# EDGAR Filing Document

**Accession Number:** 0001890107
**File Stem:** 0001193125-25-184329
**Filing Date:** 2025-8
**Character Count:** 423239
**Document Hash:** 7c4a7ee2d7f146dbacfd68e387d7465d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-184329.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001193125-25-184329

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250820

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Eagle Private Credit Fund
- **CENTRAL INDEX KEY:** 0001890107

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

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-278920
- **FILM NUMBER:** 251238064

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS, 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 800-450-4424

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS, 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

##### [**Table of Contents**](#toc)
**Filed pursuant to Rule 424(b)(3)** 

**File No. 333-278920** 

**FIRST EAGLE PRIVATE CREDIT FUND** 

**SUPPLEMENT NO. 3 DATED AUGUST 21, 2025** 

**TO THE PROSPECTUS DATED MAY 1, 2025** 

This prospectus supplement (the "Supplement") is part of and should be read in conjunction with the prospectus of First Eagle Private Credit Fund ("we," "us," "our," or the "Fund"), dated May 1, 2025 (as supplemented to date, the "Prospectus"). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are:

• to update the Prospectus; and

• to include our Quarterly Report on Form 10-Q for the quarter ended
June 30, 2025

**Updates to Prospectus** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Closing of a Majority Investment in First Eagle Holdings, Inc. by Genstar Capital** 

As previously disclosed, on March 3, 2025, First Eagle Holdings, Inc. announced a definitive agreement under which private equity funds managed by Genstar Capital would acquire a majority investment in First Eagle Holdings, Inc. (the "Transaction"). The Transaction closed on August 15, 2025. First Eagle Holdings, Inc. is the parent company of First Eagle Investment Management, LLC (the "Adviser"), First Eagle Alternative Credit, LLC (the "Subadviser") and FEF Distributors, LLC (the "Intermediary Manager"), the investment adviser, the investment subadviser and the intermediary manager, respectively, of First Eagle Private Credit Fund.

The closing of the Transaction was deemed an "assignment" under the Investment Company Act of 1940, as amended, of the prior investment advisory agreement between the Fund and the Adviser (the "Prior Advisory Agreement"), the prior investment subadvisory agreement among the Fund, the Adviser and the Subadviser (the "Prior Subadvisory Agreement," and together with the Prior Advisory Agreement, the "Prior Advisory Agreements") and the prior intermediary manager agreement between the Fund and the Intermediary Manager (the "Prior Intermediary Manager Agreement"). Accordingly, a new investment advisory agreement between the Fund and the Adviser (the "New Advisory Agreement"), a new investment subadvisory agreement among the Fund, the Adviser and the Subadviser (the "New Subadvisory Agreement," and together with the New Advisory Agreement, the "New Advisory Agreements") and a new intermediary manager agreement between the Fund and the Intermediary Manager (the "New Intermediary Manager Agreement") were approved by the board of trustees of the Fund. In addition, at a special meeting of shareholders of the Fund held on June 27, 2025, the shareholders of the Fund approved the New Advisory Agreements.

The New Advisory Agreement, the New Subadvisory Agreement and the New Intermediary Manager Agreement, which are substantially similar to the Prior Advisory Agreement, the Prior Subadvisory Agreement and the Prior Intermediary Manager Agreement, respectively, became effective on August 15, 2025, as of the closing of the Transaction, and provide for the continuation of the Fund's investment program and distribution arrangements without interruption.

The Transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

The information contained in this Supplement modifies (and if inconsistent, replaces), in particular, and without limitation, information contained in the sections of the Prospectus entitled "Prospectus Summary—Who are FEIM, FEAC and First Eagle?," "Prospectus Summary—What are your policies related to conflicts of interests with the

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##### [**Table of Contents**](#toc)
Advisers and their affiliates?," "Risk Factors—Risks Related to the Advisers and Their Affiliates; Conflicts of Interest—There may be conflicts of interest relating to certain affiliates," "Advisory Agreement, Subadvisory Agreement and Administration Agreement," "Potential Conflicts of Interest" and "Plan of Distribution—Term of the Intermediary Manager Agreement." Any references to the continuing ownership of First Eagle Holdings, Inc. by Blackstone Inc. ("Blackstone") and Corsair Capital LLC ("Corsair") are superseded and removed. The discussions of conflicts of interest relating to the Adviser's affiliates are also amended to remove references to Blackstone and Corsair and should now be understood to describe similar and corresponding conflicts of interest that will exist, to the extent applicable, with regard to Genstar Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Suitability Standards** 

*In the "Suitability Standards" section of the Prospectus, the paragraph relating to "California" is hereby deleted and replaced with the following:* 

**California**—California residents, in addition to the suitability standards set forth above, must have either (a) a liquid net worth of $70,000 and annual gross income of $70,000 or (b) a liquid net worth of $300,000. Additionally, California residents may not invest more than 10% of their liquid net worth in us. Investors who are accredited investors as defined in Regulation D under the Securities Act of 1933, as amended (the "**Securities Act**") are not subject to the foregoing investment concentration limit.

*In the "Suitability Standards" section of the Prospectus, the paragraph relating to "Iowa" is hereby deleted and replaced with the following:* 

**Iowa**—Iowa investors must: (i) have either (a) an annual gross income of at least $100,000 and a net worth of at least $100,000, or (b) a net worth of at least $350,000 (net worth should be determined exclusive of home, auto and home furnishings); and (ii) limit their aggregate investment in this offering and in the securities of other non-traded business development companies (**"BDCs"**) to 10% of such investor's liquid net worth (liquid net worth should be determined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities). Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing investment concentration limit.

*In the "Suitability Standards" section of the Prospectus, the paragraph relating to "Oregon" is hereby deleted and replaced with the following:* 

**Oregon**—In addition to general suitability standards, non-accredited Oregon investors may not invest more than 10% of their liquid net worth in us. For purposes of Oregon's suitability standard, "liquid net worth" is defined as an investor's total assets (excluding home, home furnishings, and automobiles) minus total liabilities. Oregon investors who meet the definition of "accredited investor" as defined in Regulation D under the Securities Act, are not subject to the limitation described in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Officers of the Fund** 

*On August 12, 2025, the Board appointed William Karim as Secretary of the Fund following the resignation of Sabrina Rusnak-Carlson from her Secretary and other positions with the Fund. Accordingly, the Prospectus is hereby amended and supplemented as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *In the "Management of the Fund—Executive Officers Who are not Trustees" section of the Prospectus, the row in the table related to Sabrina Rusnak-Carlson is hereby deleted and the row in the table related to William Karim is hereby deleted and replaced with the following:* 

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| | | | |
|:---|:---|:---|:---|
| William Karim<br> (born 1980) | Deputy<br> General<br> Counsel/<br> Secretary | Deputy General Counsel Since March 2023/ Secretary since August 2025 | Deputy General Counsel, First Eagle Alternative Credit, LLC; Associate General Counsel, First Eagle Credit Opportunities Fund; prior to January 2020, Associate General Counsel, THL Credit Advisors LLC |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *In the "Control Persons and Principal Shareholders" section of the Prospectus, the row in the table related to Sabrina Rusnak-Carlson is hereby deleted.* 

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Custodian** 

*On August 4, 2025, the Fund and U.S. Bank Trust Company, National Association (the "Custodian") entered into a custody agreement (the "Custody Agreement"), pursuant to which the Custodian was appointed to serve as the Fund's custodian to hold securities, loans, cash, and other assets on behalf of the Fund. In conjunction with entering into the Custody Agreement, the Fund terminated its existing custody agreement with U.S. Bank, National Association, effective August 4, 2025. Accordingly, the "Custodian" section of the Prospectus is hereby deleted and replaced with the following:* 

**CUSTODIAN** 

U.S. Bank Trust Company, National Association (the "**Custodian**") provides custodian services to us pursuant to a custodian services agreement. For the services provided to us by the Custodian and its affiliates, the Custodian is entitled to fees as agreed upon from time to time. The address of the Custodian is 190 South LaSalle Street, Chicago, IL 60603.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Form of Subscription Agreement** 

*The form of subscription agreement included as Appendix A in the Prospectus is hereby deleted and replaced with the following:* 

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

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| | | |
|:---|:---|:---|
| ![LOGO](g800994g0617221521198.jpg) | **Subscription Agreement**<br> **for Shares of**<br> **First Eagle Private Credit Fund**<br>| **August 2025** |

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 **1. Your Investment**

**A. Investment Information** 

Investment Amount $

**B. Investment Type** 

☐ Initial Investment

☐ Additional Investment

**C. Investment Method** 

☐ By mail: Please make checks payable to FIRST EAGLE PRIVATE CREDIT FUND and attach to this agreement. \*

☐ By wire: Please wire funds according to the instructions below. 

Name: SS&C GIDS, Inc. as Agent for FIRST EAGLE PRIVATE CREDIT FUND

Bank Name: UMB Bank

ABA: 101000695

DDA: 9872657306

☐ Broker / Financial advisor will make payment on your behalf

*\* Cash and cash equivalents, including cashier's checks/official bank checks, temporary checks, foreign checks, money orders, third party checks, and/or travelers' checks are not accepted.* 

**D. Share Class Selection** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ☐ | Share Class S | ☐ | Share Class D \*\* | ☐ | Share Class I \*\* |
|  | (The minimum initial investment is *$2,500*) (The minimum additional investment is *$500*) |  | (The minimum initial investment is *$2,500*) (The minimum additional investment is *$500*) |  | (The minimum initial investment is *$1,000,000*) (There is no minimum for additional investments in Share Class I) |

---

*\*\* Available for certain fee-based wrap accounts and other eligible investors as disclosed in the prospectus, as amended and supplemented.* 

 **2. Ownership Type (Select only one)**

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| | |
|:---|:---|
| **A.** | **Taxable Accounts** |
|  | Brokerage Account Number |

---

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| | | |
|:---|:---|:---|
| ☐ | Individual or Joint Tenant With Rights of Survivorship | Individual or Joint Tenant With Rights of Survivorship |
|  | ☐ | &nbsp;&nbsp;&nbsp; Transfer on Death (*Optional Designation. Not Available for Louisiana Residents. See Section 3C.)*  |
| ☐ | Tenants in Common | Tenants in Common |
| ☐ | Community Property | Community Property |
| ☐ | Uniform Gift/Transfer to Minors | Uniform Gift/Transfer to Minors |

---

---

| |
|:---|
| State of |
| Date of Birth |

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☐ Trust *(Include Certification of Investment Powers Form or 1<sup>st</sup> and Last page of Trust Documents)*

☐ C Corporation

☐ S Corporation

☐ Profit-Sharing Plan

☐ Non-profit Organization

☐ Limited Liability Corporation

☐ Corporation / Partnership / Other (Corporate Resolution or Partnership Agreement Required)

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

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| | |
|:---|:---|
| **B.** | **Non-Taxable Accounts** |
|  | Custodian Account Number |

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☐ IRA *(Custodian Signature Required)*

☐ Roth IRA *(Custodian Signature Required)*

☐ SEP IRA *(Custodian Signature Required)*

☐ Rollover IRA *(Custodian Signature Required)*

☐ Inherited IRA

☐ Pension Plan *(Include Certification of Investment Powers Form)*

☐ Other

**C.** **Custodian Information (To Be Completed By Custodian)**

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| | |
|:---|:---|
|  | Custodian Name |
|  | Custodian Tax ID# |
|  | Custodian Phone # |
|  <br> *Custodian Stamp Here* | <br> *Custodian Stamp Here* |

---

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

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| | | | |
|:---|:---|:---|:---|
| **D. Entity Name – Retirement Plan / Trust / Corporation / Partnership / Other** | **D. Entity Name – Retirement Plan / Trust / Corporation / Partnership / Other** | **D. Entity Name – Retirement Plan / Trust / Corporation / Partnership / Other** | **D. Entity Name – Retirement Plan / Trust / Corporation / Partnership / Other** |
| Trustee(s) and/or authorized signatory(s) information **MUST** be provided in Sections 3A and 3B | Trustee(s) and/or authorized signatory(s) information **MUST** be provided in Sections 3A and 3B | Trustee(s) and/or authorized signatory(s) information **MUST** be provided in Sections 3A and 3B | Trustee(s) and/or authorized signatory(s) information **MUST** be provided in Sections 3A and 3B |
| Entity Name | Tax ID Number | Date of Formation | **Exemptions**<br> *(See Form W-9 instructions at www.irs.gov)* |
| Entity Address (*Legal Address.* ***Required****)* | Entity Address (*Legal Address.* ***Required****)* |  |  |
| Entity Type (Select one. ***Required***) |  |  |  |

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| | | |
|:---|:---|:---|
| ☐ Retirement Plan ☐ Trust ☐ S-Corp ☐ C-Corp ☐ LLC ☐ Partnership | ☐ Retirement Plan ☐ Trust ☐ S-Corp ☐ C-Corp ☐ LLC ☐ Partnership | Exempt payee code (if any) |
| ☐ Other | Jurisdiction (if Non-U.S.) |  |
|  | *(Attach a completed applicable Form W-8)* | *(Attach a completed applicable Form W-8)* |
| Exemption from FATCA reporting code (if any)  | Exemption from FATCA reporting code (if any) |  |

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 **3. Investor Information**

**A.** **Investor Name (Investor / Trustee / Executor / Authorized Signatory Information)** 

Residential street address **MUST** be provided. See Section 4 if mailing address is different than residential street address

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| | | | | |
|:---|:---|:---|:---|:---|
| First Name | (MI) | Last Name |  |  |
| Social Security Number / Tax ID |  | Date of Birth (MM/DD/YYYY) | Daytime Phone Number | Daytime Phone Number |
| Residential Street Address |  | City | State | Zip Code |
| <br> Email Address | <br> Email Address | <br> Email Address | <br> Email Address | <br> Email Address |

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If you are a non-U.S. citizen, please specify your country of citizenship ***(required)***:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Resident Alien ☐ Non-Resident Alien (Attach a completed Form W-8BEN, Rev. October 2021) | |
|  | Country of Citizenship |

---

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| | | |
|:---|:---|:---|
| Please specify if you are a First Eagle employee/officer/director/affiliate **(required):** | ☐ First Eagle Employee | ☐ First Eagle Officer or Director |

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☐ Immediate Family Member of First Eagle Officer or Director ☐ First Eagle Affiliate ☐ Not Applicable

**B.** **Co-Investor Name (Co-Investor / Co-Trustee / Co-Authorized Signatory Information, if applicable)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| First Name | (MI) | Last Name |  |  |
| Social Security Number / Tax ID |  | Date of Birth (MM/DD/YYYY) | Daytime Phone Number | Daytime Phone Number |
| Residential Street Address |  | City | State | Zip Code |
| <br> Email Address | <br> Email Address | <br> Email Address | <br> Email Address | <br> Email Address |

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If you are a non-U.S. citizen, please specify your country of citizenship ***(required)***:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Resident Alien ☐ Non-Resident Alien (Attach a completed Form W-8BEN, Rev. October 2021) | |
|  | Country of Citizenship |

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| | | |
|:---|:---|:---|
| Please specify if you are a First Eagle employee/officer/director/affiliate **(required):** | ☐ First Eagle Employee | ☐ First Eagle Officer or Director |

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☐ Immediate Family Member of First Eagle Officer or Director ☐ First Eagle Affiliate ☐ Not Applicable

**C.** **Transfer on Death Beneficiary Information (Individual or Joint Account with rights of survivorship only. Not available for Louisiana residents. Beneficiary date of birth required. Whole percentages only; must equal 100%.)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| First Name | (MI) | Last Name | SSN | Date of Birth<br> (MM/DD/YYYY) | ☐ Primary<br> ☐ Secondary % |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| First Name(MI) | Last Name | SSN | Date of Birth (MM/DD/YYYY) | ☐ Primary<br> ☐ Secondary % |
| First Name (MI) | Last Name | SSN | Date of Birth<br> (MM/DD/YYYY) | ☐ Primary<br> ☐ Secondary % |
| First Name (MI) | Last Name | SSN | Date of Birth<br> (MM/DD/YYYY) | ☐ Primary<br> ☐ Secondary % |

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Custodian/Guardian for a minor Beneficiary **(required**, cannot be same as Investor or Co-Investor**)**:

**D.** **ERISA Plan Asset Regulations** 

*All investors are required to complete Appendix B attached hereto.* 

 **4. Contact Information (If different than provided in Section 3A)**<br>

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| | | | |
|:---|:---|:---|:---|
| Mailing Address | City | State | Zip Code |

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 **5. Select How You Want to Receive Your Distributions (Please Read Entire Section and Select Only One)**<br>

**You are <u>automatically</u> enrolled in our Dividend Reinvestment Plan, unless you are a resident of ALABAMA, ARKANSAS, CALIFORNIA, IDAHO, KANSAS, KENTUCKY, MAINE, MARYLAND, MASSACHUSETTS, NEBRASKA, NEW JERSEY, NORTH CAROLINA, OHIO, OKLAHOMA, OREGON, VERMONT OR WASHINGTON.** 

☐If you are not a resident of the states listed above, you are automatically enrolled in the Dividend Reinvestment Plan; **please check here if you <u>DO NOT</u>** wish to be enrolled in the Dividend Reinvestment Plan and complete the Cash Distribution Information section below.

**<u>ONLY complete the following information if you do not wish to enroll in the Dividend Reinvestment Plan</u>**. For custodial held accounts, if you elect cash distributions the funds must be sent to the custodian.

**A.** ☐ **Check mailed to street address in 3A** (only available for non-custodial investors).

**B.** ☐ **Check mailed to secondary address in 3B** (only available for non-custodial investors).

**C.** ☐ **Direct Deposit by ACH** (only available for non-custodial investors). **PLEASE ATTACH A PRE-VOIDED CHECK** 

**D.** ☐ **Check mailed to Third party Financial Institution (complete section below)** 

☐ If **you <u>ARE</u>** a resident of <u>Alabama</u>, <u>Arkansas</u>, <u>California, Idaho</u>, <u>Kansas</u>, <u>Kentucky</u>, <u>Maine</u>, <u>Maryland</u>, <u>Massachusetts</u>, <u>Nebraska</u>, <u>New Jersey</u>, <u>North Carolina</u>, <u>Ohio</u>, <u>Oklahoma</u>, <u>Oregon</u>, <u>Vermont</u> or <u>Washington</u>, you are not automatically enrolled in the Dividend Reinvestment Plan. **Please check here if you wish to enroll in the Dividend Reinvestment Plan. You will automatically receive cash distributions unless you elect to enroll in the Dividend Reinvestment Plan.**

***I authorize First Eagle Private Credit Fund or its agent to deposit my distribution into my checking or savings account. This authority will remain in force until I notify First Eagle Private Credit Fund in writing to cancel it. In the event that First Eagle Private Credit Fund deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.***

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| | | | | |
|:---|:---|:---|:---|:---|
| Financial Institution Name | Mailing Address | City | State | Zip Code |
| Your Bank's ABA Routing Number | Your Bank's ABA Routing Number | Your Bank Account Number | Your Bank Account Number | Your Bank Account Number |

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 **6. Broker / Financial Advisor Information (Required information. All fields must be completed.)**<br>

The Financial Advisor must sign below to complete the order. The Financial Advisor hereby warrants that he/she is duly licensed and may lawfully sell shares in the state designated as the investor's legal residence.

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| | |
|:---|:---|
| Broker | Financial Advisor Name |
| <br> Advisor Mailing Address | <br> Advisor Mailing Address |

---

 <br> City State Zip Code

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| | | |
|:---|:---|:---|
| <br> Financial Advisor Number | <br> Branch Number | <br> Telephone Number |
| <br> E-mail Address | <br> Fax Number |  |
| <br> Operations Contact Name | <br> Operations Contact Email Address | <br> Operations Contact Email Address |

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Please note that unless previously agreed to in writing by First Eagle Private Credit Fund, all sales of securities must be made through a Broker, including when an RIA has introduced the sale. In all cases, Section 6 must be completed.

The undersigned confirm(s), which confirmation is made on behalf of the Broker with respect to sales of securities made through a Broker, that they (i) have reasonable grounds to believe that the information and representations concerning the investor identified herein are true, correct and complete in all respects; (ii) have discussed such investor's prospective purchase of shares with such investor; (iii) have advised such investor of all pertinent facts with regard to the lack of liquidity and marketability of the shares; (iv) have delivered or made available a current prospectus and related supplements, if any, to such investor; (v) have reasonable grounds to believe that the investor is purchasing these shares for his or her own account; (vi) have reasonable grounds to believe that the purchase of shares is a suitable investment for such investor, taking into account such investor's age, investment objectives, investment experience, income, net worth, financial situation and other investments of the prospective investor, as well as any other pertinent factors, that such investor meets the suitability standards applicable to such investor set forth in the prospectus and related supplements, if any, and that such investor is in a financial position to enable such investor to realize the benefits of such an investment and to suffer any loss that may occur with respect thereto; and (vii) have advised such investor that the shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the prospectus. The undersigned Broker, Financial Advisor or Financial Representative listed in Section 6 further represents and certifies that, in connection with this subscription for shares, he/she has complied with and has followed all applicable policies and procedures of his or her firm relating to, and performed functions required by, federal and state securities laws, rules promulgated under the Securities Exchange Act of 1934, as amended, including, but not limited to Rule 15l-1 ("Regulation Best Interest") and FINRA rules and regulations including, but not limited to Know Your Customer, Suitability and PATRIOT Act (Anti Money Laundering, Customer Identification) as required by its relationship with the investor(s) identified on this document.

THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

If you do not have another broker or other financial intermediary introducing you to First Eagle Private Credit Fund, then FEF Distributors, LLC may be deemed to act as your broker of record in connection with any investment in First Eagle Private Credit Fund. FEF Distributors, LLC is not a full-service broker-dealer and may not provide the kinds of financial services that you might expect from another financial intermediary, such as holding securities in an account. If FEF Distributors, LLC is your broker of record, then your shares will be held in your name on the books of First Eagle Private Credit Fund. FEF Distributors, LLC will not monitor your investments, and has not and will not make any recommendation regarding your investments. If you want to receive financial advice regarding a prospective investment in the shares, contact your broker or other financial intermediary.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  X | | | | X | | | |
| *Financial Advisor Signature* | | *Date* | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Branch Manager Signature <br>(If required by Broker)* | | *Date* | |

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 **7. Electronic Delivery Form (Optional)**<br>

Instead of receiving paper copies of the prospectus, prospectus supplements, annual reports, proxy statements, and other shareholder communications and reports, you may elect to receive electronic delivery of shareholder communications from First Eagle Private Credit Fund. If you would like to consent to electronic delivery, including pursuant to email, please check the box below for this election.

We encourage you to reduce printing and mailing costs and to conserve natural resources by electing to receive electronic delivery of shareholder communications and statement notifications. By consenting below to electronically receive shareholder communications, including your account-specific information, you authorize said offering(s) to either (i) email shareholder communications to you directly or (ii) make them available on our website and notify you by email when and where such documents are available. You will not receive paper copies of these electronic materials unless specifically requested, the delivery of electronic materials is prohibited or we, in our sole discretion, elect to send paper copies of the materials.

By consenting to electronic access, you will be responsible for certain costs, such as your customary internet service provider charges, and may be required to download software in connection with access to these materials. You understand this electronic delivery program may be changed or discontinued and that the terms of this agreement may be amended at any time. You understand that there are possible risks associated with electronic delivery such as emails not transmitting, links failing to function properly and system failure of online service providers, and that there is no warranty or guarantee given concerning the transmissions of email, the availability of the website, or information on it, other than as required by law.

Initials<u> </u> I consent to electronic delivery ☐

E-mail Address

If blank, the email provided in Section 4 will be used.

 **8. Subscriber Signatures**<br>

First Eagle Private Credit Fund is required by law to obtain, verify and record certain personal information from you or persons on your behalf in order to establish the account. Required information includes name, date of birth, permanent residential address and social security/taxpayer identification number. We may also ask to see other identifying documents. If you do not provide the information, First Eagle Private Credit Fund may not be able to open your account. By signing the Subscription Agreement, you agree to provide this information and confirm that this information is true and correct. If we are unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if we believe we have identified potentially criminal activity, we reserve the right to take action as we deem appropriate which may include closing your account.

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##### [**Table of Contents**](#toc)
Please separately initial each of the representations below. A power of attorney to make representations on behalf of an investor can only be granted for fiduciary accounts; if applicable, by signing the Subscription Agreement you represent and warrant that you have the requisite authority. In order to induce First Eagle Private Credit Fund to accept this subscription, I hereby represent and warrant to you as follows:

**8a. Please Note: All Items in this section 8.a. must be read and initialed** 

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| | | |
|:---|:---|:---|
|  | **Primary<br>Investor<br>Initials**<br>| **Co-Investor<br>Initials**<br>|
| (i) I have received the prospectus (as amended or supplemented) for First Eagle Private Credit Fund at least five business days prior to the date hereof. |  |  |
|  | *Initials* | *Initials* |
| (ii) I have (A) a minimum net worth (not including home, home furnishings and personal automobiles) of at least $250,000, or (B) a minimum net worth (as previously described) of at least $70,000 and a minimum annual gross income of at least $70,000. |  |  |
|  | *Initials* | *Initials* |
| (iii) In addition to the general suitability requirements described above, I meet the higher suitability requirements, if any, imposed by my state of primary residence as set forth in the prospectus under "SUITABILITY STANDARDS." |  |  |
| (iii) In addition to the general suitability requirements described above, I meet the higher suitability requirements, if any, imposed by my state of primary residence as set forth in the prospectus under "SUITABILITY STANDARDS." | *Initials* | *Initials* |
| (iv) I am (i) an entity that was formed for the purpose of purchasing shares, in which each individual that owns an interest in such entity meets the general suitability requirements described above OR (ii) I am an individual or entity not formed for such purpose. |  |  |
|  | *Initials* | *Initials* |
| (v) I acknowledge that there is no public market for the shares, shares of this offering are not liquid and appropriate only as a long-term investment. |  |  |
|  | *Initials* | *Initials*  |
| (vi) I acknowledge that the shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the prospectus. |  |  |
|  | *Initials* | *Initials* |
| (vii) I am purchasing the shares for my own account, or if I am purchasing shares on behalf of a trust or other entity of which I am a trustee or authorized agent, I have due authority to execute this subscription agreement and do hereby legally bind the trust or other entity of which I am trustee or authorized agent. |  |  |
|  | *Initials* | *Initials* |
| (viii) I acknowledge that First Eagle Private Credit Fund may enter into transactions with First Eagle affiliates that involve conflicts of interest as described in the prospectus. |  |  |
|  | *Initials* | *Initials* |
| (ix) I acknowledge that subscriptions must be submitted at least five business days prior to first day of each month my investment will be executed as of the first day of the applicable month at the NAV per share as of the day preceding day. I acknowledge that I will not know the NAV per share at which my investment will be executed at the time I subscribe and the NAV per share will generally be made available at www.FEPCF.com as of the last day of each month within 20 business days of the first day of the following month. |  |  |
|  | *Initials* | *Initials* |
| (x) I acknowledge that my subscription request will not be accepted any earlier than two business days before the first calendar day of each month. I acknowledge that I am not committed to purchase shares at the time my subscription order is submitted and I may cancel my subscription at any time before the time it has been accepted as described in the previous sentence. I understand that I may withdraw my purchase request by notifying the transfer agent, through my financial intermediary or directly on First Eagle Private Credit Fund's toll-free, automated telephone lines, 800-913-3124 and 833-419-4263. |  |  |
| (x) I acknowledge that my subscription request will not be accepted any earlier than two business days before the first calendar day of each month. I acknowledge that I am not committed to purchase shares at the time my subscription order is submitted and I may cancel my subscription at any time before the time it has been accepted as described in the previous sentence. I understand that I may withdraw my purchase request by notifying the transfer agent, through my financial intermediary or directly on First Eagle Private Credit Fund's toll-free, automated telephone lines, 800-913-3124 and 833-419-4263. | *Initials* | *Initials* |
| (x) I acknowledge that my subscription request will not be accepted any earlier than two business days before the first calendar day of each month. I acknowledge that I am not committed to purchase shares at the time my subscription order is submitted and I may cancel my subscription at any time before the time it has been accepted as described in the previous sentence. I understand that I may withdraw my purchase request by notifying the transfer agent, through my financial intermediary or directly on First Eagle Private Credit Fund's toll-free, automated telephone lines, 800-913-3124 and 833-419-4263. |  |  |

---

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##### [**Table of Contents**](#toc)
**8b. If you live in any of the following jurisdictions, please complete Appendix A to First Eagle Private Credit Fund Subscription Agreement: Alabama, California, Idaho, Iowa, Kansas, Kentucky, Maine, Massachusetts, Missouri, Nebraska, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Puerto Rico, Tennessee, and Vermont** 

In the case of sales to fiduciary accounts, the minimum standards in Appendix A shall be met by the beneficiary, the fiduciary account, or, by the donor or grantor, who directly or indirectly supplies the funds to purchase the shares if the donor or grantor is the fiduciary.

If you do not have another broker or other financial intermediary introducing you to First Eagle Private Credit Fund, then FEF Distributors, LLC may be deemed to be acting as your broker of record in connection with any investment in First Eagle Private Credit Fund. For important information in this respect, see Section 6 above. **I declare that the information supplied in this Subscription Agreement is true and correct and may be relied upon by First Eagle Private Credit Fund. I acknowledge that the Broker / Financial Advisor (Broker / Financial Advisor of record) indicated in Section 6 of this Subscription Agreement and its designated clearing agent, if any, will have full access to my account information, including the number of shares I own, tax information (including the Form 1099) and redemption information. Investors may change the Broker / Financial Advisor of record at any time by contacting First Eagle Private Credit Fund at 800-913-3124 and as indicated in Section 9 below.**

**SUBSTITUTE IRS FORM W-9 CERTIFICATIONS (required for U.S. investors):** 

Under penalties of perjury, I certify that:

(1) The number shown on this Subscription Agreement is my correct taxpayer identification number (or I am waiting
for a number to be issued to me); and

(2) I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have
not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and

(3) I am a U.S. citizen or other U.S. person (including a resident alien) (defined in IRS Form W-9); and

(4) The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.

**Certification instructions.** You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return.

**The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  X | | | | X | | | |
| *Signature of Investor* | | *Date* | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Signature of Co-Investor or Custodian <br>(If applicable)* | | *Date* | |

---

**(MUST BE SIGNED BY CUSTODIAN OR TRUSTEE IF PLAN IS ADMINISTERED BY A THIRD PARTY)** 

 **9. Miscellaneous**<br>

If investors participating in the Dividend Reinvestment Plan or making subsequent purchases of shares of First Eagle Private Credit Fund experience a material adverse change in their financial condition or can no longer make the representations or warranties set forth in Section 8 above, they are asked to promptly notify First Eagle Private Credit Fund and the Broker in writing. The Broker may notify First Eagle Private Credit Fund if an investor participating in the Dividend Reinvestment Plan can no longer make the representations or warranties set forth in Section 8 above, and First Eagle Private Credit Fund may rely on such notification to terminate such investor's participation in the Dividend Reinvestment Plan.

No sale of shares may be completed until at least five business days after you receive the final prospectus. To be accepted, a subscription request must be made with a completed and executed subscription agreement in good order and payment of the full purchase price at least five business prior to the first calendar day of the month (unless waived). You will receive a written confirmation of your purchase.

All items on the Subscription Agreement must be completed in order for your subscription to be processed. Subscribers are encouraged to read the prospectus in its entirety for a complete explanation of an investment in the shares of First Eagle Private Credit Fund.

**Return the completed Subscription Agreement to:** 

First Eagle Private Credit Fund

PO Box 219599

Kansas City, MO 64121-9929

**Street and Overnight Address (suite number MUST be included):** 

First Eagle Private Credit Fund

430 W 7th Street, Suite 219599

Kansas City, MO 64105-1407

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

For purposes of determining whether you satisfy the standards below, your net worth is calculated excluding the value of your home, home furnishings and automobiles, and, unless otherwise indicated, "liquid net worth" is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable investments.

Investors in the following states have the additional suitability standards as set forth below.

