# EDGAR Filing Document

**Accession Number:** 0001851322
**File Stem:** 0001193125-26-096532
**Filing Date:** 2026-3
**Character Count:** 484120
**Document Hash:** e961cbe901331c729bdf171b38970f71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096532.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096532

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Haven Private Income Fund LLC
- **CENTRAL INDEX KEY:** 0001851322

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

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01489
- **FILM NUMBER:** 26731155

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Morgan Stanley Private Income Fund LLC
- **DATE OF NAME CHANGE:** 20210315

?xml version='1.0' encoding='ASCII'? 10-K/A

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**FORM** 10-K/A

**(Amendment No.1)**

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---

| | |
|:---|:---|
| ☑ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the fiscal year ended** **December 31,** 2025

**OR**

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

**For the transition period from _____ to _____**

**Commission File Number** 814-01489

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North Haven Private Income Fund LLC

**(Exact name of registrant as specified in its charter)**

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

---

**1** 212**-** **761-4000** 

**(Registrant's telephone number, including area code)** 

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |

---

Securities registered pursuant to Section 12(g) of the Act: **Class S Units**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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.

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| | | | |
|:---|:---|:---|:---|
| 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

As of June 30, 2025, there was no established public market for the registrant's limited liability company units.

The number of the registrant's Class S Units outstanding at March 3, 2026 was 185,125,779.

**Auditor Firm Id**: 34 **Auditor Name**: Deloitte & Touche LLP **Auditor Location**: New York, New York

------

**North Haven Private Income Fund LLC**

**EXPLANATORY NOTE**

North Haven Private Income Fund LLC (the "Company") is filing this Amendment No. 1 to the Annual Report on Form 10-K/A (the "Amendment") solely for the purpose of correcting the signature in the Report of Independent Registered Public Accounting Firm ("Auditor Report") included in Part II, Item 8 of the 10-K for the fiscal year ended December 31, 2025 as originally filed with the Securities and Exchange Commission (the "SEC") on March 3, 2026 (the "Original Filing"). Accordingly, the Company is filing this Amendment to include a corrected Auditor Report.

The error that was corrected includes the insertion of the conformed signature to the Auditor Report. The auditor's opinion on the Company's consolidated financial statements remained unchanged. The Auditor Report was included in the Original Filing.

Except for the aforementioned correction to the signature in the Auditor Report, this Amendment does not amend, modify or update the Original Filing in any respect. Information included in this Amendment is stated as of December 31, 2025 and does not reflect events that have occurred subsequent to the filing of the Original Filing and, accordingly, this Amendment should be read in conjunction with our Original Filing made with the SEC.

This Annual Report on Form 10-K/A consists of a cover page, this explanatory note, Item 8 (as amended) of the Annual Report on Form 10-K (including the consolidated financial statements and the corrected signature in the Auditor Report), Item 15, the signature page and the required certifications of the chief executive officer and the chief financial officer.

------

**Item 8 Consolidated Financial Statements and Supplementary Data**

**Table of Contents**

---

| | |
|:---|:---|
| [<u>Report of Independent Registered Public Accounting Firm</u>](#auditor_report) | [<u>4</u>](#auditor_report) |
| [<u>Consolidated Statements of Financial Condition</u>](#consolidated_statements_of_financial_c) | [<u>6</u>](#consolidated_statements_of_financial_c) |
| [<u>Consolidated Statements of Operations</u>](#consolidated_statements_of_operations) | [<u>7</u>](#consolidated_statements_of_operations) |
| [<u>Consolidated Statements of Changes in Members' Capital</u>](#consolidated_stmt_of_changes_members) | [<u>8</u>](#consolidated_stmt_of_changes_members) |
| [<u>Consolidated Statements of Cash Flows</u>](#cashflow) | [<u>9</u>](#cashflow) |
| [<u>Consolidated Schedules of Investments</u>](#soi) | [<u>10</u>](#soi) |
| [<u>Notes to the Consolidated Financial Statements</u>](#notes) | [<u>61</u>](#notes) |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the unitholders and the Board of Directors of North Haven Private Income Fund LLC

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statements of financial condition of North Haven Private Income Fund LLC and subsidiaries (the "Company"), including the consolidated schedule of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in members' capital and cash flows for each of the three years ended December 31, 2025, financial highlights for each of the four years ended December 31, 2025 and the period from March 4, 2021 (inception) to December 31, 2021, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations, changes in members' capital and cash flows for each of the three years ended December 31, 2025, and financial highlights for each of the four years ended December 31, 2025 and the period from March 4, 2021 (inception) to December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2025 and 2024, by correspondence with the custodian, loan agents, and borrowers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

**Investments –Level 3 Fair Value Measurements (for first and second lien debt) — Refer to Notes 2 and 5 to the financial statements**

*Critical Audit Matter Description*

------

The Company held first and second lien debt classified as Level 3 investments under accounting principles generally accepted in the United States of America. The valuation techniques used in estimating the fair value of these investments vary and certain significant inputs used were unobservable.

We identified the valuation of first and second lien debt Level 3 investments as a critical audit matter given the judgments involved in estimating fair value, including the selection of valuation approaches and development of unobservable inputs. This required a high degree of auditor judgment and extensive audit effort, including the need to involve fair value specialists.

**How the Critical Audit Matter Was Addressed in the Audit**

Our audit procedures related to valuation techniques and unobservable inputs used by management to estimate the fair value of first and second lien debt Level 3 investments included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We tested the design and implementation over management's valuation of first and second lien debt Level 3 investments, including those related to valuation techniques and significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We evaluated the appropriateness of the valuation techniques used for first and second lien debt Level 3 investments and tested the related significant unobservable inputs by comparing these inputs to external sources or, as applicable, by comparing to independently developed estimates. For selected investments, we used the assistance of our fair value specialists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For certain investments, we developed our own independent estimate of the fair value and compared our estimate to management's estimate. For selected investments, we used the assistance of our fair value specialists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We evaluated management's ability to reasonably estimate fair value by comparing management's historical estimates to subsequent transactions, taking into account changes in market or investment specific conditions, where applicable.

/s/Deloitte & Touche LLP

New York, NY

March 3, 2026

We have served as the Company's auditor since 2021.

------

**North Haven Private Income Fund LLC**

**Consolidated Statements of Financial Condition**

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value (amortized cost of $6,591,112 and $6,103,560) | $6504378 | $6079019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments, at fair value (amortized cost of $22,923 and $0) | 20956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled/affiliated investments, at fair value (amortized cost of $85,438 and $0) | 85276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (cost of $6,699,473 and $6,103,560) | $6610610 | $6079019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents (restricted cash of $11,510 and $1,650) | 199865 | 159788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated money market fund (cost of $38,403 and $58,216) | 38403 | 58216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs | 33878 | 35183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable from non-controlled/non-affiliated investments | 48793 | 58637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable from non-controlled/affiliated investments | 391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable from controlled/affiliated investments | 1174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold/repaid | 29048 | 15465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 10958 | 2196 |
| **Total assets** | 6973120 | 6408504 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $12,317 and $12,828) | 3290766 | 2861892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 24 | 47887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to affiliates (Note 3) | 36 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 28448 | 26178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 3236 | 7337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions received in advance (Note 8) | 18060 | 51728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for units repurchased (Note 8) | 181587 | 55792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee payable | 4176 | 8399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and financing costs payable | 54291 | 53852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 12668 | 23670 |
| **Total liabilities** | 3593292 | 3137318 |
| Commitments and contingencies (Note 7) |  |  |
| **Members' Capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units, par value $0.001 per unit (182,049,066 and 172,510,464 units issued and outstanding) | 182 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par value | 3505645 | 3321472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (125999) | (50459) |
| **Total Members' Capital** | $3379828 | $3271186 |
| **Total liabilities and Members' Capital** | $6973120 | $6408504 |
| **Net asset value per unit** | $18.57 | $18.96 |

---

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

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**North Haven Private Income Fund LLC**

**Consolidated Statements of Operations** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| **Investment Income:** |  |  |  |
| **From non-controlled/non-affiliated investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $619613 | $520261 | $285826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 19306 | 14580 | 4622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 5565 | 4814 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 9953 | 12673 | 8564 |
| **From non-controlled/affiliated investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 677 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 1042 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 200 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 35 |  |  |
| **From controlled/affiliated investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 1174 |  |  |
| **Total investment income** | 657565 | 552328 | 302770 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing expenses | 246365 | 171312 | 75673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 43573 | 36707 | 21048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees | 47038 | 42148 | 25206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 9598 | 9303 | 4291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 518 | 439 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees | 154 | 179 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees | 28831 | 24961 | 14313 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and other expenses | 732 | 199 | 205 |
| **Total expenses** | 376809 | 285248 | 141260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense support (Note 3) | (900) | (2700) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoupment of expense support (Note 3) |  | 400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees waiver (Note 3) | (19680) | (2750) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees waiver (Note 3) | (19680) | (6350) | (424) |
| **Net expenses** | 336549 | 273848 | 140836 |
| **Net investment income before taxes** | 321016 | 278480 | 161934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense |  | 15 | 70 |
| **Net investment income after taxes** | 321016 | 278465 | 161864 |
| **Realized and unrealized gain (loss):** |  |  |  |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (16349) | (26742) | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | 61 | (7) | 1 |
| Net change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (64340) | 8426 | 43906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | 173 | (171) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments | (1967) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled/affiliated investments | (162) |  |  |
| **Net realized and unrealized gain (loss)** | $(82584) | $(18494) | $44054 |
| **Net increase (decrease) in members' capital resulting from operations** | $238432 | $259971 | $205918 |
| Earnings (loss) per unit (basic and diluted) | $1.28 | $1.66 | $2.26 |
| Weighted average units outstanding (basic and diluted) | 186941307 | 156537151 | 91230657 |

---

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

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**North Haven Private Income Fund LLC**

**Consolidated Statements of Changes in Members' Capital** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| **Members' Capital at beginning of period:** | $3271186 | $2304430 | $1266213 |
| **Increase (decrease) in members' capital resulting from operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 321016 | 278465 | 161864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (16288) | (26749) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (66296) | 8255 | 43948 |
| **Net increase (decrease) in members' capital resulting from operations** | 238432 | 259971 | 205918 |
| **Distributions to Unitholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings | (312944) | (282812) | (161416) |
| **Capital transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Units | 461922 | 1003740 | 1021895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 183111 | 160211 | 82594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased Units | (461879) | (174354) | (110774) |
| **Net increase in members' capital resulting from capital transactions** | 183154 | 989597 | 993715 |
| **Total increase (decrease) in members' capital** | 108642 | 966756 | 1038217 |
| **Members' capital at end of period** | $3379828 | $3271186 | $2304430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions per unit | $1.67 | $1.81 | $1.77 |

---

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

------

**North Haven Private Income Fund LLC**

**Consolidated Statements of Cash Flows** 

*(In thousands)*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| **Cash flows from operating activities:** |  |  |  |
| Net increase (decrease) in members' capital resulting from operations | $238432 | $259971 | $205918 |
| 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;Net change in unrealized (appreciation) depreciation on investments | 66469 | (8426) | (43906) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | (173) | 171 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes | 3132 | 882 | (1009) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 16349 | 26742 | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency and other transactions | (61) | 7 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated money market fund, net | 19813 | (58216) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium on investments | (25236) | (20352) | (8909) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest and dividend capitalized | (25718) | (19453) | (7987) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 7910 | 5506 | 2768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and original issuance discount on unsecured notes | 5199 | 3220 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs |  |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments and change in payable for investments purchased | (1937381) | (2623841) | (1497694) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid | 1314314 | 894845 | 338192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of SLIC, net of cash acquired <sup>(1)</sup> |  | (519667) |  |
| Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments | 9844 | (35003) | (9326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments | (391) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividend receivable from controlled/affiliated investments | (1174) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses and other assets | (4834) | 14678 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in payable to affiliates | (547) | (3167) | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in management fees payable | (4101) | 398 | 2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in incentive fees payable | (4223) | 566 | 6430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in interest payable | 357 | 27708 | 24340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accrued expenses and other liabilities | (1422) | (10759) | 1450 |
| **Net cash provided by (used in) operating activities** | (323442) | (2064190) | (983477) |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | $2118314 | $2754469 | $2018500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on debt | (1709000) | (1343500) | (1828500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid | (6522) | (28333) | (8223) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs paid | (3996) | (7535) | (9563) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (127563) | (136384) | (70181) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Units | 410194 | 857620 | 1021895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions received in advance | 18060 | 51728 | 109816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of Units | (336085) | (146158) | (103406) |
| **Net cash provided by (used in) financing activities** | 363402 | 2001907 | 1130338 |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | 39960 | (62283) | 146861 |
| Effect of foreign exchange rate changes on cash | 117 | (173) | 5 |
| Cash, cash equivalents and restricted cash, at beginning of period | 159788 | 222244 | 75378 |
| **Cash, cash equivalents and restricted cash, at end of period** | $199865 | $159788 | $222244 |
| **Supplemental information and non-cash activities:** |  |  |  |
| Excise tax paid | $— | $114 | $170 |
| Interest expense paid | $228502 | $128606 | $48391 |
| Distribution reinvestment paid | $183111 | $160211 | $82594 |
| Accrued but unpaid distributions | $28448 | $26178 | $18455 |
| Accrued but unpaid deferred financing costs | $— | $— | $22 |
| Accrued but unpaid repurchases of Units | $181587 | $55792 | $27596 |
| Non-cash purchases of investments | $(30915) | $(36164) | $— |
| Non-cash sales of investments | $30915 | $36164 | $— |
| Debt assumed in purchase of reorganization <sup>(1)</sup> | $— | $558073 | $— |

---

<sup>(1)</sup> On July 15, 2024, in connection with the acquisition of SL Investment Corporation, the Company acquired total assets of $1,158,037, inclusive of $1,101,382 of investments, $41,990 of cash and cash equivalents and $14,665 of other assets, net of $596,381 of assumed liabilities, inclusive of $558,073 debt assumed. See Note 12 "SLIC Acquisition."

