# EDGAR Filing Document

**Accession Number:** 0001987990
**File Stem:** 0001193125-25-194839
**Filing Date:** 2025-9
**Character Count:** 144407
**Document Hash:** fbe437083e933eb3894bdccfc972af9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-194839.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001193125-25-194839

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR US Direct Lending Fund-U Inc.
- **CENTRAL INDEX KEY:** 0001987990

**ORGANIZATION NAME:**
- **EIN:** 926676904
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23908
- **FILM NUMBER:** 251288785

**BUSINESS ADDRESS:**
- **STREET 1:** 555 CALIFORNIA STREET, 50TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 415.315.3620

**MAIL ADDRESS:**
- **STREET 1:** 555 CALIFORNIA STREET, 50TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KKR US Direct Lending Fund-U
- **DATE OF NAME CHANGE:** 20230731

##### [**Table of Contents**](#toc)
**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number (811-23908)** 

## KKR US Direct Lending Fund-U Inc.
**(Exact name of registrant as specified in charter)** 

**555 California Street, 50<sup>th</sup> Floor** 

**San Francisco, CA 94104** 

**(Address of principal executive offices) (Zip code)** 

**Lori Hoffman** 

**KKR Credit Advisors (US) LLC** 

**555 California Street, 50<sup>th</sup> Floor** 

**San Francisco, CA 94104** 

**(Name and address of agent for service)** 

**(415) 315-3620** 

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

**Date of fiscal year end: December 31, 2025** 

**Date of reporting period: June 30, 2025** 

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##### [**Table of Contents**](#toc)
**Item 1. Reports to Stockholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

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##### [**Table of Contents**](#toc)
**<u>Item</u><u> </u><u>1. Reports to Stockholders.</u>**![LOGO](g55298g0828223833848.jpg)

## KKR US Direct Lending Fund-U Inc.

## Semi-Annual Report

## June 30, 2025

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

**Table of Contents**

---

| | |
|:---|:---|
|  [Consolidated Schedule of Investments](#tx55298_1) | 2 |
|  [Consolidated Statement of Assets and Liabilities](#tx55298_2) | 10 |
|  [Consolidated Statement of Operations](#tx55298_3) | 11 |
|  [Consolidated Statements of Changes in Net Assets](#tx55298_4) | 12 |
|  [Consolidated Statement of Cash Flows](#tx55298_5) | 13 |
|  [Consolidated Financial Highlights](#tx55298_6) | 14 |
|  [Notes to Consolidated Financial Statements](#tx55298_7) | 15 |
|  [Privacy Notice](#tx55298_8) | 27 |

---

The KKR US Direct Lending Fund-U Inc. (the "Company") publicly files its complete consolidated schedule of portfolio holdings with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year on Form N-PORT, and the reports for the last month in each quarter are made publicly available on the Commission's website at http://www.sec.gov.

A description of the policies and procedures that the Company uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Company voted proxies relating to portfolio securities during the most recent period ended June 30, will be available (i) without charge, upon request, by calling 855-862-6092; and (ii) on the Commission's website at http://www.sec.gov.

INFORMATION ABOUT THE COMPANY'S DIRECTORS

The Company's Statement of Additional Information includes information about the Company's Directors and is available without charge, upon request, by calling 855-844-8655 and by visiting the Commission's website at http://www.sec.gov.

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

**Consolidated Schedule of Investments** 

**(Stated in United States Dollars, unless otherwise noted)** 

**(In thousands, except share data)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** |
|  **Senior Secured Loans- First Lien – 92.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense – 2.0% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon CTS Buyer LLC | Revolver 1L 03/25 | SOFR + 4.50% | 3/29/2032 | $2770 | $219 (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon CTS Buyer LLC | TL 1L 03/25 | SOFR + 4.50% | 3/29/2032 | 11744 | 11731 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon CTS Buyer LLC | TL 1L DD 03/25 | SOFR + 4.50% | 3/29/2032 | 2216 | (2) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Inc | Revolver 1L 05/25 | SOFR + 4.50% | 5/20/2032 | 1995 | 392 (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Inc | TL 1L 05/25 | SOFR + 4.50% | 5/20/2032 | 14263 | 14210 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Inc | TL 1L DD 05/25 | SOFR + 4.50% | 5/20/2032 | 2992 | (11) (b) (c) |
| &nbsp;&nbsp;&nbsp; Air Freight & Logistics – 3.5% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | Revolver 1L 03/24 | SOFR + 5.75% | 3/8/2029 | 3598 | 2519 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L 03/24 (GBP) | SONIA + 5.75% | 12/14/2028 | 4799 | 6653 (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L 03/24 Incremental | SOFR + 5.75% | 3/8/2030 | 34392 | 34736 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L 11/24 (Incremental) | SOFR + 5.75% | 12/14/2028 | 807 | 815 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L DD 03/24 | SOFR + 5.75% | 12/14/2028 | 1455 | 1470 (a) (b) |
| &nbsp;&nbsp;&nbsp; Application Software – 7.1% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Follett Software Co | Revolver 1L 04/25 | SOFR + 4.50% | 8/30/2030 | 891 | 254 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Follett Software Co | TL 1L 04/25 | SOFR + 4.50% | 8/29/2031 | 9562 | 9559 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | Revolver 1L 01/24 | SOFR + 5.25% | 1/17/2031 | 2282 | 320 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | TL 1L 01/24 (Unitranche) PIK | SOFR + 3.50% (2.25% PIK) | 1/17/2031 | 16425 | 16590 (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | TL 1L DD 01/24 PIK | SOFR + 3.00% (2.25% PIK) | 1/17/2031 | 6108 | 6169 (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | TL 1L DD 08/24 PIK | SOFR + 3.00% (2.25% PIK) | 1/17/2031 | 1410 | 14 (a) (b) (c) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Misys Ltd | Revolver 1L 09/23 | SOFR + 7.25% | 9/13/2029 | 1536 | 305 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Misys Ltd | TL 1L 09/23 | SOFR + 7.25% | 9/13/2029 | 14619 | 14765 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personify Health Inc | TL 1L 11/23 PIK | SOFR + 3.25% (3.00% PIK) | 11/8/2029 | 8847 | 8670 (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spins LLC | Revolver 1L 02/25 | SOFR + 4.75% | 1/22/2029 | 1724 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spins LLC | TL 1L 02/25 (Restated) | SOFR + 4.75% | 1/22/2029 | 15189 | 15250 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spins LLC | TL 1L DD 02/25 (Amendment #1) | SOFR + 4.75% | 1/22/2029 | 1455 | 1461 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spins LLC | TL 1L DD 02/25 (Restated) | SOFR + 4.75% | 1/22/2029 | 1190 | 1195 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermont Information Processing Inc | Revolver 1L 12/24 | SOFR + 4.75% | 1/30/2032 | 751 | (4) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermont Information Processing Inc | TL 1L 01/25 | SOFR + 4.75% | 1/30/2032 | 6007 | 5977 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermont Information Processing Inc | TL 1L DD 01/25 | SOFR + 4.75% | 1/30/2032 | 2503 | (13) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vitu | Revolver 1L 01/25 | SOFR + 4.75% | 1/6/2031 | 2367 | (9) (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vitu | TL 1L 01/25 | SOFR + 4.75% | 1/6/2032 | 14566 | 14512 (a) (b) |

---

See accompanying notes to consolidated financial statements.

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; Asset Management & Custody Banks – 0.8% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Capital Management LP | TL 1L 04/24 | SOFR + 4.75% | 4/4/2031 | $8397 | $8397 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Capital Management LP | TL 1L DD 06/25 | SOFR + 4.75% | 4/4/2031 | 2524 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Capital Management LP | TL 1L DD 12/24 | SOFR + 4.75% | 4/4/2031 | 2048 | 2048 (a) (b) |
| &nbsp;&nbsp;&nbsp; Cargo Ground Transportation – 1.2% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | Revolver 1L 05/23 | SOFR + 5.00% | 5/4/2029 | 1388 | 625 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L 11/23 | SOFR + 5.00% | 5/6/2030 | 516 | 521 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L B 05/23 (Unitranche) | SOFR + 5.00% | 5/6/2030 | 11279 | 11392 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L DD 05/23 | SOFR + 5.00% | 5/6/2030 | 1709 | 1726 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L DD 11/23 | SOFR + 5.00% | 5/6/2030 | 1038 | 1048 (a) (b) |
| &nbsp;&nbsp;&nbsp; Commercial & Residential Mortgage<br>Finance – 0.6% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rialto Capital Management LLC | Revolver 1L 12/24 | SOFR + 5.00% | 12/5/2030 | 299 | — (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rialto Capital Management LLC | TL 1L 12/24 | SOFR + 5.00% | 12/5/2030 | 8263 | 8346 (b) |
| &nbsp;&nbsp;&nbsp; Construction & Engineering – 7.7% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety LLC | Revolver 1L 03/25 | SOFR + 4.75% | 3/4/2032 | 6729 | 1452 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety LLC | TL 1L 03/25 PIK | SOFR + 2.75% (2.00%PIK) | 3/4/2032 | 39587 | 39473 (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety LLC | TL 1L DD 03/25 PIK | SOFR + 2.75% (2.00%PIK) | 3/4/2032 | 11617 | 11583 (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety LLC | TL 1L DD 05/25 (Add-on) PIK | SOFR + 2.75% (2.00%PIK) | 3/4/2031 | 5733 | 1047 (a) (b) (c) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turnpoint Services Inc | Revolver 1L 06/24 | SOFR + 5.00% | 6/17/2030 | 1236 | 139 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turnpoint Services Inc | TL 1L 06/24 | SOFR + 5.00% | 6/17/2031 | 10088 | 10013 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turnpoint Services Inc | TL 1L DD 06/24 | SOFR + 5.00% | 6/17/2031 | 1978 | (15) (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | Revolver 1L 05/24 | SOFR + 5.00% | 4/5/2029 | 4832 | 242 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | TL 1L 05/24 | SOFR + 5.00% | 4/5/2030 | 30731 | 31039 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | TL 1L 03/25 | SOFR + 5.00% | 4/5/2030 | 2610 | 2636 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | TL 1L DD 05/24 | SOFR + 5.00% | 4/5/2030 | 9639 | 5097 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp; Construction Machinery & Heavy Transportation Equipment – 0.4% | &nbsp;&nbsp;&nbsp; Construction Machinery & Heavy Transportation Equipment – 0.4% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaw Development LLC | TL 1L 10/23 | SOFR + 6.00% | 10/30/2029 | 5679 | 5206 (a) (b) |
| &nbsp;&nbsp;&nbsp; Consumer Finance – 1.7% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homrich & Berg Inc | Revolver 1L 11/24 | SOFR + 4.50% | 8/18/2031 | 1512 | 491 (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homrich & Berg Inc | TL 1L 11/24 | SOFR + 4.75% | 11/17/2031 | 6283 | 6283 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homrich & Berg Inc | TL 1L DD 11/24 | SOFR + 4.50% | 11/17/2031 | 7540 | 7540 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management LLC | Revolver 1L 08/24 | SOFR + 4.75% | 8/29/2031 | 1967 | 401 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management LLC | TL 1L 08/24 | SOFR + 4.75% | 8/29/2031 | 5704 | 5704 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management LLC | TL 1L DD 08/24 | SOFR + 4.75% | 8/29/2031 | 3352 | 1326 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management LLC | TL 1L DD 06/25 | SOFR + 4.75% | 8/29/2031 | 8484 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group LLC | Revolver 1L 05/22 (Add-on) | SOFR + 5.00% | 10/2/2028 | 176 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group LLC | TL 1L DD 02/24 | SOFR + 5.00% | 10/2/2028 | 598 | 598 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group LLC | TL 1L DD 12/24 | SOFR + 5.00% | 10/2/2028 | 4237 | 461 (a) (b) (c) |