---

| | | |
|:---|:---|:---|
|  | **Primary<br>Investor<br>Initials** | **Co-Investor<br>Initials** |
| If I am an **Alabama** resident, in addition to the suitability standards set forth above, an investment in First Eagle Private Credit Fund will only be sold to me if I have a liquid net worth of at least 10 times my investment in First Eagle Private Credit Fund and its affiliates. | | |
|  | *Initials* | *Initials* |
| If I am a **California** resident, in addition to the suitability standards set forth above, I must have either (a) a liquid net worth of $70,000 and annual gross income of $70,000 or (b) a liquid net worth of $300,000. Additionally, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund. If I am an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended, I am not subject to the foregoing investment concentration limit. |  |  |
| If I am a **California** resident, in addition to the suitability standards set forth above, I must have either (a) a liquid net worth of $70,000 and annual gross income of $70,000 or (b) a liquid net worth of $300,000. Additionally, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund. If I am an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended, I am not subject to the foregoing investment concentration limit. | *Initials* | *Initials* |
| If I am an **Idaho** resident, I must have either (a) a liquid net worth of $85,000 and annual gross income of $85,000 or (b) a liquid net worth of $300,000. Additionally, the total investment in First Eagle Private Credit Fund shall not exceed 10% of my liquid net worth. |  |  |
|  | *Initials* | *Initials* |
| If I am an **Iowa** resident, I (i) have either (a) an annual gross income of at least $100,000 and a net worth of at least $100,000, or (b) a net worth of at least $350,000; and (ii) limit my aggregate investment in this offering and in the securities of other non-traded business development companies to 10% of my liquid net worth. If I am an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended, I am not subject to the foregoing investment concentration limit. |  |  |
| If I am an **Iowa** resident, I (i) have either (a) an annual gross income of at least $100,000 and a net worth of at least $100,000, or (b) a net worth of at least $350,000; and (ii) limit my aggregate investment in this offering and in the securities of other non-traded business development companies to 10% of my liquid net worth. If I am an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended, I am not subject to the foregoing investment concentration limit. | *Initials* | *Initials* |
| If I am an **Iowa** resident, I (i) have either (a) an annual gross income of at least $100,000 and a net worth of at least $100,000, or (b) a net worth of at least $350,000; and (ii) limit my aggregate investment in this offering and in the securities of other non-traded business development companies to 10% of my liquid net worth. If I am an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended, I am not subject to the foregoing investment concentration limit. |  |  |
| If I am a **Kansas** resident, I understand that the Securities Commissioner of Kansas recommends that I limit my total investment in First Eagle Private Credit Fund's securities and other similar investments to not more than 10% of my liquid net worth. |  |  |
| If I am a **Kansas** resident, I understand that the Securities Commissioner of Kansas recommends that I limit my total investment in First Eagle Private Credit Fund's securities and other similar investments to not more than 10% of my liquid net worth. | *Initials* | *Initials* |
| If I am a **Kansas** resident, I understand that the Securities Commissioner of Kansas recommends that I limit my total investment in First Eagle Private Credit Fund's securities and other similar investments to not more than 10% of my liquid net worth. |  |  |
| If I am a **Kentucky** resident, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund or its affiliates. |  |  |
|  | *Initials* | *Initials* |
| If I am a **Maine** resident, I acknowledge that it is recommended by the Maine Office of Securities that my aggregate investment in this offering and similar direct participation investments not exceed 10% of my liquid net worth. |  |  |
|  | *Initials* | *Initials* |
| If I am a **Massachusetts** resident, in addition to the suitability standards set forth above, I must have either (a) a minimum liquid net worth of $100,000 and a minimum annual gross income of $85,000, or (b) a minimum liquid net worth of $350,000. In addition, my investment in First Eagle Private Credit Fund, its affiliates and other non-publicly-traded direct investment programs (including real estate investment trusts, BDCs, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed 10% of my liquid net worth. |  |  |
| If I am a **Massachusetts** resident, in addition to the suitability standards set forth above, I must have either (a) a minimum liquid net worth of $100,000 and a minimum annual gross income of $85,000, or (b) a minimum liquid net worth of $350,000. In addition, my investment in First Eagle Private Credit Fund, its affiliates and other non-publicly-traded direct investment programs (including real estate investment trusts, BDCs, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed 10% of my liquid net worth. | *Initials*  | *Initials* |
| If I am a **Missouri** resident, in addition to the suitability standards set forth above, no more than 10% of my liquid net worth shall be invested in First Eagle Private Credit Fund. |  |  |
|  | *Initials* | *Initials* |

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

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| | | |
|:---|:---|:---|
|  | **Primary<br>Investor<br>Initials** | **Co-Investor<br>Initials** |
| If I am a **Nebraska** resident, in addition to the suitability standards set forth above, I must limit my aggregate investment in this offering and the securities of other business development companies to 10% of my net worth. If I am an accredited investors as defined in Regulation D under the Securities Act of 1933, as amended, I am not subject to the foregoing investment concentration limit. |  |  |
| If I am a **Nebraska** resident, in addition to the suitability standards set forth above, I must limit my aggregate investment in this offering and the securities of other business development companies to 10% of my net worth. If I am an accredited investors as defined in Regulation D under the Securities Act of 1933, as amended, I am not subject to the foregoing investment concentration limit. | *Initials* | *Initials* |
| If I am a **New Jersey** resident, (1) I have either (a) a minimum liquid net worth of $100,000 and a minimum annual gross income of $85,000, or (b) a minimum liquid net worth of $350,000. In addition, my total investment in First Eagle Private Credit Fund, its affiliates and other non-publicly-traded direct investment programs (including real estate investment trusts, BDCs, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed ten percent (10%) of my liquid net worth. |  |  |
| If I am a **New Jersey** resident, (1) I have either (a) a minimum liquid net worth of $100,000 and a minimum annual gross income of $85,000, or (b) a minimum liquid net worth of $350,000. In addition, my total investment in First Eagle Private Credit Fund, its affiliates and other non-publicly-traded direct investment programs (including real estate investment trusts, BDCs, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed ten percent (10%) of my liquid net worth. | *Initials* | *Initials* |
| If I am a **New Jersey** resident, (1) I have either (a) a minimum liquid net worth of $100,000 and a minimum annual gross income of $85,000, or (b) a minimum liquid net worth of $350,000. In addition, my total investment in First Eagle Private Credit Fund, its affiliates and other non-publicly-traded direct investment programs (including real estate investment trusts, BDCs, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed ten percent (10%) of my liquid net worth. |  |  |
| If I am a **New Mexico** resident, in addition to the general suitability standards listed above, I may not invest, and First Eagle Private Credit Fund may not accept from me, more than ten percent (10%) of my liquid net worth in shares of First Eagle Private Credit Fund, its affiliates and in other non-traded business development companies. |  |  |
| If I am a **New Mexico** resident, in addition to the general suitability standards listed above, I may not invest, and First Eagle Private Credit Fund may not accept from me, more than ten percent (10%) of my liquid net worth in shares of First Eagle Private Credit Fund, its affiliates and in other non-traded business development companies. | *Initials* | *Initials* |
| If I am a **North Dakota** resident, I must have a net worth of at least ten times my investment in First Eagle Private Credit Fund. |  |  |
|  | *Initials* | *Initials* |
| If I am an **Ohio** resident, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund, its affiliates, and other non-traded business development companies. This condition does not apply, directly or indirectly, to federally covered securities. |  |  |
| If I am an **Ohio** resident, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund, its affiliates, and other non-traded business development companies. This condition does not apply, directly or indirectly, to federally covered securities. | *Initials* | *Initials* |
| If I am an **Oklahoma** resident, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund. |  |  |
|  | *Initials* | *Initials* |
| If I am an **Oregon** resident, in addition to general suitability standards, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund. For purposes of Oregon's suitability standard, "liquid net worth" is defined as an investor's total assets (excluding home, home furnishings, and automobiles) minus total liabilities. If I am an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended, I am not subject to the limitation described in this paragraph. |  |  |
| If I am an **Oregon** resident, in addition to general suitability standards, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund. For purposes of Oregon's suitability standard, "liquid net worth" is defined as an investor's total assets (excluding home, home furnishings, and automobiles) minus total liabilities. If I am an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended, I am not subject to the limitation described in this paragraph. | *Initials* | *Initials* |
| If I am an **Oregon** resident, in addition to general suitability standards, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund. For purposes of Oregon's suitability standard, "liquid net worth" is defined as an investor's total assets (excluding home, home furnishings, and automobiles) minus total liabilities. If I am an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended, I am not subject to the limitation described in this paragraph. |  |  |
| If I am a **Puerto Rico** resident, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund, its affiliates and other non-traded business development companies. |  |  |
| If I am a **Puerto Rico** resident, I may not invest more than 10% of my liquid net worth in First Eagle Private Credit Fund, its affiliates and other non-traded business development companies. | *Initials* | *Initials* |
| If I am a **Tennessee** resident, I must have a liquid net worth of at least ten times my investment in First Eagle Private Credit Fund. |  |  |
|  | *Initials* | *Initials* |
| If I am a **Vermont** resident and I am an accredited investor in Vermont, as defined in 17 C.F.R. § 230.501, I may invest freely in this offering. In addition to the suitability standards described above, if I am a non-accredited Vermont investor, I may not purchase an amount in this offering that exceeds 10% of my liquid net worth. |  |  |
| If I am a **Vermont** resident and I am an accredited investor in Vermont, as defined in 17 C.F.R. § 230.501, I may invest freely in this offering. In addition to the suitability standards described above, if I am a non-accredited Vermont investor, I may not purchase an amount in this offering that exceeds 10% of my liquid net worth. | *Initials* | *Initials* |

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##### [**Table of Contents**](#toc)
**Appendix B: Additional Questionnaire**

***Instructions: <u>Al</u>l purchasers please complete this <u>Appendix B</u> in its entirety.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Are you, or are you investing on behalf of, a "benefit plan investor" within the meaning of the Plan Asset Regulations<sup>1</sup> or will you use the assets of a "benefit plan investor"<sup>2</sup> to invest in First Eagle Private Credit Fund?** 

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. If Question (1) above is "yes" please indicate what percentage of the purchaser's assets invested in First Eagle Private Credit Fund are considered to be the assets of "benefit plan investors" within the meaning of the Plan Asset Regulations:** 

_____%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **If you are investing the assets of an insurance company general account** please indicate what percentage of the insurance company general account's assets invested in First Eagle Private Credit Fund are the assets of "benefit plan investors" within the meaning of the Employee Retirement Income Security Act of 1974, as amended, or the regulations promulgated thereunder?

_____%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Please indicate if you are "Controlling Person" defined as**: (i) a person (including an entity), other than a "benefit plan investor" who has discretionary authority or control with respect to the assets of First Eagle Private Credit Fund, a person who provides investment advice for a fee (direct or indirect) with respect to such assets, or any "affiliate" of such a person. An "affiliate" of a person includes any person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the person. For purposes of this definition, "control," with respect to a person other than an individual, means the power to exercise a controlling influence over the management or policies of such person.

☐ Yes ☐ No

By purchasing and accepting our shares by or on behalf of any "benefit plan investor" or other plan, fund or program that provides for retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, you will be deemed to have represented and warranted that the purchase and holding of the shares by you will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar violation under any other applicable laws.

<sup>1</sup> "**Plan Asset Regulations**" means the regulations issued by the United States Department of Labor at Section 2510.3-101, Title 29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA, as the same may be amended from time to time. 

<sup>2</sup> The term "benefit plan investor" includes, for e.g.: (i) an "employee benefit plan" as defined in section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), that is subject to Title I of ERISA (such as employee welfare benefit plans (generally, plans that provide for health, medical or other welfare benefits) and employee pension benefit plans (generally, plans that provide for retirement or pension income)); (ii) a "plan" described in section 4975(e)(1) of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), that is subject to section 4975 of the Code (including, for e.g., an "individual retirement account", an "individual retirement annuity", a "Keogh" plan, a pension plan, an Archer MSA described in section 220(d) of the Code, a Coverdell education savings account described in section 530 of the Code and a health savings account described in section 223(d) of the Code) and (iii) an entity that is, or whose assets would be deemed to constitute the assets of, one or more "employee benefit plans" or "plans" (such as for e.g., a master trust or a plan assets fund) under ERISA or the Plan Asset Regulations. 

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##### [**Table of Contents**](#toc)
**Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2025** 

On August 13, 2025, we filed our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 with the Securities and Exchange Commission. The report (without exhibits) is attached to this Supplement.

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

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC 20549** 

**FORM 10-Q** 

**(Mark One)** 

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

**For the quarterly period ended June 30, 2025** 

**OR** 

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

**Commission File Number: 814-01642** 

## First Eagle Private Credit Fund
**(Exact Name of Registrant as Specified in its Charter)** 

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

---

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

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| **N/A** | **N/A** | **N/A** |

---

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

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

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

---

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

---

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

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

The number of shares of the registrant's common shares of beneficial interest, $0.001 par value per share, outstanding as of August 13, 2025 was 12,442,671 and 4,205 of Class I shares and Class D shares, respectively. Common shares outstanding exclude August 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

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

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  **PART I.** | [FINANCIAL INFORMATION](#tx800994_1) |  |
|  Item 1. | [Financial Statements](#tx800994_2) | 5 |
|  | [Consolidated Statement of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024](#tx800994_3) | 5 |
|  | [Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#tx800994_4) | 6 |
|  | [Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#tx800994_5) | 7 |
|  | [Consolidated Statement of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)](#tx800994_6) | 9 |
|  | [Consolidated Schedule of Investments as of June 30, 2025 (Unaudited) and December 31, 2024](#tx800994_7) | 10 |
|  | [Notes to Consolidated Financial Statements (Unaudited)](#tx800994_8) | 30 |
|  Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tx800994_9) | 57 |
|  Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#tx800994_10) | 70 |
|  Item 4. | [Controls and Procedures](#tx800994_11) | 70 |
|  **PART II.** | [OTHER INFORMATION](#tx800994_12) | 72 |
|  Item 1. | [Legal Proceedings](#tx800994_13) | 72 |
|  Item 1A. | [Risk Factors](#tx800994_14) | 72 |
|  Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#tx800994_15) | 72 |
|  Item 3. | [Defaults Upon Senior Securities](#tx800994_16) | 72 |
|  Item 4. | [Mine Safety Disclosures](#tx800994_17) | 73 |
|  Item 5. | [Other Information](#tx800994_18) | 73 |
|  Item 6. | [Exhibits](#tx800994_19) | 74 |
|  [Signatures](#tx800994_20) | [Signatures](#tx800994_20) | 75 |

---

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##### [**Table of Contents**](#toc)
**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our, or our portfolio companies', future business, operations, operating results or prospects;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financing arrangements and investments;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our use of financial leverage;

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

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

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

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

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

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

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

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the tax status of the enterprises in which we may invest;

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

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

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

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

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

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

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

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

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

**WEBSITE DISCLOSURE** 

We use our website www.FEPCF.com as a channel of distribution of Company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases, SEC filings and webcasts. The contents of our website are not, however, a part of this Quarterly Report on Form 10-Q.

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##### [**Table of Contents**](#toc)
**PART I - FINANCIAL INFORMATION** 

**Item 1. Financial Statements.** 

**First Eagle Private Credit Fund** 

**Consolidated Statement of Assets and Liabilities** 

*(in thousands, except share and per share amounts)* 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments, at fair value (amortized cost of: $661,745 and $653,701, respectively) | $658135 | $653925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 24857 | 21319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable | 5851 | 4247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs | 2906 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs | 1770 | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold or repaid | 12009 | 5019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 176 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Adviser | 2854 | 2585 |
|  **Total assets** | $708558 | $691396 |
|  **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit facilities | 395000 | 325600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest and other borrowing costs | 6456 | 5384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 3659 | 55343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 2552 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering costs payable | 288 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to affiliates | 74 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 487 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued administration expense | 521 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 417 | 692 |
|  **Total liabilities** | $409454 | $391062 |
|  Commitments and contingencies (Note 7) |  |  |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares, par value $0.001 (unlimited shares authorized, 12,446,559 and 12,407,361 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively) | $12 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par value | 300993 | 300733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated losses) | (1901) | (411) |
|  **Total net assets** | $299104 | $300334 |
|  **NET ASSET VALUE PER SHARE** |  |  |
|  **Class I Shares:** |  |  |
|  Net assets | $299003 | $300334 |
|  Common Shares outstanding ($0.001 par value, unlimited shares authorized) | 12442354 | 12407361 |
|  Net asset value per share | $24.03 | $24.21 |
|  **Class D Shares:** |  |  |
|  Net assets | $101 | $— |
|  Common Shares outstanding ($0.001 par value, unlimited shares authorized) | 4205 |  |
|  Net asset value per share | $24.03 | $— |

---

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

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##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Statement of Operations (unaudited)** 

*(in thousands, except share and per share amounts)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br>June 30, 2025** | **For the Three Months Ended<br>June 30, 2024** | **For the Six Months Ended<br>June 30, 2025** | **For the Six Months Ended<br>June 30, 2024** |
|  **Investment income:** |  |  |  |  |
|  **From non-controlled/non-affiliated investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $15853 | $6768 | $30905 | $10019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | 196 | 1058 | 459 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 216 | 359 | 420 | 638 |
|  **Total investment income** | 16265 | 8185 | 31784 | 13728 |
|  **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 6657 | 1170 | 12816 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base management fees | 929 | 939 | 1860 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income-based incentive fee | 924 | 695 | 1831 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gains incentive fee |  | 12 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration expense | 422 | 413 | 1026 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 123 | 130 | 256 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 308 | 318 | 630 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other general and administrative expenses | 367 | 208 | 654 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of continuous offering costs | 1028 | 418 | 1778 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and shareholder servicing fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D <sup>(1)</sup> |  |  |  |  |
|  **Total expenses before excise tax** | 10758 | 4303 | 20851 | 7283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees waiver | (929) | (939) | (1860) | (1724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fees waiver | (924) | (707) | (1831) | (911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense support | (1502) | (321) | (2854) | (321) |
|  **Net expenses before excise tax** | 7403 | 2336 | 14306 | 4327 |
|  **Net investment income (loss) before excise tax** | 8862 | 5849 | 17478 | 9401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excise tax expense | 44 |  | 78 |  |
|  **Net investment income (loss) after excise tax** | 8818 | 5849 | 17400 | 9401 |
|  **Realized and unrealized gain (loss):** |  |  |  |  |
|  Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | 100 | (4) | (439) | (4) |
|  Net realized gain (loss) | 100 | (4) | (439) | (4) |
|  Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | (442) | (218) | (3834) | (172) |
|  Net change in unrealized appreciation (depreciation) | (442) | (218) | (3834) | (172) |
|  Net realized and unrealized gain (loss) | (342) | (222) | (4273) | (176) |
|  **Net increase (decrease) in net assets resulting from operations** | $8476 | $5627 | $13127 | $9225 |
|  **Per share information:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings available to shareholders | $8473 | $5627 | $13124 | $9225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average shares outstanding (basic and diluted) | 12445003 | 12425341 | 12444823 | 11739160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted earnings per common share | $0.68 | $0.45 | $1.05 | $0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class D Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings available to shareholders | $3 | $— | $3 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average shares outstanding (basic and diluted) | 4205 |  | 4205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted earnings per common share | $0.65 | $— | $0.65 | $— |

---

(1) For the three and six months ended June 30, 2025, the Class D distribution and shareholder servicing
fees were less than $1. There were no distribution and shareholder servicing fees for the three and six months ended June 30, 2024

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

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##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Statement of Changes in Net Assets (unaudited)** 

*(in thousands, except shares)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Paid-in-Capital in**<br>**Excess of Par Value** | **Accumulated<br>Earnings**<br>**(Loss), Net of**<br>**Distributions** | **Total**<br>**Net Assets** |
|  | **Common Shares** | **Common Shares** | **Paid-in-Capital in**<br>**Excess of Par Value** | **Accumulated<br>Earnings**<br>**(Loss), Net of**<br>**Distributions** | **Total**<br>**Net Assets** |
|  | **Shares** | **Par Value** | **Paid-in-Capital in**<br>**Excess of Par Value** | **Accumulated<br>Earnings**<br>**(Loss), Net of**<br>**Distributions** | **Total**<br>**Net Assets** |
|  **Balance, December 31, 2024** | **12407361** | $**12** | $**300733** | $**(411)** | $**300334** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Issuance of common shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I <sup>(1)</sup> | 37241 |  | 901 |  | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total issuance of common shares | 37241 |  | 901 |  | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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; Net investment income |  |  |  | 8582 | 8582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  |  | (539) | (539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  |  | (3392) | (3392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations |  |  |  | 4651 | 4651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with dividend reinvestment plan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I <sup>(1)</sup> | 111 |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings (losses) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  | (7649) | (7649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles |  |  | (603) | 603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) for the period | 37352 |  | 301 | (2395) | (2094) |
|  **Balance, March 31, 2025** | **12444713** | $**12** | $**301034** | $**(2806)** | $**298240** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Issuance of common shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I <sup>(1)</sup> | 561 |  | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D <sup>(1)</sup> | 4205 |  | 100 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total issuance of common shares | 4766 |  | 113 |  | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Repurchase of common shares, net of early repurchase deduction** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (3036) |  | (73) |  | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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; Net investment income |  |  |  | 8818 | 8818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  |  | (442) | (442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations |  |  |  | 8476 | 8476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with dividend reinvestment plan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I <sup>(1)</sup> | 116 |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings (losses) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  | (7653) | (7653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D |  |  |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles |  |  | (84) | 84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) for the period | 1846 |  | (41) | 905 | 864 |
|  **Balance, June 30, 2025** | **12446559** | $**12** | $**300993** | $**(1901)** | $**299104** |

---

(1) Par Value is less than $1.

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##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Statement of Changes in Net Assets (unaudited)** 

*(in thousands, except shares)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Paid-in-Capital in**<br>**Excess of Par Value** | **Accumulated<br>Earnings**<br>**(Loss), Net of**<br>**Distributions** | **Total**<br>**Net Assets** |
|  | **Common Shares** | **Common Shares** | **Paid-in-Capital in**<br>**Excess of Par Value** | **Accumulated<br>Earnings**<br>**(Loss), Net of**<br>**Distributions** | **Total**<br>**Net Assets** |
|  | **Shares** | **Par Value** | **Paid-in-Capital in**<br>**Excess of Par Value** | **Accumulated<br>Earnings**<br>**(Loss), Net of**<br>**Distributions** | **Total**<br>**Net Assets** |
|  **Balance, December 31, 2023** | **10366818** | $**10** | $**252307** | $**(649)** | $**251668** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Issuance of shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 2058460 | 2 | 49998 |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total issuance of common shares | 2058460 | 2 | 49998 |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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; Net investment income |  |  |  | 3552 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  |  | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations |  |  |  | 3598 | 3598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with dividend reinvestment plan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I <sup>(1)</sup> | 40 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings (losses) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  | (3979) | (3979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles |  |  | (198) | 198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) for the period | 2058500 | 2 | 49801 | (183) | 49620 |
|  **Balance, March 31, 2024** | **12425318** | $**12** | $**302108** | $**(832)** | $**301288** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Issuance of shares** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total issuance of common shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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; Net investment income |  |  |  | 5849 | 5849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  |  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  |  | (218) | (218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations |  |  |  | 5627 | 5627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with dividend reinvestment plan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I <sup>(1)</sup> | 66 |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings (losses) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  | (5654) | (5654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles |  |  | (344) | 344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) for the period | 66 |  | (342) | 317 | (25) |
|  **Balance, June 30, 2024** | **12425384** | $**12** | $**301766** | $**(515)** | $**301263** |

---

(1) Par Value is less than $1.

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

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Statement of Cash Flows (unaudited)** 

*(in thousands, except shares)* 

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br>June 30, 2025** | **For the Six Months Ended<br>June 30, 2024** |
|  **Cash flow from operating activities** |  |  |
|  Net increase (decrease) in net assets resulting from operations | $13127 | $9225 |
|  Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |
|  Accrued interest and dividends received in-kind | (84) |  |
|  Net accretion of discount and amortization of premium | (1029) | (473) |
|  Proceeds from sale of investments and principal repayments | 128747 | 11817 |
|  Purchases of investments | (194791) | (282502) |
|  Net realized (gains) losses on investments | 439 | 4 |
|  Net change in unrealized (appreciation) depreciation on investments | 3834 | 172 |
|  Amortization of deferred financing costs | 353 | 306 |
|  Amortization of continuous offering costs | 1778 | 616 |
|  Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable | (1604) | (1388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | (125) | (267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to affiliates | (64) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from adviser | (269) | (321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued administration expense | 52 | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | (90) | (134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | (348) | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest and other borrowing costs | 1072 | 298 |
|  Net cash provided by (used in) operating activities | (49002) | (262588) |
|  **Cash flow from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of shares | 1014 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings under credit facilities | 139400 | 79100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt repayments | (70000) | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions paid | (15294) | (7394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs paid | (977) | (1313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs paid | (1603) | (1901) |
|  Net cash provided by (used in) financing activities | 52540 | 113492 |
|  **Net decrease in cash and cash equivalents** | 3538 | (149096) |
|  **Cash and cash equivalents, beginning of period** | 21319 | 183395 |
|  **Cash and cash equivalents, end of period** | $24857 | $34299 |
|  **Supplemental disclosure of cash flow information and non-cash financing activities** |  |  |
|  Interest paid during the period | $11391 | $— |
|  Distributions payable | $2552 | $2239 |
|  Accrued but unpaid share repurchases | $73 | $— |
|  Accrued but unpaid offering costs | $288 | $187 |
|  Reinvestment of distributions | $6 | $— |
|  Excise taxes paid | $72 | $— |

---

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

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (unaudited)** 

**June 30, 2025** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  **Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |  |
|  **First Lien Debt** |  |  |  |  |  |  |  |  |  |  |
|  Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bleriot US Bidco Inc. | (13) | United States | S + 2.75% | 0.00% | 7.05% | 10/31/2030 | 1874 | $1879 | $1880 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chromalloy Corporation | (12) | United States | S + 3.75% | 0.00% | 8.04% | 3/27/2031 | 7 | 7 | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings Inc. | (8)(13)(14) | United States | S + 3.50% | 0.00% | 7.80% | 4/1/2032 | 2000 | 1990 | 2008 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Sub LLC | (12) | United States | S + 3.00% | 0.00% | 7.32% | 6/14/2030 | 2370 | 2370 | 2382 | 0.80 |
|  |  |  |  |  |  |  |  | 6246 | 6277 | 2.10 |
|  Air Freight & Logistics |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Buyer Inc. | (8)(12) | United States | S + 5.50% | 0.00% | 9.78% | 7/23/2030 | 5135 | 5078 | 4981 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Buyer Inc. (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 0.50% | 7/23/2030 |  | (6) | (16) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIT Worldwide Logistics Holdings, Inc. | (12) | United States | S + 4.00% | 0.00% | 8.26% | 4/8/2030 | 4949 | 4967 | 4969 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaserShip, Inc. |  | United States | S + 6.25% | 0.00% | 10.55% | 1/2/2029 | 1267 | 1256 | 1256 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaserShip, Inc. |  | United States | S + 5.50% (incl.<br>4.00% PIK) | 0.75% | 10.06% | 8/10/2029 | 2002 | 1604 | 1175 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaserShip, Inc. | (15) | United States | S + 5.50% (incl.<br>4.00% PIK) | 0.00% | 10.06% | 8/10/2029 | 1402 | 359 | 403 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odyssey Logistics & Technology Corporation | (12) | United States | S + 4.50% | 0.00% | 8.72% | 10/12/2027 | 1610 | 1606 | 1528 | 0.51 |
|  |  |  |  |  |  |  |  | 14864 | 14296 | 4.78 |
|  Automobile Components |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enthusiast Auto Holdings, LLC | (8)(12) | United States | S + 4.75% | 1.00% | 9.08% | 12/19/2026 | 8360 | 8360 | 8360 | 2.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enthusiast Auto Holdings, LLC (Revolver) | (7)(8)(12) | United States | S + 4.75% | 1.00% | 9.08% | 12/19/2026 |  | (1) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owl Vans, LLC | (8)(12) | United States | S + 5.25% | 1.00% | 9.58% | 12/31/2030 | 3821 | 3775 | 3770 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owl Vans, LLC (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 0.50% | 12/31/2030 |  | (15) | (16) | (0.01) |
|  |  |  |  |  |  |  |  | 12119 | 12113 | 4.05 |
|  Building Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groundworks Operations, LLC | (13) | United States | S + 3.00% | 0.00% | 7.32% | 3/14/2031 | 2514 | 2519 | 2516 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groundworks Operations, LLC (Delayed Draw) | (7)(13) | United States | S + 3.00% | 0.50% | 7.32% | 3/14/2031 | 74 | 75 | 74 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MI Windows and Doors, LLC | (13) | United States | S + 3.00% | 0.00% | 7.33% | 3/28/2031 | 1970 | 1962 | 1977 | 0.66 |
|  |  |  |  |  |  |  |  | 4556 | 4567 | 1.53 |
|  Chemicals |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexion Holdings Corporation | (12) | United States | S + 4.00% | 0.00% | 8.31% | 3/15/2029 | 2977 | 2964 | 2975 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highline Aftermarket Acquisition, LLC | (8)(13) | United States | S + 3.50% | 0.00% | 7.83% | 2/19/2030 | 1990 | 1985 | 2005 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ineos US Finance LLC | (13)(14) | Europe | S + 3.00% | 0.00% | 7.33% | 2/7/2031 | 993 | 993 | 949 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Cloud Holdings, LLC | (8)(12) | United States | S + 6.25% | 1.00% | 10.68% | 3/31/2029 | 10443 | 10258 | 10365 | 3.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Cloud Holdings, LLC (Revolver) | (8)(9)(12) | United States | S + 6.25% | 0.00% | 10.68% | 3/31/2029 | 1424 | 1392 | 1414 | 0.47 |
|  |  |  |  |  |  |  |  | 17592 | 17708 | 5.92 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Unaudited) - (Continued)** 

**June 30, 2025** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Commercial Services & Supplies |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APS Acquisition Holdings, LLC | (8)(12) | United States | S + 5.50% | 1.00% | 10.05% | 7/11/2029 | 8040 | 7943 | 8000 | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APS Acquisition Holdings, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 10.05% | 7/11/2029 | 784 | 770 | 766 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APS Acquisition Holdings, LLC (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 0.50% | 7/11/2029 |  | (21) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catawba Nation Gaming Authority | (11)(13) | United States | S + 4.75% | 0.00% | 9.05% | 3/28/2032 | 5000 | 4976 | 5069 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI (MG) Group, LLC | (8)(12) | United States | S + 5.50% | 1.00% | 9.80% | 3/27/2030 | 9774 | 9635 | 9627 | 3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI (MG) Group, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 9.82% | 3/27/2030 | 419 | 386 | 350 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI (MG) Group, LLC (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 9.80% | 3/27/2030 | 501 | 486 | 486 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cimpress USA Incorporated | (12) | United States | S + 2.50% | 0.50% | 6.83% | 5/17/2028 | 1985 | 1985 | 1983 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LRS Holdings LLC | (12) | United States | S + 4.25% | 0.00% | 8.69% | 8/31/2028 | 1969 | 1969 | 1937 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco, LLC | (13) | United States | S + 4.25% | 0.00% | 8.57% | 12/2/2031 | 2000 | 1982 | 2013 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (13) | United States | S + 2.00% | 0.00% | 6.32% | 10/13/2030 | 1990 | 2001 | 1993 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Resource Management Inc. | (8)(12) | United States | S + 5.75% | 1.00% | 10.08% | 12/28/2029 | 5558 | 5495 | 5558 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Resource Management, Inc. | (8)(12) | United States | S + 5.75% | 1.00% | 10.08% | 12/28/2029 | 1420 | 1399 | 1420 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Resource Management, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 5.75% | 1.00% | 1.00% | 12/28/2029 |  | (24) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Resource Management Inc. (Delayed Draw) | (8)(10) | United States | S + 5.75% | 1.00% | 10.08% | 12/28/2029 | 2061 | 2054 | 2061 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Resource Management Inc. (Revolver) | (7)(8)(9) | United States | S + 5.75% | 1.00% | 10.08% | 12/28/2029 | 106 | 97 | 106 | 0.04 |
|  |  |  |  |  |  |  |  | 41133 | 41360 | 13.82 |
|  Communications Equipment |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SonicWall US Holdings Inc. | (11) | United States | S + 5.00% | 0.50% | N/A | 5/18/2028 | 1990 | 1995 | 1951 | 0.65 |
|  |  |  |  |  |  |  |  | 1995 | 1951 | 0.65 |
|  Construction & Engineering |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RL James, Inc. | (8)(12) | United States | S + 6.00% | 1.00% | 10.43% | 12/15/2028 | 2267 | 2237 | 2250 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RL James, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 6.00% | 1.00% | 10.41% | 12/15/2028 | 1535 | 1507 | 1519 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RL James, Inc. (Revolver) | (7)(8)(9) | United States | S + 6.00% | 1.00% | 0.50% | 12/15/2028 |  | (14) | (8) |  |
|  |  |  |  |  |  |  |  | 3730 | 3761 | 1.26 |
|  Containers & Packaging |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closure Systems International Group Inc. | (13) | United States | S + 3.50% | 0.00% | 7.83% | 3/22/2029 | 1990 | 1982 | 1996 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R-Pac International Corp | (8) | United States | S + 6.00% | 0.00% | 10.28% | 12/29/2027 | 2368 | 2349 | 2356 | 0.78 |
|  |  |  |  |  |  |  |  | 4331 | 4352 | 1.45 |
|  Diversified Consumer Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCP Clean Acquisition Co LLC | (8)(12) | United States | S + 4.75% | 0.50% | 9.05% | 6/15/2028 | 9601 | 9530 | 9583 | 3.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCP Clean Acquisition Co LLC (Delayed Draw) | (7)(8)(10) | United States | S + 4.75% | 0.00% | 9.05% | 6/15/2028 | 1085 | 1076 | 1081 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaserAway Intermediate Holdings II, LLC | (8)(12) | United States | S + 5.75% | 0.75% | 10.29% | 10/14/2027 | 1498 | 1488 | 1498 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC | (8)(12) | United States | S + 6.00% | 1.00% | 10.30% | 11/15/2030 | 5194 | 5111 | 5012 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC (Delayed Draw) | (8)(10)(12) | United States | S + 6.00% | 1.00% | 10.21% | 11/15/2030 | 1305 | 1284 | 1260 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC (Revolver) | (7)(8)(9) | United States | S + 6.00% | 1.00% | 10.30% | 11/15/2029 | 132 | 122 | 109 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reedy Industries Inc. |  | United States | S + 4.25% | 0.00% | 8.55% | 8/31/2028 | 1990 | 1981 | 1997 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Streetmasters Intermediate, Inc | (8)(12) | United States | S + 5.25% | 1.00% | 9.58% | 4/1/2030 | 12434 | 12286 | 12280 | 4.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Streetmasters Intermediate, Inc (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 9.58% | 4/1/2030 | 113 | 93 | 92 | 0.03 |
|  |  |  |  |  |  |  |  | 32971 | 32912 | 11.00 |
|  Diversified Telecommunication Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian US Holdco LLC | (12) | United States | S + 3.50% | 0.00% | 7.80% | 1/31/2030 | 3950 | 3934 | 3939 | 1.32 |
|  |  |  |  |  |  |  |  | 3934 | 3939 | 1.32 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Unaudited) - (Continued)** 