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

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair<br>Value** | **Percentage<br>of Net<br>Assets** |
| **Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| GB Eagle Buyer, Inc. | (6) (7) (11) | First Lien Debt | S + | 4.50% | 8.35% | 11/29/2030 | 28568 | $28289 | $28289 | 0.84% |
| GB Eagle Buyer, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.35% | 11/29/2030 |  | (32) | (32) | 0.00 |
| GB Eagle Buyer, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.35% | 11/29/2030 |  | (43) | (43) | 0.00 |
| Jonathan Acquisition Company | (6) (10) | First Lien Debt | S + | 4.50% | 8.34% | 11/12/2029 | 3700 | 3646 | 3646 | 0.11 |
| Jonathan Acquisition Company | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.34% | 05/11/2029 |  | (7) | (7) | 0.00 |
| ManTech International CP | (6) (7) (8) (11) | First Lien Debt | S + | 4.50% | 8.29% | 09/14/2029 | 33001 | 32733 | 33001 | 0.98 |
| ManTech International CP | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.29% | 09/14/2029 |  |  |  | 0.00 |
| ManTech International CP | (6) (11) (18) | First Lien Debt | P + | 3.50% | 10.25% | 09/14/2028 |  | (29) |  | 0.00 |
| Two Six Labs, LLC | (6) (8) (11) | First Lien Debt | S + | 5.25% | 9.22% | 08/20/2027 | 26614 | 26412 | 26604 | 0.79 |
| Two Six Labs, LLC | (6) (11) | First Lien Debt | S + | 5.25% | 9.22% | 08/20/2027 | 6783 | 6714 | 6783 | 0.20 |
| Two Six Labs, LLC | (6) (11) (18) | First Lien Debt | S + | 5.25% | 9.22% | 08/20/2027 |  | (7) |  | 0.00 |
|  |  |  |  |  |  |  |  | 97676 | 98241 | 2.92 |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| AGI-CFI Holdings, Inc. | (6) (8) (9) (11) | First Lien Debt | S + | 4.75% | 8.57% | 06/11/2027 | 48482 | 48174 | 48239 | 1.43 |
| RoadOne IntermodaLogistics | (6) (10) | First Lien Debt | S + | 6.25% | 9.95% | 12/29/2028 | 1256 | 1235 | 1206 | 0.04 |
| RoadOne IntermodaLogistics | (6) (10) | First Lien Debt | S + | 6.25% | 9.95% | 12/29/2028 | 115 | 113 | 111 | 0.00 |
| RoadOne IntermodaLogistics | (6) (10) (18) | First Lien Debt | S + | 6.25% | 9.95% | 12/29/2028 | 228 | 225 | 218 | 0.01 |
|  |  |  |  |  |  |  |  | 49747 | 49774 | 1.48 |
| **Automobile Components** |  |  |  |  |  |  |  |  |  |  |
| Continental Battery Company | (6) (7) (8) (10) (13) (14) | First Lien Debt | S + | 7.00% PIK | 11.29% | 07/20/2028 | 12945 | 11731 | 5480 | 0.16 |
| LTI Holdings, Inc. |  | First Lien Debt | S + | 3.75% | 7.47% | 07/29/2029 | 4942 | 4939 | 4968 | 0.15 |
| OEConnection, LLC | (6) (7) (11) | First Lien Debt | S + | 4.50% | 8.23% | 12/23/2032 | 1493 | 1486 | 1486 | 0.04 |
| OEConnection, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.23% | 12/23/2032 |  | (2) | (2) | 0.00 |
| OEConnection, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.23% | 12/23/2032 |  | (1) | (1) | 0.00 |
| Randy's Holdings, Inc. | (6) (10) | First Lien Debt | S + | 5.00% | 8.71% | 11/01/2029 | 14088 | 13882 | 13947 | 0.41 |
| Randy's Holdings, Inc. | (6) (10) (18) | First Lien Debt | S + | 5.00% | 8.71% | 11/01/2029 | 3724 | 3634 | 3664 | 0.11 |
| Randy's Holdings, Inc. | (6) (10) (18) | First Lien Debt | S + | 5.00% | 8.71% | 11/01/2029 | - | (25) | (19) | 0.00 |
| Sonny's Enterprises, LLC | (6) (7) (8) (10) | First Lien Debt | S + | 5.50% | 9.52% | 08/05/2028 | 52215 | 51805 | 50742 | 1.50 |
| Sonny's Enterprises, LLC | (6) (10) | First Lien Debt | S + | 5.50% | 9.52% | 08/05/2028 | 5957 | 5888 | 5789 | 0.17 |
| Sonny's Enterprises, LLC | (6) (10) (18) | First Lien Debt | S + | 5.50% | 9.52% | 08/05/2027 | 2233 | 2183 | 2076 | 0.06 |
| Spectrum Automotive Holdings Corp. | (6) (8) (11) | First Lien Debt | S + | 5.25% | 8.97% | 06/29/2028 | 9827 | 9771 | 9827 | 0.29 |
| Spectrum Automotive Holdings Corp. | (6) (11) | First Lien Debt | S + | 5.25% | 8.97% | 06/29/2028 | 5131 | 5082 | 5131 | 0.15 |
| Spectrum Automotive Holdings Corp. | (6) (11) (18) | First Lien Debt | S + | 5.25% | 8.97% | 06/29/2027 |  | (2) |  | 0.00 |
|  |  |  |  |  |  |  |  | 110371 | 103088 | 3.04 |
| **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| COP Collisionright Parent, LLC | (6) (8) (9) (10) | First Lien Debt | S + | 4.75% | 8.59% | 01/29/2030 | 26739 | 26357 | 26673 | 0.79 |
| COP Collisionright Parent, LLC | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.59% | 01/29/2030 | 19299 | 18983 | 19237 | 0.57 |
| COP Collisionright Parent, LLC | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.59% | 01/29/2030 | 673 | 611 | 662 | 0.02 |
| Drivecentric Holdings, LLC | (6) (8) (11) | First Lien Debt | S + | 4.50% | 8.19% | 08/15/2031 | 38816 | 38479 | 38816 | 1.15 |
| Drivecentric Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.19% | 08/15/2031 |  | (39) |  | 0.00 |
| Drivecentric Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.19% | 08/15/2031 |  | (33) |  | 0.00 |
| LeadVenture, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.25% | 8.92% | 06/23/2032 | 9383 | 9250 | 9383 | 0.28 |
| LeadVenture, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.25% | 8.92% | 06/23/2032 | 590 | 573 | 590 | 0.02 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| LeadVenture, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.25% | 8.92% | 06/23/2032 | 179 | 167 | 179 | 0.01 |
| MajorDrive Holdings IV, LLC | (12) | First Lien Debt | S + | 4.00% | 7.93% | 06/01/2028 | 2938 | 2941 | 2659 | 0.08 |
| Turbo Buyer, Inc. | (6) (8) (10) | First Lien Debt | S + | 6.00% | 9.82% | 06/02/2026 | 15812 | 15637 | 15812 | 0.47 |
| Turbo Buyer, Inc. | (6) (10) | First Lien Debt | S + | 6.00% | 9.82% | 06/02/2026 | 2420 | 2401 | 2420 | 0.07 |
| Vehlo Purchaser, LLC | (6) (8) (11) | First Lien Debt | S + | 5.50% | 9.22% | 05/24/2028 | 2015 | 2003 | 2015 | 0.06 |
| Vehlo Purchaser, LLC | (6) (8) (11) | First Lien Debt | S + | 5.50% | 9.22% | 05/24/2028 | 46013 | 45614 | 46013 | 1.36 |
| Vehlo Purchaser, LLC | (6) (11) (18) | First Lien Debt | S + | 5.50% | 9.22% | 05/24/2028 |  | (2) |  | 0.00 |
|  |  |  |  |  |  |  |  | 162942 | 164459 | 4.88 |
| **Banks** |  |  |  |  |  |  |  |  |  |  |
| Computer Services, Inc. | (6) (7) (10) | First Lien Debt | S + | 4.50% | 8.17% | 11/17/2031 | 9033 | 8989 | 8989 | 0.27 |
| Computer Services, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.17% | 11/17/2031 |  | (10) | (10) | 0.00 |
|  |  |  |  |  |  |  |  | 8979 | 8979 | 0.27 |
| **Beverages** |  |  |  |  |  |  |  |  |  |  |
| Vamos Bidco, Inc. | (6) (8) (12) | First Lien Debt | S + | 4.75% | 8.42% | 01/30/2032 | 11551 | 11447 | 11464 | 0.34 |
| Vamos Bidco, Inc. | (6) (12) (18) | First Lien Debt | S + | 4.75% | 8.42% | 01/30/2032 |  | (21) | (36) | 0.00 |
| Vamos Bidco, Inc. | (6) (12) (18) | First Lien Debt | S + | 4.75% | 8.42% | 01/30/2032 |  | (13) | (11) | 0.00 |
|  |  |  |  |  |  |  |  | 11413 | 11417 | 0.34 |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |
| Project Potter Buyer, LLC | (6) (7) (10) | First Lien Debt | S + | 5.25% | 8.92% | 04/23/2027 | 11288 | 11284 | 11288 | 0.33 |
| Project Potter Buyer, LLC | (6) (10) (18) | First Lien Debt | S + | 5.25% | 8.92% | 04/23/2027 |  |  |  | 0.00 |
|  |  |  |  |  |  |  |  | 11284 | 11288 | 0.33 |
| **Capital Markets** |  |  |  |  |  |  |  |  |  |  |
| Orion Advisor Solutions, Inc. |  | First Lien Debt | S + | 3.25% | 7.11% | 09/24/2030 | 3960 | 3986 | 3983 | 0.12 |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Olympus Water US Holding Corporation | (12) | First Lien Debt | S + | 3.00% | 6.67% | 06/20/2031 | 4659 | 4669 | 4614 | 0.14 |
| Tank Holding Corp. | (9) (11) | First Lien Debt | S + | 6.00% | 9.59% | 03/31/2028 | 52822 | 52211 | 48257 | 1.43 |
| Tank Holding Corp. | (11) | First Lien Debt | S + | 6.00% | 9.59% | 03/31/2028 | 5950 | 5838 | 5434 | 0.16 |
| Tank Holding Corp. | (11) (18) | First Lien Debt | S + | 6.00% | 9.59% | 03/31/2028 |  | (14) | (161) | 0.00 |
| V Global Holdings, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 6.25% (incl. 3.70% PIK) | 9.27% | 01/02/2029 | 15772 | 15593 | 14523 | 0.43 |
| V Global Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 6.25% (incl. 3.70% PIK) | 9.27% | 01/02/2029 | 929 | 913 | 752 | 0.02 |
|  |  |  |  |  |  |  |  | 79210 | 73419 | 2.18 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| 365 Retail Markets, LLC | (6) (8) (10) | First Lien Debt | S + | 4.50% | 8.49% | 12/26/2028 | 7180 | 7180 | 7180 | 0.21 |
| 365 Retail Markets, LLC | (6) (8) (10) | First Lien Debt | S + | 4.50% | 8.49% | 12/26/2028 | 2304 | 2304 | 2304 | 0.07 |
| Astra Service Partners, LLC | (6) (11) | First Lien Debt | S + | 4.50% | 8.34% | 11/26/2032 | 4500 | 4466 | 4466 | 0.13 |
| Astra Service Partners, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.34% | 11/26/2032 |  | (5) | (5) | 0.00 |
| Atlas US Finco, Inc. | (6) (8) (10) (15) | First Lien Debt | S + | 4.75% | 8.61% | 12/10/2029 | 28821 | 28692 | 28821 | 0.85 |
| Atlas US Finco, Inc. | (6) (7) (8) (10) (15) | First Lien Debt | S + | 4.75% | 8.61% | 12/09/2029 | 36099 | 35522 | 36099 | 1.07 |
| Atlas US Finco, Inc. | (6) (10) (15) (18) | First Lien Debt | S + | 4.75% | 8.61% | 12/09/2028 |  | (32) |  | 0.00 |
| Belfor Holdings, Inc. | (12) | First Lien Debt | S + | 2.75% | 6.47% | 11/01/2030 | 1855 | 1869 | 1862 | 0.06 |
| BPG Holdings IV Corp. | (6) (8) (9) (11) | First Lien Debt | S + | 7.00% (incl. 5.00% PIK) | 10.67% | 07/30/2029 | 26675 | 25349 | 20981 | 0.62 |
| Consor Intermediate II, LLC | (6) (11) | First Lien Debt | S + | 4.50% | 8.17% | 05/12/2031 | 7911 | 7855 | 7902 | 0.23 |
| Consor Intermediate II, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 05/12/2031 |  | (18) | (4) | 0.00 |
| Consor Intermediate II, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 05/12/2031 | 283 | 272 | 281 | 0.01 |
| CRCI Longhorn Holdings, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.75% | 8.47% | 08/27/2031 | 8735 | 8661 | 8735 | 0.26 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| CRCI Longhorn Holdings, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.47% | 08/27/2031 |  | (9) |  | 0.00 |
| CRCI Longhorn Holdings, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.47% | 08/27/2031 |  | (12) |  | 0.00 |
| Energy Labs Holdings Corp. | (6) (8) (10) | First Lien Debt | S + | 5.00% | 8.82% | 04/07/2028 | 7882 | 7828 | 7725 | 0.23 |
| Energy Labs Holdings Corp. | (6) (10) | First Lien Debt | S + | 5.00% | 8.82% | 04/07/2028 | 2518 | 2490 | 2450 | 0.07 |
| Energy Labs Holdings Corp. | (6) (10) (18) | First Lien Debt | S + | 5.00% | 8.82% | 04/07/2028 | 575 | 562 | 537 | 0.02 |
| EnergySolutions, LLC | (12) | First Lien Debt | S + | 3.25% | 6.97% | 09/20/2030 | 4943 | 4965 | 4972 | 0.15 |
| Firebird Acquisition Corp, Inc. | (6) (11) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 8.84% | 02/02/2032 | 6045 | 6019 | 6045 | 0.18 |
| Firebird Acquisition Corp, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 8.84% | 02/02/2032 | 1417 | 1406 | 1417 | 0.04 |
| Firebird Acquisition Corp, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 8.84% | 02/02/2032 |  | (5) |  | 0.00 |
| FLS Holding, Inc. | (6) (7) (8) (10) (15) | First Lien Debt | S + | 5.25% | 9.07% | 12/15/2028 | 23531 | 22648 | 20054 | 0.59 |
| FLS Holding, Inc. | (6) (8) (10) (15) | First Lien Debt | S + | 5.25% | 9.07% | 12/15/2028 | 5517 | 5311 | 4702 | 0.14 |
| FLS Holding, Inc. | (6) (10) (15) (18) | First Lien Debt | S + | 5.25% | 9.07% | 12/17/2027 | 2247 | 2180 | 1910 | 0.06 |
| Foundever Group | (6) (12) | First Lien Debt | S + | 3.75% | 7.76% | 08/28/2028 | 4799 | 4808 | 1872 | 0.06 |
| Hercules Borrower, LLC | (6) (11) | First Lien Debt | S + | 4.75% | 8.42% | 12/15/2028 | 25900 | 25754 | 25641 | 0.76 |
| Hercules Borrower, LLC | (6) (11) | First Lien Debt | C + | 4.75% | 7.01% | 12/15/2028 | C$2,993 | 2083 | 2161 | 0.06 |
| HSI Halo Acquisition, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.00% | 8.84% | 06/30/2031 | 18832 | 18674 | 18756 | 0.55 |
| HSI Halo Acquisition, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.84% | 06/30/2031 | 2262 | 2237 | 2244 | 0.07 |
| HSI Halo Acquisition, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.84% | 06/28/2030 |  | (23) | (12) | 0.00 |
| Iris Buyer, LLC | (6) (8) (10) | First Lien Debt | S + | 5.25% | 9.09% | 10/02/2030 | 20291 | 19933 | 20237 | 0.60 |
| Iris Buyer, LLC | (6) (10) | First Lien Debt | S + | 5.25% | 9.09% | 10/02/2030 | 1865 | 1835 | 1860 | 0.06 |
| Iris Buyer, LLC | (6) (10) (18) | First Lien Debt | S + | 5.25% | 9.09% | 10/02/2029 |  | (43) | (7) | 0.00 |
| LSF12 Crown US Commercial Bidco, LLC |  | First Lien Debt | S + | 3.50% | 7.37% | 12/02/2031 | 2915 | 2927 | 2930 | 0.09 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (8) (11) | First Lien Debt | S + | 4.75% | 8.42% | 12/20/2028 | 15238 | 15238 | 15238 | 0.45 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 12/20/2028 | 926 | 922 | 926 | 0.03 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 12/20/2028 |  |  |  | 0.00 |
| Railpros Parent, LLC | (6) (8) (11) | First Lien Debt | S + | 4.25% | 8.13% | 05/24/2032 | 21157 | 20960 | 20946 | 0.62 |
| Railpros Parent, LLC | (6) (11) (18) | First Lien Debt | S + | 4.25% | 8.13% | 05/24/2032 |  | (30) | (65) | 0.00 |
| Railpros Parent, LLC | (6) (11) (18) | First Lien Debt | S + | 4.25% | 8.13% | 05/24/2032 |  | (30) | (33) | 0.00 |
| Routeware, Inc. | (6) (8) (10) | First Lien Debt | S + | 5.25% | 8.95% | 09/18/2031 | 4773 | 4732 | 4757 | 0.14 |
| Routeware, Inc. | (6) (10) (18) | First Lien Debt | S + | 5.25% | 8.95% | 09/18/2031 | 290 | 279 | 283 | 0.01 |
| Routeware, Inc. | (6) (10) (18) | First Lien Debt | S + | 5.25% | 8.95% | 09/18/2031 | 102 | 98 | 101 | 0.00 |
| Sherlock Buyer Corp. | (6) (7) (8) (10) | First Lien Debt | S + | 5.75% | 9.42% | 12/06/2030 | 24845 | 24774 | 24061 | 0.71 |
| Sherlock Buyer Corp. | (6) (10) (18) | First Lien Debt | S + | 5.75% | 9.42% | 12/07/2029 |  | (7) | (94) | 0.00 |
| Surewerx Purchaser III, Inc. | (6) (7) (8) (11) (15) | First Lien Debt | S + | 5.25% | 8.92% | 12/28/2029 | 4390 | 4349 | 4382 | 0.13 |
| Surewerx Purchaser III, Inc. | (6) (11) (15) | First Lien Debt | C + | 5.25% | 7.51% | 12/28/2029 | C$2,591 | 1872 | 1887 | 0.06 |
| Surewerx Purchaser III, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 5.25% | 8.92% | 12/28/2029 |  | (6) | (1) | 0.00 |
| Surewerx Purchaser III, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 5.25% | 8.92% | 12/28/2028 |  | (12) | (2) | 0.00 |
| Sweep Midco, LLC | (6) (8) (16) | Second Lien Debt |  |  | 0.00% | 03/12/2034 | 1086 | 543 | 730 | 0.02 |
| Sweep Midco, LLC | (6) (8) (16) | Second Lien Debt |  |  | 0.00% | 03/12/2036 | 3156 |  |  | 0.00 |
| Sweep Purchaser, LLC | (6) (8) (10) | First Lien Debt | S + | 5.75% PIK | 9.58% | 06/30/2027 | 4362 | 4362 | 4362 | 0.13 |
| Sweep Purchaser, LLC | (6) (8) (10) | First Lien Debt | S + | 5.75% | 9.58% | 06/30/2027 | 2029 | 2029 | 2029 | 0.06 |
| Sweep Purchaser, LLC | (6) (10) (18) | First Lien Debt | S + | 5.75% | 9.58% | 06/30/2027 | 94 | 94 | 94 | 0.00 |
| Tamarack Intermediate, LLC | (6) (8) (11) | First Lien Debt | S + | 5.00% | 8.90% | 03/12/2029 | 25541 | 25278 | 25476 | 0.75 |
| Tamarack Intermediate, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.90% | 03/12/2029 | 3225 | 3170 | 3211 | 0.10 |
| Tamarack Intermediate, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.90% | 03/12/2029 |  | (37) | (11) | 0.00 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Tempo Acquisition, LLC | (12) | First Lien Debt | S + | 1.75% | 5.47% | 08/31/2028 | 3947 | 3957 | 3787 | 0.11 |
| Transit Technologies, LLC | (6) (11) | First Lien Debt | S + | 5.00% | 8.59% | 08/20/2031 | 15254 | 15121 | 15225 | 0.45 |
| Transit Technologies, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.59% | 08/20/2031 | 1515 | 1487 | 1509 | 0.04 |
| Transit Technologies, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.59% | 08/20/2030 |  | (20) |  | 0.00 |
| Vensure Employer Services, Inc. | (6) (8) (12) | First Lien Debt | S + | 5.00% | 8.70% | 09/29/2031 | 31707 | 31438 | 31707 | 0.94 |
| Vensure Employer Services, Inc. | (6) (12) (18) | First Lien Debt | S + | 5.00% | 8.70% | 09/29/2031 |  | (8) |  | 0.00 |
| VRC Companies, LLC | (6) (8) (11) | First Lien Debt | S + | 5.50% | 9.31% | 06/29/2027 | 45400 | 45278 | 45400 | 1.34 |
| VRC Companies, LLC | (6) (10) | First Lien Debt | S + | 5.50% | 9.31% | 06/29/2027 | 47116 | 46807 | 47116 | 1.39 |
| VRC Companies, LLC | (6) (10) (18) | First Lien Debt | S + | 5.50% | 9.31% | 06/29/2027 |  |  |  | 0.00 |
|  |  |  |  |  |  |  |  | 506321 | 497137 | 14.71 |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Arcoro Holdings Corp. | (6) (10) | First Lien Debt | S + | 5.50% | 9.17% | 03/28/2030 | 56530 | 55666 | 55558 | 1.64 |
| Arcoro Holdings Corp. | (6) (10) (18) | First Lien Debt | S + | 5.50% | 9.17% | 03/28/2030 |  | (122) | (148) | 0.00 |
| Artera Services, LLC |  | First Lien Debt | S + | 4.50% | 8.17% | 02/15/2031 | 1975 | 1960 | 1588 | 0.05 |
| Crown Subsea Communications Holding, Inc. | (11) | First Lien Debt | S + | 3.50% | 7.22% | 01/30/2031 | 3980 | 4011 | 4006 | 0.12 |
| KPSKY Acquisition, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 5.50% | 9.44% | 10/19/2028 | 20535 | 19872 | 18669 | 0.55 |
| KPSKY Acquisition, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.50% | 9.44% | 10/19/2028 | 16366 | 16084 | 14879 | 0.44 |
| LJ Avalon Holdings, LLC | (6) (7) (10) | First Lien Debt | S + | 4.50% | 8.46% | 02/01/2030 | 6529 | 6471 | 6529 | 0.19 |
| LJ Avalon Holdings, LLC | (6) (7) (10) | First Lien Debt | S + | 4.50% | 8.46% | 02/01/2030 | 5277 | 5217 | 5277 | 0.16 |
| LJ Avalon Holdings, LLC | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.46% | 02/01/2029 |  | (10) |  | 0.00 |
| Superman Holdings, LLC | (6) (8) (11) | First Lien Debt | S + | 4.50% | 8.17% | 08/29/2031 | 25140 | 25033 | 25140 | 0.74 |
| Superman Holdings, LLC | (6) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 08/29/2031 | 8238 | 8177 | 8238 | 0.24 |
| Superman Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 08/29/2031 |  | (15) |  | 0.00 |
|  |  |  |  |  |  |  |  | 142344 | 139736 | 4.13 |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.50% | 9.34% | 02/03/2031 | 38577 | 38276 | 37992 | 1.12 |
| PDI TA Holdings, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.50% | 9.34% | 02/03/2031 | 2359 | 2336 | 2311 | 0.07 |
|  |  |  |  |  |  |  |  | 40612 | 40303 | 1.19 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |
| Berlin Packaging, LLC |  | First Lien Debt | S + | 3.25% | 7.11% | 06/07/2031 | 5935 | 5940 | 5947 | 0.18 |
| BP Purchaser, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.50% | 9.48% | 12/11/2028 | 34033 | 32910 | 26605 | 0.79 |
| Clydesdale Acquisition Holdings, Inc. | (12) | First Lien Debt | S + | 3.18% | 6.89% | 04/13/2029 | 7303 | 7306 | 7304 | 0.22 |
| FORTIS Solutions Group, LLC | (6) (8) (11) | First Lien Debt | S + | 5.50% | 9.27% | 10/13/2028 | 21739 | 21669 | 21739 | 0.64 |
| FORTIS Solutions Group, LLC | (6) (11) | First Lien Debt | S + | 5.50% | 9.27% | 10/13/2028 | 2835 | 2820 | 2835 | 0.08 |
| FORTIS Solutions Group, LLC | (6) (11) (18) | First Lien Debt | S + | 5.50% | 9.27% | 10/15/2027 | 525 | 521 | 525 | 0.02 |
| Proampac PG Borrower, LLC | (11) | First Lien Debt | S + | 4.00% | 7.89% | 09/15/2028 | 2935 | 2945 | 2936 | 0.09 |
|  |  |  |  |  |  |  |  | 74111 | 67891 | 2.01 |
| **Distributors** |  |  |  |  |  |  |  |  |  |  |
| 48Forty Solutions, LLC | (6) (8) (14) | First Lien Debt | S + | 6.00% | 10.48% | 11/30/2029 | 47378 | 46014 | 19425 | 0.57 |
| 48Forty Solutions, LLC | (6) (14) (18) | First Lien Debt | S + | 6.00% | 10.48% | 11/30/2029 | 5684 | 5380 | 1484 | 0.04 |
| ABB Concise Optical Group, LLC | (6) (7) (11) | First Lien Debt | S + | 7.50% | 11.34% | 02/23/2028 | 17008 | 16822 | 16370 | 0.48 |
| PT Intermediate Holdings III, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 8.67% | 04/09/2030 | 55126 | 54663 | 55126 | 1.63 |
| PT Intermediate Holdings III, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 8.67% | 04/09/2030 |  | (4) |  | 0.00 |
|  |  |  |  |  |  |  |  | 122875 | 92405 | 2.73 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Any Hour, LLC | (6) (12) | First Lien Debt | S + | 5.25% | 8.92% | 05/23/2030 | 11684 | 11546 | 11162 | 0.33 |
| Any Hour, LLC | (6) (12) (18) | First Lien Debt | S + | 5.25% | 8.92% | 05/23/2030 | 331 | 310 | 176 | 0.01 |
| Any Hour, LLC | (6) (12) (18) | First Lien Debt | S + | 5.25% | 8.92% | 05/23/2030 | 1455 | 1436 | 1377 | 0.04 |
| Any Hour, LLC | (6) | Other Debt |  | 13.00% PIK | 13.00% | 05/23/2031 | 3627 | 3577 | 3444 | 0.10 |
| Apex Service Partners, LLC | (6) (7) (8) (9) (10) | First Lien Debt | S + | 5.00% | 8.82% | 10/24/2030 | 71381 | 70532 | 71335 | 2.11 |
| Apex Service Partners, LLC | (6) (10) | First Lien Debt | S + | 5.00% | 8.82% | 10/24/2030 | 10432 | 10286 | 10425 | 0.31 |
| Apex Service Partners, LLC | (6) (10) (18) | First Lien Debt | S + | 5.00% | 8.82% | 10/24/2029 | 1381 | 1327 | 1377 | 0.04 |
| Ascend Learning, LLC | (12) | First Lien Debt | S + | 3.00% | 6.72% | 12/11/2028 | 7301 | 7276 | 7318 | 0.22 |
| Assembly Intermediate, LLC | (6) (8) (10) | First Lien Debt | S + | 5.25% | 8.92% | 10/19/2027 | 8055 | 7830 | 8055 | 0.24 |
| Assembly Intermediate, LLC | (6) (10) | First Lien Debt | S + | 5.25% | 8.92% | 10/19/2027 | 1778 | 1727 | 1778 | 0.05 |
| Assembly Intermediate, LLC | (6) (10) (18) | First Lien Debt | S + | 5.25% | 8.92% | 10/19/2027 |  | (23) |  | 0.00 |
| DA Blocker Corp. | (6) (9) (11) (15) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2032 | 7759 | 7689 | 7740 | 0.23 |
| DA Blocker Corp. | (6) (11) (15) (18) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2032 |  | (10) | (6) | 0.00 |
| DA Blocker Corp. | (6) (11) (15) (18) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2032 |  | (7) | (2) | 0.00 |
| Eclipse Buyer, Inc. | (6) (8) (12) | First Lien Debt | S + | 4.50% | 8.25% | 09/08/2031 | 8362 | 8290 | 8362 | 0.25 |
| Eclipse Buyer, Inc. | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.25% | 09/08/2031 |  | (6) |  | 0.00 |
| Eclipse Buyer, Inc. | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.25% | 09/08/2031 |  | (6) |  | 0.00 |
| Essential Services Holding Corporation | (6) (7) (11) | First Lien Debt | S + | 5.00% | 8.88% | 06/17/2031 | 18624 | 18469 | 18573 | 0.55 |
| Essential Services Holding Corporation | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.88% | 06/17/2031 |  | (20) | (14) | 0.00 |
| Essential Services Holding Corporation | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.88% | 06/17/2030 | 1289 | 1265 | 1280 | 0.04 |
| EVDR Purchaser, Inc. | (6) (11) | First Lien Debt | S + | 4.50% | 8.23% | 02/14/2031 | 36404 | 35830 | 36345 | 1.08 |
| EVDR Purchaser, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.23% | 02/14/2031 |  | (77) | (17) | 0.00 |
| EVDR Purchaser, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.23% | 02/14/2031 | 1267 | 1175 | 1257 | 0.04 |
| Express Wash Acquisition Company, LLC | (6) (8) (10) | First Lien Debt | S + | 6.25% | 10.18% | 04/10/2031 | 5667 | 5510 | 5610 | 0.17 |
| Express Wash Acquisition Company, LLC | (6) (10) (18) | First Lien Debt | S + | 6.25% | 10.18% | 04/10/2031 |  | (10) | (3) | 0.00 |
| FPG Intermediate Holdco, LLC | (6) (10) (13) | First Lien Debt | S + | 5.00% PIK | 8.84% | 07/02/2029 | 2303 | 2264 | 2188 | 0.06 |
| FPG Intermediate Holdco, LLC | (6) (10) (18) | First Lien Debt | S + | 5.00% PIK | 8.84% | 07/02/2029 | 469 | 469 | 469 | 0.01 |
| FPG Intermediate Holdco, LLC | (6) (10) | First Lien Debt | S + | 5.00% PIK | 8.84% | 06/29/2029 | 317 | 317 | 317 | 0.01 |
| GarageCo Intermediate II, LLC | (6) (7) (11) | First Lien Debt | S + | 4.25% | 8.10% | 08/02/2032 | 3434 | 3402 | 3400 | 0.10 |
| GarageCo Intermediate II, LLC | (6) (11) (18) | First Lien Debt | S + | 4.25% | 8.10% | 08/02/2032 |  | (24) | (51) | 0.00 |
| GarageCo Intermediate II, LLC | (6) (11) (18) | First Lien Debt | S + | 4.25% | 8.10% | 07/30/2032 |  | (14) | (15) | 0.00 |
| Heartland Home Services | (6) (11) | First Lien Debt | S + | 5.75% | 9.52% | 12/15/2026 | 22872 | 22771 | 22329 | 0.66 |
| Kodiak Buyer, LLC | (6) (9) (11) | First Lien Debt | S + | 4.50% | 8.17% | 07/26/2032 | 9206 | 9118 | 9206 | 0.27 |
| Kodiak Buyer, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 07/26/2032 |  | (15) |  | 0.00 |
| Kodiak Buyer, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 07/23/2032 |  | (24) |  | 0.00 |
| KUEHG Corp. | (12) | First Lien Debt | S + | 2.75% | 6.42% | 06/12/2030 | 7288 | 7312 | 7059 | 0.21 |
| LHS Borrower, LLC | (6) (7) (11) | First Lien Debt | S + | 5.25% | 8.97% | 09/04/2031 | 12901 | 12716 | 12708 | 0.38 |
| LHS Borrower, LLC | (6) (11) (18) | First Lien Debt | P + | 4.25% | 11.00% | 09/04/2031 | 118 | 104 | 104 | 0.00 |
| Lightspeed Solution, LLC | (6) (8) (11) | First Lien Debt | S + | 6.00% | 9.72% | 03/01/2028 | 23202 | 23047 | 23051 | 0.68 |
| Lightspeed Solution, LLC | (6) (11) | First Lien Debt | S + | 6.00% | 9.72% | 03/01/2028 | 1377 | 1367 | 1368 | 0.04 |
| Project Accelerate Parent, LLC | (6) (11) | First Lien Debt | S + | 5.25% | 8.97% | 02/24/2031 | 27082 | 26867 | 27082 | 0.80 |
| Project Accelerate Parent, LLC | (6) (11) (18) | First Lien Debt | S + | 5.25% | 8.97% | 02/24/2031 |  | (29) |  | 0.00 |
| Spring Education Group, Inc. |  | First Lien Debt | S + | 3.25% | 6.92% | 10/04/2030 | 3920 | 3931 | 3936 | 0.12 |
| Vertex Service Partners, LLC | (6) (8) (9) (11) | First Lien Debt | S + | 6.00% (incl. 4.25% PIK) | 9.67% | 11/08/2030 | 9830 | 9646 | 9647 | 0.29 |
| Vertex Service Partners, LLC | (6) (11) (18) | First Lien Debt | S + | 6.00% (incl. 4.25% PIK) | 9.67% | 11/08/2030 | 12939 | 12691 | 12653 | 0.37 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Vertex Service Partners, LLC | (6) (11) (18) | First Lien Debt | S + | 6.00% | 9.67% | 11/08/2030 | 396 | 362 | 359 | 0.01 |
| Wand NewCo 3, Inc. |  | First Lien Debt | S + | 2.50% | 6.22% | 01/30/2031 | 7084 | 7088 | 7088 | 0.21 |
|  |  |  |  |  |  |  |  | 337282 | 338470 | 10.01 |
| **Electric Utilities** |  |  |  |  |  |  |  |  |  |  |
| Kohler Energy Co, LLC |  | First Lien Debt | S + | 3.75% | 7.42% | 05/01/2031 | 4591 | 4626 | 4612 | 0.14 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Accel International Holdings, Inc. | (6) (8) (12) | First Lien Debt | S + | 4.50% | 8.22% | 04/26/2032 | 24507 | 24393 | 24507 | 0.73 |
| Accel International Holdings, Inc. | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.22% | 04/26/2032 |  | (19) |  | 0.00 |
| Spark Buyer, LLC | (6) (8) (11) | First Lien Debt | S + | 5.25% | 9.13% | 10/15/2031 | 5259 | 5191 | 4865 | 0.14 |
| Spark Buyer, LLC | (6) (11) (18) | First Lien Debt | S + | 5.25% | 9.13% | 10/15/2031 |  | (13) | (159) | 0.00 |
| Spark Buyer, LLC | (6) (11) (18) | First Lien Debt | S + | 5.25% | 9.13% | 10/15/2031 | 361 | 348 | 281 | 0.01 |
|  |  |  |  |  |  |  |  | 29900 | 29494 | 0.87 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |  |
| Abracon Group Holdings, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 10.54% | 07/06/2028 | 29410 | 28849 | 20587 | 0.61 |
| Abracon Group Holdings, LLC | (6) (11) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 10.54% | 07/06/2028 | 1967 | 1933 | 1377 | 0.04 |
| Chamberlain Group, Inc. |  | First Lien Debt | S + | 2.75% | 6.47% | 09/08/2032 | 6790 | 6785 | 6800 | 0.20 |
| Dwyer Instruments, Inc. | (6) (8) (9) (11) | First Lien Debt | S + | 4.75% | 8.42% | 07/20/2029 | 53918 | 53345 | 53648 | 1.59 |
| Dwyer Instruments, Inc. | (6) (11) | First Lien Debt | S + | 4.75% | 8.42% | 07/20/2029 | 21335 | 21059 | 21227 | 0.63 |
| Dwyer Instruments, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 07/20/2029 | 1859 | 1814 | 1833 | 0.05 |
| Infinite Bidco, LLC | (6) (9) (12) | First Lien Debt | S + | 6.25% | 10.14% | 03/02/2028 | 9069 | 9004 | 9068 | 0.27 |
| Infinite Bidco, LLC | (8) (12) | Second Lien Debt | S + | 7.00% | 10.89% | 03/02/2029 | 16800 | 15077 | 15887 | 0.47 |
| Magneto Components Buyco, LLC | (6) (7) (8) (9) (11) | First Lien Debt | S + | 6.00% | 9.67% | 12/05/2030 | 48373 | 47713 | 48373 | 1.43 |
| Magneto Components Buyco, LLC | (6) (11) (18) | First Lien Debt | S + | 6.00% | 9.67% | 12/05/2029 |  | (95) |  | 0.00 |
| NDT Global Holding, Inc. | (6) (8) (12) (15) | First Lien Debt | S + | 4.50% | 8.22% | 06/04/2032 | 32319 | 32016 | 31996 | 0.95 |
| NDT Global Holding, Inc. | (6) (12) (15) (18) | First Lien Debt | S + | 4.50% | 8.22% | 06/04/2032 | 6336 | 6240 | 6192 | 0.18 |
| NDT Global Holding, Inc. | (6) (12) (15) (18) | First Lien Debt | S + | 4.50% | 8.22% | 06/04/2032 |  | (66) | (72) | 0.00 |
| NSI Holdings, Inc. | (6) (7) (11) | First Lien Debt | S + | 4.50% | 8.32% | 11/17/2031 | 19291 | 19122 | 19291 | 0.57 |
| NSI Holdings, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.32% | 11/17/2031 |  | (14) |  | 0.00 |
| NSI Holdings, Inc. | (6) (18) | First Lien Debt | P + | 3.75% | 10.50% | 11/17/2031 |  | (34) |  | 0.00 |
| Pamlico Avant Holdings, LP | (6) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 12/31/2032 | 12112 | 11991 | 11991 | 0.35 |
| Pamlico Avant Holdings, LP | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 12/31/2032 | 164 | 147 | 147 | 0.00 |
|  |  |  |  |  |  |  |  | 254886 | 248345 | 7.35 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Applitools, Inc. | (6) (8) (11) (15) | First Lien Debt | S + | 6.25% PIK | 9.92% | 05/25/2029 | 14162 | 14059 | 13914 | 0.41 |
| Applitools, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 6.25% | 9.92% | 05/25/2028 |  | (13) | (28) | 0.00 |
| BCTO Bluebill Midco, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.50% | 8.34% | 07/30/2032 | 21333 | 21130 | 21120 | 0.62 |
| BCTO Bluebill Midco, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.34% | 07/30/2032 |  | (25) | (27) | 0.00 |
| Boost Newco Borrower, LLC |  | First Lien Debt | S + | 2.00% | 5.67% | 01/31/2031 | 7425 | 7447 | 7430 | 0.22 |
| Cerity Partners, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 4.50% | 8.20% | 07/28/2031 | 14839 | 14719 | 14802 | 0.44 |
| Cerity Partners, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.20% | 07/28/2031 |  | (38) | (20) | 0.00 |
| Cerity Partners, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.20% | 07/28/2031 | 182 | 176 | 179 | 0.01 |
| Cliffwater, LLC | (6) (9) (11) | First Lien Debt | S + | 4.75% | 8.47% | 04/22/2032 | 21303 | 21106 | 21144 | 0.63 |
| Cliffwater, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.47% | 04/22/2032 |  | (18) | (15) | 0.00 |
| GC Waves Holdings, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.50% | 8.22% | 10/04/2030 | 27291 | 26829 | 27291 | 0.81 |
| GC Waves Holdings, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.22% | 10/04/2030 | 20090 | 19596 | 20087 | 0.59 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| GC Waves Holdings, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.22% | 10/04/2030 |  | (23) |  | 0.00 |
| MAI Capital Management Intermediate, LLC | (6) (8) (11) | First Lien Debt | S + | 4.75% | 8.42% | 08/29/2031 | 4620 | 4581 | 4574 | 0.14 |
| MAI Capital Management Intermediate, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 08/29/2031 | 3916 | 3876 | 3867 | 0.11 |
| MAI Capital Management Intermediate, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 08/29/2031 | 225 | 215 | 213 | 0.01 |
| PMA Parent Holdings, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 4.75% | 8.42% | 01/31/2031 | 4913 | 4855 | 4864 | 0.14 |
| PMA Parent Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 01/31/2031 |  | (4) | (4) | 0.00 |
| SitusAMC Holdings Corporation | (6) (7) (8) (11) | First Lien Debt | S + | 5.50% | 9.17% | 05/14/2031 | 19161 | 19106 | 19161 | 0.57 |
| Smarsh, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.75% | 8.42% | 02/16/2029 | 11250 | 11187 | 11250 | 0.33 |
| Smarsh, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 02/16/2029 |  | (3) |  | 0.00 |
| Smarsh, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 02/16/2029 | 621 | 612 | 621 | 0.02 |
| Trintech, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 5.50% | 9.22% | 07/25/2029 | 62808 | 61934 | 62494 | 1.85 |
| Trintech, Inc. | (6) (10) (18) | First Lien Debt | S + | 5.50% | 9.22% | 07/25/2029 | 1574 | 1504 | 1546 | 0.05 |
|  |  |  |  |  |  |  |  | 232808 | 234463 | 6.94 |
| **Food Products** |  |  |  |  |  |  |  |  |  |  |
| Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) | (6) (14) | Other Debt |  | 16.25% PIK | 16.25% | 06/18/2028 | 500 | 352 | - | 0.00 |
| Teasdale Foods, Inc. (Teasdale Latin Foods) | (6) (8) (10) (14) | First Lien Debt | S + | 7.65% (incl. 3.40% PIK) | 12.11% | 12/20/2027 | 3643 | 3583 | 2699 | 0.08 |
|  |  |  |  |  |  |  |  | 3935 | 2699 | 0.08 |
| **Ground Transportation** |  |  |  |  |  |  |  |  |  |  |
| eShipping, LLC | (6) (11) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 | 2848 | 2834 | 2834 | 0.08 |
| eShipping, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 |  | (3) | (3) | 0.00 |
| eShipping, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 | 67 | 64 | 64 | 0.00 |
| SV Newco 2, Inc. | (6) (11) (15) | First Lien Debt | S + | 4.75% | 8.42% | 06/02/2031 | 34980 | 34548 | 34932 | 1.03 |
| SV Newco 2, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 4.75% | 8.42% | 06/02/2031 | 16365 | 16152 | 16342 | 0.48 |
| SV Newco 2, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 4.75% | 8.42% | 06/02/2031 |  | (138) | (16) | 0.00 |
|  |  |  |  |  |  |  |  | 53457 | 54153 | 1.60 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Journey Personal Care Corp. | (11) | First Lien Debt | S + | 3.75% | 7.47% | 03/01/2028 | 4914 | 4876 | 4890 | 0.14 |
| Medline Borrower, LP | (12) | First Lien Debt | S + | 1.75% | 5.47% | 10/23/2030 | 6618 | 6619 | 6639 | 0.20 |
| PerkinElmer U.S., LLC | (6) (10) | First Lien Debt | S + | 4.75% | 8.48% | 03/13/2029 | 27881 | 27403 | 27741 | 0.82 |
| PerkinElmer U.S., LLC | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.48% | 03/13/2029 |  | (3) | (3) | 0.00 |
| Tidi Legacy Products, Inc. | (6) (8) (9) (10) | First Lien Debt | S + | 4.50% | 8.22% | 12/19/2029 | 11028 | 10873 | 11028 | 0.33 |
| Tidi Legacy Products, Inc. | (6) (10) | First Lien Debt | S + | 4.50% | 8.22% | 12/19/2029 | 2954 | 2905 | 2954 | 0.09 |
| Tidi Legacy Products, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.22% | 12/19/2029 |  | (28) |  | 0.00 |
| YI, LLC | (6) (8) (9) (10) | First Lien Debt | S + | 5.75% | 9.49% | 12/03/2029 | 17530 | 17282 | 17530 | 0.52 |
| YI, LLC | (6) (10) (18) | First Lien Debt | S + | 5.75% | 9.49% | 12/03/2029 |  | (36) |  | 0.00 |
|  |  |  |  |  |  |  |  | 69891 | 70779 | 2.09 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |
| Advarra Holdings, Inc. | (6) (10) | First Lien Debt | S + | 4.50% | 8.22% | 09/15/2031 | 14931 | 14718 | 14857 | 0.44 |
| Advarra Holdings, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.22% | 09/15/2031 |  | (2) | (6) | 0.00 |
| CNT Holdings I Corp. | (11) | First Lien Debt | S + | 2.25% | 6.09% | 11/08/2032 | 6799 | 6808 | 6812 | 0.20 |
| DCA Investment Holdings, LLC | (6) (8) (11) (14) | First Lien Debt | S + | 6.50% | 12.08% | 04/03/2028 | 49307 | 48880 | 40161 | 1.19 |
| DCA Investment Holdings, LLC | (6) (8) (11) (14) | First Lien Debt | S + | 6.50% | 12.08% | 04/03/2028 | 3787 | 3750 | 3085 | 0.09 |
| Electron BidCo, Inc. | (12) | First Lien Debt | S + | 2.50% | 6.22% | 11/01/2028 | 6808 | 6813 | 6840 | 0.20 |
| Ensemble RCM, LLC |  | First Lien Debt | S + | 3.00% | 6.84% | 08/01/2029 | 4571 | 4579 | 4591 | 0.14 |
| Gateway US Holdings, Inc. | (6) (7) (8) (11) (15) | First Lien Debt | S + | 4.75% | 8.42% | 09/22/2028 | 11869 | 11824 | 11810 | 0.35 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Gateway US Holdings, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 4.75% | 8.42% | 09/22/2028 | 3437 | 3415 | 3413 | 0.10 |
| Gateway US Holdings, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 4.75% | 8.42% | 09/22/2028 |  | (2) | (2) | 0.00 |
| Heartland Veterinary Partners, LLC | (6) (7) (8) (10) | First Lien Debt | S + | 4.75% | 8.42% | 06/12/2028 | 6263 | 6256 | 6263 | 0.19 |
| Heartland Veterinary Partners, LLC | (6) (8) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 09/11/2028 | 813 | 809 | 813 | 0.02 |
| Heartland Veterinary Partners, LLC | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.42% | 06/12/2028 | 14214 | 14168 | 14183 | 0.42 |
| Heartland Veterinary Partners, LLC | (6) (10) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 09/11/2028 | 316 | 315 | 316 | 0.01 |
| Heartland Veterinary Partners, LLC | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.42% | 06/12/2028 |  | (1) |  | 0.00 |
| iCIMS, Inc. | (6) (11) | First Lien Debt | S + | 5.75% | 9.61% | 08/18/2028 | 16989 | 16882 | 16941 | 0.50 |
| iCIMS, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.75% | 9.61% | 08/18/2028 | 166 | 164 | 162 | 0.00 |
| Imagine 360, LLC | (6) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 10/02/2028 | 13198 | 13103 | 13198 | 0.39 |
| Imagine 360, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 10/02/2028 |  | (6) |  | 0.00 |
| Imagine 360, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 10/02/2028 |  | (8) |  | 0.00 |
| Intelerad Medical Systems Incorporated | (6) (10) (15) | First Lien Debt | S + | 6.50% | 10.49% | 08/21/2026 | 9324 | 9261 | 9208 | 0.27 |
| Intelerad Medical Systems Incorporated | (6) (10) (15) | First Lien Debt | S + | 6.50% | 10.49% | 08/21/2026 | 650 | 647 | 642 | 0.02 |
| Invictus Buyer, LLC | (6) (11) | First Lien Debt | S + | 4.50% | 8.17% | 06/03/2031 | 1571 | 1558 | 1571 | 0.05 |
| Invictus Buyer, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 06/03/2031 |  | (3) |  | 0.00 |
| Invictus Buyer, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 06/03/2031 |  | (2) |  | 0.00 |
| LSCS Holdings, Inc. |  | First Lien Debt | S + | 4.50% | 8.17% | 03/04/2032 | 3474 | 3478 | 3397 | 0.10 |
| MED ParentCo, LP | (6) | First Lien Debt | S + | 3.25% | 6.97% | 04/15/2031 | 2978 | 2991 | 2983 | 0.09 |
| Medical Solutions, LLC |  | First Lien Debt | S + | 3.50% | 7.44% | 11/01/2028 | 5299 | 5296 | 3709 | 0.11 |
| Merative, LP | (6) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 09/30/2032 | 29441 | 29298 | 29294 | 0.87 |
| Merative, LP | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 09/30/2032 |  | (8) | (17) | 0.00 |
| Merative, LP | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 09/30/2032 |  | (14) | (15) | 0.00 |
| Midwest Physician Administrative Services, LLC | (11) | First Lien Debt | S + | 3.00% | 6.93% | 03/12/2028 | 3839 | 3835 | 3475 | 0.10 |
| mPulse Mobile, Inc. | (6) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 08/26/2032 | 29279 | 28997 | 28986 | 0.86 |
| mPulse Mobile, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 08/26/2032 |  | (13) | (28) | 0.00 |
| mPulse Mobile, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 08/26/2032 |  | (40) | (42) | 0.00 |
| Pacific Dental Services, LLC |  | First Lien Debt | S + | 2.50% | 6.24% | 03/15/2031 | 2948 | 2956 | 2957 | 0.09 |
| Pareto Health Intermediate Holdings, Inc. | (6) (9) (10) | First Lien Debt | S + | 4.75% | 8.35% | 06/03/2030 | 69811 | 68834 | 69811 | 2.07 |
| Pareto Health Intermediate Holdings, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.35% | 06/01/2029 |  | (112) |  | 0.00 |
| PPV Intermediate Holdings, LLC | (6) (9) (11) | First Lien Debt | S + | 5.75% | 9.57% | 08/31/2029 | 27429 | 26742 | 27361 | 0.81 |
| PPV Intermediate Holdings, LLC | (6) (11) | First Lien Debt | S + | 6.00% | 9.57% | 08/31/2029 | 19242 | 19135 | 19194 | 0.57 |
| Promptcare Infusion Buyer, Inc. | (6) (8) (10) | First Lien Debt | S + | 6.00% | 9.95% | 09/01/2027 | 3770 | 3759 | 3770 | 0.11 |
| Promptcare Infusion Buyer, Inc. | (6) (10) | First Lien Debt | S + | 6.00% | 9.95% | 09/01/2027 | 587 | 586 | 587 | 0.02 |
| Raven Acquisition Holdings, LLC | (15) | First Lien Debt | S + | 3.00% | 6.72% | 11/19/2031 | 4632 | 4611 | 4645 | 0.14 |
| Raven Acquisition Holdings, LLC | (15) (18) | First Lien Debt | S + | 3.00% | 6.72% | 11/19/2031 |  | (1) | 1 | 0.00 |
| Stepping Stones Healthcare Services, LLC | (6) (8) (11) | First Lien Debt | S + | 5.00% | 8.67% | 01/02/2029 | 8422 | 8390 | 8422 | 0.25 |
| Stepping Stones Healthcare Services, LLC | (6) (10) (18) | First Lien Debt | S + | 5.00% | 8.67% | 01/02/2029 | 2569 | 2547 | 2569 | 0.08 |
| Stepping Stones Healthcare Services, LLC | (6) (18) | First Lien Debt | P + | 4.00% | 10.75% | 12/30/2026 | 750 | 748 | 750 | 0.02 |
| Suveto Buyer, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.22% | 09/09/2027 | 5280 | 5194 | 5275 | 0.16 |
| Suveto Buyer, LLC | (6) (18) | First Lien Debt | P + | 3.50% | 10.25% | 09/09/2027 | 28 | 19 | 27 | 0.00 |
| TA Polaris Buyer, Inc. | (6) (7) (12) | First Lien Debt | S + | 4.50% | 8.23% | 12/13/2032 | 10378 | 10327 | 10327 | 0.31 |
| TA Polaris Buyer, Inc. | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.23% | 12/13/2032 |  | (11) | (11) | 0.00 |
| TA Polaris Buyer, Inc. | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.23% | 12/13/2032 |  | (6) | (6) | 0.00 |
| Tivity Health, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.00% | 8.72% | 06/28/2029 | 17816 | 17702 | 17816 | 0.53 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Vardiman Black Holdings, LLC | (6) (7) (8) (12) | First Lien Debt | S + | 7.00% PIK | 10.77% | 03/18/2027 | 16746 | 16746 | 13815 | 0.41 |
| Vardiman Black Holdings, LLC | (6) (12) (13) (18) | First Lien Debt | S + | 7.00% PIK | 10.77% | 03/18/2027 | 1893 | 1871 | 1707 | 0.05 |
|  |  |  |  |  |  |  |  | 427783 | 415617 | 12.30 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Athenahealth, Inc. | (12) | First Lien Debt | S + | 2.75% | 6.47% | 02/15/2029 | 7286 | 7270 | 7293 | 0.22 |
| Hyland Software, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 5.00% | 8.67% | 09/19/2030 | 76482 | 75708 | 76482 | 2.26 |
| Hyland Software, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.67% | 09/19/2029 |  | (31) |  | 0.00 |
| Imprivata, Inc. | (12) | First Lien Debt | S + | 3.00% | 6.67% | 12/01/2027 | 6372 | 6371 | 6391 | 0.19 |
| Lightspeed Buyer, Inc. | (6) (8) (10) | First Lien Debt | S + | 4.75% | 8.42% | 02/03/2027 | 9996 | 9982 | 9996 | 0.30 |
| Lightspeed Buyer, Inc. | (6) (10) | First Lien Debt | S + | 4.75% | 8.42% | 02/03/2027 | 649 | 646 | 649 | 0.02 |
| Lightspeed Buyer, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.42% | 02/03/2027 |  | (2) |  | 0.00 |
| MedAssets Software Intermediate Holdings, Inc. |  | First Lien Debt | S + | 4.00% | 7.77% | 12/15/2028 | 6114 | 6114 | 4779 | 0.14 |
| Press Ganey Holdings, Inc. |  | First Lien Debt | S + | 3.00% | 6.72% | 04/30/2031 | 2970 | 2967 | 2974 | 0.09 |
| Project Ruby Ultimate Parent Corp. |  | First Lien Debt | S + | 2.75% | 6.58% | 03/10/2028 | 5308 | 5307 | 5320 | 0.16 |
| Symplr Software, Inc. | (11) | First Lien Debt | S + | 4.50% | 8.44% | 12/22/2027 | 4798 | 4803 | 4062 | 0.12 |
|  |  |  |  |  |  |  |  | 119135 | 117946 | 3.49 |
| **Household Durables** |  |  |  |  |  |  |  |  |  |  |
| Madison Safety & Flow, LLC |  | First Lien Debt | S + | 2.50% | 6.23% | 09/26/2031 | 4144 | 4153 | 4169 | 0.12 |
| **Independent Power and Renewable Electricity Producers** |  |  |  |  |  |  |  |  |  |  |
| Lightning Power, LLC |  | First Lien Debt | S + | 2.25% | 5.97% | 08/18/2031 | 6930 | 6938 | 6959 | 0.21 |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |
| Aptean, Inc. | (6) (8) (9) (11) | First Lien Debt | S + | 4.75% | 8.57% | 01/30/2031 | 76823 | 76251 | 76727 | 2.27 |
| Aptean, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.57% | 01/30/2031 |  | (3) | (1) | 0.00 |
| Aptean, Inc. | (6) (11) (18) | First Lien Debt | P + | 3.75% | 10.50% | 01/30/2031 | 1722 | 1679 | 1714 | 0.05 |
| Excelitas Technologies Corp. | (6) (8) (9) (11) | First Lien Debt | S + | 5.25% | 8.97% | 08/13/2029 | 30707 | 30343 | 30553 | 0.90 |
| Excelitas Technologies Corp. | (6) (11) | First Lien Debt | E + | 5.25% | 7.15% | 08/13/2029 | €5,560 | 5687 | 6497 | 0.19 |
| Excelitas Technologies Corp. | (6) (11) (18) | First Lien Debt | S + | 5.25% | 8.97% | 08/13/2029 |  | (62) | (60) | 0.00 |
| Excelitas Technologies Corp. | (6) (11) (18) | First Lien Debt | S + | 5.25% | 8.97% | 08/14/2028 |  | (27) | (15) | 0.00 |
| Raptor Merger Sub Debt, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.50% | 9.17% | 04/01/2029 | 45116 | 44562 | 45116 | 1.33 |
| Raptor Merger Sub Debt, LLC | (6) (11) (18) | First Lien Debt | S + | 5.50% | 9.17% | 04/01/2029 | 582 | 541 | 582 | 0.02 |
|  |  |  |  |  |  |  |  | 158971 | 161113 | 4.77 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC |  | First Lien Debt | S + | 3.00% | 6.72% | 11/06/2030 | 4950 | 4938 | 4941 | 0.15 |
| Alliant Holdings Intermediate, LLC |  | First Lien Debt | S + | 2.50% | 6.22% | 09/19/2031 | 7086 | 7093 | 7100 | 0.21 |
| Amerilife Holdings, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.00% | 8.79% | 08/31/2029 | 30687 | 30442 | 30457 | 0.90 |
| Amerilife Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.79% | 08/31/2029 | 3461 | 3437 | 3394 | 0.10 |
| Amerilife Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.79% | 08/31/2028 | 450 | 439 | 429 | 0.01 |
| Broadstreet Partners, Inc. |  | First Lien Debt | S + | 2.75% | 6.47% | 06/13/2031 | 7429 | 7414 | 7450 | 0.22 |
| Fetch Insurance Services, LLC | (6) (10) | Other Debt |  | 12.75% (incl. 3.75% PIK) | 12.75% | 10/31/2027 | 3223 | 3184 | 3223 | 0.10 |
| Foundation Risk Partners Corp. | (6) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 10/29/2030 | 34618 | 34354 | 34618 | 1.02 |
| Foundation Risk Partners Corp. | (6) (8) (11) | First Lien Debt | S + | 4.75% | 8.42% | 10/29/2030 | 19129 | 18936 | 19129 | 0.57 |
| Foundation Risk Partners Corp. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 10/29/2029 | 1071 | 1055 | 1071 | 0.03 |
| Galway Borrower, LLC | (6) (7) (8) (9) (11) | First Lien Debt | S + | 4.50% | 8.17% | 09/29/2028 | 50967 | 50418 | 50967 | 1.51 |
| Galway Borrower, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 09/29/2028 | 17430 | 17220 | 17430 | 0.52 |
| Galway Borrower, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 09/29/2028 | 588 | 559 | 588 | 0.02 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Higginbotham Insurance Agency, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 4.50% | 8.22% | 06/11/2031 | 36606 | 36440 | 36606 | 1.08 |
| Higginbotham Insurance Agency, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.22% | 06/11/2031 |  | (46) | (8) | 0.00 |
| High Street Buyer, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.50% | 8.17% | 04/14/2028 | 4152 | 4150 | 4142 | 0.12 |
| High Street Buyer, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.50% | 8.17% | 04/14/2028 | 58710 | 58172 | 58564 | 1.73 |
| High Street Buyer, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 04/16/2027 |  |  | (2) | 0.00 |
| HUB International Limited | (11) | First Lien Debt | S + | 2.25% | 6.12% | 06/20/2030 | 4200 | 4204 | 4220 | 0.12 |
| Inszone Mid, LLC | (6) (8) (9) (10) | First Lien Debt | S + | 5.25% | 8.92% | 11/30/2029 | 13699 | 13503 | 13664 | 0.40 |
| Inszone Mid, LLC | (6) (10) (18) | First Lien Debt | S + | 5.25% | 8.92% | 11/30/2029 | 28350 | 27960 | 28255 | 0.84 |
| Inszone Mid, LLC | (6) (10) (18) | First Lien Debt | S + | 5.25% | 8.92% | 11/30/2029 |  | (44) | (9) | 0.00 |
| Integrity Marketing Acquisition, LLC | (6) (7) (8) (9) (11) | First Lien Debt | S + | 5.00% | 8.82% | 08/25/2028 | 111184 | 111184 | 111184 | 3.29 |
| Integrity Marketing Acquisition, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.82% | 08/25/2028 |  |  |  | 0.00 |
| Iris Specialty Acquisiton, LLC | (6) (7) (12) | First Lien Debt | S + | 4.50% | 8.17% | 11/22/2032 | 29415 | 29270 | 29270 | 0.87 |
| Iris Specialty Acquisiton, LLC | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.17% | 11/22/2032 |  | (12) | (12) | 0.00 |
| Iris Specialty Acquisiton, LLC | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.17% | 11/22/2032 |  | (21) | (21) | 0.00 |
| Long Term Care Group, Inc. | (6) (7) (8) (11) (13) | First Lien Debt | S + | 6.00% | 10.13% | 09/08/2027 | 14651 | 14383 | 13406 | 0.40 |
| One, Inc. Software Corporation | (6) (11) | First Lien Debt | S + | 4.50% | 8.17% | 12/06/2032 | 5027 | 4977 | 4977 | 0.15 |
| One, Inc. Software Corporation | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 12/06/2032 |  | (5) | (5) | 0.00 |
| One, Inc. Software Corporation | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 12/06/2032 |  | (4) | (4) | 0.00 |
| Patriot Growth Insurance Services, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.00% | 8.82% | 10/16/2028 | 19321 | 19209 | 19321 | 0.57 |
| Patriot Growth Insurance Services, LLC | (6) (11) | First Lien Debt | S + | 5.00% | 8.82% | 10/14/2028 | 17600 | 17415 | 17600 | 0.52 |
| Patriot Growth Insurance Services, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.82% | 10/16/2028 |  | (3) |  | 0.00 |
| Truist Insurance Holdings, LLC |  | First Lien Debt | S + | 2.75% | 6.42% | 05/06/2031 | 5000 | 4986 | 5002 | 0.15 |
| USI, Inc. |  | First Lien Debt | S + | 2.25% | 5.92% | 09/29/2030 | 2940 | 2947 | 2944 | 0.09 |
| USI, Inc. |  | First Lien Debt | S + | 2.25% | 5.92% | 11/21/2029 | 1960 | 1964 | 1964 | 0.06 |
| World Insurance Associates, LLC | (6) (7) (8) (9) (10) | First Lien Debt | S + | 5.00% | 8.67% | 04/03/2030 | 100043 | 98898 | 100043 | 2.96 |
| World Insurance Associates, LLC | (6) (10) (18) | First Lien Debt | S + | 5.00% | 8.67% | 04/03/2030 |  | (12) |  | 0.00 |
|  |  |  |  |  |  |  |  | 629004 | 631898 | 18.70 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |  |
| Arches Buyer, Inc. | (12) | First Lien Debt | S + | 3.25% | 7.07% | 12/06/2027 | 2399 | 2396 | 2402 | 0.07 |
| FMG Suite Holdings, LLC | (6) (7) (11) | First Lien Debt | S + | 4.75% | 8.57% | 09/09/2032 | 18011 | 17837 | 17831 | 0.53 |
| FMG Suite Holdings, LLC | (6) (18) | First Lien Debt | S + | 4.75% | 8.57% | 09/09/2032 |  | (23) | (49) | 0.00 |
| FMG Suite Holdings, LLC | (6) (18) | First Lien Debt | S + | 4.75% | 8.57% | 09/09/2032 |  | (28) | (29) | 0.00 |
| Spectrio, LLC | (6) (8) (10) | First Lien Debt | S + | 6.00% | 9.82% | 12/09/2026 | 11549 | 11312 | 9415 | 0.28 |
| Spectrio, LLC | (6) (8) (10) | First Lien Debt | S + | 6.00% | 9.82% | 12/09/2026 | 4628 | 4532 | 3773 | 0.11 |
| Spectrio, LLC | (6) (10) | First Lien Debt | S + | 6.00% | 9.82% | 12/09/2026 | 1377 | 1351 | 1123 | 0.03 |
| Triple Lift, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.75% | 9.59% | 05/05/2028 | 16031 | 15466 | 15041 | 0.45 |
| Triple Lift, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.75% | 9.59% | 05/05/2028 |  | (73) | (106) | 0.00 |
|  |  |  |  |  |  |  |  | 52770 | 49401 | 1.46 |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |
| Apollo Acquisition, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.00% | 8.72% | 12/30/2031 | 25594 | 25363 | 25594 | 0.76 |
| Apollo Acquisition, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.72% | 12/30/2031 | 75 | 26 | 75 | 0.00 |
| Apollo Acquisition, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.72% | 12/30/2030 |  | (34) |  | 0.00 |
| Asurion, LLC |  | First Lien Debt | S + | 4.25% | 7.97% | 09/19/2030 | 7269 | 7257 | 7265 | 0.21 |
| Catalis Intermediate, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 5.50% | 9.32% | 08/04/2027 | 23137 | 22787 | 22847 | 0.68 |
| Catalis Intermediate, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.50% | 9.32% | 08/04/2027 | 5206 | 5130 | 5141 | 0.15 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Catalis Intermediate, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.50% | 9.32% | 08/04/2027 | 322 | 286 | 289 | 0.01 |
| Cyber US Bidco, LLC | (6) (11) | First Lien Debt | S + | 5.00% | 8.67% | 12/30/2032 | 4064 | 4024 | 4024 | 0.12 |
| Cyber US Bidco, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.67% | 12/30/2032 |  | (4) | (4) | 0.00 |
| Cyber US Bidco, LLC | (6) (11) (15) (18) | First Lien Debt | S + | 5.00% | 8.67% | 12/30/2032 |  | (3) | (3) | 0.00 |
| Endure Digital, Inc. | (6) (11) | First Lien Debt | S + | 3.50% | 7.40% | 04/30/2029 | 5191 | 5152 | 4162 | 0.12 |
| Endure Digital, Inc. | (10) | First Lien Debt | S + | 3.50% | 7.40% | 02/10/2028 | 161 | 160 | 129 | 0.00 |
| Gainwell Acquisition Corp. | (11) | First Lien Debt | S + | 4.00% | 7.77% | 10/01/2027 | 6717 | 6727 | 6588 | 0.19 |
| GI DI Cornfield Acquisition, LLC | (6) (7) | First Lien Debt | S + | 4.50% | 8.32% | 03/09/2028 | 31687 | 31394 | 31687 | 0.94 |
| GI DI Cornfield Acquisition, LLC | (6) (7) | First Lien Debt | S + | 4.50% | 8.32% | 03/09/2028 | 16333 | 16262 | 16333 | 0.48 |
| Idera, Inc. | (6) (8) (11) | Second Lien Debt | S + | 6.75% | 10.75% | 03/02/2029 | 355 | 355 | 331 | 0.01 |
| Redwood Services Group, LLC | (6) (8) (9) (11) | First Lien Debt | S + | 5.25% | 8.93% | 06/15/2029 | 50023 | 49497 | 49773 | 1.47 |
| Redwood Services Group, LLC | (6) (11) | First Lien Debt | S + | 5.25% | 8.93% | 06/15/2029 | 38546 | 38100 | 38341 | 1.13 |
| Ridge Trail US Bidco, Inc. | (6) (8) (11) (15) | First Lien Debt | S + | 4.50% | 8.10% | 09/30/2031 | 48491 | 47864 | 48491 | 1.43 |
| Ridge Trail US Bidco, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 4.50% | 8.10% | 09/30/2031 |  | (104) |  | 0.00 |
| Ridge Trail US Bidco, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 4.50% | 8.10% | 03/31/2031 | 1520 | 1452 | 1520 | 0.04 |
| Sedgwick Claims Management Services, Inc. |  | First Lien Debt | S + | 2.50% | 6.22% | 07/31/2031 | 7373 | 7394 | 7394 | 0.22 |
| Syntax Systems, Ltd. | (6) (8) (11) (15) | First Lien Debt | S + | 5.00% | 8.82% | 10/27/2028 | 18401 | 18341 | 18290 | 0.54 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (8) (11) | First Lien Debt | S + | 4.50% | 8.12% | 02/02/2032 | 43971 | 43575 | 43641 | 1.29 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.12% | 02/02/2032 | 10094 | 9979 | 9979 | 0.30 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.12% | 02/02/2032 | 918 | 868 | 875 | 0.03 |
| UpStack, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.04% | 08/25/2031 | 5525 | 5478 | 5484 | 0.16 |
| UpStack, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.00% | 9.04% | 08/25/2031 | 778 | 766 | 762 | 0.02 |
| UpStack, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.00% | 9.04% | 08/25/2031 | 213 | 206 | 206 | 0.01 |
| Victors Purchaser, LLC | (6) (9) (12) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 | 14081 | 13975 | 14075 | 0.42 |
| Victors Purchaser, LLC | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 |  | (9) |  | 0.00 |
| Victors Purchaser, LLC | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.19% | 12/23/2032 | 160 | 148 | 160 | 0.00 |
| Virtusa Corporation | (11) | First Lien Debt | S + | 3.25% | 6.97% | 02/15/2029 | 4950 | 4960 | 4957 | 0.15 |
|  |  |  |  |  |  |  |  | 367372 | 368406 | 10.90 |
| **Leisure Products** |  |  |  |  |  |  |  |  |  |  |
| Recess Holdings, Inc. | (10) | First Lien Debt | S + | 3.75% | 7.62% | 02/20/2030 | 6423 | 6463 | 6458 | 0.19 |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| Model N, Inc. | (6) (7) (11) | First Lien Debt | S + | 4.75% | 8.42% | 06/27/2031 | 19648 | 19484 | 19648 | 0.58 |
| Model N, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 06/27/2031 |  | (21) |  | 0.00 |
| Model N, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 06/27/2031 |  | (23) |  | 0.00 |
| Parexel International Corporation | (12) | First Lien Debt | S + | 2.75% | 6.47% | 12/12/2031 | 6495 | 6502 | 6513 | 0.19 |
|  |  |  |  |  |  |  |  | 25942 | 26161 | 0.77 |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |
| AI Aqua Merger Sub, Inc. | (12) | First Lien Debt | S + | 3.00% | 6.86% | 07/31/2028 | 7337 | 7341 | 7351 | 0.22 |
| Answer Acquisition, LLC | (6) (8) (10) | First Lien Debt | S + | 6.00% | 9.82% | 06/30/2028 | 38535 | 38338 | 34766 | 1.03 |
| Answer Acquisition, LLC | (6) (10) (18) | First Lien Debt | S + | 6.00% | 9.82% | 06/30/2028 | 1050 | 1037 | 708 | 0.02 |
| Chase Intermediate, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.59% | 10/30/2028 | 19635 | 19383 | 19422 | 0.57 |
| Chase Intermediate, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.59% | 10/30/2028 | 369 | 359 | 361 | 0.01 |
| Conair Holdings, LLC | (12) | First Lien Debt | S + | 3.75% | 7.58% | 05/17/2028 | 3840 | 3841 | 1968 | 0.06 |
| CPM Holdings, Inc. | (12) | First Lien Debt | S + | 4.50% | 8.34% | 09/28/2028 | 4949 | 4877 | 4919 | 0.15 |
| Filtration Group Corporation | (12) | First Lien Debt | S + | 2.75% | 6.47% | 10/21/2028 | 7020 | 7034 | 7053 | 0.21 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Icebox Holdco III, Inc. | (12) | First Lien Debt | S + | 3.25% | 6.92% | 12/22/2031 | 5375 | 5394 | 5415 | 0.16 |
| Madison IAQ, LLC | (12) | First Lien Debt | S + | 2.50% | 6.70% | 06/21/2028 | 4812 | 4809 | 4832 | 0.14 |
| MHE Intermediate Holdings, LLC | (6) (8) (10) | First Lien Debt | S + | 6.00% | 9.99% | 07/21/2027 | 7792 | 7776 | 7792 | 0.23 |
| MHE Intermediate Holdings, LLC | (6) (8) (10) | First Lien Debt | S + | 6.00% | 9.99% | 07/21/2027 | 6363 | 6329 | 6363 | 0.19 |
| MHE Intermediate Holdings, LLC | (6) (10) (18) | First Lien Debt | S + | 6.00% | 9.99% | 07/21/2027 | 429 | 429 | 429 | 0.01 |
| Roper Industrial Products Investment Company, LLC | (12) | First Lien Debt | S + | 2.75% | 6.42% | 11/22/2029 | 3930 | 3945 | 3951 | 0.12 |
| TK Elevator US Newco, Inc. | (12) | First Lien Debt | S + | 2.75% | 6.95% | 04/30/2030 | 7274 | 7294 | 7315 | 0.22 |
|  |  |  |  |  |  |  |  | 118186 | 112645 | 3.33 |
| **Media** |  |  |  |  |  |  |  |  |  |  |
| Aragorn Parent Corporation |  | First Lien Debt | S + | 3.50% | 7.22% | 12/15/2028 | 5770 | 5762 | 5803 | 0.17 |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| AWP Group Holdings, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 4.50% | 8.22% | 12/23/2030 | 43001 | 42023 | 43001 | 1.27 |
| AWP Group Holdings, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.22% | 12/23/2030 | 4539 | 4460 | 4539 | 0.13 |
| AWP Group Holdings, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.22% | 12/23/2030 | 2203 | 2165 | 2203 | 0.07 |
| Vessco Midco Holdings, LLC | (6) (11) | First Lien Debt | S + | 4.50% | 8.49% | 07/24/2031 | 37150 | 36850 | 36980 | 1.09 |
| Vessco Midco Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.49% | 07/24/2031 | 9351 | 9256 | 9293 | 0.27 |
| Vessco Midco Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.49% | 07/24/2031 |  | (30) | (17) | 0.00 |
|  |  |  |  |  |  |  |  | 94724 | 95999 | 2.84 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Caerus US 1, Inc. | (6) (8) (9) (11) (15) | First Lien Debt | S + | 5.00% | 8.67% | 05/25/2029 | 40395 | 39876 | 40333 | 1.19 |
| Caerus US 1, Inc. | (6) (11) (15) | First Lien Debt | S + | 5.00% | 8.67% | 05/25/2029 | 5912 | 5830 | 5903 | 0.17 |
| Caerus US 1, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 5.00% | 8.67% | 05/25/2029 | 3443 | 3394 | 3437 | 0.10 |
| Real Chemistry Intermediate III, Inc. | (6) (9) (12) | First Lien Debt | S + | 4.50% | 8.17% | 04/12/2032 | 19125 | 19037 | 19029 | 0.56 |
| Real Chemistry Intermediate III, Inc. | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.17% | 04/12/2032 | 4633 | 4602 | 4590 | 0.14 |
| Real Chemistry Intermediate III, Inc. | (6) (12) (18) | First Lien Debt | S + | 4.50% | 8.17% | 04/12/2032 |  | (19) | (21) | 0.00 |
| Specialty Pharma III, Inc. | (6) (12) | First Lien Debt | P + | 4.75% | 11.50% | 12/23/2032 | 3706 | 3687 | 3687 | 0.11 |
| Specialty Pharma III, Inc. | (6) (18) | First Lien Debt | P + | 4.75% | 11.50% | 12/23/2032 |  | (2) | (2) | 0.00 |
|  |  |  |  |  |  |  |  | 76405 | 76956 | 2.28 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (8) (10) | First Lien Debt | S + | 6.00% | 10.29% | 03/10/2027 | 1395 | 1366 | 1395 | 0.04 |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (18) | First Lien Debt | S + | 6.00% | 10.29% | 03/10/2027 |  | (12) |  | 0.00 |
| Accordion Partners, LLC | (6) (11) | First Lien Debt | S + | 5.00% | 8.70% | 11/17/2031 | 56873 | 56398 | 56863 | 1.68 |
| Accordion Partners, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.70% | 11/17/2031 | 8864 | 8783 | 8857 | 0.26 |
| Accordion Partners, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.70% | 11/17/2031 |  | (52) |  | 0.00 |
| Ascend Partner Services, LLC | (6) (11) | First Lien Debt | S + | 4.50% | 8.54% | 08/11/2031 | 1293 | 1282 | 1280 | 0.04 |
| Ascend Partner Services, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.54% | 08/11/2031 | 2370 | 2347 | 2342 | 0.07 |
| Ascend Partner Services, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.54% | 08/11/2031 |  | (4) | (4) | 0.00 |
| Bridgepointe Technologies, LLC | (6) (10) | First Lien Debt | S + | 5.00% | 8.67% | 12/31/2027 | 18479 | 18219 | 18479 | 0.55 |
| Bridgepointe Technologies, LLC | (6) (10) (18) | First Lien Debt | S + | 5.00% | 8.67% | 12/31/2027 | 21190 | 20902 | 21190 | 0.63 |
| Bullhorn, Inc. | (6) (8) (10) | First Lien Debt | S + | 5.00% | 8.72% | 10/01/2029 | 3429 | 3410 | 3429 | 0.10 |
| Bullhorn, Inc. | (6) (10) (18) | First Lien Debt | S + | 5.00% | 8.72% | 10/01/2029 | 4371 | 4355 | 4371 | 0.13 |
| Bullhorn, Inc. | (6) (10) (18) | First Lien Debt | S + | 5.00% | 8.72% | 10/01/2029 | 53 | 52 | 53 | 0.00 |
| Carr, Riggs and Ingram Capital, LLC | (6) (8) (12) | First Lien Debt | S + | 4.25% | 7.92% | 11/18/2031 | 14553 | 14425 | 14516 | 0.43 |
| Carr, Riggs and Ingram Capital, LLC | (6) (12) (18) | First Lien Debt | S + | 4.25% | 7.92% | 11/18/2031 | 1993 | 1958 | 1975 | 0.06 |
| Carr, Riggs and Ingram Capital, LLC | (6) (12) (18) | First Lien Debt | S + | 4.25% | 7.92% | 11/18/2031 |  | (29) | (8) | 0.00 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| ComPsych Investment Corp. | (6) (7) (11) | First Lien Debt | S + | 4.75% | 8.61% | 07/22/2031 | 15312 | 15247 | 15312 | 0.45 |
| ComPsych Investment Corp. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.61% | 07/22/2031 |  | (9) |  | 0.00 |
| CoreLogic, Inc. | (12) | First Lien Debt | S + | 3.50% | 7.33% | 06/02/2028 | 4936 | 4927 | 4934 | 0.15 |
| Deerfield Dakota Holding, LLC | (6) (11) | First Lien Debt | S + | 5.75% (incl. 2.75% PIK) | 9.42% | 09/13/2032 | 46109 | 45668 | 45715 | 1.35 |
| Deerfield Dakota Holding, LLC | (6) (11) (18) | First Lien Debt | S + | 5.75% (incl. 2.75% PIK) | 9.42% | 09/13/2032 |  | (41) | (37) | 0.00 |
| EAB Global, Inc. |  | First Lien Debt | S + | 3.00% | 6.72% | 08/16/2030 | 3920 | 3919 | 3463 | 0.10 |
| Employbridge Holding Company |  | First Lien Debt | S + | 4.75% | 8.68% | 01/19/2030 | 2269 | 1362 | 408 | 0.01 |
| GPS Merger Sub, LLC | (6) (7) (10) | First Lien Debt | S + | 5.25% | 8.97% | 10/02/2029 | 22579 | 22328 | 22377 | 0.66 |
| GPS Merger Sub, LLC | (6) (10) (18) | First Lien Debt | S + | 5.25% | 8.97% | 10/02/2029 |  | (21) | (32) | 0.00 |
| GPS Merger Sub, LLC | (6) (10) (18) | First Lien Debt | S + | 5.25% | 8.97% | 10/02/2029 |  | (47) | (41) | 0.00 |
| IG Investment Holdings, LLC | (6) (7) (11) | First Lien Debt | S + | 5.00% | 8.84% | 09/22/2028 | 32930 | 32688 | 32930 | 0.97 |
| IG Investment Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.84% | 09/22/2028 |  | (26) |  | 0.00 |
| IQN Holding Corp. | (6) (7) (11) | First Lien Debt | S + | 5.75% (incl. 3.125% PIK) | 9.42% | 05/02/2029 | 12125 | 12059 | 12125 | 0.36 |
| IQN Holding Corp. | (6) (11) | First Lien Debt | S + | 5.75% (incl. 3.125% PIK) | 9.42% | 05/02/2029 | 3966 | 3926 | 3966 | 0.12 |
| IQN Holding Corp. | (6) (11) (18) | First Lien Debt | S + | 5.75% (incl. 3.125% PIK) | 9.42% | 05/02/2028 | 626 | 622 | 626 | 0.02 |
| KENG Acquisition, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 4.50% | 8.34% | 08/01/2029 | 10924 | 10744 | 10869 | 0.32 |
| KENG Acquisition, Inc. | (6) (10) | First Lien Debt | S + | 4.50% | 8.34% | 08/01/2029 | 10264 | 10089 | 10213 | 0.30 |
| KENG Acquisition, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.34% | 08/01/2029 |  | (49) | (20) | 0.00 |
| Mermaid Bidco, Inc. |  | First Lien Debt | S + | 3.25% | 7.15% | 07/03/2031 | 3960 | 3973 | 3970 | 0.12 |
| Tidal Waste & Recycling Holdings, LLC |  | First Lien Debt | S + | 2.75% | 6.42% | 10/24/2031 | 1985 | 1991 | 1997 | 0.06 |
| UHY Advisors, Inc. | (6) (9) (11) | First Lien Debt | S + | 4.75% | 8.57% | 11/21/2031 | 7669 | 7602 | 7669 | 0.23 |
| UHY Advisors, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.57% | 11/21/2031 | 922 | 885 | 922 | 0.03 |
| UHY Advisors, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.57% | 11/21/2031 | 591 | 574 | 591 | 0.02 |
| Verdantas, LLC | (6) (12) | First Lien Debt | S + | 4.75% | 8.42% | 05/06/2031 | 32758 | 32356 | 32758 | 0.97 |
| Verdantas, LLC | (6) (10) | First Lien Debt | S + | 4.75% | 8.42% | 05/06/2031 | 3887 | 3826 | 3887 | 0.12 |
| Verdantas, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 05/06/2030 | 1132 | 1094 | 1132 | 0.03 |
| WIPFLI Advisory, LLC | (6) (11) | First Lien Debt | S + | 4.50% | 8.49% | 10/01/2032 | 7083 | 7049 | 7049 | 0.21 |
| WIPFLI Advisory, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.49% | 10/01/2032 |  | (6) | (6) | 0.00 |
| WIPFLI Advisory, LLC | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.49% | 10/01/2032 |  | (9) | (9) | 0.00 |
|  |  |  |  |  |  |  |  | 356121 | 357506 | 10.58 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (6) (10) | First Lien Debt | S + | 6.50% | 10.66% | 07/03/2028 | 10784 | 10776 | 10784 | 0.32 |
| Associations, Inc. | (6) (10) (18) | First Lien Debt | S + | 6.50% | 10.66% | 07/03/2028 | 361 | 361 | 361 | 0.01 |
| Associations, Inc. | (6) (10) (18) | First Lien Debt | S + | 6.50% | 10.66% | 07/03/2028 |  |  |  | 0.00 |
| Inhabitiq, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.50% | 8.22% | 01/12/2032 | 17138 | 17061 | 17138 | 0.51 |
| Inhabitiq, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.22% | 01/12/2032 |  | (10) |  | 0.00 |
| Inhabitiq, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.22% | 01/12/2032 |  | (13) |  | 0.00 |
| MRI Software, LLC | (6) (8) (10) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2028 | 68062 | 67952 | 67883 | 2.01 |
| MRI Software, LLC | (6) (10) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2028 | 7461 | 7411 | 7441 | 0.22 |
| MRI Software, LLC | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.42% | 02/10/2028 | 1096 | 1081 | 1082 | 0.03 |
| Pritchard Industries, LLC | (6) (8) (11) | First Lien Debt | S + | 5.75% | 9.57% | 10/13/2027 | 10611 | 10517 | 10292 | 0.30 |
| Pritchard Industries, LLC | (6) (11) | First Lien Debt | S + | 5.75% | 9.57% | 10/13/2027 | 2537 | 2515 | 2461 | 0.07 |
| Zarya Intermediate, LLC | (6) (10) (15) | First Lien Debt | S + | 6.50% | 10.32% | 07/01/2027 | 38477 | 38454 | 38477 | 1.14 |
| Zarya Intermediate, LLC | (6) (10) (15) (18) | First Lien Debt | S + | 6.50% | 10.32% | 07/01/2027 |  |  |  | 0.00 |
|  |  |  |  |  |  |  |  | 156105 | 155919 | 4.61 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Software** |  |  |  |  |  |  |  |  |  |  |
| Alert Media, Inc. | (6) (10) | First Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 9.92% | 04/12/2027 | 32699 | 32389 | 32488 | 0.96 |
| Alert Media, Inc. | (6) (10) (18) | First Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 9.92% | 04/12/2027 |  | (25) | (25) | 0.00 |
| Anaplan, Inc. | (6) (8) (9) (11) | First Lien Debt | S + | 4.50% | 8.32% | 06/21/2029 | 79968 | 79251 | 79968 | 2.37 |
| Appfire Technologies, LLC | (6) (8) (10) | First Lien Debt | S + | 4.75% | 8.42% | 03/09/2028 | 13330 | 13302 | 13330 | 0.39 |
| Appfire Technologies, LLC | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.42% | 03/09/2028 | 187 | 181 | 187 | 0.01 |
| Appfire Technologies, LLC | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.42% | 03/09/2028 | 134 | 130 | 134 | 0.00 |
| Applied Systems, Inc. |  | First Lien Debt | S + | 2.50% | 6.17% | 02/24/2031 | 3940 | 3956 | 3961 | 0.12 |
| Apryse Software Corp. | (6) (7) (8) (12) | First Lien Debt | S + | 4.75% | 8.44% | 06/28/2032 | 47559 | 47109 | 47185 | 1.40 |
| Apryse Software Corp. | (6) (12) (18) | First Lien Debt | S + | 4.75% | 8.44% | 06/28/2032 |  | (37) | (31) | 0.00 |
| Archduke Buyer, Inc. | (6) (12) | First Lien Debt | S + | 5.50% | 9.27% | 12/03/2032 | 3776 | 3739 | 3739 | 0.11 |
| Archduke Buyer, Inc. | (6) (12) (18) | First Lien Debt | S + | 5.50% | 9.27% | 12/03/2032 |  | (3) | (3) | 0.00 |
| Artifact Bidco, Inc. | (6) (12) | First Lien Debt | S + | 4.25% | 7.82% | 07/28/2031 | 21837 | 21654 | 21837 | 0.65 |
| Artifact Bidco, Inc. | (6) (18) | First Lien Debt | S + | 4.25% | 7.82% | 07/28/2031 |  | (21) |  | 0.00 |
| Artifact Bidco, Inc. | (6) (12) (18) | First Lien Debt | S + | 4.25% | 7.82% | 07/26/2030 |  | (29) |  | 0.00 |
| Astra Acquisition Corp. | (14) | First Lien Debt | S + | 5.25% | 0.00% | 02/25/2028 | 844 | 759 | 165 | 0.00 |
| Astra Acquisition Corp. | (14) | First Lien Debt | S + | 5.25% | 0.00% | 10/25/2028 | 1185 | 676 |  | 0.00 |
| AuditBoard, Inc. | (6) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 07/14/2031 | 34200 | 33913 | 33957 | 1.00 |
| AuditBoard, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.50% | 8.17% | 07/14/2031 | 16286 | 16141 | 16170 | 0.48 |
| AuditBoard, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 07/14/2031 |  | (51) | (46) | 0.00 |
| Banyan Software Holdings, LLC | (6) (8) (10) | First Lien Debt | S + | 5.50% | 9.22% | 01/02/2031 | 30207 | 29944 | 30207 | 0.89 |
| Banyan Software Holdings, LLC | (6) (10) (18) | First Lien Debt | S + | 5.50% | 9.22% | 01/02/2031 | 22886 | 22643 | 22838 | 0.68 |
| Banyan Software Holdings, LLC | (6) (10) (18) | First Lien Debt | S + | 5.50% | 9.22% | 01/02/2031 |  | (27) |  | 0.00 |
| Bottomline Technologies, Inc. | (6) (7) (11) | First Lien Debt | S + | 4.50% | 8.17% | 05/14/2029 | 23525 | 23255 | 23525 | 0.70 |
| Bottomline Technologies, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.17% | 05/15/2028 |  | (14) |  | 0.00 |
| CLEO Communications Holding, LLC | (6) (8) (10) | First Lien Debt | S + | 5.50% | 9.32% | 06/09/2027 | 16015 | 15949 | 16015 | 0.47 |
| CLEO Communications Holding, LLC | (6) (10) (18) | First Lien Debt | S + | 5.50% | 9.32% | 06/09/2027 |  | (21) |  | 0.00 |
| Cloudera, Inc. | (12) | First Lien Debt | S + | 3.75% | 7.57% | 10/08/2028 | 7360 | 7322 | 7010 | 0.21 |
| Clover Holdings 2, LLC |  | First Lien Debt | S + | 4.00% | 7.77% | 12/09/2031 | 5970 | 5967 | 5964 | 0.18 |
| Coupa Holdings, LLC | (6) (8) (9) (11) | First Lien Debt | S + | 5.25% | 9.09% | 02/27/2030 | 20712 | 20363 | 20712 | 0.61 |
| Coupa Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 5.25% | 9.09% | 02/27/2030 |  | (6) |  | 0.00 |
| Coupa Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 5.25% | 9.09% | 02/27/2029 |  | (8) |  | 0.00 |
| Cyara AcquisitionCo, LLC | (6) (10) | First Lien Debt | S + | 5.75% | 9.42% | 06/28/2029 | 63071 | 62048 | 63071 | 1.87 |
| Cyara AcquisitionCo, LLC | (6) (10) (18) | First Lien Debt | S + | 5.75% | 9.42% | 06/28/2029 |  | (61) |  | 0.00 |
| Diligent Corporation | (6) (11) | First Lien Debt | S + | 5.00% | 8.82% | 08/02/2030 | 73157 | 72726 | 73105 | 2.16 |
| Diligent Corporation | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.82% | 08/02/2030 |  | (59) | (7) | 0.00 |
| Diligent Corporation | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.82% | 08/02/2030 | 1677 | 1638 | 1672 | 0.05 |
| Dragon Buyer, Inc. |  | First Lien Debt | S + | 2.75% | 6.42% | 09/30/2031 | 4950 | 4952 | 4950 | 0.15 |
| E-Discovery AcquireCo, LLC | (6) (8) (10) | First Lien Debt | S + | 6.25% | 10.07% | 08/29/2029 | 36747 | 36171 | 36724 | 1.09 |
| E-Discovery AcquireCo, LLC | (6) (10) (18) | First Lien Debt | S + | 6.25% | 10.07% | 08/29/2029 | 2322 | 2267 | 2320 | 0.07 |
| ECI Macola Max Holding, LLC | (11) | First Lien Debt | S + | 2.75% | 6.42% | 05/09/2030 | 4801 | 4806 | 4821 | 0.14 |
| Emburse, Inc. | (6) (9) (11) | First Lien Debt | S + | 4.25% | 7.92% | 05/28/2032 | 22105 | 22054 | 22050 | 0.65 |
| Emburse, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.25% | 7.92% | 05/28/2032 |  | (5) | (10) | 0.00 |
| Emburse, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.25% | 7.92% | 05/28/2032 |  | (9) | (10) | 0.00 |
| Epicor Software Corporation | (11) | First Lien Debt | S + | 2.50% | 6.22% | 05/30/2031 | 5123 | 5126 | 5136 | 0.15 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Espresso Bidco, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.42% | 03/25/2032 | 27444 | 27076 | 27033 | 0.80 |
| Espresso Bidco, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.42% | 03/25/2032 |  | (49) | (111) | 0.00 |
| Espresso Bidco, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.42% | 03/25/2032 |  | (44) | (49) | 0.00 |
| Everbridge Holdings, LLC | (6) (7) (11) | First Lien Debt | S + | 5.00% | 8.98% | 07/02/2031 | 55297 | 55066 | 55297 | 1.64 |
| Everbridge Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.98% | 07/02/2031 | 6508 | 6460 | 6508 | 0.19 |
| Everbridge Holdings, LLC | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.98% | 07/02/2031 |  | (26) |  | 0.00 |
| Formstack Acquisition, Co. | (6) (10) | First Lien Debt | S + | 5.50% | 9.17% | 03/28/2030 | 52596 | 52004 | 52222 | 1.55 |
| Formstack Acquisition, Co. | (6) (10) (18) | First Lien Debt | S + | 5.50% | 9.17% | 03/28/2030 | 5163 | 5016 | 5013 | 0.15 |
| Formstack Acquisition, Co. | (6) (10) (18) | First Lien Debt | S + | 5.50% | 9.17% | 03/28/2030 | 1703 | 1592 | 1627 | 0.05 |
| Fullsteam Operations, LLC | (6) (7) (11) | First Lien Debt | S + | 5.25% | 9.12% | 08/08/2031 | 38077 | 37716 | 37679 | 1.11 |
| Fullsteam Operations, LLC | (6) (11) (18) | First Lien Debt | S + | 5.25% | 9.12% | 08/08/2031 |  | (59) | (133) | 0.00 |
| Fullsteam Operations, LLC | (6) (11) (18) | First Lien Debt | S + | 5.25% | 9.12% | 08/08/2031 |  | (39) | (44) | 0.00 |
| Granicus, Inc. | (6) (8) (9) (11) | First Lien Debt | S + | 5.50% (incl. 2.00% PIK) | 9.34% | 01/17/2031 | 63538 | 63082 | 63538 | 1.88 |
| Granicus, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.50% (incl. 2.00% PIK) | 9.34% | 01/17/2031 | 13765 | 13689 | 13765 | 0.41 |
| Granicus, Inc. | (6) (18) | First Lien Debt | P + | 4.25% | 11.00% | 01/17/2031 |  | (61) |  | 0.00 |
| GS AcquisitionCo, Inc. | (6) (8) (10) | First Lien Debt | S + | 5.25% | 8.92% | 05/25/2028 | 61899 | 61760 | 61899 | 1.83 |
| GS AcquisitionCo, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.25% | 8.92% | 05/25/2028 | 1441 | 1433 | 1441 | 0.04 |
| GS AcquisitionCo, Inc. | (6) (10) (18) | First Lien Debt | S + | 5.25% | 8.92% | 05/25/2028 | 1969 | 1956 | 1969 | 0.06 |
| Hootsuite, Inc. | (6) (15) | First Lien Debt | S + | 5.50% | 9.23% | 05/22/2030 | 18617 | 18397 | 18384 | 0.54 |
| Hootsuite, Inc. | (6) (15) (18) | First Lien Debt | S + | 5.50% | 9.23% | 05/22/2030 | 1260 | 1237 | 1234 | 0.04 |
| Icefall Parent, Inc. | (6) (8) (10) | First Lien Debt | S + | 4.50% | 8.17% | 01/25/2030 | 25133 | 24760 | 25133 | 0.74 |
| Icefall Parent, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.17% | 01/25/2030 |  | (34) |  | 0.00 |
| LegitScript, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.75% | 9.47% | 06/24/2029 | 36606 | 36230 | 36606 | 1.08 |
| LegitScript, LLC | (6) (11) | First Lien Debt | S + | 5.75% | 9.47% | 06/24/2029 | 968 | 958 | 968 | 0.03 |
| LegitScript, LLC | (6) (11) (18) | First Lien Debt | S + | 5.75% | 9.47% | 06/24/2028 | 2109 | 2066 | 2109 | 0.06 |
| LogRhythm, Inc. | (6) (10) | First Lien Debt | S + | 7.50% | 11.34% | 07/02/2029 | 6818 | 6663 | 6545 | 0.19 |
| LogRhythm, Inc. | (6) (10) (18) | First Lien Debt | S + | 7.50% | 11.34% | 07/02/2029 |  | (14) | (27) | 0.00 |
| Magenta Buyer, LLC | (11) | First Lien Debt | S + | 5.00% | 9.10% | 07/27/2028 | 4799 | 4791 | 1440 | 0.04 |
| McAfee, LLC | (12) | First Lien Debt | S + | 3.00% | 6.72% | 03/01/2029 | 7400 | 7387 | 6806 | 0.20 |
| Montana Buyer, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 4.75% | 8.47% | 07/22/2029 | 31876 | 31565 | 31876 | 0.94 |
| Montana Buyer, Inc. | (6) (18) | First Lien Debt | P + | 4.75% | 11.50% | 07/22/2028 |  | (26) |  | 0.00 |
| Nasuni Corporation | (6) (8) (11) | First Lien Debt | S + | 5.00% | 8.67% | 09/10/2030 | 21552 | 21285 | 21552 | 0.64 |
| Nasuni Corporation | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.67% | 09/10/2030 |  | (53) |  | 0.00 |
| Netwrix Corporation And Concept Searching, Inc. | (6) (7) (8) (9) (11) | First Lien Debt | S + | 4.50% | 8.32% | 06/11/2029 | 25048 | 24915 | 24922 | 0.74 |
| Netwrix Corporation And Concept Searching, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.50% | 8.32% | 06/11/2029 |  | (7) | (8) | 0.00 |
| Oak Purchaser, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.50% | 9.37% | 05/31/2028 | 12502 | 12420 | 12408 | 0.37 |
| Oak Purchaser, Inc. | (6) (11) | First Lien Debt | S + | 5.50% | 9.37% | 05/31/2028 | 9513 | 9441 | 9419 | 0.28 |
| Oak Purchaser, Inc. | (6) (18) | First Lien Debt | P + | 4.50% | 11.25% | 05/31/2028 | 126 | 115 | 112 | 0.00 |
| OceanKey (U.S.) II Corp. | (12) | First Lien Debt | S + | 3.50% | 7.32% | 12/15/2028 | 6869 | 6877 | 6763 | 0.20 |
| Onit, Inc. | (6) (8) (11) | First Lien Debt | S + | 4.75% | 8.56% | 01/27/2032 | 31481 | 31198 | 31481 | 0.93 |
| Onit, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.56% | 01/27/2032 |  | (60) |  | 0.00 |
| Onit, Inc. | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.56% | 01/27/2032 |  | (40) |  | 0.00 |
| Optimizely North America, Inc. | (6) (11) (15) | First Lien Debt | S + | 5.00% | 8.72% | 10/30/2031 | 11613 | 11512 | 11381 | 0.34 |
| Optimizely North America, Inc. | (6) (11) (15) | First Lien Debt | E + | 5.25% | 7.15% | 10/30/2031 | €6,613 | 7122 | 7611 | 0.23 |
| Optimizely North America, Inc. | (6) (11) (15) | First Lien Debt | SA + | 5.50% | 9.22% | 10/30/2031 | £2,204 | 2843 | 2906 | 0.09 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| Optimizely North America, Inc. | (6) (11) (15) (18) | First Lien Debt | S + | 5.00% | 8.72% | 10/30/2031 |  | (17) | (41) | 0.00 |
| Polaris Newco, LLC | (12) | First Lien Debt | S + | 3.75% | 7.85% | 06/02/2028 | 5789 | 5793 | 5574 | 0.16 |
| Pound Bidco, Inc. | (6) (8) (10) (15) | First Lien Debt | S + | 6.00% | 10.22% | 02/01/2027 | 3743 | 3742 | 3743 | 0.11 |
| Pound Bidco, Inc. | (6) (10) (15) (18) | First Lien Debt | S + | 6.00% | 10.22% | 02/01/2027 | 227 | 227 | 227 | 0.01 |
| Pound Bidco, Inc. | (6) (10) (15) (18) | First Lien Debt | S + | 6.00% | 10.22% | 02/01/2027 | 263 | 263 | 263 | 0.01 |
| Project Leopard Holdings, Inc. | (7) (8) (12) (15) | First Lien Debt | S + | 5.25% | 9.19% | 07/20/2029 | 22620 | 21656 | 19425 | 0.57 |
| Proofpoint, Inc. | (12) | First Lien Debt | S + | 3.00% | 6.67% | 08/31/2028 | 6970 | 6966 | 7000 | 0.21 |
| Quartz Acquireco, LLC |  | First Lien Debt | S + | 2.25% | 5.92% | 06/28/2030 | 4900 | 4909 | 4888 | 0.14 |
| Quest Software US Holdings, Inc. |  | First Lien Debt | S + | 4.25% | 8.24% | 02/01/2029 | 3561 | 3053 | 2957 | 0.09 |
| Revalize, Inc. | (6) (8) (10) | First Lien Debt | S + | 6.50% (incl. 1.75% PIK) | 10.32% | 04/16/2029 | 14360 | 14009 | 13603 | 0.40 |
| Revalize, Inc. | (6) (10) (18) | First Lien Debt | S + | 6.50% (incl. 1.75% PIK) | 10.32% | 04/16/2029 | 547 | 542 | 506 | 0.01 |
| Riskonnect Parent, LLC | (6) (8) (11) | First Lien Debt | S + | 4.75% | 8.62% | 12/07/2028 | 30289 | 29918 | 30289 | 0.90 |
| Riskonnect Parent, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.62% | 12/07/2028 | 17193 | 16943 | 17193 | 0.51 |
| Riskonnect Parent, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.62% | 12/07/2028 | 745 | 697 | 745 | 0.02 |
| Runway Bidco, LLC | (6) (8) (12) | First Lien Debt | S + | 5.00% | 8.67% | 12/17/2031 | 17919 | 17760 | 17874 | 0.53 |
| Runway Bidco, LLC | (6) (12) (18) | First Lien Debt | S + | 5.00% | 8.67% | 12/17/2031 |  | (19) | (11) | 0.00 |
| Runway Bidco, LLC | (6) (12) (18) | First Lien Debt | S + | 5.00% | 8.67% | 12/17/2031 |  | (19) | (6) | 0.00 |
| Saturn Borrower, Inc. | (6) (9) (10) | First Lien Debt | S + | 6.00% | 9.67% | 11/10/2028 | 17546 | 17339 | 17404 | 0.51 |
| Saturn Borrower, Inc. | (6) (10) (18) | First Lien Debt | S + | 6.00% | 9.67% | 11/10/2028 |  | (36) | (52) | 0.00 |
| Saturn Borrower, Inc. | (6) (10) (18) | First Lien Debt | S + | 6.00% | 9.67% | 11/10/2028 | 733 | 700 | 709 | 0.02 |
| Securonix, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 7.75% (incl. 3.75% PIK) | 11.19% | 04/05/2029 | 31172 | 30593 | 26715 | 0.79 |
| Securonix, Inc. | (6) (11) (18) | First Lien Debt | S + | 7.75% (incl. 3.75% PIK) | 11.19% | 04/05/2029 |  | (93) | (772) | -0.02 |
| Trunk Acquisition, Inc. | (6) (8) (10) | First Lien Debt | S + | 5.75% | 9.57% | 02/19/2030 | 13104 | 13039 | 13104 | 0.39 |
| Trunk Acquisition, Inc. | (6) (10) (18) | First Lien Debt | S + | 5.75% | 9.57% | 02/19/2030 | 1851 | 1836 | 1851 | 0.05 |
| Trunk Acquisition, Inc. | (6) (10) (18) | First Lien Debt | S + | 5.75% | 9.57% | 02/19/2030 |  | (3) |  | 0.00 |
| UKG, Inc. |  | First Lien Debt | S + | 2.50% | 6.34% | 02/10/2031 | 7419 | 7430 | 7422 | 0.22 |
| Vanco Payment Solutions, LLC | (6) (11) | First Lien Debt | S + | 4.75% | 8.42% | 12/01/2031 | 3725 | 3688 | 3688 | 0.11 |
| Vanco Payment Solutions, LLC | (6) (11) (18) | First Lien Debt | S + | 4.75% | 8.42% | 12/01/2031 |  | (2) | (2) | 0.00 |
| Vision Solutions, Inc. | (11) | First Lien Debt | S + | 4.00% | 8.10% | 04/24/2028 | 6284 | 6247 | 5817 | 0.17 |
| Project Boost Purchaser, LLC |  | First Lien Debt | S + | 2.75% | 6.42% | 07/16/2031 | 4950 | 4956 | 4960 | 0.15 |
|  |  |  |  |  |  |  |  | 1390292 | 1385457 | 40.99 |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| Les Schwab Tire Centers |  | First Lien Debt | S + | 2.50% | 6.31% | 04/23/2031 | 6795 | 6801 | 6795 | 0.20 |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |  |  |  |
| Gloves Buyer, Inc. | (12) | First Lien Debt | S + | 4.00% | 7.72% | 05/21/2032 | 7000 | 6825 | 6955 | 0.21 |
| Varsity Brands, Inc. |  | First Lien Debt | S + | 3.00% | 6.67% | 08/26/2031 | 5970 | 5974 | 5989 | 0.18 |
|  |  |  |  |  |  |  |  | 12799 | 12944 | 0.38 |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |  |
| Spin Holdco, Inc. | (11) | First Lien Debt | S + | 4.00% | 8.02% | 03/04/2028 | 4798 | 4803 | 3689 | 0.11 |
| White Cap Buyer, LLC |  | First Lien Debt | S + | 3.25% | 6.97% | 10/19/2029 | 2419 | 2421 | 2428 | 0.07 |
|  |  |  |  |  |  |  |  | 7224 | 6117 | 0.18 |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |  |
| Brown Group Holding, LLC | (12) | First Lien Debt | S + | 2.75% | 6.56% | 07/01/2031 | 4925 | 4930 | 4947 | 0.15 |
| Jeppesen Holdings, LLC | (6) (12) | First Lien Debt | S + | 4.75% | 8.59% | 11/01/2032 | 32648 | 32487 | 32487 | 0.96 |
| Jeppesen Holdings, LLC | (6) (12) (18) | First Lien Debt | S + | 4.75% | 8.59% | 11/01/2032 |  | (8) | (8) | 0.00 |
| KKR Apple Bidco, LLC |  | First Lien Debt | S + | 2.50% | 6.22% | 09/23/2031 | 7277 | 7257 | 7312 | 0.22 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
|  |  |  |  |  |  |  |  | 44666 | 44738 | 1.32 |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.00% | 8.67% | 05/13/2032 | 37699 | 37347 | 37643 | 1.11 |
| CCI Buyer, Inc. | (6) (11) (18) | First Lien Debt | S + | 5.00% | 8.67% | 05/13/2032 |  | (20) | (3) | 0.00 |
| Mobile Communications America, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 4.75% | 8.69% | 10/16/2029 | 13378 | 13241 | 13378 | 0.40 |
| Mobile Communications America, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.69% | 10/16/2029 | 3653 | 3596 | 3653 | 0.11 |
| Mobile Communications America, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.69% | 10/16/2029 | 440 | 420 | 440 | 0.01 |
|  |  |  |  |  |  |  |  | 54584 | 55111 | 1.63 |
| **Total Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  | **$6530856** | **$6449253** | **190.82%** |
| **Debt Investments - non-controlled/affiliated** |  |  |  |  |  |  |  |  |  |  |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| KWOR Acquisition, Inc. | (6) (10) (19) | Second Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.07% | 02/28/2030 | 13946 | 13946 | 13946 | 0.41 |
| KWOR Acquisition, Inc. | (6) (10) (18) (19) | First Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.07% | 02/28/2030 | 75 | 13 | 75 | 0.00 |
| KWOR Acquisition, Inc. | (6) (10) (18) (19) | First Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.07% | 02/28/2030 | 111 | 18 | 111 | 0.00 |
| KWOR Acquisition, Inc. | (6) (19) | Other Debt | S + | 8.00% PIK | 12.20% | 02/28/2030 | 4897 | 4897 | 4897 | 0.14 |
| **Total Debt Investments - non-controlled/affiliated** |  |  |  |  |  |  |  | **$18874** | **$19029** | **0.56%** |
| **Total Debt Investments** |  |  |  |  |  |  |  | **$6549730** | **$6468282** | **191.38%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Acquisition Date** | **Par Amount/ Shares** <sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| AASC Holdings, LP | (6) (16) (17) | Common Equity |  | 11/14/2025 | 88 | $92 | $92 | 0.00% |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| Continental Battery Company | (6) (16) (17) | Common Equity |  | 07/16/2025 | 15517 |  |  | 0.00 |
| Shelby Co-invest, LP (Spectrum Automotive) | (6) (16) (17) | Common Equity |  | 06/29/2021 | 1500 | 228 | 333 | 0.01 |
| Wheel Pros, LLC | (16) (17) | Common Equity |  | 12/02/2024 | 10032 | 1655 | 1655 | 0.05 |
|  |  |  |  |  |  | 1883 | 1988 | 0.06 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Firebird Acquisition Corp, Inc. | (6) (16) (17) | Common Equity |  | 02/03/2025 | 250000 | 238 | 289 | 0.01 |
| Procure Acquiom Financial, LLC (Procure Analytics) | (6) (16) (17) | Common Equity |  | 12/20/2021 | 500000 | 625 | 867 | 0.03 |
| Surewerx Topco, LP | (6) (15) (16) (17) | Common Equity |  | 12/28/2022 | 384 | 413 | 432 | 0.01 |
|  |  |  |  |  |  | 1276 | 1588 | 0.05 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (6) (16) (17) | Common Equity |  | 12/10/2021 | 1383156 | 878 |  | 0.00 |
| BP Purchaser, LLC Rights | (6) (16) (17) | Common Equity |  | 03/12/2024 | 1666989 | 75 |  | 0.00 |
| FORTIS Solutions Group, LLC | (6) (17) | Preferred Equity | 12.25% | 06/24/2022 | 4000000 | 5773 | 3985 | 0.12 |
|  |  |  |  |  |  | 6726 | 3985 | 0.12 |
| **Distributors** |  |  |  |  |  |  |  |  |
| 48Forty Solutions, LLC | (6) (8) (9) (16) (17) | Common Equity |  | 11/01/2024 | 7205 |  |  | 0.00 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Eclipse Topco, Inc. | (6) (17) | Preferred Equity | 12.50% PIK | 09/05/2024 | 310 | 3469 | 3120 | 0.09 |
| FPG Parent, LLC | (6) (16) (17) | Common Equity |  | 07/18/2025 | 5945 |  |  | 0.00 |
| Leaf Home, LLC | (6) (17) | Preferred Equity | 14.00% PIK | 09/04/2025 | 600000 | 607 | 774 | 0.02 |
| LUV Car Wash | (6) (16) (17) | Common Equity |  | 12/06/2022 | 1383 | 1330 | 973 | 0.03 |
|  |  |  |  |  |  | 5406 | 4867 | 0.14 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Acquisition Date** | **Par Amount/ Shares** <sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net<br>Assets** |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |
| Sparkstone Electrical Group | (6) (16) (17) | Common Equity |  |  | 10/15/2024 | 1500 | 150 | 65 | 0.00 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |
| Applitools, Inc. | (6) (15) (16) (17) | Common Equity |  |  | 07/18/2025 | 3880115 | 2219 | 1884 | 0.06 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| SDB Holdco, LLC | (6) (16) (17) | Common Equity |  |  | 03/29/2024 | 14561479 |  |  | 0.00 |
| Suveto Buyer, LLC | (6) (15) (16) (17) | Common Equity |  |  | 11/19/2021 | 3398 | 307 | 393 | 0.01 |
| Vardiman Black Holdings, LLC | (6) (17) | Preferred Equity | 6.00% PIK | 6.00% PIK | 03/29/2024 | 7065190 | 5247 | - | 0.00 |
|  |  |  |  |  |  |  | 5554 | 393 | 0.01 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |
| Amerilife Holdings, LLC | (6) (16) (17) | Common Equity |  |  | 09/01/2022 | 9880 | 273 | 592 | 0.02 |
| Frisbee Holdings, LP (Fetch) | (6) (16) (17) | Common Equity |  |  | 10/31/2022 | 33276 | 424 | 1193 | 0.04 |
| Integrity Marketing Acquisition, LLC | (6) (17) | Preferred Equity | 10.50% | 10.50% | 12/21/2021 | 750000 | 1127 | 1028 | 0.03 |
|  |  |  |  |  |  |  | 1824 | 2813 | 0.08 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| FMG Suite Holdings, LLC | (6) (16) (17) | Common Equity |  |  | 09/09/2025 | 500 |  |  | 0.00 |
| FMG Suite Holdings, LLC | (6) (17) | Preferred Equity | 8.00% PIK | 8.00% PIK | 09/09/2025 | 500 | 513 | 513 | 0.02 |
|  |  |  |  |  |  |  | 513 | 513 | 0.02 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (16) (17) | Common Equity |  |  | 07/12/2021 | 5196 | 317 | 256 | 0.01 |
| Verdantas, LLC | (6) (16) (17) | Common Equity |  |  | 05/03/2024 | 8848 | 9 | 13 | 0.00 |
| Verdantas, LLC | (6) (17) | Preferred Equity | 10.00% | 10.00% | 05/03/2024 | 875952 | 1035 | 1291 | 0.04 |
|  |  |  |  |  |  |  | 1361 | 1560 | 0.05 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |
| Pritchard Industries, LLC | (6) (16) (17) | Common Equity |  |  | 10/13/2021 | 332248 | 352 | 249 | 0.01 |
| **Software** |  |  |  |  |  |  |  |  |  |
| Cohesity Global, Inc. | (17) | Preferred Equity |  |  | 12/09/2024 | 18617 | 382 | 382 | 0.01 |
| Fullsteam Operations, LLC | (6) (16) (17) | Common Equity |  |  | 11/27/2023 | 45080 | 1520 | 3766 | 0.11 |
| Knockout Intermediate Holdings I, Inc. | (6) (17) | Preferred Equity | S + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75% | 06/25/2022 | 5482 | 7719 | 7934 | 0.23 |
| Revalize, Inc. | (6) (17) | Preferred Equity | S + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00% | 12/14/2021 | 2951 | 4703 | 4248 | 0.13 |
| Reveal Data Solutions | (6) (16) (17) | Common Equity |  |  | 08/29/2023 | 861539 | 1122 | 1044 | 0.03 |
| RSK Holdings, Inc. (Riskonnect) | (6) (17) | Preferred Equity | S + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50% | 07/07/2022 | 10679200 | 17455 | 17754 | 0.53 |
|  |  |  |  |  |  |  | 32901 | 35128 | 1.04 |
| **Total Equity Investments - non-controlled/non-affiliated** |  |  |  |  |  |  | **$60257** | **$55125** | **1.63%** |
| **Equity Investments - non-controlled/affiliated** |  |  |  |  |  |  |  |  |  |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| KWOR Intermediate I, Inc. | (6) (16) (17) (19) | Common Equity |  |  | 02/28/2025 | 2785 | 1069 |  | 0.00 |
| KWOR Intermediate I, Inc. | (6) (17) (19) | Preferred Equity | S + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% PIK | 02/28/2025 | 2978848 | 2979 | 1927 | 0.06 |
| **Total Equity Investments - non-controlled/affiliated** |  |  |  |  |  | - | 4048 | 1927 | 0.06 |
| **Total Equity Investments** |  |  |  |  |  |  | **$64305** | **$57052** | **1.69%** |
| **Equity Investments - controlled/affiliated** |  |  |  |  |  |  |  |  |  |
| **Investments in Joint Ventures** |  |  |  |  |  |  |  |  |  |
| North Haven Keystone, LLC | (17) (20) | LLC Interest |  |  | 10/29/2025 | 85438200 | 85438 | 85276 | 2.52 |
| **Total Investments in Joint Ventures** |  |  |  |  |  |  | **$85438** | **$85276** | **2.52%** |
| **Total Portfolio Investments** |  |  |  |  |  |  | **$6699473** | **$6610610** | **195.59%** |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** |  |  |  |  |
| **Cash and Cash Equivalents and <br>Short Term Investments** |  |  |  |  |
| J.P. Morgan US Government Money Market Fund - Institutional Shares | 3.62% | 38403 | 38403 | 1.14% |
| Cash |  | 199865 | 199865 | 5.91% |
| **Total Cash and Cash Equivalents and Short Term Investments** |  | **238268** | **238268** | 7.05% |
| **Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments** |  | **$6937741** | **$6848878** | **202.64%** |