---

See accompanying notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; Diversified Financial Services – 1.1% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safe-Guard Products International LLC | Revolver 1L 03/24 | SOFR + 4.75% | 4/3/2030 | $2450 | $— (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safe-Guard Products International LLC | TL 1L 03/24 | SOFR + 4.75% | 4/3/2030 | 14861 | 15010 (a) (b) |
| &nbsp;&nbsp;&nbsp; Diversified Support Services – 7.8% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | Revolver 1L 09/24 | SOFR + 5.00% | 10/24/2029 | 641 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | TL 1L 09/24 | SOFR + 5.00% | 10/24/2030 | 7481 | 7556 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | TL 1L 09/24 (Replacement) | SOFR + 5.00% | 10/24/2030 | 1926 | 1945 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | TL 1L DD 09/24 (OpCo) | SOFR + 5.00% | 10/24/2030 | 13405 | 13539 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | Revolver 1L 11/22 | SOFR + 5.00% | 11/22/2028 | 1034 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | TL 1L 11/22 | SOFR + 5.00% | 11/22/2029 | 8675 | 8718 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | TL 1L DD 11/22 | SOFR + 5.00% | 11/21/2029 | 2428 | 2440 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | TL 1L DD 12/23 | SOFR + 5.00% | 11/21/2029 | 3915 | 3313 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Express Inc | Revolver 1L 08/24 | SOFR + 4.75% | 8/15/2031 | 3330 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Express Inc | TL 1L 08/24 | SOFR + 4.75% | 8/15/2031 | 24350 | 24499 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Express Inc | TL 1L DD 08/24 | SOFR + 4.75% | 8/15/2031 | 5820 | 1294 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings Inc | Revolver 1L 09/24 | SOFR + 5.25% | 9/10/2031 | 4741 | 2167 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings Inc | TL 1L 09/24 | SOFR + 5.50% | 9/10/2031 | 37063 | 37593 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings Inc | TL 1L DD 09/24 | SOFR + 5.50% | 9/10/2031 | 2193 | 773 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp; Education Services – 1.0% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Education LLC | Revolver 1L 05/24 | SOFR + 5.00% | 5/1/2030 | 1767 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Education LLC | TL 1L 05/24 (Unitranche) | SOFR + 5.00% | 5/1/2031 | 11420 | 11477 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Education LLC | TL 1L DD 05/24 | SOFR + 5.00% | 5/1/2031 | 2991 | 1206 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp; Electrical Component & Equipment – 4.0% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | Revolver 1L 06/25 (2025 Replacement) | SOFR + 5.75% | 2/13/2032 | 5305 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L 06/25 (2025 Incremental) | SOFR + 5.75% | 2/13/2032 | 1111 | 1111 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L 06/25 (2025 Replacement) | SOFR + 5.75% | 2/13/2032 | 51836 | 51836 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L DD-A 06/25 | SOFR + 5.75% | 2/13/2032 | 1910 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L DD-B 06/25 | SOFR + 5.75% | 2/13/2032 | 10698 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L DD-C 06/25 | SOFR + 5.75% | 2/13/2032 | 5305 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp; Environmental & Facilities Services – 4.4% | &nbsp;&nbsp;&nbsp; Environmental & Facilities Services – 4.4% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental (fka Heritage Environmental Services Inc) | Revolver 1L 01/24 | SOFR + 5.50% | 1/31/2030 | 2454 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L 01/24 | SOFR + 5.25% | 1/31/2031 | 16503 | 16668 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L 09/24 | SOFR + 5.00% | 1/31/2031 | 1829 | 1829 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L DD 09/24 | SOFR + 5.00% | 1/31/2031 | 974 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLEAResult Consulting Inc | Revolver 1L 08/24 | SOFR + 5.00% | 8/27/2031 | 2366 | — (a) (b) (c) |

---

See accompanying notes to consolidated financial statements.

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLEAResult Consulting Inc | TL 1L 08/24 | SOFR + 5.00% | 8/27/2031 | $14126 | $14267 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLEAResult Consulting Inc | TL 1L DD 08/24 | SOFR + 5.00% | 8/27/2031 | 3549 | 35 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resa Power LLC | Revolver 1L 04/25 | SOFR + 4.75% | 4/28/2032 | 2458 | (7) (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resa Power LLC | Revolver 1L 04/25 (CAD Multi Currency) | SOFR + 4.75% | 4/28/2032 | 307 | (1) (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resa Power LLC | TL 1L 04/25 | SOFR + 4.75% | 4/28/2032 | 19892 | 19836 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resa Power LLC | TL 1L DD 04/25 | SOFR + 4.75% | 4/28/2032 | 5577 | (16) (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem Kendall | Revolver 1L 06/25 | SOFR + 5.75% | 4/22/2030 | 1157 | 359 (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem Kendall | TL 1L 06/25 | SOFR + 5.75% | 4/22/2030 | 5619 | 5619 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem Kendall | TL 1L DD 06/25 (7th Amendment) | SOFR + 5.75% | 4/22/2030 | 8424 | — (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem Kendall | TL 1L DD-A 06/25 (6th Amendment) | SOFR + 5.75% | 4/22/2030 | 343 | — (b) (c) |
| &nbsp;&nbsp;&nbsp; Food Distributors – 1.2% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lipari Foods LLC | TL 1L 10/22 | SOFR + 6.50% | 10/31/2028 | 14707 | 14169 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lipari Foods LLC | TL 1L DD 10/22 | SOFR + 6.50% | 10/31/2028 | 1891 | 1821 (b) |
| &nbsp;&nbsp;&nbsp; Health Care Equipment – 2.1% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Industrial Products Inc | Revolver 1L 02/24 | SOFR + 5.50% | 2/28/2030 | 3624 | (8) (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Industrial Products Inc | TL 1L 02/24 | SOFR + 5.50% | 2/28/2031 | 25710 | 25653 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Industrial Products Inc | TL 1L DD 02/24 | SOFR + 5.50% | 2/28/2031 | 4827 | 2401 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp; Health Care Facilities – 0.7% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VetCor Professional Practices LLC | TL 1L B 08/22 | SOFR + 5.75% | 8/31/2029 | 4455 | 4455 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VetCor Professional Practices LLC | TL 1L DD 09/23 | SOFR + 6.00% | 8/31/2029 | 5041 | 5041 (b) |

---

See accompanying notes to consolidated financial statements.

