covenants | 44.9% | 50.7% |
| Percentage of our debt investments that are sponsor backed | 99.0% | 99.6% |
| Percentage of loans and other debt in support of LBOs and acquisitions | 62.4% | 59.7% |
| Percentage of our debt portfolio subject to business cycle volatility | 5.7% | 6.1% |
| Average position size of our investments | $3.0 | $2.1 |

---

(1)Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche that the Company is a lender and loan to value exclude recurring revenue investments, which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.

(2)Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.

(3)Computed as (a) the annual stated spread, plus applicable reference rate, as applicable, plus the annual accretion of discounts, as applicable, on accruing debt securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(4)Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of the Company divided by (b) total investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(5)Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche that the Company is a lender, excluding recurring revenue investments.

(6) Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.

(7)Calculated using total outstanding debt through the tranche that the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

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**Investment Activity**

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **New investments committed** |  |  |
| Gross principal balance<sup>(1)</sup> | $98409 | $78635 |
| **Net new investments committed** | $98409 | $78635 |
| **Investments, at cost** |  |  |
| Investments, beginning of period | $384828 | $170042 |
| New investments purchased | 75545 | 60894 |
| Net accretion of discount on investments | 189 | 164 |
| Payment-in-kind | 110 | 52 |
| Net realized gain (loss) on investments |  | 7 |
| Investments sold or repaid | (12293) | (9853) |
| **Investments, end of period** | $448379 | $221306 |
| **Principal amount of investments funded** |  |  |
| First lien debt | 75782 | 61406 |
| Other debt investments |  |  |
| Equity<sup>(2)</sup> | 251 |  |
| **Total** | $76033 | $61406 |
| **Amount of investments sold/fully repaid, at principal** |  |  |
| First lien debt investments | $(12292) | $(9853) |
| **Total** | $(12292) | $(9853) |

---

(1)Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.

(2)Represents dollar amount of equity investments funded.

**Investment Performance Rating**

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser's ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser's Internal Risk Rating system:

Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which trends or factors may include the performance of the portfolio company, or the likelihood of a potential exit.

Risk Rating 2 — In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 2 investments are generally performing in line with our initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Risk Rating 2.

Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as due to declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Risk Rating 4 — In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan's risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

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The distribution of our portfolio on the Investment Adviser's Internal Risk Rating System is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair Value** | **% of Total** | **Fair Value** | **% of Total** |
| Risk rating 1 | $— | —% | $— | —% |
| Risk rating 2 | 447517 | 99.6 | 269888 | 100.0 |
| Risk rating 3 | 1907 | 0.4 |  |  |
| Risk rating 4 |  |  |  |  |
| **Total** | $449424 | 100.0% | $269888 | 100.0% |

---

The table below presents the amortized cost of our performing and non-accrual debt investments as of the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **% of Total** | **Amortized Cost** | **% of Total** |
| Performing | $448379 | 100.0% | $268579 | 100.0% |
| Non-accrual |  |  |  |  |
| **Total** | $448379 | 100.0% | $268579 | 100.0% |

---

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. We may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

**CONSOLIDATED RESULTS OF OPERATIONS**

The following table represents our operating results:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Total investment income | $10009 | $5641 | $26548 | $10744 |
| Less: Net expenses | 3447 | 1657 | 9242 | 2439 |
| Net investment income (loss) | 6562 | 3984 | 17306 | 8305 |
| Net investment income (loss) after taxes | 6562 | 3984 | 17306 | 8305 |
| Net change in unrealized appreciation (depreciation) | 21 | 42 | (453) | 362 |
| Net realized gain (loss) | 1 | 7 | 3 | 7 |
| **Net increase (decrease) in Members' Capital resulting from operations** | $6584 | $4033 | $16856 | $8674 |

---

***Investment Income***

Investment income was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $9853 | $5366 | $26043 | $10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 124 | 58 | 436 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 4 |  | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 28 | 217 | 59 | 363 |
| **Total Investment Income** | $10009 | $5641 | $26548 | $10744 |

---

In the table above, total investment income increased from $5,641 and $10,744 for the three and nine months ended September 30, 2024, respectively to $10,009 and $26,548 for the three and nine months ended September 30, 2025, respectively. The increase was primarily driven by our deployment of capital. The size of our investment portfolio at cost increased from $268,579 as of December 31, 2024 to $448,379 as of September 30, 2025.