---

<sup>(1)</sup> Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 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, 2025, the Company would be deemed to "control" one of its portfolio companies, as indicated below. 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 December 31, 2025, the Company is an "affiliated person" of two of its portfolio companies, as indicated below.

<sup>(2)</sup> Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility as defined below. See Note 6 "Debt".

<sup>(3)</sup> Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P"), each of which generally resets periodically). For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025. As of December 31, 2025, the reference rates for our variable rate loans were the C at 2.26%, 1-month E at 1.94%, 1-month S at 3.69%, 3-month S at 3.65%, 6-month S at 3.57%, SA at 3.73% and the P at 6.75%.

<sup>(4)</sup> 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").

<sup>(5)</sup> The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

<sup>(6)</sup> 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.

<sup>(7)</sup> Assets or a portion thereof are pledged as collateral for the Wells Funding Facility (as defined below). See Note 6 "Debt".

<sup>(8)</sup> Assets or a portion thereof are pledged as collateral for the JPM Funding Facility (as defined below). See Note 6 "Debt".

<sup>(9)</sup> Assets or a portion thereof are pledged as collateral for the CBNA Funding Facility (as defined below). See Note 6 "Debt".

<sup>(10)</sup> Loan includes interest rate floor of 1.00%.

<sup>(11)</sup> Loan includes interest rate floor of 0.75%.

<sup>(12)</sup> Loan includes interest rate floor of 0.50%.

<sup>(13)</sup> The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".

<sup>(14)</sup> Investment was on non-accrual status as of December 31, 2025.

<sup>(15)</sup> 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, 2025, non-qualifying assets represented 6.64% of total assets as calculated in accordance with regulatory requirements.

<sup>(16)</sup> Non-income producing security.

<sup>(17)</sup> Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be "restricted securities". As of December 31, 2025, the aggregate fair value of these securities is $142,328 or 4.21% of the Company's net assets. The initial acquisition dates have been included for such securities.

<sup>(18)</sup> 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 stated. See below for more information on the Company's unfunded commitments as of December 31, 2025:

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| **First Lien Debt — non-controlled/non-affiliated** |  |  |  |  |
| 48Forty Solutions, LLC | Revolver | 11/30/2029 | $1434 | $(846) |
| AWP Group Holdings, Inc. | Delayed Draw Term Loan | 08/23/2026 | 1911 |  |
| AWP Group Holdings, Inc. | Revolver | 12/23/2030 | 2435 |  |
| Abacus Data Holdings, Inc. (AbacusNext) | Revolver | 03/10/2027 | 600 |  |
| Accel International Holdings, Inc. | Revolver | 04/26/2032 | 4216 |  |
| Accordion Partners, LLC | Delayed Draw Term Loan | 12/17/2027 | 2910 | (7) |
| Accordion Partners, LLC | Revolver | 11/17/2031 | 6393 |  |
| Advarra Holdings, Inc. | Delayed Draw Term Loan | 09/14/2026 | 1191 | (6) |
| Alert Media, Inc. | Revolver | 04/12/2027 | 3870 | (25) |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 06/17/2026 | 158 | (1) |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 02/28/2027 | 5395 | (40) |
| Amerilife Holdings, LLC | Revolver | 08/31/2028 | 2248 | (17) |
| Answer Acquisition, LLC | Revolver | 06/30/2028 | 2450 | (240) |
| Any Hour, LLC | Delayed Draw Term Loan | 05/23/2026 | 3127 | (140) |
| Any Hour, LLC | Revolver | 05/23/2030 | 277 | (12) |
| Apex Service Partners, LLC | Revolver | 10/24/2029 | 3883 | (3) |
| Apollo Acquisition, Inc. | Delayed Draw Term Loan | 06/04/2027 | 10476 |  |
| Apollo Acquisition, Inc. | Revolver | 12/30/2030 | 3927 |  |
| Appfire Technologies, LLC | Delayed Draw Term Loan | 06/28/2026 | 1465 |  |
| Appfire Technologies, LLC | Revolver | 03/09/2028 | 490 |  |
| Applitools, Inc. | Revolver | 05/25/2028 | 1600 | (28) |
| Apryse Software Corp. | Revolver | 06/28/2032 | 3941 | (31) |
| Aptean, Inc. | Delayed Draw Term Loan | 02/14/2027 | 761 | (1) |
| Aptean, Inc. | Revolver | 01/30/2031 | 4305 | (5) |
| Archduke Buyer, Inc. | Revolver | 12/03/2032 | 274 | (3) |
| Arcoro Holdings Corp. | Revolver | 03/28/2030 | 8609 | (148) |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 05/22/2027 | 5345 |  |
| Artifact Bidco, Inc. | Revolver | 07/26/2030 | 3818 |  |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 08/09/2026 | 67 | (1) |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 08/09/2027 | 298 | (3) |
| Ascend Partner Services, LLC | Revolver | 08/11/2031 | 449 | (4) |
| Assembly Intermediate, LLC | Revolver | 10/19/2027 | 889 |  |
| Associations, Inc. | Delayed Draw Term Loan | 07/03/2028 | 482 |  |
| Associations, Inc. | Revolver | 07/03/2028 | 678 |  |
| Astra Service Partners, LLC | Delayed Draw Term Loan | 11/26/2027 | 1480 | (6) |
| Atlas US Finco, Inc. | Revolver | 12/09/2028 | 4395 |  |
| AuditBoard, Inc. | Revolver | 07/14/2031 | 6514 | (46) |
| BCTO Bluebill Midco, Inc. | Revolver | 07/30/2032 | 2667 | (27) |
| Banyan Software Holdings, LLC | Delayed Draw Term Loan | 10/08/2027 | 7816 | (42) |
| Banyan Software Holdings, LLC | Revolver | 01/02/2031 | 3261 |  |
| Bottomline Technologies, Inc. | Revolver | 05/15/2028 | 1733 |  |
| Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 07/03/2026 | 2015 |  |
| Bullhorn, Inc. | Delayed Draw Term Loan | 05/11/2026 | 343 |  |
| Bullhorn, Inc. | Revolver | 10/01/2029 | 346 |  |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| CCI Buyer, Inc. | Revolver | 05/13/2032 | 2207 | (3) |
| CLEO Communications Holding, LLC | Revolver | 06/09/2027 | 5358 |  |
| COP Collisionright Parent, LLC | Delayed Draw Term Loan | 04/04/2027 | 5408 | (14) |
| COP Collisionright Parent, LLC | Revolver | 01/29/2030 | 4039 | (10) |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 08/27/2026 | 2206 |  |
| CRCI Longhorn Holdings, Inc. | Revolver | 08/27/2031 | 1471 |  |
| Caerus US 1, Inc. | Revolver | 05/25/2029 | 929 | (1) |
| Carr, Riggs and Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 5432 | (14) |
| Carr, Riggs and Ingram Capital, LLC | Revolver | 11/18/2031 | 3400 | (9) |
| Catalis Intermediate, Inc. | Revolver | 08/04/2027 | 2312 | (29) |
| Cerity Partners, LLC | Delayed Draw Term Loan | 01/21/2027 | 8048 | (20) |
| Cerity Partners, LLC | Revolver | 07/28/2031 | 958 | (2) |
| Chase Intermediate, LLC | Delayed Draw Term Loan | 04/10/2027 | 4160 | (37) |
| Chase Intermediate, LLC | Revolver | 10/30/2028 | 608 | (5) |
| Cliffwater, LLC | Revolver | 04/22/2032 | 2036 | (15) |
| ComPsych Investment Corp. | Delayed Draw Term Loan | 07/23/2027 | 4667 |  |
| Computer Services, Inc. | Delayed Draw Term Loan | 11/15/2027 | 4137 | (10) |
| Consor Intermediate II, LLC | Delayed Draw Term Loan | 05/10/2026 | 3126 | (4) |
| Consor Intermediate II, LLC | Revolver | 05/12/2031 | 1130 | (1) |
| Coupa Holdings, LLC | Delayed Draw Term Loan | 06/03/2027 | 851 |  |
| Coupa Holdings, LLC | Revolver | 02/27/2029 | 651 |  |
| Cyara AcquisitionCo, LLC | Revolver | 06/28/2029 | 3832 |  |
| Cyber US Bidco, LLC | Delayed Draw Term Loan | 01/02/2029 | 797 | (4) |
| Cyber US Bidco, LLC | Revolver | 12/30/2032 | 350 | (4) |
| DA Blocker Corp. | Delayed Draw Term Loan | 02/10/2027 | 2425 | (6) |
| DA Blocker Corp. | Revolver | 02/10/2032 | 808 | (2) |
| Deerfield Dakota Holding, LLC | Revolver | 09/13/2032 | 4287 | (37) |
| Diligent Corporation | Delayed Draw Term Loan | 04/30/2026 | 10706 | (7) |
| Diligent Corporation | Revolver | 08/02/2030 | 5460 | (4) |
| Drivecentric Holdings, LLC | Delayed Draw Term Loan | 07/22/2027 | 8375 |  |
| Drivecentric Holdings, LLC | Revolver | 08/15/2031 | 4059 |  |
| Dwyer Instruments, Inc. | Revolver | 07/20/2029 | 3329 | (17) |
| E-Discovery AcquireCo, LLC | Revolver | 08/29/2029 | 2032 | (1) |
| EVDR Purchaser, Inc. | Delayed Draw Term Loan | 08/14/2026 | 10559 | (17) |
| EVDR Purchaser, Inc. | Revolver | 02/14/2031 | 5069 | (8) |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 09/06/2026 | 1417 |  |
| Eclipse Buyer, Inc. | Revolver | 09/08/2031 | 719 |  |
| Emburse, Inc. | Delayed Draw Term Loan | 05/28/2027 | 3947 | (10) |
| Emburse, Inc. | Revolver | 05/28/2032 | 3947 | (10) |
| Energy Labs Holdings Corp. | Delayed Draw Term Loan | 05/24/2026 | 825 | (17) |
| Energy Labs Holdings Corp. | Revolver | 04/07/2028 | 1343 | (27) |
| Espresso Bidco, Inc. | Delayed Draw Term Loan | 03/25/2027 | 7418 | (111) |
| Espresso Bidco, Inc. | Revolver | 03/25/2032 | 3297 | (49) |
| Essential Services Holding Corporation | Delayed Draw Term Loan | 06/17/2026 | 5154 | (14) |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Essential Services Holding Corporation | Revolver | 06/17/2030 | 1933 | (5) |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 07/02/2026 | 10196 |  |
| Everbridge Holdings, LLC | Revolver | 07/02/2031 | 6708 |  |
| Excelitas Technologies Corp. | Delayed Draw Term Loan | 05/01/2026 | 12000 | (60) |
| Excelitas Technologies Corp. | Revolver | 08/14/2028 | 3095 | (15) |
| Express Wash Acquisition Company, LLC | Revolver | 04/10/2031 | 335 | (3) |
| FLS Holding, Inc. | Revolver | 12/17/2027 | 28 | (4) |
| FMG Suite Holdings, LLC | Delayed Draw Term Loan | 09/09/2027 | 4868 | (49) |
| FMG Suite Holdings, LLC | Revolver | 09/09/2032 | 2921 | (29) |
| FORTIS Solutions Group, LLC | Revolver | 10/15/2027 | 1274 |  |
| FPG Intermediate Holdco, LLC | Delayed Draw Term Loan | 07/26/2027 | 430 |  |
| Firebird Acquisition Corp, Inc. | Delayed Draw Term Loan | 01/31/2027 | 2078 |  |
| Firebird Acquisition Corp, Inc. | Revolver | 02/02/2032 | 1050 |  |
| Formstack Acquisition, Co. | Delayed Draw Term Loan | 03/30/2026 | 15916 | (113) |
| Formstack Acquisition, Co. | Revolver | 03/28/2030 | 8938 | (64) |
| Foundation Risk Partners Corp. | Delayed Draw Term Loan | 02/26/2027 | 542 |  |
| Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 3212 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 08/09/2027 | 12692 | (133) |
| Fullsteam Operations, LLC | Revolver | 08/08/2031 | 4231 | (44) |
| GB Eagle Buyer, Inc. | Delayed Draw Term Loan | 11/12/2027 | 6660 | (33) |
| GB Eagle Buyer, Inc. | Revolver | 11/29/2030 | 4440 | (43) |
| GC Waves Holdings, Inc. | Delayed Draw Term Loan | 10/06/2027 | 1044 | (3) |
| GC Waves Holdings, Inc. | Revolver | 10/04/2030 | 1723 |  |
| GPS Merger Sub, LLC | Delayed Draw Term Loan | 10/04/2027 | 3668 | (32) |
| GPS Merger Sub, LLC | Revolver | 10/02/2029 | 4657 | (41) |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 03/26/2026 | 2438 |  |
| GS AcquisitionCo, Inc. | Revolver | 05/25/2028 | 3348 |  |
| Galway Borrower, LLC | Delayed Draw Term Loan | 02/06/2026 | 3235 |  |
| Galway Borrower, LLC | Revolver | 09/29/2028 | 2774 |  |
| GarageCo Intermediate II, LLC | Delayed Draw Term Loan | 08/02/2027 | 5051 | (51) |
| GarageCo Intermediate II, LLC | Revolver | 07/30/2032 | 1515 | (15) |
| Gateway US Holdings, Inc. | Delayed Draw Term Loan | 11/13/2026 | 1209 | (6) |
| Gateway US Holdings, Inc. | Revolver | 09/22/2028 | 484 | (2) |
| Granicus, Inc. | Delayed Draw Term Loan | 07/31/2026 | 657 |  |
| Granicus, Inc. | Revolver | 01/17/2031 | 8771 |  |
| HSI Halo Acquisition, Inc. | Delayed Draw Term Loan | 06/28/2026 | 2273 | (9) |
| HSI Halo Acquisition, Inc. | Revolver | 06/28/2030 | 3031 | (12) |
| Heartland Veterinary Partners, LLC | Delayed Draw Term Loan | 11/08/2027 | 5162 | (31) |
| Heartland Veterinary Partners, LLC | Revolver | 06/12/2028 | 1298 |  |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 12/10/2027 | 3228 | (8) |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 09/30/2026 | 6151 |  |
| High Street Buyer, Inc. | Revolver | 04/16/2027 | 825 | (2) |
| Hootsuite, Inc. | Revolver | 05/22/2030 | 840 | (11) |
| Hyland Software, Inc. | Revolver | 09/19/2029 | 3699 |  |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| IG Investment Holdings, LLC | Revolver | 09/22/2028 | 3736 |  |
| IQN Holding Corp. | Revolver | 05/02/2028 | 337 |  |
| Icefall Parent, Inc. | Revolver | 01/25/2030 | 2471 |  |
| Imagine 360, LLC | Delayed Draw Term Loan | 09/20/2026 | 1884 |  |
| Imagine 360, LLC | Revolver | 10/02/2028 | 1166 |  |
| Inhabitiq, Inc. | Delayed Draw Term Loan | 01/11/2027 | 4784 |  |
| Inhabitiq, Inc. | Revolver | 01/12/2032 | 2990 |  |
| Inszone Mid, LLC | Delayed Draw Term Loan | 07/24/2026 | 1836 | (5) |
| Inszone Mid, LLC | Delayed Draw Term Loan | 10/18/2027 | 4008 | (19) |
| Inszone Mid, LLC | Revolver | 11/30/2029 | 3575 | (9) |
| Integrity Marketing Acquisition, LLC | Revolver | 08/25/2028 | 1097 |  |
| Invictus Buyer, LLC | Delayed Draw Term Loan | 06/03/2026 | 663 |  |
| Invictus Buyer, LLC | Revolver | 06/03/2031 | 245 |  |
| Iris Buyer, LLC | Revolver | 10/02/2029 | 2883 | (7) |
| Iris Specialty Acquisiton, LLC | Delayed Draw Term Loan | 11/20/2028 | 4958 | (12) |
| Iris Specialty Acquisiton, LLC | Revolver | 11/22/2032 | 4363 | (21) |
| Jeppesen Holdings, LLC | Revolver | 11/01/2032 | 1632 | (8) |
| Jonathan Acquisition Company | Revolver | 05/11/2029 | 453 | (7) |
| KENG Acquisition, Inc. | Revolver | 08/01/2029 | 4053 | (20) |
| Kodiak Buyer, LLC | Delayed Draw Term Loan | 07/26/2027 | 3219 |  |
| Kodiak Buyer, LLC | Revolver | 07/23/2032 | 2575 |  |
| LHS Borrower, LLC | Revolver | 09/04/2031 | 868 | (13) |
| LJ Avalon Holdings, LLC | Delayed Draw Term Loan | 02/12/2027 | 2885 |  |
| LJ Avalon Holdings, LLC | Revolver | 02/01/2029 | 1752 |  |
| LeadVenture, Inc. | Delayed Draw Term Loan | 06/23/2027 | 1200 |  |
| LeadVenture, Inc. | Revolver | 06/23/2032 | 717 |  |
| LegitScript, LLC | Revolver | 06/24/2028 | 3750 |  |
| Lightspeed Buyer, Inc. | Revolver | 02/03/2027 | 279 |  |
| LogRhythm, Inc. | Revolver | 07/02/2029 | 682 | (27) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 06/11/2027 | 1025 | (10) |
| MAI Capital Management Intermediate, LLC | Revolver | 08/29/2031 | 992 | (10) |
| MHE Intermediate Holdings, LLC | Revolver | 07/21/2027 | 643 |  |
| MRI Software, LLC | Revolver | 02/10/2028 | 4384 | (12) |
| Magneto Components Buyco, LLC | Revolver | 12/05/2029 | 7930 |  |
| ManTech International CP | Delayed Draw Term Loan | 02/17/2026 | 936 |  |
| ManTech International CP | Revolver | 09/14/2028 | 4800 |  |
| Merative, LP | Delayed Draw Term Loan | 09/30/2027 | 3365 | (17) |
| Merative, LP | Revolver | 09/30/2032 | 2944 | (15) |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 06/23/2027 | 3466 |  |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 1761 |  |
| Model N, Inc. | Delayed Draw Term Loan | 06/26/2026 | 5429 |  |
| Model N, Inc. | Revolver | 06/27/2031 | 2896 |  |
| Montana Buyer, Inc. | Revolver | 07/22/2028 | 3710 |  |
| NDT Global Holding, Inc. | Delayed Draw Term Loan | 06/04/2027 | 8064 | (81) |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| NDT Global Holding, Inc. | Revolver | 06/04/2032 | 7200 | (72) |
| NSI Holdings, Inc. | Delayed Draw Term Loan | 11/15/2026 | 4079 |  |
| NSI Holdings, Inc. | Revolver | 11/17/2031 | 4079 |  |
| Nasuni Corporation | Revolver | 09/10/2030 | 4490 |  |
| Netwrix Corporation And Concept Searching, Inc. | Revolver | 06/11/2029 | 1579 | (8) |
| OEConnection, LLC | Delayed Draw Term Loan | 12/26/2028 | 876 | (2) |
| OEConnection, LLC | Revolver | 12/23/2032 | 231 | (1) |
| Oak Purchaser, Inc. | Delayed Draw Term Loan | 08/30/2027 | 2981 | (22) |
| Oak Purchaser, Inc. | Revolver | 05/31/2028 | 1763 | (13) |
| One, Inc. Software Corporation | Delayed Draw Term Loan | 12/06/2027 | 967 | (5) |
| One, Inc. Software Corporation | Revolver | 12/06/2032 | 387 | (4) |
| Onit, Inc. | Delayed Draw Term Loan | 01/27/2027 | 13889 |  |
| Onit, Inc. | Revolver | 01/27/2032 | 4630 |  |
| Optimizely North America, Inc. | Revolver | 10/30/2031 | 2033 | (41) |
| PDI TA Holdings, Inc. | Revolver | 02/03/2031 | 858 | (13) |
| PMA Parent Holdings, LLC | Revolver | 01/31/2031 | 398 | (4) |
| PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 04/08/2026 | 3217 |  |
| Pamlico Avant Holdings, LP | Revolver | 12/31/2032 | 1474 | (15) |
| Pareto Health Intermediate Holdings, Inc. | Revolver | 06/01/2029 | 9920 |  |
| Patriot Growth Insurance Services, LLC | Revolver | 10/16/2028 | 394 |  |
| PerkinElmer U.S., LLC | Delayed Draw Term Loan | 10/25/2027 | 1290 | (3) |
| Pound Bidco, Inc. | Delayed Draw Term Loan | 04/24/2027 | 147 |  |
| Pound Bidco, Inc. | Revolver | 02/01/2027 | 125 |  |
| Procure Acquireco, Inc. (Procure Analytics) | Delayed Draw Term Loan | 10/31/2026 | 831 |  |
| Procure Acquireco, Inc. (Procure Analytics) | Revolver | 12/20/2028 | 952 |  |
| Project Accelerate Parent, LLC | Revolver | 02/24/2031 | 3928 |  |
| Project Potter Buyer, LLC | Revolver | 04/23/2027 | 885 |  |
| Railpros Parent, LLC | Delayed Draw Term Loan | 05/24/2027 | 6526 | (65) |
| Railpros Parent, LLC | Revolver | 05/24/2032 | 3263 | (33) |
| Randy's Holdings, Inc. | Delayed Draw Term Loan | 06/30/2026 | 850 | (8) |
| Randy's Holdings, Inc. | Delayed Draw Term Loan | 12/20/2027 | 2742 | (14) |
| Randy's Holdings, Inc. | Revolver | 11/01/2029 | 1842 | (18) |
| Raptor Merger Sub Debt, LLC | Revolver | 04/01/2029 | 2907 |  |
| Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 333 | 1 |
| Real Chemistry Intermediate III, Inc. | Delayed Draw Term Loan | 10/11/2027 | 3868 | (19) |
| Real Chemistry Intermediate III, Inc. | Revolver | 04/12/2032 | 4250 | (21) |
| Redwood Services Group, LLC | Delayed Draw Term Loan | 01/03/2027 | 2271 | (11) |
| Revalize, Inc. | Revolver | 04/16/2029 | 234 | (12) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 03/30/2027 | 16890 |  |
| Ridge Trail US Bidco, Inc. | Revolver | 03/31/2031 | 4110 |  |
| Riskonnect Parent, LLC | Delayed Draw Term Loan | 03/01/2026 | 4781 |  |
| Riskonnect Parent, LLC | Revolver | 12/07/2028 | 3320 |  |
| RoadOne IntermodaLogistics | Revolver | 12/29/2028 | 27 | (1) |
| Routeware, Inc. | Delayed Draw Term Loan | 09/18/2026 | 1926 | (6) |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Routeware, Inc. | Revolver | 09/18/2031 | 409 | (1) |
| Runway Bidco, LLC | Delayed Draw Term Loan | 12/17/2026 | 4486 | (11) |
| Runway Bidco, LLC | Revolver | 12/17/2031 | 2243 | (6) |
| SV Newco 2, Inc. | Delayed Draw Term Loan | 03/22/2028 | 306 |  |
| SV Newco 2, Inc. | Revolver | 06/02/2031 | 11921 | (16) |
| Saturn Borrower, Inc. | Delayed Draw Term Loan | 01/24/2027 | 6429 | (52) |
| Saturn Borrower, Inc. | Revolver | 11/10/2028 | 2160 | (17) |
| Securonix, Inc. | Revolver | 04/05/2029 | 5403 | (772) |
| Sherlock Buyer Corp. | Revolver | 12/07/2029 | 2978 | (94) |
| Smarsh, Inc. | Delayed Draw Term Loan | 01/31/2027 | 2142 |  |
| Smarsh, Inc. | Revolver | 02/16/2029 | 986 |  |
| Sonny's Enterprises, LLC | Revolver | 08/05/2027 | 3331 | (94) |
| Spark Buyer, LLC | Delayed Draw Term Loan | 10/15/2026 | 2125 | (159) |
| Spark Buyer, LLC | Revolver | 10/15/2031 | 701 | (53) |
| Specialty Pharma III, Inc. | Revolver | 12/23/2032 | 478 | (2) |
| Spectrum Automotive Holdings Corp. | Delayed Draw Term Loan | 04/28/2027 | 2379 |  |
| Spectrum Automotive Holdings Corp. | Revolver | 06/29/2027 | 378 |  |
| Stepping Stones Healthcare Services, LLC | Delayed Draw Term Loan | 04/25/2026 | 1813 |  |
| Stepping Stones Healthcare Services, LLC | Revolver | 12/30/2026 | 500 |  |
| Superman Holdings, LLC | Revolver | 08/29/2031 | 3675 |  |
| Surewerx Purchaser III, Inc. | Delayed Draw Term Loan | 06/29/2026 | 451 | (1) |
| Surewerx Purchaser III, Inc. | Revolver | 12/28/2028 | 999 | (2) |
| Suveto Buyer, LLC | Delayed Draw Term Loan | 11/15/2026 | 593 | (1) |
| Suveto Buyer, LLC | Revolver | 09/09/2027 | 528 |  |
| Sweep Purchaser, LLC | Revolver | 06/30/2027 | 375 |  |
| TA Polaris Buyer, Inc. | Delayed Draw Term Loan | 12/12/2028 | 4324 | (11) |
| TA Polaris Buyer, Inc. | Revolver | 12/13/2032 | 1297 | (7) |
| Tamarack Intermediate, LLC | Delayed Draw Term Loan | 07/01/2027 | 2440 | (6) |
| Tamarack Intermediate, LLC | Revolver | 03/12/2029 | 4328 | (11) |
| Tank Holding Corp. | Revolver | 03/31/2028 | 1867 | (161) |
| Thrive Buyer, Inc. (Thrive Networks) | Delayed Draw Term Loan | 01/31/2027 | 5200 | (39) |
| Thrive Buyer, Inc. (Thrive Networks) | Revolver | 02/02/2032 | 4818 | (36) |
| Tidi Legacy Products, Inc. | Revolver | 12/19/2029 | 2132 |  |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2026 | 2790 |  |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2027 | 709 | (7) |
| Transit Technologies, LLC | Revolver | 08/20/2030 | 2591 |  |
| Trintech, Inc. | Revolver | 07/25/2029 | 3934 | (20) |
| Triple Lift, Inc. | Revolver | 05/05/2028 | 1714 | (106) |
| Trunk Acquisition, Inc. | Delayed Draw Term Loan | 12/20/2026 | 326 |  |
| Trunk Acquisition, Inc. | Revolver | 02/19/2030 | 1071 |  |
| Two Six Labs, LLC | Revolver | 08/20/2027 | 915 |  |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 11/22/2026 | 6805 |  |
| UHY Advisors, Inc. | Revolver | 11/21/2031 | 1455 |  |
| UpStack, Inc. | Delayed Draw Term Loan | 08/23/2026 | 1347 | (10) |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| UpStack, Inc. | Revolver | 08/25/2031 | 638 | (5) |
| V Global Holdings, LLC | Revolver | 01/02/2029 | 1300 | (103) |
| VRC Companies, LLC | Revolver | 06/29/2027 | 915 |  |
| Vamos Bidco, Inc. | Delayed Draw Term Loan | 01/30/2027 | 4837 | (36) |
| Vamos Bidco, Inc. | Revolver | 01/30/2032 | 1451 | (11) |
| Vanco Payment Solutions, LLC | Revolver | 12/01/2031 | 175 | (2) |
| Vardiman Black Holdings, LLC | Delayed Draw Term Loan | 03/29/2026 | 66 | (6) |
| Vehlo Purchaser, LLC | Revolver | 05/24/2028 | 360 |  |
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 09/27/2026 | 508 |  |
| Verdantas, LLC | Delayed Draw Term Loan | 11/08/2026 | 830 |  |
| Verdantas, LLC | Revolver | 05/06/2030 | 2406 |  |
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/01/2026 | 791 | (38) |
| Vertex Service Partners, LLC | Revolver | 11/08/2030 | 1616 | (30) |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 07/24/2026 | 1961 | (9) |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 05/03/2028 | 3123 | (8) |
| Vessco Midco Holdings, LLC | Revolver | 07/24/2031 | 3771 | (17) |
| Victors Purchaser, LLC | Delayed Draw Term Loan | 12/23/2027 | 2281 |  |
| Victors Purchaser, LLC | Revolver | 12/23/2032 | 1714 |  |
| WIPFLI Advisory, LLC | Delayed Draw Term Loan | 04/01/2028 | 2656 | (6) |
| WIPFLI Advisory, LLC | Revolver | 10/01/2032 | 1771 | (9) |
| World Insurance Associates, LLC | Revolver | 04/03/2030 | 970 |  |
| YI, LLC | Revolver | 12/03/2029 | 2795 |  |
| Zarya Intermediate, LLC | Revolver | 07/01/2027 | 3789 |  |
| eShipping, LLC | Delayed Draw Term Loan | 12/23/2027 | 1075 | (3) |
| eShipping, LLC | Revolver | 12/23/2032 | 470 | (2) |
| iCIMS, Inc. | Revolver | 08/18/2028 | 448 | (3) |
| mPulse Mobile, Inc. | Delayed Draw Term Loan | 08/26/2027 | 2788 | (28) |
| mPulse Mobile, Inc. | Revolver | 08/26/2032 | 4183 | (42) |
| **Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated** |  |  | **$853548** | **$(5775)** |
| **First Lien Debt — non-controlled/affiliated** |  |  |  |  |
| KWOR Acquisition, Inc. | Delayed Draw Term Loan | 02/28/2027 | 3019 |  |
| KWOR Acquisition, Inc. | Revolver | 02/28/2030 | 2214 |  |
| **Total First Lien Debt Unfunded Commitments — non-controlled/affiliated** |  |  | **$5233** | **$—** |
| **Total Unfunded Commitments** |  |  | **$858781** | **$(5775)** |

---

<sup>(19)</sup> As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the year ended December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br>December 31, 2024** | **Gross Additions** <sup>(b)</sup> | **Gross Reductions** <sup>(c)</sup> | **Net Change in<br>Unrealized Gains<br>(Losses)** | **Net Realized<br>Gain (Loss)** | **Fair Value as of<br>December 31, 2025** | **Interest, Dividend<br>and Other Income** |
| KWOR Acquisition, Inc. <sup>(a)</sup> | $— | $22923 | $— | $(1967) | $— | $20956 | $1954 |
| **Total** | $— | $22923 | $— | $(1967) | $— | $20956 | $1954 |

---

<sup>(a)</sup>Inclusive of positions titled KWOR Intermediate I, Inc.