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; Health Care Services – 6.3% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | TL 1L 08/21 PIK | SOFR + 2.75% (3.25% PIK) | 8/2/2028 | 3294 | 3224 (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | TL 1L DD 08/21 PIK | SOFR + 2.75% (3.25% PIK) | 8/2/2028 | 589 | 577 (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | TL 1L DD 08/23 PIK | SOFR + 2.75% (3.25% PIK) | 8/2/2028 | 639 | 625 (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management Inc | TL 1L 02/22 | SOFR + 5.50% | 2/25/2028 | 3823 | 3804 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental Care Alliance Inc | TL 1L 03/21 | SOFR + 6.40% | 4/3/2028 | 3782 | 3586 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental Care Alliance Inc | TL 1L 02/22 (Add-on) | SOFR + 6.40% | 4/3/2028 | 413 | 392 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental Care Alliance Inc | TL 1L DD 02/22 (Add-on) | SOFR + 6.40% | 4/3/2028 | 206 | 195 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | Revolver 1L 02/24 | SOFR + 5.50% | 2/13/2031 | 2113 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | TL 1L 02/24 (Unitranche) | SOFR + 5.50% | 2/13/2031 | 30126 | 30484 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | TL 1L DD 1 02/24 | SOFR + 5.50% | 2/13/2031 | 10554 | 3877 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | TL 1L DD 2 02/24 | SOFR + 5.50% | 2/13/2031 | 4362 | 4414 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSKW LLC (dba ConnectiveRx) | TL 1L 12/24 | SOFR + 5.50% | 3/9/2028 | 31933 | 31933 (a) (b) |
| &nbsp;&nbsp;&nbsp; Health Care Supplies – 2.9% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCI Pharma Services | Revolver 1L 01/25 | SOFR + 4.75% | 1/22/2032 | 3858 | (8) (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCI Pharma Services | TL 1L 01/25 | SOFR + 4.75% | 1/22/2032 | 38300 | 38223 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCI Pharma Services | TL 1L DD 01/25 (Alternative Currency - EUR/GBP Draw) | SOFR + 4.75% | 1/22/2032 | 4209 | (8) (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCI Pharma Services | TL 1L DDTL 01/25 (USD) | SOFR + 4.75% | 1/22/2032 | 16134 | (32) (a) (b) (c) |
| &nbsp;&nbsp;&nbsp; Health Care Technology – 2.8% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies Inc | Revolver 1L 08/24 | SOFR + 4.75% | 8/25/2031 | $4935 | $— (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies Inc | TL 1L 08/24 PIK | SOFR + 2.75% (2.45% PIK) | 8/25/2031 | 37011 | 37381 (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies Inc | TL 1L DD 08/24 PIK | SOFR + 2.50% (2.70% PIK) | 8/25/2031 | 4838 | 48 (a) (b) (c) (d) |
| &nbsp;&nbsp;&nbsp; Highways & Railtracks – 0.7% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Railcar Services Roscoe Inc | Revolver 1L 06/25 | SOFR + 4.75% | 6/14/2032 | 1739 | — (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Railcar Services Roscoe Inc | TL 1L 06/25 | SOFR + 4.50% | 6/14/2032 | 9276 | 9253 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Railcar Services Roscoe Inc | TL 1L DD 06/25 | SOFR + 4.75% | 6/14/2032 | 1933 | (5) (b) (c) |
| &nbsp;&nbsp;&nbsp; Hotels, Resorts & Cruise Lines – 0.3% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highgate Hotels Inc | Revolver 1L 11/23 | SOFR + 5.50% | 11/5/2029 | 531 | 159 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highgate Hotels Inc | TL 1L 11/23 | SOFR + 5.50% | 11/5/2029 | 4182 | 4224 (a) (b) |
| &nbsp;&nbsp;&nbsp; Human Resource & Employment Services – 0.4% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Global LLC | Revolver 1L 11/24 (Refinance) | SOFR + 5.00% | 9/22/2028 | 3326 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Global LLC | TL 1L 11/24 (Refinance) | SOFR + 5.00% | 9/22/2028 | 5835 | 5894 (a) (b) |
| &nbsp;&nbsp;&nbsp; Insurance Brokers – 9.0% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | Revolver 1L 12/23 | SOFR + 5.25% | 12/20/2029 | 1027 | 123 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | TL 1L 12/23 | SOFR + 5.25% | 12/20/2030 | 4733 | 4780 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | TL 1L DD 12/23 | SOFR + 5.25% | 12/20/2030 | 4501 | 4503 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | TL 1L DD 05/24 | SOFR + 5.00% | 12/20/2030 | 4371 | 13 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | Revolver 1L 10/21 | SOFR + 5.75% | 10/29/2029 | 1195 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L 10/21 | SOFR + 4.75% | 10/29/2030 | 4114 | 4155 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L DD 10/21 | SOFR + 4.75% | 10/29/2030 | 295 | 298 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L DD 11/23 | SOFR + 4.75% | 10/29/2030 | 7084 | 7154 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L DD 05/24 | SOFR + 4.75% | 10/29/2030 | 3176 | 3033 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L DD 02/25 | SOFR + 4.75% | 10/29/2030 | 5958 | 60 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Partners Holdings LLC | Revolver 1L 09/21 | SOFR + 4.50% | 9/29/2028 | 746 | 234 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Partners Holdings LLC | TL 1L 07/24 (Reprice) | SOFR + 4.50% | 9/29/2028 | 14060 | 14060 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Partners Holdings LLC | TL 1L DD 04/23 | SOFR + 4.50% | 9/29/2028 | 7962 | 7962 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency Inc | TL 1L DD 03/24 | SOFR + 4.75% | 11/24/2028 | 2307 | 1176 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Group LLC | Revolver 1L 08/24 | SOFR + 5.00% | 8/25/2028 | 543 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Group LLC | TL 1L 08/24 | SOFR + 5.00% | 8/25/2028 | 21934 | 21934 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Group LLC | TL 1L DD 08/24 | SOFR + 5.00% | 8/25/2028 | 2798 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSC Insurance Brokerage Inc | Revolver 1L 11/19 | SOFR + 4.75% | 11/1/2029 | 1850 | — (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSC Insurance Brokerage Inc | TL 1L 11/21 | SOFR + 4.75% | 11/1/2029 | 557 | 557 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSC Insurance Brokerage Inc | TL 1L DD 10/23 (Tranche 2) | SOFR + 4.75% | 11/1/2029 | 10014 | 10014 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSC Insurance Brokerage Inc | TL 1L DD-2 11/23 | SOFR + 4.75% | 11/1/2029 | 34982 | 34982 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSC Insurance Brokerage Inc | TL 1L DD 08/24 | SOFR + 4.75% | 11/1/2029 | 4947 | 504 (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSC Insurance Brokerage Inc | TL 1L DD2 11/24 | SOFR + 4.75% | 11/1/2029 | 3550 | 3550 (b) |

---

See accompanying notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; IT Consulting & Other Services – 0.2% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Technology Inc | TL 1L 04/21 | SOFR + 6.25% | 10/31/2026 | $1636 | $996 (a) (b) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Technology Inc | TL 1L DD 04/21 | SOFR + 6.25% | 10/31/2026 | 1584 | 965 (a) (b) (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Technology Inc | TL 1L DD 04/22 | SOFR + 6.25% | 10/31/2026 | 1211 | 738 (a) (b) (h) |
| &nbsp;&nbsp;&nbsp; Property & Casualty Insurance – 2.7% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | Revolver 1L 02/25 | SOFR + 5.25% | 2/28/2030 | 869 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL 1L 02/25 (Takeback) PIK | SOFR + 1.00% (5.25% PIK) | 2/28/2030 | 2061 | 2061 (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL 1L 03/25 (PIK Upfront Fee) | SOFR + 5.25% | 2/28/2030 | 72 | 72 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL 1L DD 02/25 (Exit) | SOFR + 5.25% | 2/28/2030 | 1157 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J S Held LLC | Revolver 1L 10/24 | SOFR + 5.50% | 6/1/2028 | 1804 | 289 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J S Held LLC | TL 1L B 10/24 | SOFR + 5.50% | 6/1/2028 | 31163 | 31163 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J S Held LLC | TL 1L DD 10/24 | SOFR + 5.50% | 6/1/2028 | 5219 | 1669 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp; Publishing – 1.4% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBmedia | Revolver 1L 08/23 | SOFR + 5.75% | 8/31/2028 | 749 | — (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBmedia | TL 1L 08/23 | SOFR + 5.75% | 9/3/2030 | 9113 | 9204 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBmedia | TL 1L 08/24 (Incremental) | SOFR + 5.75% | 9/3/2030 | 9461 | 9556 (b) |
| &nbsp;&nbsp;&nbsp; Research & Consulting Services – 0.4% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BDO USA PA | TL 1L 08/23 | SOFR + 5.00% | 8/31/2028 | 5586 | 5600 (a) (b) |
| &nbsp;&nbsp;&nbsp; Specialized Consumer Services – 4.7% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circana Group (f.k.a. NPD Group) | Revolver 1L 04/25 | SOFR + 4.50% | 12/1/2028 | 691 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circana Group (f.k.a. NPD Group) | TL 1L 04/25 | SOFR + 4.50% | 12/1/2029 | 9444 | 9538 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality LLC | Revolver 1L 08/24 | SOFR + 5.00% | 8/22/2030 | 3589 | 1436 (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality LLC | TL 1L 08/24 PIK | SOFR + 2.75% (2.75% PIK) | 8/22/2031 | 30997 | 30997 (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality LLC | TL 1L DD 08/24 PIK | SOFR + 2.25% (2.75% PIK) | 8/22/2031 | 1795 | — (b) (c) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands LLC | TL 1L 02/23 | SOFR + 5.75% | 7/25/2028 | 5874 | 5933 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands LLC | TL 1L DD 02/23 | SOFR + 5.75% | 7/25/2028 | 8943 | 9033 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands LLC | TL 1L DD E 08/24 | SOFR + 5.50% | 7/25/2028 | 8180 | 5713 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp; Specialty Chemicals – 1.9% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuBois Chemicals Inc | Revolver 1L 06/24 | SOFR + 4.50% | 6/13/2031 | 3818 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuBois Chemicals Inc | TL 1L 06/24 | SOFR + 4.50% | 6/13/2031 | 22831 | 23059 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuBois Chemicals Inc | TL 1L DD 06/24 | SOFR + 4.50% | 6/13/2031 | 3818 | 2329 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp; Systems Software – 9.1% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | Revolver 1L 03/25 | SOFR + 5.00% | 3/5/2032 | 5452 | 1134 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | TL 1L 03/25 | SOFR + 5.00% | 3/5/2032 | 50429 | 50177 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | TL 1L DD 03/25 | SOFR + 5.00% | 3/5/2032 | 5452 | (27) (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gigamon Inc | TL 1L 03/22 | SOFR + 5.75% | 3/9/2029 | 4407 | 4101 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | Revolver 1L 04/24 | SOFR + 5.25% | 4/22/2031 | 2002 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | TL 1L 04/24 | SOFR + 5.25% | 4/22/2031 | 18268 | 18450 (a) (b) |

---

See accompanying notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | TL 1L DD 04/24 | SOFR + 5.25% | 4/22/2031 | $3187 | $3219 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | TL 1L DD 12/24 | SOFR + 5.25% | 4/22/2031 | 1482 | 15 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veriforce LLC | Revolver 1L 11/24 | SOFR + 5.00% | 11/21/2031 | 2923 | — (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veriforce LLC | TL 1L 11/24 GBP | SONIA + 5.00% | 11/21/2031 | 10547 | 14551 (a) (b) (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veriforce LLC | TL 1L 11/24 USD | SOFR + 5.00% | 11/21/2031 | 28802 | 28949 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veriforce LLC | TL 1L DD-2 11/24 USD | SOFR + 5.00% | 11/21/2031 | 3655 | 19 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors – 2.5% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individual FoodService | TL 1L B 10/24 | SOFR + 5.00% | 10/31/2029 | 14754 | 14764 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individual FoodService | TL 1L DD B 10/24 | SOFR + 5.00% | 10/31/2029 | 436 | 144 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell International LLC | Revolver 1L 04/22 | SOFR + 5.50% | 4/1/2029 | 1360 | 408 (a) (b) (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell International LLC | TL 1L 12/22 | SOFR + 5.50% | 4/1/2029 | 17686 | 17728 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell International LLC | TL 1L DD 11/24 | SOFR + 5.50% | 4/1/2029 | 16177 | 362 (a) (b) (c) |
|  **Total Senior Secured Loans– First Lien (Cost $1,219,825)** | **Total Senior Secured Loans– First Lien (Cost $1,219,825)** | **Total Senior Secured Loans– First Lien (Cost $1,219,825)** |  |  | $1230841 |
|  **Subordinated Debt – 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Property & Casualty Insurance – 0.1% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL Mezz 02/25 (PIK) | SOFR + 8.00% PIK | 2/28/2030 | 699 | 699 (a) (b) (d) |
|  **Total Subordinated Debt (Cost $699)** | **Total Subordinated Debt (Cost $699)** | **Total Subordinated Debt (Cost $699)** |  |  | $699 |
|  **Equity — 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Property & Casualty Insurance – 0.0% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | Common Stock |  |  | 423 | 78 (a) (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | Perp (Pref Equity) PIK | SOFR + 8.00% PIK |  | 452 | 379 (a) (b) (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Equity (Cost $1,569)** |  |  |  |  | $457 |
|  **TOTAL INVESTMENTS (Cost $1,222,093) — 92.7%** | **TOTAL INVESTMENTS (Cost $1,222,093) — 92.7%** | **TOTAL INVESTMENTS (Cost $1,222,093) — 92.7%** |  |  | $1231997 |