**June 30, 2025** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Electric Utilities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Critical Group, LLC | (8)(12) | United States | S + 6.00% | 0.00% | 10.28% | 4/17/2030 | 7636 | 7560 | 7560 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Critical Group, LLC (Delayed Draw) | (7)(8)(9) | United States | S + 6.00% | 0.00% | 0.50% | 4/17/2030 |  | (20) | (40) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Critical Group, LLC (Revolver) | (7)(8)(9) | United States | S + 6.00% | 0.00% | 0.50% | 4/17/2030 |  | (16) | (16) | (0.01) |
|  |  |  |  |  |  |  |  | 7524 | 7504 | 2.51 |
|  Electrical Equipment |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Acquisition | (8) | United States | S + 6.50% | 2.00% | 10.80% | 5/10/2029 | 7821 | 7703 | 7782 | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Acquisition (Delayed Draw) | (7)(8)(10) | United States | S + 6.50% | 2.00% | 1.00% | 5/10/2029 |  | (3) | (2) |  |
|  |  |  |  |  |  |  |  | 7700 | 7780 | 2.60 |
|  Electronic Equipment, Instruments & Components |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creation Technologies Inc. | (8) | United States | S + 5.50% | 0.50% | 10.05% | 10/5/2028 | 1990 | 1967 | 1970 | 0.66 |
|  |  |  |  |  |  |  |  | 1967 | 1970 | 0.66 |
|  Entertainment |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StubHub | (12) | United States | S + 4.75% | 0.00% | 9.08% | 3/15/2030 | 4876 | 4838 | 4746 | 1.59 |
|  |  |  |  |  |  |  |  | 4838 | 4746 | 1.59 |
|  Financial Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ahead DB Holdings, LLC | (13) | United States | S + 3.00% | 0.75% | 7.30% | 2/1/2031 | 980 | 972 | 982 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital, LLC | (8)(12)(14) | United States | S + 6.50% | 1.00% | 10.82% | 3/1/2029 | 1254 | 1237 | 1254 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital, LLC | (8)(12)(14) | United States | S + 6.50% | 1.00% | 10.82% | 3/1/2029 | 587 | 578 | 587 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital, LLC | (8)(12)(14) | United States | S + 6.50% | 1.00% | 10.82% | 3/1/2029 | 993 | 976 | 993 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital, LLC (Delayed Draw) | (7)(8)(10)(14) | United States | S + 6.50% | 1.00% | 10.80% | 3/1/2029 | 159 | 146 | 159 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital, LLC (Delayed Draw) | (8)(10)(14) | United States | S + 6.50% | 1.00% | 10.82% | 3/1/2029 | 996 | 988 | 996 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital, LLC (Delayed Draw) | (8)(10)(12)(14) | United States | S + 6.50% | 1.00% | 10.77% | 3/1/2029 | 294 | 292 | 294 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital, LLC (Delayed Draw) | (8)(10)(14) | United States | S + 6.50% | 1.00% | 10.83% | 3/1/2029 | 248 | 243 | 248 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital, LLC (Revolver) | (8)(9)(14) | United States | S + 6.50% | 1.00% | 10.82% | 3/1/2029 | 349 | 344 | 349 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Group Treasury Limited | (14) | Europe | S + 3.50% | 0.00% | 7.82% | 2/27/2032 | 2993 | 2985 | 2986 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aretec Group Inc. | (13) | United States | S + 3.50% | 0.00% | 7.83% | 8/9/2030 | 1990 | 2002 | 1996 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxey Bidco Ltd. | (8)(12)(14) | Europe | S + 6.00% | 0.00% | 10.36% | 6/29/2027 | 7870 | 7792 | 7663 | 2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evertec Group, LLC | (8)(13)(14) | United States | S + 2.75% | 0.00% | 7.08% | 10/30/2030 | 2000 | 2030 | 2012 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC | (13) | United States | S + 2.75% | 0.00% | 7.08% | 9/15/2031 | 1990 | 1985 | 1988 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Borrower LLC | (13) | United States | S + 2.75% | 0.00% | 7.05% | 9/5/2031 | 1990 | 1983 | 1995 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paint Intermediate III LLC | (13) | United States | S + 3.00% | 0.00% | 7.30% | 10/9/2031 | 1995 | 1986 | 1983 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRGX Global, Inc | (8)(12) | United States | S + 5.50% | 1.00% | 9.80% | 12/20/2030 | 4463 | 4421 | 4418 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRGX Global, Inc (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 1.00% | 12/20/2030 |  | (3) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Priority Holdings, LLC | (12) | United States | S + 4.75% | 0.00% | 9.08% | 5/16/2031 | 4922 | 4918 | 4943 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Group, LLC | (13) | United States | S + 2.25% | 0.00% | 6.58% | 9/15/2031 | 995 | 993 | 996 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagebrush Buyer, LLC | (8)(12) | United States | S + 5.00% | 1.00% | 9.33% | 7/1/2030 | 9821 | 9698 | 9821 | 3.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagebrush Buyer, LLC (Revolver) | (7)(8)(9) | United States | S + 5.00% | 1.00% | 9.31% | 7/1/2030 |  | (16) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TouchTunes | (12) | United States | S + 4.75% | 0.00% | 9.05% | 4/2/2029 | 3447 | 3447 | 3338 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPT Partners, LLC | (8)(12) | United States | S + 5.50% | 1.00% | 10.01% | 9/13/2028 | 5103 | 5037 | 5000 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPT Partners, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 10.01% | 9/13/2028 | 255 | 247 | 230 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPT Partners, LLC (Revolver) | (7)(8)(9) | United States | S + 5.75% | 1.00% | 9.86% | 9/13/2028 | 109 | 105 | 103 | 0.03 |
|  |  |  |  |  |  |  |  | 55386 | 55328 | 18.49 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Unaudited) - (Continued)** 

**June 30, 2025** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Food Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspire Bakeries Holdings LLC | (8)(12) | United States | S + 3.50% | 0.00% | 7.82% | 12/23/2030 | 2985 | 2970 | 3000 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden State Foods Corp | (13) | United States | S + 4.25% | 0.00% | 8.56% | 12/4/2031 | 3403 | 3379 | 3424 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Products Finance LLC | (13) | United States | S + 3.25% | 0.00% | 7.53% | 4/1/2029 | 1985 | 1985 | 1978 | 0.67 |
|  |  |  |  |  |  |  |  | 8334 | 8402 | 2.81 |
|  Ground Transportation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco Inc. | (13) | United States | S + 2.50% | 0.00% | 6.80% | 7/21/2028 | 1985 | 1985 | 1988 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenan Advantage Group, Inc. | (13) | United States | S + 3.25% | 0.00% | 7.58% | 1/25/2029 | 4957 | 4956 | 4895 | 1.64 |
|  |  |  |  |  |  |  |  | 6941 | 6883 | 2.30 |
|  Health Care Equipment & Supplies |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Journey Personal Care | (12) | United States | S + 3.75% | 0.00% | 8.05% | 3/1/2028 | 3939 | 3931 | 3946 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prescott's Inc. | (8)(12) | United States | S + 4.75% | 1.00% | 9.05% | 12/30/2030 | 5053 | 5001 | 5015 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prescott's Inc. (Delayed Draw) | (7)(8) | United States | S + 4.75% | 1.00% | 0.75% | 12/30/2030 |  | (12) | (27) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prescott's Inc. (Revolver) | (7)(8)(9) | United States | S + 4.75% | 1.00% | 0.50% | 12/30/2030 |  | (9) | (7) |  |
|  |  |  |  |  |  |  |  | 8911 | 8927 | 2.98 |
|  Health Care Providers & Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crisis Prevention Institute, Inc. | (12) | United States | S + 4.00% | 0.50% | 8.30% | 4/9/2031 | 2985 | 2972 | 2991 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dermatology Intermediate Holdings III, Inc. | (8) | United States | S + 5.50% | 0.50% | 9.78% | 3/30/2029 | 3456 | 3440 | 3154 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dermatology Intermediate Holdings III, Inc. | (12) | United States | S + 4.25% | 0.50% | 8.53% | 3/30/2029 | 4936 | 4856 | 4488 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevate HD Parent, Inc. | (8)(12) | United States | S + 6.00% | 1.00% | 10.43% | 8/20/2029 | 983 | 970 | 982 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevate HD Parent, Inc. (Delayed Draw) | (8)(10) | United States | S + 6.00% | 1.00% | 10.43% | 8/20/2029 | 23 | 23 | 23 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevate HD Parent, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 6.00% | 1.00% | 10.43% | 8/20/2029 | 84 | 82 | 84 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevate HD Parent, Inc. (Revolver) | (7)(8)(9) | United States | S + 6.00% | 1.00% | 10.42% | 8/20/2029 | 27 | 24 | 27.00 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo1 Partners, LLC | (8)(12) | United States | S + 4.00% | 2.00% | 8.33% | 5/23/2030 | 2095 | 2064 | 2064.00 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo1 Partners, LLC | (8)(12) | United States | S + 6.76% | 2.00% | 11.09% | 5/24/2030 | 7857 | 7693 | 7690.00 | 2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo1 Partners, LLC (Revolver) | (7)(8)(9) | United States | S + 4.00% | 1.00% | 8.33% | 5/23/2030 | 516 | 495 | 495.00 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Steps Recovery Acquisition, LLC | (8)(12) | United States | S + 6.25% | 1.00% | 10.58% | 3/29/2030 | 4764 | 4708 | 4669 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Steps Recovery Acquisition, LLC (Delayed Draw) | (7)(8)(10)(12) | United States | S + 6.25% | 1.00% | 10.55% | 3/29/2030 | 873 | 868 | 850 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Steps Recovery Acquisition, LLC (Revolver) | (7)(8)(9) | United States | S + 6.25% | 1.00% | 10.55% | 3/29/2030 | 551 | 538 | 528 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen4 Dental Partners Opco, LLC | (8)(12) | United States | S + 5.75% | 1.00% | 10.06% | 5/13/2030 | 6930 | 6818 | 6774 | 2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen4 Dental Partners Opco, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.75% | 0.00% | 1.00% | 5/13/2030 |  | (15) | (42) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen4 Dental Partners Opco, LLC (Revolver) | (7)(8)(9) | United States | S + 5.50% | 0.00% | 0.50% | 5/13/2030 |  | (8) | (11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houseworks Holdings | (8)(12) | United States | S + 5.25% | 1.00% | 9.50% | 12/15/2028 | 1093 | 1076 | 1088 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houseworks Holdings | (8)(12) | United States | S + 5.25% | 1.00% | 9.50% | 12/15/2028 | 2505 | 2491 | 2492 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houseworks Holdings (Delayed Draw) | (7)(8)(10) | United States | S + 5.25% | 1.00% | 1.00% | 12/15/2028 |  | (3) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houseworks Holdings (Delayed Draw) | (8)(9)(12) | United States | S + 5.50% | 1.00% | 9.50% | 12/15/2028 | 318 | 313 | 316 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houseworks Holdings (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 9.55% | 12/15/2028 | 116 | 112 | 115 | 0.04 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Unaudited) - (Continued)** 

**June 30, 2025** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair**<br>**Value** | **Percentage of<br>Net Assets** |
|  Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Vitro Sciences, LLC | (8)(12) | United States | S + 7.00% | 1.00% | 11.44% | 2/28/2029 | 8699 | 8603 | 7742 | 2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Vitro Sciences, LLC (Delayed Draw) | (8)(10) | United States | S + 7.00% | 1.00% | 11.44% | 2/28/2029 | 2222 | 2214 | 1978 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Vitro Sciences, LLC (Revolver) | (7)(8)(9) | United States | S + 7.00% | 1.00% | 0.50% | 2/28/2029 |  | (6) | (63) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medrina, LLC | (8)(12) | United States | S + 6.00% | 1.00% | 10.13% | 10/20/2029 | 7248 | 7151 | 7248 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medrina, LLC (Delayed Draw) | (8)(10)(12) | United States | S + 6.00% | 1.00% | 10.25% | 10/20/2029 | 1281 | 1275 | 1281.00 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medrina, LLC (Revolver) | (7)(8)(9) | United States | S + 6.00% | 1.00% | 0.50% | 10/20/2029 |  | (15) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Behavioral Therapy, LLC | (8)(12) | United States | S + 5.00% | 1.00% | 9.33% | 6/6/2030 | 9093 | 8981 | 9048 | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Behavioral Therapy, LLC (Delayed Draw) | (7)(8)(10)(12) | United States | S + 5.00% | 1.00% | 9.32% | 6/6/2030 | 1395 | 1388 | 1387 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Behavioral Therapy, LLC (Revolver) | (7)(8)(9) | United States | S + 5.00% | 1.00% | 9.32% | 6/6/2030 | 334 | 321 | 329 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neon Maple US Debt Mergersub Inc. | (13) | United States | S + 3.00% | 0.00% | 7.33% | 11/17/2031 | 998 | 996 | 1000 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NSM Top Holdings Corp (National Seating & Mobility Inc) | (11)(12) | United States | S + 4.75% | 0.00% | 9.15% | 5/14/2029 | 1995 | 1990 | 2009 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMBUS Holdco Inc. | (8)(12) | United States | S + 6.50% | 1.00% | 10.74% | 1/8/2029 | 5575 | 5508 | 5575 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMBUS Holdco Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 6.50% | 1.00% | 1.00% | 1/8/2029 |  | (12) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMBUS Holdco Inc. (Revolver) | (7)(8)(9) | United States | S + 6.50% | 1.00% | 0.50% | 1/8/2029 |  | (12) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Veterinary Partners, LLC | (13) | United States | S + 3.25% | 0.00% | 7.53% | 12/4/2031 | 1995 | 1986 | 1999 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fertility Enterprises, LLC | (8)(12) | United States | S + 4.50% | 0.00% | 8.80% | 10/11/2031 | 2127 | 2107 | 2143 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fertility Enterprises, LLC (Delayed Draw) | (8)(12) | United States | S + 4.50% | 1.00% | 8.82% | 10/11/2031 | 97 | 96 | 98 | 0.03 |
|  |  |  |  |  |  |  |  | 82088 | 80549 | 26.92 |
|  Health Care Technology |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantmed Buyer Inc | (8)(12) | United States | S + 5.00% | 1.00% | 9.30% | 2/14/2031 | 11574 | 11432 | 11422 | 3.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantmed Buyer Inc (Delayed Draw) | (8)(10)(12) | United States | S + 5.00% | 1.00% | 9.32% | 2/14/2031 | 1638 | 1631 | 1616 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantmed Buyer Inc (Revolver) | (7)(8)(9) | United States | S + 5.00% | 1.00% | 0.50% | 2/14/2031 |  | (27) | (29) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenway Health, LLC | (8)(12) | United States | S + 6.75% | 0.00% | 11.05% | 4/1/2029 | 9636 | 9431 | 9636 | 3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visante Acquisition, LLC | (8)(12) | United States | S + 5.75% | 1.00% | 10.03% | 1/31/2030 | 8355 | 8259 | 8355 | 2.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visante Acuqisition, LLC (Revolver) | (7)(8) | United States | S + 5.75% | 1.00% | 0.50% | 1/31/2030 |  | (11) |  |  |
|  |  |  |  |  |  |  |  | 30715 | 31000 | 10.36 |
|  Hotels, Restaurants & Leisure |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | (13)(14) | United States | S + 2.25% | 0.00% | 6.58% | 2/6/2030 | 1730 | 1746 | 1731 | 0.58 |
|  |  |  |  |  |  |  |  | 1746 | 1731 | 0.58 |
|  Household Durables |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Conditioning Specialist, Inc. | (8)(12) | United States | S + 5.50% | 1.00% | 9.82% | 11/19/2029 | 4998 | 4942 | 4923 | 1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Conditioning Specialist, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 9.80% | 11/19/2029 | 2869 | 2821 | 2814 | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Conditioning Specialist, Inc. (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 9.83% | 11/19/2029 | 226 | 215 | 213 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorel Industries | (8)(12)(14) | Canada | S + 8.30% | 2.00% | 12.60% | 12/8/2026 | 4842 | 4804 | 4842 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thornton Carpet, LLC | (8)(12) | United States | S + 5.00% | 1.00% | 9.31% | 5/15/2031 | 5528 | 5468 | 5466 | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thornton Carpet, LLC (Revolver) | (7)(8)(9) | United States | S + 5.00% | 1.00% | 9.31% | 5/15/2031 | 263 | 232 | 232 | 0.08 |
|  |  |  |  |  |  |  |  | 18482 | 18490 | 6.18 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Unaudited) - (Continued)** 

**June 30, 2025** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair**<br>**Value** | **Percentage of<br>Net Assets** |
|  Insurance |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acrisure, LLC | (12) | United States | S + 3.00% | 0.00% | 7.33% | 11/6/2030 | 2978 | 2978 | 2974 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amynta Agency Borrower Inc. | (12) | United States | S + 3.00% | 0.00% | 7.33% | 12/29/2031 | 2978 | 2978 | 2981 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Midco 3 Limited | (14) | Europe | S + 2.75% | 0.00% | 7.04% | 2/15/2031 | 2992 | 2979 | 2977 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Based Care Acquisition, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 9.90% | 9/30/2027 | 2231 | 2183 | 2231 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEG Borrower, LLC | (13) | United States | S + 3.50% | 0.00% | 7.81% | 6/30/2031 | 2978 | 2971 | 2972 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PEX Holdings LLC | (8)(12) | United States | S + 2.75% | 0.00% | 6.97% | 11/26/2031 | 997 | 995 | 1000 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Mutual Group, LLC | (8)(12) | United States | S + 5.25% | 1.00% | 9.55% | 1/31/2030 | 9619 | 9508 | 9619 | 3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Mutual Group, LLC (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 0.50% | 1/31/2030 |  | (15) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Insurance Holdings, LLC | (13) | United States | S + 2.75% | 0.00% | 7.05% | 5/6/2031 | 1379 | 1376 | 1381 | 0.46 |
|  |  |  |  |  |  |  |  | 25953 | 26135 | 8.74 |
|  IT Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion, LLC | (12) | United States | S + 4.00% | 0.00% | 8.43% | 8/19/2028 | 4924 | 4915 | 4863 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensono, Inc. | (13) | United States | S + 4.00% | 0.00% | 8.44% | 5/26/2028 | 1985 | 1981 | 1989 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rackspace Technology Global Inc. | (13) | United States | S + 6.25% | 0.75% | 10.68% | 5/15/2028 | 1985 | 2005 | 1996 | 0.67 |
|  |  |  |  |  |  |  |  | 8901 | 8848 | 2.96 |
|  Machinery |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acuren Delaware Holdco, Inc. | (13) | United States | S + 2.75% | 0.00% | 7.08% | 7/30/2031 | 1983 | 1983 | 1987 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPM Holdings, Inc. | (12) | United States | S + 4.50% | 0.00% | 8.82% | 9/28/2028 | 4937 | 4958 | 4843 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goat Holdco LLC | (13) | United States | S + 3.00% | 0.00% | 7.33% | 1/27/2032 | 1995 | 1990 | 2001 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison iAQ LLC | (12) | United States | S + 2.50% | 0.00% | 6.76% | 6/21/2028 | 3959 | 3970 | 3966 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nvent Thermal LLC | (13) | United States | S + 3.50% | 0.00% | 7.83% | 1/30/2032 | 2000 | 1991 | 2015 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Castle, Inc. |  | United States | S + 5.50% | 0.50% | 9.76% | 6/1/2029 | 3949 | 3661 | 3133 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Flow, Inc. | (13) | United States | S + 3.00% | 0.00% | 7.33% | 4/5/2029 | 2000 | 2011 | 2009 | 0.67 |
|  |  |  |  |  |  |  |  | 20564 | 19954 | 6.67 |
|  Media |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC | (12) | United States | S + 2.25% | 0.00% | 6.58% | 12/21/2028 | 2729 | 2729 | 2731 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cengage Learning, Inc. | (12) | United States | S + 3.50% | 0.00% | 7.83% | 3/24/2031 | 2970 | 2944 | 2981 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH Sub I/Indigo/WebMD Health | (12) | United States | S + 4.25% | 0.00% | 8.58% | 5/3/2028 | 2364 | 2347 | 2222 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Borrower, LLC | (13) | United States | S + 4.75% | 0.00% | 9.07% | 2/10/2032 | 2000 | 1990 | 2003 | 0.67 |
|  |  |  |  |  |  |  |  | 10010 | 9937 | 3.32 |
|  Metals & Mining |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies Inc. | (13)(14) | United States | S + 2.00% | 0.00% | 6.33% | 11/26/2031 | 1990 | 2002 | 1995 | 0.67 |
|  |  |  |  |  |  |  |  | 2002 | 1995 | 0.67 |
|  Oil, Gas & Consumable Fuels |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquid Tech Solutions Holdings, LLC | (8) | United States | S + 3.75% | 0.00% | 8.08% | 3/19/2028 | 995 | 995 | 997 | 0.33 |
|  |  |  |  |  |  |  |  | 995 | 997 | 0.33 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Unaudited) - (Continued)** 

**June 30, 2025** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair**<br>**Value** | **Percentage of<br>Net Assets** |
|  Passenger Airlines |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd. | (13) | United States | S + 2.25% | 0.00% | 6.52% | 4/20/2028 | 1857 | 1909 | 1848 | 0.62 |
|  |  |  |  |  |  |  |  | 1909 | 1848 | 0.62 |
|  Personal Care Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDC/ONE Development Corporation, Inc. | (13) | United States | S + 4.00% | 0.00% | 8.33% | 8/15/2028 | 2000 | 2000 | 2005 | 0.67 |
|  |  |  |  |  |  |  |  | 2000 | 2005 | 0.67 |
|  Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC | (13)(14) | United States | S + 5.50% | 0.00% | 9.83% | 5/4/2028 | 987 | 991 | 1006 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nephron Pharmaceuticals, LLC | (8)(12) | United States | S + 4.00% | 3.25% | 8.32% | 12/30/2027 | 1875 | 1859 | 1856 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nephron Pharmaceuticals, LLC | (8)(12) | United States | S + 9.20% | 3.25% | 13.52% | 12/30/2027 | 6375 | 6293 | 6279 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syner-G Intermediate Holdings, LLC | (8)(12) | United States | S + 5.25% | 1.00% | 9.55% | 9/17/2030 | 10327 | 10226 | 9656 | 3.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syner-G Intermediate Holdings, LLC (Revolver) | (7)(8)(9) | United States | S + 5.00% | 1.00% | 0.50% | 9/17/2030 |  | (11) | (75) | (0.03) |
|  |  |  |  |  |  |  |  | 19358 | 18722 | 6.26 |
|  Professional Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Case Works, LLC | (8)(12) | United States | S + 5.25% | 1.00% | 9.55% | 10/1/2029 | 5014 | 4957 | 4913 | 1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Case Works, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.25% | 1.00% | 9.55% | 10/1/2029 | 480 | 477 | 465 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Case Works, LLC (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 9.55% | 10/1/2029 | 453 | 446 | 441 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP Iris Holdco I, Inc. | (13) | United States | S + 3.50% | 0.00% | 7.83% | 10/2/2028 | 3949 | 3953 | 3949 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Corporation | (13)(14) | United States | S + 2.25% | 0.00% | 6.57% | 1/18/2029 | 1985 | 1994 | 1986 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisner Advisory Group LLC | (13) | United States | S + 4.00% | 0.50% | 8.33% | 2/28/2031 | 2977 | 3001 | 2994 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors LLC | (13) | United States | S + 2.75% | 0.00% | 7.08% | 6/2/2031 | 4963 | 5002 | 4964 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HFW Holdings, LLC | (8)(12) | United States | S + 5.00% | 1.00% | 9.28% | 5/1/2031 | 8950 | 8852 | 8849 | 2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HFW Holdings, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.00% | 1.00% | 9.28% | 5/1/2031 | 1865 | 1840 | 1786 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HFW Holdings, LLC (Revolver) | (7)(8)(9) | United States | S + 5.00% | 1.00% | 0.50% | 5/1/2031 |  | (10) | (11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schola Group Acquisition, Inc. | (8)(12) | United States | S + 4.75% | 1.00% | 9.05% | 4/9/2031 | 5477 | 5417 | 5415 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schola Group Acquisition, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 4.75% | 0.00% | 1.00% | 4/9/2031 |  | (16) | (51) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schola Group Acquisition, Inc. (Revolver) | (7)(8)(9) | United States | S + 4.75% | 0.00% | 0.50% | 4/9/2031 |  | (12) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SR Landscaping, LLC | (8)(12) | United States | S + 6.00% | 1.00% | 10.41% | 10/30/2029 | 5323 | 5265 | 5323 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SR Landscaping, LLC (Delayed Draw) | (8)(10)(12) | United States | S + 6.25% | 1.00% | 10.41% | 10/30/2029 | 1768 | 1762 | 1768 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SR Landscaping, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 6.25% | 1.00% | 10.41% | 10/30/2029 | 687 | 665 | 687 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SR Landscaping, LLC (Revolver) | (7)(8)(9) | United States | S + 6.25% | 1.00% | 10.41% | 10/30/2029 | 570 | 560 | 570 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategy Corps, LLC | (8)(12) | United States | S + 5.50% | 1.00% | 9.83% | 6/28/2030 | 6281 | 6212 | 6186 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategy Corps, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.25% | 1.00% | 1.00% | 6/28/2030 |  | (9) | (49) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategy Corps, LLC (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 9.72% | 6/28/2030 | 82 | 64 | 58 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teneo Holdings LLC | (12) | United States | S + 4.75% | 1.00% | 9.08% | 3/13/2031 | 2963 | 2938 | 2995 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Scapes, LLC | (8)(12) | United States | S + 5.50% | 1.00% | 9.76% | 7/12/2030 | 4940 | 4878 | 4891 | 1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Scapes, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 1.00% | 7/12/2030 |  | (30) | (24) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Scapes, LLC (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 0.50% | 7/12/2030 |  | (15) | (12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Patents, LLC | (8)(12) | United States | S + 4.75% | 0.00% | 8.92% | 12/23/2027 | 11383 | 11313 | 11298 | 3.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Patents, LLC (Revolver) | (7)(8)(9) | United States | S + 5.00% | 0.00% | 0.50% | 12/23/2027 |  | (8) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenith American Solutions, Inc. | (8)(12) | United States | S + 5.50% | 1.00% | 9.80% | 7/11/2029 | 9925 | 9805 | 9851 | 3.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenith American Solutions, Inc. (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 5.50% | 7/11/2029 | 564 | 550 | 555 | 0.18 |
|  |  |  |  |  |  |  |  | 79851 | 79774 | 26.66 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Unaudited) - (Continued)** 

**June 30, 2025** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Real Estate Management & Development |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841 Prudential MOB LLC | (8) | United States | S + 6.50% | 2.50% | 10.82% | 10/9/2027 | 13773 | 13616 | 13773 | 4.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841 Prudential MOB LLC (Delayed Draw) | (7)(8)(10) | United States | S + 6.50% | 2.50% | 1.00% | 10/9/2027 |  | (3) |  |  |
|  |  |  |  |  |  |  |  | 13613 | 13773 | 4.60 |
|  Software |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQA Acquisition Holding, Inc | (13) | United States | S + 4.00% | 0.00% | 8.28% | 3/3/2028 | 997 | 995 | 1003 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argano, LLC | (8)(12) | United States | S + 5.75% | 1.00% | 10.07% | 9/13/2029 | 11575 | 11398 | 11460 | 3.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argano, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.75% | 0.00% | 10.08% | 9/13/2029 | 3476 | 3429 | 3426 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argano, LLC (Revolver) | (7)(8)(9) | United States | S + 5.75% | 1.00% | 0.50% | 9/13/2029 |  | (6) | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company Inc. | (12) | United States | S + 3.00% | 0.00% | 7.33% | 7/30/2031 | 2992 | 2989 | 2977 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDK Global, Inc. |  | United States | S + 3.25% | 0.00% | 7.55% | 7/6/2029 | 1985 | 1976 | 1663 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (13) | United States | S + 3.50% | 0.00% | 7.80% | 3/30/2029 | 1954 | 1952 | 1959 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc. | (12) | United States | S + 3.75% | 0.00% | 8.18% | 10/8/2028 | 4695 | 4691 | 4526 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMI Marketing, Inc |  | United States | S + 4.25% | 0.00% | 8.69% | 3/23/2028 | 1984 | 1980 | 1952 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condor Merger Sub, Inc | (12) | United States | S + 3.00% | 0.00% | 7.32% | 3/1/2029 | 2660 | 2660 | 2589 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dragon Buyer Inc. | (13) | United States | S + 3.00% | 0.00% | 7.30% | 9/30/2031 | 1990 | 1981 | 1996 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | (8)(12) | United States | S + 5.50% | 0.75% | 9.83% | 12/24/2029 | 3919 | 3876 | 3919 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. (Delayed Draw) | (7)(8)(10)(12) | United States | S + 5.50% | 0.75% | 1.00% | 12/24/2029 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. (Revolver) | (7)(8)(9)(12) | United States | S + 5.50% | 0.75% | 9.82% | 12/24/2029 | 21 | 18 | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Charm, Inc. | (12) | United States | S + 3.50% | 0.00% | 7.78% | 3/2/2028 | 1985 | 1973 | 1867 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Irving Parent, Corp. | (8)(12) | United States | S + 5.25% | 1.00% | 9.57% | 3/11/2031 | 16632 | 16395 | 16382 | 5.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Irving Parent, Corp. (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 0.50% | 3/11/2031 |  | (34) | (36) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISolved, Inc. | (12) | United States | S + 3.00% | 0.00% | 7.33% | 10/15/2030 | 1985 | 2012 | 1995 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc. | (13) | United States | S + 3.25% | 0.00% | 7.58% | 6/17/2031 | 1985 | 1970 | 1986 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modena Buyer LLC | (12) | United States | S + 4.50% | 0.00% | 8.78% | 7/1/2031 | 4975 | 4889 | 4804 | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holdings, Inc. |  | United States | S + 3.25% | 0.50% | 7.55% | 10/26/2030 | 1985 | 2003 | 1997 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc. | (13) | United States | S + 4.25% | 0.00% | 8.58% | 11/28/2028 | 995 | 988 | 998 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VS Buyer LLC | (13) | United States | S + 2.75% | 0.00% | 7.02% | 4/12/2031 | 985 | 983 | 991 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WatchGuard Technologies, Inc. | (12) | United States | S + 5.25% | 0.75% | 9.58% | 7/2/2029 | 3959 | 3948 | 3935 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zuora | (13) | United States | S + 3.50% | 0.00% | 7.83% | 2/14/2032 | 1000 | 995 | 997 | 0.33 |
|  |  |  |  |  |  |  |  | 74061 | 73397 | 24.53 |
|  Specialty Retail |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BW Gas & Convenience Holdings, LLC | (13) | United States | S + 3.50% | 0.00% | 7.94% | 3/31/2028 | 1959 | 1957 | 1957 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LS Group Opco Acquisition LLC | (13) | United States | S + 2.50% | 0.00% | 6.83% | 4/23/2031 | 3970 | 3970 | 3971 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweetwater Borrower LLC | (8)(12) | United States | S + 4.25% | 0.75% | 8.69% | 8/7/2028 | 2133 | 2122 | 2139 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Brands, Inc. | (8)(12)(14) | United States | S + 8.50% | 2.00% | 12.82% | 12/12/2028 | 1167 | 1126 | 1167 | 0.39 |
|  |  |  |  |  |  |  |  | 9175 | 9234 | 3.09 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Unaudited) - (Continued)** 

**June 30, 2025** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Textiles, Apparel & Luxury Goods |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rachel Zoe, Inc. | (8)(12) | United States | S + 7.66% | 3.00% | 11.96% | 10/13/2026 | 430 | 427 | 430 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rachel Zoe, Inc. | (8)(12) | United States | S + 7.66% | 3.00% | 11.96% | 10/13/2026 | 133 | 131 | 133 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TR Apparel, LLC | (8)(12) | United States | S + 6.25% | 2.00% | 10.57% | 6/21/2027 | 2673 | 2659 | 2673 | 0.90 |
|  |  |  |  |  |  |  |  | 3217 | 3236 | 1.08 |
|  Trading Companies & Distributors |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc. | (13)(14) | United States | S + 3.75% | 0.00% | 8.08% | 10/11/2030 | 1474 | 1482 | 1486 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnstone Supply, LLC | (12) | United States | S + 2.50% | 0.00% | 6.82% | 6/9/2031 | 4963 | 4997 | 4978 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verde Purchaser, LLC | (13) | United States | S + 4.00% | 0.00% | 8.30% | 11/30/2030 | 2985 | 2972 | 2999 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Supply Holdings, LLC | (13) | United States | S + 3.25% | 0.00% | 7.58% | 10/19/2029 | 1983 | 1972 | 1975 | 0.66 |
|  |  |  |  |  |  |  |  | 11423 | 11438 | 3.82 |
|  **Total First Lien Debt** |  |  |  |  |  |  |  | $**661135** | $**657839** | **219.88%** |
|  **Second Lien Debt** |  |  |  |  |  |  |  |  |  |  |
|  Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alvogen Pharma US, Inc. | (8) | United States | S + 10.50%<br>(incl. 8.00%<br>PIK) | 0.00% | 14.80% | 3/1/2029 | 838 | 579 | 291 | 0.10 |
|  |  |  |  |  |  |  |  | 579 | 291 | 0.10 |
|  **Warrant** |  |  |  |  |  |  |  |  |  |  |
|  Specialty Retail |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Brands, Inc. | (8)(14) | United States |  |  |  |  | 8 | 31 | 5 |  |
|  |  |  |  |  |  |  |  | 31 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  | $**661745** | $**658135** | **219.98%** |

---

(1) Security may be an obligation of one or more entities affiliated with the named portfolio company.