<sup>(b)</sup>Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

<sup>(c)</sup>Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

<sup>(20)</sup> As defined in the 1940 Act, the Company is deemed to be a "control person" of the portfolio company as the Company owns, either directly or indirectly, 25% or more of the portfolio company's voting securities ("controlled affiliate"). Transactions related to investments in controlled affiliates as of December 31, 2025 were as follows<sup>(1)</sup>:

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(In thousands, except share amounts)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of<br>December 31, 2024** | **Gross Additions** <sup>(a)</sup> | **Gross Reductions** <sup>(b)</sup> | **Net Change in<br>Unrealized Gains<br>(Losses)** | **Net Realized<br>Gain (Loss)** | **Fair Value as of<br>December 31, 2025** | **Interest, Dividend<br>and Other Income** |
| North Haven Keystone, LLC | $— | $85438 | $— | $(162) | $— | $85276 | $1174 |
| **Total** | $— | $85438 | $— | $(162) | $— | $85276 | $1174 |

---

(1) Although the Company owns more than 25% of the voting securities of NH Keystone, the Company does not believe that it has control over NH Keystone (other than for purposes of 1940 Act). See Note 4 "Investments".

<sup>(a)</sup>Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

<sup>(b)</sup>Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

**Additional Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps**<sup>(a)(b)(c)</sup> | **Interest Rate Swaps**<sup>(a)(b)(c)</sup> | **Interest Rate Swaps**<sup>(a)(b)(c)</sup> | **Interest Rate Swaps**<sup>(a)(b)(c)</sup> | **Interest Rate Swaps**<sup>(a)(b)(c)</sup> | **Interest Rate Swaps**<sup>(a)(b)(c)</sup> | **Interest Rate Swaps**<sup>(a)(b)(c)</sup> | **Interest Rate Swaps**<sup>(a)(b)(c)</sup> | **Interest Rate Swaps**<sup>(a)(b)(c)</sup> |
| **Counterparty** | **Hedged Instrument** | **Company<br>Receives** | **Company Pays** | **Maturity <br>Date** | **Notional<br>Amount** | **Fair Value** | **Upfront<br>Payments /<br>Receipts** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| SMBC Capital Markets, Inc. | Series A 2028 Notes | 8.13% | S + 4.88% | 03/16/2028 | 146000 | $(477) |  | $2043 |
| SMBC Capital Markets, Inc. | Series B 2026 Notes | 8.84% | S + 6.12% | 08/10/2026 | 107000 | (578) |  | 249 |
| SMBC Capital Markets, Inc. | Series B 2028 Notes | 8.88% | S + 5.56% | 08/10/2028 | 128000 | (365) |  | 2143 |
| SMBC Capital Markets, Inc. | Series C 2027 Notes | 8.92% | S + 4.49% | 03/01/2027 | 136500 | 1481 |  | 739 |
| SMBC Capital Markets, Inc. | Series C 2029 Notes | 9.07% | S + 4.77% | 03/01/2029 | 163500 | 4128 |  | 3189 |
| MUFG Bank, Ltd. | Series D 2027 Notes | 6.84% | S + 3.46% | 08/05/2027 | 100000 | (3) |  | 856 |
| MUFG Bank, Ltd. | Series D 2029 Notes | 6.91% | S + 3.48% | 08/05/2029 | 200000 | (148) |  | 3716 |
| Royal Bank of Canada | 2028 Notes | 5.38% | S + 2.06% | 09/22/2028 | 300000 | (514) |  | (514) |
|  |  |  |  |  | 1281000 | $3524 | $— | $12421 |

---

(a)Contains a variable rate structure. Bears interest at a rate determined by SOFR ("S").

(b)Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense in the Consolidated Statements of Operations. For further details, see Note 2 "Significant Accounting Policies" and Note 6 "Debt".

(c)The Company's interest rate swaps are cleared over-the-counter.