---

See accompanying notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Shares** | **Fair Value** | **Footnotes** |
|  **Money Market Funds – 1.7%**  | **Money Market Funds – 1.7%**  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities – 1.7% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon U.S. Treasury Fund | Money Market Fund Shares | 3131921 | $3132 | (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund | Opportunity Class | 19095731 | 19096 | (f) |
|  **TOTAL MONEY MARKET FUNDS (Cost – $22,228) – 1.7%** | **TOTAL MONEY MARKET FUNDS (Cost – $22,228) – 1.7%** |  | $22228 |  |
|  **TOTAL INVESTMENTS INCLUDING MONEY MARKET FUNDS (Cost – $1,244,321) – 94.4%** | **TOTAL INVESTMENTS INCLUDING MONEY MARKET FUNDS (Cost – $1,244,321) – 94.4%** |  | $1254225 |  |
|  **OTHER ASSETS EXCEEDING LIABILITIES, NET – 5.6%** | **OTHER ASSETS EXCEEDING LIABILITIES, NET – 5.6%** |  | 74455 |  |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $1328680 |  |

---

---

| | |
|:---|:---|
| TL | Term loan |
| DD | Delayed draw term loan |
| 1L | First lien |
| SOFR | Secured Overnight Financing Rate as of June 30, 2025 was 4.5% |
| SONIA | Sterling Overnight Index Average as of June 30, 2025 was 4.2% |
| (a) | Security considered restricted. |
| (b) | Value determined using significant unobservable inputs. |
| (c) | Investment is an unfunded or partially funded commitment. |
| (d) | Represents a payment-in-kind ("PIK") security which may pay interest in additional par. PIK rate disclosed is excluded from the spread. |
| (e) | The money market fund's average 7-day yield as of June 30, 2025 was 3.9%. |
| (f) | The money market fund's average 7-day yield as of June 30, 2025 was 4.2%. |
| (g) | Par value is in GBP. |
| (h) | Asset is on non-accrual status. |

---

See accompanying notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

**Consolidated Statement of Assets and Liabilities** 

***(In thousands, except shares and per share value)***

---

| | |
|:---|:---|
|  | **As of**<br>**June 30, 2025** |
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value (cost – $1,222,093) | $1231997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 29397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscription receivable | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 8007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4805 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 1424206 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit facility | 79623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution payable | 10532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest payable | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration and custody fees payable | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Adviser | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 95526 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitment and Contingencies (Note 8)** |  |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Shares, $0.001 par value, unlimited shares authorized, 1,271,164 shares issued and outstanding | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital in excess of par value | 1319668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings (accumulated deficit) | 9011 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $1328680 |
|  **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, price per share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045.25 |

---

See accompanying notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Consolidated Statement of Operations** 

***(In thousands)***

---

| | |
|:---|:---|
|  | **For the Six Months**<br> **Ended June 30, 2025** |
|  **Investment income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $53177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structuring fee income | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest income | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | 58031 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 6995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 3917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration and custody fees | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 12354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived by the Adviser | (6995) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5359 |
|  **Net investment income** | 52672 |
|  **Realized and unrealized gains (losses)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on investments and foreign currencies | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (3239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit (provision) for income taxes | 287 |
|  **Net realized and unrealized gains (losses)** | (1234) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51438 |

---

See accompanying notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

**Consolidated Statements of Changes in Net Assets** 

***(In thousands)***

---

| | | |
|:---|:---|:---|
|  | **For the Six<br>Months Ended<br>June 30, 2025**<br> **(Unaudited)** | **For the Year Ended<br>December 31, 2024** |
|  **Increase (decrease) in net assets resulting from operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $52672 | $68385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on investments and foreign currencies | 1718 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (3239) | 5271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit (provision) for income taxes | 287 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 51438 | 74430 |
|  **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (52420) | (68940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gains |  | (790) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (52420) | (69730) |
|  **Shareholder transactions (Note 7)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscriptions | 387488 | 670644 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase from shareholder transactions** | 387488 | 670644 |
|  **Net increase (decrease) in net assets** | 386506 | 675344 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 942174 | 266830 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328680 | $942174 |

---

See accompanying notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Consolidated Statement of Cash Flows** 

***(In thousands)***

---

| | |
|:---|:---|
|  | **For the Six Months<br> Ended June 30, 2025** |
|  **Cash Flows from Operating Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $51438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (387545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest | (1721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale and repayments of investments | 111937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments and foreign currencies | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized (gains) losses on investments and foreign currencies | (1718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net accretion/amortization of premiums/discounts | (400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | (892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in payable for investments purchased | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in deferred tax liability | (286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in administration and custody fees payable | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in due to Adviser | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in other accrued expenses | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in interest payable | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | (225900) |
|  **Cash Flows from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscription for shares | 305000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from credit facility | 266000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayments of credit facility | (303000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid to shareholders | (28486) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs paid | (505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | 239009 |
|  Effect of exchange rate changes on cash | 145 |
|  **Net Increase (Decrease) in Cash and Cash Equivalents** | 13254 |
|  **Cash and Cash Equivalents:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning balance | 16143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ending balance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29397 |
|  **Supplemental disclosure of cash flow information and non-cash financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest expense | $3688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | $22487 |

---

See accompanying notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Consolidated Financial Highlights** 

***(In thousands, except shares and per share value)***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six<br>Months Ended<br>June 30, 2025**<br> **(Unaudited)** | **For the Year Ended<br>December 31, 2024** | **For the Period from**<br> **October 12, 2023<sup>(1)</sup> to**<br> &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2023**  |
|  **Common Shares** |  |  |  |
|  **Per Share Operating Performance<sup>(2)</sup>** |  |  |  |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045.27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028.01 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 |
|  Income from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 51.77 | 122.48 | 24.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.30) | 18.21 | 29.59 |
|  Total from investment operations | 51.47 | 140.69 | 53.87 |
|  Distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (51.49) | (122.45) | (25.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gains |  | (0.98) |  |
|  Total distributions | (51.49) | (123.43) | (25.86) |
|  Net asset value, end of period | $1045.25 | $1045.27 | $1028.01 |
|  **Total return<sup>(3)</sup>** | 4.92% | 13.69% | 5.39% |
|  **Ratio to average net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waiver | 2.33%<sup>(4)</sup> | 3.09% | 4.92%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, after waiver | 1.01%<sup>(4)</sup> | 1.72% | 3.79%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before waiver | 8.30%<sup>(4)</sup> | 10.35% | 8.17%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, after waiver | 9.62%<sup>(4)</sup> | 11.72% | 9.30%<sup>(4)</sup> |
|  **Supplemental data** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period | $1328680 | $942174 | $266830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 9.75% | 8.84% | 1.29% |

---

<sup>(1)</sup> Common Shares commenced operations on October 12, 2023.

<sup>(2)</sup> Per share calculations were performed using the weighted average shares outstanding for the period.

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized. Total return assumes a purchase of common shares at the net asset value on the first day and a sale at the net asset value on the last day of each period reported on the table. Total return assumes reinvestment of distributions. 

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

See accompanying notes to consolidated financial statements.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Notes to Consolidated Financial Statements** 

***(In thousands, except shares and per share value)***

**1. Organization** 

KKR US Direct Lending Fund-U Inc. (the "Company") was organized on May 2, 2023 as a statutory trust under the laws of the State of Delaware. The Company is a closed-end registered management investment company, which commenced operations on October 12, 2023 and converted into a Delaware corporation on October 13, 2023. The Company seeks to generate current income. The Company is non-diversified for purposes of the Investment Company Act of 1940, as amended (the "1940 Act"). KKR Credit Advisors (US) LLC serves as the Company's investment adviser (the "Adviser").

**2. Summary of Significant Accounting Policies** 

*Basis of Presentation* — The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are stated in United States ("U.S.") dollars. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946*, Financial Services* — *Investment Companies.* The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates.

*Basis of Consolidation* — The Company's consolidated financial statements include balances of both the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.

*Valuation of Investments* — The Board of Directors (the "Board") of the Company has adopted valuation policies and procedures to ensure investments are valued in a manner consistent with GAAP as required by the 1940 Act. The Board designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act (the "Valuation Designee"). The Valuation Designee has primary responsibility for implementing the Company's valuation policies and procedures.

Fair value is 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. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments' complexity for disclosure purposes.

Assets and liabilities recorded at fair value on the Consolidated Statement of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, and are as follows:

Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.

Level 3 — Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and a significant adjustment to the transactions or quoted prices may be necessary to estimate fair value.

The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable

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| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset. The variability of the observable inputs affected by the factors described above may cause transfers between Levels 1, 2 and/or 3.

Many financial assets and liabilities have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that the Company and others are willing to pay for an asset. Ask prices represent the lowest price that the Company and others are willing to accept for an asset. For financial assets and liabilities whose inputs are based on bid-ask prices, the Company does not require that fair value always be a predetermined point in the bid-ask range. The Company's policy is to allow for mid-market pricing and adjust to the point within the bid-ask range that meets the Company's best estimate of fair value.

Investments are generally valued based on quotations from third party pricing services, unless such a quotation is unavailable or is determined to be unreliable or inadequately representing the fair value of the particular assets. In that case, valuations are based on either valuation data obtained from one or more other third party pricing sources, including broker dealers selected by the Adviser, or will reflect the Valuation Committee's good faith determination of fair value based on other factors considered relevant. For assets classified as Level 3, valuations are based on various factors including financial and operating data of the company, company-specific developments, market valuations of comparable companies and model projections.

The fair value of certain unfunded investments in delayed draw term loans and revolving lines of credit may at times be priced at less than par value resulting in a financial liability in the Consolidated Schedule of Investments. These values are temporary and the funding of the commitment will result in these investments valued as financial assets.

For the six months ended June 30, 2025, there were no significant changes to the Company's fair value methodologies.