(2) All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.

(3) All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The provisions of the 1940 Act
classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when we own
25% or less of the portfolio company's voting securities and "controlled" when we own more than 25% of the portfolio company's voting securities. The provisions of the 1940 Act also classify investments further based on the
level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when we own less than 5% of a portfolio
company's voting securities and "affiliated" when we own 5% or more of a portfolio company's voting securities.

(4) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR
(denoted as "S") or Prime (denoted as "P") which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30,
2025. For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at June 30, 2025. Variable rate loans typically include an
interest reference rate floor feature, which the Company has indicated if applicable.

(5) Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S.
dollars. Equity investments are recorded as number of shares/shares owned.

(6) The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and
inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities.

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Unaudited) - (Continued)** 

**June 30, 2025** 

*(in thousands, except shares)* 

(7) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded
portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost.

(8) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value
was determined in good faith by the valuation designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company's valuation policy.

(9) Portfolio company pays 0.5% unfunded commitment fee on revolving loan facility.

(10) Portfolio company pays 1.0% unfunded commitment fee on delayed draw term loan.

(11) All or a portion of this position has not yet settled as of June 30, 2025. The Company will not accrue
interest until the settlement date at which point SOFR will be established.

(12) These debt investments were pledged as collateral under the Company's MS Credit Facility as of
June 30, 2025 (refer to Note 6, "Borrowings").

(13) These debt investments were pledged as collateral under the Company's JPM Credit Facility as of
June 30, 2025 (refer to Note 6, "Borrowings").

(14) The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire
any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2025, non-qualifying assets represented approximately 5.3% of the total assets of the Company.

(15) Loan was on non-accrual status as of June 30, 2025.

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

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments** 

**December 31, 2024** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  **Investments - non-controlled/non-affiliated**  |  |  |  |  |  |  |  |  |  |  |
|  **First Lien Debt** |  |  |  |  |  |  |  |  |  |  |
|  Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bleriot US Bidco Inc. |  | United States | S + 2.75% | 0.00% | 7.08% | 10/31/2030 | 2883 | $2888 | $2902 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chromalloy Corporation | (12) | United States | S + 3.75% | 0.00% | 8.35% | 3/27/2031 | 7 | 7 | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovation Parent, Inc. | (12) | United States | S + 3.50% | 0.75% | 7.83% | 4/21/2031 | 2993 | 3011 | 3017 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Sub LLC | (8) | United States | S + 3.00% | 0.00% | 7.37% | 6/14/2030 | 2382 | 2382 | 2403 | 0.80 |
|  |  |  |  |  |  |  |  | 8288 | 8329 | 2.77 |
|  Air Freight & Logistics |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Buyer Inc. | (8)(12) | United States | S + 5.25% | 0.00% | 9.88% | 7/23/2030 | 5161 | 5098 | 5093 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Buyer Inc. (Delayed Draw) | (7)(8) | United States | S + 5.25% | 1.00% | 1.00% | 7/23/2030 |  | (14) | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Buyer Inc. (Revolver) | (7)(8) | United States | S + 5.25% | 1.00% | 0.13% | 7/23/2030 |  | (6) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIT Worldwide Logistics Holdings, Inc. | (12) | United States | S + 4.75% | 0.00% | 9.28% | 4/8/2030 | 4974 | 4993 | 5016 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaserShip, Inc. |  | United States | S + 6.25% | 0.00% | 11.03% | 1/2/2029 | 1267 | 1255 | 1323 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaserShip, Inc. |  | United States | S + 4.50% | 0.75% | 9.28% | 2/10/2029 | 1957 | 1510 | 1497 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaserShip, Inc. | (14) | United States | S + 4.50% | 0.00% | 9.28% | 8/10/2029 | 1417 | 368 | 500 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odyssey Logistics & Technology Corporation | (12) | United States | S + 4.50% | 0.00% | 8.83% | 10/12/2027 | 1990 | 1983 | 1994 | 0.66 |
|  |  |  |  |  |  |  |  | 15187 | 15401 | 5.13 |
|  Automobile Components |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enthusiast Auto Holdings, LLC | (8)(12) | United States | S + 4.75% | 0.00% | 9.12% | 12/19/2026 | 8402 | 8402 | 8402 | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enthusiast Auto Holdings, LLC (Revolver) | (7)(8) | United States | S + 5.25% | 1.00% | 0.38% | 12/19/2026 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Brands Group, LLC | (12) | United States | S + 5.00% | 0.00% | 9.85% | 3/30/2027 | 998 | 979 | 937 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owl Vans, LLC | (8)(12) | United States | S + 5.25% | 1.00% | 9.61% | 12/31/2030 | 3840 | 3789 | 3789 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owl Vans, LLC (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 0.50% | 12/31/2030 |  | (16) | (16) | (0.01) |
|  |  |  |  |  |  |  |  | 13153 | 13112 | 4.37 |
|  Building Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groundworks Operations, LLC | (12) | United States | S + 3.00% | 0.00% | 7.65% | 3/14/2031 | 2527 | 2533 | 2543 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groundworks Operations, LLC (Delayed Draw) | (7)(9)(12) | United States | S + 3.00% | 0.50% | 7.65% | 3/14/2031 | 74 | 76 | 77 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MI Windows and Doors, LLC | (12) | United States | S + 3.00% | 0.00% | 7.36% | 3/28/2031 | 3980 | 3962 | 4026 | 1.34 |
|  |  |  |  |  |  |  |  | 6571 | 6646 | 2.21 |
|  Chemicals |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexion Holdings Corporation |  | United States | S + 4.00% | 0.00% | 8.45% | 3/15/2029 | 2992 | 2978 | 2998 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ineos US Finance LLC | (8)(11) | United States | S + 3.00% | 0.00% | N/A | 2/7/2031 | 998 | 997 | 1007 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Cloud Holdings, LLC | (8)(12) | United States | S + 6.25% | 1.00% | 10.71% | 3/31/2029 | 10496 | 10290 | 10234 | 3.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Cloud Holdings, LLC (Revolver) | (7)(8)(9) | United States | S + 6.25% | 0.00% | 10.71% | 3/31/2029 | 1353 | 1321 | 1318 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sparta U.S. Holdco LLC | (11) | United States | S + 3.00% | 0.00% | N/A | 8/2/2030 | 1995 | 1995 | 2011 | 0.67 |
|  |  |  |  |  |  |  |  | 17581 | 17568 | 5.86 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Continued)** 

**December 31, 2024** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Commercial Services & Supplies |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APS Acquisition Holdings, LLC | (8)(12) | United States | S + 5.50% | 1.00% | 10.08% | 7/11/2029 | 8080 | 7971 | 7959 | 2.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APS Acquisition Holdings, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 1.00% | 7/11/2029 |  | (16) | (52) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APS Acquisition Holdings, LLC (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 0.50% | 7/11/2029 |  | (24) | (26) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Midco 3 Limited | (8)(12)(13) | Europe | S + 3.75% | 0.00% | 8.53% | 2/15/2031 | 3000 | 2986 | 3022 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cimpress USA Incorporated |  | United States | S + 2.50% | 0.50% | 6.86% | 5/17/2028 | 1995 | 1995 | 2007 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LRS Holdings LLC | (12) | United States | S + 4.25% | 0.00% | 8.72% | 8/31/2028 | 1980 | 1980 | 1881 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco, LLC | (12) | United States | S + 4.25% | 0.00% | 8.80% | 12/2/2031 | 2000 | 1980 | 2000 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC | (11) | United States | S + 2.00% | 0.00% | N/A | 10/13/2030 | 2000 | 2012 | 2007 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Resource Management Inc. | (8)(12) | United States | S + 5.75% | 1.00% | 10.11% | 12/28/2029 | 5586 | 5516 | 5586 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Resource Management Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 5.75% | 1.00% | 10.11% | 12/28/2029 | 858 | 849 | 858 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Resource Management Inc. (Revolver) | (7)(8)(9) | United States | S + 5.75% | 1.00% | 10.11% | 12/28/2029 | 41 | 31 | 41 | 0.01 |
|  |  |  |  |  |  |  |  | 25280 | 25283 | 8.42 |
|  Communications Equipment |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SonicWall US Holdings Inc. | (11) | United States | S + 5.00% | 0.50% | N/A | 5/18/2028 | 1995 | 2000 | 1995 | 0.66 |
|  |  |  |  |  |  |  |  | 2000 | 1995 | 0.66 |
|  Construction & Engineering |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RL James, Inc. | (8)(12) | United States | S + 6.00% | 1.00% | 10.44% | 12/15/2028 | 2278 | 2245 | 2221 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RL James, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 6.00% | 1.00% | 10.81% | 12/15/2028 | 1542 | 1510 | 1489 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RL James, Inc. (Revolver) | (7)(8)(9) | United States | S + 6.00% | 1.00% | 10.48% | 12/15/2028 | 108 | 92 | 81 | 0.03 |
|  |  |  |  |  |  |  |  | 3847 | 3791 | 1.26 |
|  Containers & Packaging |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging L.L.C. | (12) | United States | S + 3.50% | 0.00% | 7.95% | 6/7/2031 | 3990 | 4000 | 4018 | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closure Systems International Group Inc. | (12) | United States | S + 3.50% | 0.00% | 7.86% | 3/22/2029 | 4975 | 4952 | 5025 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R-Pac International Corp | (8) | United States | S + 6.00% | 0.00% | 10.51% | 12/29/2027 | 2374 | 2352 | 2350 | 0.78 |
|  |  |  |  |  |  |  |  | 11304 | 11393 | 3.79 |
|  Diversified Consumer Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCP Clean Acquisition Co LLC | (8)(12) | United States | S + 4.75% | 0.50% | 9.08% | 6/15/2028 | 9649 | 9563 | 9685 | 3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCP Clean Acquisition Co LLC (Delayed Draw) | (7)(8)(10) | United States | S + 4.75% | 0.00% | 9.08% | 6/15/2028 | 160 | 150 | 168 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaserAway Intermediate Holdings II, LLC | (8)(12) | United States | S + 5.75% | 0.75% | 10.66% | 10/14/2027 | 1506 | 1493 | 1506 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC | (8)(12) | United States | S + 5.25% | 1.00% | 10.33% | 11/15/2030 | 5220 | 5129 | 5064 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC (Delayed Draw) | (8)(12) | United States | S + 5.00% | 1.00% | 10.55% | 11/15/2030 | 1312 | 1289 | 1273 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC (Revolver) | (7)(8)(9) | United States | S + 5.75% | 1.00% | 0.50% | 11/15/2029 |  | (11) | (20) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reedy Industries Inc. | (8)(12) | United States | S + 4.25% | 0.00% | 8.58% | 8/31/2028 | 4927 | 4901 | 4967 | 1.65 |
|  |  |  |  |  |  |  |  | 22514 | 22643 | 7.54 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Continued)** 

**December 31, 2024** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Diversified Telecommunication Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian US Holdco LLC | (12) | United States | S + 3.50% | 0.00% | 7.83% | 1/31/2030 | 3970 | 3952 | 3983 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC | (12) | United States | S + 3.18% | 0.00% | 7.80% | 3/31/2031 | 5000 | 4907 | 4960 | 1.65 |
|  |  |  |  |  |  |  |  | 8859 | 8943 | 2.98 |
|  Electrical Equipment |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcline FM Holding, LLC | (12) | United States | S + 4.50% | 0.00% | 9.57% | 6/23/2028 | 3598 | 3614 | 3624 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Acquisition | (8)(12) | United States | S + 6.50% | 2.00% | 11.28% | 5/10/2029 | 7860 | 7727 | 7743 | 2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Acquisition (Delayed Draw) | (7)(8)(10) | United States | S + 6.50% | 2.00% | 1.00% | 5/10/2029 |  | (4) | (7) |  |
|  |  |  |  |  |  |  |  | 11337 | 11360 | 3.78 |
|  Electronic Equipment, Instruments & Components |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creation Technologies Inc. | (8)(11) | United States | S + 5.50% | 0.50% | N/A | 10/5/2028 | 2000 | 1975 | 1968 | 0.66 |
|  |  |  |  |  |  |  |  | 1975 | 1968 | 0.66 |
|  Entertainment |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corporation |  | United States | S + 2.00% | 0.00% | 6.33% | 9/30/2031 | 1333 | 1333 | 1339 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corporation | (11) | United States | S + 2.00% | 0.00% | N/A | 9/6/2031 | 667 | 667 | 669 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StubHub | (12) | United States | S + 4.75% | 0.00% | 9.11% | 3/15/2030 | 4901 | 4858 | 4919 | 1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFC Holdings, LLC |  | United States | S + 2.25% | 0.00% | 6.77% | 11/21/2031 | 2000 | 1998 | 2014 | 0.67 |
|  |  |  |  |  |  |  |  | 8856 | 8941 | 2.98 |
|  Financial Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ahead DB Holdings, LLC | (12) | United States | S + 3.50% | 0.75% | 7.83% | 2/1/2031 | 2985 | 2957 | 3009 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital LLC | (8)(12)(13) | United States | P + 6.50% | 1.00% | 13.00% | 3/1/2029 | 1260 | 1241 | 1254 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital, LLC | (8)(12)(13) | United States | S + 6.50% | 1.00% | 10.83% | 3/1/2029 | 590 | 579 | 587 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital, LLC (Delayed Draw) | (7)(8)(10)(13) | United States | S + 6.50% | 1.00% | 10.83% | 3/1/2029 | 148 | 145 | 146 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital LLC (Delayed Draw) | (8)(10)(13) | United States | S + 6.50% | 1.00% | 11.01% | 3/1/2029 | 250 | 243 | 248 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital LLC (Revolver) | (7)(8)(9)(13) | United States | S + 6.50% | 1.00% | 10.85% | 3/1/2029 | 200 | 196 | 199 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Group Treasury Limited | (12) | United States | S + 3.75% | 0.50% | 8.96% | 7/27/2028 | 2992 | 3014 | 3024 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aretec Group Inc. | (11) | United States | S + 3.50% | 0.00% | N/A | 8/9/2030 | 2000 | 2013 | 2007 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxey Bidco Ltd. | (8)(12)(13) | Europe | S + 6.00% | 0.00% | 10.67% | 6/29/2027 | 7910 | 7812 | 7722 | 2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evertec Group, LLC | (8)(11)(13) | United States | S + 2.75% | 0.00% | N/A | 10/30/2030 | 2000 | 2033 | 2028 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC |  | United States | S + 3.25% | 0.00% | 7.61% | 9/15/2031 | 1806 | 1802 | 1825 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC (Delayed Draw) | (7) | United States | S + 3.25% | 0.00% | 1.63% | 9/15/2031 |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Borrower LLC | (12) | United States | S + 2.75% | 0.00% | 7.08% | 9/5/2031 | 3000 | 2989 | 3016 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paint Intermediate III LLC |  | United States | S + 3.00% | 0.00% | 7.52% | 10/9/2031 | 2000 | 1990 | 2014 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Priority Holdings, LLC |  | United States | S + 4.75% | 0.00% | 9.11% | 5/16/2031 | 4975 | 4971 | 4992 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Group, LLC | (12) | United States | S + 2.25% | 0.00% | 6.61% | 9/15/2031 | 2000 | 1995 | 2010 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagebrush Buyer, LLC | (8)(12) | United States | S + 5.00% | 1.00% | 9.36% | 7/1/2030 | 10074 | 9935 | 9922 | 3.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagebrush Buyer, LLC (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 0.50% | 7/1/2030 |  | (17) | (19) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TouchTunes | (12) | United States | S + 4.75% | 0.00% | 9.08% | 4/2/2029 | 3465 | 3465 | 3480 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPT Partners, LLC | (8)(12) | United States | S + 5.50% | 0.00% | 10.24% | 9/13/2028 | 5128 | 5053 | 5051 | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPT Partners, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 0.00% | 1.00% | 9/13/2028 |  | (9) | (18) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPT Partners, LLC (Revolver) | (7)(8)(9) | United States | S + 5.50% | 0.00% | 0.50% | 9/13/2028 |  | (4) | (4) |  |
|  |  |  |  |  |  |  |  | 52403 | 52495 | 17.48 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Continued)** 

**December 31, 2024** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Food Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspire Bakeries Holdings LLC | (8)(12) | United States | S + 4.25% | 0.00% | 8.61% | 12/23/2030 | 2992 | 2978 | 3026 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden State Foods Corp | (12) | United States | S + 4.00% | 0.00% | 8.77% | 12/4/2031 | 3429 | 3403 | 3463 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Products Finance LLC | (11) | United States | S + 3.25% | 0.00% | N/A | 4/1/2029 | 1995 | 1995 | 2003 | 0.67 |
|  |  |  |  |  |  |  |  | 8376 | 8492 | 2.83 |
|  Ground Transportation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco Inc. | (12) | United States | S + 2.50% | 0.00% | 6.89% | 7/21/2028 | 3990 | 3990 | 4002 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenan Advantage Group, Inc. | (11)(12) | United States | S + 3.25% | 0.00% | 7.61% | 1/25/2029 | 4982 | 4981 | 5020 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPC Financing Partnership | (12) | United States | S + 2.93% | 0.00% | 7.44% | 1/31/2029 | 3042 | 3043 | 3062 | 1.02 |
|  |  |  |  |  |  |  |  | 12014 | 12084 | 4.02 |
|  Health Care Equipment & Supplies |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Journey Personal Care | (12) | United States | S + 3.75% | 0.00% | 8.11% | 3/1/2028 | 4961 | 4948 | 4972 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prescott's Inc. | (8)(12) | United States | S + 5.00% | 0.00% | 9.32% | 12/30/2030 | 5078 | 5021 | 5021 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prescott's Inc. (Delayed Draw) | (7)(8) | United States | S + 5.00% | 0.00% | 0.75% | 12/30/2030 |  | (13) | (40) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prescott's Inc. (Revolver) | (7)(8)(9) | United States | S + 5.00% | 0.00% | 0.50% | 12/30/2030 |  | (10) | (10) |  |
|  |  |  |  |  |  |  |  | 9946 | 9943 | 3.31 |
|  Health Care Providers & Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crisis Prevention Institute, Inc. | (8)(12) | United States | S + 4.00% | 0.50% | 8.39% | 4/9/2031 | 3000 | 2985 | 3019 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dermatology Intermediate Holdings III, Inc. |  | United States | S + 5.50% | 0.50% | 10.09% | 3/30/2029 | 3474 | 3439 | 3416 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dermatology Intermediate Holdings III, Inc. | (12) | United States | S + 4.25% | 0.50% | 8.84% | 3/30/2029 | 4962 | 4870 | 4800 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevate HD Parent, Inc. | (8)(12) | United States | S + 6.00% | 1.00% | 10.46% | 8/20/2029 | 988 | 973 | 988 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevate HD Parent, Inc. (Delayed Draw) | (8)(10) | United States | S + 6.00% | 1.00% | 10.46% | 8/20/2029 | 23 | 23 | 23 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevate HD Parent, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 6.00% | 1.00% | 10.46% | 8/20/2029 | 52 | 49 | 52 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevate HD Parent, Inc. (Revolver) | (7)(8)(9) | United States | S + 6.00% | 1.00% | 0.50% | 8/20/2029 |  | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Steps Recovery Acquisition, LLC | (8)(12) | United States | S + 6.25% | 1.00% | 10.61% | 3/29/2030 | 4788 | 4725 | 4692 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Steps Recovery Acquisition, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 6.25% | 1.00% | 1.00% | 3/29/2030 |  | (5) | (23) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Steps Recovery Acquisition, LLC (Revolver) | (7)(8)(9) | United States | S + 6.25% | 1.00% | 10.58% | 3/29/2030 | 551 | 536 | 528 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen4 Dental Partners Opco, LLC | (8)(12) | United States | S + 5.75% | 1.00% | 10.56% | 5/13/2030 | 6965 | 6840 | 6756 | 2.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen4 Dental Partners Opco, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.75% | 0.00% | 1.00% | 5/13/2030 |  | (21) | (70) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen4 Dental Partners Opco, LLC (Revolver) | (7)(8)(9) | United States | S + 5.75% | 0.00% | 0.50% | 5/13/2030 |  | (8) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houseworks Holdings | (8)(12) | United States | S + 5.25% | 1.00% | 9.76% | 12/15/2028 | 1099 | 1080 | 1099 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houseworks Holdings | (8)(12) | United States | S + 5.25% | 1.00% | 9.76% | 12/15/2028 | 2518 | 2502 | 2518 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houseworks Holdings (Delayed Draw) | (7)(8)(10) | United States | S + 5.25% | 1.00% | 1.00% | 12/15/2028 |  | (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houseworks Holdings (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 9.76% | 12/15/2028 | 97 | 89 | 97 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houseworks Holdings (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 5.25% | 12/15/2028 | 25 | 21 | 25 | 0.01 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Continued)** 

**December 31, 2024** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Vitro Sciences, LLC | (8)(12) | United States | S + 6.50% | 1.00% | 10.47% | 2/28/2029 | 8743 | 8634 | 8437 | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Vitro Sciences, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 6.50% | 1.00% | 10.47% | 2/28/2029 | 2234 | 2224 | 2155 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Vitro Sciences, LLC (Revolver) | (7)(8)(9) | United States | S + 6.00% | 1.00% | 0.50% | 2/28/2029 |  | (7) | (20) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medrina, LLC | (8)(12) | United States | S + 6.00% | 1.00% | 10.44% | 10/20/2029 | 7285 | 7176 | 7285 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medrina, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 6.00% | 1.00% | 1.00% | 10/20/2029 |  | (8) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medrina, LLC (Revolver) | (7)(8)(9) | United States | S + 6.25% | 1.00% | 0.50% | 10/20/2029 |  | (17) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Behavioral Therapy, LLC | (8)(12) | United States | S + 5.00% | 1.00% | 9.36% | 6/6/2030 | 9139 | 9015 | 9071 | 3.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Behavioral Therapy, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.00% | 1.00% | 9.45% | 6/6/2030 | 588 | 580 | 575 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Behavioral Therapy, LLC (Revolver) | (7)(8)(9) | United States | S + 5.00% | 1.00% | 9.34% | 6/6/2030 | 56 | 41 | 47 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neon Maple US Debt Mergersub Inc. | (11) | United States | S + 3.00% | 0.00% | N/A | 11/17/2031 | 3000 | 2996 | 3010 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NSM Top Holdings Corp | (12) | United States | S + 5.25% | 0.00% | 9.68% | 5/14/2029 | 4987 | 4975 | 5050 | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Physician Partners, LLC | (8)(12) | United States | S + 5.50% | 0.00% | 10.09% | 12/22/2028 | 4950 | 4275 | 2351 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMBUS Holdco Inc. | (8)(12) | United States | S + 6.50% | 1.00% | 11.74% | 1/8/2029 | 5603 | 5527 | 5603 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMBUS Holdco Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 6.50% | 1.00% | 1.00% | 1/8/2029 |  | (14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMBUS Holdco Inc. (Revolver) | (7)(8)(9) | United States | S + 6.50% | 1.00% | 0.50% | 1/8/2029 |  | (14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Veterinary Partners, LLC |  | United States | S + 3.25% | 0.00% | 7.71% | 12/4/2031 | 2000 | 1990 | 2017 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fertility Enterprises, LLC | (12) | United States | S + 4.50% | 0.00% | 8.78% | 10/11/2031 | 2137 | 2116 | 2159 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fertility Enterprises, LLC (Delayed Draw) | (7)(8)(12) | United States | S + 4.50% | 0.00% | 2.25% | 10/11/2031 |  | (1) | 1 |  |
|  |  |  |  |  |  |  |  | 77579 | 75647 | 25.19 |
|  Health Care Technology |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenway Health, LLC | (8)(12) | United States | S + 6.75% | 0.00% | 11.08% | 4/1/2029 | 9685 | 9451 | 9685 | 3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visante Acquisition, LLC | (8)(12) | United States | S + 5.75% | 1.00% | 10.34% | 1/31/2030 | 8397 | 8291 | 8397 | 2.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visante Acuqisition, LLC (Revolver) | (7)(8)(9) | United States | S + 5.75% | 1.00% | 0.50% | 1/31/2030 |  | (12) |  |  |
|  |  |  |  |  |  |  |  | 17730 | 18082 | 6.02 |
|  Hotels, Restaurants & Leisure |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | (11)(13) | United States | S + 2.25% | 0.00% | N/A | 2/6/2030 | 1741 | 1758 | 1744 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catawba Nation Gaming Authority | (11) | United States | S + 4.75% | 0.00% | N/A | 12/13/2031 | 10000 | 9950 | 10044 | 3.34 |
|  |  |  |  |  |  |  |  | 11708 | 11788 | 3.92 |
|  Household Durables |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Conditioning Specialist, Inc. | (8) | United States | S + 5.50% | 1.00% | 9.99% | 11/19/2029 | 5023 | 4961 | 4998 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Conditioning Specialist, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 10.01% | 11/19/2029 | 1745 | 1692 | 1727 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Conditioning Specialist, Inc. (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 0.50% | 11/19/2029 |  | (12) | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorel Industries | (8)(12)(13) | Canada | S + 8.30% | 2.00% | 12.80% | 12/8/2026 | 5810 | 5749 | 5810 | 1.93 |
|  |  |  |  |  |  |  |  | 12390 | 12531 | 4.17 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Continued)** 

**December 31, 2024** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Insurance |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acrisure, LLC | (12) | United States | S + 3.00% | 0.00% | 7.36% | 11/6/2030 | 2992 | 2991 | 3001 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amynta Agency Borrower Inc. |  | United States | S + 3.00% | 0.00% | 7.34% | 12/29/2031 | 2993 | 2992 | 2996 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Based Care Acquisition, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 9.93% | 9/30/2027 | 1628 | 1570 | 1628 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howden Group Holdings Ltd | (12)(13) | Europe | S + 3.00% | 0.50% | 7.36% | 2/15/2031 | 4987 | 4987 | 5028 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEG Borrower, LLC | (8)(12) | United States | S + 3.50% | 0.00% | 7.85% | 6/30/2031 | 2993 | 2986 | 3000 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PEX Holdings LLC | (8)(12) | United States | S + 2.75% | 0.00% | 7.08% | 11/26/2031 | 3000 | 2993 | 3019 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Mutual Group, LLC | (8)(12) | United States | S + 5.25% | 1.00% | 9.58% | 1/31/2030 | 9667 | 9544 | 9522 | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Mutual Group, LLC (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 0.50% | 1/31/2030 |  | (16) | (19) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Insurance Holdings, LLC | (12) | United States | S + 2.75% | 0.00% | 7.08% | 5/6/2031 | 1379 | 1376 | 1385 | 0.46 |
|  |  |  |  |  |  |  |  | 29423 | 29560 | 9.84 |
|  IT Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion, LLC | (12) | United States | S + 4.00% | 0.00% | 8.46% | 8/19/2028 | 4949 | 4939 | 4943 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensono, Inc. | (11) | United States | S + 4.00% | 0.00% | N/A | 5/26/2028 | 1995 | 1990 | 1997 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rackspace Technology Global Inc. | (12) | United States | S + 6.25% | 0.75% | 10.85% | 5/15/2028 | 1995 | 2018 | 2071 | 0.69 |
|  |  |  |  |  |  |  |  | 8947 | 9011 | 3.00 |
|  Machinery |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Acuren Merger Sub Inc. |  | United States | S + 3.50% | 0.00% | 7.86% | 7/30/2031 | 2993 | 2992 | 3021 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPM Holdings, Inc. | (12) | United States | S + 4.50% | 0.00% | 9.05% | 9/28/2028 | 4962 | 4986 | 4825 | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Equipment Corporation | (12) | United States | S + 2.50% | 0.00% | 6.94% | 10/10/2031 | 2000 | 1990 | 2016 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goat Holdco LLC | (11) | United States | S + 3.00% | 0.00% | N/A | 12/10/2031 | 2000 | 1995 | 2004 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison iAQ LLC | (12) | United States | S + 2.75% | 0.00% | 7.89% | 6/21/2028 | 3969 | 3982 | 3988 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-State Machine and Fabricating Corporation | (8)(12) | United States | S + 5.50% | 1.00% | 9.86% | 6/21/2029 | 8793 | 8675 | 8727 | 2.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-State Machine and Fabricating Corporation (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 0.50% | 6/21/2029 |  | (26) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nvent Thermal LLC | (11) | United States | S + 3.50% | 0.00% | N/A | 9/12/2031 | 2000 | 1990 | 2024 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Castle, Inc. |  | United States | S + 5.50% | 0.50% | 9.76% | 6/1/2029 | 3970 | 3644 | 3482 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Flow, Inc. | (12) | United States | S + 3.00% | 0.00% | 7.36% | 4/5/2029 | 3000 | 3018 | 3029 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertical Midco | (12)(13) | Europe | S + 3.50% | 0.50% | 8.59% | 4/30/2030 | 3960 | 3951 | 3994 | 1.33 |
|  |  |  |  |  |  |  |  | 37197 | 37096 | 12.35 |
|  Media |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC | (11)(12) | United States | S + 2.25% | 0.00% | 6.59% | 12/21/2028 | 2743 | 2743 | 2757 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cengage Learning, Inc. | (12) | United States | S + 3.50% | 0.00% | 8.01% | 3/24/2031 | 2985 | 2956 | 3004 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH Sub I/Indigo/WebMD Health | (12) | United States | S + 4.25% | 0.00% | 8.61% | 5/3/2028 | 2382 | 2362 | 2386 | 0.79 |
|  |  |  |  |  |  |  |  | 8061 | 8147 | 2.71 |
|  Metals & Mining |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies Inc. | (8)(11)(13) | United States | S + 2.00% | 0.00% | N/A | 11/21/2031 | 2000 | 2012 | 2010 | 0.67 |
|  |  |  |  |  |  |  |  | 2012 | 2010 | 0.67 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Continued)** 