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Debt Investments** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| Jonathan Acquisition Company | (6) (10) | First Lien Debt | S + | 5.00% | 9.43% | 12/22/2026 | 13378 | $13325 | $13378 | 0.41% |
| Jonathan Acquisition Company | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.43% | 12/22/2025 | 343 | 339 | 343 | 0.01 |
| Mantech International CP | (6) (7) (8) (11) | First Lien Debt | S + | 5.00% | 9.59% | 09/14/2029 | 33491 | 33159 | 33491 | 1.02 |
| Mantech International CP | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.59% | 09/14/2029 |  | (23) |  | 0.00 |
| Mantech International CP | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.59% | 09/14/2028 |  | (40) |  | 0.00 |
| PCX Holding Corp. | (6) (7) (10) | First Lien Debt | S + | 6.25% | 10.73% | 04/22/2027 | 7655 | 7181 | 7135 | 0.22 |
| PCX Holding Corp. | (6) (7) (10) | First Lien Debt | S + | 6.25% | 10.73% | 04/22/2027 | 8 | 7233 | 7185 | 0.22 |
| PCX Holding Corp. | (6) (10) | First Lien Debt | S + | 6.25% | 10.73% | 04/22/2027 | 793 | 745 | 739 | 0.02 |
| Two Six Labs, LLC | (6) (7) (11) | First Lien Debt | S + | 5.25% | 9.90% | 08/20/2027 | 24792 | 24491 | 24725 | 0.76 |
| Two Six Labs, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.59% | 08/20/2027 | 1804 | 1752 | 1786 | 0.05 |
| Two Six Labs, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.59% | 08/20/2027 |  | (12) | (0) | 0.00 |
|  |  |  |  |  |  |  |  | 88150 | 88780 | 2.71 |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| AGI-CFI Holdings, Inc. | (6) (7) (9) (11) | First Lien Debt | S + | 5.75% | 10.23% | 06/11/2027 | 52728 | 52162 | 52728 | 1.61 |
| RoadOne IntermodaLogistics | (6) (10) | First Lien Debt | S + | 6.25% | 10.84% | 12/29/2028 | 1269 | 1243 | 1241 | 0.04 |
| RoadOne IntermodaLogistics | (6) (10) | First Lien Debt | S + | 6.25% | 10.84% | 12/29/2028 | 116 | 114 | 114 | 0.00 |
| RoadOne IntermodaLogistics | (6) (10) (19) | First Lien Debt | S + | 6.25% | 10.84% | 12/29/2028 | 58 | 53 | 52 | 0.00 |
|  |  |  |  |  |  |  |  | 53572 | 54135 | 1.65 |
| **Automobile Components** |  |  |  |  |  |  |  |  |  |  |
| Continental Battery Company | (6) (7) (8) (10) (13) | First Lien Debt | S + | 7.00% (incl. 4.08% PIK) | 11.48% | 01/20/2027 | 12945 | 11732 | 9142 | 0.28 |
| LTI Holdings, Inc. |  | First Lien Debt | S + | 4.75% | 9.11% | 07/19/2029 | 2993 | 2985 | 2994 | 0.09 |
| Randy's Holdings, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 5.00% | 9.45% | 11/01/2029 | 13541 | 13304 | 13541 | 0.41 |
| Randy's Holdings, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.45% | 11/01/2029 | 1266 | 1216 | 1266 | 0.04 |
| Randy's Holdings, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.45% | 11/01/2029 | 626 | 597 | 626 | 0.02 |
| Sonny's Enterprises, LLC | (6) (7) (8) (10) | First Lien Debt | S + | 5.50% | 10.17% | 08/05/2028 | 52760 | 52210 | 51067 | 1.56 |
| Sonny's Enterprises, LLC | (6) (10) (19) | First Lien Debt | S + | 5.50% | 10.17% | 08/05/2028 | 6018 | 5901 | 5726 | 0.18 |
| Sonny's Enterprises, LLC | (6) (10) (19) | First Lien Debt | S + | 5.50% | 10.17% | 08/05/2027 | 1391 | 1310 | 1212 | 0.04 |
| Spectrum Automotive Holdings Corp. | (6) (7) (11) | First Lien Debt | S + | 5.25% | 9.58% | 06/29/2028 | 9930 | 9854 | 9874 | 0.30 |
| Spectrum Automotive Holdings Corp. | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.58% | 06/29/2028 | 2820 | 2792 | 2802 | 0.09 |
| Spectrum Automotive Holdings Corp. | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.58% | 06/29/2027 |  | (3) | (2) | 0.00 |
| Wheel Pros, LLC |  | First Lien Debt | S + | 4.50% | 11.38% | 05/11/2028 |  |  |  |  |
|  |  |  |  |  |  |  |  | 101898 | 98248 | 3.00 |
| **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| ARI Network Services, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.00% | 9.36% | 08/28/2026 | 23947 | 23820 | 23840 | 0.73 |
| ARI Network Services, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.00% | 9.36% | 08/28/2026 | 1524 | 1524 | 1519 | 0.05 |
| ARI Network Services, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.36% | 08/28/2026 | 774 | 770 | 768 | 0.02 |
| COP Collisionright Parent, LLC | (6) (7) (9) (10) | First Lien Debt | S + | 5.50% | 10.09% | 01/29/2030 | 31005 | 30460 | 30639 | 0.94 |
| COP Collisionright Parent, LLC | (6) (10) (19) | First Lien Debt | S + | 5.50% | 10.09% | 01/29/2030 | 9083 | 8840 | 8870 | 0.27 |
| COP Collisionright Parent, LLC | (6) (10) (19) | First Lien Debt | S + | 5.50% | 10.09% | 01/29/2030 | 752 | 667 | 692 | 0.02 |
| Drivecentric Holdings, LLC | (6) (7) (11) | First Lien Debt | S + | 4.75% | 9.27% | 08/15/2031 | 30441 | 30148 | 30417 | 0.93 |
| Drivecentric Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.27% | 08/15/2031 |  | (38) | (3) | 0.00 |
| LeadVenture, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.36% | 08/28/2026 | 976 | 959 | 965 | 0.03 |
| MajorDrive Holdings IV, LLC | (12) | First Lien Debt | S + | 4.00% | 8.59% | 06/01/2028 | 2969 | 2972 | 2889 | 0.09 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Turbo Buyer, Inc. | (6) (7) (10) | First Lien Debt | S + | 6.00% | 10.48% | 12/02/2025 | 15930 | 15422 | 15385 | 0.47 |
| Turbo Buyer, Inc. | (6) (10) | First Lien Debt | S + | 6.00% | 10.48% | 12/02/2025 | 2437 | 2382 | 2354 | 0.07 |
| Vehlo Purchaser, LLC | (6) (7) (11) | First Lien Debt | S + | 5.25% | 9.61% | 05/24/2028 | 8471 | 8399 | 8417 | 0.26 |
| Vehlo Purchaser, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.61% | 05/24/2028 | 2056 | 1824 | 1779 | 0.05 |
| Vehlo Purchaser, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.61% | 05/24/2028 |  | (3) | (3) | (0.00) |
|  |  |  |  |  |  |  |  | 128146 | 128528 | 3.93 |
| **Biotechnology** |  |  |  |  |  |  |  |  |  |  |
| GraphPad Software, LLC | (6) (11) | First Lien Debt | S + | 4.75% | 9.08% | 06/30/2031 | 37557 | 37379 | 37557 | 1.15 |
| GraphPad Software, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.08% | 06/30/2031 | 1114 | 1063 | 1114 | 0.03 |
| GraphPad Software, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.08% | 06/30/2031 |  | (20) |  | - |
|  |  |  |  |  |  |  |  | 38422 | 38671 | 1.18 |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |
| LHS Borrower, LLC | (12) | First Lien Debt | S + | 4.75% | 9.21% | 02/16/2029 | 3423 | 3353 | 3259 | 0.10 |
| LSF12 Crown US Commercial Bidco, LLC | (14) | First Lien Debt | S + | 4.25% | 8.63% | 12/02/2031 | 3000 | 3015 | 2987 | 0.09 |
| Project Potter Buyer, LLC | (6) (8) (10) | First Lien Debt | S + | 6.00% | 10.33% | 04/23/2027 | 10272 | 10272 | 10272 | 0.31 |
| Project Potter Buyer, LLC | (6) (10) (19) | First Lien Debt | S + | 6.00% | 10.33% | 04/23/2026 |  |  |  | - |
|  |  |  |  |  |  |  |  | 16640 | 16518 | 0.50 |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Olympus Water US Holding Corporation | (12) | First Lien Debt | S + | 3.00% | 7.34% | 06/20/2031 | 4706 | 4718 | 4716 | 0.14 |
| Tank Holding Corp. | (9) (11) | First Lien Debt | S + | 6.00% | 10.42% | 03/31/2028 | 53367 | 52514 | 52634 | 1.61 |
| Tank Holding Corp. | (6) (11) (19) | First Lien Debt | S + | 6.00% | 10.42% | 03/31/2028 | 5107 | 4963 | 5079 | 0.16 |
| Tank Holding Corp. | (11) (19) | First Lien Debt | S + | 5.75% | 10.42% | 03/31/2028 |  | (20) | (37) | (0.00) |
| V Global Holdings, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.75% | 10.42% | 12/22/2027 | 15916 | 15660 | 15128 | 0.46 |
| V Global Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.42% | 12/22/2025 | 1299 | 1280 | 1189 | 0.04 |
|  |  |  |  |  |  |  |  | 79115 | 78709 | 2.41 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| 365 Retail Markets, LLC | (6) (7) (10) | First Lien Debt | S + | 4.75% | 9.24% | 12/26/2028 | 7255 | 7255 | 7255 | 0.22 |
| 365 Retail Markets, LLC | (6) (7) (10) | First Lien Debt | S + | 4.50% | 9.24% | 12/26/2028 | 2328 | 2328 | 2328 | 0.07 |
| Allied Universal Holdco, LLC | (12) | First Lien Debt | S + | 3.75% | 8.21% | 05/12/2028 | 6789 | 6784 | 6806 | 0.21 |
| Atlas Us Finco, Inc. | (6) (7) (8) (10) (15) | First Lien Debt | S + | 5.00% | 9.63% | 12/09/2029 | 36465 | 35762 | 36465 | 1.11 |
| Atlas Us Finco, Inc. | (6) (10) (15) (19) | First Lien Debt | S + | 5.00% | 9.63% | 12/09/2028 |  | (25) |  | - |
| Belfor Holdings, Inc. |  | First Lien Debt | S + | 3.75% | 8.11% | 11/01/2030 | 1995 | 2012 | 2015 | 0.06 |
| BPG Holdings IV Corp. | (6) (7) (9) (11) | First Lien Debt | S + | 6.00% | 10.33% | 07/29/2029 | 25941 | 24300 | 22335 | 0.68 |
| Consor Intermediate II, LLC | (6) (11) | First Lien Debt | S + | 4.50% | 8.83% | 05/12/2031 | 5813 | 5759 | 5780 | 0.18 |
| Consor Intermediate II, LLC | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.83% | 05/12/2031 |  | (24) | (30) | (0.00) |
| Consor Intermediate II, LLC | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.83% | 05/12/2031 |  | (13) | (8) | (0.00) |
| CRCI Longhorn Holdings, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.00% | 9.36% | 08/27/2031 | 8824 | 8738 | 8824 | 0.27 |
| CRCI Longhorn Holdings, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.36% | 08/27/2031 |  | (10) |  | - |
| CRCI Longhorn Holdings, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.36% | 08/27/2031 | 662 | 648 | 662 | 0.02 |
| Encore Holdings, LLC | (6) (7) (11) | First Lien Debt | S + | 5.25% | 9.58% | 11/23/2028 | 9061 | 9011 | 9028 | 0.28 |
| Encore Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.58% | 11/23/2028 | 18904 | 18774 | 18811 | 0.58 |
| Encore Holdings, LLC | (6) (19) | First Lien Debt | P + | 4.00% | 11.50% | 11/23/2027 |  | (14) | (10) | (0.00) |
| Energy Labs Holdings Corp. | (6) (7) (9) (10) | First Lien Debt | S + | 5.00% | 9.46% | 04/07/2028 | 7963 | 7888 | 7868 | 0.24 |
| Energy Labs Holdings Corp. | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.46% | 04/07/2028 | 1382 | 1353 | 1348 | 0.04 |
| Energy Labs Holdings Corp. | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.46% | 04/07/2028 |  | (19) | (23) | (0.00) |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| FLS Holding, Inc. | (6) (7) (8) (10) (15) | First Lien Debt | S + | 5.25% | 9.71% | 12/15/2028 |  | 23774 | 22635 | 21240 | 0.65 |
| FLS Holding, Inc. | (6) (7) (10) (15) | First Lien Debt | S + | 5.25% | 9.71% | 12/15/2028 |  | 5574 | 5307 | 4980 | 0.15 |
| FLS Holding, Inc. | (6) (10) (15) (19) | First Lien Debt | S + | 5.25% | 9.71% | 12/17/2027 |  | 1138 | 1037 | 895 | 0.03 |
| Ground Penetrating Radar Systems, LLC | (6) (7) (10) | First Lien Debt | S + | 5.25% | 9.77% | 04/02/2031 |  | 14030 | 13835 | 14030 | 0.43 |
| Ground Penetrating Radar Systems, LLC | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.77% | 04/02/2031 |  |  | (36) |  |  |
| Ground Penetrating Radar Systems, LLC | (6) (19) | First Lien Debt | P + | 4.25% | 11.75% | 04/02/2031 |  | 223 | 199 | 223 | 0.01 |
| Helios Service Partners, LLC | (6) (10) | First Lien Debt | S + | 5.00% | 9.59% | 03/19/2027 |  | 12311 | 12112 | 12307 | 0.38 |
| Helios Service Partners, LLC | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.59% | 03/19/2027 |  | 20148 | 19732 | 20072 | 0.61 |
| Helios Service Partners, LLC | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.59% | 03/19/2027 |  |  | (59) | (1) | 0.00 |
| Hercules Borrower, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.68% | 12/15/2026 | C$ | 3167 | 3025 | 2963 | 0.09 |
| HSI Halo Acquisition, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.59% | 06/30/2031 |  | 19022 | 18842 | 19022 | 0.58 |
| HSI Halo Acquisition, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.59% | 06/30/2031 |  | 788 | 767 | 788 | 0.02 |
| HSI Halo Acquisition, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.59% | 06/28/2030 |  |  | (28) |  |  |
| Iris Buyer, LLC | (6) (7) (10) (15) | First Lien Debt | S + | 6.25% | 10.84% | 10/02/2030 |  | 19977 | 19565 | 19977 | 0.61 |
| Iris Buyer, LLC | (6) (10) (19) (15) | First Lien Debt | S + | 6.25% | 10.84% | 10/02/2030 |  | 1884 | 1834 | 1884 | 0.06 |
| Iris Buyer, LLC | (6) (10) (19) (15) | First Lien Debt | S + | 6.25% | 10.84% | 10/02/2029 |  |  | (54) |  |  |
| Orion Group Holdco, LLC | (6) (19) | First Lien Debt | S + | 5.00% | 9.59% | 03/19/2027 |  |  | (16) | (16) | 0.00 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (7) (11) | First Lien Debt | S + | 5.00% | 9.49% | 12/20/2028 |  | 15397 | 15397 | 15397 | 0.47 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.49% | 12/20/2028 |  | 761 | 756 | 756 | 0.02 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.49% | 12/20/2028 |  |  |  |  |  |
| Pye-Barker Fire & Safety, LLC | (6) (11) | First Lien Debt | S + | 4.50% | 8.83% | 05/26/2031 |  | 18135 | 18135 | 18135 | 0.55 |
| Pye-Barker Fire & Safety, LLC | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.83% | 05/26/2031 |  | 2585 | 2538 | 2585 | 0.08 |
| Pye-Barker Fire & Safety, LLC | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.83% | 05/24/2030 |  | 314 | 291 | 314 | 0.01 |
| Routeware, Inc. | (6) (7) (10) | First Lien Debt | S + | 5.25% | 9.60% | 09/18/2031 |  | 4773 | 4726 | 4773 | 0.15 |
| Routeware, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.60% | 09/18/2031 |  |  | (11) |  |  |
| Routeware, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.60% | 09/18/2031 |  |  | (5) |  |  |
| Sherlock Buyer Corp. | (6) (7) (8) (10) | First Lien Debt | S + | 5.75% | 10.18% | 12/08/2028 |  | 25100 | 25011 | 25100 | 0.77 |
| Sherlock Buyer Corp. | (6) (10) (19) | First Lien Debt | S + | 5.75% | 10.18% | 12/08/2027 |  |  | (8) |  |  |
| SITEL Worldwide Corporation | (12) | First Lien Debt | S + | 3.75% | 8.22% | 08/28/2028 |  | 4850 | 4861 | 3237 | 0.10 |
| Surewerx Purchaser III, Inc. | (6) (7) (8) (11) (15) | First Lien Debt | S + | 5.25% | 9.58% | 12/28/2029 |  | 4039 | 3992 | 4039 | 0.12 |
| Surewerx Purchaser III, Inc. | (6) (11) (15) | First Lien Debt | C + | 5.25% | 8.42% | 12/28/2029 | C$ | 2617 | 1888 | 1820 | 0.06 |
| Surewerx Purchaser III, Inc. | (6) (11) (15) (19) | First Lien Debt | S + | 5.25% | 9.58% | 12/28/2029 |  |  | (6) |  |  |
| Surewerx Purchaser III, Inc. | (6) (11) (15) | First Lien Debt | C + | 5.25% | 9.58% | 12/28/2028 | C$ | 710 | 678 | 695 | 0.02 |
| Sweep Midco, LLC | (6) (7) (18) | Second Lien Debt |  |  |  | 03/12/2034 |  | 1086 | 543 | 703 | 0.02 |
| Sweep Midco, LLC | (6) (7) (18) | Second Lien Debt |  |  |  | 03/12/2036 |  | 3156 |  |  |  |
| Sweep Purchaser, LLC | (6) (7) (10) | First Lien Debt | S + | 5.75% PIK | 10.24% | 06/30/2027 |  | 3986 | 3986 | 3986 | 0.12 |
| Sweep Purchaser, LLC | (6) (7) (10) | First Lien Debt | S + | 5.75% | 10.24% | 06/30/2027 |  | 2050 | 2050 | 2050 | 0.06 |
| Sweep Purchaser, LLC | (6) (10) (19) | First Lien Debt | S + | 5.75% | 10.24% | 06/30/2027 |  |  |  |  |  |
| Tamarack Intermediate, LLC | (6) (7) (11) | First Lien Debt | S + | 5.75% | 10.30% | 03/13/2028 |  | 22742 | 22442 | 22742 | 0.70 |
| Tamarack Intermediate, LLC | (6) (11) | First Lien Debt | S + | 5.75% | 10.30% | 03/13/2028 |  | 2231 | 2188 | 2231 | 0.07 |
| Tamarack Intermediate, LLC | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.30% | 03/13/2028 |  |  | (42) |  |  |
| Tempo Acquisition, LLC | (12) | First Lien Debt | S + | 2.25% | 6.61% | 08/31/2028 |  | 3987 | 4000 | 3999 | 0.12 |
| Transit Technologies, LLC | (6) (11) | First Lien Debt | S + | 4.75% | 9.51% | 08/20/2031 |  | 12091 | 11975 | 12091 | 0.37 |
| Transit Technologies, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.51% | 08/20/2031 |  |  | (20) |  |  |
| Transit Technologies, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.51% | 08/20/2030 |  |  | (24) |  |  |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| TruGreen Limited Partnership | (11) | First Lien Debt | S + | 4.00% | 8.46% | 11/02/2027 | 4848 | 4821 | 4709 | 0.14 |
| Vensure Employer Services, Inc. | (6) (7) (12) | First Lien Debt | S + | 5.00% | 9.33% | 09/29/2031 | 25909 | 25660 | 25909 | 0.79 |
| Vensure Employer Services, Inc. | (6) (12) (19) | First Lien Debt | S + | 5.00% | 9.33% | 09/29/2031 | 1003 | 963 | 1003 | 0.03 |
| VRC Companies, LLC | (6) (7) (8) (10) | First Lien Debt | S + | 5.75% | 10.27% | 06/29/2027 | 50360 | 50128 | 50360 | 1.54 |
| VRC Companies, LLC | (6) (10) | First Lien Debt | S + | 5.75% | 10.27% | 06/29/2027 | 47594 | 47072 | 47594 | 1.45 |
| VRC Companies, LLC | (6) (10) (19) | First Lien Debt | S + | 5.75% | 10.27% | 06/29/2027 |  |  |  |  |
|  |  |  |  |  |  |  |  | 503189 | 502046 | 15.35 |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Arcoro Holdings Corp. | (6) (10) | First Lien Debt | S + | 5.50% | 9.83% | 03/28/2030 | 57104 | 56071 | 56688 | 1.73 |
| Arcoro Holdings Corp. | (6) (10) (19) | First Lien Debt | S + | 5.50% | 9.83% | 03/28/2030 |  | (150) | (63) | 0.00 |
| Artera Services, LLC | (14) | First Lien Debt | S + | 4.50% | 8.83% | 02/15/2031 | 1995 | 1978 | 1975 | 0.06 |
| Centuri Group, Inc. | (12) | First Lien Debt | S + | 2.50% | 6.96% | 08/27/2028 | 1897 | 1896 | 1904 | 0.06 |
| KPSKY Acquisition, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 5.50% | 10.19% | 10/19/2028 | 20749 | 19883 | 18348 | 0.56 |
| KPSKY Acquisition, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.50% | 10.19% | 10/19/2028 | 16535 | 16165 | 14622 | 0.45 |
| LJ Avalon Holdings, LLC | (6) (10) | First Lien Debt | S + | 5.00% | 9.53% | 02/01/2030 | 2944 | 2874 | 2944 | 0.09 |
| LJ Avalon Holdings, LLC | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.53% | 02/01/2030 | 1205 | 1167 | 1205 | 0.04 |
| LJ Avalon Holdings, LLC | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.53% | 02/01/2029 |  | (10) |  |  |
| Superman Holdings, LLC | (6) (7) (11) | First Lien Debt | S + | 4.50% | 8.86% | 08/29/2031 | 25394 | 25271 | 25394 | 0.78 |
| Superman Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.86% | 08/29/2031 |  | (20) |  |  |
| Superman Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.86% | 08/29/2031 |  | (17) |  |  |
|  |  |  |  |  |  |  |  | 125108 | 123017 | 3.76 |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.50% | 10.09% | 02/03/2031 | 36878 | 36568 | 36686 | 1.12 |
| PDI TA Holdings, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.50% | 10.09% | 02/03/2031 | 4793 | 4715 | 4749 | 0.15 |
| PDI TA Holdings, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.50% | 10.09% | 02/03/2031 |  | (32) | (20) | 0.00 |
|  |  |  |  |  |  |  |  | 41251 | 41415 | 1.27 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |
| Berlin Packaging, LLC |  | First Lien Debt | S + | 3.75% | 8.05% | 06/07/2031 | 3980 | 3980 | 4000 | 0.12 |
| BP Purchaser, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.50% | 10.16% | 12/11/2028 | 32716 | 31266 | 30341 | 0.93 |
| Clydesdale Acquisition Holdings, Inc. | (12) | First Lien Debt | S + | 3.18% | 7.53% | 04/13/2029 | 3303 | 3306 | 3306 | 0.10 |
| FORTIS Solutions Group, LLC | (6) (7) (11) | First Lien Debt | S + | 5.50% | 9.93% | 10/13/2028 | 20986 | 20899 | 20986 | 0.64 |
| FORTIS Solutions Group, LLC | (6) (11) | First Lien Debt | S + | 5.50% | 9.93% | 10/13/2028 | 1029 | 970 | 1029 | 0.03 |
| FORTIS Solutions Group, LLC | (6) (11) (19) | First Lien Debt | S + | 5.50% | 9.93% | 10/15/2027 | 630 | 624 | 630 | 0.02 |
| Proampac PG Borrower, LLC | (11) | First Lien Debt | S + | 4.00% | 8.60% | 09/15/2028 | 2965 | 2979 | 2971 | 0.09 |
|  |  |  |  |  |  |  |  | 64024 | 63263 | 1.93 |
| **Distributors** |  |  |  |  |  |  |  |  |  |  |
| 48Forty Solutions, LLC | (6) (7) (9) (10) | First Lien Debt | S + | 6.00% (incl.<br>4.00% PIK) | 10.65% | 11/30/2029 | 45825 | 44370 | 29608 | 0.91 |
| 48Forty Solutions, LLC | (6) (10) (19) | First Lien Debt | S + | 6.00% (incl.<br>4.00% PIK) | 10.65% | 11/30/2029 | 3061 | 2841 | 542 | 0.02 |
| ABB Concise Optical Group, LLC | (6) (8) (11) | First Lien Debt | S + | 7.50% | 11.98% | 02/23/2028 | 17008 | 16749 | 15898 | 0.49 |
| Avalara, Inc. | (6) (7) (9) (11) | First Lien Debt | S + | 6.25% | 10.58% | 10/19/2028 | 22421 | 22158 | 22421 | 0.69 |
| Avalara, Inc. | (6) (19) | First Lien Debt | S + | 6.25% | 10.58% | 10/19/2028 |  | (24) |  |  |
| Bradyplus Holdings, LLC | (6) (7) (8) (9) (10) | First Lien Debt | S + | 5.00% | 9.52% | 10/31/2029 | 44408 | 43673 | 44408 | 1.36 |
| Bradyplus Holdings, LLC | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.52% | 10/31/2029 | 281 | 260 | 281 | 0.01 |
| PT Intermediate Holdings III, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 9.33% | 04/09/2030 | 60057 | 59432 | 60057 | 1.84 |
| PT Intermediate Holdings III, LLC | (6) (11) (19) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 9.33% | 04/09/2030 |  | (6) |  |  |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
|  |  |  |  |  |  |  |  | 189453 | 173215 | 5.30 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Any Hour, LLC | (6) | First Lien Debt | S + | 5.00% | 9.33% | 05/23/2030 | 11802 | 11639 | 11677 | 0.36 |
| Any Hour, LLC | (6) (19) | First Lien Debt | S + | 5.00% | 9.33% | 05/23/2030 | 334 | 309 | 298 | 0.01 |
| Any Hour, LLC | (6) (19) | First Lien Debt | S + | 5.00% | 9.33% | 05/23/2030 | 831 | 808 | 813 | 0.02 |
| Any Hour, LLC | (6) | Other Debt |  | 13.00% PIK | 13.00% | 05/23/2031 | 3186 | 3130 | 3152 | 0.10 |
| Apex Service Partners, LLC | (6) (7) (8) (9) (10) | First Lien Debt | S + | 5.00% | 9.51% | 10/24/2030 | 72104 | 71109 | 72104 | 2.20 |
| Apex Service Partners, LLC | (6) (10) | First Lien Debt | S + | 5.00% | 9.51% | 10/24/2030 | 17166 | 16886 | 17166 | 0.52 |
| Apex Service Partners, LLC | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.51% | 10/24/2029 | 3866 | 3793 | 3866 | 0.12 |
| Ascend Partner Services, LLC | (12) | First Lien Debt | S + | 4.50% | 7.96% | 12/11/2028 | 4856 | 4850 | 4877 | 0.15 |
| Assembly Intermediate, LLC | (6) (7) (10) | First Lien Debt | S + | 5.25% | 9.58% | 10/19/2027 | 8889 | 8518 | 8889 | 0.27 |
| Assembly Intermediate, LLC | (6) (10) | First Lien Debt | S + | 5.25% | 9.58% | 10/19/2027 | 1778 | 1702 | 1778 | 0.05 |
| Assembly Intermediate, LLC | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.58% | 10/19/2027 |  | (36) |  |  |
| Eclipse Buyer, Inc. | (6) (7) (12) | First Lien Debt | S + | 4.75% | 9.26% | 09/08/2031 | 8362 | 8281 | 8362 | 0.26 |
| Eclipse Buyer, Inc. | (6) (12) (19) | First Lien Debt | S + | 4.75% | 9.26% | 09/08/2031 |  | (7) |  |  |
| Eclipse Buyer, Inc. | (6) (12) (19) | First Lien Debt | S + | 4.75% | 9.26% | 09/06/2031 |  | (7) |  |  |
| Essential Services Holding Corporation | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.65% | 06/17/2031 | 18624 | 18448 | 18624 | 0.57 |
| Essential Services Holding Corporation | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.65% | 06/17/2031 |  | (24) |  |  |
| Essential Services Holding Corporation | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.65% | 06/17/2030 |  | (29) |  |  |
| EVDR Purchaser, Inc. | (6) (11) | First Lien Debt | S + | 5.50% | 9.86% | 02/14/2031 | 41498 | 40749 | 41498 | 1.27 |
| EVDR Purchaser, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.50% | 9.86% | 02/14/2031 |  | (104) |  |  |
| EVDR Purchaser, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.50% | 9.86% | 02/14/2031 | 1195 | 1070 | 1195 | 0.04 |
| FPG Intermediate Holdco, LLC | (6) (10) (13) | First Lien Debt | S + | 6.75% (incl. 5.75% PIK) | 11.09% | 03/05/2027 | 7557 | 7437 | 6013 | 0.18 |
| FPG Intermediate Holdco, LLC | (6) (10) (13) (19) | First Lien Debt | S + | 6.75% (incl. 5.75% PIK) | 11.09% | 03/05/2027 | 184 | 184 | 184 | 0.01 |
| Heartland Home Services | (6) (11) | First Lien Debt | S + | 5.75% | 10.18% | 12/15/2026 | 23109 | 22910 | 21905 | 0.67 |
| KUEHG Corp. | (12) | First Lien Debt | S + | 3.25% | 7.84% | 06/12/2030 | 1861 | 1869 | 1878 | 0.06 |
| Lightspeed Solution, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 6.50% (incl. 2.17% PIK) | 10.86% | 03/01/2028 | 20499 | 20318 | 20499 | 0.63 |
| Lightspeed Solution, LLC | (6) (11) | First Lien Debt | S + | 6.50% (incl. 2.17% PIK) | 10.86% | 03/01/2028 | 1352 | 1339 | 1352 | 0.04 |
| LUV Car Wash Group, LLC | (6) (7) (8) (10) | First Lien Debt | S + | 7.00% | 11.74% | 12/09/2026 | 9971 | 9934 | 9971 | 0.30 |
| Magnolia Wash Holdings | (6) (7) (10) | First Lien Debt | S + | 6.50% | 11.36% | 07/14/2028 | 9804 | 9574 | 8892 | 0.27 |
| Magnolia Wash Holdings | (6) (10) | First Lien Debt | S + | 6.50% | 11.36% | 07/14/2028 | 2078 | 2029 | 1885 | 0.06 |
| Magnolia Wash Holdings | (6) (10) (19) | First Lien Debt | S + | 6.50% | 11.36% | 07/14/2028 | 262 | 252 | 218 | 0.01 |
| Project Accelerate Parent, LLC | (6) (11) | First Lien Debt | S + | 5.25% | 9.61% | 02/24/2031 | 33519 | 33214 | 33519 | 1.02 |
| Project Accelerate Parent, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.61% | 02/24/2031 |  | (42) |  |  |
| Spring Education Group, Inc. |  | First Lien Debt | S + | 4.00% | 8.33% | 10/04/2030 | 3960 | 3973 | 3980 | 0.12 |
| Vertex Service Partners, LLC | (6) (7) (9) (11) | First Lien Debt | S + | 5.75% | 10.11% | 11/08/2030 | 9826 | 9612 | 9826 | 0.30 |
| Vertex Service Partners, LLC | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.11% | 11/08/2030 | 18964 | 18540 | 18958 | 0.58 |
| Vertex Service Partners, LLC | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.11% | 11/08/2030 | 2273 | 2220 | 2273 | 0.07 |
| Wand NewCo 3, Inc. |  | First Lien Debt | S + | 3.25% | 7.61% | 01/30/2031 | 5867 | 5881 | 5885 | 0.18 |
|  |  |  |  |  |  |  |  | 340329 | 341537 | 10.44 |
| **Electric Utilities** |  |  |  |  |  |  |  |  |  |  |
| Kohler Energy Co, LLC |  | First Lien Debt | S + | 3.75% | 8.11% | 05/01/2031 | 4591 | 4631 | 4580 | 0.14 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Spark Buyer, LLC | (6) (7) (11) | First Lien Debt | S + | 5.25% | 9.77% | 10/15/2031 | 5313 | 5235 | 5235 | 0.16 |
| Spark Buyer, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.77% | 10/15/2031 |  | (16) | (16) | 0.00 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Spark Buyer, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.77% | 10/15/2031 |  | (15) | (15) | 0.00 |
|  |  |  |  |  |  |  |  | 5204 | 5204 | 0.16 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |  |
| Abracon Group Holdings, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 11.30% | 07/06/2028 | 28077 | 27329 | 20825 | 0.64 |
| Abracon Group Holdings, LLC | (6) (11) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 11.30% | 07/06/2028 | 1858 | 1810 | 1378 | 0.04 |
| Chamberlain Group, Inc. | (12) | First Lien Debt | S + | 3.25% | 7.71% | 11/03/2028 | 5860 | 5852 | 5887 | 0.18 |
| DG Investment Intermediate Holdings 2, Inc. | (11) | First Lien Debt | S + | 3.75% | 8.22% | 03/31/2028 | 4369 | 4371 | 4404 | 0.13 |
| Dwyer Instruments, Inc. | (6) (7) (9) (11) | First Lien Debt | S + | 4.75% | 9.15% | 07/20/2029 | 54471 | 53758 | 54318 | 1.66 |
| Dwyer Instruments, Inc. | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.15% | 07/20/2029 | 23757 | 23366 | 23747 | 0.73 |
| Dwyer Instruments, Inc. | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.15% | 07/20/2029 |  | (60) |  |  |
| Infinite Bidco, LLC | (6) (9) (12) | First Lien Debt | S + | 6.25% | 10.77% | 03/02/2028 | 9162 | 9070 | 9162 | 0.28 |
| Infinite Bidco, LLC | (7) (12) | Second Lien Debt | S + | 7.00% | 11.85% | 03/02/2029 | 12800 | 11168 | 11264 | 0.34 |
| Infinite Bidco, LLC | (6) (12) | Second Lien Debt | S + | 7.00% | 11.59% | 03/02/2029 | 4000 | 3500 | 3395 | 0.10 |
| Magneto Components Buyco, LLC | (6) (7) (8) (9) (11) | First Lien Debt | S + | 6.00% (incl. 1.50% PIK) | 10.33% | 12/05/2030 | 48174 | 47401 | 47846 | 1.46 |
| Magneto Components Buyco, LLC | (6) (11) (19) | First Lien Debt | S + | 6.00% (incl. 1.50% PIK) | 10.33% | 12/05/2030 |  | (74) | (65) | 0.00 |
| Magneto Components Buyco, LLC | (6) (11) (19) | First Lien Debt | S + | 6.00% (incl. 1.50% PIK) | 10.33% | 12/05/2029 |  | (119) | (54) | 0.00 |
| NSi Holdings, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.36% | 11/15/2031 | 22842 | 22617 | 22617 | 0.69 |
| NSi Holdings, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.36% | 11/15/2031 |  | (19) | (19) | 0.00 |
| NSi Holdings, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.36% | 11/15/2031 |  | (40) | (40) | 0.00 |
|  |  |  |  |  |  |  |  | 209930 | 204665 | 6.26 |
| **Entertainment** |  |  |  |  |  |  |  |  |  |  |
| Renaissance Holding Corp. | (12) | First Lien Debt | S + | 4.00% | 8.36% | 04/05/2030 | 2960 | 2961 | 2951 | 0.09 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Applitools, Inc. | (6) (7) (11) (15) | First Lien Debt | S + | 6.25% PIK | 10.58% | 05/25/2029 | 14855 | 14696 | 14727 | 0.45 |
| Applitools, Inc. | (6) (11) (15) (19) | First Lien Debt | S + | 6.25% | 10.58% | 05/25/2028 |  | (18) | (14) | 0.00 |
| Boost Newco Borrower, LLC |  | First Lien Debt | S + | 2.50% | 6.83% | 01/31/2031 | 7481 | 7507 | 7511 | 0.23 |
| Cerity Partners, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.25% | 9.76% | 07/30/2029 | 3525 | 3485 | 3525 | 0.11 |
| Cerity Partners, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.76% | 07/30/2029 | 7739 | 7631 | 7739 | 0.24 |
| Cerity Partners, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.76% | 07/30/2029 |  | (6) |  |  |
| GC Waves Holdings, Inc. | (6) (11) | First Lien Debt | S + | 4.75% | 9.21% | 10/04/2030 | 27567 | 27024 | 27358 | 0.84 |
| GC Waves Holdings, Inc. | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.21% | 10/04/2030 | 2418 | 1932 | 2265 | 0.07 |
| GC Waves Holdings, Inc. | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.21% | 10/04/2030 |  | (28) | (13) | 0.00 |
| MAI Capital Management Intermediate, LLC | (6) (7) (11) | First Lien Debt | S + | 4.75% | 9.08% | 08/29/2031 | 4632 | 4587 | 4632 | 0.14 |
| MAI Capital Management Intermediate, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.08% | 08/29/2031 | 866 | 849 | 866 | 0.03 |
| MAI Capital Management Intermediate, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.08% | 08/29/2031 | 138 | 128 | 138 | 0.00 |
| PMA Parent Holdings, LLC | (6) (7) (11) | First Lien Debt | S + | 5.50% | 9.83% | 01/31/2031 | 3410 | 3360 | 3360 | 0.10 |
| PMA Parent Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 5.50% | 9.83% | 01/31/2031 |  | (4) | (4) | 0.00 |
| RFS Opco, LLC | (6) (12) | First Lien Debt | S + | 4.75% | 9.08% | 04/04/2031 | 16958 | 16801 | 16891 | 0.52 |
| RFS Opco, LLC | (6) (12) (19) | First Lien Debt | S + | 3.50% | 7.83% | 04/04/2029 | 4680 | 4459 | 4579 | 0.14 |
| SitusAMC Holdings Corp. | (6) (11) | First Lien Debt | S + | 5.50% | 9.93% | 12/22/2027 | 15768 | 15720 | 15768 | 0.48 |
| Smarsh, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.75% | 10.08% | 02/16/2029 | 8571 | 8514 | 8571 | 0.26 |
| Smarsh, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.08% | 02/16/2029 | 1071 | 1061 | 1071 | 0.03 |
| Smarsh, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.08% | 02/16/2029 | 214 | 211 | 214 | 0.01 |
| Trintech, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 5.50% | 9.86% | 07/25/2029 | 69935 | 68745 | 68914 | 2.11 |
| Trintech, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.50% | 9.86% | 07/25/2029 | 1735 | 1637 | 1646 | 0.05 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
|  |  |  |  |  |  |  |  | 188291 | 189744 | 5.80 |
| **Food Products** |  |  |  |  |  |  |  |  |  |  |
| Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) | (6) (17) | Other Debt |  | 16.25% PIK | 16.25% | 06/18/2026 | 500 | 277 | 295 | 0.01 |
| Teasdale Foods, Inc. (Teasdale Latin Foods) | (6) (7) (10) | First Lien Debt | S + | 6.25% | 10.99% | 12/18/2025 | 3604 | 3482 | 3501 | 0.11 |
|  |  |  |  |  |  |  |  | 3759 | 3796 | 0.12 |
| **Ground Transportation** |  |  |  |  |  |  |  |  |  |  |
| PODS, LLC | (11) | First Lien Debt | S + | 3.00% | 7.85% | 03/31/2028 | 4850 | 4853 | 4525 | 0.14 |
| SV Newco 2, Inc. | (6) (11) (15) | First Lien Debt | S + | 4.75% | 9.26% | 06/02/2031 | 35194 | 34698 | 34916 | 1.07 |
| SV Newco 2, Inc. | (6) (11) (15) (19) | First Lien Debt | S + | 4.75% | 9.26% | 06/02/2031 |  | (152) | (174) | (0.01) |
| SV Newco 2, Inc. | (6) (11) (15) (19) | First Lien Debt | S + | 4.75% | 9.26% | 06/02/2031 |  | (182) | (105) | 0.00 |
|  |  |  |  |  |  |  |  | 39217 | 39162 | 1.20 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Journey Personal Care Corp. | (11) | First Lien Debt | S + | 3.75% | 8.11% | 03/01/2028 | 4964 | 4909 | 4959 | 0.15 |
| Medline Borrower, LP | (12) | First Lien Debt | S + | 2.25% | 6.61% | 10/23/2028 | 6684 | 6686 | 6702 | 0.20 |
| Performance Health & Wellness | (6) (7) (10) | First Lien Debt | S + | 5.75% | 10.21% | 07/12/2027 | 4028 | 4028 | 4028 | 0.12 |
| PerkinElmer U.S., LLC | (6) (7) (9) (10) | First Lien Debt | S + | 5.00% | 9.34% | 03/13/2029 | 27379 | 26777 | 27185 | 0.83 |
| Tidi Legacy Products, Inc. | (6) (7) (9) (10) | First Lien Debt | S + | 5.25% | 9.61% | 12/19/2029 | 11140 | 10952 | 11120 | 0.34 |
| Tidi Legacy Products, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.61% | 12/19/2029 |  | (24) | (5) | 0.00 |
| Tidi Legacy Products, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.61% | 12/19/2029 |  | (35) | (4) | 0.00 |
| YI, LLC | (6) (7) (9) (10) | First Lien Debt | S + | 5.75% | 10.39% | 12/03/2029 | 17709 | 17407 | 17709 | 0.54 |
| YI, LLC | (6) (10) (19) | First Lien Debt | S + | 5.75% | 10.39% | 12/03/2029 |  | (30) |  |  |
| YI, LLC | (6) (10) (19) | First Lien Debt | S + | 5.75% | 10.39% | 12/03/2029 |  | (45) |  |  |
|  |  |  |  |  |  |  |  | 70625 | 71694 | 2.19 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |
| Advarra Holdings, Inc. | (6) (9) (11) | First Lien Debt | S + | 4.50% | 8.86% | 09/15/2031 | 12915 | 12683 | 12855 | 0.39 |
| Advarra Holdings, Inc. | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.86% | 09/15/2031 |  | (3) |  |  |
| CHG Healthcare Services, Inc. | (12) | First Lien Debt | S + | 3.00% | 7.40% | 09/29/2028 | 4850 | 4861 | 4862 | 0.15 |
| CNT Holdings I Corp. | (11) | First Lien Debt | S + | 3.50% | 8.09% | 11/08/2027 | 4850 | 4860 | 4876 | 0.15 |
| DCA Investment Holdings, LLC | (6) (11) | First Lien Debt | S + | 6.50% | 10.77% | 04/03/2028 | 49833 | 49294 | 49449 | 1.51 |
| DCA Investment Holdings, LLC | (6) (11) | First Lien Debt | S + | 6.50% | 10.77% | 04/03/2028 | 3827 | 3779 | 3797 | 0.12 |
| Electron BidCo, Inc. | (12) | First Lien Debt | S + | 2.75% | 7.11% | 11/01/2028 | 6860 | 6866 | 6880 | 0.21 |
| Ensemble RCM, LLC |  | First Lien Debt | S + | 3.00% | 7.59% | 08/01/2029 | 4618 | 4627 | 4647 | 0.14 |
| Gateway US Holdings, Inc. | (6) (7) (8) (11) (15) | First Lien Debt | S + | 4.75% | 9.08% | 09/22/2028 | 11899 | 11840 | 11899 | 0.36 |
| Gateway US Holdings, Inc. | (6) (11) (15) (19) | First Lien Debt | S + | 4.75% | 9.08% | 09/22/2028 | 3355 | 3327 | 3343 | 0.10 |
| Gateway US Holdings, Inc. | (6) (11) (15) (19) | First Lien Debt | S + | 4.75% | 9.08% | 09/22/2028 |  | (3) |  |  |
| Heartland Veterinary Partners, LLC | (6) (7) (8) (10) | First Lien Debt | S + | 4.75% | 9.47% | 12/10/2026 | 6328 | 6317 | 6328 | 0.19 |
| Heartland Veterinary Partners, LLC | (6) (7) (10) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 12/10/2027 | 759 | 754 | 759 | 0.02 |
| Heartland Veterinary Partners, LLC | (6) (7) (10) | First Lien Debt | S + | 4.75% | 9.47% | 12/10/2026 | 14329 | 14305 | 14329 | 0.44 |
| Heartland Veterinary Partners, LLC | (6) (10) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 12/10/2027 | 295 | 293 | 295 | 0.01 |
| Heartland Veterinary Partners, LLC | (6) (10) (19) | First Lien Debt | S + | 4.75% | 9.47% | 12/10/2026 |  | (2) |  |  |
| iCIMS, Inc. | (6) (11) | First Lien Debt | S + | 5.75% | 10.38% | 08/18/2028 | 16989 | 16848 | 16989 | 0.52 |
| iCIMS, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.38% | 08/18/2028 | 123 | 120 | 123 | 0.00 |
| Imagine 360, LLC | (6) (8) (11) | First Lien Debt | S + | 4.75% | 9.10% | 10/02/2028 | 13332 | 13207 | 13332 | 0.41 |
| Imagine 360, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.10% | 10/02/2028 |  | (9) |  |  |
| Imagine 360, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.10% | 10/02/2028 |  | (11) |  |  |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Intelerad Medical Systems Incorporated | (6) (10) (15) | First Lien Debt | S + | 6.50% | 11.24% | 08/21/2026 | 9420 | 9265 | 9127 | 0.28 |
| Intelerad Medical Systems Incorporated | (6) (10) (15) | First Lien Debt | S + | 6.50% | 11.24% | 08/21/2026 | 650 | 643 | 630 | 0.02 |
| Invictus Buyer, LLC | (6) (11) | First Lien Debt | S + | 4.75% | 9.08% | 06/03/2031 | 6060 | 6003 | 6042 | 0.18 |
| Invictus Buyer, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.08% | 06/03/2031 |  | (12) | (7) | 0.00 |
| Invictus Buyer, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.08% | 06/03/2031 |  | (9) | (3) | 0.00 |
| Medical Solutions Holdings, Inc. | (12) | First Lien Debt | S + | 3.50% | 8.19% | 11/01/2028 | 5353 | 5350 | 3755 | 0.11 |
| Midwest Physician Administrative Services, LLC | (11) | First Lien Debt | S + | 3.00% | 7.59% | 03/12/2028 | 3879 | 3874 | 3660 | 0.11 |
| National Mentor Holdings, Inc. | (11) | First Lien Debt | S + | 3.75% | 8.20% | 03/02/2028 | 2720 | 2706 | 2691 | 0.08 |
| Pacific Dental Services, LLC |  | First Lien Debt | S + | 2.75% | 7.13% | 03/15/2031 | 2978 | 2988 | 2995 | 0.09 |
| Pareto Health Intermediate Holdings, Inc. | (6) (9) (10) | First Lien Debt | S + | 5.00% | 9.33% | 06/01/2030 | 91193 | 89683 | 91193 | 2.79 |
| Pareto Health Intermediate Holdings, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.33% | 06/01/2029 |  | (157) |  |  |
| PPV Intermediate Holdings, LLC | (6) (9) (11) | First Lien Debt | S + | 5.75% | 10.26% | 08/31/2029 | 27708 | 26863 | 27686 | 0.85 |
| PPV Intermediate Holdings, LLC | (6) (11) | First Lien Debt | S + | 6.00% | 10.52% | 08/31/2029 | 26490 | 26301 | 26490 | 0.81 |
| Promptcare Infusion Buyer, Inc. | (6) (7) (10) | First Lien Debt | S + | 6.00% | 10.44% | 09/01/2027 | 3810 | 3792 | 3760 | 0.11 |
| Promptcare Infusion Buyer, Inc. | (6) (10) | First Lien Debt | S + | 6.00% | 10.44% | 09/01/2027 | 593 | 591 | 586 | 0.02 |
| Raven Acquisition Holdings, LLC | (14) (15) | First Lien Debt | S + | 3.25% | 7.61% | 11/19/2031 | 4667 | 4644 | 4674 | 0.14 |
| Raven Acquisition Holdings, LLC | (14) (15) (19) | First Lien Debt | S + | 3.25% | 7.61% | 11/19/2031 |  | (2) | 1 | 0.00 |
| Stepping Stones Healthcare Services, LLC | (6) (7) (11) | First Lien Debt | S + | 4.75% | 9.08% | 01/02/2029 | 8509 | 8468 | 8509 | 0.26 |
| Stepping Stones Healthcare Services, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.08% | 01/02/2029 | 2159 | 2132 | 2153 | 0.07 |
| Stepping Stones Healthcare Services, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.08% | 12/30/2026 |  | (4) |  |  |
| Suveto | (6) (7) (11) | First Lien Debt | S + | 4.75% | 9.11% | 09/09/2027 | 5021 | 4893 | 4973 | 0.15 |
| Suveto | (6) (19) | First Lien Debt | P + | 3.75% | 11.25% | 09/09/2027 | 28 | 14 | 23 | 0.00 |
| Suveto Buyer, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.11% | 09/09/2027 | 186 | 182 | 182 | 0.01 |
| Tivity Health, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.36% | 06/28/2029 | 17997 | 17856 | 17997 | 0.55 |
| TTF Holdings, LLC |  | First Lien Debt | S + | 3.75% | 8.11% | 07/18/2031 | 2000 | 2017 | 1980 | 0.06 |
| Vardiman Black Holdings, LLC | (6) (7) (8) (12) | First Lien Debt | S + | 7.00% (incl. 2.00% PIK) | 11.65% | 03/18/2027 | 15377 | 15377 | 15377 | 0.47 |
| Vardiman Black Holdings, LLC | (6) (12) (13) (19) | First Lien Debt | S + | 7.00% (incl. 2.00% PIK) | 11.65% | 03/18/2027 | 1601 | 1561 | 1601 | 0.05 |
|  |  |  |  |  |  |  |  | 388972 | 390838 | 11.95 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Athenahealth, Inc. | (12) | First Lien Debt | S + | 3.25% | 7.61% | 02/15/2029 | 6341 | 6323 | 6348 | 0.19 |
| eResearchTechnology, Inc. | (10) | First Lien Debt | S + | 4.00% | 8.36% | 02/04/2027 | 4391 | 4385 | 4414 | 0.13 |
| Hyland Software, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 6.00% | 10.36% | 09/19/2030 | 77262 | 76354 | 77262 | 2.36 |
| Hyland Software, Inc. | (6) (11) (19) | First Lien Debt | S + | 6.00% | 10.36% | 09/19/2029 |  | (39) |  |  |
| Imprivata, Inc. | (12) | First Lien Debt | S + | 3.50% | 8.09% | 12/01/2027 | 6420 | 6419 | 6452 | 0.20 |
| Lightspeed Buyer, Inc. | (6) (7) (10) | First Lien Debt | S + | 4.75% | 9.08% | 02/03/2027 | 10097 | 10070 | 10097 | 0.31 |
| Lightspeed Buyer, Inc. | (6) (10) (19) | First Lien Debt | S + | 4.75% | 9.08% | 02/03/2027 |  | (10) |  |  |
| Lightspeed Buyer, Inc. | (6) (10) (19) | First Lien Debt | S + | 4.75% | 9.08% | 02/03/2027 |  | (3) |  |  |
| MedAssets Software Intermediate Holdings, Inc. | (12) | First Lien Debt | S + | 4.00% | 8.43% | 12/17/2028 | 6143 | 6143 | 5652 | 0.17 |
| Project Ruby Ultimate Parent Corp. |  | First Lien Debt | S + | 3.00% | 7.47% | 03/10/2028 | 5348 | 5347 | 5367 | 0.16 |
| Symplr Software, Inc. | (11) | First Lien Debt | S + | 4.50% | 9.19% | 12/22/2027 | 4849 | 4856 | 4429 | 0.14 |
|  |  |  |  |  |  |  |  | 119845 | 120021 | 3.67 |
| **Household Durables** |  |  |  |  |  |  |  |  |  |  |
| ACProducts, Inc. | (12) | First Lien Debt | S + | 4.25% | 8.84% | 05/17/2028 | 4849 | 4838 | 3907 | 0.12 |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |
| Aptean, Inc. | (6) (7) (9) (11) | First Lien Debt | S + | 5.00% | 9.59% | 01/30/2031 | 70478 | 69870 | 70380 | 2.15 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Aptean, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.59% | 01/30/2031 |  | 1151 | 1113 | 1144 | 0.03 |
| Aptean, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.59% | 01/30/2031 |  |  | (50) | (8) | 0.00 |
| Excelitas Technologies Corp. | (6) (9) (11) | First Lien Debt | S + | 5.25% | 9.61% | 08/13/2029 |  | 30707 | 30261 | 30387 | 0.93 |
| Excelitas Technologies Corp. | (6) (11) | First Lien Debt | E + | 5.25% | 8.11% | 08/13/2029 | € | 5617 | 5728 | 5756 | 0.18 |
| Excelitas Technologies Corp. | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.61% | 08/13/2029 |  |  | (94) | (123) | 0.00 |
| Excelitas Technologies Corp. | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.61% | 08/14/2028 |  |  | (37) | (32) | 0.00 |
| Raptor Merger Sub Debt, LLC | (7) (8) (11) | First Lien Debt | S + | 5.50% | 9.83% | 04/01/2029 |  | 45581 | 44880 | 45430 | 1.39 |
| Raptor Merger Sub Debt, LLC | (11) (19) | First Lien Debt | S + | 5.50% | 9.83% | 04/01/2029 |  | 698 | 644 | 686 | 0.02 |
|  |  |  |  |  |  |  |  |  | 152315 | 153620 | 4.70 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |  |  |
| Alliant Holdings Intermediate, LLC | (12) | First Lien Debt | S + | 2.75% | 7.11% | 09/19/2031 |  | 7157 | 7166 | 7168 | 0.22 |
| Amerilife Holdings, LLC | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.70% | 08/31/2029 |  | 14813 | 14594 | 14813 | 0.45 |
| Amerilife Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.70% | 08/31/2029 |  | 1770 | 1757 | 1770 | 0.05 |
| AssuredPartners, Inc. | (12) | First Lien Debt | S + | 3.50% | 7.86% | 02/14/2031 |  | 3970 | 3984 | 3975 | 0.12 |
| Fetch Insurance Services, LLC | (6) | Other Debt |  | 12.75% (incl. 3.75% PIK) | 12.75% | 10/31/2027 |  | 3104 | 3046 | 3073 | 0.09 |
| Foundation Risk Partners Corp. | (6) (8) (11) | First Lien Debt | S + | 5.25% | 9.58% | 10/29/2030 |  | 34976 | 34668 | 34976 | 1.07 |
| Foundation Risk Partners Corp. | (6) (11) | First Lien Debt | S + | 5.25% | 9.58% | 10/29/2030 |  | 18560 | 18339 | 18560 | 0.57 |
| Foundation Risk Partners Corp. | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.58% | 10/29/2029 |  |  | (20) |  |  |
| Galway Borrower, LLC | (6) (7) (8) (9) (11) | First Lien Debt | S + | 4.50% | 8.83% | 09/29/2028 |  | 51526 | 50797 | 51526 | 1.58 |
| Galway Borrower, LLC | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.83% | 09/29/2028 |  | 20936 | 20625 | 20936 | 0.64 |
| Galway Borrower, LLC | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.83% | 09/29/2028 |  | 298 | 256 | 298 | 0.01 |
| Higginbotham Insurance Agency, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 4.50% | 8.86% | 11/24/2028 |  | 20115 | 20034 | 20029 | 0.61 |
| Higginbotham Insurance Agency, Inc. | (6) (10) (19) | First Lien Debt | S + | 4.50% | 8.86% | 11/24/2028 |  | 6650 | 6524 | 6551 | 0.20 |
| High Street Buyer, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.25% | 9.58% | 04/14/2028 |  | 4195 | 4192 | 4195 | 0.13 |
| High Street Buyer, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.58% | 04/14/2028 |  | 43375 | 42813 | 43303 | 1.32 |
| High Street Buyer, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.58% | 04/16/2027 |  |  | (1) |  |  |
| HUB International Limited |  | First Lien Debt | S + | 2.75% | 7.37% | 06/20/2030 |  | 4963 | 4968 | 4987 | 0.15 |
| Inszone Mid, LLC | (6) (7) (9) (10) | First Lien Debt | S + | 5.25% | 9.50% | 11/302029 |  | 13838 | 13601 | 13838 | 0.42 |
| Inszone Mid, LLC | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.50% | 11/30/2029 |  | 16981 | 16655 | 16981 | 0.52 |
| Inszone Mid, LLC | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.50% | 11/30/2029 |  |  | (45) |  |  |
| Inszone Mid, LLC | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.50% | 11/30/2029 |  |  | (52) |  |  |
| Integrity Marketing Acquisition, LLC | (6) (7) (8) (9) (11) | First Lien Debt | S + | 5.00% | 9.51% | 08/25/2028 |  | 112310 | 112310 | 112310 | 3.43 |
| Integrity Marketing Acquisition, LLC | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.51% | 08/25/2028 |  |  |  |  |  |
| Long Term Care Group, Inc. | (6) (7) (8) (11) (13) | First Lien Debt | S + | 6.00% (incl. 3.73% PIK) | 10.33% | 09/08/2027 |  | 14648 | 14241 | 12555 | 0.38 |
| Patriot Growth Insurance Services, LLC | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.48% | 10/16/2028 |  | 6437 | 6360 | 6437 | 0.20 |
| Patriot Growth Insurance Services, LLC | (6) (11) | First Lien Debt | S + | 5.00% | 9.48% | 10/14/2028 |  | 24759 | 24451 | 24759 | 0.76 |
| Patriot Growth Insurance Services, LLC | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.48% | 10/16/2028 |  | 234 | 229 | 234 | 0.01 |
| Peter C. Foy & Associates Insurance Services, LLC | (6) (7) (11) | First Lien Debt | S + | 5.50% | 9.83% | 11/01/2028 |  | 22930 | 22744 | 22930 | 0.70 |
| Peter C. Foy & Associates Insurance Services, LLC | (6) (7) (11) | First Lien Debt | S + | 5.50% | 9.83% | 11/01/2028 |  | 24195 | 24022 | 24174 | 0.74 |
| Peter C. Foy & Associates Insurance Services, LLC | (6) (11) (19) | First Lien Debt | S + | 5.50% | 9.83% | 11/01/2027 |  |  | (1) |  |  |
| RSC Acquisition, Inc. | (6) (10) | First Lien Debt | S + | 4.75% | 9.21% | 11/01/2029 |  | 18508 | 18463 | 18508 | 0.57 |
| RSC Acquisition, Inc. | (6) (11) | First Lien Debt | S + | 4.75% | 9.21% | 11/01/2029 |  | 54296 | 53963 | 54296 | 1.66 |
| USI, Inc. |  | First Lien Debt | S + | 2.25% | 6.58% | 09/27/2030 |  | 2970 | 2978 | 2962 | 0.09 |
| USI, Inc. |  | First Lien Debt | S + | 2.25% | 6.58% | 11/22/2029 |  | 1980 | 1984 | 1975 | 0.06 |
| World Insurance Associates, LLC | (6) (7) (8) (9) (10) | First Lien Debt | S + | 6.75% | 10.34% | 04/03/2028 |  | 119299 | 117735 | 118378 | 3.62 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| World Insurance Associates, LLC | (6) (10) (19) | First Lien Debt | S + | 6.75% | 10.34% | 04/03/2028 |  |  | (15) | (21) | 0.00 |
|  |  |  |  |  |  |  |  |  | 663365 | 666476 | 20.37 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |  |  |
| Arches Buyer, Inc. | (12) | First Lien Debt | S + | 3.25% | 7.71% | 12/06/2027 |  | 2424 | 2419 | 2364 | 0.07 |
| FMG Suite Holdings, LLC | (6) (7) (10) | First Lien Debt | S + | 5.50% | 9.85% | 10/30/2026 |  | 9258 | 9182 | 9194 | 0.28 |
| FMG Suite Holdings, LLC | (6) (7) (10) | First Lien Debt | S + | 5.50% | 9.85% | 10/30/2026 |  | 1938 | 1920 | 1923 | 0.06 |
| FMG Suite Holdings, LLC | (6) (10) (19) | First Lien Debt | S + | 5.50% | 9.84% | 10/30/2026 |  |  | (9) | (7) | 0.00 |
| Spectrio, LLC | (6) (7) (10) | First Lien Debt | S + | 6.00% | 10.51% | 12/09/2026 |  | 11375 | 10901 | 10468 | 0.32 |
| Spectrio, LLC | (6) (7) (10) | First Lien Debt | S + | 6.00% | 10.51% | 12/09/2026 |  | 4558 | 4368 | 4195 | 0.13 |
| Spectrio, LLC | (6) (10) | First Lien Debt | S + | 6.00% | 10.51% | 12/09/2026 |  | 1345 | 1291 | 1238 | 0.04 |
| Triple Lift, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.75% | 10.25% | 05/05/2028 |  | 16199 | 15424 | 15505 | 0.47 |
| Triple Lift, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.25% | 05/05/2028 |  |  | (104) | (73) | 0.00 |
|  |  |  |  |  |  |  |  |  | 45392 | 44807 | 1.37 |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |  |
| Apollo Acquisition, Inc. | (6) (7) | First Lien Debt | S + | 5.00% | 9.33% | 12/30/2031 |  | 16797 | 16629 | 16629 | 0.51 |
| Apollo Acquisition, Inc. | (6) (19) | First Lien Debt | S + | 5.00% | 9.33% | 12/30/2031 |  |  | (29) | (29) | 0.00 |
| Apollo Acquisition, Inc. | (6) (19) | First Lien Debt | S + | 5.00% | 9.33% | 12/30/2030 |  |  | (23) | (23) | 0.00 |
| Asurion, LLC |  | First Lien Debt | S + | 4.25% | 8.61% | 09/19/2030 |  | 7342 | 7329 | 7316 | 0.22 |
| Atlas Purchaser, Inc. | (7) (11) | First Lien Debt | S + | 7.50% (incl. 5.50% PIK) | 11.33% | 05/05/2028 |  | 2490 | 1596 | 1484 | 0.05 |
| Atlas Purchaser, Inc. | (7) (11) | First Lien Debt | S + | 7.50% (incl. 6.50% PIK) | 11.33% | 05/05/2028 |  | 1076 | 886 | 1076 | 0.03 |
| Catalis Intermediate, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 5.50% | 9.98% | 08/04/2027 |  | 23379 | 22828 | 23028 | 0.70 |
| Catalis Intermediate, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.50% | 9.98% | 08/04/2027 |  | 5260 | 5141 | 5181 | 0.16 |
| Catalis Intermediate, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.50% | 9.98% | 08/04/2027 |  | 907 | 849 | 868 | 0.03 |
| Donuts, Inc. | (6) (7) (10) | First Lien Debt | S + | 5.00% | 9.49% | 12/29/2027 |  | 20849 | 20816 | 20807 | 0.64 |
| Endure Digital, Inc. | (10) | First Lien Debt | S + | 3.50% | 8.09% | 02/10/2028 |  | 5394 | 5337 | 4477 | 0.14 |
| Gainwell Acquisition Corp. | (11) | First Lien Debt | S + | 4.00% | 8.43% | 10/01/2027 |  | 6788 | 6804 | 6560 | 0.20 |
| GI DI Cornfield Acquisition, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.96% | 03/09/2028 |  | 31687 | 31276 | 31379 | 0.96 |
| GI DI Cornfield Acquisition, LLC | (6) (19) | First Lien Debt | S + | 4.50% | 8.96% | 03/09/2028 |  |  | (103) | (158) | 0.00 |
| Idera, Inc. | (6) (7) (11) | Second Lien Debt | S + | 6.75% | 11.47% | 03/02/2029 |  | 355 | 355 | 355 | 0.01 |
| Redwood Services Group, LLC | (6) (7) (9) (11) | First Lien Debt | S + | 6.25% | 10.68% | 06/15/2029 |  | 40035 | 39484 | 40035 | 1.22 |
| Redwood Services Group, LLC | (6) (11) | First Lien Debt | S + | 6.25% | 10.68% | 06/15/2029 |  | 34154 | 33722 | 34080 | 1.04 |
| Ridge Trail US Bidco, Inc. | (6) (7) (10) (15) | First Lien Debt | S + | 4.50% | 8.83% | 09/30/2031 |  | 48980 | 48265 | 48848 | 1.49 |
| Ridge Trail US Bidco, Inc. | (6) (10) (15) (19) | First Lien Debt | S + | 4.50% | 8.83% | 09/30/2031 |  |  | (122) | (46) | 0.00 |
| Ridge Trail US Bidco, Inc. | (6) (10) (15) (19) | First Lien Debt | S + | 4.50% | 8.83% | 03/31/2031 |  | 1520 | 1439 | 1505 | 0.05 |
| Sedgwick Claims Management Services, Inc. |  | First Lien Debt | S + | 3.00% | 7.59% | 07/31/2031 |  | 6947 | 6971 | 6982 | 0.21 |
| Syntax Systems, Ltd. | (6) (7) (11) (15) | First Lien Debt | S + | 5.00% | 9.46% | 10/27/2028 |  | 18610 | 18532 | 18569 | 0.57 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (10) | First Lien Debt | S + | 6.00% | 10.78% | 01/22/2027 |  | 10566 | 10479 | 10566 | 0.32 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (7) (10) | First Lien Debt | S + | 6.00% | 10.78% | 01/22/2027 |  | 6315 | 6268 | 6315 | 0.19 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (10) (19) | First Lien Debt | S + | 6.00% | 10.78% | 01/22/2027 |  | 453 | 448 | 453 | 0.01 |
| UpStack, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.00% | 9.52% | 08/25/2031 |  | 5525 | 5472 | 5525 | 0.17 |
| UpStack, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.52% | 08/25/2031 |  |  | (10) |  |  |
| UpStack, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.52% | 08/25/2031 |  | 128 | 119 | 128 | 0.00 |
| Victors Purchaser, LLC | (6) (12) | First Lien Debt | S + | 4.75% | 9.08% | 08/15/2031 |  | 11280 | 11171 | 11280 | 0.34 |
| Victors Purchaser, LLC | (6) (12) (19) | First Lien Debt | S + | 4.75% | 9.08% | 08/15/2031 |  |  | (13) |  |  |
| Victors Purchaser, LLC | (6) (12) (19) | First Lien Debt | S + | 4.75% | 9.08% | 08/15/2031 | C$ | 322 | 217 | 224 | 0.01 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
|  |  |  |  |  |  |  |  | 302133 | 303414 | 9.28 |
| **Leisure Products** |  |  |  |  |  |  |  |  |  |  |
| Recess Holdings, Inc. | (14) | First Lien Debt | S + | 4.50% | 9.09% | 02/20/2030 | 4987 | 5024 | 5030 | 0.15 |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| Cambrex Corporation |  | First Lien Debt | S + | 3.50% | 7.96% | 12/04/2026 | 2416 | 2418 | 2412 | 0.07 |
| Curia Global, Inc. | (11) | First Lien Debt | S + | 3.75% | 8.44% | 08/30/2026 | 6789 | 6795 | 6468 | 0.20 |
| Model N, Inc. | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.33% | 06/27/2031 | 19847 | 19659 | 19847 | 0.61 |
| Model N, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.33% | 06/27/2031 |  | (25) |  |  |
| Model N, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.33% | 06/27/2031 |  | (27) |  |  |
| Packaging Coordinators Midco, Inc. | (11) | First Lien Debt | S + | 3.25% | 7.84% | 11/30/2027 | 6824 | 6836 | 6848 | 0.21 |
| Parexel International Corporation | (12) | First Lien Debt | S + | 3.00% | 7.36% | 11/15/2028 | 6544 | 6553 | 6582 | 0.20 |
|  |  |  |  |  |  |  |  | 42209 | 42157 | 1.29 |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |
| AI Aqua Merger Sub, Inc. | (12) | First Lien Debt | S + | 3.50% | 8.05% | 07/31/2028 | 6693 | 6700 | 6693 | 0.20 |
| Answer Acquisition, LLC | (6) (7) (10) | First Lien Debt | S + | 6.00% | 10.48% | 12/30/2026 | 38933 | 38590 | 38669 | 1.18 |
| Answer Acquisition, LLC | (6) (10) (19) | First Lien Debt | S + | 6.00% | 10.48% | 12/30/2026 |  | (23) | (24) | 0.00 |
| Chase Intermediate, LLC | (6) (19) | First Lien Debt | S + | 4.75% | 9.08% | 10/30/2028 | 7936 | 7753 | 7907 | 0.24 |
| Chase Intermediate, LLC | (6) (19) | First Lien Debt | S + | 4.75% | 9.08% | 10/30/2028 |  | (14) |  |  |
| Conair Holdings, LLC | (12) | First Lien Debt | S + | 3.75% | 8.22% | 05/17/2028 | 3880 | 3882 | 3475 | 0.11 |
| Engineered Machinery Holdings, Inc. | (11) | First Lien Debt | S + | 3.75% | 8.34% | 05/19/2028 | 5394 | 5383 | 5425 | 0.17 |
| Filtration Group Corporation | (12) | First Lien Debt | S + | 3.50% | 7.97% | 10/21/2028 | 4850 | 4854 | 4882 | 0.15 |
| Icebox Holdco III, Inc. | (12) | First Lien Debt | S + | 3.50% | 8.09% | 12/22/2028 | 3431 | 3439 | 3452 | 0.11 |
| Madison IAQ, LLC | (12) | First Lien Debt | S + | 2.75% | 7.89% | 06/21/2028 | 4849 | 4846 | 4862 | 0.15 |
| MHE Intermediate Holdings, LLC | (6) (10) | First Lien Debt | S + | 6.00% | 10.92% | 07/21/2027 | 7791 | 7767 | 7791 | 0.24 |
| MHE Intermediate Holdings, LLC | (6) (7) (10) | First Lien Debt | S + | 6.00% | 10.92% | 07/21/2027 | 6429 | 6375 | 6429 | 0.20 |
| MHE Intermediate Holdings, LLC | (6) (10) (19) | First Lien Debt | S + | 6.00% | 10.92% | 07/21/2027 | 214 | 214 | 214 | 0.01 |
| Pro Mach Group, Inc. | (14) | First Lien Debt | S + | 3.50% | 7.86% | 08/31/2028 | 5000 | 5030 | 5037 | 0.15 |
| Roper Industrial Products Investment Company, LLC | (12) | First Lien Debt | S + | 2.75% | 7.08% | 11/22/2029 | 3970 | 3988 | 3977 | 0.12 |
| TK Elevator US Newco, Inc. | (12) (14) | First Lien Debt | S + | 3.50% | 8.59% | 04/30/2030 | 6852 | 6875 | 6898 | 0.21 |
|  |  |  |  |  |  |  |  | 105659 | 105687 | 3.23 |
| **Media** |  |  |  |  |  |  |  |  |  |  |
| Aragorn Parent Corporation |  | First Lien Debt | S + | 4.00% | 8.34% | 12/15/2028 | 5814 | 5803 | 5848 | 0.18 |
| MJH Healthcare Holdings, LLC |  | First Lien Debt | S + | 3.25% | 7.71% | 01/28/2029 | 2494 | 2503 | 2505 | 0.08 |
|  |  |  |  |  |  |  |  | 8306 | 8353 | 0.26 |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| AWP Group Holdings, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 4.75% | 9.11% | 12/23/2030 | 48606 | 47420 | 48606 | 1.49 |
| AWP Group Holdings, Inc. | (6) (10) (19) | First Lien Debt | S + | 4.75% | 9.11% | 12/23/2030 | 5616 | 5508 | 5616 | 0.17 |
| AWP Group Holdings, Inc. | (6) (10) (19) | First Lien Debt | S + | 4.75% | 9.11% | 12/23/2030 | 262 | 210 | 262 | 0.01 |
| Vessco Midco Holdings, LLC | (6) (8) (11) | First Lien Debt | S + | 4.75% | 9.11% | 07/24/2031 | 33937 | 33615 | 33937 | 1.04 |
| Vessco Midco Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.11% | 07/24/2031 | 2979 | 2912 | 2979 | 0.09 |
| Vessco Midco Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.11% | 07/24/2031 |  | (35) |  |  |
|  |  |  |  |  |  |  |  | 89630 | 91400 | 2.79 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Caerus US 1, Inc. | (6) (9) (11) (15) | First Lien Debt | S + | 5.00% | 9.33% | 05/25/2029 | 40811 | 40159 | 39566 | 1.21 |
| Caerus US 1, Inc. | (6) (11) (15) | First Lien Debt | S + | 5.00% | 9.33% | 05/25/2029 | 5972 | 5870 | 5790 | 0.18 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Caerus US 1, Inc. | (6) (11) (15) (19) | First Lien Debt | S + | 5.00% | 9.33% | 05/25/2029 | 328 | 264 | 194 | 0.01 |
|  |  |  |  |  |  |  |  | 46293 | 45550 | 1.39 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (7) (10) | First Lien Debt | S + | 6.25% | 11.17% | 03/10/2027 | 3913 | 3768 | 3913 | 0.12 |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (10) (19) | First Lien Debt | S + | 6.25% | 11.17% | 03/10/2027 |  | (22) |  |  |
| Accordion Partners, LLC | (6) (11) | First Lien Debt | S + | 5.25% | 9.58% | 11/17/2031 | 53217 | 52692 | 52692 | 1.61 |
| Accordion Partners, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.58% | 11/17/2031 |  | (43) | (44) | 0.00 |
| Accordion Partners, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.58% | 11/17/2031 |  | (58) | (58) | 0.00 |
| Ascend Partner Services, LLC | (6) (11) | First Lien Debt | S + | 4.50% | 8.86% | 08/11/2031 | 1306 | 1294 | 1306 | 0.04 |
| Ascend Partner Services, LLC | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.86% | 08/11/2031 |  | (11) |  |  |
| Ascend Partner Services, LLC | (6) (11) (19) | First Lien Debt | S + | 4.50% | 8.86% | 08/11/2031 | 269 | 265 | 269 | 0.01 |
| Bridgepointe Technologies, LLC | (6) (10) | First Lien Debt | S + | 5.00% | 9.33% | 12/31/2027 | 18669 | 18290 | 18527 | 0.57 |
| Bridgepointe Technologies, LLC | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.33% | 12/31/2027 | 24133 | 23614 | 23919 | 0.73 |
| Bullhorn, Inc. | (6) (10) | First Lien Debt | S + | 5.00% | 9.36% | 10/01/2029 | 3429 | 3406 | 3429 | 0.10 |
| Bullhorn, Inc. | (6) (10) | First Lien Debt | S + | 5.00% | 9.36% | 10/01/2029 | 3944 | 3924 | 3944 | 0.12 |
| Bullhorn, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.36% | 10/01/2029 |  | (2) |  |  |
| Carr, Riggs and Ingram Capital, LLC | (6) (7) (12) | First Lien Debt | S + | 4.75% | 9.24% | 11/18/2031 | 14663 | 14518 | 14518 | 0.44 |
| Carr, Riggs and Ingram Capital, LLC | (6) (12) (19) | First Lien Debt | S + | 4.75% | 9.24% | 11/18/2031 |  | (37) | (37) | 0.00 |
| Carr, Riggs and Ingram Capital, LLC | (6) (12) (19) | First Lien Debt | S + | 4.75% | 9.24% | 11/18/2031 | 425 | 392 | 392 | 0.01 |
| Citrin Cooperman Advisors, LLC | (6) (11) | First Lien Debt | S + | 5.00% | 9.30% | 10/01/2027 | 8604 | 8543 | 8604 | 0.26 |
| Citrin Cooperman Advisors, LLC | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.30% | 10/01/2027 | 14518 | 14476 | 14518 | 0.44 |
| ComPsych Investment Corp. | (6) (8) (11) | First Lien Debt | S + | 4.75% | 9.38% | 07/22/2031 | 16302 | 16224 | 16302 | 0.50 |
| ComPsych Investment Corp. | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.38% | 07/22/2031 |  | (11) |  |  |
| CoreLogic, Inc. | (12) | First Lien Debt | S + | 3.50% | 7.97% | 06/02/2028 | 4987 | 4975 | 4918 | 0.15 |
| Crisis Prevention Institute, Inc. | (6) (12) | First Lien Debt | S + | 4.00% | 8.39% | 04/09/2031 | 18000 | 17916 | 18000 | 0.55 |
| Deerfield Dakota Holding, LLC | (10) | First Lien Debt | S + | 3.75% | 8.08% | 04/09/2027 | 4848 | 4860 | 4733 | 0.14 |
| EAB Global, Inc. |  | First Lien Debt | S + | 3.25% | 7.61% | 08/16/2028 | 3960 | 3958 | 3969 | 0.12 |
| Employbridge Holding Company | (11) | First Lien Debt | S + | 4.75% | 9.62% | 07/19/2028 | 2425 | 2425 | 1574 | 0.05 |
| GPS Merger Sub, LLC | (6) (8) (10) | First Lien Debt | S + | 6.00% | 10.36% | 10/02/2029 | 15949 | 15720 | 15920 | 0.49 |
| GPS Merger Sub, LLC | (6) (10) (19) | First Lien Debt | S + | 6.00% | 10.36% | 10/02/2029 |  | (27) |  |  |
| GPS Merger Sub, LLC | (6) (10) (19) | First Lien Debt | S + | 6.00% | 10.36% | 10/02/2029 |  | (39) |  |  |
| IG Investment Holdings, LLC | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.57% | 09/22/2028 | 33262 | 32942 | 32942 | 1.01 |
| IG Investment Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.57% | 09/22/2028 |  | (36) | (36) | 0.00 |
| KENG Acquisition, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 5.00% | 9.36% | 08/01/2029 | 11035 | 10813 | 10981 | 0.34 |
| KENG Acquisition, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.36% | 08/01/2029 | 3758 | 3623 | 3708 | 0.11 |
| KENG Acquisition, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.36% | 08/01/2029 |  | (57) | (15) | 0.00 |
| KWOR Acquisition, Inc. | (6) (7) (8) (17) | First Lien Debt | P + | 4.25% | 11.75% | 12/22/2028 | 23644 | 23319 | 17362 | 0.53 |
| KWOR Acquisition, Inc. | (6) (17) | First Lien Debt | P + | 4.25% | 11.75% | 12/22/2028 | 4624 | 4554 | 3396 | 0.10 |
| KWOR Acquisition, Inc. | (6) (17) | First Lien Debt | P + | 4.25% | 11.75% | 12/22/2027 | 1098 | 1087 | 806 | 0.02 |
| Mermaid Bidco, Inc. | (14) | First Lien Debt | S + | 3.25% | 7.80% | 07/03/2031 | 4000 | 4015 | 4018 | 0.12 |
| Project Boost Purchaser, LLC | (6) (8) (11) | First Lien Debt | S + | 5.25% | 9.76% | 05/02/2029 | 12023 | 11940 | 12023 | 0.37 |
| Project Boost Purchaser, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.76% | 05/02/2028 | 377 | 372 | 377 | 0.01 |
| Tidal Waste & Recycling Holdings, LLC | (14) | First Lien Debt | S + | 3.50% | 7.83% | 10/24/2031 | 2000 | 2007 | 2011 | 0.06 |
| UHY Advisors, Inc. | (6) (9) (11) | First Lien Debt | S + | 4.75% | 9.26% | 11/21/2031 | 7727 | 7651 | 7651 | 0.23 |
| UHY Advisors, Inc. | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.26% | 11/21/2031 |  | (38) | (38) | 0.00 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| UHY Advisors, Inc. | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.26% | 11/21/2031 |  | (20) | (20) | 0.00 |
| Verdantas, LLC | (6) (11) | First Lien Debt | S + | 5.00% | 9.45% | 05/06/2031 | 33091 | 32628 | 32757 | 1.00 |
| Verdantas, LLC | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.45% | 05/06/2031 | 1398 | 1350 | 1359 | 0.04 |
| Verdantas, LLC | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.45% | 05/06/2030 |  | (47) | (36) | 0.00 |
|  |  |  |  |  |  |  |  | 347113 | 340554 | 10.41 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (6) (10) | First Lien Debt | S + | 6.50% | 11.32% | 07/03/2028 | 10893 | 10884 | 10893 | 0.33 |
| Associations, Inc. | (6) (10) (19) | First Lien Debt | S + | 6.50% | 11.32% | 07/03/2028 | 141 | 141 | 141 | 0.00 |
| Associations, Inc. | (6) (10) (19) | First Lien Debt | S + | 6.50% | 11.32% | 07/03/2028 | 339 | 338 | 339 | 0.01 |
| MRI Software, LLC | (6) (10) | First Lien Debt | S + | 4.75% | 9.08% | 02/10/2027 | 68783 | 68620 | 68735 | 2.10 |
| MRI Software, LLC | (6) (10) (19) | First Lien Debt | S + | 4.75% | 9.08% | 02/10/2027 | 716 | 673 | 713 | 0.02 |
| MRI Software, LLC | (6) (10) (19) | First Lien Debt | S + | 4.75% | 9.08% | 02/10/2027 | 304 | 279 | 301 | 0.01 |
| Pritchard Industries, LLC | (6) (7) (11) | First Lien Debt | S + | 5.75% | 10.29% | 10/13/2027 | 10721 | 10579 | 10593 | 0.32 |
| Pritchard Industries, LLC | (6) (11) | First Lien Debt | S + | 5.75% | 10.29% | 10/13/2027 | 2563 | 2529 | 2533 | 0.08 |
| Zarya Intermediate, LLC | (6) (10) (15) | First Lien Debt | S + | 6.50% | 11.01% | 07/01/2027 | 38869 | 38832 | 38830 | 1.19 |
| Zarya Intermediate, LLC | (6) (10) (15) (19) | First Lien Debt | S + | 6.50% | 11.01% | 07/01/2027 |  |  | (4) | 0.00 |
|  |  |  |  |  |  |  |  | 132875 | 133074 | 4.07 |
| **Software** |  |  |  |  |  |  |  |  |  |  |
| Alert Media, Inc. | (6) (10) | First Lien Debt | S + | 6.75% (incl 5.75% PIK) | 11.08% | 04/12/2027 | 22079 | 21731 | 21756 | 0.67 |
| Alert Media, Inc. | (6) (10) | First Lien Debt | S + | 6.75% (incl 5.75% PIK) | 11.08% | 04/12/2027 | 10000 | 9817 | 9833 | 0.30 |
| Alert Media, Inc. | (6) (10) (19) | First Lien Debt | S + | 6.75% (incl 5.75% PIK) | 11.08% | 04/12/2027 |  | (45) | (44) | 0.00 |
| Anaplan, Inc. | (6) (7) (9) (11) | First Lien Debt | S + | 5.25% | 9.58% | 06/21/2029 | 80774 | 79876 | 80475 | 2.46 |
| Appfire Technologies, LLC | (6) (7) (10) | First Lien Debt | S + | 5.00% | 9.33% | 03/09/2028 | 12956 | 12914 | 12956 | 0.40 |
| Appfire Technologies, LLC | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.33% | 03/09/2028 |  | (27) |  |  |
| Appfire Technologies, LLC | (6) (10) (19) | First Lien Debt | S + | 5.00% | 9.33% | 03/09/2028 | 45 | 39 | 45 | 0.00 |
| Apryse Software Corp. | (6) (7) (10) (15) | First Lien Debt | S + | 5.00% | 9.59% | 07/15/2027 | 13897 | 13897 | 13880 | 0.42 |
| Applied Systems, Inc. |  | First Lien Debt | S + | 3.00% | 7.33% | 02/24/2031 | 3980 | 3998 | 4016 | 0.12 |
| Artifact Bidco, Inc. | (6) (12) | First Lien Debt | S + | 4.50% | 8.83% | 07/01/2031 | 21837 | 21629 | 21837 | 0.67 |
| Artifact Bidco, Inc. | (6) (12) (19) | First Lien Debt | S + | 4.50% | 8.83% | 07/01/2031 |  | (25) |  |  |
| Artifact Bidco, Inc. | (6) (12) (19) | First Lien Debt | S + | 4.50% | 8.83% | 07/01/2030 |  | (35) |  |  |
| Astra Acquisition Corp. | (12) | First Lien Debt | S + | 5.25% | 10.20% | 02/25/2028 | 846 | 759 | 550 | 0.02 |
| Astra Acquisition Corp. | (12) | First Lien Debt | S + | 5.25% | 10.20% | 10/25/2028 | 1186 | 656 | 59 | 0.00 |
| AuditBoard, Inc. | (6) (8) (10) | First Lien Debt | S + | 4.75% | 9.08% | 07/14/2031 | 34200 | 33875 | 34200 | 1.05 |
| AuditBoard, Inc. | (6) (10) (19) | First Lien Debt | S + | 4.75% | 9.08% | 07/14/2031 |  | (76) |  |  |
| AuditBoard, Inc. | (6) (10) (19) | First Lien Debt | S + | 4.75% | 9.08% | 07/14/2031 |  | (61) |  |  |
| Bottomline Technologies, Inc. | (6) (11) | First Lien Debt | S + | 5.75% | 10.32% | 05/14/2029 | 23763 | 23424 | 23763 | 0.73 |
| Bottomline Technologies, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.32% | 05/15/2028 |  | (19) |  |  |
| Central Parent, Inc. | (14) | First Lien Debt | S + | 3.25% | 7.58% | 07/06/2029 | 3990 | 3995 | 3931 | 0.12 |
| CLEO Communications Holding, LLC | (6) (7) (10) | First Lien Debt | S + | 5.50% | 9.96% | 06/09/2027 | 17013 | 16898 | 17013 | 0.52 |
| CLEO Communications Holding, LLC | (6) (10) (19) | First Lien Debt | S + | 5.50% | 9.96% | 06/09/2027 |  | (36) |  |  |
| Cloud Software Group, Inc. | (12) | First Lien Debt | S + | 3.50% | 7.83% | 03/30/2029 | 4442 | 4424 | 4452 | 0.14 |
| Cloudera, Inc. | (12) | First Lien Debt | S + | 3.75% | 8.21% | 10/08/2028 | 5431 | 5400 | 5409 | 0.17 |
| Clover Holdings 2, LLC | (14) | First Lien Debt | S + | 4.00% | 8.43% | 12/09/2031 | 5000 | 4994 | 5050 | 0.15 |
| Clover Holdings SPV III, LLC |  | First Lien Debt |  |  | 15.00% | 12/18/2027 | 281 | 276 | 282 | 0.01 |
| Coupa Holdings, LLC | (6) (9) (11) | First Lien Debt | S + | 5.50% | 10.09% | 02/27/2030 | 20922 | 20504 | 20828 | 0.64 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Coupa Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 5.50% | 10.09% | 02/27/2030 |  | (7) | (4) | 0.00 |
| Coupa Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 5.50% | 10.09% | 02/27/2029 |  | (10) | (3) | 0.00 |
| Cyara AcquisitionCo, LLC | (6) (10) | First Lien Debt | S + | 6.25% (incl. 2.25% PIK) | 10.85% | 06/28/2029 | 62363 | 61099 | 62363 | 1.91 |
| Cyara AcquisitionCo, LLC | (6) (10) (19) | First Lien Debt | S + | 6.25% (incl. 2.25% PIK) | 10.85% | 06/28/2029 |  | (78) |  |  |
| Diligent Corporation | (6) (11) | First Lien Debt | S + | 5.00% | 10.09% | 08/02/2030 | 73157 | 72652 | 73157 | 2.24 |
| Diligent Corporation | (6) (11) (19) | First Lien Debt | S + | 5.00% | 10.09% | 08/02/2030 |  | (72) |  |  |
| Diligent Corporation | (6) (11) (19) | First Lien Debt | S + | 5.00% | 10.09% | 08/02/2030 |  | (48) |  |  |
| E-Discovery AcquireCo, LLC | (6) (10) | First Lien Debt | S + | 6.25% | 10.70% | 08/29/2029 | 36747 | 36045 | 36600 | 1.12 |
| E-Discovery AcquireCo, LLC | (6) (10) (19) | First Lien Debt | S + | 6.25% | 10.70% | 08/29/2029 |  | (70) | (17) | 0.00 |
| ECI Macola Max Holding, LLC | (11) | First Lien Debt | S + | 3.25% | 7.58% | 05/09/2030 | 4850 | 4855 | 4891 | 0.15 |
| Epicor Software Corporation | (11) | First Lien Debt | S + | 2.75% | 7.11% | 05/30/2031 | 5169 | 5184 | 5203 | 0.16 |
| Everbridge Holdings, LLC | (6) (8) (11) | First Lien Debt | S + | 5.00% | 9.59% | 07/02/2031 | 64438 | 64133 | 64438 | 1.97 |
| Everbridge Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.59% | 07/02/2031 | 7157 | 7098 | 7157 | 0.22 |
| Everbridge Holdings, LLC | (6) (11) (19) | First Lien Debt | S + | 5.00% | 9.59% | 07/02/2031 |  | (34) |  |  |
| Formstack Acquisition Co | (6) (10) | First Lien Debt | S + | 5.25% | 9.58% | 03/28/2030 | 58218 | 57441 | 57852 | 1.77 |
| Formstack Acquisition Co | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.58% | 03/28/2030 | 5817 | 5623 | 5671 | 0.17 |
| Formstack Acquisition Co | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.58% | 03/28/2030 | 1169 | 1018 | 1095 | 0.03 |
| Fullsteam Operations, LLC | (6) (7) (10) | First Lien Debt | S + | 8.25% | 12.91% | 11/27/2029 | 19976 | 19462 | 19976 | 0.61 |
| Fullsteam Operations, LLC | (6) (10) (19) | First Lien Debt | S + | 8.25% | 12.91% | 11/27/2029 | 12137 | 11645 | 12137 | 0.37 |
| Fullsteam Operations, LLC | (6) (10) (19) | First Lien Debt | S + | 8.25% | 12.91% | 11/27/2029 |  | (27) |  |  |
| GoTo Group, Inc. |  | First Lien Debt | S + | 4.75% | 9.30% | 04/28/2028 | 4797 | 4118 | 3357 | 0.10 |
| Granicus, Inc. | (6) (7) (9) (11) | First Lien Debt | S + | 5.75% (incl. 2.25% PIK) | 10.34% | 01/17/2031 | 62718 | 62185 | 62718 | 1.92 |
| Granicus, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.75% (incl. 2.25% PIK) | 10.34% | 01/17/2031 | 12873 | 12788 | 12871 | 0.39 |
| Granicus, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.75% (incl. 2.25% PIK) | 10.34% | 01/17/2031 |  | (74) |  |  |
| GS AcquisitionCo, Inc. | (6) (7) (10) | First Lien Debt | S + | 5.25% | 9.58% | 05/25/2028 | 62556 | 62364 | 62556 | 1.91 |
| GS AcquisitionCo, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.58% | 05/25/2028 | 863 | 854 | 863 | 0.03 |
| GS AcquisitionCo, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.58% | 05/25/2028 |  | (20) |  |  |
| Hootsuite, Inc. | (6) (15) | First Lien Debt | S + | 5.50% | 9.83% | 05/22/2030 | 18806 | 18545 | 18640 | 0.57 |
| Hootsuite, Inc. | (6) (15) (19) | First Lien Debt | S + | 5.50% | 9.83% | 05/22/2030 |  | (28) | (18) | 0.00 |
| Icefall Parent, Inc. | (6) (7) (10) | First Lien Debt | S + | 6.50% | 10.86% | 01/25/2030 | 25949 | 25490 | 25541 | 0.78 |
| Icefall Parent, Inc. | (6) (10) (19) | First Lien Debt | S + | 6.50% | 10.86% | 01/25/2030 |  | (42) | (39) | 0.00 |
| Ivanti Software, Inc. | (12) | First Lien Debt | S + | 4.25% | 9.12% | 12/01/2027 | 2431 | 2433 | 1665 | 0.05 |
| Kaseya, Inc. | (6) (9) (11) | First Lien Debt | S + | 5.50% | 10.09% | 06/25/2029 | 52656 | 52105 | 52656 | 1.61 |
| Kaseya, Inc. | (6) (11) | First Lien Debt | S + | 5.50% | 10.09% | 06/25/2029 | 808 | 788 | 807 | 0.02 |
| Kaseya, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.50% | 10.09% | 06/25/2029 | 795 | 765 | 795 | 0.02 |
| LegitScript, LLC | (6) (7) (8) (11) | First Lien Debt | S + | 5.75% | 10.11% | 06/24/2029 | 36984 | 36516 | 36984 | 1.13 |
| LegitScript, LLC | (6) (11) | First Lien Debt | S + | 5.75% | 10.11% | 06/24/2029 | 978 | 966 | 978 | 0.03 |
| LegitScript, LLC | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.11% | 06/24/2028 | 1875 | 1815 | 1875 | 0.06 |
| LogRhythm, Inc. | (6) (10) | First Lien Debt | S + | 7.50% | 11.86% | 07/02/2029 | 6818 | 6629 | 6694 | 0.20 |
| LogRhythm, Inc. | (6) (10) (19) | First Lien Debt | S + | 7.50% | 11.86% | 07/02/2029 |  | (18) | (12) | (0.00) |
| Magenta Buyer, LLC | (11) | First Lien Debt | S + | 5.00% | 9.85% | 07/27/2028 | 4875 | 4863 | 1462 | 0.04 |
| McAfee, LLC |  | First Lien Debt | S + | 3.00% | 7.37% | 03/01/2029 | 4975 | 4975 | 4974 | 0.15 |
| Mediaocean, LLC | (12) (14) | First Lien Debt | S + | 3.50% | 7.96% | 12/15/2028 | 3940 | 3947 | 3950 | 0.12 |
| Montana Buyer, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 5.00% | 9.36% | 07/22/2029 | 32204 | 31818 | 32204 | 0.98 |
| Montana Buyer, Inc. | (6) (19) | First Lien Debt | P + | 4.00% | 11.50% | 07/22/2028 | 636 | 600 | 636 | 0.02 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Nasuni Corporation | (6) (7) (11) | First Lien Debt | S + | 5.75% | 10.18% | 09/10/2030 | 21552 | 21241 | 21552 | 0.66 |
| Nasuni Corporation | (6) (11) (19) | First Lien Debt | S + | 5.75% | 10.18% | 09/10/2030 |  | (64) |  |  |
| Netwrix Corporation And Concept Searching, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 4.75% | 9.26% | 06/11/2029 | 25305 | 25139 | 25143 | 0.77 |
| Netwrix Corporation And Concept Searching, Inc. | (6) (11) (19) | First Lien Debt | S + | 4.75% | 9.26% | 06/11/2029 |  | (10) | (10) | 0.00 |
| Oak Purchaser, Inc. | (6) (7) (11) | First Lien Debt | S + | 5.50% | 9.83% | 04/28/2028 | 11724 | 11622 | 11623 | 0.36 |
| Oak Purchaser, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.50% | 9.83% | 04/28/2028 | 6791 | 6711 | 6699 | 0.20 |
| Oak Purchaser, Inc. | (6) (11) (19) | First Lien Debt | S + | 5.50% | 9.83% | 04/28/2028 |  | (8) | (11) | 0.00 |
| Optimizely North America, Inc. | (6) (11) (15) | First Lien Debt | S + | 5.00% | 9.36% | 10/30/2031 | 18101 | 17923 | 17923 | 0.55 |
| Optimizely North America, Inc. | (6) (11) (15) | First Lien Debt | E + | 5.25% | 8.11% | 10/30/2031 | 6663 | 7167 | 6832 | 0.21 |
| Optimizely North America, Inc. | (6) (11) (15) | First Lien Debt | SA + | 5.50% | 10.20% | 10/30/2031 | £2221 | 2861 | 2754 | 0.08 |
| Optimizely North America, Inc. | (6) (11) (15) (19) | First Lien Debt | S + | 5.00% | 9.36% | 10/30/2031 |  | (26) | (26) | 0.00 |
| PDFTron Systems, Inc. | (6) (10) (15) (19) | First Lien Debt | S + | 5.00% | 9.52% | 07/15/2026 | 1100 | 1100 | 1096 | 0.03 |
| Polaris Newco, LLC | (12) | First Lien Debt | S + | 4.00% | 8.85% | 06/02/2028 | 4850 | 4861 | 4855 | 0.15 |
| Pound Bidco, Inc. | (6) (7) (10) (15) | First Lien Debt | S + | 6.00% | 10.86% | 02/01/2027 | 3743 | 3742 | 3733 | 0.11 |
| Pound Bidco, Inc. | (6) (10) (15) (19) | First Lien Debt | S + | 6.00% | 10.86% | 02/01/2027 | 89 | 89 | 88 | 0.00 |
| Pound Bidco, Inc. | (6) (10) (15) (19) | First Lien Debt | S + | 6.00% | 10.86% | 02/01/2027 |  |  | (1) | 0.00 |
| Project Leopard Holdings, Inc. | (7) (8) (12) (15) | First Lien Debt | S + | 5.25% | 9.94% | 07/20/2029 | 22854 | 21662 | 20397 | 0.62 |
| Proofpoint, Inc. | (12) | First Lien Debt | S + | 3.00% | 7.36% | 08/31/2028 | 7041 | 7035 | 7070 | 0.22 |
| Quartz Acquireco, LLC |  | First Lien Debt | S + | 2.75% | 7.08% | 06/28/2030 | 4950 | 4961 | 4981 | 0.15 |
| Quest Software US Holdings, Inc. |  | First Lien Debt | P + | 3.25% | 10.75% | 02/01/2029 | 3910 | 3892 | 2476 | 0.08 |
| Red Planet Borrower, LLC | (12) | First Lien Debt | S + | 3.50% | 7.96% | 10/02/2028 | 4850 | 4859 | 4762 | 0.15 |
| Reorganized Mobileum Acquisition Co, LLC | (6) (10) | First Lien Debt | S + | 6.00% (incl. 5.00% PIK) | 10.45% | 09/11/2029 | 4796 | 4796 | 4796 | 0.15 |
| Revalize, Inc. | (6) (10) | First Lien Debt | S + | 5.75% | 10.49% | 04/15/2027 | 14327 | 13816 | 13354 | 0.41 |
| Revalize, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.75% | 10.49% | 04/15/2027 | 566 | 559 | 513 | 0.02 |
| Riskonnect Parent, LLC | (6) (7) (9) (11) | First Lien Debt | S + | 5.25% | 9.55% | 12/07/2028 | 30600 | 30116 | 30367 | 0.93 |
| Riskonnect Parent, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.55% | 12/07/2028 | 23549 | 23108 | 23329 | 0.71 |
| Riskonnect Parent, LLC | (6) (11) (19) | First Lien Debt | S + | 5.25% | 9.55% | 12/07/2028 |  | (70) | (34) | 0.00 |
| Runway Bidco, LLC | (6) (7) (12) | First Lien Debt | S + | 5.00% | 9.33% | 12/17/2031 | 18054 | 17875 | 17875 | 0.55 |
| Runway Bidco, LLC | (6) (12) (19) | First Lien Debt | S + | 5.00% | 9.33% | 12/17/2031 |  | (22) | (22) | 0.00 |
| Runway Bidco, LLC | (6) (12) (19) | First Lien Debt | S + | 5.00% | 9.33% | 12/17/2031 |  | (22) | (22) | 0.00 |
| Securonix, Inc. | (6) (7) (8) (11) | First Lien Debt | S + | 7.00% (incl. 3.75% PIK) | 12.34% | 04/05/2028 | 30014 | 29269 | 27358 | 0.84 |
| Securonix, Inc. | (6) (11) (19) | First Lien Debt | S + | 7.00% (incl. 3.75% PIK) | 12.34% | 04/05/2028 | 122 | (5) | (356) | (0.01) |
| Sophia, L.P. | (12) | First Lien Debt | S + | 3.00% | 7.36% | 10/09/2029 | 4339 | 4337 | 4364 | 0.13 |
| Trunk Acquisition, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 6.00% | 10.48% | 02/19/2030 | 11086 | 11026 | 11028 | 0.34 |
| Trunk Acquisition, Inc. | (6) (7) (10) | First Lien Debt | S + | 6.00% | 10.48% | 02/19/2030 | 2156 | 2134 | 2134 | 0.07 |
| Trunk Acquisition, Inc. | (6) (10) (19) | First Lien Debt | S + | 6.00% | 10.48% | 02/19/2030 |  | (11) | (11) | 0.00 |
| Trunk Acquisition, Inc. | (6) (10) (19) | First Lien Debt | S + | 6.00% | 10.48% | 02/19/2026 |  | (4) | (6) | 0.00 |
| UKG, Inc. |  | First Lien Debt | S + | 3.00% | 7.33% | 02/10/2031 | 4975 | 4986 | 5007 | 0.15 |
| Veritas US, Inc. |  | First Lien Debt | P + | 11.50% | 19.25% | 12/09/2029 | 842 | 840 | 837 | 0.03 |
| Vision Solutions, Inc. | (12) | First Lien Debt | S + | 4.00% | 8.85% | 04/24/2028 | 4850 | 4849 | 4767 | 0.15 |
|  |  |  |  |  |  |  |  | 1251407 | 1250178 | 38.22 |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |  |
| Les Schwab Tire Centers | (12) | First Lien Debt | S + | 3.00% | 7.36% | 04/23/2031 | 6847 | 6853 | 6875 | 0.21 |
| **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |  |  |  |
| Varsity Brands, Inc. | (14) | First Lien Debt | S + | 3.75% | 8.27% | 08/26/2031 | 3000 | 3011 | 3001 | 0.09 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/ non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest Rate**<sup>(3)</sup> | **Maturity Date** | **Par Amount/Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |  |
| Spin Holdco, Inc. | (11) | First Lien Debt | S + | 4.00% | 8.71% | 03/04/2028 | 4849 | 4856 | 4072 | 0.12 |
| White Cap Buyer, LLC |  | First Lien Debt | S + | 3.25% | 7.61% | 10/19/2029 | 2444 | 2446 | 2446 | 0.07 |
|  |  |  |  |  |  |  |  | 10313 | 9519 | 0.20 |
| **Transportation Infrastructure** |  |  |  |  |  |  |  |  |  |  |
| Brown Group Holding, LLC | (12) | First Lien Debt | S + | 2.50% | 7.00% | 07/01/2031 | 4975 | 4981 | 4986 | 0.15 |
| KKR Apple Bidco, LLC | (12) | First Lien Debt | S + | 2.75% | 7.22% | 09/22/2028 | 4850 | 4846 | 4872 | 0.15 |
|  |  |  |  |  |  |  |  | 9827 | 9858 | 0.30 |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. | (11) | First Lien Debt | S + | 4.00% | 8.33% | 12/17/2027 | 4889 | 4852 | 4887 | 0.15 |
| Mobile Communications America, Inc. | (6) (7) (8) (10) | First Lien Debt | S + | 5.25% | 9.78% | 10/16/2029 | 13514 | 13346 | 13514 | 0.41 |
| Mobile Communications America, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.78% | 10/16/2029 | 840 | 808 | 840 | 0.03 |
| Mobile Communications America, Inc. | (6) (10) (19) | First Lien Debt | S + | 5.25% | 9.78% | 10/16/2029 | 550 | 525 | 550 | 0.02 |
|  |  |  |  |  |  |  |  | 19531 | 19791 | 0.61 |
| **Total Debt Investments** |  |  |  |  |  |  |  | $**6045815** | $**6020987** | **184.06%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Acquisition Date** | **Par Amount/ Shares** <sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| PCX Holding Corp. | (6) (16) (18) | Common Equity |  | 07/15/2024 | 1154 | $92 | $79 | 0.00% |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| Shelby Co-invest, LP (Spectrum Automotive) | (6) (16) (18) | Common Equity |  | 07/15/2024 | 1500 | 228 | 258 | 0.01 |
| Wheel Pros, LLC | (16) (18) | Common Equity |  | 12/02/2024 | 10032 | 1655 | 1655 | 0.05 |
|  |  |  |  |  |  | 1883 | 1913 | 0.06 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Encore Holdings, LLC | (6) (16) (18) | Common Equity |  | 07/15/2024 | 602 | 194 | 221 | 0.01 |
| Procure Acquiom Financial, LLC (Procure Analytics) | (6) (16) (18) | Common Equity |  | 07/15/2024 | 500000 | 625 | 735 | 0.02 |
| Surewerx Topco, LP | (6) (15) (16) (18) | Common Equity |  | 12/28/2022 | 384 | 413 | 512 | 0.02 |
|  |  |  |  |  |  | 1232 | 1468 | 0.04 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (6) (16) (18) | Common Equity |  | 07/15/2024 | 1383156 | 878 | 659 | 0.02 |
| BP Purchaser, LLC Rights | (6) (16) (18) | Common Equity |  | 07/15/2024 | 1666989 | 76 | 83 | 0.00 |
| FORTIS Solutions Group, LLC | (6) (16) | Preferred Equity | 12.25% | 06/24/2022 | 4000000 | 5064 | 3920 | 0.12 |
|  |  |  |  |  |  | 6018 | 4662 | 0.14 |
| **Distributors** |  |  |  |  |  |  |  |  |
| 48Forty Solutions, LLC | (6) (7) (9) (16) (18) | Common Equity |  | 11/01/2024 | 7205 |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Eclipse Topco, Inc. | (6) (16) | Preferred Equity | 12.50% PIK | 09/05/2024 | 310 | 3048 | 3036 | 0.09 |
| LUV Car Wash | (6) (16) (18) | Common Equity |  | 12/06/2022 | 1383 | 1331 | 933 | 0.03 |
|  |  |  |  |  |  | 4379 | 3969 | 0.12 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Sparkstone Electrical Group | (6) (16) (18) | Common Equity |  | 10/15/2024 | 1500 | 150 | 150 | 0.00 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| SDB Holdco, LLC | (6) (16) (18) | Common Equity |  | 03/29/2024 | 14561479 |  |  |  |
| Suveto Buyer, LLC | (6) (15) (16) (18) | Common Equity |  | 07/15/2024 | 3398 | 306 | 330 | 0.01 |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/<br>non-affiliated**<sup>(1)</sup> <sup>(2)</sup> | **Footnotes** | **Investment** | **Reference Rate and<br>Spread** | **Reference Rate and<br>Spread** | **Acquisition Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost** <sup>(5)</sup> | **Fair<br>Value** | **Percentage<br>of Net<br>Assets** |
| Vardiman Black Holdings, LLC | (6) (16) | Preferred Equity | 6.00% PIK | 6.00% PIK | 03/29/2024 | 7065190 | 4798 | 2462 | 0.08 |
|  |  |  |  |  |  |  | 5104 | 2792 | 0.09 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |
| Amerilife Holdings, LLC | (6) (16) (18) | Common Equity |  |  | 09/01/2022 | 9880 | 273 | 590 | 0.02 |
| Frisbee Holdings, LP (Fetch) | (6) (16) (18) | Common Equity |  |  | 10/31/2022 | 33276 | 424 | 535 | 0.02 |
| Integrity Marketing Acquisition, LLC | (6) (16) | Preferred Equity | 10.50% | 10.50% | 07/15/2024 | 750000 | 1013 | 998 | 0.03 |
|  |  |  |  |  |  |  | 1710 | 2123 | 0.06 |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| CSC Thrive Holdings, LP (Thrive Networks) | (6) (16) (18) | Common Equity |  |  | 07/15/2024 | 54103 | 282 | 361 | 0.01 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (16) (18) | Common Equity |  |  | 07/15/2024 | 21459 | 332 | 286 | 0.01 |
| Verdantas, LLC | (6) (16) (18) | Common Equity |  |  | 05/03/2024 | 8848 | 9 | 11 | 0.00 |
| Verdantas, LLC | (6) (16) | Preferred Equity | 10.00% | 10.00% | 05/03/2024 | 875952 | 936 | 1060 | 0.03 |
|  |  |  |  |  |  |  | 1277 | 1357 | 0.04 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |
| Pritchard Industries, LLC | (6) (16) (18) | Common Equity |  |  | 10/13/2021 | 332248 | 352 | 312 | 0.01 |
| **Software** |  |  |  |  |  |  |  |  |  |
| Cohesity Global, Inc. | (16) | Preferred Equity |  |  | 12/09/2024 | 18617 | 382 | 382 | 0.01 |
| Fullsteam Operations, LLC | (6) (16) (18) | Common Equity |  |  | 11/27/2023 | 45080 | 1520 | 3630 | 0.11 |
| Knockout Intermediate Holdings I, Inc. | (6) (16) | Preferred Equity | 11.75% | 11.75% | 06/25/2022 | 9990 | 13135 | 13549 | 0.41 |
| Reorganized Mobileum Grandparent, LLC | (6) (16) (18) | Common Equity |  |  | 09/12/2024 | 234896 |  |  |  |
| Revalize, Inc. | (6) (16) | Preferred Equity | S + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00% | 12/14/2021 | 2951 | 4076 | 4281 | 0.13 |
| Reveal Data Solutions | (6) (16) (18) | Common Equity |  |  | 08/29/2023 | 861539 | 1122 | 1413 | 0.04 |
| RSK Holdings, Inc. (Riskonnect) | (6) (16) | Preferred Equity | S + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50% | 07/07/2022 | 10679200 | 15031 | 15591 | 0.48 |
|  |  |  |  |  |  |  | 35266 | 38846 | 1.19 |
| **Total Equity Investments** |  |  |  |  |  |  | **$57745** | **$58032** | **1.77%** |
| **Total Portfolio Investments** |  |  |  |  |  |  | **$6103560** | **$6079019** | **185.84%** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated** |  |  |  |
| **Cash and Cash Equivalents and Short Term Investments** |  |  |  |
| J.P. Morgan US Government Money Market Fund - Institutional Shares | $58216 | $58216 | 1.78% |
| Cash | 159788 | 159788 | 4.88 |
| **Total Cash and Cash Equivalents and Short Term Investments** | **$218004** | **$218004** | **6.66%** |
| **Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments** | **$6321564** | **$6297023** | **192.5%** |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps**<sup>(a)(b)</sup> | **Interest Rate Swaps**<sup>(a)(b)</sup> | **Interest Rate Swaps**<sup>(a)(b)</sup> | **Interest Rate Swaps**<sup>(a)(b)</sup> | **Interest Rate Swaps**<sup>(a)(b)</sup> | **Interest Rate Swaps**<sup>(a)(b)</sup> | **Interest Rate Swaps**<sup>(a)(b)</sup> | **Interest Rate Swaps**<sup>(a)(b)</sup> | **Interest Rate Swaps**<sup>(a)(b)</sup> | **Interest Rate Swaps**<sup>(a)(b)</sup> |
| **Counterparty** | **Hedged Instrument** | **Company Receives** | **Company<br>Pays** | **Company<br>Pays** | **Maturity <br>Date** | **Notional <br>Amount** | **Fair<br>Value** | **Upfront<br>Payments<br>/ Receipts** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| SMBC Capital Markets, Inc. | Series A 2026 Notes | 8.10% | S + | 4.34% | 03/16/2026 | $204000 | $(1086) | $— | $(1086) |
| SMBC Capital Markets, Inc. | Series A 2028 Notes | 8.13% | S + | 4.56% | 03/16/2028 | 146000 | (2520) |  | (2520) |
| SMBC Capital Markets, Inc. | Series B 2026 Notes | 8.84% | S + | 5.13% | 08/10/2026 | 107000 | (827) |  | (827) |
| SMBC Capital Markets, Inc. | Series B 2028 Notes | 8.88% | S + | 5.30% | 08/10/2028 | 128000 | (2508) |  | (2508) |
| SMBC Capital Markets, Inc. | Series C 2027 Notes | 8.92% | S + | 4.49% | 03/01/2027 | 136500 | 742 |  | (1724) |
| SMBC Capital Markets, Inc. | Series C 2029 Notes | 9.07% | S + | 4.77% | 03/01/2029 | 163500 | 939 |  | (4145) |
| MUFG Bank, Ltd. | Series D 2027 Notes | 6.84% | S + | 3.10% | 08/05/2027 | 100000 | (860) |  | (860) |
| MUFG Bank, Ltd. | Series D 2029 Notes | 6.91% | S + | 3.385% | 08/05/2029 | 200000 | (3864) |  | (3864) |
|  |  |  |  |  |  | $1185000 | $(9984) | $— | $(17534) |