*Investment Transactions* — Investment transactions are accounted for on the trade date, the date the order to buy or sell is executed. Realized gains and losses are calculated on the specific identified cost basis. Interest income, including payment-in-kind ("PIK") interest income, is accrued as earned. PIK interest income is capitalized as additional principal, or collected in cash, on the interest payment dates.

*Revenue Recognition* — The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company does not accrue as a receivable interest on loans if it has reason to doubt its ability to collect such income. The Company's policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company's judgment.

*Cash and Cash Equivalents* — Cash and cash equivalents include cash on hand, cash held in banks and highly liquid investments with maturities of three or fewer months at the time of acquisition. Cash equivalents consist of money market funds with financial institutions and are classified as Level 1 in the fair value hierarchy.

*Deferred Financing Costs* — The Company has incurred financing costs related to the establishment of a secured revolving credit facility. The aforementioned costs were capitalized as an asset and are being amortized on a straight-line basis over each instrument's term.

*Foreign Currency Transactions* — The books and records of the Company are maintained in U.S. dollars. All investments denominated in foreign currency are converted to the U.S. dollar using prevailing exchange rates at the end of the reporting period. Income, expenses, gains and losses on investments denominated in foreign currency are converted to the U.S. dollar using the prevailing exchange rates on the dates when the transactions occurred.

*Distributions to Shareholders* — Distributions of net investment income are generally declared and paid monthly and distributable net realized capital gains, if any, are declared and distributed at least annually. Distributions to shareholders are recorded on the ex-dividend date.

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| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Income Taxes* — The Company has elected to be treated and has qualified, and intends to continue to qualify in each taxable year, as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended, and in conformity with the Regulated Investment Company Modernization Act of 2010. The Company will not be subject to federal income tax to the extent the Company satisfies the requirements under Section 851 of the Internal Revenue Code, including distributing substantially all of its gross investment company taxable income and capital gains to its shareholders based on the Company's fiscal year end of December 31.

Based on excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the 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 prior years. 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.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50.0%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Company's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions for the open tax year (2024). However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities, on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of June 30, 2025, the Company did not have a liability for any unrecognized tax benefits. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the six months ended June 30, 2025, the Company did not incur any interest or penalties.

*Recent Accounting Pronouncement*s — In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023–09"). ASU 2023–09 intends to enhance the transparency and decision usefulness of income tax disclosures, requiring disaggregated information about an entity's effective tax rate reconciliation as well as income taxes paid. This is effective for fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

**3. Risk Considerations** 

The Company invests mainly in debt securities. These investments may involve certain risks, including, but not limited to, those described below:

*Global Economic and Market Conditions* — The Company is materially affected by market, economic and political conditions and events, such as natural disasters, epidemics and pandemics, wars, supply chain disruptions, economic sanctions, globally and in the jurisdictions and sectors in which it invests or operates, including factors affecting interest rates, the availability of credit, currency exchange rates, trade barriers, trade disputes and tariffs. For example, conflict between Russia and Ukraine, the conflict between Hamas and Israel, rapid interest rate changes, heightened inflation, supply chain disruptions, geopolitical risks, economic sanctions and volatility in the banking and financial sectors have disrupted global economies and financial markets, and their prolonged economic impact is uncertain. Market, economic and political conditions and events are outside the Adviser's control and could adversely affect the Company's operations and performance and the liquidity and value of the Company's investments and reduce the ability of the Company to make attractive new investments.

*Leverage Risk* — Leverage is a speculative technique that may expose the Company to greater risk and increased costs. When leverage is used, the net asset value of the Company's shares and the Company's investment return will likely be more volatile. The use of leverage may also increase the Company's sensitivity to interest rate environments.

*Market Risk* — Bond markets rise and fall daily. As with any investment with performance tied to these markets, the value of an investment in the Company will fluctuate, which means that shareholders could lose money.

*Interest Rate Risk* — Interest rates will rise and fall over time. During periods when interest rates are low, the Company's yield and total return also may be low. Changes in interest rates also may affect the Company's share price and a sharp rise in interest rates could cause the Company's share price to fall. The longer the Company's duration, the more sensitive to interest rate movements its share price is likely to be. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates.

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| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Credit Risk* — The Company is subject to the risk that decline in the credit quality of an investment could cause the Company to lose money or underperform. The Company could lose money if the issuer or guarantor of an investment fails to make timely principal or interest payments or otherwise honor its obligations.

*Second Lien Risk* — Investments in second lien loans and "last out" pieces of unitranche loans will be junior in priority to the first lien loans and "first out" piece of the same unitranche loan with respect to payment of principal, interest and other amounts. Consequently, the fact that debt is secured does not guarantee that the Company will receive principal and interest payments according to the debt's terms, or at all, or that the Company will be able to collect on the debt should it be forced to enforce its remedies.

*Liquidity Risk* — A particular investment may be difficult to purchase or sell. The Company may be unable to sell illiquid securities at an advantageous time or price.

*Prepayment and Extension Risk* — The Company's investments are subject to the risk that the investments may be paid off earlier or later than expected. Either situation could cause the Company to hold investments paying lower than market rates of interest, which could hurt the Company's yield or share price.

*Issuer Risk* — The value of securities may decline for number of reasons that directly relate to the issuer, such as its financial strength, management performance, financial leverage and reduced demand for the issuer's goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets.

For more information on these and other risks, refer to the Company's private placement memorandum.

**4. Agreements and Related Party Transactions** 

*Investment Advisory Agreement* — The Adviser provides day-to-day portfolio management services to the Company and has discretion to purchase and sell investments in accordance with the Company's objectives, policies, and restrictions. For the services it provides to the Company, the Adviser receives an annual fee, payable monthly in arrears by the Company, in an amount equal to 1.25% of the Company's month end net assets (the "Management Fee"). The Adviser has agreed to reduce its Management Fee to an annual rate of 0.00% of the Company's month end net assets (the "Management Fee Waiver"). The Management Fee Waiver will remain in effect through at least December 31, 2025, though the Adviser does not currently intend to terminate the Management Fee Waiver after that date. After December 31, 2025, the Management Fee Waiver may be terminated only upon 60 days' notice by the Board or the Adviser.

During the six months ended June 30, 2025, the Adviser earned a Management Fee of $6,995 and waived fees of $6,995.

*Administrator, Custodian and Transfer Agent* — KKR Credit Advisors (US) LLC also serves as the Company's administrator (the "Administrator") pursuant to an administration agreement under which the Administrator is responsible for providing administrative and accounting services. The Administrator has also entered into a sub-administration agreement with The Bank of New York Mellon. The Company has engaged The Bank of New York Mellon as the Company's custodian and has engaged BNY Mellon Investment Servicing (US) Inc. as the Company's transfer agent.

*Distributor* — Pursuant to a Distribution Agreement, KKR Capital Markets LLC (the "Distributor"), an affiliate of the Adviser, serves as distributor of the Company's shares. The Company's shares do not incur distribution or servicing fees.

*Exemptive Relief* — In an order dated January 5, 2021, the SEC granted exemptive relief that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser with certain affiliates of the Adviser.

*Other* — Certain officers of the Company are also employees and officers of the Adviser. Such officers are paid no fees by the Company for serving as officers of the Company.

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|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

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**5. Fair Value** 

The following table presents information about the Company's assets measured on a recurring basis as of June 30, 2025, and indicates the fair value hierarchy of the inputs utilized by the Company to determine such fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
|  Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Loans – First Lien | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1230841 | $1230841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Debt |  |  | 699 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity |  |  | 457 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 22228 |  |  | 22228 |
|  Total Investments including Money Market Funds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22228 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254225 |

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The following are the details of the restricted securities of the Company:

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|:---|:---|:---|:---|:---|:---|:---|
| **Issuer<sup>(1)</sup>** | **Asset** | **Par/Shares** | **Cost** | **Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquisition** <br>**Date**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of Net** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets**  |
|  **Senior Secured Loans – First Lien** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | TL 1L 08/21 PIK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | 10/13/2023 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | TL 1L DD 08/21 PIK | 589 | 592 | 577 | 10/13/2023 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Care Inc | TL 1L DD 08/23 PIK | 639 | 623 | 625 | 10/13/2023 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | Revolver 1L 02/25 | 869 |  |  | 2/28/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL 1L 02/25 (Takeback) PIK | 2061 | 2061 | 2061 | 2/28/2025 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL 1L 03/25 (PIK Upfront Fee) | 72 | 5 | 72 | 2/28/2025 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL 1L DD 02/25 (Exit) | 1157 |  |  | 2/28/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerivet Partners Management Inc | TL 1L 02/22 | 3823 | 3721 | 3804 | 10/13/2023 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | Revolver 1L 09/24 | 641 |  |  | 9/24/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | TL 1L 09/24 | 7481 | 7401 | 7556 | 10/24/2023 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | TL 1L 09/24 (Replacement) | 1926 | 1903 | 1945 | 10/24/2023 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners LLC | TL 1L DD 09/24 (OpCo) | 13405 | 13347 | 13539 | 9/24/2024 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental (fka Heritage Environmental Services Inc) | Revolver 1L 01/24 | 2454 |  |  | 1/31/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L 01/24 | 16503 | 16404 | 16668 | 1/31/2024 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L 09/24 | 1829 | 1829 | 1829 | 9/27/2024 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L DD 09/24 | 974 | (4) |  | 9/27/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BDO USA PA | TL 1L 08/23 | 5586 | 5507 | 5600 | 10/13/2023 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | Revolver 1L 03/25 | 5452 | 1162 | 1134 | 3/6/2025 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | TL 1L 03/25 | 50429 | 50189 | 50177 | 3/6/2025 | 3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | TL 1L DD 03/25 | 5452 | (26) | (27) | 3/6/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Education LLC | Revolver 1L 05/24 | 1767 |  |  | 5/1/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Education LLC | TL 1L 05/24 (Unitranche) | 11420 | 11372 | 11477 | 5/1/2024 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Education LLC | TL 1L DD 05/24 | 2991 | 1179 | 1206 | 5/1/2024 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circana Group (f.k.a. NPD Group) | Revolver 1L 04/25 | 691 |  |  | 4/9/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circana Group (f.k.a. NPD Group) | TL 1L 04/25 | 9444 | 9444 | 9538 | 4/9/2025 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | Revolver 1L 06/25 (2025 Replacement) | 5305 |  |  | 6/17/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L 06/25 (2025 Incremental) | 1111 | 1111 | 1111 | 6/17/2025 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L 06/25 (2025 Replacement) | 51836 | 51836 | 51836 | 6/17/2025 | 3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L DD-A 06/25 | 1910 |  |  | 6/17/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L DD-B 06/25 | 10698 |  |  | 6/17/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarience Technologies LLC | TL 1L DD-C 06/25 | 5305 |  |  | 6/17/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLEAResult Consulting Inc | Revolver 1L 08/24 | 2366 |  |  | 8/27/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLEAResult Consulting Inc | TL 1L 08/24 | 14126 | 14002 | 14267 | 8/27/2024 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLEAResult Consulting Inc | TL 1L DD 08/24 | 3549 | (16) | 35 | 8/27/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | Revolver 1L 03/24 | 3598 | 2519 | 2519 | 3/8/2024 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L 03/24 (GBP)<sup>(2)</sup> | 4799 | 6161 | 6653 | 3/8/2024 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L 03/24 Incremental | 34392 | 34361 | 34736 | 3/8/2024 | 2.61% |