**December 31, 2024** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Oil, Gas & Consumable Fuels |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquid Tech Solutions Holdings, LLC | (8)(11) | United States | S + 3.75% | 0.00% | N/A | 3/20/2028 | 1000 | 1000 | 1003 | 0.33 |
|  |  |  |  |  |  |  |  | 1000 | 1003 | 0.33 |
|  Passenger Airlines |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd. |  | United States | S + 4.75% | 0.75% | 9.63% | 4/20/2028 | 2000 | 2065 | 2057 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United AirLines, Inc. | (12)(13) | United States | S + 2.00% | 0.00% | 6.57% | 2/22/2031 | 3332 | 3315 | 3347 | 1.11 |
|  |  |  |  |  |  |  |  | 5380 | 5404 | 1.80 |
|  Personal Care Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDC/ONE Development Corporation, Inc. | (11) | United States | S + 4.00% | 0.00% | N/A | 8/15/2028 | 2000 | 2000 | 2016 | 0.67 |
|  |  |  |  |  |  |  |  | 2000 | 2016 | 0.67 |
|  Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alvogen Pharma US, Inc. |  | United States | S + 8.50% | 1.00% | 11.96% | 6/30/2025 | 4927 | 4851 | 4699 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC | (12) | United States | S + 5.50% | 0.00% | 9.86% | 5/4/2028 | 3925 | 3941 | 4044 | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syner-G Intermediate Holdings, LLC | (8)(12) | United States | S + 5.00% | 1.00% | 9.35% | 9/17/2030 | 10379 | 10268 | 10262 | 3.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syner-G Intermediate Holdings, LLC (Revolver) | (7)(8)(9) | United States | S + 5.00% | 1.00% | 0.50% | 9/17/2030 |  | (12) | (13) |  |
|  |  |  |  |  |  |  |  | 19048 | 18992 | 6.32 |
|  Professional Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Case Works, LLC | (8)(12) | United States | S + 5.25% | 1.00% | 9.58% | 10/1/2029 | 5039 | 4976 | 4972 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Case Works, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.25% | 1.00% | 9.65% | 10/1/2029 | 483 | 480 | 473 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Case Works, LLC (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 9.65% | 10/1/2029 | 241 | 234 | 233 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP Iris Holdco I, Inc. | (12) | United States | S + 3.50% | 0.00% | 7.86% | 10/2/2028 | 3969 | 3974 | 3997 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Corporation | (11) | United States | S + 2.25% | 0.00% | N/A | 1/18/2029 | 1995 | 2005 | 1999 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisner Advisory Group LLC |  | United States | S + 4.00% | 0.50% | 8.36% | 2/28/2031 | 2992 | 3018 | 3030 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton LLP | (12) | United States | S + 3.25% | 0.00% | 7.82% | 6/2/2031 | 4988 | 5028 | 4995 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nielsen Consumer, Inc. | (8)(12) | United States | S + 4.75% | 0.50% | 9.11% | 3/6/2028 | 4988 | 4977 | 5037 | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SR Landscaping, LLC | (8)(12) | United States | S + 6.25% | 1.00% | 10.90% | 10/30/2029 | 5350 | 5285 | 5337 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SR Landscaping, LLC (Delayed Draw) | (8)(12) | United States | S + 6.25% | 1.00% | 10.90% | 10/30/2029 | 1777 | 1770 | 1772 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SR Landscaping, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 6.25% | 1.00% | 10.90% | 10/30/2029 | 592 | 567 | 587 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SR Landscaping, LLC (Revolver) | (7)(8)(9) | United States | S + 6.25% | 1.00% | 10.92% | 10/30/2029 | 312 | 301 | 309 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategy Corps, LLC | (8)(12) | United States | S + 5.25% | 1.00% | 9.61% | 6/28/2030 | 6312 | 6236 | 6249 | 2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategy Corps, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.25% | 1.00% | 1.00% | 6/28/2030 |  | (10) | (33) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategy Corps, LLC (Revolver) | (7)(8)(9) | United States | S + 5.25% | 1.00% | 0.50% | 6/28/2030 |  | (20) | (16) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teneo Holdings LLC | (12) | United States | S + 4.75% | 1.00% | 9.11% | 3/13/2031 | 2978 | 2951 | 3009 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Scapes, LLC | (8)(12) | United States | S + 5.50% | 1.00% | 10.16% | 7/12/2030 | 4965 | 4897 | 4891 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Scapes, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 1.00% | 1.00% | 7/12/2030 |  | (33) | (36) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Scapes, LLC (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 0.50% | 7/12/2030 |  | (16) | (18) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Patents, LLC | (8)(12) | United States | S + 5.00% | 0.00% | 9.28% | 12/23/2027 | 11441 | 11356 | 11355 | 3.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unified Patents, LLC (Revolver) | (7)(8)(9) | United States | S + 5.00% | 0.00% | 0.50% | 12/23/2027 |  | (9) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenith American Solutions, Inc. | (8)(12) | United States | S + 5.50% | 1.00% | 9.83% | 7/11/2029 | 9975 | 9840 | 9825 | 3.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenith American Solutions, Inc. (Revolver) | (7)(8)(9) | United States | S + 5.50% | 1.00% | 5.50% | 7/11/2029 | 604 | 588 | 586 | 0.20 |
|  |  |  |  |  |  |  |  | 68395 | 68543 | 22.82 |

---

------

##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Continued)** 

**December 31, 2024** 

*(in thousands, except shares)* 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Real Estate Management & Development |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841 Prudential MOB LLC | (8) | United States | S + 6.50% | 2.50% | 11.03% | 10/9/2027 | 13773 | 13582 | 13566 | 4.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841 Prudential MOB LLC (Delayed Draw) | (7)(8)(10) | United States | S + 6.50% | 2.50% | 0.00% | 10/9/2027 |  | (3) | (11) |  |
|  |  |  |  |  |  |  |  | 13579 | 13555 | 4.51 |
|  Software |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQA Acquisition Holding, Inc |  | United States | S + 4.00% | 0.00% | 8.55% | 3/3/2028 | 1000 | 998 | 1010 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argano, LLC | (8)(12) | United States | S + 5.75% | 1.00% | 10.15% | 9/13/2029 | 9541 | 9362 | 9350 | 3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argano, LLC (Delayed Draw) | (7)(8)(10) | United States | S + 5.75% | 1.00% | 1.00% | 9/13/2029 |  | (20) | (42) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argano, LLC (Revolver) | (7)(8)(9) | United States | S + 5.75% | 1.00% | 0.50% | 9/13/2029 |  | (7) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company Inc. | (12) | United States | S + 3.75% | 0.00% | 8.34% | 7/30/2031 | 5000 | 4994 | 5047 | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDK Global, Inc. | (11) | United States | S + 3.25% | 0.00% | N/A | 7/6/2029 | 1995 | 1985 | 1971 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. | (12) | United States | S + 3.50% | 0.00% | 7.83% | 3/30/2029 | 2964 | 2960 | 2976 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudera, Inc. | (12) | United States | S + 3.75% | 0.00% | 8.21% | 10/8/2028 | 4719 | 4715 | 4716 | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMI Marketing, Inc |  | United States | S + 4.25% | 0.00% | 8.72% | 3/23/2028 | 1995 | 1990 | 1985 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condor Merger Sub, Inc | (12) | United States | S + 3.00% | 0.00% | 7.37% | 3/1/2029 | 2674 | 2674 | 2679 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dragon Buyer Inc. | (12) | United States | S + 3.25% | 0.00% | 7.58% | 9/30/2031 | 2000 | 1990 | 2007 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | (8) | United States | S + 5.50% | 0.75% | 9.86% | 12/24/2029 | 3819 | 3772 | 3819 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. (Delayed Draw) | (7)(8)(10) | United States | S + 5.50% | 0.75% | 1.00% | 12/24/2029 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. (Revolver) | (7)(8)(9) | United States | S + 5.50% | 0.75% | 9.86% | 12/24/2029 | 9 | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flash Charm, Inc. |  | United States | S + 3.50% | 0.00% | 8.07% | 3/2/2028 | 1995 | 1980 | 1963 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISolved, Inc. |  | United States | S + 3.25% | 0.00% | 7.61% | 10/15/2030 | 1995 | 2025 | 2021 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc. |  | United States | S + 3.25% | 0.00% | 7.61% | 6/17/2031 | 1995 | 1978 | 1999 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modena Buyer LLC | (12) | United States | S + 4.50% | 0.00% | 8.86% | 7/1/2031 | 5000 | 4907 | 4855 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holdings, Inc. | (11) | United States | S + 3.25% | 0.50% | N/A | 10/26/2030 | 1995 | 2015 | 2010 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc. | (12) | United States | S + 4.25% | 0.00% | 8.61% | 11/28/2028 | 3970 | 3936 | 4004 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VS Buyer LLC | (12) | United States | S + 2.75% | 0.00% | 7.12% | 4/12/2031 | 3990 | 3980 | 4025 | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WatchGuard Technologies, Inc. | (12) | United States | S + 5.25% | 0.75% | 9.61% | 7/2/2029 | 3980 | 3966 | 3952 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zuora | (8)(11) | United States | S + 3.50% | 0.00% | N/A | 12/15/2031 | 1000 | 995 | 998 | 0.33 |
|  |  |  |  |  |  |  |  | 61199 | 61338 | 20.42 |
|  Specialty Retail |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apro LLC | (12) | United States | S + 3.75% | 0.00% | 8.27% | 7/9/2031 | 1995 | 1990 | 2017 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BW Gas & Convenience Holdings, LLC | (12) | United States | S + 3.50% | 0.00% | 7.97% | 3/31/2028 | 3969 | 3965 | 3997 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LS Group Opco Acquisition LLC | (12) | United States | S + 3.00% | 0.00% | 7.36% | 4/23/2031 | 3980 | 3980 | 4005 | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweetwater Borrower LLC | (8)(12) | United States | S + 4.25% | 0.75% | 8.72% | 8/7/2028 | 2133 | 2120 | 2147 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Brands, Inc. | (8)(12)(13) | United States | S + 8.50% | 2.00% | 12.83% | 12/12/2028 | 1317 | 1257 | 1287 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Brands, Inc. (Delayed Draw) | (7)(8)(12)(13) | United States | S + 8.50% | 2.00% | 12.89% | 12/12/2028 |  | (15) | (15) |  |
|  |  |  |  |  |  |  |  | 13297 | 13438 | 4.49 |

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##### [**Table of Contents**](#toc)
**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Continued)** 

**December 31, 2024** 

*(in thousands, except shares)* 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)(2)(3)</sup>** | **Footnotes** | **Region** | **Reference<br>Rate and<br>Spread** | **Interest<br>Rate Floor** | **Interest<br>Rate <sup>(4)</sup>** | **Maturity<br>Date** | **Principal <sup>(5)</sup>** | **Amortized<br>Cost <sup>(6)</sup>** | **Fair<br>Value** | **Percentage of<br>Net Assets** |
|  Textiles, Apparel & Luxury Goods |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protective Industrial Products Inc. | (12) | United States | S + 4.00% | 0.75% | 8.47% | 12/29/2027 | 4974 | 4965 | 4979 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rachel Zoe, Inc. | (8)(12) | United States | S + 7.66% | 3.00% | 12.02% | 10/13/2026 | 430 | 426 | 430 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rachel Zoe, Inc. | (8)(12) | United States | S + 7.66% | 3.00% | 11.99% | 10/13/2026 | 140 | 138 | 140 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TR Apparel, LLC | (8)(12) | United States | S + 9.00% | 2.00% | 13.55% | 6/21/2027 | 1284 | 1266 | 1284 | 0.43 |
|  |  |  |  |  |  |  |  | 6795 | 6833 | 2.28 |
|  Trading Companies & Distributors |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc. | (12)(13) | United States | S + 3.75% | 0.00% | 8.11% | 10/11/2030 | 1481 | 1490 | 1502 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnstone Supply, LLC | (12) | United States | S + 2.50% | 0.00% | 6.88% | 6/9/2031 | 4988 | 5025 | 5010 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verde Purchaser, LLC | (11) | United States | S + 0.00% | 0.00% | N/A | 11/30/2030 | 2992 | 2978 | 3006 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Supply Holdings, LLC | (12) | United States | S + 3.25% | 0.00% | 7.61% | 10/19/2029 | 5000 | 4981 | 5016 | 1.67 |
|  |  |  |  |  |  |  |  | 14474 | 14534 | 4.85 |
|  Wireless Telecommunication Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCI Buyer, Inc. | (12) | United States | S + 4.00% | 0.75% | 8.33% | 12/17/2027 | 3969 | 3965 | 3978 | 1.32 |
|  |  |  |  |  |  |  |  | 3965 | 3978 | 1.32 |
|  **Total First Lien Debt** |  |  |  |  |  |  |  | $**653670** | $**653893** | **217.73%** |
|  **Warrant** |  |  |  |  |  |  |  |  |  |  |
|  Specialty Retail |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Brands, Inc. | (8)(13) | United States |  |  |  |  | 77 | 31 | 32 |  |
|  |  |  |  |  |  |  |  | 31 | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  | $**653701** | $**653925** | **217.73%** |

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(1) Security may be an obligation of one or more entities affiliated with the named portfolio company.

(2) All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.

(3) All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The provisions of the 1940 Act
classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when we own
25% or less of the portfolio company's voting securities and "controlled" when we own more than 25% of the portfolio company's voting securities. The provisions of the 1940 Act also classify investments further based on the
level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when we own less than 5% of a portfolio
company's voting securities and "affiliated" when we own 5% or more of a portfolio company's voting securities.

(4) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR
(denoted as "S") which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. For portfolio companies with
multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2024. Variable rate loans typically include an interest reference rate floor
feature, which the Company has indicated if applicable.

(5) Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S.
dollars. Equity investments are recorded as number of shares/shares owned.

(6) The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and
inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities.

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**First Eagle Private Credit Fund** 

**Consolidated Schedule of Investments (Continued)** 

**December 31, 2024** 

*(in thousands, except shares)* 

(7) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded
portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost.

(8) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value
was determined in good faith by the valuation designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company's valuation policy.

(9) Portfolio company pays 0.5% unfunded commitment fee on revolving loan facility.

(10) Portfolio company pays 1.0% unfunded commitment fee on delayed draw term loan.

(11) All or a portion of this position has not yet settled as of December 31, 2024. The Company will not accrue
interest until the settlement date at which point SOFR will be established.

(12) These debt investments were pledged as collateral under the Company's MS Credit Facility as of
December 31, 2024 (refer to Note 6, "Borrowings").

(13) The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire
any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, non-qualifying assets represented approximately 6.9% of the total assets of the Company.

(14) Loan was on non-accrual status as of December 31, 2024.

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

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**First Eagle Private Credit Fund** 

**Notes to Consolidated Financial Statements (unaudited)** 

*(in thousands, except share/per share data, percentages and as otherwise noted)* 

**Note 1. Organization** 

First Eagle Private Credit Fund (together with its subsidiaries, the "Company"), is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and expects to qualify as a RIC annually.

The Company is externally managed by First Eagle Investment Management, LLC ("FEIM" or the "Adviser"). The Adviser oversees the management of the Company's activities and supervises the activities of First Eagle Alternative Credit, LLC ("FEAC" or the "Subadviser," and together with the Adviser, the "Advisers"). FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company's investment subadviser and administrator (the "Administrator").

The Company has three wholly owned subsidiaries—First Eagle Private Credit Fund SPV, LLC and First Eagle Private Credit Fund BSL SPV, LLC, which are financing subsidiaries of the Company, and FEPC Fund Servicer, LLC, which is the servicer of the Company's MS Credit Facility (see Note 6—"Borrowings").

The Company's investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. Under normal circumstances, the Company expects that the majority of its total assets will be in private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured or asset-based loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, Rule 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, "Private Credit"). Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). This policy may be changed by the Board, and with at least 60 days' prior notice to shareholders, upon the completion of the Company's next repurchase offer (so long as such repurchase offer is not oversubscribed). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will likely be used to initially deploy capital upon receipt of subscriptions and may also be used for the purposes of maintaining and managing liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

The Company offers on a continuous basis up to $5.0 billion of common shares of beneficial interest ("Common Shares") pursuant to an offering registered with the SEC that commenced on March 11, 2025. The Company offers to sell any combination of three classes of shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of common shares equals the net asset value ("NAV") per share, as of the effective date of the monthly share purchase date.

Prior to the commencement of its public offering, the Company conducted a separate private offering (the "Private Offering") of Common Shares (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act")) and (ii) in the case of shares sold outside the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act. The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act).

The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) of the Private Offering on June 12, 2023 (the "Initial Closing") and commenced operations following its first capital call on July 10, 2023 (the "Commencement of Operations"). Prior to the Initial Closing, on April 28, 2023, the Adviser purchased 4,000 Common Shares at $25.00 per share.

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**Note 2. Significant Accounting Policies** 

***Basis of Presentation***

The Company is an investment company following the accounting and reporting guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies. The Company's first fiscal year ended on December 31, 2023.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included herein. The current period's results of operations are not necessarily indicative of the operating results to be expected for the year ending December 31, 2025.

As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

***Consolidation***

As provided under ASC Topic 946, Financial Services—Investment Companies, the Company generally will not consolidate its investment in a company other than substantially owned investment company subsidiaries or a controlled operating company whose business consists of providing services to the Company.

***Use of Estimates***

The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates and such differences could be material.

***Segment Reporting***

In accordance with ASC Topic 280—Segment Reporting ("ASC 280"), the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

***Cash and Cash Equivalents***

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company's cash and cash equivalents are held with a financial institution and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

***Investments***

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and is recorded within net realized gain (loss) on the Consolidated Statement of Operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within net unrealized appreciation (depreciation) on the Consolidated Statement of Operations.

***Fair Value of Financial Instruments***

The Company applies fair value to its portfolio investments in accordance with ASC Topic 820—*Fair Value Measurements and Disclosures* ("ASC Topic 820"). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 also requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. Refer to Note 5—"Fair Value Measurements" for further discussion regarding fair value measurements and hierarchy.

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***Revenue Recognition***

<u>Interest Income</u>

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

The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks.

During the three and six months ended June 30, 2025, the Company had $15,853 and $30,905, respectively, of interest income.

During the three and six months ended June 30, 2024, the Company had $6,768 and $10,019, respectively, of interest income.

<u>PIK Income</u>

The Company may have investments in its portfolio which contain a contractual paid-in-kind ("PIK"), interest provision. PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income. The Company will cease accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect amounts to be collectible and will generally only begin to recognize PIK income again when all principal and interest have been paid or upon the restructuring of the investment where the interest is deemed collectible. To maintain the Company's status as a RIC, PIK interest income, which is considered investment company taxable income, may be required to be paid out to shareholders in the form of dividends even though the Company has not yet collected the cash. Amounts necessary to pay these dividends may come from available cash. During the three and six months ended June 30, 2025, the Company had $27 and $37, respectively, of PIK income, which is included in Interest Income on the statement of operations. The Company did not have any PIK investments during the three and six months ended June 30, 2024.

<u>Dividend Income</u>

Dividend income from cash equivalents is recorded on the record date. Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. During the three and six months ended June 30, 2025, the Company had $196 and $459, respectively, of dividend income. During the three and six months ended June 30, 2024, the Company had $1,058 and $3,071, respectively, of dividend income.

<u>Other Income</u>

The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered. During the three and six months ended June 30, 2025, the Company had $216 and $420, respectively, of other income. During the three and six months ended June 30, 2024, the Company had $359 and $638, respectively, of other income.

<u>Non-Accrual</u>

Loans are placed on non-accrual status when there is reasonable doubt whether principal or interest payments will be collected in full. The Company records the reversal of any previously accrued income against the same income category reflected in the Consolidated Statement of Operations. Additionally, any original issue discount ("OID") and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. However, the Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2025, non-accrual investments as a percentage of total debt investments at cost and fair value were 0.05% and 0.06%, respectively. As of December 31, 2024, non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.08%, respectively.

***Organization and Offering Expenses***

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

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Costs associated with the offering of Common Shares are capitalized as deferred offering costs on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from the later of the Commencement of Operations or the date of incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company's continuous offering. Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing and amendments of the Company's Credit Facilities (as defined in Note 6—"Borrowings"), including legal, accounting, and other related expenses. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the Company's Credit Facilities.

If the borrowing capacity of a new arrangement is lower than the borrowing capacity of the old arrangement, evaluated on a lender by lender basis, then any unamortized deferred financing costs would be expensed during the period in proportion to the decrease in the old arrangement for that lender. Any remaining unamortized deferred financing costs relating to the old arrangement would be deferred and amortized over the term of the new arrangement along with any costs associated with the new arrangement.

Capitalized deferred financing costs related to the Company's Credit Facilities are presented separately on the Company's Consolidated Statement of Assets and Liabilities. Refer to Note 6—"Borrowings" for additional information.

***U.S. Federal Income Taxes, Including Excise Tax***

The Company has elected to be regulated as a BDC under the 1940 Act. In addition, the Company has elected to be treated as a RIC under Subchapter M of the Code, and expects to qualify as a RIC annually. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's investors and would not be reflected in the financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statement to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed earnings unless the Company distributes in a timely manner in each calendar year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of its capital gain net income (both long-term and short-term, and adjusted for certain ordinary losses) for the one-year period generally ending October 31 of 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. Although the Company currently intends to make the required distributions to avoid the application of the 4% U.S. federal excise tax, the Company may also decide to retain taxable income in excess of current year dividend distributions and to pay any applicable excise tax on such undistributed income.

***Distributions***

The Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Company's board of trustees (the "Board"), considering factors such as the Company's earnings, cash flows, capital and liquidity needs and general financial condition and the requirements of Delaware law.

***Recent Accounting Pronouncements***

The Company considers the applicability and impact of each accounting standard update ("ASU") issued by the FASB. ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures ("ASU 2023-09"), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company has adopted ASU 2023-09 effective for the fiscal year ending December 31, 2025 and concluded that the application did not have any material impact on its consolidated financial statements for the six months ended June 30, 2025.

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In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance. However, the Company does not expect a material impact on its consolidated financial statements.

**Note 3. Agreements and Related Party Transactions** 

***Investment Advisory Agreement***

On March 29, 2023, the Company's Board unanimously approved an investment advisory agreement (the "Advisory Agreement") and a subadvisory agreement (the "Subadvisory Agreement"), each of which became effective on March 30, 2023. The Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days' written notice. The Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

Under the terms of the Advisory Agreement, the Company will pay the Adviser a fee for its services consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. The subadvisory fee payable to FEAC will be paid by FEIM out of its investment advisory fee rather than paid separately by the Company. Base management fees and incentive fees began to accrue upon the Commencement of Operations.

On November 7, 2024 and March 11, 2025, the Company's Board unanimously approved certain amendments to the Advisory Agreement and the Subadvisory Agreement in connection with the registration of the offering of the Company's shares in certain U.S. states.

On March 11, 2025, the Company's Board unanimously approved the renewal of the Advisory Agreement and the Subadvisory Agreement for one-year terms.

***Base Management Fee***

The management fee is calculated at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month. For services rendered under the Advisory Agreement, the management fee is payable monthly in arrears. Management fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated.

For these purposes, "net assets" means the Company's total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets as of the Initial Closing.

For the three and six months ended June 30, 2025, the Company accrued $929 and $1,860, respectively, in base management fees, which were fully waived (see "*Fee Waiver*" below). For the three and six months ended June 30, 2024, the Company accrued $939 and $1,724, respectively, in base management fees, which were fully waived (see "*Fee Waiver*" below). As of June 30, 2025 and December 31, 2024, there were no amounts payable to the Adviser relating to management fees.

***Incentive Fees***

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each as described below:

(i) <u>Incentive Fee Based on Income</u>

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns.

"Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on the value of our net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between us and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

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Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized). Pre-Incentive Fee Net Investment Income Returns are calculated on a quarterly basis with no look-back period.

The Company will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

• No incentive fee based on Pre-Incentive Fee Net Investment Income Returns
in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income
Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company
refers to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the "catch-up." The "catch-up" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if
this net investment income exceeds 1.43% in any calendar quarter; and

• 12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income
Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.

For the three and six months ended June 30, 2025, the Company accrued $924 and $1,831, respectively, in income-based incentive fees, which were fully waived (see "*Fee Waiver*" below). For the three and six months ended June 30, 2024, the Company accrued $695 and $893, respectively, in income-based incentive fees, which were fully waived (see "*Fee Waiver*" below). As of June 30, 2025 and December 31, 2024, there were no amounts payable to the Adviser relating to income-based incentive fees.

(ii) <u>Incentive Fee on Capital Gains</u>

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Under GAAP, the Company includes unrealized gains in the calculation of capital gains incentive fee expense. This accrual reflects the incentive fees that would be payable to the Adviser if the Company's entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

For both the three and six months ended June 30, 2025, the Company accrued no capital gains incentive fees. For the three and six months ended June 30, 2024, the Company accrued $12 and $18, respectively, in capital gains incentive fees, which were fully waived (see "*Fee Waiver*" below). As of June 30, 2025 and December 31, 2024, there were no amounts payable to the Adviser relating to capital gain incentive fees.

***Fee Waiver***

For the period from the effective date of the Company's registration statement relating to its public offering (June 6, 2024) through June 30, 2025, the Advisers agreed to waive all management fees, incentive fees and subadvisory fees (the "Initial Advisory Fee Waiver") payable to them under the Advisory Agreement and Subadvisory Agreement (collectively, the "Advisory Agreements").

For the period from July 1, 2025 through December 31, 2025, the Advisers have agreed to waive 50% of the base management fee and 100% of the incentive fee payable to them under the Advisory Agreements (together with the Initial Advisory Fee Waiver, the "Advisory Fee Waivers"). The Advisory Fee Waivers are not revocable during their terms and amounts waived pursuant to the Advisory Fee Waivers will not be subject to any right of future recoupment in favor of the Advisers.

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***Administration Agreement***

The Company has also entered into an Administration Agreement with FEAC as the Administrator. Under the Administration Agreement, the Administrator performs, or oversees the performance of, administrative services necessary for the operation of the Company, which include, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to the Company's shareholders and reports filed with the SEC. In addition, the Administrator assists in determining and publishing the Company's NAV, oversees the preparation and filing of the Company's tax returns, oversees the printing and dissemination of reports to the Company's shareholders, and generally oversees the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. The Company will reimburse the Administrator for its allocable portion of the costs and expenses incurred by the Administrator in performance by the Administrator of its duties under the Administration Agreement, including technology costs and the Company's allocable portion of cost of compensation and related expenses of the Company's Chief Financial Officer and Chief Compliance Officer and their respective staffs, which may include personnel at FEIM or FEAC, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company. The Company's Board reviews the allocation methodologies with respect to such expenses. Under the Administration Agreement, non-investment professionals of the Administrator may provide, on behalf of the Company, managerial assistance to those portfolio companies to which the Company is required to provide such assistance. To the extent that the Company's Administrator outsources any of its functions, the Company pays the fees associated with such functions on a direct basis without profit to the Administrator. Administrative costs and expenses under the Administration Agreement began to accrue upon the Commencement of Operations.

For the three and six months ended June 30, 2025, the Company incurred administrator expenses of $422 and $1,026, respectively. For the three and six months ended June 30, 2024, the Company incurred administrator expenses of $413 and $835, respectively. As of June 30, 2025 and December 31, 2024, $521 and $469, respectively, of administrator expenses were due to the Administrator, which were included in accrued administrator expenses on the Consolidated Statement of Assets and Liabilities. Additionally, as of June 30, 2025 and December 31, 2024, $74 and $138, respectively, were due to the Administrator for direct expenses paid on the Company's behalf, which were included in due to affiliates on the Consolidated Statement of Assets and Liabilities.

***Intermediary Manager Agreement***

On May 9, 2024, the Company entered into an intermediary manager agreement (the "Intermediary Manager Agreement") with FEF Distributors, LLC (the "Intermediary Manager"), an affiliate of the Adviser. Pursuant to the Intermediary Manager Agreement, no upfront transaction fee will be paid with respect to Class I shares, Class S shares or Class D shares. However, if shareholders purchase Class S shares or Class D shares through certain financial intermediaries, they may directly charge shareholders transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and a 3.5% cap on NAV for Class S shares. Under the terms of the Intermediary Manager Agreement, the Intermediary Manager will serve as the intermediary manager for the Company's public offering of its Common Shares. The Intermediary Manager will be entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of the Company's net assets attributable to Class S shares and Class D shares, respectively, as of the beginning of the first calendar day of the month. No shareholder servicing and/or distribution fees will be paid with respect to Class I shares. The shareholder servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers.

The Company will cease paying the shareholder servicing and/or distribution fees on the Class S shares and the Class D shares held in a shareholder's account at the end of the month in which the Intermediary Manager, in conjunction with the transfer agent, determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (including total transaction or other fees, including upfront placement fees or brokerage commissions). At the end of such month, each such Class S share or Class D share (and any shares issued under the Company's dividend reinvestment plan with respect thereto) will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such Class S shares or Class D shares. In addition, the Company will cease paying the shareholder servicing and/or distribution fees on the Class S shares and the Class D shares upon the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company's assets or (iii) the date following the completion of the primary portion of the offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the shareholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering.

The Intermediary Manager is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority ("FINRA").

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company's Trustees who are not "interested persons," as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company's distribution plan or the Intermediary Manager Agreement, or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days' written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

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***Distribution and Servicing Plan***

On January 10, 2025, the Board approved a distribution and servicing plan (the "Distribution and Servicing Plan"). The following table shows the shareholder servicing and/or distribution fees the Company pays the Intermediary Manager with respect to Class I shares, Class S shares and Class D shares on an annualized basis as a percentage of the Company's NAV for such class.

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| | |
|:---|:---|
|  | **Shareholder Servicing and/or**<br>**Distribution Fee as a % of NAV** |
|  Class I shares | **— %** |
|  Class S shares | 0.85% |
|  Class D shares | 0.25% |

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The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

The Intermediary Manager will reallow (pay) all of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, they reduce the NAV with respect to all shares of each such class, including shares issued under the Company's dividend reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to Class S shares or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will not reallow (pay) the shareholder servicing and/or distribution fee to such broker that the broker otherwise would have been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

For both the three and six months ended June 30, 2025, the Company accrued shareholder servicing and/or distribution fees of less than $1, which were attributable to Class D shares. There were no shareholder servicing and/or distribution fees accrued for the same time periods for Class S shares.

There were no shareholder servicing and/or distribution fees accrued for either Class D shares or Class S shares for the three and six months ended June 30, 2024.

***Expense Support and Conditional Reimbursement Agreement***

From the effective date of the Company's registration statement relating to its public offering (June 6, 2024) through the term of the Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement"), which shall be at least 24 months from the effective date of the Company's registration statement, the Adviser will advance all of the Company's Other Operating Expenses (as defined below) so such expenses do not exceed 1.00% (on an annualized basis) of the Company's NAV ("Required Expense Payment"). Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates.

"Other Operating Expenses" means the Company's organization and offering expenses, professional fees (including accounting, legal and auditing fees), custodian and transfer agent fees, third party valuation service fees, insurance costs, trustee fees, administration fees and other general and administrative expenses. For the avoidance of doubt, Other Operating Expenses excludes: (i) base management fees, (ii) incentive fees, (iii) shareholder servicing and/or distribution fees, (iv) brokerage costs or other investment-related out-of-pocket expenses, (v) dividend/interest payments (including any dividend payments, interest expense, commitment fees, or other expenses related to any leverage incurred by the Company), (vi) taxes, and (vii) extraordinary expenses (as determined in the sole discretion of the Adviser).

Additionally, pursuant to the Expense Support Agreement, the Adviser may elect to pay, at such times as the Adviser determines, certain additional expenses on the Company's behalf (each such payment, a "Voluntary Expense Payment" and together with a Required Expense Payment, the "Expense Payments"), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

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Following any calendar month (the "Applicable Calendar Month") in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in the Applicable Calendar Month ("Excess Operating Funds"), the Company will pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to or on behalf of the Company within three years prior to the last business day of the Applicable Calendar Month have been reimbursed ("Reimbursement Payment").

"Available Operating Funds" means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any Applicable Calendar Month shall be made if (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Company at the time of such proposed Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates unless such decrease in the Effective Rate of Distribution Per Share is as a result of a reduction in SOFR, or (2) the Company's Other Operating Expenses at the time of such Reimbursement Payment exceed 1.00% of the Company's net asset value at the end of the Applicable Calendar Month. "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365-day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special distributions, if any.

The Company's obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the Applicable Calendar Month, except to the extent the Adviser has waived its right to receive such payment for the Applicable Calendar Month.

The following is a summary of Expense Payments and related Reimbursement Payments for the six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Month Ended** | **Expense Payments by<br>Adviser** | **Reimbursement Payments to<br>Adviser** | **Unreimbursed Expense<br>Payments** | **Reimbursement Eligibility<br>Expiration** |
|  January 31, 2025 | $434 | $– $| 434 | January 31, 2028 |
|  February 28, 2025 | 359 | – | 359 | February 28, 2028 |
|  March 31, 2025 | 559 | – | 559 | March 31, 2028 |
|  April 30, 2025 | 468 | – | 468 | April 30, 2028 |
|  May 31, 2025 | 490 | – | 490 | May 31, 2028 |
|  June 30, 2025 | 544 | – | 544 | June 30, 2028 |
|  Total | $2854 | $– $| 2854 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the Month Ended** | **Expense Payments by<br>Adviser** | **Reimbursement Payments to<br>Adviser** | **Unreimbursed Expense<br>Payments** | **Reimbursement Eligibility<br>Expiration** |
|  June 30, 2024 | $321 | $– $| 321 | June 30, 2027 |
|  Total | $321 | $– $| 321 |  |

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For the three and six months ended June 30, 2025, the Company accrued Expense Payments due from the Adviser in the amount of $1,502 and $2,854, respectively. For the three and six months ended June 30, 2025, there were no Reimbursement Payments made to the Adviser.

For both the three and six months ended June 30, 2024, the Company accrued Expense Payments due from the Adviser in the amount of $321. For the three and six months ended June 30, 2024, there were no Reimbursement Payments made to the Adviser.

As of June 30, 2025 and December 31, 2024, $2,854 and $2,585, respectively, of Expense Payments were due from the Adviser, which were included in due from adviser on the Consolidated Statement of Assets and Liabilities.