---

<sup>(a)</sup>Contains a variable rate structure. Bears interest at a rate determined by SOFR ("S").

<sup>(b)</sup>Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense in the Consolidated Statements of Operations. For further details, see Note 2 "Significant Accounting Policies" and Note 6 "Debt".

<sup>(1)</sup> Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Company would be deemed to "control" a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024, 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 December 31, 2024, the Company is not an "affiliated person" of any of its portfolio companies.

<sup>(2)</sup> Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility (as defined below). See Note 6 "Debt".

<sup>(3)</sup> Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E"), or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P"), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of 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 at 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%.

<sup>(4)</sup> 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").

<sup>(5)</sup> The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

<sup>(6)</sup> 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.

<sup>(7)</sup> Assets or a portion thereof are pledged as collateral for the JPM (as defined below). See Note 6 "Debt".

<sup>(8)</sup> Assets or a portion thereof are pledged as collateral for the Wells Funding Facility (as defined below). See Note 6 "Debt".

<sup>(9)</sup> Assets or a portion thereof are pledged as collateral for the CBNA Funding Facility (as defined below). See Note 6 "Debt".

<sup>(10)</sup> Loan includes interest rate floor of 1.00%.

<sup>(11)</sup> Loan includes interest rate floor of 0.75%

<sup>(12)</sup> Loan includes interest rate floor of 0.50%

<sup>(13)</sup> The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".

<sup>(14)</sup> Position or portion thereof unsettled as of December 31, 2024.

<sup>(15)</sup> 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 6.40% of total assets as calculated in accordance with regulatory requirements.

<sup>(16)</sup> 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 $58,032 or 1.77% of the Company's net assets. The initial acquisition dates have been included for such securities.

<sup>(17)</sup> Investment was on non-accrual status as of December 31, 2024.

<sup>(18)</sup> Non-income producing security.

<sup>(19)</sup> 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:

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| **First Lien Debt** |  |  |  |  |
| 48Forty Solutions, LLC | Revolver | 11/30/2029 | $4057 | $(1436) |
| ARI Network Services, Inc. | Revolver | 08/28/2026 | 1032 | (4) |
| AWP Group Holdings, Inc. | Delayed Draw Term Loan | 08/23/2026 | 2158 |  |
| AWP Group Holdings, Inc. | Revolver | 12/23/2030 | 4975 |  |
| Abacus Data Holdings, Inc. (AbacusNext) | Revolver | 03/10/2027 | 600 |  |
| Accordion Partners, LLC | Delayed Draw Term Loan | 11/15/2026 | 8869 | (44) |
| Accordion Partners, LLC | Revolver | 11/17/2031 | 5913 | (58) |
| Advarra Holdings, Inc. | Delayed Draw Term Loan | 09/14/2026 | 1191 |  |
| Alert Media, Inc. | Revolver | 04/12/2027 | 3870 | (44) |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 06/17/2026 | 1879 |  |
| Answer Acquisition, LLC | Revolver | 12/30/2026 | 3500 | (24) |
| Any Hour, LLC | Delayed Draw Term Loan | 05/23/2026 | 3127 | (33) |
| Any Hour, LLC | Revolver | 05/23/2030 | 900 | (10) |
| Apex Service Partners, LLC | Revolver | 10/24/2029 | 1819 |  |
| Apollo Acquisition, Inc. | Delayed Draw Term Loan | 12/30/2026 | 5859 | (29) |
| Apollo Acquisition, Inc. | Revolver | 12/30/2030 | 2344 | (23) |
| Appfire Technologies, LLC | Delayed Draw Term Loan | 03/31/2025 | 2125 |  |
| Appfire Technologies, LLC | Delayed Draw Term Loan | 06/28/2026 | 1465 |  |
| Appfire Technologies, LLC | Revolver | 03/09/2028 | 579 |  |
| Applitools, Inc. | Revolver | 05/25/2028 | 1600 | (14) |
| Aptean, Inc. | Delayed Draw Term Loan | 01/30/2026 | 3222 | (5) |
| Aptean, Inc. | Revolver | 01/30/2031 | 5903 | (8) |
| Arcoro Holdings Corp. | Revolver | 03/28/2030 | 8609 | (63) |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 05/22/2027 | 5345 |  |
| Artifact Bidco, Inc. | Revolver | 07/26/2030 | 3818 |  |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 08/09/2026 | 2245 |  |
| Ascend Partner Services, LLC | Revolver | 08/11/2031 | 180 |  |
| Assembly Intermediate, LLC | Revolver | 10/19/2027 | 889 |  |
| Associations, Inc. | Delayed Draw Term Loan | 07/03/2028 | 705 |  |
| Associations, Inc. | Revolver | 07/03/2028 | 339 |  |
| Atlas Us Finco, Inc. | Revolver | 12/09/2028 | 1360 |  |
| AuditBoard, Inc. | Delayed Draw Term Loan | 07/12/2026 | 16286 |  |
| AuditBoard, Inc. | Revolver | 07/14/2031 | 6514 |  |
| Avalara, Inc. | Revolver | 10/19/2028 | 2242 |  |
| Bottomline Technologies, Inc. | Revolver | 05/15/2028 | 1733 |  |
| Bradyplus Holdings, LLC | Delayed Draw Term Loan | 10/31/2025 | 1026 |  |
| Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 06/03/2026 | 2293 | (26) |
| Bullhorn, Inc. | Delayed Draw Term Loan | 05/11/2026 | 770 |  |
| Bullhorn, Inc. | Revolver | 10/01/2029 | 399 |  |
| CLEO Communications Holding, LLC | Revolver | 06/09/2027 | 5358 |  |
| COP Collisionright Parent, LLC | Delayed Draw Term Loan | 01/29/2026 | 8971 | (106) |
| COP Collisionright Parent, LLC | Revolver | 01/29/2030 | 4309 | (51) |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 08/27/2026 | 2206 |  |
| CRCI Longhorn Holdings, Inc. | Revolver | 08/27/2031 | 809 |  |
| Caerus US 1, Inc. | Revolver | 05/25/2029 | 4044 | (123) |
| Carr, Riggs and Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 7438 | (37) |
| Carr, Riggs and Ingram Capital, LLC | Revolver | 11/18/2031 | 2975 | (29) |
| Catalis Intermediate, Inc. | Revolver | 08/04/2027 | 1727 | (26) |
| Cerity Partners, LLC | Delayed Draw Term Loan | 06/07/2026 | 3423 |  |
| Cerity Partners, LLC | Revolver | 07/30/2029 | 707 |  |
| Chase Intermediate, LLC | Delayed Draw Term Loan | 08/31/2025 | 11574 | (17) |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Chase Intermediate, LLC | Revolver | 10/30/2028 | 978 |  |
| Citrin Cooperman Advisors, LLC | Delayed Draw Term Loan | 12/13/2025 | 248 |  |
| ComPsych Investment Corp. | Delayed Draw Term Loan | 07/23/2027 | 4667 |  |
| Consor Intermediate II, LLC | Delayed Draw Term Loan | 05/10/2026 | 5298 | (30) |
| Consor Intermediate II, LLC | Revolver | 05/12/2031 | 1413 | (8) |
| Coupa Holdings, LLC | Delayed Draw Term Loan | 08/27/2025 | 851 | (4) |
| Coupa Holdings, LLC | Revolver | 02/27/2029 | 651 | (3) |
| Cyara AcquisitionCo, LLC | Revolver | 06/28/2029 | 3832 |  |
| Diligent Corporation | Delayed Draw Term Loan | 04/30/2026 | 10706 |  |
| Diligent Corporation | Revolver | 08/02/2030 | 7137 |  |
| Drivecentric Holdings, LLC | Revolver | 08/15/2031 | 4059 | (3) |
| Dwyer Instruments, Inc. | Delayed Draw Term Loan | 11/20/2026 | 2020 | (10) |
| Dwyer Instruments, Inc. | Revolver | 07/20/2029 | 5478 |  |
| E-Discovery AcquireCo, LLC | Revolver | 08/29/2029 | 4354 | (17) |
| EVDR Purchaser, Inc. | Delayed Draw Term Loan | 08/14/2025 | 11946 |  |
| EVDR Purchaser, Inc. | Revolver | 02/14/2031 | 5973 |  |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 09/06/2026 | 1417 |  |
| Eclipse Buyer, Inc. | Revolver | 09/06/2031 | 719 |  |
| Encore Holdings, LLC | Delayed Draw Term Loan | 10/31/2026 | 303 | (2) |
| Encore Holdings, LLC | Delayed Draw Term Loan | 12/20/2026 | 4872 | (12) |
| Encore Holdings, LLC | Revolver | 11/23/2027 | 2695 | (10) |
| Energy Labs Holdings Corp. | Delayed Draw Term Loan | 05/24/2026 | 1981 | (18) |
| Energy Labs Holdings Corp. | Revolver | 04/07/2028 | 1918 | (23) |
| Essential Services Holding Corporation | Delayed Draw Term Loan | 06/17/2026 | 5154 |  |
| Essential Services Holding Corporation | Revolver | 06/17/2030 | 3222 |  |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 07/02/2026 | 11101 |  |
| Everbridge Holdings, LLC | Revolver | 07/02/2031 | 7303 |  |
| Excelitas Technologies Corp. | Delayed Draw Term Loan | 05/01/2025 | 1032 | (11) |
| Excelitas Technologies Corp. | Delayed Draw Term Loan | 05/01/2026 | 12000 | (112) |
| Excelitas Technologies Corp. | Revolver | 08/14/2028 | 3095 | (32) |
| FLS Holding, Inc. | Revolver | 12/17/2027 | 1138 | (121) |
| FMG Suite Holdings, LLC | Revolver | 10/30/2026 | 994 | (8) |
| FORTIS Solutions Group, LLC | Delayed Draw Term Loan | 06/24/2025 | 9627 |  |
| FORTIS Solutions Group, LLC | Revolver | 10/15/2027 | 1169 |  |
| FPG Intermediate Holdco, LLC | Delayed Draw Term Loan | 12/31/2025 | 112 |  |
| Formstack Acquisition Co | Delayed Draw Term Loan | 03/30/2026 | 17485 | (110) |
| Formstack Acquisition Co | Revolver | 03/28/2030 | 10519 | (66) |
| Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 4283 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 08/25/2025 | 16967 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 02/23/2026 | 3352 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 05/01/2026 | 10125 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 06/30/2026 | 1125 | 0 |
| Fullsteam Operations, LLC | Revolver | 11/27/2029 | 1118 |  |
| GC Waves Holdings, Inc. | Delayed Draw Term Loan | 10/04/2026 | 17742 | (135) |
| GC Waves Holdings, Inc. | Revolver | 10/04/2030 | 1723 | (13) |
| GI DI Cornfield Acquisition, LLC | Delayed Draw Term Loan | 05/31/2026 | 16333 | (158) |
| GPS Merger Sub, LLC | Delayed Draw Term Loan | 10/02/2026 | 3668 |  |
| GPS Merger Sub, LLC | Revolver | 10/02/2029 | 2934 |  |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 03/26/2026 | 3028 |  |
| GS AcquisitionCo, Inc. | Revolver | 05/25/2028 | 5318 |  |
| Galway Borrower, LLC | Delayed Draw Term Loan | 02/06/2026 | 4235 |  |
| Galway Borrower, LLC | Revolver | 09/29/2028 | 3265 |  |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Gateway US Holdings, Inc. | Delayed Draw Term Loan | 11/14/2026 | 1300 | (13) |
| Gateway US Holdings, Inc. | Revolver | 09/22/2028 | 484 |  |
| Granicus, Inc. | Delayed Draw Term Loan | 01/17/2026 | 1383 | (2) |
| Granicus, Inc. | Revolver | 01/17/2031 | 8771 |  |
| GraphPad Software, LLC | Delayed Draw Term Loan | 06/28/2026 | 10055 |  |
| GraphPad Software, LLC | Revolver | 06/30/2031 | 4190 |  |
| Ground Penetrating Radar Systems, LLC | Delayed Draw Term Loan | 04/02/2027 | 5302 |  |
| Ground Penetrating Radar Systems, LLC | Revolver | 04/02/2031 | 1563 |  |
| HSI Halo Acquisition, Inc. | Delayed Draw Term Loan | 06/28/2026 | 3759 |  |
| HSI Halo Acquisition, Inc. | Revolver | 06/28/2030 | 3031 |  |
| Heartland Veterinary Partners, LLC | Revolver | 12/10/2026 | 1298 |  |
| Helios Service Partners, LLC | Delayed Draw Term Loan | 02/10/2025 | 10016 | (70) |
| Helios Service Partners, LLC | Revolver | 03/19/2027 | 4053 | (1) |
| Hercules Borrower, LLC | Delayed Draw Term Loan | 04/05/2026 | 29963 | (96) |
| Hercules Borrower, LLC | Delayed Draw Term Loan | 04/17/2025 | 2176 | (670) |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 03/27/2026 | 16321 | (70) |
| High Street Buyer, Inc. | Delayed Draw Term Loan | 02/04/2025 | 802 |  |
| High Street Buyer, Inc. | Delayed Draw Term Loan | 03/11/2026 | 21972 | (73) |
| High Street Buyer, Inc. | Revolver | 04/16/2027 | 915 |  |
| Hootsuite, Inc. | Revolver | 05/22/2030 | 2100 | (18) |
| Hyland Software, Inc. | Revolver | 09/19/2029 | 3699 |  |
| IG Investment Holdings, LLC | Revolver | 09/22/2028 | 3736 | (36) |
| Icefall Parent, Inc. | Revolver | 01/25/2030 | 2471 | (39) |
| Imagine 360, LLC | Delayed Draw Term Loan | 09/20/2026 | 1884 |  |
| Imagine 360, LLC | Revolver | 10/02/2028 | 1166 |  |
| Inszone Mid, LLC | Delayed Draw Term Loan | 11/10/2025 | 3386 |  |
| Inszone Mid, LLC | Delayed Draw Term Loan | 07/24/2026 | 10025 |  |
| Inszone Mid, LLC | Revolver | 11/12/2029 | 3308 |  |
| Integrity Marketing Acquisition, LLC | Revolver | 08/25/2028 | 1097 |  |
| Invictus Buyer, LLC | Delayed Draw Term Loan | 06/03/2026 | 2531 | (7) |
| Invictus Buyer, LLC | Revolver | 06/03/2031 | 938 | (3) |
| Iris Buyer, LLC | Delayed Draw Term Loan | 04/02/2025 | 980 |  |
| Iris Buyer, LLC | Revolver | 10/02/2029 | 2883 |  |
| Jonathan Acquisition Company | Revolver | 12/22/2025 | 1579 |  |
| KENG Acquisition, Inc. | Delayed Draw Term Loan | 08/01/2025 | 4659 | (23) |
| KENG Acquisition, Inc. | Delayed Draw Term Loan | 07/17/2026 | 1912 | (9) |
| KENG Acquisition, Inc. | Revolver | 08/01/2029 | 3040 | (15) |
| Kaseya, Inc. | Delayed Draw Term Loan | 06/23/2025 | 2339 |  |
| Kaseya, Inc. | Revolver | 06/25/2029 | 2358 |  |
| LJ Avalon Holdings, LLC | Delayed Draw Term Loan | 10/01/2025 | 1890 |  |
| LJ Avalon Holdings, LLC | Revolver | 02/01/2029 | 486 |  |
| LeadVenture, Inc. | Delayed Draw Term Loan | 08/28/2026 | 2196 | (8) |
| LegitScript, LLC | Revolver | 06/24/2028 | 3984 |  |
| Lightspeed Buyer, Inc. | Delayed Draw Term Loan | 06/01/2025 | 1041 |  |
| Lightspeed Buyer, Inc. | Revolver | 02/03/2027 | 279 |  |
| LogRhythm, Inc. | Revolver | 07/02/2029 | 682 | (12) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 08/29/2026 | 1869 |  |
| MAI Capital Management Intermediate, LLC | Revolver | 08/29/2031 | 894 |  |
| MHE Intermediate Holdings, LLC | Revolver | 07/21/2027 | 857 |  |
| MRI Software, LLC | Delayed Draw Term Loan | 09/04/2026 | 6786 | (3) |
| MRI Software, LLC | Revolver | 02/10/2027 | 5176 | (4) |
| Magneto Components Buyco, LLC | Delayed Draw Term Loan | 06/05/2025 | 9516 | (65) |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Magneto Components Buyco, LLC | Revolver | 12/05/2029 | 7930 | (54) |
| Magnolia Wash Holdings | Revolver | 07/14/2028 | 215 | (20) |
| Mantech International CP | Delayed Draw Term Loan | 06/14/2025 | 5023 |  |
| Mantech International CP | Revolver | 09/14/2028 | 4800 |  |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 10/16/2025 | 3560 |  |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 1651 |  |
| Model N, Inc. | Delayed Draw Term Loan | 06/26/2026 | 5429 |  |
| Model N, Inc. | Revolver | 06/27/2031 | 2896 |  |
| Montana Buyer, Inc. | Revolver | 07/22/2028 | 3074 |  |
| NSi Holdings, Inc. | Delayed Draw Term Loan | 11/15/2026 | 4079 | (19) |
| NSi Holdings, Inc. | Revolver | 11/15/2031 | 4079 | (40) |
| Nasuni Corporation | Revolver | 09/10/2030 | 4490 |  |
| Netwrix Corporation And Concept Searching, Inc. | Revolver | 06/11/2029 | 1579 | (10) |
| Oak Purchaser, Inc. | Delayed Draw Term Loan | 02/01/2025 | 3903 | (34) |
| Oak Purchaser, Inc. | Revolver | 04/28/2028 | 1241 | (11) |
| Optimizely North America, Inc. | Revolver | 10/30/2031 | 2665 | (26) |
| Orion Group Holdco, LLC | Delayed Draw Term Loan | 04/29/2026 | 2286 | (16) |
| PDFTron Systems, Inc. | Revolver | 07/15/2026 | 2200 | (3) |
| PDI TA Holdings, Inc. | Delayed Draw Term Loan | 02/01/2026 | 3789 | (20) |
| PDI TA Holdings, Inc. | Revolver | 02/03/2031 | 3754 | (20) |
| PMA Parent Holdings, LLC | Revolver | 01/31/2031 | 240 | (3) |
| PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 04/08/2026 | 4240 |  |
| Pareto Health Intermediate Holdings, Inc. | Revolver | 06/01/2029 | 10788 |  |
| Patriot Growth Insurance Services, LLC | Revolver | 10/16/2028 | 234 |  |
| Peter C. Foy & Associates Insurance Services, LLC | Delayed Draw Term Loan | 04/23/2026 | 746 | (3) |
| Peter C. Foy & Associates Insurance Services, LLC | Revolver | 11/01/2027 | 532 |  |
| Pound Bidco, Inc. | Delayed Draw Term Loan | 04/24/2027 | 275 | (1) |
| Pound Bidco, Inc. | Delayed Draw Term Loan | 02/01/2027 | 10 |  |
| Pound Bidco, Inc. | Revolver | 02/01/2027 | 388 | (1) |
| Procure Acquireco, Inc. (Procure Analytics) | Delayed Draw Term Loan | 10/31/2026 | 1005 | (5) |
| Procure Acquireco, Inc. (Procure Analytics) | Revolver | 12/20/2028 | 952 |  |
| Project Accelerate Parent, LLC | Revolver | 02/24/2031 | 4813 |  |
| Project Boost Purchaser, LLC | Revolver | 05/02/2028 | 586 |  |
| Project Potter Buyer, LLC | Revolver | 04/23/2026 | 885 |  |
| Pye-Barker Fire & Safety, LLC | Delayed Draw Term Loan | 05/24/2026 | 4670 |  |
| Pye-Barker Fire & Safety, LLC | Revolver | 05/24/2030 | 2197 |  |
| RFS Opco, LLC | Revolver | 04/04/2029 | 21320 | (83) |
| Randy's Holdings, Inc. | Delayed Draw Term Loan | 11/01/2025 | 3332 |  |
| Randy's Holdings, Inc. | Revolver | 11/01/2029 | 1217 |  |
| Raptor Merger Sub Debt, LLC | Revolver | 04/01/2029 | 2791 | (9) |
| Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2026 | 333 | 1 |
| Redwood Services Group, LLC | Delayed Draw Term Loan | 02/05/2026 | 627 | (4) |
| Revalize, Inc. | Revolver | 04/15/2027 | 215 | (15) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 03/30/2027 | 16890 | (46) |
| Ridge Trail US Bidco, Inc. | Revolver | 03/31/2031 | 4110 | (11) |
| Riskonnect Parent, LLC | Delayed Draw Term Loan | 03/01/2026 | 5249 | (40) |
| Riskonnect Parent, LLC | Revolver | 12/07/2028 | 4463 | (34) |
| RoadOne IntermodaLogistics | Revolver | 12/29/2028 | 197 | (4) |
| Routeware, Inc. | Delayed Draw Term Loan | 09/18/2026 | 2216 |  |
| Routeware, Inc. | Revolver | 09/18/2031 | 511 |  |
| Runway Bidco, LLC | Delayed Draw Term Loan | 12/17/2026 | 4486 | (22) |
| Runway Bidco, LLC | Revolver | 12/17/2031 | 2243 | (22) |

---

------

**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| SV Newco 2, Inc. | Delayed Draw Term Loan | 05/31/2026 | 22051 | (174) |
| SV Newco 2, Inc. | Revolver | 06/02/2031 | 13231 | (105) |
| Securonix, Inc. | Revolver | 04/05/2028 | 5281 | (467) |
| Sherlock Buyer Corp. | Revolver | 12/08/2027 | 2978 |  |
| Smarsh, Inc. | Delayed Draw Term Loan | 02/18/2025 | 1071 |  |
| Smarsh, Inc. | Revolver | 02/16/2029 | 321 |  |
| Sonny's Enterprises, LLC | Delayed Draw Term Loan | 06/05/2026 | 3067 | (98) |
| Sonny's Enterprises, LLC | Revolver | 08/05/2027 | 4173 | (134) |
| Spark Buyer, LLC | Delayed Draw Term Loan | 10/15/2026 | 2125 | (15) |
| Spark Buyer, LLC | Revolver | 10/15/2031 | 1063 | (15) |
| Spectrum Automotive Holdings Corp. | Delayed Draw Term Loan | 03/24/2026 | 439 | (2) |
| Spectrum Automotive Holdings Corp. | Revolver | 06/29/2027 | 378 | (2) |
| Stepping Stones Healthcare Services, LLC | Delayed Draw Term Loan | 04/25/2026 | 2250 | (5) |
| Stepping Stones Healthcare Services, LLC | Revolver | 12/30/2026 | 1250 |  |
| Superman Holdings, LLC | Delayed Draw Term Loan | 08/28/2026 | 8299 |  |
| Superman Holdings, LLC | Revolver | 08/29/2031 | 3675 |  |
| Surewerx Purchaser III, Inc. | Delayed Draw Term Loan | 12/28/2025 | 845 |  |
| Surewerx Purchaser III, Inc. | Revolver | 12/28/2028 | 305 |  |
| Suveto | Revolver | 09/09/2027 | 528 | (5) |
| Suveto Buyer, LLC | Delayed Draw Term Loan | 11/15/2026 | 720 | (3) |
| Sweep Purchaser, LLC | Revolver | 06/30/2027 | 469 |  |
| Tamarack Intermediate, LLC | Revolver | 03/13/2028 | 3375 |  |
| Tank Holding Corp. | Delayed Draw Term Loan | 11/22/2025 | 904 | (4) |
| Tank Holding Corp. | Revolver | 03/31/2028 | 1867 | (37) |
| Thrive Buyer, Inc. (Thrive Networks) | Revolver | 01/22/2027 | 227 |  |
| Tidi Legacy Products, Inc. | Delayed Draw Term Loan | 06/19/2025 | 2961 | (5) |
| Tidi Legacy Products, Inc. | Revolver | 12/19/2029 | 2132 | (4) |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2026 | 4318 |  |
| Transit Technologies, LLC | Revolver | 08/20/2030 | 2591 |  |
| Trintech, Inc. | Revolver | 07/25/2029 | 4336 | (63) |
| Triple Lift, Inc. | Revolver | 05/05/2028 | 1714 | (73) |
| Trunk Acquisition, Inc. | Delayed Draw Term Loan | 12/20/2026 | 2193 | (11) |
| Trunk Acquisition, Inc. | Revolver | 02/19/2026 | 1071 | (6) |
| Two Six Labs, LLC | Delayed Draw Term Loan | 10/09/2025 | 5000 | (14) |
| Two Six Labs, LLC | Revolver | 08/20/2027 | 915 | (2) |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 11/22/2026 | 7727 | (38) |
| UHY Advisors, Inc. | Revolver | 11/21/2031 | 2045 | (20) |
| UpStack, Inc. | Delayed Draw Term Loan | 08/23/2026 | 2125 |  |
| UpStack, Inc. | Revolver | 08/25/2031 | 722 |  |
| V Global Holdings, LLC | Revolver | 12/22/2025 | 927 | (46) |
| VRC Companies, LLC | Revolver | 06/29/2027 | 959 |  |
| Vardiman Black Holdings, LLC | Delayed Draw Term Loan | 03/29/2026 | 222 |  |
| Vehlo Purchaser, LLC | Delayed Draw Term Loan | 10/05/2025 | 41821 | (263) |
| Vehlo Purchaser, LLC | Revolver | 05/24/2028 | 411 | (3) |
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 09/27/2026 | 5588 |  |
| Verdantas, LLC | Delayed Draw Term Loan | 11/08/2026 | 3334 | (24) |
| Verdantas, LLC | Revolver | 05/06/2030 | 3538 | (36) |
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/01/2026 | 1229 | (6) |
| Vertex Service Partners, LLC | Revolver | 11/08/2030 | 293 |  |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 07/24/2026 | 8333 |  |
| Vessco Midco Holdings, LLC | Revolver | 07/24/2031 | 3771 |  |
| Victors Purchaser, LLC | Delayed Draw Term Loan | 08/15/2026 | 2685 |  |

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**North Haven Private Income Fund LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

*(In thousands, except share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Victors Purchaser, LLC | Revolver | 08/15/2031 | 1305 |  |
| World Insurance Associates, LLC | Revolver | 04/03/2028 | 970 | (21) |
| YI, LLC | Delayed Draw Term Loan | 06/01/2025 | 3727 |  |
| YI, LLC | Revolver | 12/03/2029 | 2795 |  |
| Zarya Intermediate, LLC | Revolver | 07/01/2027 | 3789 | (4) |
| iCIMS, Inc. | Revolver | 08/18/2028 | 491 |  |
| **Total First Lien Debt Unfunded Commitments** |  |  | **$1035399** | **$(6633)** |
| **Total Unfunded Commitments** |  |  | **$1035399** | **$(6633)** |

---

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**North Haven Private Income Fund LLC**

**Notes to the Consolidated Financial Statements** 

**December 31, 2025**

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

**(1) ORGANIZATION**

North Haven Private Income Fund 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 1940 Act. In addition, for US 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 March 4, 2021 and commenced investment operations on February 1, 2022. 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 S Units (the "Units") in its continuous private offering.

On July 15, 2024, the Company acquired SL Investment Corp. ("SLIC") pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"), dated as of May 28, 2024, by and among SLIC, the Company, Cobalt Merger Sub, Inc. ("Merger Sub"), a wholly-owned subsidiary of the Company, and the Adviser. Pursuant to the Merger Agreement, SLIC was merged with and into the Company in a two-step transaction with the Company as the surviving company (the "SLIC Acquisition"). See Note 12 "SLIC Acquisition."

**(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").

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company's consolidated financial position, or the consolidated results of operations as previously reported.

**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. As of December 31, 2025, the Company's wholly owned subsidiaries were formed as Delaware limited liability companies and included: PIF CA SPV LLC ("CA SPV"), NHPIF Equity Holdings SPV LLC ("Equity Holdings"), PIF Financing SPV LLC ("Financing SPV"), PIF Financing II SPV LLC ("Financing II SPV"), SLIC Financing SPV LLC ("SLIC Financing SPV"), SLIC Equity Holdings LLC ("SLIC Equity Holdings"), PIF Lending SPV LLC ("Lending SPV" and, collectively with CA SPV, Equity Holdings, Financing SPV, Financing II SPV, SLIC Financing SPV, SLIC Equity Holdings the "subsidiaries"). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary's formation. The Company does not consolidate its investment in NH Keystone. See Note 4 "Investments."

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**Cash, Cash Equivalents and Restricted Cash**

Cash and cash equivalents consist of demand deposits and highly liquid investments with original maturities of three months or less, and restricted cash pledged as collateral. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

**Money Market Funds** 

Investments in money market funds are valued at net asset value per share and are included in "Investments in unaffiliated money market fund" in the Consolidated Statements of Financial Condition.

**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 are 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.

**Derivative Instruments**

Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments, except as described in Note 6 "Debt". For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company's derivative instruments are used to hedge the Company's fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as "limited derivatives users" from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC's derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a "limited derivatives user" and expects to continue to do so.

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**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 continue 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 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 an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

As of December 31, 2025 and December 31, 2024, the Company had certain investments in five and two portfolio companies that were on non-accrual status. The amortized cost of investments on non-accrual status as of December 31, 2025 and December 31, 2024 was $121,125 and $29,237, respectively.

**Deferred Financing Costs and Debt Issuance Costs**

The Company records upfront fees, legal and other direct costs incurred in connection with the Company's issuance of revolving credit facilities (the "Deferred Financing Costs"). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company's Consolidated Statements of Financial Condition. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses.

The Company records costs related to the issuance of term debt obligations (the "Debt Issuance Costs") on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance, are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Financial Condition.

**Income Taxes**

The Company has elected 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.

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In order to continue 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 the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company accrued $–, $15 and $70 of U.S. federal excise tax, respectively.

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, Co-Presidents, Chief Financial Officer, and Chief Operating Officer. The CODM uses the net increase (decrease) in net assets 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 December 2023, the FASB issued ASU No. 2023-09, Income Taxes-Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances the income tax disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company adopted ASU 2023-09 on December 31, 2025, and the adoption did not have a material impact on the Company's consolidated financial statements.

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.