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|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

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|:---|:---|:---|:---|:---|:---|:---|
| **Issuer<sup>(1)</sup>** | **Asset** | **Par/Shares** | **Cost** | **Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquisition** <br>**Date**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of Net** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L 11/24 (Incremental) | 807 | $807 | $815 | 11/22/2024 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSafe Global | TL 1L DD 03/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | 1470 | 3/8/2024 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental Care Alliance Inc | TL 1L 03/21 | 3782 | 3696 | 3586 | 10/13/2023 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental Care Alliance Inc | TL 1L 02/22 (Add-on) | 413 | 404 | 392 | 10/13/2023 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental Care Alliance Inc | TL 1L DD 02/22 (Add-on) | 206 | 201 | 195 | 10/13/2023 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | Revolver 1L 12/23 | 1027 | 123 | 123 | 12/20/2023 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | TL 1L 12/23 | 4733 | 4696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780 | 12/20/2023 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | TL 1L DD 12/23 | 4501 | 4423 | 4503 | 12/20/2023 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOXA Insurance Holdings LLC | TL 1L DD 05/24 | 4371 | (18) | 13 | 5/28/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuBois Chemicals Inc | Revolver 1L 06/24 | 3818 |  |  | 6/13/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuBois Chemicals Inc | TL 1L 06/24 | 22831 | 22734 | 23059 | 6/13/2024 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuBois Chemicals Inc | TL 1L DD 06/24 | 3818 | 2274 | 2329 | 6/13/2024 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Follett Software Co | Revolver 1L 04/25 | 891 | 254 | 254 | 4/21/2025 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Follett Software Co | TL 1L 04/25 | 9562 | 9562 | 9559 | 4/21/2025 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | Revolver 1L 10/21 | 1195 |  |  | 5/22/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L 10/21 | 4114 | 3981 | 4155 | 10/13/2023 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L DD 10/21 | 295 | 285 | 298 | 10/13/2023 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L DD 11/23 | 7084 | 7021 | 7154 | 11/17/2023 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L DD 05/24 | 3176 | 2988 | 3033 | 5/22/2024 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners Corp | TL 1L DD 02/25 | 5958 | (14) | 60 | 2/26/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety LLC | Revolver 1L 03/25 | 6729 | 1472 | 1452 | 3/4/2025 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety LLC | TL 1L 03/25 PIK | 39587 | 39400 | 39473 | 3/4/2025 | 2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety LLC | TL 1L DD 03/25 PIK | 11617 | 12626 | 11583 | 3/4/2025 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety LLC | TL 1L DD 05/25 (Add-on) PIK | 5733 |  | 1047 | 3/4/2025 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Partners Holdings LLC | Revolver 1L 09/21 | 746 | 234 | 234 | 7/25/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Partners Holdings LLC | TL 1L 07/24 (Reprice) | 14060 | 13959 | 14060 | 10/13/2023 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Partners Holdings LLC | TL 1L DD 04/23 | 7962 | 7820 | 7962 | 10/13/2023 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gigamon Inc | TL 1L 03/22 | 4407 | 4344 | 4101 | 10/13/2023 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | Revolver 1L 01/24 | 2282 | 320 | 320 | 1/17/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | TL 1L 01/24 (Unitranche) PIK | 16425 | 16363 | 16590 | 1/17/2024 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | TL 1L DD 01/24 PIK | 6108 | 6099 | 6169 | 1/17/2024 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granicus Inc | TL 1L DD 08/24 PIK | 1410 | (6) | 14 | 8/2/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency Inc | TL 1L DD 03/24 | 2307 | 1159 | 1176 | 3/27/2024 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highgate Hotels Inc | Revolver 1L 11/23 | 531 | 159 | 159 | 11/3/2023 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highgate Hotels Inc | TL 1L 11/23 | 4182 | 4152 | 4224 | 11/3/2023 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individual FoodService | TL 1L B 10/24 | 14754 | 14520 | 14764 | 10/31/2023 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individual FoodService | TL 1L DD B 10/24 | 436 | 143 | 144 | 10/11/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Global LLC | Revolver 1L 11/24 (Refinance) | 3326 |  |  | 11/1/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Global LLC | TL 1L 11/24 (Refinance) | 5835 | 5758 | 5894 | 10/13/2023 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Group LLC | Revolver 1L 08/24 | 543 | (1) |  | 10/13/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Group LLC | TL 1L 08/24 | 21934 | 21398 | 21934 | 10/13/2023 | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Group LLC | TL 1L DD 08/24 | 2798 | (3) |  | 8/27/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J S Held LLC | Revolver 1L 10/24 | 1804 | 289 | 289 | 10/2/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J S Held LLC | TL 1L B 10/24 | 31163 | 31163 | 31163 | 10/2/2024 | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J S Held LLC | TL 1L DD 10/24 | 5219 | 1628 | 1669 | 10/2/2024 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | Revolver 1L 05/23 | 1388 | 622 | 625 | 10/13/2023 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L 11/23 | 516 | 514 | 521 | 11/6/2023 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L B 05/23 (Unitranche) | 11279 | 11127 | 11392 | 10/13/2023 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L DD 05/23 | 1709 | 1704 | 1726 | 10/13/2023 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazer Logistics Inc | TL 1L DD 11/23 | 1038 | 1034 | 1048 | 11/6/2023 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | Revolver 1L 11/22 | 1034 | (2) |  | 10/13/2023 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | TL 1L 11/22 | 8675 | 8435 | 8718 | 10/13/2023 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | TL 1L DD 11/22 | 2428 | 2310 | 2440 | 10/13/2023 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magna Legal Services LLC | TL 1L DD 12/23 | 3915 | 3284 | 3313 | 12/22/2023 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management LLC | Revolver 1L 08/24 | 1967 | 401 | 401 | 8/29/2024 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management LLC | TL 1L 08/24 | 5704 | 5679 | 5704 | 8/29/2024 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management LLC | TL 1L DD 08/24 | 3352 | 1312 | 1326 | 8/29/2024 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management LLC | TL 1L DD 06/25 | 8484 |  |  | 6/13/2025 | 0.00% |