**Note 4. Investments** 

The following is a summary of the composition of the Company's investment portfolio at cost and fair value as of June 30, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total<br>Investments at<br>Fair Value** |
|  First Lien Debt | $661135 | $657839 | 99.96% | $653670 | $653893 | 100.00% |
|  Second Lien Debt | 579 | 291 | 0.04% |  |  |  |
|  Warrant | 31 | 5 |  | 31 | 32 |  |
|  Total investments | $661745 | $658135 | 100.00% | $653701 | $653925 | 100.00% |

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The following is a summary of the industry classifications in which the Company invests as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at<br>Fair Value** | **Fair Value as % of<br>Net Assets** |
|  Aerospace & Defense | $6246 | $6277 | 0.95% | 2.10% |
|  Air Freight & Logistics | 14864 | 14296 | 2.17 | 4.78 |
|  Automobile Components | 12119 | 12113 | 1.84 | 4.05 |
|  Building Products | 4556 | 4567 | 0.69 | 1.53 |
|  Chemicals | 17592 | 17708 | 2.69 | 5.92 |
|  Commercial Services & Supplies | 41133 | 41360 | 6.29 | 13.82 |
|  Communications Equipment | 1995 | 1951 | 0.30 | 0.65 |
|  Construction & Engineering | 3730 | 3761 | 0.57 | 1.26 |
|  Containers & Packaging | 4331 | 4352 | 0.66 | 1.45 |
|  Diversified Consumer Services | 32971 | 32912 | 5.00 | 11.00 |
|  Diversified Telecommunication Services | 3934 | 3939 | 0.60 | 1.32 |
|  Electric Utilities | 7524 | 7504 | 1.14 | 2.51 |
|  Electrical Equipment | 7700 | 7780 | 1.18 | 2.60 |
|  Electronic Equipment, Instruments & Components | 1967 | 1970 | 0.30 | 0.66 |
|  Entertainment | 4838 | 4746 | 0.72 | 1.59 |
|  Financial Services | 55386 | 55328 | 8.41 | 18.49 |
|  Food Products | 8334 | 8402 | 1.28 | 2.81 |
|  Ground Transportation | 6941 | 6883 | 1.05 | 2.30 |
|  Health Care Equipment & Supplies | 8911 | 8927 | 1.36 | 2.98 |
|  Health Care Providers & Services | 82088 | 80549 | 12.24 | 26.92 |
|  Health Care Technology | 30715 | 31000 | 4.71 | 10.36 |
|  Hotels, Restaurants & Leisure | 1746 | 1731 | 0.26 | 0.58 |
|  Household Durables | 18482 | 18490 | 2.81 | 6.18 |
|  Insurance | 25953 | 26135 | 3.97 | 8.74 |
|  IT Services | 8901 | 8848 | 1.35 | 2.96 |
|  Machinery | 20564 | 19954 | 3.03 | 6.67 |
|  Media | 10010 | 9937 | 1.51 | 3.32 |
|  Metals & Mining | 2002 | 1995 | 0.30 | 0.67 |
|  Oil, Gas & Consumable Fuels | 995 | 997 | 0.15 | 0.33 |
|  Passenger Airlines | 1909 | 1848 | 0.28 | 0.62 |
|  Personal Care Products | 2000 | 2005 | 0.31 | 0.67 |
|  Pharmaceuticals | 19937 | 19013 | 2.89 | 6.36 |
|  Professional Services | 79851 | 79774 | 12.12 | 26.66 |
|  Real Estate Management & Development | 13613 | 13773 | 2.09 | 4.60 |
|  Software | 74061 | 73397 | 11.15 | 24.53 |
|  Specialty Retail | 9206 | 9239 | 1.40 | 3.09 |
|  Textiles, Apparel & Luxury Goods | 3217 | 3236 | 0.49 | 1.08 |
|  Trading Companies & Distributors | 11423 | 11438 | 1.74 | 3.82 |
|  | $661745 | $658135 | 100.00% | 219.98% |

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|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at<br>Fair Value** | **Fair Value as % of<br>Net Assets** |
|  Aerospace & Defense | $8288 | $8329 | 1.27% | 2.77% |
|  Air Freight & Logistics | 15187 | 15401 | 2.35 | 5.13 |
|  Automobile Components | 13153 | 13112 | 2.00 | 4.37 |
|  Building Products | 6571 | 6646 | 1.02 | 2.21 |
|  Chemicals | 17581 | 17568 | 2.69 | 5.86 |
|  Commercial Services & Supplies | 25280 | 25283 | 3.87 | 8.42 |
|  Communications Equipment | 2000 | 1995 | 0.31 | 0.66 |
|  Construction & Engineering | 3847 | 3791 | 0.58 | 1.26 |
|  Containers & Packaging | 11304 | 11393 | 1.74 | 3.79 |
|  Diversified Consumer Services | 22514 | 22643 | 3.46 | 7.54 |
|  Diversified Telecommunication Services | 8859 | 8943 | 1.37 | 2.98 |
|  Electrical Equipment | 11337 | 11360 | 1.74 | 3.78 |
|  Electronic Equipment, Instruments & Components | 1975 | 1968 | 0.29 | 0.66 |
|  Entertainment | 8856 | 8941 | 1.37 | 2.98 |
|  Financial Services | 52403 | 52495 | 8.03 | 17.48 |
|  Food Products | 8376 | 8492 | 1.30 | 2.83 |
|  Ground Transportation | 12014 | 12084 | 1.85 | 4.02 |
|  Health Care Equipment & Supplies | 9946 | 9943 | 1.52 | 3.31 |
|  Health Care Providers & Services | 77579 | 75647 | 11.57 | 25.19 |
|  Health Care Technology | 17730 | 18082 | 2.77 | 6.02 |
|  Hotels, Restaurants & Leisure | 11708 | 11788 | 1.80 | 3.92 |
|  Household Durables | 12390 | 12531 | 1.92 | 4.17 |
|  Insurance | 29423 | 29560 | 4.52 | 9.84 |
|  IT Services | 8947 | 9011 | 1.38 | 3.00 |
|  Machinery | 37197 | 37096 | 5.67 | 12.35 |
|  Media | 8061 | 8147 | 1.25 | 2.71 |
|  Metals & Mining | 2012 | 2010 | 0.31 | 0.67 |
|  Oil, Gas & Consumable Fuels | 1000 | 1003 | 0.14 | 0.33 |
|  Passenger Airlines | 5380 | 5404 | 0.83 | 1.80 |
|  Personal Care Products | 2000 | 2016 | 0.31 | 0.67 |
|  Pharmaceuticals | 19048 | 18992 | 2.90 | 6.32 |
|  Professional Services | 68395 | 68543 | 10.48 | 22.82 |
|  Real Estate Management & Development | 13579 | 13555 | 2.07 | 4.51 |
|  Software | 61199 | 61338 | 9.38 | 20.42 |
|  Specialty Retail | 13328 | 13470 | 2.06 | 4.49 |
|  Textiles, Apparel & Luxury Goods | 6795 | 6833 | 1.05 | 2.28 |
|  Trading Companies & Distributors | 14474 | 14534 | 2.22 | 4.85 |
|  Wireless Telecommunication Services | 3965 | 3978 | 0.61 | 1.32 |
|  | $653701 | $653925 | 100.00% | 217.73% |

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The following is a summary of the geographical concentration of the Company's investment portfolio as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at<br>Fair Value** | **Fair Value as % of<br>Net Assets** |
|  United States | $642192 | $638718 | 97.05% | 213.49% |
|  Canada | 4804 | 4842 | 0.74 | 1.62 |
|  Europe | 14749 | 14575 | 2.21 | 4.87 |
|  Total | $661745 | $658135 | 100.00% | 219.98% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at<br>Fair Value** | **Fair Value as % of Net<br>Assets** |
|  United States | $628216 | $628349 | 96.09% | 209.22% |
|  Canada | 5749 | 5810 | 0.89 | 1.93 |
|  Europe | 19736 | 19766 | 3.02 | 6.58 |
|  Total | $653701 | $653925 | 100.00% | 217.73% |

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As of June 30, 2025, we had one loan on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 0.05% and 0.06%, respectively. As of December 31, 2024, we had one loan on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.08%, respectively.

As of June 30, 2025 and December 31, 2024, on a fair value basis, 100% of the Company's performing debt investments bore interest at a floating rate.

**Note 5. Fair Value Measurements** 

***Investments***

The Company values all investments in accordance with ASC Topic 820, which requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC Topic 820, 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 models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets' or liabilities' complexity.

ASC Topic 820 establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly; and

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by management.

Pursuant to Rule 2a-5 under the 1940 Act ("Rule 2a-5"), the Board has designated FEIM as the Company's valuation designee, as the term is defined in Rule 2a-5 (the "Valuation Designee"). FEIM, as the Valuation Designee, performs fair value determinations of the Company's assets by implementing valuation policies and procedures approved by the Board, subject to the oversight of the Board and the Board's Audit Committee, and in compliance with the requirements of Rule 2a-5. In calculating the value of the Company's total assets, investments for which market quotations are readily available are valued using market quotations, which are generally obtained from an independent pricing service or one or more broker-dealers or market makers. Debt and equity securities for which market quotations are not readily available or are determined to be unreliable are valued at fair value as determined in good faith by the Valuation Designee.

With respect to the investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Company's valuation process begins with each portfolio company or investment being initially valued
by the investment professionals responsible for managing portfolio investments; concurrently therewith, on at least an annual basis, independent valuation firms are used to conduct independent appraisals of all investments for which market
quotations are either not readily available or are determined to be unreliable unless the amount of an investment is immaterial;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the preliminary valuation recommendation of the investment professionals and the applicable input of the
independent valuation firms (the "Preliminary Valuation Data") are then documented and reviewed with FEAC's pricing professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Preliminary Valuation Data are then discussed with, and approved by, the pricing committee of FEAC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FEIM's valuation committee independently discusses the Preliminary Valuation Data and determines the fair
value of each investment in good faith based on the Preliminary Valuation Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. on a quarterly basis, a designee of FEIM's valuation committee discusses the fair value determinations of
each investment with the Audit Committee.

When we determine our NAV as of the last day of a month that is not also the last day of a calendar quarter, we intend to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, FEIM's valuation team will generally value such assets at the most recent quarterly valuation unless FEAC determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If FEAC determines such a change has occurred with respect to one or more investments, the relevant portfolio management team shall determine whether to recommend a change to the FEIM valuation committee and whether the applicable pricing professional will determine whether to engage an independent valuation firm for assistance. FEIM will then discuss and determine the fair value of such investment(s) in the Company's portfolio in good faith based on the input of any applicable respective independent valuation firms.

The types of factors that the Valuation Designee may take into account in fair value pricing the Company's investments include, as relevant, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors.

For cash flow debt investments, the Valuation Designee generally determines the fair value primarily using an income, or yield, approach that analyzes the discounted cash flows of interest and principal for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of each portfolio investment. The Valuation Designee's estimate of the expected repayment date is generally the legal maturity date of the instrument. The yield analysis considers changes in leverage levels, credit quality, portfolio company performance and other factors. The enterprise value, a market approach, is used to determine the value of debt investments that are credit impaired, close to maturity or where the Company also holds a controlling equity interest. The method for determining enterprise value uses a multiple analysis, whereby appropriate multiples are applied to the portfolio company's revenues or net income before net interest expense, income tax expense, depreciation and amortization, or EBITDA.

For asset-based loans, the Valuation Designee generally determines the fair value using the liquidation approach that analyzes the underlying collateral of the loan, as set forth in the associated loan agreements and the borrowing base certificates. Liquidation valuations may be determined using a net orderly liquidation value, a forced liquidation value, or other methodology. Such liquidation values may be further reduced by certain reserves that may reduce the value of the collateral available to support the outstanding debt in a wind down scenario (the net realized value of the collateral).

For equity investments, an income and/or market approach is generally used to value equity investments for which there is no established public or private market. The market approach values an investment by examining observable market values for similar investments. The resulting valuation, although stated as a precise number, is necessarily within a range of values that vary depending upon the significance attributed to the various factors being considered. Some of these factors may include current market trading and/or transaction multiples, the portfolio company's relative financial performance relative to public and private peer companies and leverage levels.

In addition, for certain debt investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

The Company has adopted the authoritative guidance under GAAP for estimating the fair value of investments in investment companies that have calculated NAV per share in accordance with the specialized accounting guidance for investment companies. Accordingly, in circumstances in which NAV per share of an investment is determinative of fair value, the Company estimates the fair value of an investment in an investment company using the NAV per share of the investment (or its equivalent) without further adjustment if the NAV per share of the investment is determined in accordance with the specialized accounting guidance for investment companies as of the reporting entity's measurement date.

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As of June 30, 2025, the Valuation Designee determined, in good faith, the fair value of the Company's portfolio investments in accordance with GAAP and the Company's valuations procedures based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time.

***Fair Value Disclosures***

The following is a summary of the composition of the Company's investment portfolio at cost and fair value as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  First Lien Debt | $— | $232738 | $425101 | $657839 |
|  Second Lien Debt |  |  | 291 | 291 |
|  Warrant |  |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $**—** | $**232738** | $**425397** | $**658135** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage of Total | 0.00% | 35.36% | 64.64% | 100.00% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  First Lien Debt | $— | $321304 | $332589 | $653893 |
|  Warrant |  |  | 32 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $**—** | $**321304** | $**332621** | $**653925** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage of Total | 0.00% | 49.13% | 50.87% | 100.00% |

---

The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **First Lien Loan** | **Second Lien Loan** | **Warrant** | **Total<br>Investments** |
|  Fair value, beginning of period | $364707 | $456 | $— | $365163 |
|  Purchase of investments (including PIK) | 69426 | 17 |  | 69443 |
|  Proceeds from principal repayments and sales of investments | (5674) | (8) |  | (5682) |
|  Amortization of premium/accretion of discount, net | 319 | 20 |  | 339 |
|  Net realized gain (loss) on investments | 58 |  |  | 58 |
|  Net change in unrealized appreciation (depreciation) on investments | (713) | (194) | 5 | (902) |
|  Restructures |  |  |  |  |
|  Transfers out of Level 3 | (9298) |  |  | (9298) |
|  Transfers into Level 3 | 6276 |  |  | 6276 |
|  **Fair value, end of period** | $**425101** | $**291** | $**5** | $**425397** |
|  Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2025 | $(715) | $(194) | $5 | $(904) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **First Lien Loan** | **Second Lien Loan** | **Warrant** | **Total<br>Investments** |
|  Fair value, beginning of period | $332589 | $— | $32 | $332621 |
|  Purchase of investments (including PIK) | 137931 | 34 |  | 137965 |
|  Proceeds from principal repayments and sales of investments | (35310) | (8) |  | (35318) |
|  Amortization of premium/accretion of discount, net | 886 | 25 |  | 911 |
|  Net realized gain (loss) on investments | (883) |  |  | (883) |
|  Net change in unrealized appreciation (depreciation) on investments | 624 | (288) | (27) | 309 |
|  Restructures | (528) | 528 |  |  |
|  Transfers out of Level 3 | (23452) |  |  | (23452) |
|  Transfers into Level 3 | 13244 |  |  | 13244 |
|  **Fair value, end of period** | $**425101** | $**291** | $**5** | $**425397** |
|  Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2025 | $(1350) | $(288) | $(26) | $(1664) |

---

The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and six months ended June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **First Lien Loan** | **Warrant** | **Total Investments** |
|  Fair value, beginning of period | $124071 | $2 | $124073 |
|  Purchase of investments (including PIK) | 85010 |  | 85010 |
|  Proceeds from principal repayments and sales of investments | (1165) |  | (1165) |
|  Amortization of premium/accretion of discount, net | 173 |  | 173 |
|  Net realized gain (loss) on investments | (2) |  | (2) |
|  Net change in unrealized appreciation (depreciation) on investments | 11 | 2 | 13 |
|  Transfers out of Level 3 | (2258) |  | (2258) |
|  Transfers to Level 3 | 7913 |  | 7913 |
|  **Fair value, end of period** | $**213753** | $**4** | $**213757** |
|  Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2024 | $37 | $2 | $39 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **First Lien Loan** | **Warrant** | **Total Investments** |
|  Fair value, beginning of period | $65862 | $2 | $65864 |
|  Purchase of investments (including PIK) | 153767 |  | 153767 |
|  Proceeds from principal repayments and sales of investments | (1254) |  | (1254) |
|  Amortization of premium/accretion of discount, net | 278 |  | 278 |
|  Net realized gain (loss) on investments | (2) |  | (2) |
|  Net change in unrealized appreciation (depreciation) on investments | 40 | 2 | 42 |
|  Transfers out of Level 3 | (4938) |  | (4938) |
|  **Fair value, end of period** | $**213753** | $**4** | $**213757** |
|  Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2024 | $39 | $2 | $41 |

---

Investments were transferred out of Level 3 during the three and six months ended June 30, 2025 and 2024 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment, as assessed by the Valuation Designee. Investments were transferred into Level 3 during the three and six months ended June 30, 2025 and 2024 due to a decrease in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment, as assessed by the Valuation Designee.

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***Significant Unobservable Inputs***

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | | | | **Range** | **Range** | |
|  |<br>**Fair Value** | <br>**Valuation Technique** | <br>**Unobservable Input** | **Low** | **High** |<br>**Weighted<br>Average (1)** |
|  First lien debt (2) | $351162 | Discounted cash flows (income approach) | Comparative Yield | 8.45% | 18.54% | 10.28% |
|  | 31153 | Recoverability | Collateral Value | $22.4mm | $425.6mm | $188.0mm |
|  | 382315 |  |  |  |  |  |
|  Warrant | 5 | Option pricing model | Volatility | 50.00% | 80.00% | 65.00% |
|  |  |  | Time Horizon (years) | 1.0 yrs | 5.0 yrs | 3.0 yrs |
|  Total | $382320 |  |  |  |  |  |

---

(1) Weighted averages are calculated based on fair value of investments.

(2) Excluded from the presentation is $42,786 in first lien senior secured debt and $291 in second lien senior
secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | | | | **Range** | **Range** | |
|  |<br>**Fair Value** | <br>**Valuation Technique** | <br>**Unobservable Input** | **Low** | **High** |<br>**Weighted<br>Average (1)** |
|  First lien debt (2) | $247699 | Discounted cash flows (income approach) | Comparative Yield | 8.56% | 14.23% | 10.40% |
|  | 22492 | Recoverability | Collateral Value | $19.6mm | $367.9mm | $132.3mm |
|  | 270191 |  |  |  |  |  |
|  Warrant | 32 | Option pricing model | Volatility | 78.00% | 88.00% | 83.00% |
|  |  |  | Time Horizon (years) | 5.0 yrs | 10.0 yrs | 7.5 yrs |
|  Total | $270223 |  |  |  |  |  |

---

(1) Weighted averages are calculated based on fair value of investments.

(2) Excluded from the presentation is $62,398 in first lien senior secured debt for which the Valuation Designee
did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

The significant unobservable input used in the fair value measurement of the Company's debt securities, excluding investments in asset-backed loans, is the comparative yield which is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. In determining the comparative yield for the income approach, the Company considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Significant increases (decreases) in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement.

The primary significant unobservable input used in the fair value measurement of the Company's investment in asset-backed loans is the net realizable value of the underlying collateral of the loan. The Company considers information provided by the borrower in its compliance certificates and information from third party appraisals, among other factors, in its analysis. Significant increases (decreases) in the net realizable value of the underlying collateral would result in a significantly higher (lower) fair value measurement.

***Other Financial Assets and Liabilities***

As of June 30, 2025, the carrying amounts of the Company's other financial instruments, such as cash and cash equivalents, receivables and payables, approximate the fair value of such items due to the short maturity of such instruments and would be categorized as Level 1 within the fair value hierarchy. As of June 30, 2025, the carrying amounts of the Company's outstanding Credit Facilities approximate fair value and would be categorized as Level 3 within the fair value hierarchy. The fair values of the Credit Facilities are estimated based upon market interest rates and entities with similar credit risk.

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**Note 6. Borrowings** 

In connection with the Company's organization, the Board and the Company's initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act to the Company. As a result of this approval, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2025, the Company's asset coverage ratio was 175.7%.

***MS Credit Facility***

On September 22, 2023, First Eagle Private Credit Fund SPV, LLC (the "MS Credit Facility SPV"), a wholly-owned financing subsidiary of the Company, as borrower, the Company, as transferor, and FEPC Fund Servicer, LLC, an affiliate of the Company, as servicer, entered into a $350,000 senior secured revolving credit facility, as amended (the "MS Credit Facility") with Morgan Stanley Bank, N.A., as initial lender, certain other lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as account bank and collateral custodian, and FEPC Fund Servicer, LLC, a wholly-owned subsidiary of the Company, as servicer under the MS Credit Facility.

On June 20, 2024, the MS Credit Facility SPV entered into the second amendment to the loan and servicing agreement ("Second Amendment"), amending the MS Credit Facility. The Second Amendment (i) amends the concentration limitation component of the borrowing base to allow, (x) until April 1, 2025, up to 75% of the MS Credit Facility SPV's portfolio to be broadly syndicated loans or senior secured bonds, (y) thereafter until September 30, 2025, 50% of the MS Credit Facility SPV's portfolio to be broadly syndicated loans or senior secured bonds, and (z) after September 30, 2025, 35% of the MS Credit Facility SPV's portfolio to be broadly syndicated loans or senior secured bonds, (ii) reduces the minimum utilization amount under the MS Credit Facility to be 35% of the commitments under the MS Credit Facility until September 22, 2024, and (iii) changes the interest rate applicable to the minimum utilization amount to be only the "applicable margin."

On November 7, 2024, the MS Credit Facility SPV entered into the third amendment to the loan and servicing agreement ("Third Amendment"), amending the MS Credit Facility. The Third Amendment (i) reduces the spread to 2.55% per annum during the revolving period and 3.05% per annum during the amortization period; (ii) amends the 5% PIK loan concentration limitation component of the borrowing base to exclude from the concentration limitation PIK loans with a minimum cash spread of at least 5% paid quarterly; (iii) increases the minimum utilization amount to be 75% of the commitments under the MS Credit Facility; and (iv) resets as of the Third Amendment date the time period the prepayment premium is due in connection with reducing or terminating commitments under the MS Credit Facility.

The Company's ability to borrow under the MS Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 75% of the principal balance of its eligible portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 65%. Under the terms of the MS Credit Facility, the MS Credit Facility SPV is permitted to reinvest available cash and make new borrowings under the MS Credit Facility through September 22, 2026. The MS Credit Facility has a minimum utilization requirement ("MS Credit Facility Minimum Utilization") of 35% of the facility amount (following a nine-month ramp-up period through September 21, 2024). The MS Credit Facility Minimum Utilization increased to 65% from September 22, 2024 and increased again to 75% from November 7, 2024 through the end of the revolving period. Distributions from the MS Credit Facility SPV to the Company are limited by the terms of the MS Credit Facility, which generally allows for the distribution of net interest income quarterly pursuant to a waterfall during the reinvestment period. The MS Credit Facility SPV's obligations under the MS Credit Facility are secured by a first priority security interest in substantially all of the assets of the MS Credit Facility SPV, including its portfolio of investments, and the Company's equity interest in the MS Credit Facility SPV. As of June 30, 2025, the Company held 107 investments with a total fair market value of $468,318 in the MS Credit Facility SPV as collateral for the MS Credit Facility. As of June 30, 2025, the Company had $306,500 in borrowings outstanding under the MS Credit Facility. As of December 31, 2024, the Company held 120 investments with a total fair market value of $505,108 in the MS Credit Facility SPV as collateral for the MS Credit Facility. As of December 31, 2024, the Company had $325,600 in borrowings outstanding under the MS Credit Facility.

The MS Credit Facility has a scheduled maturity date of September 22, 2028, or earlier in accordance with the terms of the MS Credit Facility. Borrowings under the MS Credit Facility bear interest initially at the annual rate of three month SOFR plus a spread. The initial spread through November 6, 2024 was 3.05% per annum for term SOFR advances, reducing to 2.55% per annum for term SOFR advances from November 7, 2024 through the end of the revolving period, and 3.05% per annum during the amortization period. Additionally, the MS Credit Facility SPV pays a fee of 0.15% per annum on the notional loan amount of $350,000, a minimum utilization fee of 2.55% per annum on the MS Credit Facility Minimum Utilization less any outstanding borrowings if outstanding borrowings are less than the MS Credit Facility Minimum Utilization, and an unused fee of 0.60% per annum on the difference between the total facility amount and the greater of the MS Credit Facility Minimum Utilization or total outstanding borrowings.

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*<u>Components of Interest Expense</u>* 

The components of the Company's interest expense on the MS Credit Facility were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>June 30, 2025** | **For the Three<br>Months Ended<br>June 30, 2024** | **For the Six<br>Months Ended<br>June 30, 2025** | **For the Six<br>Months Ended<br>June 30, 2024** |
|  Borrowing interest expense | $5220 | $345 | $11084 | $348 |
|  Borrowing administration fees | 133 | 132 | 264 | 265 |
|  Facility unused fees | 73 | 540 | 85 | 1071 |
|  Amortization of financing costs | 154 | 153 | 306 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total interest expense** | $5580 | $1170 | $11739 | $1990 |
|  Average Debt Outstanding | 301545 | 16157 | 321600 | 15600<sup>(1)</sup> |
|  Average Stated Interest Rate | 6.85% | 8.35% | 6.85% | 8.35%<sup>(1)</sup> |

---

(1) Average taken from date of initial borrowing on March 29, 2024.

***JPM Credit Facility***

On April 9, 2025, First Eagle Private Credit Fund BSL SPV, LLC (the "JPM Credit Facility SPV"), a wholly-owned financing subsidiary of the Company, as borrower, entered into a $100,000 senior secured revolving credit facility (the "JPM Credit Facility," and together with the MS Credit Facility, the "Credit Facilities") with JPMorgan Chase Bank, National Association, as initial lender, certain other lenders from time to time party thereto, FEAC, as portfolio manager, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent.

The Company's ability to borrow under the JPM Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 70% of the net asset value of the portfolio assets held in the JPM Credit Facility SPV. Under the terms of the JPM Credit Facility, the JPM Credit Facility SPV is permitted to reinvest available cash and make new borrowing under the JPM Credit Facility through April 8, 2028. The JPM Credit Facility has a minimum utilization requirement ("JPM Credit Facility Minimum Utilization") of 50% of the facility amount (following a three-month ramp-up period through July 9, 2025), increasing to 75% on October 10, 2025 through the end of the reinvestment period. Distributions from the JPM Credit Facility SPV to the Company are limited by the terms of the JPM Credit Facility, which generally allows for the distribution of net interest income quarterly pursuant to a waterfall during the reinvestment period. The JPM Credit Facility SPV's obligations under the JPM Credit Facility are secured by a first priority security interest in substantially all of the assets of the JPM Credit Facility SPV, including its portfolio of investments. As of June 30, 2025, the Company held 54 investments with a total fair market value of $112,865 in the JPM Credit Facility SPV as collateral for the JPM Credit Facility. As of June 30, 2025, the Company had $88,500 in borrowings outstanding under the JPM Credit Facility.

The JPM Credit Facility has a scheduled maturity date of April 9, 2030, or earlier in accordance with the terms of the JPM Credit Facility. Borrowings under the JPM Credit Facility bear interest at the annual rate of three month SOFR plus a spread of 1.55% per annum. Additionally, the JPM Credit Facility SPV pays a minimum utilization fee of 1.55% per annum on the JPM Credit Facility Minimum Utilization less any outstanding borrowings if outstanding borrowings are less than the JPM Credit Facility Minimum Utilization, and an unused fee of 0.50% per annum on the difference between the total facility amount and the greater of the JPM Credit Facility Minimum Utilization or total outstanding borrowings.

*<u>Components of Interest Expense</u>* 

The components of the Company's interest expense on the JPM Credit Facility were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>June 30, 2025** | **For the Three<br>Months Ended<br>June 30, 2024** | **For the Six<br>Months Ended<br>June 30, 2025** | **For the Six<br>Months Ended<br>June 30, 2024** |
|  Borrowing interest expense | $1002 | $— | $1002 | $— |
|  Borrowing administration fees |  |  |  |  |
|  Facility unused fees | 28 |  | 28 |  |
|  Amortization of financing costs | 47 |  | 47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total interest expense** | $1077 | $— | $1077 | $— |
|  Average Debt Outstanding | 75452<sup>(1)</sup> |  | 75452<sup>(1)</sup> |  |
|  Average Stated Interest Rate | 5.76%<sup>(1)</sup> | N/A | 5.76%<sup>(1)</sup> | N/A |

---

(1) Average taken from date of initial borrowing on April 9, 2025.

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##### [**Table of Contents**](#toc)
For the three and six months ended June 30, 2025, the average total debt outstanding was $370,364 and $356,199, respectively. For the three and six months ended June 30, 2024, the average total debt outstanding was $16,157 and $15,600, respectively.

For both the three and six months ended June 30, 2025, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, was 7.21% and 7.26%, respectively. For the three and six months ended June 30, 2025, the effective annualized average interest rate, which includes amortization of debt financing costs and non-usage facility fees, was not meaningful due to the low levels of borrowings on the credit facility during the respective periods.

**Note 7. Commitments and Contingencies** 

***Unfunded Commitments***

Unfunded commitments to provide funds to portfolio companies are not reflected on the Company's Consolidated Statement of Assets and Liabilities. The Company's unfunded commitments may be significant from time to time. These commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company intends to use cash flow from normal and early principal repayments and proceeds from borrowings to fund these commitments.