**(3) Significant Agreements and RELATED PARTY TRANSACTIONS**

**Investment Advisory Agreement**

On November 4, 2021, the Company entered into an investment advisory agreement with our 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 be 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 years ended December 31, 2025, December 31, 2024 and December 31, 2023, base management fees were $23,893, $33,957, and $21,048, net of waiver, respectively. As of December 31, 2025 and December 31, 2024, $3,236 and $7,337, respectively, was payable to the Investment Adviser relating to base management fees.

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*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 the Company's 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 the Company's pre-incentive fee net investment income is paid to the Investment Adviser.

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company incurred $27,358, $35,798 and $24,782, 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 December 31, 2025 and December 31, 2024 were $4,176 and $8,399, respectively.

*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 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 years ended December 31, 2025, and 2024, there were no capital gains incentive fees accrued to the Investment Adviser.

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 November 4, 2021

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(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 had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently re-approved in August 2025.

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company incurred $154, $179 and $126, 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 December 31, 2025 and December 31, 2024 were $36 and $88, respectively.

**Placement Agent Agreements**

On November 9, 2021, the Company entered into a placement agent agreement (as amended, 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 November 9, 2021, 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. The Company pays servicing fees to MSDI calculated based on the net asset values of each eligible class of units and calculated in arrears.

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company incurred $28,831, $24,961 and $14,313 expenses, respectively, under the MSDI Agreement, which were recorded in servicing fees on the Consolidated Statements of Operations. Amounts unpaid and included in the accrued expenses and other liabilities on the Consolidated Statements of Financial Condition as of December 31, 2025 and December 31, 2024 were $5,822 and $5,211, respectively.

**Expense Support and Conditional Reimbursement Agreement**

On November 30, 2021, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Investment Adviser, which was subsequently amended on March 15, 2022 (as amended, 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 and/or unitholder servicing fees. 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 more information, see "*Item 1. Business – Expense Support and Conditional Reimbursement Agreement*."

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Investment Adviser made Expense Payments on behalf of the Company of $900, $2,700 and $0, respectively, under the Expense Support Agreement, which were recorded as expense support on the Consolidated Statements of Operations. For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company repaid Expense Payments of $0, $400 and $0 under the Expense Support Agreement, which were recorded as recoupment of 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.

**Morgan Stanley & Co. Related Transactions**

Morgan Stanley & Co. LLC, an indirect, wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, served as a co-agent in connection with the private placement of the Company's Series A Notes (as defined below in Note 6) and the Company's Series B Notes (as defined below in Note 6) pursuant to note purchase agreements dated March 16, 2023 and August 10, 2023, respectively, and received fees of $175 and $118 at closing, respectively.

Morgan Stanley & Co. LLC also served as an initial purchaser in connection with the Company's 2030 Notes (as defined below in Note 6) and the Company's 2028 Notes (as defined below in Note 6) pursuant to supplemental indentures dated October 1, 2024 and September 25, 2025, respectively, and received fees of $180 and $180 at closing, respectively.

------

**(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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** | **Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** |
| First Lien Debt | $6506675 | $6424695 | 97.1% | $6022749 | $5997696 | 98.6% |
| Second Lien Debt | 31045 | 32023 | 0.5 | 16613 | 16771 | 0.3 |
| Other Debt Investments | 12010 | 11564 | 0.2 | 6453 | 6520 | 0.1 |
| Equity <sup>(1)</sup> | 64305 | 57052 | 0.9 | 57745 | 58032 | 1.0 |
| NH Keystone <sup>(2)</sup> | 85438 | 85276 | 1.3 |  |  |  |
| Total | $6699473 | $6610610 | 100% | $6103560 | $6079019 | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Excludes equity investments in NH Keystone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes equity investments in NH Keystone.

------

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

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** <sup>(1)</sup> |
| Aerospace & Defense | 1.5% | 1.5% |
| Air Freight & Logistics | 0.8 | 0.9 |
| Automobile Components | 1.6 | 1.6 |
| Automobiles | 2.5 | 2.1 |
| Banks | 0.1 |  |
| Beverages | 0.2 |  |
| Biotechnology |  | 0.6 |
| Building Products | 0.2 | 0.3 |
| Capital Markets | 0.1 |  |
| Chemicals | 1.1 | 1.3 |
| Commercial Services & Supplies | 7.5 | 8.5 |
| Construction & Engineering | 2.1 | 2.0 |
| Consumer Staples Distribution & Retail | 0.6 | 0.7 |
| Containers & Packaging | 1.1 | 1.1 |
| Distributors | 1.4 | 2.8 |
| Diversified Consumer Services | 5.2 | 5.7 |
| Electric Utilities |  | 0.1 |
| Electrical Equipment | 0.5 | 0.1 |
| Electronic Equipment, Instruments & Components | 3.8 | 3.4 |
| Entertainment | 0.1 | 0.1 |
| Financial Services | 3.5 | 3.1 |
| Food Products <sup>(2)</sup> |  | 0.1 |
| Ground Transportation | 0.8 | 0.6 |
| Health Care Equipment & Supplies | 1.1 | 1.2 |
| Health Care Providers & Services | 6.3 | 6.5 |
| Health Care Technology | 1.8 | 2.0 |
| Household Durables | 0.1 | 0.1 |
| Independent Power and Renewable Electricity Producers | 0.1 |  |
| Industrial Conglomerates | 2.4 | 2.5 |
| Insurance Services | 9.5 | 11.0 |
| Interactive Media & Services | 0.8 | 0.7 |
| Investments in Joint Ventures <sup>(3)</sup> | 1.3 |  |
| IT Services | 5.6 | 5.0 |
| Leisure Products | 0.1 | 0.1 |
| Life Sciences Tools & Services | 0.4 | 0.7 |
| Machinery | 1.7 | 1.7 |
| Media |  | 0.1 |
| Multi-Utilities | 1.5 | 1.5 |
| Pharmaceuticals | 1.2 | 0.7 |
| Professional Services | 5.9 | 5.6 |
| Real Estate Management & Development | 2.4 | 2.2 |
| Software | 21.3 | 21.0 |
| Specialty Retail | 0.1 | 0.1 |
| Textiles, Apparel & Luxury Goods | 0.1 | 0.1 |
| Trading Companies & Distributors | 0.1 | 0.1 |
| Transportation Infrastructure | 0.7 | 0.2 |
| Wireless Telecommunication Services | 0.8 | 0.3 |
| **Total** | 100.0% | 100.0% |

---

<sup>(1)</sup> The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2025 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the prior period's Consolidated Statement of Financial Condition.

<sup>(2)</sup> Rounds to 0.

<sup>(3)</sup> Includes equity investments in NH Keystone.

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Fair Value** | **% of Total<br> Investments at<br>Fair Value** | **% of Total Net Assets at Fair Value** | **Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** | **% of Total Net Assets at Fair Value** |
| Australia | $64182 | $64920 | 1.0% | 1.9% | $35737 | $36465 | 0.6% | 1.1% |
| Canada | 124530 | 125168 | 1.9 | 3.7 | 118951 | 119346 | 2.0 | 3.6 |
| United Kingdom | 49100 | 49673 | 0.8 | 1.5 | 46293 | 45550 | 0.7 | 1.4 |
| United States | 6461661 | 6370849 | 96.3 | 188.5 | 5902579 | 5877658 | 96.7 | 179.7 |
| **Total** | $6699473 | $6610610 | 100.0% | 195.6% | $6103560 | $6079019 | 100.0% | 185.8% |

---

***North Haven Keystone LLC***

North Haven Keystone LLC, a Delaware limited liability company, was formed as a joint venture ("NH Keystone") between the Company and a large North American insurance company (the "JV Partner"), and commenced operations on September 25, 2025 and operates under a limited liability company agreement. NH Keystone's principal purpose is to make investments, primarily in senior secured loans issued by middle-market companies. The Company and the JV Partner each agreed to contribute up to $500,000 and $75,000, respectively, to NH Keystone. The Company and the JV Partner have equal control of NH Keystone's investment decisions and generally all other decisions in respect of NH Keystone must be approved by NH Keystone's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the JV Partner.

As of December 31, 2025, the Company and the JV Partner made capital contributions of $85,438 and $12,812 in member's equity, respectively, to NH Keystone.

The following table presents the selected consolidated statements of assets and liabilities information of NH Keystone as of December 31, 2025:

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value (cost of $249,905) | $249685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 10976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets | 6538 |
| **Total assets** | 267199 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt | 153000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 16136 |
| **Total liabilities** | $169136 |
| **Total Members' Equity** | $98063 |

---

The following table presents the selected consolidated statements of operations information of NH Keystone for the period from September 25, 2025 (commencement of operations of NH Keystone) to December 31, 2025:

---

| | |
|:---|:---|
|  | **For the period Ended December 31, 2025** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | $3234 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | 1866 |
| **Net investment income (loss)** | $1368 |
| **Total net realized and unrealized gain (loss)** | (204) |
| **Net increase (decrease) in members' equity resulting from operations** | $1164 |

---

Below is a summary of NH Keystone's portfolio as of December 31, 2025:

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| Number of portfolio companies | 44 |
| Number of Industries | 19 |
| Weighted average yield on total portfolio, at cost<sup>(1)</sup> | 8.8% |
| Weighted average yield on total portfolio, at fair value<sup>(1)</sup> | 8.8% |
| Average position size of our investments | $5.67 |

---

<sup>1.</sup>Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of NH Keystone 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.

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Consolidated Schedule of Investments as of December 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate <br>and Spread** | **Reference Rate <br>and Spread** | **Maturity Date** | **Par <br>Amount/ <br>Shares** | **Cost** | **Fair Value** | **Percentage <br>of <br>Members' equity** |
| **Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| GB Eagle Buyer, Inc. | (3) | First Lien Debt | S + | 4.50% | 11/29/2030 | 8569 | $8484 | $8484 | 8.65% |
| GB Eagle Buyer, Inc. | (3) (5) | First Lien Debt | S + | 4.50% | 11/29/2030 | - | (10) | (10) | (0.01) |
| GB Eagle Buyer, Inc. | (3) (5) | First Lien Debt | S + | 4.50% | 11/29/2030 | - | (13) | (13) | (0.01) |
|  |  |  |  |  |  |  | 8461 | 8461 | 8.63 |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |
| AGI-CFI Holdings, Inc. | (3) | First Lien Debt | S + | 4.75% | 6/11/2027 | 6982 | 6982 | 6947 | 7.08 |
| **Automobile Components** |  |  |  |  |  |  |  |  |  |
| OEConnection, LLC | (3) | First Lien Debt | S + | 4.50% | 12/23/2032 | 1866 | 1857 | 1857 | 1.89 |
| OEConnection, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 12/23/2032 | - | (3) | (3) | (0.00) |
| OEConnection, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 12/23/2032 | - | (1) | (1) | (0.00) |
|  |  |  |  |  |  |  | 1853 | 1853 | 1.89 |
| **Automobiles** |  |  |  |  |  |  |  |  |  |
| COP Collisionright Parent, LLC | (2) | First Lien Debt | S + | 4.75% | 1/29/2030 | 5659 | 5632 | 5645 | 5.76 |
| COP Collisionright Parent, LLC | (2) (5) | First Lien Debt | S + | 4.75% | 1/29/2030 | 68 | 64 | 66 | 0.07 |
| COP Collisionright Parent, LLC | (2) (5) | First Lien Debt | S + | 4.75% | 1/29/2030 | 84 | 81 | 82 | 0.08 |
| Vehlo Purchaser, LLC | (3) | First Lien Debt | S + | 5.50% | 5/24/2028 | 9418 | 9396 | 9396 | 9.58 |
| Vehlo Purchaser, LLC | (3) | First Lien Debt | S + | 5.50% | 5/24/2028 | 300 | 300 | 300 | 0.31 |
| Vehlo Purchaser, LLC | (3) (5) | First Lien Debt | S + | 5.50% | 5/24/2028 | - | (7) | - | - |
|  |  |  |  |  |  |  | 15466 | 15489 | 15.79 |
| **Banks** |  |  |  |  |  |  |  |  |  |
| Computer Services, Inc. | (2) | First Lien Debt | S + | 4.50% | 11/17/2031 | 2709 | 2696 | 2696 | 2.75 |
| Computer Services, Inc. | (2) (5) | First Lien Debt | S + | 4.50% | 11/17/2031 | - | (3) | (3) | (0.00) |
|  |  |  |  |  |  |  | 2693 | 2693 | 2.75 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |
| Astra Service Partners, LLC | (3) | First Lien Debt | S + | 4.50% | 11/26/2032 | 6757 | 6707 | 6707 | 6.84 |
| Astra Service Partners, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 11/26/2032 | - | (8) | (8) | (0.01) |
| Hercules Borrower, LLC | (3) | First Lien Debt | S + | 4.75% | 12/15/2028 | 6983 | 6983 | 6913 | 7.05 |
| VRC Companies, LLC | (2) | First Lien Debt | S + | 5.50% | 6/29/2027 | 4445 | 4445 | 4445 | 4.53 |
| VRC Companies, LLC | (2) (5) | First Lien Debt | S + | 5.50% | 6/29/2027 | - | - | - | - |
|  |  |  |  |  |  |  | 18127 | 18057 | 18.41 |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc. | (3) | First Lien Debt | S + | 5.50% | 2/3/2031 | 6446 | 6446 | 6348 | 6.47 |
| PDI TA Holdings, Inc. | (3) (5) | First Lien Debt | S + | 5.50% | 2/3/2031 | 394 | 394 | 386 | 0.39 |
|  |  |  |  |  |  |  | 6840 | 6734 | 6.87 |
| **Distributors** |  |  |  |  |  |  |  |  |  |
| PT Intermediate Holdings III, LLC | (3) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 4/9/2030 | 6642 | 6642 | 6642 | 6.77 |
| PT Intermediate Holdings III, LLC | (3) (5) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 4/9/2030 | - | - | - | - |
|  |  |  |  |  |  |  | 6642 | 6642 | 6.77 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |
| Apex Service Partners, LLC | (2) | First Lien Debt | S + | 5.00% | 10/24/2030 | 6561 | 6561 | 6557 | 6.69 |
| Apex Service Partners, LLC | (2) (5) | First Lien Debt | S + | 5.00% | 10/24/2029 | 111 | 111 | 110 | 0.11 |
| EVDR Purchaser, Inc. | (3) | First Lien Debt | S + | 4.50% | 2/14/2031 | 4781 | 4758 | 4773 | 4.87 |
| EVDR Purchaser, Inc. | (3) (5) | First Lien Debt | S + | 4.50% | 2/14/2031 | - | - | (2) | (0.00) |
| EVDR Purchaser, Inc. | (3) (5) | First Lien Debt | S + | 4.50% | 2/14/2031 | 166 | 166 | 165 | 0.17 |
| Project Accelerate Parent, LLC | (3) | First Lien Debt | S + | 5.25% | 2/24/2031 | 6100 | 6100 | 6100 | 6.22 |
| Project Accelerate Parent, LLC | (3) (5) | First Lien Debt | S + | 5.25% | 2/24/2031 | - | - | - | - |
| Vertex Service Partners, LLC | (3) (5) | First Lien Debt | S + | 6.00% | 11/8/2030 | 6255 | 6130 | 6126 | 6.25 |
| Vertex Service Partners, LLC | (3) (5) | First Lien Debt | S + | 6.00% | 11/8/2030 | 154 | 144 | 144 | 0.15 |
|  |  |  |  |  |  |  | 23970 | 23973 | 24.45 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |
| Dwyer Instruments, Inc. | (3) | First Lien Debt | S + | 4.75% | 7/20/2029 | 4200 | 4179 | 4179 | 4.26 |

---

------

Consolidated Schedule of Investments as of December 31, 2025

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate <br>and Spread** | **Reference Rate <br>and Spread** | **Maturity Date** | **Par <br>Amount/ <br>Shares** | **Cost** | **Fair Value** | **Percentage <br>of <br>Members' equity** |
| Dwyer Instruments, Inc. | (3) (5) | First Lien Debt | S + | 4.75% | 7/20/2029 | 104 | 102 | 102 | 0.10 |
| Pamlico Avant Holdings, LP | (3) | First Lien Debt | S + | 4.50% | 12/31/2032 | 6166 | 6104 | 6104 | 6.22 |
| Pamlico Avant Holdings, LP | (3) (5) | First Lien Debt | S + | 4.50% | 12/31/2032 | 83 | 75 | 75 | 0.08 |
|  |  |  |  |  |  |  | 10460 | 10460 | 10.67 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |
| Cerity Partners, LLC | (3) | First Lien Debt | S + | 4.50% | 7/28/2031 | 1206 | 1206 | 1203 | 1.23 |
| Cerity Partners, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 7/28/2031 | - | (3) | (3) | (0.00) |
| Cerity Partners, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 7/28/2031 | 17 | 16 | 17 | 0.02 |
| Trintech, Inc. | (2) | First Lien Debt | S + | 5.50% | 7/25/2029 | 6421 | 6390 | 6388 | 6.51 |
| Trintech, Inc. | (2) (5) | First Lien Debt | S + | 5.50% | 7/25/2029 | 161 | 158 | 158 | 0.16 |
|  |  |  |  |  |  |  | 7767 | 7763 | 7.92 |
| **Ground Transportation** |  |  |  |  |  |  |  |  |  |
| eShipping, LLC | (3) | First Lien Debt | S + | 4.50% | 12/23/2032 | 4272 | 4251 | 4251 | 4.33 |
| eShipping, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 12/23/2032 | - | (4) | (4) | (0.00) |
| eShipping, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 12/23/2032 | 101 | 97 | 97 | 0.10 |
| SV Newco 2, Inc. | (3) (5) | First Lien Debt | S + | 4.75% | 6/2/2031 | 5643 | 5627 | 5635 | 5.75 |
| SV Newco 2, Inc. | (3) (5) | First Lien Debt | S + | 4.75% | 6/2/2031 | - | (4) | (2) | (0.00) |
|  |  |  |  |  |  |  | 9967 | 9977 | 10.17 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |
| Invictus Buyer, LLC | (3) | First Lien Debt | S + | 4.50% | 6/3/2031 | 4428 | 4428 | 4428 | 4.52 |
| Invictus Buyer, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 6/3/2031 | - | - | - | - |
| Invictus Buyer, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 6/3/2031 | - | - | - | - |
| Pareto Health Intermediate Holdings, Inc. | (2) | First Lien Debt | S + | 4.75% | 6/3/2030 | 6116 | 6116 | 6116 | 6.24 |
| Pareto Health Intermediate Holdings, Inc. | (2) (5) | First Lien Debt | S + | 4.75% | 6/1/2029 | - | - | - | - |
| PPV Intermediate Holdings, LLC | (3) | First Lien Debt | S + | 5.75% | 8/31/2029 | 6982 | 6982 | 6965 | 7.10 |
| TA Polaris Buyer, Inc. | (4) | First Lien Debt | S + | 4.50% | 12/13/2032 | 9730 | 9681 | 9681 | 9.87 |
| TA Polaris Buyer, Inc. | (4) (5) | First Lien Debt | S + | 4.50% | 12/13/2032 | - | (10) | (10) | (0.01) |
| TA Polaris Buyer, Inc. | (4) (5) | First Lien Debt | S + | 4.50% | 12/13/2032 | - | (6) | (6) | (0.01) |
|  |  |  |  |  |  |  | 27191 | 27174 | 27.71 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |
| Galway Borrower, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 9/29/2028 | 4095 | 4095 | 4095 | 4.18 |
| Galway Borrower, LLC | (3) (5) | First Lien Debt | S + | 4.50% | 9/29/2028 | 35 | 35 | 35 | 0.04 |
| High Street Buyer, Inc. | (3) | First Lien Debt | S + | 4.50% | 4/14/2028 | 6892 | 6892 | 6875 | 7.01 |
| High Street Buyer, Inc. | (3) (5) | First Lien Debt | S + | 4.50% | 4/16/2027 | - | - | - | - |
| Iris Specialty Acquisiton, LLC | (4) | First Lien Debt | S + | 4.50% | 11/22/2032 | 8824 | 8780 | 8780 | 8.95 |
| Iris Specialty Acquisiton, LLC | (4) (5) | First Lien Debt | S + | 4.50% | 11/22/2032 | - | (4) | (4) | (0.00) |
| Iris Specialty Acquisiton, LLC | (4) (5) | First Lien Debt | S + | 4.50% | 11/22/2032 | - | (6) | (6) | (0.01) |
| One, Inc. Software Corporation | (3) | First Lien Debt | S + | 4.50% | 12/6/2032 | 7745 | 7668 | 7668 | 7.82 |
| One, Inc. Software Corporation | (3) (5) | First Lien Debt | S + | 4.50% | 12/6/2032 | - | (15) | (15) | (0.02) |
| One, Inc. Software Corporation | (3) (5) | First Lien Debt | S + | 4.50% | 12/6/2032 | - | (6) | (6) | (0.01) |
| Patriot Growth Insurance Services, LLC | (3) | First Lien Debt | S + | 5.00% | 10/14/2028 | 6909 | 6909 | 6909 | 7.05 |
| Patriot Growth Insurance Services, LLC | (3) (5) | First Lien Debt | S + | 5.00% | 10/16/2028 | - | - | - | - |
|  |  |  |  |  |  |  | 34348 | 34331 | 35.01 |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| Cyber US Bidco, LLC | (3) | First Lien Debt | S + | 5.00% | 12/30/2032 | 5076 | 5026 | 5026 | 5.13 |
| Cyber US Bidco, LLC | (3) (5) | First Lien Debt | S + | 5.00% | 12/30/2032 | - | (5) | (5) | (0.01) |
| Cyber US Bidco, LLC | (3) (5) | First Lien Debt | S + | 5.00% | 12/30/2032 | - | (4) | (4) | (0.00) |
| Redwood Services Group, LLC | (3) (5) | First Lien Debt | S + | 5.25% | 6/15/2029 | 6809 | 6773 | 6774 | 6.91 |
|  |  |  |  |  |  |  | 11790 | 11791 | 12.02 |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |
| AWP Group Holdings, Inc. | (2) | First Lien Debt | S + | 4.50% | 12/23/2030 | 5117 | 5117 | 5117 | 5.22 |
| AWP Group Holdings, Inc. | (2) (5) | First Lien Debt | S + | 4.50% | 12/23/2030 | 1022 | 1022 | 1022 | 1.04 |
| AWP Group Holdings, Inc. | (2) (5) | First Lien Debt | S + | 4.50% | 12/23/2030 | 284 | 284 | 284 | 0.29 |

---

------

Consolidated Schedule of Investments as of December 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate <br>and Spread** | **Reference Rate <br>and Spread** | **Maturity Date** | **Par <br>Amount/ <br>Shares** | **Cost** | **Fair Value** | **Percentage <br>of <br>Members' equity** |
|  |  |  |  |  |  |  | 6423 | 6423 | 6.55 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Specialty Pharma III, Inc. |  | First Lien Debt | P + | 4.75% | 12/23/2032 | 5559 | 5531 | 5531 | 5.64 |
| Specialty Pharma III, Inc. | (5) | First Lien Debt | P + | 4.75% | 12/23/2032 | - | (4) | (4) | (0.00) |
|  |  |  |  |  |  |  | 5527 | 5527 | 5.64 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| Accordion Partners, LLC | (3) | First Lien Debt | S + | 5.00% | 11/17/2031 | 6034 | 6019 | 6019 | 6.14 |
| Accordion Partners, LLC | (3) (5) | First Lien Debt | S + | 5.00% | 11/17/2031 | - | (11) | (11) | (0.01) |
| Accordion Partners, LLC | (3) (5) | First Lien Debt | S + | 5.00% | 11/17/2031 | - | (4) | - | - |
| Aprio Advisory Group, LLC | (3) (5) | First Lien Debt | S + | 4.75% | 8/1/2031 | - | (24) | (24) | (0.02) |
| Aprio Advisory Group, LLC | (3) (5) | First Lien Debt | S + | 4.75% | 8/1/2031 | - | (4) | (4) | (0.00) |
| Bridgepointe Technologies, LLC | (2) (5) | First Lien Debt | S + | 5.00% | 12/31/2027 | 6978 | 6958 | 6978 | 7.12 |
| Verdantas, LLC | (3) (5) | First Lien Debt | S + | 4.75% | 5/6/2031 | - | (16) | (16) | (0.02) |
| Verdantas, LLC | (3) (5) | First Lien Debt | S + | 4.75% | 5/6/2030 | - | (6) | - | - |
|  |  |  |  |  |  |  | 12912 | 12942 | 13.20 |
| **Software** |  |  |  |  |  |  |  |  |  |
| Archduke Buyer, Inc. | (4) | First Lien Debt | S + | 5.50% | 12/3/2032 | 5688 | 5631 | 5631 | 5.74 |
| Archduke Buyer, Inc. | (4) (5) | First Lien Debt | S + | 5.50% | 12/3/2032 | - | (4) | (4) | (0.00) |
| AuditBoard, Inc. | (3) | First Lien Debt | S + | 4.50% | 7/14/2031 | 3429 | 3403 | 3403 | 3.47 |
| Everbridge Holdings, LLC | (3) | First Lien Debt | S + | 5.00% | 7/2/2031 | 4908 | 4908 | 4908 | 5.00 |
| Everbridge Holdings, LLC | (3) (5) | First Lien Debt | S + | 5.00% | 7/2/2031 | 578 | 578 | 578 | 0.59 |
| Everbridge Holdings, LLC | (3) (5) | First Lien Debt | S + | 5.00% | 7/2/2031 | - | - | - | - |
| Optimizely North America, Inc. | (3) | First Lien Debt | S + | 5.00% | 10/30/2031 | 6352 | 6259 | 6225 | 6.35 |
| Optimizely North America, Inc. | (3) (5) | First Lien Debt | S + | 5.00% | 10/30/2031 | - | (9) | (13) | (0.01) |
| Riskonnect Parent, LLC | (3) (5) | First Lien Debt | S + | 4.75% | 12/7/2028 | 6118 | 6118 | 6118 | 6.24 |
| Riskonnect Parent, LLC | (3) (5) | First Lien Debt | S + | 4.75% | 12/7/2028 | 73 | 73 | 73 | 0.07 |
| Vanco Payment Solutions, LLC | (3) | First Lien Debt | S + | 4.75% | 12/1/2031 | 5587 | 5532 | 5532 | 5.64 |
| Vanco Payment Solutions, LLC | (3) (5) | First Lien Debt | S + | 4.75% | 12/1/2031 | - | (3) | (3) | (0.00) |
|  |  |  |  |  |  |  | 32486 | 32448 | 33.09 |
| **Total Portfolio Investments** |  |  |  |  |  |  | $**249905** | $**249685** | **254.62%** |

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(1) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA")or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically.

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

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

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

(5) 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 stated.

------

**(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 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 the 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 Company's 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.

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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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 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 | $— | $530125 | $5894570 | $6424695 | $— | $555530 | $5442166 | $5997696 |
| Second Lien Debt |  | 15887 | 16136 | 32023 |  | 14659 | 2112 | 16771 |
| Other Debt Investments |  |  | 11564 | 11564 |  |  | 6520 | 6520 |
| Equity |  | 2037 | 55015 | 57052 |  | 2037 | 55995 | 58032 |
| **Total Investments** | $— | $548049 | $5977285 | $6525334 | $— | $572226 | $5506793 | $6079019 |
| Investment measured at net asset value <sup>(1)</sup> |  |  |  | $85276 |  |  |  | $— |
| **Total Investments** |  |  |  | $6610610 |  |  |  | $6079019 |
| Cash and cash equivalents | $199865 | $— | $— | $199865 | $159788 | $— | $— | $159788 |
| Unaffiliated money market | $38403 | $— | $— | $38403 | $58216 | $— | $— | $58216 |

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(1)The Company, as a practical expedient, estimates the fair value of its investment in North Haven Keystone, LLC using the net asset value of the Company's members' interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

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 years ended December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien<br>Debt** | **Second Lien<br>Debt** | **Other Debt<br>Investments** | **Equity** | **Total<br>Investments** |
| **Fair value, beginning of period** | $5442166 | $2112 | $6520 | $55995 | $5506793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments<sup>(1)</sup> | 1658225 | 13407 | 4468 | 7584 | 1683684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments<sup>(1)</sup> | (1188702) |  |  | (9722) | (1198424) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 23843 | 1 | 98 |  | 23942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 18633 | 616 | 990 | 5425 | 25664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (48017) |  | (512) | (7540) | (56069) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (13647) |  |  | 3273 | (10374) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into/out of Level 3 <sup>(3)</sup> | 2069 |  |  |  | 2069 |
| **Fair value, end of period** | $5894570 | $16136 | $11564 | $55015 | $5977285 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025 | $(44758) | $— | $(512) | $(7448) | $(52718) |

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

------

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

<sup>(3)</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.

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 years ended December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien<br>Debt** | **Second Lien<br>Debt** | **Other Debt<br>Investments** | **Equity** | **Total<br>Investments** |
| **Fair value, beginning of period** | $2710858 | $21708 | $2484 | $33352 | $2768402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments<sup>(1)</sup> | 3384782 | 2406 | 3537 | 17351 | 3408076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments<sup>(2)</sup> | (659416) | (17500) |  | (173) | (677089) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 18946 | 393 | 66 |  | 19405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 13294 | 45 | 350 | 5753 | 19442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2740 | 5565 | 83 | (106) | 8282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (10979) | (10505) |  | (182) | (21666) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into/out of Level 3 <sup>(3)</sup> | (18059) |  |  |  | (18059) |
| **Fair value, end of period** | $5442166 | $2112 | $6520 | $55995 | $5506793 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2024 | $2440 | $4893 | $83 | $(106) | $7310 |

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

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

<sup>(3)</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.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Fair** | **Valuation** | **Significant<br>Unobservable** | **Range** <sup>(1)</sup> | **Range** <sup>(1)</sup> | **Weighted** |
|  | **Value** | **Technique** <sup>(2)</sup> | **Input** | **Low** | **High** | **Average** <sup>(3)</sup> |
| Investments in first lien debt | $5844425 | Yield Analysis | Discount Rate | 7.48% | 39.21% | 9.25% |
|  | 50145 | Market Approach | EBITDA Multiple | 6.25x | 10.00x | 8.31x |
| Investments in second lien debt | 1461 | Yield Analysis | Discount Rate | 12.27% | 12.75% | 12.38% |
|  | 14675 | Market Approach | EBITDA Multiple | 7.75x | 10.00x | 7.86x |
| Other debt | 6667 | Yield Analysis | Discount Rate | 13.70% | 14.95% | 14.36% |
|  | 4897 | Market Approach | EBITDA Multiple | 6.25x | 7.75x | 7.75x |
| Preferred equity | 30136 | Income Approach | Discount Rate | 12.09% | 15.66% | 13.55% |
|  | 12439 | Market Approach | EBITDA Multiple | 7.75x | 15.43x | 12.99x |
| Common equity | 6693 | Market Approach | Revenue Multiple | 5.00x | 22.25x | 17.25x |
|  | 5747 | Market Approach | EBITDA Multiple | 1.20x | 24.60x | 11.61x |
| **Total Investments** | $5977285 |  |  |  |  |  |

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

<sup>(2)</sup> During the years ended December 31, 2025, two preferred equity positions with a combined fair value of $9.2 million transitioned from an income approach to a market approach valuation technique, four debt investments with a combined fair value of $45.2 million transitioned from a yield analysis to market approach valuation technique.

<sup>(3)</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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>(2)</sup> | **Input** | **Low** | **High** | **Average** <sup>(3)</sup> |
| Investments in first lien debt | $5439606 | Yield Analysis | Discount Rate | 7.92% | 34.06% | 10.10% |
|  | 2560 | Market Approach | EBITDA Multiple |  |  | 6.50x |
| Investments in second lien debt | 2112 | Yield Analysis | Discount Rate | 10.18% | 12.70% | 11.63% |
| Other debt | 6225 | Yield Analysis | Discount Rate | 9.42% | 14.90% | 12.13% |
|  | 295 | Market Approach | EBITDA Multiple |  |  | 9.00x |
| Preferred equity | 42434 | Income Approach | Discount Rate | 12.19% | 17.50% | 15.13% |
|  | 2462 | Market Approach | EBITDA Multiple |  |  | 8.50x |
| Common equity | 5043 | Market Approach | Revenue Multiple | 7.60x | 12.70x | 11.27x |
|  | 6056 | Market Approach | EBITDA Multiple | 3.90x | 18.70x | 13.77x |
| **Total Investments** | $5506793 |  |  |  |  |  |

---

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

<sup>(2)</sup> During the year ended December 31, 2024, one unsecured debt position with a fair value of $3.07 million transitioned from an income approach to a yield analysis valuation technique.

<sup>(3)</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.

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 is presented at carrying value on the Consolidated Statements of Financial Condition. The fair value of the Company's credit facilities and unsecured notes are estimated in accordance with the Company's valuation policy. The carrying value and fair value of the Company's debt were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Level** | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| ING Facility | 3 | $254537 | $254537 | $313352 | $313352 |
| Wells Funding Facility | 3 | 497250 | 497250 | 381250 | 381250 |
| CBNA Funding Facility | 3 | 225000 | 225000 | 93750 | 93750 |
| JPM Funding Facility | 3 | 744073 | 744073 | 614073 | 614073 |
| Series A 2026 Notes<sup>(1)(6)</sup> | 3 |  |  | 203112 | 202899 |
| Series A 2028 Notes<sup>(1)(6)</sup> | 3 | 145151 | 146080 | 144986 | 143487 |
| Series B 2026 Notes<sup>(2)(6)</sup> | 3 | 106745 | 106683 | 106345 | 106170 |
| Series B 2028 Notes<sup>(2)(6)</sup> | 3 | 127227 | 128152 | 126945 | 125503 |
| Series C 2027 Notes<sup>(3)(6)</sup> | 3 | 135966 | 137638 | 135515 | 137188 |
| Series C 2029 Notes<sup>(3)(6)</sup> | 3 | 162425 | 167204 | 162094 | 164336 |
| Series D 2027 Notes<sup>(4)(6)</sup> | 3 | 99390 | 100272 | 99007 | 99146 |
| Series D 2029 Notes<sup>(4)(6)</sup> | 3 | 198349 | 200709 | 197890 | 196159 |
| 2030 Notes<sup>(5)</sup> | 3 | 294837 | 294837 | 293686 | 293686 |
| 2028 Notes<sup>(7)</sup> | 3 | 294582 | 294080 |  |  |
| **Total** |  | $3285532 | $3296515 | $2872005 | $2870999 |

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<sup>(1)</sup> The carrying value of the Company's Series A 2026 Notes and Series A 2028 Notes (each as defined below) was presented net of unamortized debt issuance costs of $0 and $849, respectively, as of December 31, 2025, and $888 and $1,014, respectively, as of December 31, 2024.

<sup>(2)</sup> The carrying value of the Company's Series B 2026 Notes and Series B 2028 Notes (each as defined below) was presented net of unamortized debt issuance costs of $255 and $773, respectively, as of December 31, 2025, and $655 and $1,055, respectively, as of December 31, 2024.

<sup>(3)</sup> The carrying value of the Company's Series C 2027 Notes and Series C 2029 Notes (each as defined below) was presented net of unamortized debt issuance costs of $534 and $1,075, respectively, as of December 31, 2025, and $985 and $1,406, respectively, as of December 31, 2024.

<sup>(4)</sup> The carrying value of the Company's Series D 2027 Notes and Series D 2029 Notes (each as defined below) was presented net of unamortized debt issuance costs of $610 and $1,651, respectively, as of December 31, 2025, and $993 and $2,110, respectively, as of December 31, 2024.

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<sup>(5)</sup> The carrying value of the Company's 2030 Notes (as defined below) was presented net of unamortized debt issuance cost of $3,080, as of December 31, 2025, and $3,721 as of December 31, 2024. The carrying value of the Company's 2030 Notes (as defined below) was presented net of unamortized original issue discount of $2,083, as of December 31, 2025, and $2,587 as of December 31, 2024.

<sup>(6)</sup> Inclusive of change in fair market value of effective hedge.

<sup>(7)</sup> The carrying value of the Company's 2028 Notes (as defined below) was presented net of unamortized debt issuance costs and unamortized original issue discount of $3,488, and $1,930, respectively, as of December 31, 2025.

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.

**(6) DEBT**

The Company's outstanding debt obligations were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 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** |
| ING Facility<sup>(1)</sup> | $1350000 | $254537 | $1094850 | $1350000 | $313352 | $1036036 |
| Wells Funding Facility | 900000 | 497250 | 402750 | 900000 | 381250 | 518750 |
| CBNA Funding Facility | 375000 | 225000 | 150000 | 375000 | 93750 | 281250 |
| JPM Funding Facility | 1200000 | 744073 | 455927 | 1200000 | 614073 | 585927 |
| Series A 2026 Notes<sup>(2)</sup> |  |  |  | 204000 | 204000 |  |
| Series A 2028 Notes<sup>(2)</sup> | 146000 | 146000 |  | 146000 | 146000 |  |
| Series B 2026 Notes<sup>(3)</sup> | 107000 | 107000 |  | 107000 | 107000 |  |
| Series B 2028 Notes<sup>(3)</sup> | 128000 | 128000 |  | 128000 | 128000 |  |
| Series C 2027 Notes<sup>(4)</sup> | 136500 | 136500 |  | 136500 | 136500 |  |
| Series C 2029 Notes<sup>(4)</sup> | 163500 | 163500 |  | 163500 | 163500 |  |
| Series D 2027 Notes<sup>(5)</sup> | 100000 | 100000 |  | 100000 | 100000 |  |
| Series D 2029 Notes<sup>(5)</sup> | 200000 | 200000 |  | 200000 | 200000 |  |
| 2030 Notes<sup>(6)</sup> | 300000 | 300000 |  | 300000 | 300000 |  |
| 2028 Notes<sup>(7)</sup> | 300000 | 300000 |  |  |  |  |
| **Total** | $5406000 | $3301860 | $2103527 | $5310000 | $2887425 | $2421963 |

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<sup>(1)</sup> As of December 31, 2025 and December 31, 2024, letters of credit of $613 and $613, respectively, were outstanding, which reduced the unused availability under the ING Facility by the same amount. Under the ING Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of December 31, 2025 and December 31, 2024, the Company had borrowings denominated in Euros (EUR) of 12,216 and 12,216. As of December 31, 2025 and December 31, 2024, the Company had borrowings denominated in Canadian dollars (CAD) of 5,800 and 2,800, respectively. As of December 31, 2025 and December 31, 2024, the Company had borrowings denominated in British Pound (GBP) of 2,200 and 2,200, respectively.

<sup>(2)</sup> The carrying value of the Company's Series A 2026 Notes and Series A 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $0 and $849, respectively, as of December 31, 2025 and $888 and $1,014, respectively, as of December 31, 2024.

<sup>(3)</sup> The carrying value of the Company's Series B 2026 Notes and Series B 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $255 and $773, respectively, as of December 31, 2025 and $655 and $1,055, respectively, as of December 31, 2024.

<sup>(4)</sup> The carrying value of the Company's Series C 2027 Notes and Series C 2029 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $534 and $1,075, respectively, as of December 31, 2025 and $985 and $1,406, respectively, as of December 31, 2024.

<sup>(5)</sup> The carrying value of the Company's Series D 2027 Notes and Series D 2029 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $610 and $1,651, respectively, as of December 31, 2025 and $993 and $2,110, respectively, as of December 31, 2024.

<sup>(6)</sup> The carrying value of the Company's 2030 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $3,080, as of December 31, 2025 and $3,721, as of December 31, 2024.

<sup>(7)</sup> The carrying value of the Company's 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $3,488 as of December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Combined weighted average interest rate <sup>(1)</sup> | 6.94% | 8.04% | 7.72% |
| Combined weighted average effective interest rate<sup>(2)</sup> | 7.44% | 8.51% | 8.19% |
| Combined weighted average debt outstanding | $3079014 | $1811974 | $844373 |

---

<sup>(1)</sup> Excludes unused commitment fees, amortization of financing costs, accretion of original issue discount and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.

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

As of December 31, 2025, and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the credit facilities, debt securitizations and each of the respective unsecured notes.

***ING Facility***

On February 1, 2022, the Company initially entered into a senior secured revolving credit agreement (as amended, restated, supplemented or otherwise modified from time to time, the "ING Facility") with the Company, as borrower, ING, as administrative agent, Sumitomo Mitsui Banking Corporation, MUFG Union Bank, N.A., and Truist Securities, Inc. as joint lead arrangers, and the lenders from time to time party thereto. Pursuant to the ING Facility, the lenders have agreed to extend credit to the Company in an aggregate principal amount of up to $1,350,000, subject to availability under a borrowing base, which is based on the Company's portfolio investments and other outstanding indebtedness. Maximum capacity under the ING Facility may be increased to $2,025,000 through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders

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may, at their option, agree to provide additional financing. The availability period of the ING Facility will terminate on July 15, 2028 and will mature on July 15, 2029.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the ING 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 highest of (a) the prime rate as publicly announced by The Wall Street Journal, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) one month SOFR plus 1% per annum) plus 0.875%, and (y) for loans for which the Company elects the SOFR option, the applicable SOFR rate for the related interest period for such borrowing plus 1.875% per annum. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the ING Facility.

The summary information of the ING Facility is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $13022 | $9706 | $10612 |
| Facility unused commitment fees | 4338 | 3769 | 2901 |
| Amortization of deferred financing costs | 2111 | 1666 | 1208 |
| Total | $19471 | $15141 | $14721 |
| Weighted average interest rate | 6.11% | 7.05% | 6.46% |
| Weighted average effective interest rate | 7.10% | 8.25% | 7.19% |
| Weighted average outstanding balance | $210136 | $135437 | $162063 |

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***Wells Funding Facility***

On June 29, 2022, the Company initially entered into (i) a contribution agreement (the "Wells Contribution Agreement") with Financing SPV, pursuant to which the Company contributed to Financing SPV certain loans it has originated or acquired, or will originate or acquire (the "Loans") from time to time, (ii) a loan and servicing agreement (as amended, restated, supplemented or otherwise modified from time to time, the "Loan and Servicing Agreement" and, together with the Wells Contribution Agreement, the "Wells Agreements") with Financing SPV, as the borrower, Wells Fargo Bank, National Association ("Wells"), as the administrative agent and swingline lender, the Company, as the equityholder and as the servicer, and State Street Bank and Trust Company, as collateral agent and as collateral custodian, pursuant to which Wells has agreed to extend credit to Financing SPV in an aggregate principal amount up to $900,000 at any one time outstanding (the "Wells Funding Facility") and (iii) various supporting documentation, including an account control agreement.

The obligations of Financing SPV under the Wells Funding Facility are secured by all of the assets held by Financing SPV, including the Loans contributed or transferred by the Company to Financing SPV. The Wells Funding Facility is a revolving funding facility with a reinvestment period ending September 12, 2028 and a final maturity date of September 12, 2030. Subject to certain conditions, the reinvestment period and final maturity are both subject to a one-year extension. Advances under the Wells Funding Facility are available in US dollars, pound sterling, Euros or Canadian dollars, or Australian dollars, and subject to certain exceptions, the interest charged on the Wells Funding Facility is based on Daily Simple SOFR (Dollar), SONIA (GBP), EURIBOR (Euros), CORRA (Canadian dollars), BBSY (Australian dollars) or as applicable (or, if any such reference rate is not available, a benchmark replacement or a "base rate" (which is the greater of a prime rate and the federal funds rate plus 1.50%), as applicable), plus a margin equal to 1.90%. SONIA, EURIBOR, CORRA and BBSY are subject to a floor of zero. Under the Wells Agreements, the Company and Financing SPV, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The Loan and Servicing Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing Wells, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Wells Funding Facility.

The summary information of the Wells Funding Facility is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $23270 | $19958 | $21912 |
| Facility unused commitment fees | 4769 | 6093 | 3035 |
| Amortization of deferred financing costs | 2178 | 1768 | 1346 |
| Total | $30217 | $27819 | $26293 |
| Weighted average interest rate | 6.42% | 7.41% | 7.68% |
| Weighted average effective interest rate | 7.02% | 8.07% | 8.15% |
| Weighted average outstanding balance | $357450 | $264803 | $281406 |

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***CBNA Funding Facility***

On September 12, 2023, the Company entered into (i) a contribution agreement (the "CBNA Contribution Agreement") with Financing II SPV, pursuant to which the Company will contribute to Financing II SPV certain loans it has originated or acquired, or will originate or acquire (the "Loans") from time to time, (ii) a loan and security agreement (the "Loan and Security Agreement" and, together with the CBNA Contribution Agreement, the "CBNA Agreements") with Financing II SPV, as the borrower, Citizens Bank, N.A. ("CBNA"), as the facility agent, the lenders party thereto (collectively, the

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"Lenders"), the Company, as the servicer, as the equityholder and as the transferor, and State Street Bank and Trust Company, as collateral agent, as account bank and as collateral custodian, pursuant to which the Lenders have agreed to extend credit to Financing II SPV in an aggregate principal amount of up to $375,000 at any one time outstanding (which aggregate amounts may be increased to a maximum of $750,000, subject to certain conditions set forth in the Loan and Security Agreement) (the "CBNA Funding Facility") and (iii) various supporting documentation, including an account control agreement.

The obligations of Financing II SPV under the CBNA Funding Facility are secured by all of the assets held by Financing II SPV, including the Loans contributed or transferred by the Company to Financing II SPV. The CBNA Funding Facility is a revolving funding facility with a reinvestment period ending July 10, 2027 and a final maturity date of July 10, 2029. Advances under the CBNA Funding Facility are available in US dollars, and subject to certain exceptions, the interest charged on the CBNA Funding Facility is based on Term SOFR (or, if such reference rate is not available, a benchmark replacement or a "base rate" (which is the greatest of the Daily SOFR Rate, a prime rate, and the federal funds rate plus 0.50%), as applicable), plus a margin equal to (i) 2.25% during the reinvestment period or (ii) 2.90% after the reinvestment period. Term SOFR is subject to a floor of zero. Under the CBNA Agreements, the Company and Financing II SPV, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The Loan and Security Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing CBNA, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the CBNA Funding Facility.

The summary information of the CBNA Funding Facility is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023**<sup>(1)</sup> |
| Borrowing interest expense | $12113 | $5238 | $304 |
| Facility unused commitment fees | 965 | 1419 | 668 |
| Amortization of deferred financing costs | 1096 | 900 | 214 |
| Total | $14174 | $7557 | $1186 |
| Weighted average interest rate | 6.47% | 7.53% | 8.18% |
| Weighted average effective interest rate | 7.06% | 8.82% | 9.16% |
| Weighted average outstanding balance | $184572 | $68428 | $12070 |

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***JPM Funding Facility***

On July 15, 2024, following the consummation of the SLIC Acquisition, the Company became party to and assumed SLIC's obligations under the Amended and Restated Loan and Security Agreement, initially dated as of November 24, 2021 (as amended, the "JPM Funding Facility"), among SLIC Financing SPV, the Company, as successor by merger to SLIC, as parent and servicer, U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary, JP Morgan Chase Bank, N.A., as administrative agent ("JPM"), the lenders party thereto, and the issuing banks party thereto. Pursuant to the JPM Facility, JPM has agreed to extend credit to SLIC Financing SPV in an aggregate principal amount, as of December 31, 2025, of up to $1,200,000 at any one time outstanding.

The JPM Funding Facility is a revolving funding facility with a reinvestment period ending September 15, 2028 (or upon the occurrence of certain events as specified therein) and a final maturity date of September 15, 2030. Advances under the JPM Funding Facility are available in U.S. dollars and other permitted currencies. As of December 31, 2025, the interest charged on the JPM Funding Facility is based on SOFR (or, if SOFR is not available, a benchmark replacement or a "base rate" (which is the greater of a prime rate and the federal funds rate plus 0.50%), as applicable), Daily Simple RFR, EURIBOR, Adjusted Term CORRA, or the AUD Screen Rate, as applicable, plus a margin of 1.90%, as set forth in the JPM Funding Facility. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the JPM Funding Facility.

The summary information of the JPM Funding Facility is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024**<sup>(1)</sup> | **December 31,<br>2023** |
| Borrowing interest expense | $49625 | $19039 | N/A |
| Facility unused commitment fees | 3283 | 2262 | N/A |
| Amortization of deferred financing costs | 2524 | 1178 | N/A |
| Total | $55432 | $22479 | N/A |
| Weighted average interest rate | 6.36% | 7.18% | N/A |
| Weighted average effective interest rate | 6.68% | 7.63% | N/A |
| Weighted average outstanding balance | $769692 | $561414 | N/A |

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<sup>(1)</sup> For the year ended December 31, 2024, calculated for the period from July 15, 2024 through December 31, 2024.

***The Series A 2026 Notes and the Series A 2028 Notes***

On March 16, 2023, the Company entered into a Master Note Purchase Agreement (the "March 2023 NPA") governing the issuance of (i) $204,000 in aggregate principal amount of Series A Senior Notes, Tranche A, due March 16, 2026 (the "Series A 2026 Notes") and (ii) $146,000 in aggregate principal amount of Series A Senior Notes, Tranche B, due March 16, 2028 (the "Series A 2028 Notes" and, together with the Series A 2026 Notes, the "Series A Notes") to certain qualified institutional investors in a private placement.

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The Series A Notes were delivered and paid for on March 16, 2023, subject to certain customary closing conditions. The Series A 2026 Notes have a fixed interest rate of 8.10% per year and will mature on March 16, 2026 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2023 NPA. The Series A 2028 Notes have a fixed interest rate of 8.13% per year and will mature on March 16, 2028 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2023 NPA. Interest on the Series A Notes is due semiannually in March and September of each year. Subject to the terms of the March 2023 NPA, the Company may redeem the Series A 2026 Notes in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if redeemed on or before December 16, 2025, a make-whole premium, and the Company may redeem the Series A 2028 Notes in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if redeemed on or before December 16, 2027, a make-whole premium. The Company's obligations under the March 2023 NPA are general unsecured obligations that rank *pari passu* with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Series A Notes.

In connection with the Series A Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series A 2026 Notes, the Company receives a fixed interest rate of 8.10% per annum and pays a floating interest rate of SOFR + 6.96% per annum on $204,000 notional amount of the Series A 2026 Notes. Under the interest rate swap agreement related to the Series A 2028 Notes, the Company receives a fixed interest rate of 8.13% per annum and pays a floating interest rate of SOFR + 4.88% per annum on $146,000 notional amount of the Series A 2028 Notes. The interest rate swaps related to the Series A 2026 Notes and Series A 2028 Notes mature on March 16, 2026 and March 16, 2028, respectively. The interest expense related to the Series A Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of December 31, 2025, the interest rate swap had a fair value of $(477) related to the Series A 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "prepaid expenses and other assets" on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps is offset by the change in fair value of the Series A 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated the interest rate swap on the Series A 2028 Notes as the hedging instrument in a qualifying hedge accounting relationship.

The Series A 2026 Notes were redeemed in full by the Company pursuant to the March 2023 NPA on December 17, 2025. The interest rate swap in relation to the Series A 2026 Notes was terminated in conjunction with the repayment of the Series A 2026 Notes.