---

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer<sup>(1)</sup>** | **Asset** | **Par/Shares** | **Cost** | **Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquisition** <br>**Date**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of Net** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolver 1L 02/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113 | $— | $— | 2/13/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | TL 1L 02/24 (Unitranche) | 30126 | 29884 | 30484 | 2/13/2024 | 2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | TL 1L DD 1 02/24 | 10554 | 3666 | 3877 | 2/13/2024 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions LLC | TL 1L DD 2 02/24 | 4362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414 | 2/13/2024 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Misys Ltd | Revolver 1L 09/23 | 1536 | 304 | 305 | 10/13/2023 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Misys Ltd | TL 1L 09/23 | 14619 | 14368 | 14765 | 10/13/2023 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies Inc | Revolver 1L 08/24 | 4935 |  |  | 8/23/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies Inc | TL 1L 08/24 PIK | 37011 | 36852 | 37381 | 8/23/2024 | 2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies Inc | TL 1L DD 08/24 PIK | 4838 | (21) | 48 | 8/23/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Technology Inc | TL 1L 04/21 | 1636 | 1617 | 996 | 10/13/2023 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Technology Inc | TL 1L DD 04/21 | 1584 | 1542 | 965 | 10/13/2023 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Technology Inc | TL 1L DD 04/22 | 1211 | 1180 | 738 | 10/13/2023 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | Revolver 1L 04/24 | 2002 |  |  | 4/22/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | TL 1L 04/24 | 18268 | 18192 | 18450 | 4/22/2024 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | TL 1L DD 04/24 | 3187 | 3172 | 3219 | 4/22/2024 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | TL 1L DD 12/24 | 1482 | (7) | 15 | 12/30/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCI Pharma Services | Revolver 1L 01/25 | 3858 |  | (8) | 1/22/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCI Pharma Services | TL 1L 01/25 | 38300 | 38210 | 38223 | 1/22/2025 | 2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCI Pharma Services | TL 1L DD 01/25 (Alternative<br>Currency - EUR/GBP Draw) | 4209 | (30) | (8) | 1/22/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCI Pharma Services | TL 1L DDTL 01/25 (USD) | 16134 | (113) | (32) | 1/22/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSKW LLC (dba ConnectiveRx) | TL 1L 12/24 | 31933 | 31933 | 31933 | 12/11/2024 | 2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell International LLC | Revolver 1L 04/22 | 1360 | 412 | 408 | 10/13/2023 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell International LLC | TL 1L 12/22 | 17686 | 17450 | 17728 | 10/13/2023 | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell International LLC | TL 1L DD 11/24 | 16177 | 185 | 362 | 11/8/2024 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resa Power LLC | Revolver 1L 04/25 | 2458 |  | (7) | 4/28/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resa Power LLC | Revolver 1L 04/25 (CAD Multi Currency) | 307 |  | (1) | 4/28/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resa Power LLC | TL 1L 04/25 | 19892 | 19820 | 19836 | 5/1/2025 | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resa Power LLC | TL 1L DD 04/25 | 5577 | (20) | (16) | 4/28/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Capital Management LP | TL 1L 04/24 | 8397 | 8328 | 8397 | 4/4/2024 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Capital Management LP | TL 1L DD 06/25 | 2524 |  |  | 6/13/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Capital Management LP | TL 1L DD 12/24 | 2048 | 2041 | 2048 | 12/3/2024 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safe-Guard Products International LLC | Revolver 1L 03/24 | 2450 |  |  | 4/3/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safe-Guard Products International LLC | TL 1L 03/24 | 14861 | 14764 | 15010 | 10/13/2023 | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Express Inc | Revolver 1L 08/24 | 3330 |  |  | 8/15/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Express Inc | TL 1L 08/24 | 24350 | 24244 | 24499 | 8/15/2024 | 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Express Inc | TL 1L DD 08/24 | 5820 | 1233 | 1294 | 8/15/2024 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaw Development LLC | TL 1L 10/23 | 5679 | 5638 | 5206 | 10/30/2023 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spins LLC | Revolver 1L 02/25 | 1724 |  |  | 2/20/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spins LLC | TL 1L 02/25 (Restated) | 15189 | 15189 | 15250 | 2/20/2025 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spins LLC | TL 1L DD 02/25 (Amendment #1) | 1455 | 1442 | 1461 | 2/20/2025 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spins LLC | TL 1L DD 02/25 (Restated) | 1190 | 1185 | 1195 | 2/20/2025 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands LLC | TL 1L 02/23 | 5874 | 5656 | 5933 | 10/13/2023 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands LLC | TL 1L DD 02/23 | 8943 | 8907 | 9033 | 10/13/2023 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands LLC | TL 1L DD E 08/24 | 8180 | 5631 | 5713 | 8/30/2024 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turnpoint Services Inc | Revolver 1L 06/24 | 1236 | 148 | 139 | 6/17/2024 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turnpoint Services Inc | TL 1L 06/24 | 10088 | 10003 | 10013 | 6/17/2024 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turnpoint Services Inc | TL 1L DD 06/24 | 1978 | (17) | (15) | 6/17/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings Inc | Revolver 1L 09/24 | 4741 | 2167 | 2167 | 9/10/2024 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings Inc | TL 1L 09/24 | 37063 | 36899 | 37593 | 9/10/2024 | 2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings Inc | TL 1L DD 09/24 | 2193 | 742 | 773 | 9/10/2024 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veriforce LLC | Revolver 1L 11/24 | 2923 |  |  | 11/21/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veriforce LLC | TL 1L 11/24 GBP | 10547 | 13224 | 14551 | 11/21/2024 | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veriforce LLC | TL 1L 11/24 USD | 28802 | 28670 | 28949 | 11/21/2024 | 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veriforce LLC | TL 1L DD-2 11/24 USD | 3655 | (17) | 19 | 11/21/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vitu | Revolver 1L 01/25 | 2367 |  | (9) | 1/6/2025 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vitu | TL 1L 01/25 | 14566 | 14515 | 14512 | 1/6/2025 | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group LLC | Revolver 1L 05/22 (Add-on) | 176 |  |  | 2/2/2024 | 0.00% |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer<sup>(1)</sup>** | **Asset** | **Par/Shares** | **Cost** | **Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquisition** <br>**Date**  | **% of Net** <br>**Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group LLC | TL 1L DD 02/24 | 598 | $595 | $598 | 2/2/2024 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group LLC | TL 1L DD 12/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4237 | 452 | 461 | 12/30/2024 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | Revolver 1L 05/24 | 4832 | 242 | 242 | 5/8/2024 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | TL 1L 05/24 | 30731 | 30731 | 31039 | 5/8/2024 | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | TL 1L 03/25 | 2610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636 | 3/13/2025 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Inc | TL 1L DD 05/24 | 9639 | 4923 | 5097 | 5/8/2024 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Industrial Products Inc | Revolver 1L 02/24 | 3624 |  | (8) | 2/28/2024 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Industrial Products Inc | TL 1L 02/24 | 25710 | 25554 | 25653 | 2/28/2024 | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Industrial Products Inc | TL 1L DD 02/24 | 4827 | 2382 | 2401 | 2/28/2024 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subordinated Debt** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | TL Mezz 02/25 (PIK) | 699 | 699 | 699 | 2/28/2025 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | Common Stock | 423 | 1117 | 78 | 2/28/2025 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alacrity Solutions Group LLC | Perp (Pref Equity) PIK | 452 | 452 | 379 | 2/28/2025 | 0.03% |
|  |  |  | $1017458 | $1026656 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Refer to the Consolidated Schedule of Investments for more details on securities listed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Par value is in GBP.

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Senior Secured<br>Loans – First Lien** | **Subordinated <br>Debt** | **Equity** | **Total** |
|  Balance as of December 31, 2024 | $953967 | $— | $— | $953967 |
|  Purchases | 398883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 | 400452 |
|  Payment-in-kind interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 |
|  Sales and paydowns | (124844) |  |  | (124844) |
|  Accretion of discount (amortization of premium) | 400 |  |  | 400 |
|  Net change in unrealized appreciation (depreciation) | (277) | (73) | (1039) | (1389) |
|  Net realized gains (losses) | 1690 |  |  | 1690 |
|  Balance as of June 30, 2025 | $1231540 | $379 | $78 | $1231997 |
|  Net change in unrealized appreciation (depreciation) of investments held at June 30, 2025 | $829 | $(73) | $(1039) | $(283) |

---

No securities were transferred into or out of the Level 3 hierarchy during the six months ended June 30, 2025.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial<br>Asset** | **Fair Value** | **Valuation<br>Technique<sup>(1)</sup>** | **Unobservable<br>Inputs<sup>(2)</sup>** | **Range**<br> **(Weighted Average)<sup>(3)</sup>** | **Impact to <br>Valuation from an <br>Increase in Input** |
|  Senior Secured Loans – First Lien | $1231540 | Yield Analysis | Yield | 7.33% - 13.03%<br>(9.19%) | Decrease |
|  |  |  | Discount Margin | 2.29% - 9.35%<br>(5.26%) | Decrease |
|  |  |  | Synthetic Rating<br>Yield Adjustment | 0.43% - 2.55%<br>(1.39%) | Decrease |
|  |  |  | EBITDA Multiple | 9.25x - 25.50x<br>(14.88x) | Increase |
|  |  | Current Value Method | EBITDA Multiple | 8.50x - 9.00x<br>(8.72x) | Increase |
|  Subordinated Debt | 379 | Current Value Method | EBITDA Multiple | 9.00x | Increase |
|  Equity | 78 | Current Value Method | LTM EBITDA<br>Multiple | 9.00x | Increase |
|  Total | $1231997 |  |  |  |  |

---

<sup>1)</sup> For the assets that have more than one valuation technique, the Company may rely on the techniques individually or in aggregate based on a weight ascribed to each one ranging from 0.0%-100.0%. When determining the weighting ascribed to each valuation methodology, the Company considers, among other factors, the availability of direct market comparables, the applicability of a discounted cash flow analysis and the expected hold period and manner of realization for the investment. These factors can result in different weightings among the investments and in certain instances, may result in up to a 100.0% weighting to a single methodology. 

<sup>(2)</sup> The significant unobservable inputs used in the fair value measurement of the Company's assets and liabilities may include the last twelve months ("LTM") EBITDA multiple, weighted average cost of capital, discount margin, probability of default, loss severity and constant prepayment rate. In determining certain of these inputs, management evaluates a variety of factors including economic, industry and market trends and developments, market valuations of comparable companies, and company specificdevelopments including potential exit strategies and realization opportunities. Significant increases or decreases in any of these inputs in isolation could result in significantly lower or higher fair value measurement. 

(3) Weighted average amounts are based on the estimated fair values.

**6. Investment Transactions** 

The cost of investments purchased and the proceeds from the sale of investments, other than short-term investments, for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387545 |
|  Payment-in-kind interest | $1721 |
|  Sales | $111937 |

---

**7. Shareholder Transactions** 

At June 30, 2025, the Company had unlimited common shares authorized with a par value of $0.001 per share. Shareholder transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**June 30, 2025** | **For the Six Months Ended**<br>**June 30, 2025** |
|  | **Shares** | **Amount** |
|  **Common Shares<sup>(1)</sup>** |  |  |
|  Subscriptions | 369791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387487 |
|  Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369791 | $387487 |

---

<sup>(1)</sup> All outstanding shares of the Company are held by an affiliate of the Adviser

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

The following table reflects the distributions per share that the Company declared on its Common Shares during the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **For the Six Months Ended**<br>**June 30, 2025** | **For the Six Months Ended**<br>**June 30, 2025** |
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution<br>per Share** | **Distribution <br>Amount** |
|  January 31, 2025 | January 31, 2025 | February 28, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7814 |
|  February 28, 2025 | February 28, 2025 | March 31, 2025 | 8.90 | 8023 |
|  March 31, 2025 | March 31, 2025 | April 30, 2025 | 7.32 | 6650 |
|  April 30, 2025 | April 30, 2025 | May 30, 2025 | 9.84 | 11037 |
|  May 30, 2025 | May 30, 2025 | June 6, 2025 | 7.42 | 8364 |
|  June 30, 2025 | June 30, 2025 | July 31, 2025 | 9.34 | 10532 |
|  Total | Total | Total | $51.49 | $52420 |

---

**8. Commitments and Contingencies** 

The Company may enter into certain credit agreements, of which all or a portion may be unfunded. The Company will maintain sufficient liquidity to fund these commitments at the borrower's discretion. As of June 30, 2025, total unfunded commitments and fair value on these credit agreements were $274,076 and $253, respectively.

Under the Company's organizational documents, its officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. In the normal course of business, the Company enters into contracts that contain a variety of representations that provide general indemnifications. The Company's maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Company. However, based on experience, management expects the risk of loss to be remote.

**9. Federal Income Taxes** 

The timing and characterization of certain income, capital gains, and return of capital distributions are determined annually in accordance with federal tax regulations, which may differ from GAAP. As a result, the net investment income/loss and net realized gain/loss on investment transactions for a reporting period may differ significantly from distributions during such period. These book to tax differences may be temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or distributable earnings, as appropriate, in the period in which the differences arise.

As of December 31, 2024, the Company's most recent fiscal year end, the following permanent differences have been reclassified (to)/from the following accounts:

---

| | |
|:---|:---|
| **Distributable Earnings** | **Paid-in Capital** |
| $55 | $(55) |

---

The tax character of distributions declared for the year ended December 31, 2024 and the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Return of capital** | **Total** |
|  December 31, 2024 | $69579 | $151 | $69730 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025\* | $52420 |  | $52420 |

---

\* The final tax character of any distribution declared in 2025 will be determined in January 2026 and reported to shareholders on IRS Form 1099-DIV in accordance with federal income tax regulations.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

As of December 31, 2024, the components of accumulated distributable earnings on a tax basis for the Company were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed**<br> **Ordinary**<br> **Income** | **Net**<br> **Unrealized**<br> **Appreciation** | **Other**<br> **Temporary**<br> **Differences** | **Total**<br> **Accumulated**<br> **Gains** |
|  $— | $11611 | $(1619) | $9992 |

---

Net capital losses earned may be carried forward indefinitely and must retain the character of the original loss. As of December 31, 2024, the Company had no non-expiring capital loss carry-forwards.