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***Expenses***

Expenses were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing expenses | $2785 | $1430 | $7309 | $1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 838 | 423 | 2232 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees | 832 | 499 | 2192 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees | 3 | 6 | (56) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 371 | 185 | 1025 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 38 | 27 | 129 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees | 38 | (6) | 139 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization and offering costs |  | 7 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and other expenses | 22 | 8 | 82 | 35 |
| **Total expenses** | $4927 | $2579 | $13052 | $4699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee waiver (Note 3) | (740) | (499) | (1905) | (1004) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense support (Note 3) |  |  |  | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees waiver (Note 3) | (740) | (423) | (1905) | (931) |
| **Net expenses** | $3447 | $1657 | $9242 | $2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | $— | $— | $— | $— |

---

*Interest and Other Financing Expenses*

Interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, increased from $1,430 and $1,884 for the three and nine months ended September 30, 2024, to $2,785 and $7,309, respectively, for the three and nine months ended September 30, 2025, respectively. The increase was primarily driven by our increased borrowings. Our debt outstanding increased from $91,018 as of December 31, 2024 to $185,207 as of September 30, 2025.

*Base Management Fee*

For the three and nine months ended September 30, 2025, management fees net of waiver was $98 and $327, respectively. For the three and nine months ended September 30, 2024, management fees net of waiver was $- and $-, respectively.

*Incentive Fee*

For the three and nine months ended September 30, 2025, income-based incentive fees net of waiver was $92 and $287, respectively. For the three and nine months ended September 30, 2024, income-based incentive fees net of waiver was $- and $-, respectively. For the three and nine months ended September 30, 2025, capital gains incentive fees accrued to the Investment Adviser were $3 and $(56), respectively. For the three and nine months ended September 30, 2024, capital gains incentive fees accrued to the Investment Adviser were $6 and $46, respectively.

*Professional Fees, Administrative Service Fee and Other Expenses*

Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company which include costs of a financial printer utilized for certain preparation, printing and distribution services related to the offering materials.

***Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Net realized and unrealized gain (loss):** |  |  |  |  |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $— | $7 | $2 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | 1 |  | 1 |  |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $22 | $42 | $(454) | $362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (1) |  | 1 |  |
| **Net realized and unrealized gain (loss)** | $22 | $49 | $(450) | $369 |

---

For the three and nine months ended September 30, 2025, net change in unrealized appreciation (depreciation) on our investments of $22 and $(454), respectively was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies.

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**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES**

We generate cash from the net proceeds of offerings of our Units, net borrowings from our credit facility, and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of any closing of our continuous private offering of our Units. Our primary use of cash is investments in portfolio companies, payments of our expenses, funding repurchases under our unit repurchase program and payment of cash distributions to our unitholders. Details of our credit facilities are described in *"*—*Debt"* below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of September 30, 2025, we had approximately $13.6 million of cash, which taken together with our approximately $154.8 million of availability under the SMBC Facility (subject to borrowing base availability) (as defined in Note 6. "Debt" in the notes to the accompanying consolidated financial statements), we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of September 30, 2025, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $110.9 million.