The summary information of the Series A 2026 Notes is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $16053 | $17282 | $13082 |
| Amortization of debt issuance costs | 736 | 739 | 593 |
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items | 1110 | (15) | N/A |
| Total | $17899 | $18006 | $13675 |
| Stated interest rate | 8.10% | 8.10% | 8.10% |
| Weighted average effective interest rate | 9.13% | 8.47% | 8.10% |

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The summary information of the Series A 2028 Notes is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $12020 | $12493 | $9397 |
| Amortization of debt issuance costs | 316 | 318 | 260 |
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items | 639 | 6 | N/A |
| Total | $12975 | $12817 | $9657 |
| Stated interest rate | 8.13% | 8.13% | 8.13% |
| Weighted average effective interest rate | 8.89% | 8.56% | 8.13% |

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***The Series B 2026 Notes and the Series B 2028 Notes***

On August 10, 2023, the Company entered into a Master Note Purchase Agreement (the "August 2023 NPA") governing the issuance of $107,000 in aggregate principal amount of Series B Senior Notes, Tranche A, due August 10, 2026 (the "Series B 2026 Notes") and the issuance of $128,000 in aggregate principal amount of Series B Senior Notes, Tranche B, due August 10, 2028 (the "Series B 2028 Notes" and, together with the Series B 2026 Notes, collectively, the "Series B Notes") to certain qualified institutional investors in a private placement. The Series B Notes were delivered and paid for on August 10, 2023, subject to certain customary closing conditions.

The Series B 2026 Notes have a fixed interest rate of 8.84% per year and the Series B 2028 Notes have a fixed interest rate of 8.88% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the August 2023 NPA) or a Secured Debt Ratio Event (as defined in the August 2023 NPA) occurs. The Series B 2026 Notes will mature on August 10, 2026 and the Series B 2028 Notes will mature on August 10, 2028, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the August 2023 NPA. Interest on the Series

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B Notes is due semiannually in March and September of each year, beginning in March 2024. In addition, the Company is obligated to offer to repay the Series B Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2023 NPA, the Company may redeem the Series B Notes in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if the Series B 2026 Notes are redeemed on or before May 10, 2026 or the Series B 2028 Notes are redeemed on or before May 10, 2028, a make-whole premium. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Series B Notes.

In connection with the Series B Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series B 2026 Notes, the Company receives a fixed interest rate of 8.84% per annum and pays a floating interest rate of SOFR + 6.12% per annum on $107,000 notional amount of the Series B 2026 Notes. Under the interest rate swap agreement related to the Series B 2028 Notes, the Company receives a fixed interest rate of 8.88% per annum and pays a floating interest rate of SOFR + 5.56% per annum on $128,000 notional amount of the Series B 2028 Notes. The interest rate swaps related to the Series B 2026 Notes and Series B 2028 Notes mature on August 10, 2026 and August 10, 2028, respectively. The interest expense related to the Series B Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of December 31, 2025, the interest rate swaps had a fair value of $(578) and $(365), respectively, related to the Series B 2026 Notes and Series B 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "prepaid expenses and other assets" on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps is offset by the change in fair value of the Series B Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The change in fair value of the interest rate swap on the Series B 2026 Notes is included as a component of interest expense and other financing on the Consolidated Statements of Operations. The interest rate swap on the Series B 2026 Notes does not qualify for hedge accounting treatment.

The summary information of the Series B 2026 Notes is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $9557 | $9878 | $3705 |
| Amortization of debt issuance costs | 414 | 409 | 155 |
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items | 311 | (3) | N/A |
| Total | $10282 | $10284 | $3860 |
| Stated interest rate | 8.84% | 8.84% | 8.84% |
| Weighted average effective interest rate | 9.61% | 9.23% | 8.84% |

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The summary information of the Series B 2028 Notes is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $11501 | $11917 | $4452 |
| Amortization of debt issuance costs | 294 | 293 | 111 |
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items | 580 | 11 | N/A |
| Total | $12375 | $12221 | $4563 |
| Stated interest rate | 8.88% | 8.88% | 8.88% |
| Weighted average effective interest rate | 9.67% | 9.31% | 8.88% |

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***The Series C 2027 Notes and the Series C 2029 Notes***

On December 1, 2023, the Company entered into the First Supplement, dated as of December 1, 2023 (the "First Supplement"), to the August 2023 NPA (as supplemented by the First Supplement, the "December 2023 NPA") governing the issuance of $136,500 in aggregate principal amount of Series C Senior Notes, Tranche A, due March 1, 2027 (the "Series C 2027 Notes") and the issuance of $163,500 in aggregate principal amount of Series C Senior Notes, Tranche B, due March 1, 2029 (the "Series C 2029 Notes" and, together with the Series C 2027 Notes, collectively, the "Series C Notes") to certain qualified institutional investors in a private placement. The Series C Notes were delivered and paid for on December 1, 2023, subject to certain customary closing conditions.

The Series C 2027 Notes have a fixed interest rate of 8.92% per year and the Series C 2029 Notes have a fixed interest rate of 9.07% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the December 2023 NPA) or a Secured Debt Ratio Event (as defined in the December 2023 NPA) occurs. The Series C 2027 Notes will mature on March 1, 2027 and the Series C 2029 Notes will mature on March 1, 2029, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the December 2023 NPA. Interest on the Series C Notes is due semiannually in March and September of each year, beginning in March 2024. In addition, the Company is obligated to offer to repay the Series C Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the December 2023 NPA, the Company may redeem the Series C Notes in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if the Series C 2027 Notes are redeemed on or before December 1, 2026

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or the Series C 2029 Notes are redeemed on or before December 1, 2028, a make-whole premium. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Series C Notes.

In connection with the Series C Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series C 2027 Notes, the Company receives a fixed interest rate of 8.92% per annum and pays a floating interest rate of SOFR + 4.49% per annum on $136,500 notional amount of the Series C 2027 Notes. Under the interest rate swap agreement related to the Series C 2029 Notes, the Company receives a fixed interest rate of 9.07% per annum and pays a floating interest rate of SOFR + 4.77% per annum on $163,500 notional amount of the Series C 2029 Notes. The interest rate swaps related to the Series C 2027 Notes and Series C 2029 Notes mature on March 1, 2027 and March 1, 2029, respectively. The interest expense related to the Series C Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of December 31, 2025, the interest rate swaps had a fair value of $1,481 and $4,128, respectively, related to the Series C 2027 Notes and Series C 2029 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of "accrued expenses and other liabilities" or "prepaid expenses and other assets" on the Company's Consolidated Statements of Financial Condition. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the Series C Notes, with the remaining difference included as a component of interest expense and other financing on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of the Series C 2027 Notes is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $12055 | $13419 | $1193 |
| Amortization of debt issuance costs | 458 | 458 | 37 |
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items | (289) | 205 | (260) |
| Total | $12224 | $14082 | $970 |
| Stated interest rate | 8.92% | 8.92% | 8.92% |
| Weighted average effective interest rate | 8.96% | 9.83% | 8.92% |

---

The summary information of the Series C 2029 Notes is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $14904 | $16539 | $1470 |
| Amortization of debt issuance costs | 339 | 340 | 27 |
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items | (321) | 647 | (749) |
| Total | $14922 | $17526 | $748 |
| Stated interest rate | 9.07% | 9.07% | 9.07% |
| Weighted average effective interest rate | 9.13% | 10.12% | 9.07% |

---

***The Series D 2027 Notes and the Series D 2029 Notes***

On August 5, 2024, the Company entered into the Second Supplement, dated as of August 5, 2024 (the "Second Supplement"), to the Master Note Purchase Agreement dated as of August 10, 2023 (as supplemented by the First Supplement and the Second Supplement, the "Note Purchase Agreement") governing the issuance of $100,000 in aggregate principal amount of Series D Senior Notes, Tranche A, due August 5, 2027 (the "Series D 2027 Notes") and the issuance of $200,000 in aggregate principal amount of Series D Senior Notes, Tranche B, due August 5, 2029 (the "Series D 2029 Notes" and, together with the Series D 2027 Notes, collectively, the "Series D Notes") to certain qualified institutional investors in a private placement. The Series D Notes were delivered and paid for on August 5, 2024, subject to certain customary closing conditions.

The Series D 2027 Notes have a fixed interest rate of 6.84% per year and the Series D 2029 Notes have a fixed interest rate of 6.91% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the Note Purchase Agreement) or a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs. The Series D 2027 Notes will mature on August 5, 2027 and the Series D 2029 Notes will mature on August 5, 2029, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the Note Purchase Agreement. Interest on the Series D Notes is due semiannually in March and September of each year, beginning in September 2024. In addition, the Company is obligated to offer to repay the Series D Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the Note Purchase Agreement, the Company may redeem the Series D Notes in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if the Series D 2027 Notes are redeemed on or before May 5, 2027 or the Series D 2029 Notes are redeemed on or before May 5, 2029, a make-whole premium. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Series D Notes.

In connection with the Series D 2027 Notes and Series D 2029 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate

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swap agreement related to the Series D 2027 Notes, the Company receives a fixed interest rate of 6.84% per annum and pays a floating interest rate of SOFR + 3.46% per annum on $100,000 of the Series D 2027 Notes. Under the interest rate swap agreement related to the Series D 2029 Notes, the Company receives a fixed interest rate of 6.91% per annum and pays a floating interest rate of SOFR + 3.48% per annum on $200,000 of the Series D 2029 Notes. As of December 31, 2025, the interest rate swaps had a fair value of $(3) and $(148), respectively, related to the Series D 2027 Notes and Series D 2029 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of "accrued expenses and other liabilities" or "prepaid expenses and other assets" on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the Series D Notes, with the remaining difference included as a component of interest and other financing expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of the Series D 2027 Notes is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $6840 | $2774 | N/A |
| Amortization of debt issuance costs | 383 | 156 | N/A |
| Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items | 269 | 6 | N/A |
| Total | $7492 | $2936 | N/A |
| Stated interest rate | 6.84% | 6.84% | N/A |
| Weighted average effective interest rate | 7.49% | 6.84% | N/A |

---

The summary information of the Series D 2029 Notes is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $13820 | $5605 | N/A |
| Amortization of debt issuance costs | 459 | 187 | N/A |
| Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items | 834 | 24 | N/A |
| Total | $15113 | $5816 | N/A |
| Stated interest rate | 6.91% | 6.91% | N/A |
| Weighted average effective interest rate | 7.56% | 6.91% | N/A |

---

***The 2030 Notes***

On October 1, 2024, the Company issued $300,000 in aggregate principal amount of 5.750% notes due 2030 (the "2030 Notes"), pursuant to a Base Indenture dated October 1, 2024 (the "Base Indenture") between the Company and US Bank Trust Company, National Association (the "Trustee"), as supplemented by the First Supplemental Indenture dated October 1, 2024 (the "First Supplemental Indenture" and together with the Base Indenture, the "February 2030 Notes Indenture"). As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the 2030 Notes.

The 2030 Notes will mature on February 1, 2030 and may be redeemed in whole or in part at the Company's option at any time prior to January 1, 2030 at par value plus a "make-whole" premium calculated in accordance with the terms under "optional redemption" in the February 2030 Notes Indenture and at par value on January 1, 2030 or thereafter. The 2030 Notes bear interest at a rate of 5.75% per year payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2025. The 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, rank *pari passu* with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

Pursuant to a Registration Statement on Form N-14 (File No. 333-284526), which went effective on February 28, 2025, the Company closed an exchange offer in which holders of the 2030 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 100% of the outstanding principal of the then restricted 2030 Notes obtained registered, unrestricted 2030 Notes.

The summary information of the 2030 Notes is as follows:

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---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $17250 | $4313 | N/A |
| Amortization of debt issuance costs | 747 | 184 | N/A |
| Accretion of original issuance discount | 510 | 128 | N/A |
| Total | $18507 | $4625 | N/A |
| Stated interest rate | 5.75% | 5.75% | N/A |
| Weighted average effective interest rate | 6.17% | 5.75% | N/A |

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***The 2028 Notes***

On September 25, 2025, the Company issued $300,000 in aggregate principal amount of 5.125% notes due 2028 (the "2028 Notes"), pursuant to a Base Indenture, as supplemented by the Second Supplemental Indenture dated September 25, 2025 (the "Second Supplemental Indenture" and together with the Base Indenture, the "September 2028 Notes Indenture") between the Company and Trustee. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the 2028 Notes.

The 2028 Notes will mature on September 25, 2028 and may be redeemed in whole or in part at the Company's option at any time prior to August 25, 2028 at par value plus a "make-whole" premium calculated in accordance with the terms under "optional redemption" in the September 2028 Notes Indenture and at par value on August 25, 2028 or thereafter. The 2028 Notes bear interest at a rate of 5.125% per year payable semi-annually on March 25 and September 25 of each year, commencing on March 25, 2026. The 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the 2028 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

In connection with the 2028 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the 2028 Notes, the Company receives a fixed interest rate of 5.383% per annum and pays a floating interest rate of SOFR + 2.06% per annum on $300,000 of the 2028 Notes. As of December 31, 2025, the interest rate swaps had a fair value of $(514), related to the 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of "accrued expenses and other liabilities" or "prepaid expenses and other assets" on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of the 2028 Notes is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** <sup>(1)</sup> | **December 31,<br>2024** | **December 31,<br>2023** |
| Borrowing interest expense | $4726 | N/A | N/A |
| Amortization of debt issuance costs | 362 | N/A | N/A |
| Accretion of original issuance discount | 188 | N/A | N/A |
| Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items | 12 | N/A | N/A |
| Total | $5288 | N/A | N/A |
| Stated interest rate | 5.13% | N/A | N/A |
| Weighted average effective interest rate | 6.61% | N/A | N/A |

---

<sup>(1)</sup> For the year ended December 31, 2025, calculated for the period from September 25, 2025 through December 31, 2025.

**(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 December 31, 2025 and December 31, 2024, the Company had $858,781 and $1,035,399 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

**(8) MEMBERS' CAPITAL**

The following table shows the components of distributable earnings as shown on the Consolidated Statements of Financial Condition:

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---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| Total distributable earnings (loss), beginning of period | $(50459) | $(26988) |
| Net investment income | 321016 | 278465 |
| Net realized gain (loss) | (16288) | (26749) |
| Net unrealized appreciation (depreciation) | (66296) | 8255 |
| Distributions declared | (312944) | (282812) |
| Tax reclassification of unitholders' equity (Note 10) | (1028) | (630) |
| **Total distributable earnings (loss), end of period** | $(125999) | $(50459) |

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The following table summarizes the total Units issued and proceeds received from the closings of the Company's continuous private offering that occurred for the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| **Unit Issuance Date** | **Units Issued** | **Proceeds Received** |
| **For the Year Ended December 31, 2025** |  |  |
| January 01, 2025 | 2728267 | $51728 |
| February 01, 2025 | 2952665 | 55982 |
| March 01, 2025 | 4210752 | 79752 |
| April 01, 2025 | 3003865 | 56533 |
| May 01, 2025 | 1797612 | 33759 |
| June 01, 2025 | 2743611 | 51580 |
| July 01, 2025 | 1522289 | 28573 |
| August 01, 2025 | 1254942 | 23555 |
| September 01, 2025 | 1189990 | 22289 |
| October 01, 2025 | 1551396 | 29011 |
| November 01, 2025 | 990164 | 18496 |
| December 01, 2025 | 572406 | 10664 |
| **Total** | 24517959 | $461922 |
| **For the Year Ended December 31, 2024** |  |  |
| January 01, 2024 | 7646273 | $146120 |
| February 01, 2024 | 6231714 | 119088 |
| March 01, 2024 | 6662271 | 127383 |
| April 01, 2024 | 5566519 | 106042 |
| May 01, 2024 | 7767198 | 147888 |
| June 01, 2024 | 3628420 | 69375 |
| July 01, 2024 | 2486537 | 47418 |
| August 01, 2024 | 2187027 | 41554 |
| September 01, 2024 | 2705841 | 51465 |
| October 01, 2024 | 2397182 | 45547 |
| November 01, 2024 | 2510293 | 47645 |
| December 01, 2024 | 2862477 | 54215 |
| **Total** | 52651752 | $1003740 |

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------

The following table summarizes the Company's distributions declared and payable for the years ended December 31, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit Amount** | **Total Amount** |  |
| January 27, 2025 | January 31, 2025 | February 5, 2025 | $0.1265 | $22270 |  |
| February 27, 2025 | February 28, 2025 | March 5, 2025 | 0.1263 | 22696 |  |
| March 25, 2025 | March 31, 2025 | April 3, 2025 | 0.1263 | 23317 |  |
| January 27, 2025 | March 31, 2025 | April 3, 2025 | 0.0474 | 8751 | (1) |
| April 25, 2025 | April 30, 2025 | May 5, 2025 | 0.1261 | 23346 |  |
| May 22, 2025 | May 31, 2025 | June 4, 2025 | 0.1259 | 23628 |  |
| June 18, 2025 | June 30, 2025 | July 3, 2025 | 0.1254 | 23971 |  |
| June 18, 2025 | June 30, 2025 | July 3, 2025 | 0.0470 | 8984 | (1) |
| July 24, 2025 | July 31, 2025 | August 5, 2025 | 0.1250 | 23499 |  |
| August 21, 2025 | August 31, 2025 | September 3, 2025 | 0.1250 | 23749 |  |
| September 22, 2025 | September 30, 2025 | October 3, 2025 | 0.1250 | 23993 |  |
| September 22, 2025 | September 30, 2025 | October 3, 2025 | 0.0463 | 8888 | (1) |
| October 23, 2025 | October 31, 2025 | November 5, 2025 | 0.1250 | 23593 |  |
| November 20, 2025 | November 30, 2025 | December 3, 2025 | 0.1250 | 23811 |  |
| December 22, 2025 | December 31, 2025 | January 6, 2026 | 0.1250 | 23978 |  |
| December 22, 2025 | December 31, 2025 | January 6, 2026 | 0.0233 | 4470 | (1) |
| **Total Distributions** |  |  | $1.6705 | $312944 |  |

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(1) Represents special distribution.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Unit Amount** | **Total Amount** |
| January 29, 2024 | January 31, 2024 | February 05, 2024 | $0.1513 | $19487 |
| February 27, 2024 | February 29, 2024 | March 05, 2024 | 0.1512 | 20505 |
| March 26, 2024 | March 31, 2024 | April 04, 2024 | 0.1513 | 21619 |
| April 25, 2024 | April 30, 2024 | May 03, 2024 | 0.1508 | 22258 |
| May 28, 2024 | May 31, 2024 | June 05, 2024 | 0.1508 | 23532 |
| June 25, 2024 | June 28, 2024 | July 03, 2024 | 0.1514 | 24285 |
| July 25, 2024 | July 30, 2024 | August 05, 2024 | 0.1510 | 24293 |
| August 27, 2024 | August 31, 2024 | September 05, 2024 | 0.1504 | 24639 |
| September 24, 2024 | September 30, 2024 | October 03, 2024 | 0.1500 | 25095 |
| October 25, 2024 | October 31, 2024 | November 05, 2024 | 0.1498 | 25240 |
| November 27, 2024 | November 29, 2024 | December 04, 2024 | 0.1495 | 25681 |
| December 26, 2024 | December 31, 2024 | January 06, 2025 | 0.1492 | 26178 |
| **Total Distributions** |  |  | $1.8067 | $282812 |

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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 (net of applicable withholding tax) 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.

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The following table summarizes the amounts received and units issued to unitholders who have participated in the DRIP during for the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| **Payment Date** | **DRIP Units Issued** | **DRIP Units Value** |
| January 04, 2025 | 807260 | $15306 |
| February 05, 2025 | 697198 | 13219 |
| March 05, 2025 | 711427 | 13474 |
| April 03, 2025 | 717209 | 13498 |
| April 03, 2025 | 269166 | 5066 |
| May 05, 2025 | 735715 | 13817 |
| June 04, 2025 | 743135 | 13970 |
| July 03, 2025 | 738795 | 13867 |
| July 03, 2025 | 276901 | 5197 |
| August 05, 2025 | 746168 | 14006 |
| September 03, 2025 | 755970 | 14160 |
| October 03, 2025 | 747399 | 13976 |
| October 03, 2025 | 276837 | 5177 |
| November 05, 2025 | 756115 | 14124 |
| December 03, 2025 | 765106 | 14254 |
| **Total** | 9744401 | $183111 |

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---

| | | |
|:---|:---|:---|
| **Payment Date** | **DRIP Units Issued** | **DRIP Units Value** |
| January 04, 2024 | 539376 | $10307 |
| February 05, 2024 | 583174 | 11144 |
| March 05, 2024 | 613350 | 11728 |
| April 04, 2024 | 649347 | 12370 |
| May 03, 2024 | 681693 | 12979 |
| June 05, 2024 | 723162 | 13827 |
| July 03, 2024 | 734980 | 14016 |
| August 05, 2024 | 755243 | 14351 |
| September 05, 2024 | 768983 | 14625 |
| October 03, 2024 | 772679 | 14681 |
| November 05, 2024 | 787133 | 14940 |
| December 04, 2024 | 804804 | 15243 |
| **Total** | 8413924 | $160211 |

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*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 years ended December 31, 2025 and 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of units<br>that may yet be<br>purchased under<br>the repurchase<br>program**<sup>(2)</sup> |
| March 07, 2025 | 5.00% | $18.82 | March 31, 2025 | $65290 | 3469202 | 2.01% |  |
| June 07, 2025 | 5.00% | $18.77 | June 30, 2025 | 107041 | 5702776 | 3.15% |  |
| September 04, 2025 | 5.00% | $18.70 | September 30, 2025 | 107961 | 5773310 | 3.11% |  |
| December 07, 2025 | 5.00% | $18.57 | December 31, 2025 | 181587 | 9778471 | 5.25% |  |
| **Total** |  |  |  | $461879 | 24723759 |  |  |

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

<sup>(2)</sup> All repurchase requests were satisfied in full.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of units<br>that may yet be<br>purchased under<br>the repurchase<br>program**<sup>(2)</sup> |
| March 05, 2024 | 5.00% | $19.05 | March 31, 2024 | $28707 | 1506944 | 1.25% |  |
| June 08, 2024 | 5.00% | $19.07 | June 30, 2024 | 52219 | 2738253 | 1.94% |  |
| September 07, 2024 | 5.00% | $19.00 | September 30, 2024 | 37636 | 1980872 | 1.26% |  |
| December 07, 2024 | 5.00% | $18.96 | December 31, 2024 | 55792 | 2942591 | 1.78% |  |
| **Total** |  |  |  | $174354 | 9168660 |  |  |

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

<sup>(2)</sup> All repurchase requests were satisfied in full.

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

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

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Numerator - net increase (decrease) in Members' Capital from operations | 238432 | $259971 | $205918 |
| Denominator - weighted average Units outstanding | 186941307 | 156537151 | 91230657 |
| Basic and diluted earnings (loss) per Unit | $1.28 | $1.66 | $2.26 |

---

**(10)** **INCOME TAXES**

For income tax purposes, distributions made to holders of the Company's unitholders are reported as ordinary income, capital gains, or a combination thereof. The tax character of distributions made for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For The Year Ended** | **For The Year Ended** | **For The Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Distributions paid from: |  |  |  |
| Ordinary income (including net short-term capital gains) | $312944 | $282812 | $161416 |
| Net long-term capital gains |  |  |  |
| **Total taxable distributions** | $312944 | $282812 | $161416 |

---

Taxable income generally differs from net increase in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

For the year ended December 31, 2025, the Company estimated U.S. federal taxable income exceeded its distributions made from such taxable income during the year; consequently, the Company has elected to carry forward the excess for distribution to holders of the Company's Units in 2026. The amount carried forward to 2026 is estimated to be approximately $8,961, of which $8,961 is expected to be ordinary income and $— is expected to be capital gains, although these amounts will not be finalized until the 2025 tax returns are filed in 2026.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book-to-tax treatment of net operating losses, distribution re-designations and timing of the deductibility of certain business expenses, as applicable. To the extent these differences are permanent, they are charged or credited to additional paid-in capital, undistributed net investment income or undistributed net realized gains on investments, as appropriate.

The book-to-tax differences relating to distributions made to the Company's holders of Units resulted in reclassifications among certain capital accounts as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Paid-in capital in excess of par value | $1028 | $630 | $(71) |
| Total distributable earnings (loss) | (1028) | (630) | 71 |

---

------

The cost and unrealized gain (loss) on the Company's consolidated financial instruments, as calculated on a tax basis, at December 31, 2025, December 31, 2024, and December 31, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2023** |
| Gross unrealized appreciation | $47765 | $54816 | $20911 |
| Gross unrealized depreciation | (138344) | (78868) | (53216) |
| Net unrealized appreciation (depreciation) | (90579) | (24052) | (32305) |
| Tax cost of investments at year end | $6699705 | $6103560 | $3227449 |

---

At December 31, 2025, the Company had available for federal income tax purposes unused short-term capital losses of approximately $34,058 and long-term capital losses of approximately $9,172, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Company for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

**(11) CONSOLIDATED FINANCIAL HIGHLIGHTS**

The following are the financial highlights:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2022** | **For the period from March 4, 2021 (inception) to December 31, 2021**<sup>(4)</sup> |
| **Per Unit Data:**<sup>(1)</sup> |  |  |  |  |  |
| Net asset value, beginning of period | $18.96 | $19.11 | $18.59 | $20.00 | $— |
| Net investment income (loss) | 1.72 | 1.78 | 1.77 | 1.26 |  |
| Net unrealized and realized gain (loss)<sup>(2)</sup> | (0.44) | (0.12) | 0.52 | (1.56) |  |
| Net increase (decrease) in net assets resulting from operations | 1.28 | 1.66 | 2.29 | (0.30) |  |
| Distributions declared | (1.67) | (1.81) | (1.77) | (1.11) |  |
| Total increase (decrease) in net assets | (0.39) | (0.15) | 0.52 | (1.41) |  |
| Net asset value, end of period | $18.57 | $18.96 | $19.11 | $18.59 | $— |
| Units outstanding, end of period | 182049066 | 172510464 | 120613447 | 68104617 |  |
| Weighted average units outstanding | 186941307 | 156537151 | 91230657 | 53379085 |  |
| Total return based on net asset value<sup>(3)</sup> | 7.03% | 9.05% | 12.81% | (1.50)% | —% |
| **Ratio/Supplemental Data:** |  |  |  |  |  |
| Members' Capital, end of period | $3379828 | $3271186 | $2304430 | $1266213 | $(456) |
| Ratio of expenses before waivers to average Members' Capital<sup>(4)</sup> | 10.70% | 9.54% | 8.16% | 5.41% | —% |
| Ratio of net expenses to average Members' Capital<sup>(4)</sup> | 9.55% | 9.16% | 8.13% | 3.91% | —% |
| Ratio of net investment income to average Members' Capital<sup>(4)</sup> | 9.11% | 9.31% | 9.34% | 7.25% | —% |
| Asset coverage ratio<sup>(5)</sup> | 202.00% | 213.00% | 351.00% | 274.00% | —% |
| Portfolio turnover rate | 20.54% | 19.27% | 13.96% | 4.56% | —% |

---

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

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

<sup>(3)</sup> 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.

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

<sup>(5)</sup> Effective October 27, 2021, 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 October 27, 2021, 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.

**(12) SLIC ACQUISTION**

On July 15, 2024, the Company completed its acquisition of SLIC, pursuant to the Merger Agreement. Pursuant to the Merger Agreement, Merger Sub was first merged with and into SLIC, with SLIC as the surviving company (the "Initial Merger"), and, immediately following the Initial Merger, SLIC was then merged with and into the Company, with the Company as the surviving company (the "Second Merger"). As a result of, and as of the effective time of, the Second Merger, SLIC's separate existence ceased.

In accordance with the terms of the Merger Agreement, at the effective time of the Second Merger, each share of common stock, $0.001 par value per share, of SLIC ("SLIC Common Stock") issued and outstanding immediately prior to the effective time, except for shares owned by the Company, was converted into the right to receive an amount in cash equal to $20.59 per share, and SLIC was then merged with and into the Company for no consideration.

------

In connection with the closing of the SLIC Acquisition, the Company paid approximately $562,504 for the SLIC Common Stock, inclusive of transaction related expenses, pursuant to the terms of the Merger Agreement and for the shares of SLIC Common Stock acquired by the Company pursuant to that certain Securities Purchase Agreement, dated as of May 24, 2024, by and between the Company and an investor in SLIC (the "SPA"). The purchase price per share of SLIC Common Stock in the SPA was equal to the price per share paid to former SLIC stockholders pursuant to the Merger Agreement plus an amount per share of SLIC Common Stock equal to the distributions on such shares of SLIC Common Stock acquired pursuant to the SPA with a record date after the date of the SPA and prior to closing of the SLIC Acquisition.

The SLIC Acquisition was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues ("ASC 805"), and the Company was the accounting survivor following the SLIC Acquisition. Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values of net identifiable assets acquired other than certain "non-qualifying" assets (for example cash) and does not give rise to goodwill.

The following table summarizes the assets and liabilities of SLIC acquired by the Company in connection with the SLIC Acquisition:

---

| | |
|:---|:---|
|  | **As of July 14, 2024** |
|  | **(Unaudited)** |
| **Assets acquired** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value | $1101382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 41990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 14665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | 1158037 |
| **Liabilities assumed** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt | 558073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend payable | 21506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities<sup>(1)</sup> | 16802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | 596381 |
| **Net Assets acquired** | 561656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction cost | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consideration paid | 562504 |

---

<sup>(1)</sup> Includes $0.41 million of management fees payable.

**(13) 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.

On January 07, 2026, the Company contributed $15,001 to NH Keystone.

*January Issuances and Distribution Declarations*

Pursuant to the Company's continuous private offering, the Company issued approximately 972,536 Units for an aggregate offering price of $18.06 million effective January 1, 2026.

On January 26, 2026, the Company declared a distribution in the amount of $0.1250 per unit and payable on or around February 4, 2026 to unitholders of record as of January 31, 2026.

*February Issuances and Distribution Declarations*

Pursuant to the Company's continuous private offering, the Company issued approximately 489,573 Units for an aggregate offering price of $9.06 million effective February 1, 2026.

On February 26, 2026, the Company declared a distribution in the amount of $0.1250 per unit and payable on or around March 4, 2026 to unitholders of record as of February 28, 2026.

------

**PART IV**

**Item 15. Exhibits and Financial Statement Schedules**

***(a) Documents filed as part of this report***

The following documents are filed as part of this annual report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Financial Statements – Financial statements are included in Item 8. See the table of contents to the consolidated financial statements on page 3 of this annual report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Financial Statement Schedules – None. We have omitted financial statement schedules because they are not required or are not applicable, or the required information is shown in the consolidated statements or notes to the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Exhibits – The following is a list of all exhibits filed as a part of this annual report on Form 10-K, including those incorporated by reference

Please note that the agreements included as exhibits to this Form 10-K are included to provide information regarding their terms and are not intended to provide any other factual or disclosure information about us or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement that have been made solely for the benefit of the other parties to the applicable agreement and may not describe the actual state of affairs as of the date they were made or at any other time.

***(b) 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*** |
| 2.1 | [<u>Agreement and Plan of Merger, by and among North Haven Private Income Fund LLC, SL Investment Corp., Cobalt Merger Sub Inc. and MS Capital Partners Adviser Inc., dated as of May 28, 2024 (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on May 28, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001851322/000110465924065607/tm2415583d1_8k.htm) |
| 2.2\*\*\*\* | [<u>Securities Purchase Agreement, by and among \[\*\*\*\], North Haven Private Income Fund LLC and, solely for purposes of section 9 thereof, SL Investment Corp., dated as of May 24, 2024 (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on May 28, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001851322/000110465924065607/tm2415583d1_8k.htm) |
| 3.1 | [<u>Certificate of Formation of the Company (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex3-1.htm) |
| 3.2 | [<u>Certificate of Amendment of Certificate of Formation of the Company, dated as of November 3, 2021 (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex3-2.htm) |
| 3.3 | [<u>First Amended and Restated Limited Liability Company Agreement of the Company, dated as of October 26, 2021 (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex3-3.htm) |
| 3.4 | [<u>First Amendment to First Amended and Restated Limited Liability Company Agreement of the Company, dated as of November 3, 2021 (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex3-4.htm) |
| 4.1 | [<u>Description of Securities (Incorporated by reference to the Company's Annual Report on Form 10-K filed on March 3, 2026 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000119312526088367/ck0001851322-ex4_1.htm) |
| 4.2 | [<u>Indenture, dated as of October 1, 2024, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on October 2, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1851322/000119312524230794/d844958d8k.htm) |
| 4.3 | [<u>First Supplemental Indenture, dated as of October 1, 2024, relating to the 5.750% Notes due 2030, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on October 2, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1851322/000119312524230794/d844958d8k.htm) |
| 4.4 | [<u>Form of 5.750% Notes due 2030 (incorporated by reference to Exhibit 4.2 hereto).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1851322/000119312524230794/d844958d8k.htm) |
| 4.5 | [<u>Registration Rights Agreement, dated as October 1, 2024, relating to the 5.750% Notes due 2030, by and among the Company and J.P. Morgan Securities LLC, BNP Paribas Securities Corp., ING Financial Markets LLC, SMBC Nikko Securities America, Inc., and Truist Securities, Inc. a, as the representatives of the Initial Purchasers (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on October 2, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1851322/000119312524230794/d844958d8k.htm) |
| 4.6 | [<u>Second Supplemental Indenture, dated as of September 25, 2025, relating to the 5.125% Notes due 2028, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on September 26, 2025 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000119312525218091/d56573dex42.htm) |
| 4.7 | [<u>Form of 5.125% Notes due 2028 (Incorporated by reference to Exhibit 4.6 hereto).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000119312525218091/d56573dex42.htm) |
| 10.1 | [<u>Investment Advisory Agreement, dated as of November 4, 2021 (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex10-1.htm) |
| 10.2 | [<u>Administration Agreement, dated as of November 4, 2021 (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).)</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex10-3.htm) |
| 10.3 | [<u>Form of Indemnification Agreement (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).)</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex10-4.htm) |
| 10.4a | [<u>Master Custodian Agreement by and among each business development company identified on Appendix A thereto and State Street Bank and Trust Company, dated as of September 25, 2019 (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex10-5a.htm) |

---

------

---

| | |
|:---|:---|
| 10.4b | [<u>Form of Joinder to Master Custodian Agreement by and among each business development company identified on Appendix A thereto and State Street Bank and Trust Company, dated as of September 25, 2019 (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex10-5b.htm) |
| 10.5 | [<u>Distribution Reinvestment Plan (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex10-6.htm) |
| 10.6 | [<u>Form of Subscription Agreement (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex10-7.htm) |
| 10.7  | [<u>Expense Support and Conditional Reimbursement Agreement, dated November 30, 2021 (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex10-8.htm) |
| 10.8 | [<u>First Amendment to the Expense Support and Conditional Reimbursement Agreement, dated March 15, 2022 (Incorporated by reference to Amendment No. 1 to the Company's Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922034044/tm223981d4_ex10-14.htm) |
| 10.9 | [<u>Placement Agency Agreement, dated as of November 9, 2021, by and between North Haven Private Income Fund LLC and Morgan Stanley Distribution Inc (Incorporated by reference to Amendment No. 1 to the Company's Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922034044/tm223981d4_ex10-15.htm) |
| 10.10 | [<u>Second Amended and Restated Facility Agreement, dated as of December 29, 2021, by and among Broadway Funding Holdings, LLC, as the seller, Cliffwater Corporate Lending Fund, as the parent, and the Company, as the purchaser (Incorporated by reference to Amendment No. 1 to the Company's Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922034044/tm223981d4_ex10-9.htm) |
| 10.11 | [<u>Senior Secured Revolving Credit Agreement, dated as of February 1, 2022 with the Company, as a borrower, ING Capital LLC, as administrative agent, Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as joint lead arrangers, and the lenders from time to time party thereto (Incorporated by reference to Amendment No. 1 to the Company's Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922034044/tm223981d4_ex10-10.htm) |
| 10.12 | [<u>Amendment No. 2 to Senior Secured Revolving Credit Agreement, dated as of July 7, 2022 with the Company, as a borrower, ING Capital LLC, as administrative agent, Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as joint lead arrangers, and the lenders from time to time party thereto (Incorporated by reference to the Company's Quarterly Report on Form 10-Q filed on August 10, 2022 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132222000053/ing_nhpif-amendmentno2tose.htm) |
| 10.13 | [<u>Amendment No. 3 to Senior Secured Revolving Credit Agreement, dated as of August 1, 2023 with the Company, as a borrower, ING Capital LLC, as administrative agent and as joint lead arranger and sole book runner (Incorporated by reference to the Company's Quarterly Report on Form 10-Q filed on August 9, 2023 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132223000070/ing_nhpif-amendmentno3tose.htm) |
| 10.14 | [<u>Amendment No. 4 to Senior Secured Revolving Credit Agreement, dated as of June 25, 2024 with the North Haven Private Income Fund LLC, as a borrower, ING Capital LLC, as administrative agent, ING Capital LLC and Truist Securities, Inc. as joint book runners and ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Truist Securities, Inc. as joint lead arrangers (Incorporated by reference to the Company's Quarterly Report on Form 10-Q, filed on August 12, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001851322/000185132224000115/pif-20240630.htm) |
| 10.15 | [<u>Amendment No. 5 to Senior Secured Revolving Credit Agreement, dated as of July 15, 2024 with the North Haven Private Income Fund LLC, as a borrower, ING Capital LLC, as administrative agent, ING Capital LLC and Truist Securities, Inc. as joint book runners and ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Truist Securities, Inc. as joint lead arrangers (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on July 17, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1851322/000185132224000086/pif-20240715.htm) |
| 10.16 | [<u>Joinder Agreement, dated as of February 4, 2022, by Sumitomo Mitsui Banking Corporation, as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to Amendment No. 1 to the Company's Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922034044/tm223981d4_ex10-11.htm) |
| 10.17 | [<u>Joinder Agreement, dated as of February 4, 2022, by State Street Bank and Trust Company, as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to Amendment No. 1 to the Company's Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922034044/tm223981d4_ex10-12.htm) |
| 10.18 | [<u>Joinder Agreement, dated as of February 8, 2022, by MUFG Bank, Ltd., as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to Amendment No. 1 to the Company's Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922034044/tm223981d4_ex10-13.htm) |
| 10.19 | [<u>Joinder Agreement, dated as of July 8, 2022, by Apple Bank for Savings, as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to the Company's Annual Report on Form 10-K filed on March 9, 2023 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132223000018/a1019-ing_nhpifxjoinderagr.htm) |
| 10.20 | [<u>Joinder Agreement, dated as of July 8, 2022, by BNP Paribas, as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to the Company's Annual Report on Form 10-K filed on March 9, 2023 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132223000018/a1020-ing_nhpifxjoinderagr.htm) |
| 10.21 | [<u>Joinder Agreement, dated as of September 28, 2022, by JPMorgan Chase Bank, N.A., as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to the Company's Annual Report on Form 10-K filed on March 9, 2023 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132223000018/a1018-ing_nhpifxjoinderagr.htm) |
| 10.22 | [<u>Loan and Servicing Agreement, dated as of June 29, 2022, among PIF Financing SPV LLC, as borrower, the conduit lenders and institutional lenders from time to time party hereto, as lenders, the lender agents from time to time party hereto, as lender agents, Wells Fargo Bank, National Association, as administrative agent, North Haven Private Income Fund LLC, as equityholder and servicer, and State Street Bank and Trust Company, as collateral agent and collateral custodian (Incorporated by reference to the Company's Quarterly Report on Form 10-Q filed on August 10, 2022 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132222000053/wellsfargo-northhavenxlsa_.htm) |
| 10.23 | [<u>First Amendment to the Loan and Servicing Agreement dated as of April 20, 2023 by and among PIF Financing SPV LLC, as borrower, the conduit lenders and institutional lenders from time to time party hereto, as lenders, the lender agents from time to time party hereto, as lender agents, Wells Fargo Bank, National Association, as administrative agent, North Haven Private Income Fund LLC, as equityholder</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132223000027/wellsfargo-northhavenxfirs.htm) |

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| | |
|:---|:---|
|  | [<u>and servicer, and State Street Bank and Trust Company, as collateral agent and collateral custodian (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on April 24, 2023 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132223000027/wellsfargo-northhavenxfirs.htm) |
| 10.24\*\*\* | [<u>Third Amendment to Loan and Servicing Agreement, dated as of July 12, 2024, by and among by and among PIF Financing SPV LLC, as borrower, the conduit lenders and institutional lenders from time to time party thereto, as lenders, the lender agents from time to time party thereto, as lender agents, Wells Fargo Bank, National Association, as administrative agent, and North Haven Private Income Fund LLC, as equityholder and service(Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on July 15, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1851322/000110465924079857/tm2419288d1_8k.htm) |
| 10.25 | [<u>Loan and Security Agreement, dated as of September 12, 2023, among PIF Financing II SPV LLC, as borrower, Citizens Bank, N.A., as facility agent and as a lender, the other lenders party thereto, North Haven Private Income Fund LLC, as servicer, as equityholder and as transferor, and State Street Bank and Trust Company, as collateral agent, as account bank and as collateral custodian (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on September 15, 2023 (File No. 814-01489).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132223000082/a01pifiiloanandsecurityagr.htm) |
| 10.26\*\*\* | [<u>Amendment No. 1 to Loan and Security Agreement, dated as of July 10, 2024, by and among PIF Financing II SPV LLC, as borrower, North Haven Private Income Fund LLC, as servicer and equityholder, Citizens Bank, N.A., as facility agent, the Lenders party thereto, and State Street Bank and Trust Company, as collateral agent (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on July 15, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1851322/000110465924079857/tm2419288d1_8k.htm) |
| 10.27 | [<u>Amended and Restated Loan and Security Agreement, dated as of June 3, 2021, incorporating Amendments No. 1-3, among SLIC Financing SPV LLC, SL Investment Corp., SL Investment Feeder Fund L.P., SL Investment Feeder Fund GP Ltd., U.S. Bank National Association, as collateral agent, as collateral administrator and as securities intermediary, JPMorgan Chase Bank, National Association and the lenders party thereto (Incorporated by reference to SL Investment Corp.'s Quarterly Report on Form 10-Q, filed by SL Investment Corp. on August 10, 2022 (File No. 814-01366)).</u>](https://www.sec.gov/Archives/edgar/data/1825590/000182559022000033/a2022630exhibit101.htm) |
| 10.28 | [<u>Amendment No. 4 to Amended and Restated Loan and Security Agreement, dated as of March 31, 2023, by and among SLIC Financing SPV LLC, as the borrower, SL Investment Corp., as the parent and servicer, SL Investment Feeder Fund L.P. and SL Investment Feeder Fund GP Ltd., as pledgors, U.S. Bank National Association, as collateral agent, as collateral administrator and as securities intermediary, JPMorgan Chase Bank, National Association, as administrative agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to SL Investment Corp.'s Current Report on Form 8-K, filed by SL Investment Corp. on April 4, 2023 (File No. 814-01366)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001825590/000182559023000008/slic-20230328.htm) |
| 10.29 | [<u>Amendment No. 5 to Amended and Restated Loan and Security Agreement, dated as of June 26, 2024, by and among SLIC Financing SPV LLC, as the borrower, SL Investment Corp., as the parent and servicer, SL Investment Feeder Fund L.P. and SL Investment Feeder Fund GP Ltd., as pledgors, U.S. Bank National Association, as collateral agent, as collateral administrator and as securities intermediary, JPMorgan Chase Bank, National Association, as administrative agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to the Company's Quarterly Report on Form 10-Q, filed on August 12, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1851322/000185132224000115/pif-20240630.htm) |
| 10.30 | [<u>Amendment No. 6 to Amended and Restated Loan and Security Agreement, dated as of July 15, 2024, by and among SLIC Financing SPV LLC, as the borrower, North Haven Private Income Fund LLC, as the parent and servicer, U.S. Bank National Association, as collateral agent, as collateral administrator and as securities intermediary, JPMorgan Chase Bank, National Association, as administrative agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to the Company's Quarterly Report on Form 10-Q, filed on November 12, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001851322/000185132224000148/pif-20240930.htm) |
| 10.31 | [<u>Master Note Purchase Agreement by and between the Company and the purchasers party thereto, dated March 16, 2023 (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on March 30, 2023 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132223000021/nhpif-masternotepurchaseag.htm) |
| 10.32 | [<u>Master Note Purchase Agreement by and between the Company and the purchasers party thereto, dated August 10, 2023 (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on August 11, 2023 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132223000074/nhpif-masternotepurchaseag.htm) |
| 10.33 | [<u>First Supplement, dated December 1, 2023, to the Master Note Purchase Agreement by and between the Company and the purchasers party thereto, dated August 10, 2023 (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on December 5, 2023 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132223000103/exhibit101-pifxsupplementt.htm) |
| 10.34 | [<u>Second Supplement to Note Purchase Agreement by and between North Haven Private Income Fund LLC and the purchasers party thereto, dated August 5, 2024 (Incorporated by reference to the Company's Quarterly Report on Form 10-Q, filed on August 12, 2024 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1851322/000110465924086129/tm2420904d1_8k.htm) |
| 10.35 | [<u>Second Amendment and Restated Loan and Security Agreement, dated as of November 26, 2024, by and among SLIC Financing SPV LLC, as the Borrower, North Haven Private Income Fund LLC, as the Parent and Servicer, U.S. Bank National Association, as collateral agent, as collateral administrator and as securities intermediary, JPMorgan Chase Bank, National Association, as Administrative Agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to the Company's Annual Report on Form 10-K, filed on May 4, 2025 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132225000023/pif10-kexhibit.htm) |
| 10.36<br>| [<u>Fourth Amendment to Loan and Servicing Agreement, dated as of September 12, 2025, by and among PIF Financing SPV LLC, as borrower, PIF Lending SPV LLC, as securitization subsidiary, the conduit lenders and institutional lenders from time to time party thereto, as lenders, the lender agents from time to time party thereto, as lender agents, Wells Fargo Bank, National Association, as administrative agent, and North Haven Private Income Fund LLC, as equityholder and servicer (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on September 12, 2025 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001851322/000119312525202527/d25291d8k.htm) |
| 10.37<br>| [<u>Amendment No. 1 to the Second Amended and Restated Loan and Security Agreement, dated as of September 15, 2025, by and among SLIC Financing SPV LLC, as borrower, North Haven Private Income Fund LLC, as parent and as servicer, U.S. Bank Trust Company, National Association, as collateral agent and as collateral administrator, and U.S. Bank National Association, as securities intermediary, JPMorgan Chase Bank, National Association, as administrative agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on September 16, 2025 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001851322/000119312525204345/d940462d8k.htm) |

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| | |
|:---|:---|
| 10.38<br>| [<u>Registration Rights Agreement, dated as of September 25, 2025, relating to the 5.125% Notes due 2028, by and among the Company and Wells Fargo Securities, LLC, BNP Paribas Securities Corp., ING Financial Markets LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc., as the representatives of the Initial Purchasers (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on September 26, 2025 (File No. 814-01489)).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001851322/000119312525218091/d56573d8k.htm) |
| 14.1 | [<u>Code of Ethics of the Company (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex14-1.htm) |
| 14.2 | [<u>Code of Ethics of MS Capital Partners Adviser Inc (Incorporated by reference to the Company's Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000110465922006541/tm223981d2_ex14-2.htm) |
| 19.1 | [<u>Insider Trading Policy (Incorporated by reference to the Company's Annual Report on Form 10-K, filed on March 4, 2025 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000185132225000023/ex191insidertradingpolicy.htm) |
| 21.1 | [<u>Subsidiaries of the Registrant (Incorporated by reference to the Company's Annual Report on Form 10-K filed on March 3, 2026 (File No. 814-01489)).</u>](https://www.sec.gov/Archives/edgar/data/1851322/000119312526088367/ck0001851322-ex21_1.htm) |
| 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>](ck0001851322-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>](ck0001851322-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>](ck0001851322-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>](ck0001851322-ex32_2.htm) |
| 101.INS\* | <u>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</u> |
| 101.SCH\* | <u>Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents</u> |
| 104\* | <u>Cover Page Interactive Data File (embedded within the Inline XBRL document)</u> |
| \* | Filed herewith |
| \*\* | Furnished herewith |
| \*\*\* | Exhibits and schedules to this Exhibit have been omitted in accordance with Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. |
| \*\*\*\* | Portions of this exhibit, marked by brackets, have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933, as amended, because they (i) are not material and (ii) are of the type that the Company treats as private or confidential. The Company undertakes to promptly provide an unredacted copy of this exhibit on a supplemental basis, if requested by the Securities and Exchange Commission or its staff. |

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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.

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| | | |
|:---|:---|:---|
|  | **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** |
| Dated: March 6, 2026 | By: | /s/ Michael Occi |
|  |  | Michael Occi<br>Director and Chief Executive Officer (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Dated: March 6, 2026 | By: | /s/ Michael Occi |
|  |  | Michael Occi<br>Director and Chief Executive Officer (Principal Executive Officer) |
| Dated: March 6, 2026 | By: | /s/ David Pessah |
|  |  | David Pessah<br>Chief Financial Officer<br>(Principal Financial Officer) |
| Dated: March 6, 2026 | By: | /s/ Dylan Cutinha |
|  |  | Dylan Cutinha<br>Principal Accounting Officer |
| Dated: March 6, 2026 | By: | /s/ David Miller |
|  |  | David Miller<br>Chairman of the Board of Directors |
| Dated: March 6, 2026 | By: | /s/ Joan Binstock |
|  |  | Joan Binstock<br>Director |
| Dated: March 6, 2026 | By: | /s/ Bruce Frank |
|  |  | Bruce Frank<br>Director |
| Dated: March 6, 2026 | By: | /s/ Kevin Shannon |
|  |  | Kevin Shannon<br>Director |
| Dated: March 6, 2026 | By: | /s/ Adam Metz |
|  |  | Adam Metz<br>Director |

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER**

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

I, Michael Occi, certify that:

1. I have reviewed this annual report on Form 10-K of NORTH HAVEN PRIVATE INCOME FUND LLC;

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;

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;

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 Rules 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;

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;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: March 6, 2026

---

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

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------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER**

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

I, David Pessah, certify that:

1. I have reviewed this annual report on Form 10-K of NORTH HAVEN PRIVATE INCOME FUND LLC;

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;

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;

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 Rules 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;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: March 6, 2026

---

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

---

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER, SECTION 906**

**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 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;•the Form 10-K of the Company for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-K"), 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;•the information contained in the Form 10-K for the year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: March 6, 2026 |
| /s/ Michael Occi |
| Michael Occi<br>Chief Executive Officer<br>(Principal Executive Officer) |

---

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER, SECTION 906**

**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 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;&nbsp;&nbsp;&nbsp;&nbsp;• the Form 10-K of the Company for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-K"), 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;&nbsp;&nbsp;&nbsp;&nbsp;• the information contained in the Form 10-K for the year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: March 6, 2026 |
| /s/ David Pessah |
| **David Pessah**<br>**Chief Financial Officer**<br>**(Principal Financial Officer)** |

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------