As of June 30, 2025 and December 31, 2024, the Company has the following unfunded commitments to portfolio companies:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Investments—non-controlled/non-affiliated**  | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  **Delayed Draw** |  |  |  |  |
|  841 Prudential MOB LLC | Delayed Draw | 10/8/2027 | $719 | $— |
|  Air Conditioning Specialist, Inc. | Delayed Draw | 11/19/2026 | $782 | $(12) |
|  AMCP Clean Acquisition Co LLC | Delayed Draw | 6/15/2028 | $910 | $(2) |
|  Apella Capital LLC | Delayed Draw | 6/18/2027 | $1334 | $— |
|  APS Acquisition Holdings, LLC | Delayed Draw | 7/11/2026 | $2699 | $(13) |
|  Argano, LLC | Delayed Draw | 10/3/2026 | $1572 | $(16) |
|  Case Works, LLC | Delayed Draw | 10/1/2029 | $272 | $(5) |
|  CI (MG) Group, LLC | Delayed Draw | 3/27/2027 | $4177 | $(63) |
|  Community Based Care Acquisition, Inc. | Delayed Draw | 3/19/2026 | $1507 | $— |
|  Elevate HD Parent, Inc. | Delayed Draw | 2/18/2025 | $449 | $— |
|  Electrical Components International, Inc. | Delayed Draw | 5/10/2026 | $433 | $(2) |
|  Enverus Holdings, Inc. | Delayed Draw | 12/12/2026 | $73 | $— |
|  First Steps Recovery Acquisition, LLC | Delayed Draw | 9/29/2025 | $276 | $(6) |
|  Gen4 Dental Partners Opco, LLC | Delayed Draw | 5/13/2026 | $1867 | $(42) |
|  Groundworks Operations, LLC | Delayed Draw | 3/6/2026 | $393 | $— |
|  HFW Holdings, LLC | Delayed Draw | 5/1/2027 | $5213 | $(59) |
|  Housework Holdings | Delayed Draw | 5/28/2026 | $417 | $(2) |
|  Mission Critical Group, LLC | Delayed Draw | 4/17/2027 | $3963 | $(40) |
|  Monarch Behavioral Therapy, LLC | Delayed Draw | 6/6/2026 | $266 | $(1) |
|  Prescott's Inc. | Delayed Draw | 12/30/2026 | $3585 | $(27) |
|  PRGX Global, Inc | Delayed Draw | 2/20/2027 | $596 | $(6) |
|  RL James, Inc. | Delayed Draw | 12/15/2025 | $612 | $(5) |
|  RMBUS Holdco Inc. | Delayed Draw | 1/8/2026 | $2070 | $— |
|  Schola Group Acquisition, Inc. | Delayed Draw | 4/9/2027 | $4564 | $(51) |
|  SR Landscaping, LLC | Delayed Draw | 2/20/2026 | $1093 | $— |
|  Strategy Corps, LLC | Delayed Draw | 6/28/2026 | $3300 | $(49) |
|  Tri Scapes, LLC | Delayed Draw | 7/12/2026 | $2370 | $(24) |
|  Waste Resource Management Inc. | Delayed Draw | 5/19/2027 | $4867 | $— |
|  XPT Partners, LLC | Delayed Draw | 12/10/2026 | $950 | $(19) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**  | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  **Revolver** |  |  |  |  |
|  Advantmed Buyer Inc | Revolver | 2/14/2031 | $2189 | $(29) |
|  Air Buyer Inc. | Revolver | 7/23/2030 | $517 | $(16) |
|  Air Conditioning Specialist, Inc. | Revolver | 11/19/2029 | $621 | $(9) |
|  APS Acquisition Holdings, LLC | Revolver | 7/11/2029 | $1741 | $(9) |
|  Argano, LLC | Revolver | 9/13/2029 | $348 | $(3) |
|  Case Works, LLC | Revolver | 10/1/2029 | $151 | $(3) |
|  CI (MG) Group, LLC | Revolver | 3/27/2030 | $543 | $(8) |
|  Elevate HD Parent, Inc. | Revolver | 8/20/2029 | $173 | $— |
|  Endo1 Partners, LLC | Revolver | 5/23/2030 | $532 | $(11) |
|  Enthusiast Auto Holdings, LLC | Revolver | 12/19/2026 | $1151 | $(1) |
|  Enverus Holdings, Inc. | Revolver | 12/24/2029 | $272 | $(7) |
|  First Steps Recovery Acquisition, LLC | Revolver | 3/29/2030 | $597 | $(12) |
|  Gen4 Dental Partners Opco, LLC | Revolver | 5/13/2030 | $467 | $(11) |
|  HFW Holdings, LLC | Revolver | 5/1/2031 | $944 | $(11) |
|  Housework Holdings | Revolver | 12/15/2028 | $86 | $— |
|  In Vitro Sciences, LLC | Revolver | 2/28/2029 | $568 | $(63) |
|  Irving Parent, Corp. | Revolver | 3/11/2031 | $2382 | $(36) |
|  Mammoth Holdings, LLC | Revolver | 11/15/2029 | $527 | $(18) |
|  Medrina, LLC | Revolver | 10/20/2029 | $1107 | $— |
|  Mission Critical Group, LLC | Revolver | 4/17/2030 | $1612 | $(16) |
|  Monarch Behavioral Therapy, LLC | Revolver | 6/6/2030 | $780 | $(4) |
|  Owl Vans, LLC | Revolver | 12/31/2030 | $1200 | $(16) |
|  Prescott's Inc. | Revolver | 12/30/2030 | $896 | $(7) |
|  RL James, Inc. | Revolver | 12/15/2028 | $1081 | $(8) |
|  RMBUS Holdco Inc. | Revolver | 1/8/2029 | $1035 | $— |
|  Sagebrush Buyer, LLC | Revolver | 7/1/2030 | $1263 | $— |
|  Schola Group Acquisition, Inc. | Revolver | 4/9/2031 | $1141 | $(13) |
|  SR Landscaping, LLC | Revolver | 10/30/2029 | $320 | $— |
|  Strategy Corps, LLC | Revolver | 6/28/2030 | $1567 | $(24) |
|  Streetmasters Intermediate, Inc | Revolver | 4/1/2030 | $1587 | $(20) |
|  Syner-G Intermediate Holdings, LLC | Revolver | 9/17/2030 | $1150 | $(75) |
|  The Mutual Group, LLC | Revolver | 1/31/2030 | $1299 | $— |
|  Thornton Carpet, LLC | Revolver | 5/15/2031 | $2502 | $(28) |
|  Tri Scapes, LLC | Revolver | 7/12/2030 | $1185 | $(12) |
|  Unified Patents, LLC | Revolver | 12/23/2027 | $1271 | $(10) |
|  Visante Acquisition, LLC | Revolver | 1/31/2030 | $976 | $— |
|  Waste Resource Management Inc. | Revolver | 12/28/2029 | $721 | $— |
|  XPT Partners, LLC | Revolver | 9/13/2028 | $163 | $(3) |
|  Zenith American Solutions, Inc. | Revolver | 7/11/2029 | $636 | $(5) |
|  Total Unfunded Commitments |  |  | $88630 | $(932) |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investments—non-controlled/non-affiliated**  | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  **Delayed Draw** |  |  |  |  |
|  841 Prudential MOB LLC | Delayed Draw | 10/8/2027 | $719 | $(11) |
|  Air Buyer Inc. | Delayed Draw | 1/23/2026 | $1138 | $(15) |
|  Air Conditioning Specialist, Inc. | Delayed Draw | 11/19/2026 | $1915 | $(10) |
|  AMCP Clean Acquisition Co LLC | Delayed Draw | 6/15/2028 | $1840 | $8 |
|  Apella Capital LLC | Delayed Draw | 12/4/2026 | $148 | $(1) |
|  APS Acquisition Holdings, LLC | Delayed Draw | 7/11/2026 | $3483 | $(52) |
|  Argano, LLC | Delayed Draw | 3/13/2026 | $2087 | $(42) |
|  Case Works, LLC | Delayed Draw | 10/1/2029 | $272 | $(4) |
|  Community Based Care Acquisition, Inc. | Delayed Draw | 3/19/2026 | $2118 | $— |
|  Elevate HD Parent, Inc. | Delayed Draw | 2/18/2025 | $482 | $— |
|  Electrical Components International, Inc. | Delayed Draw | 5/10/2026 | $433 | $(7) |
|  Enverus Holdings, Inc. | Delayed Draw | 12/12/2026 | $192 | $— |
|  First Steps Recovery Acquisition, LLC | Delayed Draw | 9/29/2025 | $1149 | $(23) |
|  Focus Financial Partners, LLC | Delayed Draw | 9/10/2026 | $194 | $2 |
|  Gen4 Dental Partners Opco, LLC | Delayed Draw | 5/13/2026 | $2333 | $(70) |
|  Groundworks Operations, LLC | Delayed Draw | 3/6/2026 | $393 | $3 |
|  Housework Holdings | Delayed Draw | 3/1/2025 | $428 | $— |
|  Housework Holdings | Delayed Draw | 5/28/2026 | $417 | $— |
|  In Vitro Sciences, LLC | Delayed Draw | 7/31/2024 | $23 | $(1) |
|  Medrina, LLC | Delayed Draw | 4/20/2025 | $1550 | $— |
|  Monarch Behavioral Therapy, LLC | Delayed Draw | 6/6/2026 | $1076 | $(8) |
|  Prescott's Inc. | Delayed Draw | 12/30/2026 | $3585 | $(40) |
|  RL James, Inc. | Delayed Draw | 12/15/2025 | $612 | $(15) |
|  RMBUS Holdco Inc. | Delayed Draw | 1/8/2026 | $2070 | $— |
|  SR Landscaping, LLC | Delayed Draw | 2/20/2026 | $1191 | $(3) |
|  Strategy Corps, LLC | Delayed Draw | 6/28/2026 | $3300 | $(33) |
|  Tri Scapes, LLC | Delayed Draw | 7/12/2026 | $2370 | $(36) |
|  US Fertility Enterprises, LLC | Delayed Draw | 10/3/2026 | $97 | $1 |
|  Waste Resource Management Inc. | Delayed Draw | 12/28/2029 | $1208 | $— |
|  Xcel Brands, Inc. | Delayed Draw | 12/12/2028 | $683 | $(15) |
|  XPT Partners, LLC | Delayed Draw | 12/10/2026 | $1205 | $(18) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated**  | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
|  **Revolver** |  |  |  |  |
|  Air Buyer Inc. | Revolver | 7/23/2030 | $517 | $(7) |
|  Air Conditioning Specialist, Inc. | Revolver | 11/19/2029 | $847 | $(4) |
|  Apella Capital LLC | Revolver | 3/1/2029 | $50 | $— |
|  APS Acquisition Holdings, LLC | Revolver | 7/11/2029 | $1741 | $(26) |
|  Argano, LLC | Revolver | 9/13/2029 | $348 | $(7) |
|  Case Works, LLC | Revolver | 10/1/2029 | $362 | $(5) |
|  Elevate HD Parent, Inc. | Revolver | 8/20/2029 | $200 | $— |
|  Enthusiast Auto Holdings, LLC | Revolver | 12/19/2025 | $1151 | $— |
|  Enverus Holdings, Inc. | Revolver | 12/24/2029 | $284 | $(8) |
|  First Steps Recovery Acquisition, LLC | Revolver | 3/29/2030 | $597 | $(12) |
|  Gen4 Dental Partners Opco, LLC | Revolver | 5/13/2030 | $467 | $(14) |
|  Housework Holdings | Revolver | 12/15/2028 | $176 | $— |
|  In Vitro Sciences, LLC | Revolver | 2/28/2029 | $568 | $(20) |
|  Mammoth Holdings, LLC | Revolver | 11/15/2029 | $659 | $(20) |
|  Medrina, LLC | Revolver | 10/20/2029 | $1107 | $— |
|  Mid-State Machine and Fabricating Corporation | Revolver | 6/21/2029 | $1917 | $(14) |
|  Monarch Behavioral Therapy, LLC | Revolver | 6/6/2030 | $1059 | $(8) |
|  Owl Vans, LLC | Revolver | 12/31/2030 | $1200 | $(16) |
|  Prescott's Inc. | Revolver | 12/30/2030 | $896 | $(10) |
|  Project Cloud Holdings, LLC | Revolver | 3/31/2029 | $71 | $(2) |
|  RL James, Inc. | Revolver | 12/15/2028 | $973 | $(24) |
|  RMBUS Holdco Inc. | Revolver | 1/8/2029 | $1035 | $— |
|  Sagebrush Buyer, LLC | Revolver | 7/1/2030 | $1263 | $(19) |
|  SR Landscaping, LLC | Revolver | 10/30/2029 | $579 | $(1) |
|  Strategy Corps, LLC | Revolver | 6/28/2030 | $1650 | $(16) |
|  Syner-G Intermediate Holdings, LLC | Revolver | 9/17/2030 | $1150 | $(13) |
|  The Mutual Group, LLC | Revolver | 1/31/2030 | $1299 | $(19) |
|  Tri Scapes, LLC | Revolver | 7/12/2030 | $1185 | $(18) |
|  Unified Patents, LLC | Revolver | 12/23/2027 | $1271 | $(10) |
|  Visante Acquisition, LLC | Revolver | 1/31/2030 | $976 | $— |
|  Waste Resource Management Inc. | Revolver | 12/28/2029 | $786 | $— |
|  XPT Partners, LLC | Revolver | 9/13/2028 | $271 | $(4) |
|  Zenith American Solutions, Inc. | Revolver | 7/11/2029 | $596 | $(9) |
|  Total Unfunded Commitments |  |  | $65962 | $(696) |

---

***Legal Proceedings***

From time to time, the Company, or the Advisers, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of the Company's rights under contracts with its portfolio companies. Neither the Company, nor the Advisers, is currently subject to any material legal proceedings.

**Note 8. Net Assets** 

***Share Issuances***

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares at $0.001 per share par value.

The Company offers on a continuous basis up to $5.0 billion of Common Shares pursuant to an offering registered with the SEC that commenced on March 11, 2025. The Company offers to sell any combination of three classes of shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of common shares equals the NAV per share, as of the effective date of the monthly share purchase date.

Prior to the commencement of its public offering, the Company conducted a separate private offering (the "Private Offering") of Common Shares (i) to accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of shares sold outside the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act. The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act).

The following table summarizes the issuance of shares from the Public Offering and the Private Offering during the six months ended June 30, 2025 and 2024:

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

---

| | | |
|:---|:---|:---|
|  | **Class I** | **Class I** |
| **Subscriptions Effective** | **Shares Issued** | **Net Proceeds** |
|  **For the six months ended June 30, 2025** |  |  |
|  January 1, 2025 | 37241 | $901 |
|  May 1, 2025 | 283 | 6 |
|  June 1, 2025 | 278 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 37802 | $914 |
|  **For the six months ended June 30, 2024** |  |  |
|  March 1, 2024 | 2058460 | $50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2058460 | $50000 |
|  | **Class D** | **Class D** |
| **Subscriptions Effective** | **Shares Issued** | **Net Proceeds** |
|  **For the six months ended June 30, 2025** |  |  |
|  May 1, 2025 | 4205 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 4205 | $100 |
|  **For the six months ended June 30, 2024** |  |  |
|  |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | $— |

---

During the six months ended June 30, 2025 and 2024, the Company also issued 227 Class I shares and 106 Class I shares, respectively, for an aggregate value of $6 and $3, respectively, under the DRP (as defined below).

***Net Asset Value Per Share and Offering Price***

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following table presents each month-end NAV per share for Class I shares and Class D shares for the six months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **NAV Per Share** | **NAV Per Share** |
| **For the Month Ended** | **Class I** | **Class D** |
|  **For the six months ended June 30, 2025** |  |  |
|  January 31, 2025 | $24.27 | $— |
|  February 28, 2025 | 24.37 |  |
|  March 31, 2025 | 23.97 |  |
|  April 30, 2025 | 23.78 |  |
|  May 31, 2025 | 24.08 | 24.08 |
|  June 30, 2025 | 24.03 | 24.03 |
|  **For the six months ended June 30, 2024** |  |  |
|  January 31, 2024 | $24.39 | $— |
|  February 29, 2024 | 24.20 |  |
|  March 31, 2024 | 24.25 |  |
|  April 30, 2024 | 24.25 |  |
|  May 31, 2024 | 24.29 |  |
|  June 30, 2024 | 24.25 |  |

---

***Distributions***

The following table presents distributions that were declared and payable during the six months ended June 30, 2025 and 2024:

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| **Date Declared** | **Record Date** | **Payment Date** | **Distribution Per<br>Share** | **Distribution<br>Amount** |
|  **For the Six Months Ended June 30, 2025** |  |  |  |  |
|  January 31, 2025 | January 31, 2025 | February 27, 2025 | $0.205 | $2548 |
|  March 26, 2025 | March 26, 2025 | March 28, 2025 | $0.205 | $2550 |
|  March 31, 2025 | March 31, 2025 | April 29, 2025 | $0.205 | $2551 |
|  April 23, 2025 | April 30, 2025 | May 29, 2025 | $0.205 | $2551 |
|  May 22, 2025 | May 30, 2025 | June 27, 2025 | $0.205 | $2551 |
|  June 25, 2025 | June 30, 2025 | July 30, 2025 | $0.205 | $2551 |
|  |  |  |  | $15302 |
|  **For the Six Months Ended June 30, 2024** |  |  |  |  |
|  February 5, 2024 | February 6, 2024 | February 27, 2024 | $0.120 | $1244 |
|  February 29, 2024 | February 29, 2024 | March 26, 2024 | $0.120 | $1244 |
|  March 28, 2024 | March 28, 2024 | April 26, 2024 | $0.120 | $1491 |
|  April 30, 2024 | April 30, 2024 | May 29, 2024 | $0.120 | $1491 |
|  May 29, 2024 | May 31, 2024 | June 29, 2024 | $0.155 | $1924 |
|  June 26, 2024 | June 28, 2024 | July 29, 2024 | $0.180 | $2239 |
|  |  |  |  | $9633 |
| **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
| **Date Declared** | **Record Date** | **Payment Date** | **Distribution Per<br>Share (1)** | **Distribution<br>Amount** |
|  **For the Six Months Ended June 30, 2025** |  |  |  |  |
|  May 22, 2025 | May 30, 2025 | June 27, 2025 | $0.200 | $1 |
|  June 25, 2025 | June 30, 2025 | July 30, 2025 | $0.200 | $1 |
|  |  |  |  | $2 |

---

(1) Distribution per share is net of shareholder servicing and/or distribution fees.

***Character of Distributions***

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, and capital gains proceeds from the sale of assets.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares during the six months ended June 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** |
|  | **Class I** | **Class D** | **Class I** |
|  Ordinary income (including net short-term capital gains) | $14762 | $2 | $9633 |
|  Capital gains | 540 |  |  |
|  Return of capital |  |  |  |
|  Total taxable distributions | $15302 | $2 | $9633 |

---

***Distribution Reinvestment***

The Company has adopted a dividend reinvestment plan ("DRP"), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who elected not to receive their dividends in cash. Shareholders who have opted into the Company's DRP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. As of the commencement of the public offering, investors and clients of certain participating brokers in states that do not permit automatic enrollment in our DRP will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. A participating shareholder will receive an amount of shares equal to the amount of the distribution on that participant's shares divided by the most recent NAV per share that is available on the date such distribution was paid. Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan.

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##### [**Table of Contents**](#toc)
***Share Repurchase Program***

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the Company's best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board intends to reinstate the share repurchase program when appropriate and subject to our Board's duties to the Company. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

Under the Company's share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase Common Shares pursuant to quarterly tender offers (such date of the offer, the "Repurchase Date") using a purchase price equal to the NAV per share as of the close of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the prospective repurchase date. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

We may, from time to time, waive the Early Repurchase Deduction in respect of repurchase of Common Shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a shareholder who is a natural person.

In addition, our Common Shares are sold to certain feeder vehicles primarily created to hold the Company's Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, we may not apply the Early Repurchase Deduction to repurchase requests made by the feeder vehicles, including because of administrative or systems limitations.

The following table presents share repurchases completed under the share repurchase program during the six months ended June 30, 2025. There were no share repurchases completed during the six months ended June 30, 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Request Deadline** | **Total Number of<br>Shares<br>Repurchased**<br>**(all classes)** | **Percentage of<br>Outstanding<br>Shares<br>Repurchased (1)** | **Price Paid**<br>**Per Share** | **Repurchase<br>Pricing Date** | **Amount<br>Repurchased**<br>**(all classes) (2)** | **Maximum number of<br>shares that may yet be<br>purchased under the**<br>**repurchase plan (3)** |
|  May 30, 2025 | 3036 | 0.02% | $24.03 | May 30, 2025 | $73 |  |

---

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

(2) Amounts shown net of Early Repurchase Deductions, if any.

(3) All repurchase requests were satisfied in full.

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##### [**Table of Contents**](#toc)
**Note 9. Financial Highlights and Senior Securities** 

The following is a schedule of financial highlights for the six months ended June 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended<br>June 30, 2025** | **For the Six Months Ended<br>June 30, 2025** | **For the Six**<br>**Months Ended<br>June 30, 2024** |
|  | **Class I** | **Class D (1)** | **Class I** |
|  **Per Share Data:** |  |  |  |
|  Net assets, beginning of period | $24.21 | $— | $24.28 |
|  Net investment income (loss) after excise tax <sup>(2)</sup> | 1.40 | 0.47 | 0.80 |
|  Net realized gain (loss) <sup>(2)</sup> | (0.04) | 0.01 |  |
|  Net change in unrealized appreciation (depreciation) <sup>(2)</sup> | (0.31) | 0.17 |  |
|  Net increase (decrease) in net assets resulting from operations <sup>(2)</sup> | 1.05 | 0.65 | 0.80 |
|  Distributions declared from net investment income | (1.24) | (0.40) | (0.82) |
|  Distributions declared from net realized gains |  |  |  |
|  Issuance of shares |  | 23.78 |  |
|  Other <sup>(3)</sup> | 0.01 |  | (0.01) |
|  Total increase (decrease) in net assets | (0.18) | 24.03 | (0.03) |
|  Net assets, end of period | $24.03 | $24.03 | $24.25 |
|  Shares outstanding, end of period | 12442354 | 4205 | 12425384 |
|  Total return based on NAV <sup>(4)</sup> | 4.44% | 2.74% | 3.26% |
|  **Ratios:** |  |  |  |
|  Net expenses to average net assets <sup>(5)</sup> | 9.67% | 8.26% | 2.33% |
|  Net investment income to average net assets <sup>(5)</sup> | 11.61% | 13.66% | 7.14% |
|  Portfolio turnover rate <sup>(6)</sup> | 21.14% | 21.14% | 4.97% |
|  **Supplemental Data:** |  |  |  |
|  Net assets, end of period | $299003 | $101 | $301263 |
|  Average debt outstanding | $356199 | $356199 | $8222 |
|  Asset coverage ratio | 175.7% | 175.7% | 506.6% |

---

(1) The date of the first sale of Class D shares was May 1, 2025. See Note 8—Net Assets for
additional information.

(2) The per share data was derived by using the weighted average shares outstanding during the period.

(3) Includes the impact of different share amounts used in calculating per share data as a result of calculating
certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(4) Total return is calculated as the change in net asset value ("NAV") per share during the period,
plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan), if any, divided by the beginning NAV per share. Return calculations are not annualized.

(5) For the six months ended June 30, 2025, the ratio of total operating expenses to average net assets was
14.05% and 12.80% on Class I and Class D, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) management fee and income based incentive fee waivers by the Adviser, if any, which represented 4.39% and
4.54% on Class I and Class D, respectively, of average assets. For the six months ended June 30, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by
the Adviser, if any. For the six months ended June 30, 2024, the ratio of total operating expenses to average net assets was 5.14% on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the
Adviser, if any, which represented 2.80% of average assets.

(6) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.
Ratio is not annualized.

The following is information about the Company's senior securities as of June 30, 2025 and December 31, 2024:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding Exclusive of<br>Treasury Securities (1)** | **Asset Coverage per Unit (2)** | **Involuntary Liquidating<br>Preference per Unit (3)** | **Average Market Value<br>per Unit (4)** |
|  **MS Credit Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2025 | $306500 | $1757 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | $325600 | $1922 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2023 | $— | $— |  | N/A |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount<br>Outstanding Exclusive of<br>Treasury Securities (1)** | **Asset Coverage per Unit (2)** | **Involuntary Liquidating<br>Preference per Unit (3)** | **Average Market Value<br>per Unit (4)** |
|  **JPM Credit Facility** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2025 | $88500 | $1757 |  | N/A |

---

(1) Total amount of each class of senior securities outstanding at the end of the period presented, in thousands.

(2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding
indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a
consolidated basis.

(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in
preference to any security junior to it. The "-" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4) Not applicable because the senior securities are not registered for public trading.

**Note 10. Segment Reporting** 

Operating segments are defined as components of a company that engage in business activities and for which discrete financial information is available and regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. In accordance with ASC 280, the Company has determined that it has a single operating segment which makes investments in accordance with the Company's investment objectives to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation investments. The Company's CODM is comprised of the Subadviser's Direct Lending Investment Committee and Tradeable Credit Investment Committee.

The CODM assesses the performance of, and makes the operating decisions of, the Company on a consolidated basis primarily based on the Company's net investment income and net increase (decrease) in net assets resulting from operations. In addition to numerous other factors and metrics, the CODM utilizes net investment income and net increase (decrease) in net assets resulting from operations as key metrics in determining the amount of dividends to be distributed to the Company's stockholders. As the Company has a single reporting segment, the segment assets are reflected on the accompanying consolidated Statement of Assets and Liabilities as "total assets," and the significant segment expenses are listed on the accompanying consolidated Statement of Operations.

**Note 11. Subsequent Events** 

There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of June 30, 2025, except as discussed below.

On July 24, 2025, the Company's Board declared a distribution of $0.210 per Class I share and $0.205 per Class D share, which are payable on August 28, 2025 to shareholders of record as of July 31, 2025.

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##### [**Table of Contents**](#toc)
**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.** 

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

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q (the "Quarterly Report").* 

***Overview***

The Company is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a BDC under the 1940 Act. In addition, the Company has elected to be treated as a RIC under Subchapter M of the Code and expects to qualify as a RIC annually.

The Company offers on a continuous basis up to $5.0 billion of common shares of beneficial interest ("Common Shares") pursuant to an offering registered with the SEC that commenced on March 11, 2025. The Company offers to sell any combination of three classes of shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of common shares equals the net asset value ("NAV") per share, as of the effective date of the monthly share purchase date.

Prior to the commencement of its public offering, the Company conducted a separate private offering (the "Private Offering") of Common Shares (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act")) and (ii) in the case of shares sold outside the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act. The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act).

The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) of the Private Offering of its Common Shares on June 12, 2023 and commenced operations following its first capital call on July 10, 2023.

The Company is externally managed by the Adviser. The Adviser oversees the management of the Company's activities and supervises the activities of the Subadviser. FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company's investment subadviser and administrator.

The Company's investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. Under normal circumstances, the Company expects that the majority of its total assets will be in private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured loans or asset-based loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, Rule 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, "Private Credit"). Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will likely be used to initially deploy capital upon receipt of subscriptions and may also be used for the purposes of maintaining and managing liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

***Key Components of Our Results of Operations***

<u>Revenues</u> 

We generate revenue in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our debt investments will generally bear interest at a fixed or floating rate. Interest on debt securities is generally payable monthly, quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. OIDs and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

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

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to the Company, and the base compensation, bonuses and benefits of such personnel and the routine overhead expenses (including rent, office equipment and utilities) allocable to such services, will be provided and paid for by the Advisers.

The Company will bear all other costs and expenses of the Company's operations, administration and transactions. Our primary operating expenses include the payment of base management fees and incentive fees to the Adviser pursuant to the Advisory Agreement, the payment of fees to the Administrator for the Company's allocable portion of compensation and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, interest expense on borrowing, and other operating costs. Refer to Note 3—"Agreements and Related Party Transactions" in the Notes to the Consolidated Financial Statements for additional information on our Advisory Agreement and Administration Agreement.

<u>Expense Support and Conditional Reimbursement Agreement</u> 

The Company has entered into an Expense Support Agreement with the Adviser. For additional information, see Note 3—"Agreements and Related Party Transactions" in the Notes to the Consolidated Financial Statements.

***Portfolio and Investment Activity***

For the six months ended June 30, 2025, the Company made new investments in 16 new portfolio companies for an aggregate principal commitment amount of $758.3 million (including $88.6 million of unfunded commitments), all of which was first lien debt.

The following summarizes our investment activity (information presented is at cost unless otherwise indicated) (dollar amounts in thousands):

---

| | |
|:---|:---|
|  | **As of and For the Six<br>Months Ended June 30,<br>2025** |
|  **Investments:** |  |
|  Total investments, beginning of period | $653701 |
|  New investments purchased | 143191 |
|  Net accretion of discount on investments | 1029 |
|  Net realized gain (loss) on investments | (439) |
|  Investments sold or repaid | (135737) |
|  Total investments, end of period | 661745 |
|  **Amount of investments funded at principal:** |  |
|  First lien debt | $668818 |
|  Second lien debt | 838 |
|  Warrant | 8 |
|  Total portfolio investments | $669664 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  Number of portfolio companies | 156 | 161 |
|  Weighted average yield on debt and income producing investments, at cost <sup>(1)</sup> | 9.57% | 9.47% |
|  Weighted average yield on debt and income producing investments, at fair value <sup>(1)</sup> | 9.56% | 9.45% |
|  Average loan to value (LTV) <sup>(2)</sup> | 39.98% | 35.40% |
|  Percentage of debt investments bearing a floating rate, at fair value | 100.00% | 100.00% |
|  Percentage of debt investments bearing a fixed rate, at fair value | 0.00% | 0.00% |
|  Percentage of assets on non-accrual, at amortized cost <sup>(3)</sup> | 0.05% | 0.06% |

---

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

(2) Average loan-to-value represents the net ratio of loan-to-value for each private debt portfolio company, weighted based on the fair value of each respective investment. This calculation
includes all private debt investments for which fair value is determined by our Valuation Designee and excludes quoted assets and asset-based loan ("ABL") investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company.
Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect
of this information.

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##### [**Table of Contents**](#toc)
(3) As a percentage of total amortized cost of investments. Assets on non-accrual represented 0.06% and 0.08% of total fair value of investments as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, our portfolio companies had a weighted average annual adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") of approximately $41.7 million and $39.4 million, respectively. Amounts are weighted based on fair value of each respective investment. These calculations include all private debt investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments, as well as companies with negative or de minimis EBITDA. Amounts were derived from the most recently available portfolio company financial statements, have not been independently estimated by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

The following is a summary of the industry classifications in which we invested as of June 30, 2025 and December 31, 2024 (dollar amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments<br>at Fair Value** | **Fair Value as % of<br>Net Assets** |
|  Aerospace & Defense | $6246 | $6277 | 0.95% | 2.10% |
|  Air Freight & Logistics | 14864 | 14296 | 2.17 | 4.78 |
|  Automobile Components | 12119 | 12113 | 1.84 | 4.05 |
|  Building Products | 4556 | 4567 | 0.69 | 1.53 |
|  Chemicals | 17592 | 17708 | 2.69 | 5.92 |
|  Commercial Services & Supplies | 41133 | 41360 | 6.29 | 13.82 |
|  Communications Equipment | 1995 | 1951 | 0.30 | 0.65 |
|  Construction & Engineering | 3730 | 3761 | 0.57 | 1.26 |
|  Containers & Packaging | 4331 | 4352 | 0.66 | 1.45 |
|  Diversified Consumer Services | 32971 | 32912 | 5.00 | 11.00 |
|  Diversified Telecommunication Services | 3934 | 3939 | 0.60 | 1.32 |
|  Electric Utilities | 7524 | 7504 | 1.14 | 2.51 |
|  Electrical Equipment | 7700 | 7780 | 1.18 | 2.60 |
|  Electronic Equipment, Instruments & Components | 1967 | 1970 | 0.30 | 0.66 |
|  Entertainment | 4838 | 4746 | 0.72 | 1.59 |
|  Financial Services | 55386 | 55328 | 8.41 | 18.49 |
|  Food Products | 8334 | 8402 | 1.28 | 2.81 |
|  Ground Transportation | 6941 | 6883 | 1.05 | 2.30 |
|  Health Care Equipment & Supplies | 8911 | 8927 | 1.36 | 2.98 |
|  Health Care Providers & Services | 82088 | 80549 | 12.24 | 26.92 |
|  Health Care Technology | 30715 | 31000 | 4.71 | 10.36 |
|  Hotels, Restaurants & Leisure | 1746 | 1731 | 0.26 | 0.58 |
|  Household Durables | 18482 | 18490 | 2.81 | 6.18 |
|  Insurance | 25953 | 26135 | 3.97 | 8.74 |
|  IT Services | 8901 | 8848 | 1.35 | 2.96 |
|  Machinery | 20564 | 19954 | 3.03 | 6.67 |
|  Media | 10010 | 9937 | 1.51 | 3.32 |
|  Metals & Mining | 2002 | 1995 | 0.30 | 0.67 |
|  Oil, Gas & Consumable Fuels | 995 | 997 | 0.15 | 0.33 |
|  Passenger Airlines | 1909 | 1848 | 0.28 | 0.62 |
|  Personal Care Products | 2000 | 2005 | 0.31 | 0.67 |
|  Pharmaceuticals | 19937 | 19013 | 2.89 | 6.36 |
|  Professional Services | 79851 | 79774 | 12.12 | 26.66 |
|  Real Estate Management & Development | 13613 | 13773 | 2.09 | 4.60 |
|  Software | 74061 | 73397 | 11.15 | 24.53 |
|  Specialty Retail | 9206 | 9239 | 1.40 | 3.09 |
|  Textiles, Apparel & Luxury Goods | 3217 | 3236 | 0.49 | 1.08 |
|  Trading Companies & Distributors | 11423 | 11438 | 1.74 | 3.82 |
|  | $661745 | $658135 | 100.00% | 219.98% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments<br>at Fair Value** | **Fair Value as % of<br>Net Assets** |
|  Aerospace & Defense | $8288 | $8329 | 1.27% | 2.77% |
|  Air Freight & Logistics | 15187 | 15401 | 2.35 | 5.13 |
|  Automobile Components | 13153 | 13112 | 2.00 | 4.37 |
|  Building Products | 6571 | 6646 | 1.02 | 2.21 |
|  Chemicals | 17581 | 17568 | 2.69 | 5.86 |
|  Commercial Services & Supplies | 25280 | 25283 | 3.87 | 8.42 |
|  Communications Equipment | 2000 | 1995 | 0.31 | 0.66 |
|  Construction & Engineering | 3847 | 3791 | 0.58 | 1.26 |
|  Containers & Packaging | 11304 | 11393 | 1.74 | 3.79 |
|  Diversified Consumer Services | 22514 | 22643 | 3.46 | 7.54 |
|  Diversified Telecommunication Services | 8859 | 8943 | 1.37 | 2.98 |
|  Electrical Equipment | 11337 | 11360 | 1.74 | 3.78 |
|  Electronic Equipment, Instruments & Components | 1975 | 1968 | 0.29 | 0.66 |
|  Entertainment | 8856 | 8941 | 1.37 | 2.98 |
|  Financial Services | 52403 | 52495 | 8.03 | 17.48 |
|  Food Products | 8376 | 8492 | 1.30 | 2.83 |
|  Ground Transportation | 12014 | 12084 | 1.85 | 4.02 |
|  Health Care Equipment & Supplies | 9946 | 9943 | 1.52 | 3.31 |
|  Health Care Providers & Services | 77579 | 75647 | 11.57 | 25.19 |
|  Health Care Technology | 17730 | 18082 | 2.77 | 6.02 |
|  Hotels, Restaurants & Leisure | 11708 | 11788 | 1.80 | 3.92 |
|  Household Durables | 12390 | 12531 | 1.92 | 4.17 |
|  Insurance | 29423 | 29560 | 4.52 | 9.84 |
|  IT Services | 8947 | 9011 | 1.38 | 3.00 |
|  Machinery | 37197 | 37096 | 5.67 | 12.35 |
|  Media | 8061 | 8147 | 1.25 | 2.71 |
|  Metals & Mining | 2012 | 2010 | 0.31 | 0.67 |
|  Oil, Gas & Consumable Fuels | 1000 | 1003 | 0.14 | 0.33 |
|  Passenger Airlines | 5380 | 5404 | 0.83 | 1.80 |
|  Personal Care Products | 2000 | 2016 | 0.31 | 0.67 |
|  Pharmaceuticals | 19048 | 18992 | 2.90 | 6.32 |
|  Professional Services | 68395 | 68543 | 10.48 | 22.82 |
|  Real Estate Management & Development | 13579 | 13555 | 2.07 | 4.51 |
|  Software | 61199 | 61338 | 9.38 | 20.42 |
|  Specialty Retail | 13328 | 13470 | 2.06 | 4.49 |
|  Textiles, Apparel & Luxury Goods | 6795 | 6833 | 1.05 | 2.28 |
|  Trading Companies & Distributors | 14474 | 14534 | 2.22 | 4.85 |
|  Wireless Telecommunication Services | 3965 | 3978 | 0.61 | 1.32 |
|  | $653701 | $653925 | 100.00% | 217.73% |

---

The following is a summary of the asset type breakdown of our investment portfolio as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments<br>at Fair Value** | **Fair Value as % of<br>Net Assets** |
|  Direct Lending <sup>(1)</sup> | $236962 | $236738 | 35.97% | 79.13% |
|  Club Loans <sup>(2)</sup> | 177315 | 176908 | 26.88 | 59.13 |
|  Syndicated Loans <sup>(3)</sup> | 247468 | 244489 | 37.15 | 81.72 |
|  Total | $661745 | $658135 | 100.00% | 219.98% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments<br>at Fair Value** | **Fair Value as % of<br>Net Assets** |
|  Direct Lending <sup>(1)</sup> | $172747 | $173174 | 26.48% | 57.66% |
|  Club Loans <sup>(2)</sup> | 130382 | 130482 | 19.96 | 43.44 |
|  Syndicated Loans <sup>(3)</sup> | 350572 | 350269 | 53.56 | 116.63 |
|  Total | $653701 | $653925 | 100.00% | 217.73% |

---

(1) Direct Lending involves loans where the Company lends directly to the borrower and holds the loan generally on
its own or only with affiliates and, in some cases, third-party lenders.