***Unregistered Sales of Equity Securities***

The following table summarizes total Units issued and proceeds received for the nine months ended September 30, 2025 and September 30, 2024, respectively:

---

| | | |
|:---|:---|:---|
| **Unit Issuance Date** | **Class I Units Issued** | **Proceeds Received** |
| **For the nine months ended September 30, 2025** |  |  |
| January 01, 2025 | 943938 | $19143 |
| February 01, 2025 | 634382 | 12859 |
| March 01, 2025 | 745020 | 15087 |
| April 01, 2025 | 882789 | 17814 |
| May 01, 2025 | 365324 | 7354 |
| June 01, 2025 | 244821 | 4936 |
| July 01, 2025 | 645483 | 13045 |
| August 01, 2025 | 207662 | 4197 |
| September 01, 2025 | 263374 | 5320 |
| **Total** | 4932793 | $99755 |
| **For the nine months ended September 30, 2024** |  |  |
| January 01, 2024 | 918507 | $18462 |
| February 01, 2024 | 366271 | 7373 |
| March 01, 2024 | 487396 | 9826 |
| April 01, 2024 | 583000 | 11736 |
| May 01, 2024 | 524319 | 10555 |
| June 01, 2024 | 997355 | 20147 |
| July 01, 2024 | 444009 | 8969 |
| August 01, 2024 | 277270 | 5606 |
| September 01, 2024 | 446941 | 9059 |
| **Total** | 5045068 | $101733 |

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***Distribution Reinvestment***

The following table summarizes our distributions declared and payable for the nine months ended September 30, 2025 and September 30, 2024, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit Amount** | **Total Amount** |
| **For the Nine Months Ended September 30, 2025** |  |  |  |  |
| January 27, 2025 | January 31, 2025 | February 05, 2025 | $0.1430 | $1398 |
| February 27, 2025 | February 28, 2025 | March 05, 2025 | 0.1429 | 1492 |
| March 25, 2025 | March 31, 2025 | April 03, 2025 | 0.1430 | 1605 |
| January 27, 2025 | March 31, 2025 | April 03, 2025 | 0.0507 | 569 |
| April 25, 2025 | April 30, 2025 | May 05, 2025 | 0.1429 | 1700 |
| May 22, 2025 | May 31, 2025 | June 04, 2025 | 0.1428 | 1757 |
| June 18, 2025 | June 30, 2025 | July 03, 2025 | 0.1423 | 1790 |
| June 18, 2025 | June 30, 2025 | July 03, 2025 | 0.0505 | 635 |
| July 24, 2025 | July 31, 2025 | August 05, 2025 | 0.1424 | 1881 |
| August 21, 2025 | August 31, 2025 | September 03, 2025 | 0.1426 | 1919 |
| September 22, 2025 | September 30, 2025 | October 03, 2025 | 0.1425 | 1961 |
| September 22, 2025 | September 30, 2025 | October 03, 2025 | 0.0505 | 695 |
| **Total Distributions** |  |  | $1.4361 | $17402 |
| **For the Nine Months Ended September 30, 2024** |  |  |  |  |
| January 29, 2024 | January 31, 2024 | February 05, 2024 | $0.1591 | $490 |
| February 27, 2024 | February 29, 2024 | March 05, 2024 | 0.1593 | 551 |
| March 25, 2024 | March 31, 2024 | April 04, 2024 | 0.1596 | 631 |
| April 25, 2024 | April 30, 2024 | May 03, 2024 | 0.1594 | 721 |
| May 28, 2024 | May 31, 2024 | June 05, 2024 | 0.1594 | 809 |
| June 25, 2024 | June 30, 2024 | July 03, 2024 | 0.1599 | 974 |
| July 25, 2024 | July 31, 2024 | August 05, 2024 | 0.1599 | 1042 |
| August 27, 2024 | August 31, 2024 | September 05, 2024 | 0.1601 | 1091 |
| September 24, 2024 | September 30, 2024 | October 03, 2024 | 0.1605 | 1169 |
| **Total Distributions** |  |  | $1.4372 | $7478 |

---

We have adopted an "opt out" distribution reinvestment plan ("DRIP"). As a result, unless unitholders elect to "opt out" of the DRIP, unitholders will have their cash dividends or distributions automatically reinvested in additional units of the same class of units to which the distribution relates, rather than receiving cash. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes.