As of December 31, 2024, the total cost of securities for federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Company were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Federal**<br> **Tax**<br> **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation** |
| $950247 | $13514 | $(1903) | $11611 |

---

As a result of a transaction prior to the conversion of the trust to a corporation and election to be treated as a regulated investment company, the Company recorded a federal and state deferred tax liability of $866 and $206, respectively, as of June 30, 2025. The Company recorded an income tax benefit of $287 for the six months ended June 30, 2025.

**10. Debt Obligations** 

On October 6, 2023, KKR US EVDL Funding LLC, a wholly owned subsidiary of the Company, entered into a secured revolving credit facility agreement (the "Citibank Credit Facility") with Citibank, N.A., as lender, to borrow up to $150.0 million, with options to increase the financing commitment up to $300.0 million. In the absence of any events of default, the borrowing and repayment period will terminate on October 6, 2026. Subsequent to this period, outstanding borrowings are subject to periodic mandatory repayments through the final maturity date of October 6, 2026.

The Citibank Credit Facility accrues interest based on the Secured Overnight Financing Rate, or a base rate applicable to each currency's borrowing, plus a spread of 2.25%. Commitment fees accrue at a rate of 0.50%, 0.75% or 1.50%, depending on the utilization levels. The Citibank Credit Facility contains certain financial, collateral, and operating covenants that require the maintenance of ratios and benchmarks throughout the borrowing period. As of June 30, 2025, the Company complied with these covenants. The fair value of the Citibank Credit Facility approximates its carrying value due to variable interest rates that periodically reset to market rates. The fair value was determined using Level 2 inputs in the fair value hierarchy.

The components of interest expense and average interest rates (i.e., base interest rate in effect plus the spread) for the Citibank Credit Facility for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Stated interest expense | $3353 |
|  Unused commitment fees | 321 |
|  Amortization of deferred financing costs | 243 |
|  Total interest expense | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917 |
|  Weighted average interest rate | 6.52% |
|  Average borrowings outstanding | $119723 |

---

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

In accordance with the 1940 Act, the Company is allowed to borrow amounts such that its asset coverage equals at least 300% after such borrowing. The following table sets forth certain information regarding the Company's senior securities as of June 30, 2025. The Company's senior securities are comprised solely of outstanding indebtedness of the Citibank Credit Facility, which constitutes a "senior security" as defined in the 1940 Act.

---

| | | |
|:---|:---|:---|
| As of | Total Amount Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Coverage Per $1,000<sup>(1)</sup> |
|  December 31, 2024 | $114657 | $9217 |
|  June 30, 2025 | $79623 | $17687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Asset covered per $1,000 of debt is calculated by subtracting the Company's liabilities and
indebtedness not representing senior securities from the Company's total assets, dividing the result by the aggregate amount of the Company's senior securities representing indebtedness then outstanding, and multiplying the result by
1,000.

**11. Segment Reporting** 

The Chief Executive Officer acts as the Company's CODM and is responsible for assessing performance and allocating resources with respect to the Company. The CODM has concluded that the Company operates as a single operating segment based on the fact that the Company has a single investment strategy as disclosed in its prospectus, against which the CODM assesses the performance. The financial information provided to and reviewed by the CODM, including the measure of segment profit and segment asset, is presented within the Company's consolidated financial statements.

**12. Subsequent Events** 

Subsequent events after the reporting date have been evaluated through the date the consolidated financial statements were issued. The Company has concluded that there is no event requiring adjustment or disclosure in the consolidated financial statements.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

**Privacy Notice** 

**Protection and Security of Your Personal Information** 

Kohlberg Kravis Roberts & Co. L.P. ("KKR") respects our investors' right to privacy. All financial companies choose how they share personal information. Consumers have the right under U.S. federal law to limit some, but not all, sharing of personal information. U.S. federal law also requires us to inform you how we collect, share and protect your personal information. Investors may also have additional limiting rights under their respective State's law. This notice is provided by KKR, its affiliates, and funds ("KKR", "we", or "us"). Please read this notice carefully to understand what we do, and call us at (888) 712-0118 or email us at dataprivacyoffice@kkr.com if you have any questions.

**<u>The Personal Information We Collect and How We Collect It</u>**

We collect the following types of personal information about individuals who are our investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from investors in subscription agreements, questionnaires and in other
forms, such as name, address, account information, social security number, the types and amounts of investments, statements of net worth, telephone number, and other contact information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from investors, affiliates and other companies about investors'
transactions with us, our affiliates, or other financial institutions with which we have relationships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from third parties such as demographic information and information collected
to comply with law and regulation.

When you are no longer an investor with us, we continue to share your information as described in this notice.

**<u>How and Why We Share Personal Information</u>**

This section lists reasons why financial companies can share their customers' personal information. With respect to each reason, we explain whether KKR chooses to share for this reason and, if we do share, whether you can limit this sharing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For everyday business purposes: KKR shares personal information for everyday business purposes,
such as to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• process your transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide financial products or services to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain your investment(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• secure business services, including printing, mailing, and processing or analyzing data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• secure professional services, including accounting and legal services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• respond to court orders and legal investigations.

You cannot limit sharing by KKR for everyday business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For our marketing purposes:** KKR shares personal information for our marketing purposes so that we can offer
products and services to you. You cannot limit sharing by KKR for this reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For joint marketing with other financial companies**: KKR does not share personal information for joint marketing
with other financial companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For use by affiliates in providing products and services to you:** KKR shares personal information for our
affiliates' use in providing you with products and services that meet your financial services needs. You cannot limit sharing by KKR for this reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For the everyday business purposes of affiliates:** KKR does not share personal information, including information
about your credit worthiness, with our affiliates for their everyday business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For use by affiliates to market to you:** KKR does not share personal information with affiliates so that they can
market to you.

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![LOGO](g55298g31v86.jpg) | <br> US Direct Lending Fund-U Inc. | June 30, 2025 (Unaudited) |
| ![LOGO](g55298g31v86.jpg) | | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **For use by non-affiliates to market to you:** KKR does not share personal
information with non-affiliates so that they can market to you.

U.S. Federal law gives you the right to limit sharing of your personal information only for use (i) by affiliates everyday business purposes (information about your creditworthiness), (ii) by affiliates to market to you, and (iii) by non-affiliates to market to you. U.S. State laws and individual companies may give you additional rights to limit sharing.

**<u>How We Protect Your Personal Information</u>**

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

**<u>Definitions</u>**

**Affiliates:** Companies related by common ownership or control. They can be financial and nonfinancial companies. KKR does not share with our affiliates, except to provide you products and services that meet your financial needs.

**Non-affiliates:** Companies not related by common ownership or control. They can be financial and nonfinancial companies. KKR does not share with non-affiliates so they can market to you.

**Joint Marketing:** A formal agreement between nonaffiliated financial companies that together market financial products and services to you. KKR does not jointly market.

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.** 

Not applicable for semi-annual report.

**Item 3. Audit Committee Financial Expert.** 

Not applicable for semi-annual report.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable for semi-annual report.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable for semi-annual report.

**Item 6. Investments.** 

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is
included as part of the report to shareholders filed under Item 1(a) of this Form N-CSR.

(b) Not applicable to the registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Not applicable.

------

##### [**Table of Contents**](#toc)
**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable for semi-annual report.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

(a)(1) Not applicable for semi-annual report.

(a)(2) Not applicable for semi-annual report.

(a)(3) Not applicable for semi-annual report.

(a)(4) Not applicable for semi-annual report.

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the most recent annual report on Form N-CSR.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

No purchases were made during the reporting period by or on behalf of the registrant or any "affiliated purchaser," as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

**Item 15. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.** 

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed

------

##### [**Table of Contents**](#toc)
by the investment company on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

The registrant did not engage in securities lending activities during the period reported on this Form N-CSR.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable for semi-annual report.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.](d55298dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d55298dex99906cert.htm)

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>KKR US Direct Lending Fund-U Inc.</u> 

---

| | |
|:---|:---|
| By | <u>/s/ George Mueller</u> |
|  | George Mueller, President and Chief Executive Officer |
|  | (principal executive officer) |
| Date | <u>September 3, 2025</u> |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | <u>/s/ George Mueller</u> |
|  | George Mueller, President and Chief Executive Officer |
|  | (principal executive officer) |
| Date | <u>September 3, 2025</u> |
| By | <u>/s/ Thomas Murphy</u> |
|  | Thomas Murphy, Chief Financial Officer, Chief |
|  | Accounting Officer and Treasurer |
|  | (principal financial officer) |
| Date | <u>September 3, 2025</u> |

---

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, George Mueller, certify that:

1. I have reviewed this report on Form N-CSR of KKR US Direct Lending Fund-U Inc.;

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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&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, 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;(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;(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 a date within 90 days prior to the filing date of this report based on such evaluation; and

&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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed 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;(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;(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.

---

| | |
|:---|:---|
| Date: <u>September 3, 2025</u> | <u>/s/ George Mueller</u> |
|  | George Mueller, President and Chief Executive Officer |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, Thomas Murphy, certify that:

1. I have reviewed this report on Form N-CSR of KKR US Direct Lending Fund-U Inc.;

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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&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, 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;(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;(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 a date within 90 days prior to the filing date of this report based on such evaluation; and

&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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed 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;(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;(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.

---

| | |
|:---|:---|
| Date: <u>September 3, 2025</u> | <u>/s/ Thomas Murphy</u> |
|  | Thomas Murphy, Chief Financial Officer, Chief |
|  | Accounting Officer and Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the** 

**Sarbanes-Oxley Act** 

I, George Mueller, President and Chief Executive Officer of KKR US Direct Lending Fund-U Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") 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;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>September 3, 2025</u> | <u>/s/ George Mueller</u> |
|  | George Mueller, President and Chief Executive Officer |
|  | (principal executive officer) |

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I, Thomas Murphy, Chief Financial Officer, Chief Accounting Officer and Treasurer of KKR US Direct Lending Fund-U Inc.. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") 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;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: <u>September 3, 2025</u> | <u>/s/ Thomas Murphy</u> |
|  | Thomas Murphy, Chief Financial Officer, Chief |
|  | Accounting Officer and Treasurer |
|  | (principal financial officer) |

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