(2) Club Loans are directly originated first lien senior secured loans or asset-based loans in which the Company co-invests with a small number of third party private debt providers.

(3) Syndicated Loans are generally originated by a bank and then syndicated, or sold, in several pieces to other
investors.

As of June 30, 2025 and December 31, 2024, ABL investments represented 4.7% and 3.4%, respectively, of the total fair market value of all of our investments.

***Direct Lending***

As of June 30, 2025 and December 31, 2024, the Direct Lending portfolio had the following characteristics:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  Weighted average spread <sup>(1)</sup> | 5.65% | 5.85% |
|  Average EBITDA <sup>(2)</sup> | $24.2 | $24.4 |
|  Average LTV <sup>(3)</sup> | 36.74% | 34.34% |
|  Average Leverage Ratio <sup>(4)</sup> | 3.4x | 3.4x |

---

(1) Weighted average spread above the applicable reference rate (i.e. SOFR, Base Rate, etc.) for the Direct Lending
portfolio, weighted based on the fair value of each respective investment.

(2) Average adjusted EBITDA for the Direct Lending portfolio, weighted based on fair value of each respective
investment. This calculation includes all Direct Lending investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments, as well as companies with negative or de minimis EBITDA. Amounts are
derived from the most recently available portfolio company financial statements, have not been independently estimated by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this
information.

(3) Average LTV represents the net ratio of loan-to-value for each Direct Lending portfolio company, weighted based on the fair value of each respective investment. This calculation includes all Direct Lending
investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments. LTV is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value
of the portfolio company. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no
representation or warranty in respect of this information.

(4) Average leverage ratio represents the leverage ratio for each Direct Lending portfolio company, weighted based
on the fair value of each respective investment. This calculation includes all Direct Lending investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments, as well as companies with negative
or de minimis EBITDA. Company leverage is calculated as the current total debt as defined in the underlying applicable investment credit agreement through each respective loan tranche divided by the adjusted EBITDA as defined in the underlying
applicable investment credit agreement of the portfolio company. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted
amount. Accordingly, we make no representation or warranty in respect of this information.

<u>Portfolio Asset Quality</u> 

We employ the use of board observation and information rights, regular dialogue with company management and sponsors, and detailed internally generated monitoring reports to actively monitor performance. Additionally, FEAC has developed a monitoring template that promotes compliance with these standards and that is used as a tool to assess investment performance relative to plan.

As part of the monitoring process, FEAC assesses the risk profile of each of our investments and assigns each portfolio investment a score of a 1, 2, 3, 4, or 5.

The investment performance scores are as follows:

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1 - The portfolio investment is performing above our underwriting expectations.

2 - The portfolio investment is performing as expected at the time of underwriting. All new investments are initially scored a 2.

3 - The portfolio investment is operating below our underwriting expectations and requires closer monitoring. The company may be out of compliance with financial covenants, however, principal or interest payments are generally not past due.

4 - The portfolio investment is performing materially below our underwriting expectations and returns on our investment are likely to be impaired. Principal or interest payments may be past due, however, full recovery of principal and interest payments are expected.

5 - The portfolio investment is performing substantially below expectations and the risk of the investment has increased substantially. The company is in payment default and the principal and interest payments are not expected to be repaid in full.

For purposes of clarity, underwriting as referenced herein may be redetermined after the initial investment as a result of a transformative credit event or other material event whereby such initial underwriting is deemed by FEAC to be no longer appropriate for the purpose of assessing investment performance relative to plan. For any investment receiving a score of a 3 or lower, FEAC will increase their level of focus and prepare regular updates for the Investment Committee summarizing current operating results, material impending events and recommended actions.

FEAC monitors and, when appropriate, changes the investment scores assigned to each investment in our portfolio. In connection with our investment valuation process, the Adviser, the Subadviser and the Board review these investment scores on a quarterly basis. Our average portfolio company investment score was 1.91 and 1.87 at June 30, 2025 and December 31, 2024, respectively. The following is a distribution of the investment scores of our portfolio companies at June 30, 2025 and December 31, 2024 (dollar amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Risk Rating** | **Fair Value** | **% of<br>Portfolio** | **Amortized<br>Cost** | **% of<br>Portfolio** | **Fair Value** | **% of<br>Portfolio** | **Amortized<br>Cost** | **% of<br>Portfolio** |
| 1 | $29009 | 4.41% | $28895 | 4.37% | $33911 | 5.19% | $33601 | 5.14% |
| 2 | 612758 | 93.11 | 614693 | 92.89 | 594479 | 90.91 | 592448 | 90.63 |
| 3 | 14499 | 2.20 | 15615 | 2.36 | 22215 | 3.40 | 24519 | 3.75 |
| 4 | 1869 | 0.28 | 2542 | 0.38 | 3320 | 0.50 | 3133 | 0.48 |
| 5 |  |  |  |  |  |  |  |  |
|  | $658135 | 100.00% | $661745 | 100.00% | $653925 | 100.00% | $653701 | 100.00% |

---

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or when it is no longer probable that principal or interest will be collected. However, we may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2025, we had one loan on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 0.05% and 0.06%, respectively. As of December 31, 2024, we had one loan on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.08%, respectively.

***Results of Operations***

The following table represents our operating results <sup>(1)</sup> (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>June 30, 2025** | **For the Three<br>Months Ended<br>June 30, 2024** | **For the Six<br>Months Ended<br>June 30, 2025** | **For the Six<br>Months Ended<br>June 30, 2024** |
|  **Operating Results** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | $16265 | $8185 | $31784 | $13728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses, including excise tax | 7447 | 2336 | 14384 | 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | (442) | (218) | (3834) | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 100 | (4) | (439) | (4) |
|  **Net increase (decrease) in net assets resulting from operations** | $8476 | $5627 | $13127 | $9225 |

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<u>Investment Income</u> 

The composition of our investment income was as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>June 30, 2025** | **For the Three<br>Months Ended<br>June 30, 2024** | **For the Six<br>Months Ended<br>June 30, 2025** | **For the Six<br>Months Ended<br>June 30, 2024** |
|  **Investment Income** |  |  |  |  |
|  Interest income | $15853 | $6768 | $30905 | $10019 |
|  Dividend income | 196 | 1058 | 459 | 3071 |
|  Other income | 216 | 359 | 420 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | $16265 | $8185 | $31784 | $13728 |

---

Total investment income increased to $16.3 million and $31.8 million, respectively, for the three and six months ended June 30, 2025, an increase of $8.1 million or 98.72% and $18.1 million or 131.53%, respectively, compared to the same period in the prior year.

Interest income increased by $9.1 million and $20.9 million, respectively, for the three and six months ended June 30, 2025, driven by our deployment of capital, offset by a decline in benchmark rates. The size of our investment portfolio at fair value was $658.1 million as of June 30, 2025, with a weighted average yield of 9.6%, compared to $443.8 million as of June 30, 2024, with a weighted average yield of 10.9%.

The increase in interest income was offset by a decrease in dividend income of $0.9 million and $2.6 million, respectively, for the three and six months ended June 30, 2025, due to a decrease in cash equivalents due to continued deployment into investments.

<u>Operating Expenses</u> 

The composition of our operating expenses was as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>June 30, 2025** | **For the Three<br>Months Ended<br>June 30, 2024** | **For the Six<br>Months Ended<br>June 30, 2025** | **For the Six<br>Months Ended<br>June 30, 2024** |
|  **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | $6657 | $1170 | $12816 | $1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base management fees | 929 | 939 | 1860 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income based incentive fee | 924 | 695 | 1831 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gains incentive fee |  | 12 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrator expense | 422 | 413 | 1026 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 798 | 656 | 1540 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of continuous offering costs | 1028 | 418 | 1778 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and shareholder servicing fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D <sup>(1)</sup> |  |  |  |  |
|  **Total operating expenses** | 10758 | 4303 | 20851 | 7283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees waiver | (929) | (939) | (1860) | (1724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fee waiver | (924) | (707) | (1831) | (911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense support | (1502) | (321) | (2854) | (321) |
|  **Total expenses, net of fee waivers** | $7403 | $2336 | $14306 | $4327 |

---

(1) For the three and six months ended June 30, 2025, the Class D distribution and shareholder servicing
fees were less than $1. There were no distribution and shareholder servicing fees for the three and six months ended June 30, 2024.

For the three and six months ended June 30, 2025, total expenses, net of expense support and fee waivers, were $7.4 million and $14.3 million, respectively. For the three and six months ended June 30, 2024, total expenses, net of expense support and fee waivers, were $2.3 million and $4.3 million, respectively.

*Interest Expense* 

Total interest expense (including unused fees and amortization of deferred financing costs) increased to $6.7 million for the three months ended June 30, 2025, an increase of $5.5 million compared to the same period in the prior year. This was driven by an increase in our average debt principal outstanding. Our average borrowings outstanding increased to $370.4 million from $16.2 million for the same period in the prior year.

Total interest expense (including unused fees and amortization of deferred financing costs) increased to $12.8 million for the six months ended June 30, 2025, an increase of $10.8 million compared to the same period in the prior year. This was driven by an increase in our average debt principal outstanding. The average borrowings outstanding increased to $356.2 million for the six months ended June 30, 2025 from $15.6 million for the same period in the prior year.

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*Base Management Fees* 

Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.

Base management fees were $0.9 million and $1.9 million, respectively, for the three and six months ended June 30, 2025, a decrease of $10 thousand or 1.06% and an increase of $0.1 million or 7.89%, respectively, compared to the same period in the prior year. The changes were driven by weighted average net assets decreasing to $298.0 million and increasing to $299.9 million, respectively, for the three and six months ended June 30, 2025, compared to $301.5 million and $276.6 million, respectively, for the three and six months ended June 30, 2024.

The Adviser has waived all base management fees through June 30, 2025 and 50% of base management fees for the period from July 1, 2025 through December 31, 2025.

*Income Based Incentive Fees* 

Income based incentive fees increased to $0.9 million and $1.8 million, respectively, for the three and six months ended June 30, 2025, an increase of $0.2 million and $0.9 million, respectively, compared to the three and six months ended June 30, 2024. The increase in income based incentive fees was driven by the increase in pre-incentive fee net investment income to $7.4 million and $14.6 million, respectively, for the three and six months ended June 30, 2025 from $5.5 million and $9.0 million, respectively, for the three and six months ended June 30, 2024.

The Adviser has waived income based incentive fees through December 31, 2025.

*Capital Gains Incentive Fees* 

For both the three and six months ended June 30, 2025, the Company accrued capital gains incentive fees of zero, compared to $12 and $18, respectively, for the three and six months ended June 30, 2024.

The Adviser has waived capital gains incentive fees through December 31, 2025.

The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual.

*Other Expense* 

Organization costs and offering costs include expenses incurred in our initial formation and our continuous offering. Administrator expenses include fees due to the Administrator under the Administration Agreement, including the Company's allocable portion of the salaries of certain of our executive officers, their respective staff and other non-investment professionals that perform duties for the Company. Other expenses include professional fees (legal, audit and tax services), trustee fees, accounting and sub-administration fees, custodian fees, printing fees and other costs.

Total other expenses increased to $2.2 million and $4.3 million, respectively, for the three and six months ended June 30, 2025, an increase of $0.8 million or 51.18% and $1.7 million or 63.43%, respectively, compared to the three and six months ended June 30, 2024. The increase compared to the same period in the prior year was primarily driven by an increase in offering costs and administrator expense.

*Income Taxes, Including Excise Taxes* 

The Company has elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from corporate-level U.S. federal income taxes on the distributed income. The Company will be subject to U.S. federal income tax at regular corporate rates on any income or capital gain not distributed to our shareholders.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on the excess of such taxable income that was required to be distributed over actual distributions for such tax year. To the extent that we determine that our estimated current year annual required distributions will be in excess of estimated dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three and six months ended June 30, 2025, we accrued $44 and $78, respectively, of U.S. federal excise tax. For the three and six months ended June 30, 2024, we incurred no U.S. federal excise tax.

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<u>Net Realized Gains and Losses Investments</u> 

For the three and six months ended June 30, 2025, the Company had net realized gains (losses) on investments of $0.1 million and ($0.4) million, respectively, from the full or partial sale or restructurings of our debt investments.

For both the three and six months ended June 30, 2024, the Company had net realized losses on investments of ($4) thousand from the full or partial sale or restructurings of our debt investments.

<u>Net Change in Unrealized Appreciation (Depreciation) of Investments</u> 

Net change in unrealized appreciation (depreciation) reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded appreciation or depreciation when gains or losses are realized, if any.

For the three and six months ended June 30, 2025, the Company had net unrealized depreciation on investments of ($0.4) million and ($3.8) million, respectively.

For both the three and six months ended June 30, 2024, the Company had net unrealized depreciation on investments of ($0.2) million.

***Financial Condition, Liquidity and Capital Resources***

We generate our liquidity and capital resources primarily from (i) net proceeds from private offerings of our equity , (ii) cash flows from our operations (including interest and fees earned from our investments and principal repayments and proceeds from sales of our investments), and (iii) borrowings under our existing leverage facilities and any financing arrangements we may enter into in the future. These financings may come in the form of borrowings from banks and issuances of senior securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Our primary uses of cash include (i) investments in portfolio companies in accordance with our investment strategy, (ii) general corporate operations (including payments to the Adviser and Subadviser), (iii) debt service of any borrowings, (iv) share repurchases under our share repurchase program, and (v) cash distributions to our shareholders. We believe our current cash position, available capacity on our Credit Facilities and net cash provided by operating activities will provide us with sufficient resources to meet our obligations and continue to support our investment objectives, including reserving for the capital needs which may arise at our portfolio companies.

As of June 30, 2025 and December 31, 2024, we had $24.9 million and $21.3 million, respectively, in cash and cash equivalents. Additionally, as of June 30, 2025, we had $55.0 million available for additional borrowings under the Credit Facilities, subject to borrowing base availability. As of December 31, 2024, we had $24.4 million available for additional borrowings under the MS Credit Facility, subject to borrowing base availability. See "*Debt*" below for additional information.

We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of June 30, 2025, our asset coverage ratio was 175.7%.

<u>Cash Flows</u> 

For the six months ended June 30, 2025 and 2024, our operating activities used cash of $49.0 million and $262.6 million, respectively, primarily in connection with the purchase of portfolio investments and payment of Company expenses.

For the six months ended June 30, 2025 and 2024, our financing activities included proceeds of $1.0 million and $50.0 million, respectively, from the issuance of Common Shares, and $139.4 million and $79.1 million, respectively, from borrowings under our Credit Facilities. Additionally, our financing activities included the payment of $15.3 million and $7.4 million, respectively, for distribution payments, $1.6 million and $1.9 million, respectively, for offering costs and $1.0 million and $1.3 million, respectively, for financing costs.

<u>Share Issuances</u> 

The following table summarizes the issuance of shares pursuant to subscription agreements during the six months ended June 30, 2025 (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
|  | **Class I** | **Class I** |
| **Subscriptions Effective** | **Shares Issued** | **Net Proceeds** |
|  **For the six months ended June 30, 2025** |  |  |
|  January 1, 2025 | 37241 | $901 |
|  May 1, 2025 | 283 | 6 |
|  June 1, 2025 | 278 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 37802 | $914 |
| **For the six months ended June 30, 2024** |  |  |
|  March 1, 2024 | 2058460 | $50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2058460 | $50000 |
|  | **Class D** | **Class D** |
| **Subscriptions Effective** | **Shares Issued** | **Net Proceeds** |
|  **For the six months ended June 30, 2025** |  |  |
|  May 1, 2025 | 4205 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 4205 | $100 |
|  **For the six months ended June 30, 2024** |  |  |
|  |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | $— |

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During the six months ended June 30, 2025, the Company also issued 227 shares for an aggregate value of $6 under the Company's dividend reinvestment plan.

<u>Distributions and Distribution Reinvestment</u> 

The following table presents distributions that were declared and payable during the six months ended June 30, 2025 and 2024 (dollar amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| **Date Declared** | **Record Date** | **Payment Date** | **Distribution Per<br>Share** | **Distribution Amount** |
|  **For the Six Months Ended<br>June 30, 2025** |  |  |  |  |
|  January 31, 2025 | January 31, 2025 | February 27, 2025 | $0.205 | $2548 |
|  March 26, 2025 | March 26, 2025 | March 28, 2025 | $0.205 | $2550 |
|  March 31, 2025 | March 31, 2025 | April 29, 2025 | $0.205 | $2551 |
|  April 23, 2025 | April 30, 2025 | May 29, 2025 | $0.205 | $2551 |
|  May 22, 2025 | May 30, 2025 | June 27, 2025 | $0.205 | $2551 |
|  June 25, 2025 | June 30, 2025 | July 30, 2025 | $0.205 | $2551 |
|  |  |  |  | $15302 |
|  **For the Six Months Ended<br>June 30, 2024** |  |  |  |  |
|  February 5, 2024 | February 6, 2024 | February 27, 2024 | $0.120 | $1244 |
|  February 29, 2024 | February 29, 2024 | March 26, 2024 | $0.120 | $1244 |
|  March 28, 2024 | March 28, 2024 | April 26, 2024 | $0.120 | $1491 |
|  April 30, 2024 | April 30, 2024 | May 29, 2024 | $0.120 | $1491 |
|  May 29, 2024 | May 31, 2024 | June 29, 2024 | $0.155 | $1924 |
|  June 26, 2024 | June 28, 2024 | July 29, 2024 | $0.180 | $2239 |
|  |  |  |  | $9633 |
| **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
| **Date Declared** | **Record Date** | **Payment Date** | **Distribution<br>Per Share (1)** | **Distribution Amount** |
|  **For the Six Months Ended<br>June 30, 2025** |  |  |  |  |
|  May 22, 2025 | May 30, 2025 | June 27, 2025 | $0.200 | $1 |
|  June 25, 2025 | June 30, 2025 | July 30, 2025 | $0.200 | $1 |
|  |  |  |  | $2 |

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(1) Distribution per share is net of shareholder servicing and/or distribution fees.

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With respect to distributions, we have adopted an "opt out" dividend reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not "opted out" of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares rather than receiving cash distributions. As of the commencement of the public offering, investors and clients of certain participating brokers in states that do not permit automatic enrollment in our dividend reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

<u>Share Repurchases</u> 

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter.

Under the Company's share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase Common Shares pursuant to quarterly tender offers (such date of the offer, the "Repurchase Date") using a purchase price equal to the NAV per share as of the close of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the prospective repurchase date. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

During the six months ended June 30, 2025, 3,036 shares were repurchased. During the six months ended June 30, 2024, zero shares were repurchased.

<u>Borrowings</u> 

*MS Credit Facility* - On September 22, 2023, MS Credit Facility SPV, a wholly-owned financing subsidiary of the Company, as borrower, the Company, as transferor, and FEPC Fund Servicer, LLC, a wholly-owned subsidiary of the Company, as servicer, entered into the MS Credit Facility, as subsequently amended, which, as of June 30, 2025, allowed us to borrow up to $350.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2025 and December 31, 2024, we had outstanding debt under the MS Credit Facility of $306.5 million and $325.6 million, respectively. As of June 30, 2025 and December 31, 2024, subject to leverage and borrowing base restrictions, we had $43.5 million and $24.4 million, respectively, available for additional borrowings under the MS Credit Facility.

*JPM Credit Facility*—On April 9, 2025, JPM Credit Facility SPV, a wholly-owned financing subsidiary of the Company, as borrower, entered into the JPM Credit Facility, which, as of June 30, 2025, allowed us to borrow up to $100.0 million at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2025, we had outstanding debt under the JPM Credit Facility of $88.5 million. As of June 30, 2025, subject to leverage and borrowing base restrictions, we had $11.5 million available for additional borrowings under the JPM Credit Facility.

For additional information on our debt obligations, refer to Note 6—"Borrowings" in the Notes to the Consolidated Financial Statements.

***Commitments and Contingencies and Off-Balance Sheet Arrangements***

As of June 30, 2025 and December 31, 2024, we had outstanding commitments to fund revolving lines of credit or delayed draw investments with an aggregate principal amount of $88.6 million and $66.0 million, respectively.

***Related Party Transactions***

Refer to Note 3—"Agreements and Related Party Transactions" in the Notes to the Consolidated Financial Statements.

***Critical Accounting Policies***

The preparation of the Consolidated Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies and estimates should be read in connection with our risk factors described in our Annual Report on Form 10-K, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time.

<u>Revenue Recognition</u> 

*Interest Income* 

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

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The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks.

*PIK Income* 

PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income.

*Dividend Income* 

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

*Other Income* 

The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered.

<u>Valuation of Portfolio Investments</u> 

The Board designated FEIM as the Valuation Designee as that term is defined in Rule 2a-5. As the Valuation Designee, the Board designated FEIM to perform fair value determinations of the Company's assets by implementing valuation policies and procedures approved by the Board, subject to the oversight of the Board and the Audit Committee, and in compliance with the requirements of Rule 2a-5.

In calculating the value of our total assets, investments for which market quotations are readily available are valued using market quotations, which are generally obtained from an independent pricing service or one or more broker-dealers or market makers. Debt and equity securities for which market quotations are not readily available or are determined to be unreliable are valued at fair value as determined in good faith by the Valuation Designee.

With respect to investments for which market quotations are not readily available, we undertake a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Company's valuation process begins with each portfolio company or investment being initially valued
by the investment professionals responsible for managing portfolio investments; concurrently therewith, on at least an annual basis, independent valuation firms are used to conduct independent appraisals of all investments for which market
quotations are either not readily available or are determined to be unreliable unless the amount of an investment is immaterial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the preliminary valuation recommendation of the investment professionals and the applicable input of the
independent valuation firms (the "Preliminary Valuation Data") are then documented and reviewed with FEAC's pricing professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Preliminary Valuation Data are then discussed with, and approved by, the pricing committee of FEAC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FEIM's valuation committee independently discusses the Preliminary Valuation Data and determines the fair
value of each investment in good faith based on the Preliminary Valuation Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. on a quarterly basis, a designee of FEIM's valuation committee discusses the fair value determinations of
each investment with the Audit Committee.

The types of factors that FEIM may take into account in fair value pricing the Company's investments include, as relevant, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors.

<u>Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation</u> 

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

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<u>U.S. Federal Income Taxes, Including Excise Tax</u> 

The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to continue to qualify each year as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it will not be subject to corporate-level federal income tax on the portion of its ordinary income and capital gains distributed to shareholders as dividends.

In order to qualify for favorable tax treatment as a RIC, the Company is required to, among other things, distribute annually to its shareholders at least 90% of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year.

***Recent Developments***

On March 3, 2025, First Eagle Holdings, Inc. announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in First Eagle Holdings, Inc. First Eagle Holdings, Inc. is the parent company to the Advisers, Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries. The transaction will involve the buyout of all interests in First Eagle Holdings, Inc. currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals. As required under the 1940 Act, closing of the transaction will be deemed an "assignment" of the current investment advisory agreement between the Company and the Adviser, the current subadvisory agreement between the Company, the Adviser and the Subadviser, and the current intermediary manager agreement between the Company and FEF Distributors, LLC ("FEFD"), which will result in automatic termination of the agreements. On April 17, 2025, the Board approved a new substantially identical investment advisory agreement with FEIM, a new substantially identical subadvisory agreement with FEAC (together, the "New Advisory Agreements"), and a new substantially identical intermediary manager agreement with FEFD. On June 27, 2025, the Company's shareholders approved the New Advisory Agreements, which will take effect upon closing of the transaction. The transaction is not expected to result in any change in the portfolio management of the Company or in the Company's investment objectives or policies.

On July 24, 2025, the Company's Board declared a distribution of $0.210 per Class I share and $0.205 per Class D share, which are payable on August 28, 2025 to shareholders of record as of July 31, 2025.

On August 4, 2025, the Company and U.S. Bank Trust Company, National Association (the "Custodian") entered into a custody agreement (the "Custody Agreement"), pursuant to which the Custodian was appointed to serve as the Company's custodian to hold securities, loans, cash, and other assets on behalf of the Company. Either party may terminate the Custody Agreement at any time upon sixty (60) days' prior written notice. On August 4, 2025, in conjunction with entering into the Custody Agreement, the Company terminated its existing custody agreement with U.S. Bank, National Association (the "Prior Custody Agreement"), effective August 4, 2025. Other than ordinary course payments under the Prior Custody Agreement through the effective date of termination, no termination or other fees are payable in connection with the termination of the Prior Custody Agreement.

On August 12, 2025, the Company's Board appointed William Karim as Secretary of the Company following the resignation of Sabrina Rusnak-Carlson from her Secretary and other positions with the Company.

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

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

*<u>Valuation Risk</u>* 

We have invested, and plan to continue to invest in directly originated debt and equity securities of middle market companies. Because we expect that there will not be a readily available market value for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by the Valuation Designee in accordance with a documented valuation policy and GAAP and that has been reviewed and approved by our Board. The Valuation Designee will provide the Board and the Audit Committee with periodic reports, no less than quarterly, that discuss the functioning of the valuation process, if applicable to that period, and that identify issues and valuation problems that have arisen, if any. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

*<u>Interest Rate Risk</u>* 

The majority of the loans in our portfolio have floating interest rates and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating SOFR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors that will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our Credit Facilities have floating interest rate provisions. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions.

Assuming that the consolidated statement of assets and liabilities as of June 30, 2025 was to remain constant and that we took no actions to alter our existing interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollar amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Interest<br>Income** | **Interest<br>Expense** | **Net<br>Income** |
|  Up 300 basis points | $20114 | $(11899) | $8215 |
|  Up 200 basis points | 13418 | (7949) | 5469 |
|  Up 100 basis points | 6721 | (3999) | 2722 |
|  Down 100 basis points | (6672) | 3901 | (2771) |
|  Down 200 basis points | (13257) | 7851 | (5406) |
|  Down 300 basis points | (19541) | 11801 | (7740) |

---

Market prices for floating rate investments may fluctuate in rising rate environments with prices tending to decline when credit spreads widen. Additionally, market prices tend to fluctuate more for fixed-rate securities that have longer maturities. Although we have no policy governing the maturities of our investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to 10 years. Market prices for debt that pays a fixed rate of return tend to decline as interest rates rise. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term, fixed-rate securities. A decline in the prices of the debt we own could adversely affect our net assets resulting from operations and the NAV of our Common Shares.

**Item 4. Controls and Procedures.** 

***(a) Evaluation of Disclosure Controls and Procedures***

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, the Company, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

***(b) Management's Report on Internal Control Over Financial Reporting***

The Company is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Exchange Act Rule 13a-15(f), and for performing an assessment of the effectiveness of internal control over financial reporting as of June 30, 2025. Our internal control over financial reporting is a process designed by, or under the supervision of, our principal executive and principal financial officers, or persons performing similar functions, and effected by our board of directors, management and other personnel, 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.

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Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an assessment of the effectiveness of our internal control over financial reporting as of June 30, 2025, based on the framework established in *Internal Control—Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has determined that our internal control over financial reporting as of June 30, 2025 was effective.

***(c) Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II—OTHER INFORMATION** 

**Item 1. Legal Proceedings.** 

We are not a defendant in any material pending legal proceeding, and no such material proceedings are known to be contemplated. However, from time to time, we may be party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under the contracts with our portfolio companies.

**Item 1A. Risk Factors.** 

For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in *Item 1A. Risk Factors of* our Annual Report on Form 10-K filed with the SEC on March 14, 2025, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

Prior to the commencement of its public offering on March 11, 2025, the Company conducted a separate private offering (the "Private Offering") of Common Shares (the "Common Shares") (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act")) and (ii) in the case of shares sold outside the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act.

The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act).

On May 1, 2025, the Company sold 283 Class I shares of beneficial interest (with the final number of shares being determined on May 22, 2025) in the Private Offering to a feeder vehicle primarily created to hold the Company's Common Shares for an aggregate offering price of $6 thousand. On June 1, 2025, the Company sold 278 Class I shares of beneficial interest (with the final number of shares being determined on June 24, 2025) in the Private Offering to a feeder vehicle primarily created to hold the Company's Common Shares for an aggregate offering price of $7 thousand.

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the Company's best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board intends to reinstate the share repurchase program when appropriate and subject to our Board's duties to the Company. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

The following table presents the share repurchases completed during the quarter ended June 30, 2025 (dollar amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Request Deadline** | **Total Number of<br>Shares<br>Repurchased<br>(all classes)** | **Percentage of<br>Outstanding<br>Shares<br>Repurchased (1)** | **Price Paid<br>Per Share** | **Repurchase<br>Pricing Date** | **Amount<br>Repurchased<br>(all classes) (2)** | **Maximum number of<br>shares that may yet be<br>purchased under the<br>repurchase plan (3)** |
|  May 30, 2025 | 3036 | 0.02% | $24.03 | May 30, 2025 | $73 |  |

---

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

(2) Amounts shown net of Early Repurchase Deductions, if any.

(3) All repurchase requests were satisfied in full.

**Item 3. Defaults Upon Senior Securities.** 

None.

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**Item 4. Mine Safety Disclosures.** 

None.

**Item 5. Other Information.** 

During the quarter ended June 30, 2025, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each such term is defined in Item 408(c) of Regulation S-K.

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**Item 6. Exhibits.** 

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | Third Amended and Restated Agreement and Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on March 11, 2025). |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, filed on March 11, 2025). |
| 10.1 | Loan and Security Agreement, dated April 9, 2025, among First Eagle Private Credit Fund, as parent; First Eagle Private Credit Fund BSL SPV I, LLC, as borrower; First Eagle Alternative Credit, LLC, as portfolio manager; U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator; U.S. Bank National Association, as securities intermediary; JPMorgan Chase Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on April 11, 2025). |
| 10.2 | Fee Waiver (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on April 25, 2025). |
| 10.3 | Custody Agreement, dated as of August 4, 2025, by and between First Eagle Private Credit Fund and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on August 8, 2025). |
| 31.1 | Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.<sup>\*</sup> |
| 31.2 | Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.<sup>\*</sup> |
| 32.1 | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.<sup>\*</sup> |
| 32.2 | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.<sup>\*</sup> |
| 101.INS | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)\* |

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\* Filed herewith.

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**SIGNATURES** 

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

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| | | |
|:---|:---|:---|
|  | First Eagle Private Credit Fund | First Eagle Private Credit Fund |
| Date: August 13, 2025 | By: | /s/ David O'Connor |
|  |  | **David O'Connor** |
|  |  | **Chief Executive Officer** |
| Date: August 13, 2025 | By: | /s/ Jennifer M. Wilson |
|  |  | **Jennifer M. Wilson** |
|  |  | **Chief Financial Officer and Treasurer** |

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**Exhibit 31.1** 

**CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, David O'Connor, Chief Executive Officer of First Eagle Private Credit Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of First Eagle Private Credit Fund (the "Registrant") for the quarter ended June 30, 2025;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Securities Exchange Act of 1934 Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: August 13, 2025 | By: | /s/ David O'Connor |
|  |  | David O'Connor |
|  |  | Chief Executive Officer |

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**Exhibit 31.2** 

**CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Jennifer M. Wilson, Chief Financial Officer of First Eagle Private Credit Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of First Eagle Private Credit Fund (the "Registrant") for the quarter ended June 30, 2025;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Securities Exchange Act of 1934 Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: August 13, 2025 | By: | /s/ Jennifer M. Wilson |
|  |  | Jennifer M. Wilson |
|  |  | Chief Financial Officer |

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**Exhibit 32.1** 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of First Eagle Private Credit Fund (the "Registrant") for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David O'Connor, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&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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| | |
|:---|:---|
| By: | /s/ David O'Connor |
| Name: | David O'Connor |
| Title: | Chief Executive Officer |
| Date: | August 13, 2025 |

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**Exhibit 32.2** 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of First Eagle Private Credit Fund (the "Registrant") for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jennifer M. Wilson, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&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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|:---|:---|
| By: | /s/ Jennifer M. Wilson |
| Name: | Jennifer M. Wilson |
| Title: | Chief Financial Officer |
| Date: | August 13, 2025 |

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