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The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP were as follow:

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| | | |
|:---|:---|:---|
| **Payment Date** | **DRIP Units Issued** | **DRIP Units Value** |
| **For the nine months ended September 30, 2025** |  |  |
| January 06, 2025 | 25363 | $514 |
| February 05, 2025 | 28796 | 584 |
| March 05, 2025 | 31379 | 635 |
| April 03, 2025 | 44857 | 906 |
| May 05, 2025 | 34378 | 692 |
| June 04, 2025 | 35429 | 714 |
| July 03, 2025 | 48996 | 990 |
| August 05, 2025 | 37718 | 762 |
| September 03, 2025 | 38779 | 784 |
| **Total** | 325695 | $6581 |
| **For the nine months ended September 30, 2024** |  |  |
| January 04, 2024 | 4483 | $90 |
| February 05, 2024 | 9919 | 200 |
| March 05, 2024 | 11682 | 236 |
| April 04, 2024 | 13050 | 263 |
| May 03, 2024 | 14667 | 295 |
| June 05, 2024 | 18143 | 366 |
| July 03, 2024 | 20287 | 410 |
| August 05, 2024 | 21181 | 428 |
| September 05, 2024 | 22357 | 453 |
| **Total** | 135769 | $2741 |

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*Unit Repurchase Program*

At the discretion of the Board of Directors, we may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. The limitations and restrictions described in the applicable offer to repurchase Units may prevent us from accommodating all repurchase requests made in any quarter. The unit repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market. We will offer to repurchase Units on such terms as may be determined by our Board of Directors in its complete and absolute discretion.

The following table further summarizes the unit repurchases completed for the nine months ended September 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Percentage of Outstanding Units the Company Offered to Repurchase**<sup>(1)</sup> | **Price Paid Per Unit** | **Repurchase Pricing Date** | **Amount Repurchased** | **Number of Units Repurchased** | **Percentage of Outstanding Units Repurchased**<sup>(1)</sup> | **Maximum number of units that may yet be purchased under the repurchase program**<sup>(2)</sup> |
| March 07, 2025 | 5.00% | $20.18 | March 31, 2025 | $5024 | 248972 | 2.83% |  |
| June 07, 2025 | 5.00% | $20.21 | June 30, 2025 | 1247 | 61693 | 0.56% |  |
| September 04, 2025 | 5.00% | $20.22 | September 30, 2025 | 3134 | 154986 | 1.24% |  |
| **Total** |  |  |  | $9405 | 465651 |  |  |

---

(1)Percentage is based on total units as of the close of the previous calendar quarter.

(2)All repurchase requests were satisfied in full.

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For the nine months ended September 30, 2024, units repurchased as follows.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Deadline Request** | **Percentage of Outstanding Units the Company Offered to Repurchase**<sup>(1)</sup> | **Price Paid Per Unit** | **Repurchase Pricing Date** | **Amount Repurchased** | **Number of Units Repurchased** | **Percentage of Outstanding Units Repurchased**<sup>(1)</sup> | **Maximum number of units that may yet be purchased under the repurchase program**<sup>(2)</sup> |
| March 05, 2024 | 5.00% | $20.13 | March 31, 2024 | $351 | 17435 | 0.81% |  |
| June 08, 2024 | 5.00% | $20.20 | June 30, 2024 | $791 | 39147 | 0.99% |  |
| September 07, 2024 | 5.00% | $20.31 | September 30, 2024 | $5824 | 286775 | 4.74% |  |
| **Total** |  |  |  | $6966 | 343357 |  |  |

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(1)Percentage is based on total units as of the close of the previous calendar quarter.

(2)All repurchase requests were satisfied in full.

***Debt***

Our outstanding debt obligations were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Unused Portion** | **Aggregate Principal Committed** | **Outstanding Principal** | **Unused Portion** |
| SMBC Facility | $340000 | $185207 | $154793 | $315000 | $91018 | $223982 |

---

For further details, see Note 6 "Debt" to our consolidated financial statements included in this Report.

**RECENT DEVELOPMENTS**

*October Issuances and Distribution Declarations*

Pursuant to our continuous private offering, we issued approximately 169,297 Units for an aggregate offering price of $3.4 million effective October 1, 2025.

On October 23, 2025, we declared a distribution in the amount of $0.1425 per unit and payable on or around November 5, 2025 to unitholders of record as of October 31, 2025.

*November Issuances*

Pursuant to our continuous private offering, we held a close relating to the sale of our Units for an aggregate offering price of $4.0 million effective November 1, 2025.

**CRITICAL ACCOUNTING ESTIMATES**

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1 of this Report, including Note 2 "Significant Accounting Policies."

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For further discussion and disclosure of key inputs and considerations related to this estimate, refer to "Note 5—Fair Value Measurements" included in the notes to the consolidated financial statements in Part 1, Item 1 of this Report.

**RELATED PARTY TRANSACTIONS**

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Placement Agent Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the MSDI Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Expense Support Agreement.

For further details see *Note 3. "Related Party Transactions" t*o our consolidated financial statements included in this Report.

MS Credit Partners Holdings, an indirect wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, has entered into subscription agreements to purchase Units up to an aggregate amount of $25,000 or such amount so that the Company is not considered to be "controlled" by Morgan Stanley or its affiliates for purposes of the Bank Holding Company Act of 1956, as amended from time to time. As of September 30, 2025, MS Credit Partners Holdings has made an aggregate capital contribution of $9,884, in exchange for 488,818 Units. MS Credit Partners Holdings has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

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

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by our Board of Directors, based on, among other things, the input of the Investment Adviser, including the Valuation Designee, our Audit Committee and independent third-party

valuation firms engaged at the direction of our Board of Directors, or our Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

***Market Risk***

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, international conflicts, trade policies and tariffs, government shutdowns, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company's investments and net asset value and can lead to increased market volatility. *See "Part I, Item 1A. Risk Factors—General Risk Factors—We are operating in a period of capital markets volatility and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.*" and "*Part I, Item 1A. Risk Factors—General Risk Factors—Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition*" of our most recent Annual Report on Form 10-K.

***Interest Rate Risk***

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of September 30, 2025, approximately 99.8 % of our debt investments were at floating rates. Based on our Consolidated Statements of Financial Condition as of September 30, 2025, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of September 30, 2025) (dollar amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Interest** | **Interest** | **Net** |
| **Basis Point Change - Interest Rates** | **Income** | **Expense** | **Income** |
| Up 300 basis points | $13514 | $(5553) | $7961 |
| Up 200 basis points | $9010 | $(3702) | $5308 |
| Up 100 basis points | $4505 | $(1851) | $2654 |
| Up 25 basis points | $1126 | $(463) | $663 |
| Down 25 basis points | $(1126) | $463 | $(663) |
| Down 100 basis points | $(4505) | $1851 | $(2654) |
| Down 200 basis points | $(9010) | $3702 | $(5308) |
| Down 300 basis points | $(13514) | $5553 | $(7961) |

---

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

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**Item 4. Controls and Procedures.**

***Evaluation of Disclosure Controls and Procedures***

As of September 30, 2025 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

***Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred for the fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II**

**Item 1. Legal Proceedings**

The Company, the Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Adviser, and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company.

See also "*Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data*" of this Form 10-Q.

**Item 1A. Risk Factors**

*In addition to the other information set forth in this Report, you should carefully consider the risk factors previously disclosed under Item 1A of the Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the Annual Report on Form 10-K and under Item 1A. of our quarterly report on Form 10-Q for the quarter ended March 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the Annual Report on Form 10-K and in our quarterly report on Form 10-Q for the quarter ended March 31, 2025 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.*

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

***Sales of Unregistered Securities***

Refer to *"Item 1, Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 8. Members' Capital"* in this Report, the Annual Report on Form 10-K and our Current Report on Form 8-K filed on July 25, 2025, August 25, 2025, and September 26, 2025 for the issuance of our Units for the nine months ended September 30, 2025. Such issuances were part of our continuous private offering and were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

***Issuer Purchases of Equity Securities***

At the discretion of the Board of Directors, we have in the past and may in the future conduct quarterly repurchase offers pursuant to a unit repurchase program. The purpose of the unit repurchase program is to provide liquidity to unitholders. We intend to limit the number of Units to be repurchased in each quarter to no more than 5% of our outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end. All Units purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units. Any Units to be purchased from any of our officers, directors or affiliates will be on the same terms and conditions as any other purchase of Units.

On August 5, 2025, we announced a quarterly tender offer that commenced on August 6, 2025 and ended at 12:01 a.m., Eastern Time, on September 4, 2025 (the "Offer"). Because there is no secondary trading market for our Units, our Board of Directors determined, after consideration of various matters, that the Offer was in the best interests of unitholders in order to provide liquidity for our unitholders. Approximately 154,986 of our Units were validly tendered and not withdrawn prior to the expiration of the Offer. The Units were repurchased at a price of $20.22 per Unit, which represents the net asset value per Unit as of September 30, 2025.

The payment of the purchase price of the Units tendered was promptly made in cash issued to the unitholders whose tenders were accepted for purchase by us in accordance with the terms of the Offer.

**Item 3: Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Di** **sclosures**

Not applicable.

**Item 5. Other Information**

None.

***Rule 10b5-1 Trading Plans***

During the fiscal quarter ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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**Item 6. Exhibits** 

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

---

| | |
|:---|:---|
| ***Exhibit*** | ***Description*** |
| 31.1\* | [<u>Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.</u>](ck0001973476-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.</u>](ck0001973476-ex31_2.htm) |
| 32.1\*\* | [<u>Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001973476-ex32_1.htm) |
| 32.2\*\* | [<u>Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001973476-ex32_2.htm) |
| 101.INS\* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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\* Filed herewith

\*\* Furnished herewith

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SIGNATURES

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

---

| | | |
|:---|:---|:---|
| Dated: November 10, 2025 | **North Haven Private Income Fund A LLC** | **North Haven Private Income Fund A LLC** |
|  | By: | /s/ Michael Occi |
|  |  | Michael Occi |
|  |  | Director and Chief Executive Officer  |
|  |  | (Principal Executive Officer)<br>|
| Dated: November 10, 2025 | By: | /s/ David Pessah |
|  |  | David Pessah |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

------

## Exhibit 31.1

Exhibit 31.1

**CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael Occi, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of NORTH HAVEN PRIVATE INCOME FUND A LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, if any, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 10, 2025

---

| |
|:---|
| /s/ Michael Occi |
| **Michael Occi**<br>**Director and Chief Executive Officer**<br>**(Principal Executive Officer)** |

---

------

## Exhibit 31.2

Exhibit 31.2

**CERTIFICATION BY THE CHIEF FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, David Pessah, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of NORTH HAVEN PRIVATE INCOME FUND A LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, if any, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 10, 2025

---

| |
|:---|
| /s/ David Pessah |
| **David Pessah**<br>**Chief Financial Officer**<br>**(Principal Financial Officer)** |

---

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael Occi, the Chief Executive Officer (Principal Executive Officer) of North Haven Private Income Fund A LLC (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Form 10-Q of the Company for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: November 10, 2025 |
| /s/ Michael Occi |
| **Michael Occi<br>Director and Chief Executive Officer<br>(Principal Executive Officer)** |

---

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## Exhibit 32.2

Exhibit 32.2

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, David Pessah, the Chief Financial Officer (Principal Financial Officer) of North Haven Private Income Fund A LLC (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Form 10-Q of the Company for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: November 10, 2025 |
| /s/ David Pessah |
| **David Pessah<br>Chief Financial Officer<br>(Principal Financial Officer)** |

---

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