# EDGAR Filing Document

**Accession Number:** 0001899996
**File Stem:** 0000950170-25-108878
**Filing Date:** 2025-8
**Character Count:** 297361
**Document Hash:** 3dfad767573ed53c89a2e6eebbc422e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108878.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000950170-25-108878

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Private Credit Co LLC
- **CENTRAL INDEX KEY:** 0001899996

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01645
- **FILM NUMBER:** 251219217

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fidelity Private Credit Central Fund LLC
- **DATE OF NAME CHANGE:** 20230209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fidelity Direct Lending Fund, LP
- **DATE OF NAME CHANGE:** 20211216

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 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**

**For the transition period from _____________________ to _____________________**

**Commission File Number** 814-01645

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Fidelity Private Credit Company LLC

**(Exact name of Registrant as specified in its Charter)**

------

---

| | |
|:---|:---|
| Delaware | 87-2722334 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 245 Summer Street<br>Boston**,** Massachusetts | 02210 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**617**)** 563-7000

------

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

---

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

---

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

Common Units

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, 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 units of Registrant's Common Units, outstanding as of August 7, 2025 was 84,384,780

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I.** | [<u>FINANCIAL INFORMATION</u>](#part_1_financial_information) | 1 |
| Item 1. | [<u>Consolidated Financial Statements</u>](#item_1_consolidated_financial_statements) | 1 |
|  | [<u>Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024</u>](#statement_of_assets_and_liabilities) | 1 |
|  | [<u>Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)</u>](#consolidated_statements_of_operations) | 2 |
|  | [<u>Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (unaudited)</u>](#consolidated_statements_of_changes_na) | 3 |
|  | [<u>Consolidated Statements of Cash Flows for the three and six months ended June 30, 2025 and 2024 (unaudited)</u>](#consolidated_statements_of_cash_flows) | 4 |
|  | [<u>Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and December 31, 2024</u>](#consolidated_schedule_of_investments) | 6 |
|  | [<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_to_consolidated_fin_statements) | 38 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_mda) | 62 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_qualitative_discl) | 75 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 75 |
| **PART II.** | [<u>OTHER INFORMATION</u>](#part_2_other_information) | 76 |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 76 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 76 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales) | 76 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults) | 76 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety) | 76 |
| Item 5. | [<u>Other Information</u>](#item_5_other_info) | 76 |
| Item 6. | [<u>Exhibits</u>](#item15_exhibits) | 77 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | 78 |

---

------

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are current expectations, estimates, and projections of Fidelity Private Credit Company LLC (the "Fund," "we," "us" or "our") and/or Fidelity Diversifying Solutions LLC ("FDS" or the "Adviser") about the Fund, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. "Fund," "we," "us" or "our" refers to Fidelity Direct Lending Fund, LP, a Delaware limited partnership for periods prior to consummation of the BDC Conversion (as defined below), refers to Fidelity Private Credit Central Fund LLC, a Delaware limited liability company for periods following the BDC Conversion. "BDC Conversion" refers to the conversion by operation of law of Fidelity Direct Lending, LP to Fidelity Private Credit Central Fund LLC by the filing of a Certificate of Conversion to a limited liability company on January 31, 2023, and the Fund's subsequent election to be regulated as a BDC. On March 11, 2024, the Fund was renamed Fidelity Private Credit Company LLC. Forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "seek," "expect," "anticipate," "project," "estimate," "intend," "continue," "target," or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict in Ukraine and Israel;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with the Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser to identify suitable investments and to monitor and administer our investments;

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

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

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

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

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

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those 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 report should not be regarded as a representation by us that our plans and objectives will be achieved. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "1934 Act").

------

**PART I—FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements.**

**Fidelity Private Credit Company LLC**

**Consolidated Statements of Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  | **(unaudited)** |  |
| **Assets** |  |  |
| &nbsp;&nbsp;Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled / non-affiliate investments (amortized cost $1,631,264,788 and $1,590,134,722 as of June 30, 2025 and December 31, 2024, respectively) | $1612653165 | $1583881521 |
| &nbsp;&nbsp;Cash | 15813633 | 33804984 |
| &nbsp;&nbsp;Foreign cash (cost $25,966 and $14,073 as of June 30, 2025 and December 31, 2024, respectively) | 25637 | 13914 |
| &nbsp;&nbsp;Deferred financing costs | 10209289 | 6507716 |
| &nbsp;&nbsp;Receivables from sales and paydowns of investments | 2896229 | 3099283 |
| &nbsp;&nbsp;Interest receivable | 30004428 | 14127573 |
| &nbsp;&nbsp;Prepaid expenses and other assets | 35667 | 146324 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1671638048 | $1641581315 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Debt | 850381862 | 868361752 |
| &nbsp;&nbsp;Due to custodian |  | 155575 |
| &nbsp;&nbsp;Payable for purchases of investments | 409451 | 319262 |
| &nbsp;&nbsp;Interest payable | 13158199 | 14820731 |
| &nbsp;&nbsp;Management fee payable | 833502 | 797625 |
| &nbsp;&nbsp;Due to affiliates, net | 172164 | 188679 |
| &nbsp;&nbsp;Other accounts payable and accrued liabilities | 1058806 | 1391913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $866013984 | $886035537 |
| &nbsp;&nbsp;Commitments and Contingencies (Note 7) |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-capital in excess of par value | 816031514 | 763124223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (10407450) | (7578445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | $805624064 | $755545778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $1671638048 | $1641581315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value per unit (83,534,497 and 78,091,599 units issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) | $9.64 | $9.68 |

---

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

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**Fidelity Private Credit Company LLC**

**Consolidated Statements of Operations**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment Income** |  |  |  |  |
| From non-controlled / non-affiliate investments |  |  |  |  |
| &nbsp;&nbsp;Interest income | $43779495 | $43944953 | $87740213 | $86918962 |
| &nbsp;&nbsp;Dividend income | 546466 | 190009 | 664044 | 361547 |
| &nbsp;&nbsp;Other income | 338092 | 826878 | 1183644 | 1229597 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 44664053 | 44961840 | 89587901 | 88510106 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;Interest expense | 15632279 | 16766371 | 31117310 | 33585896 |
| &nbsp;&nbsp;Management fees | 2486935 | 2182902 | 4907441 | 4348753 |
| &nbsp;&nbsp;Administration fees | 497299 | 436500 | 981275 | 869599 |
| &nbsp;&nbsp;Custodian fees | 828 | 556 | 2226 | 1334 |
| &nbsp;&nbsp;Board of Directors' fees | 98690 | 70983 | 174689 | 146700 |
| &nbsp;&nbsp;Professional fees | 410903 | 278749 | 729940 | 399117 |
| &nbsp;&nbsp;Other general and administrative expenses | 226262 | 341880 | 448867 | 551845 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses Before Reductions** | 19353196 | 20077941 | 38361748 | 39903244 |
| &nbsp;&nbsp;Expense support | (227677) | (216925) | (376864) | (216925) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 19125519 | 19861016 | 37984884 | 39686319 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss) Before Taxes** | 25538534 | 25100824 | 51603017 | 48823787 |
| &nbsp;&nbsp;Net change in provision (benefit) for income and excise taxes | 137584 |  | 137724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss) After Taxes** | 25400950 | 25100824 | 51465293 | 48823787 |
| **Net Realized and Change in Unrealized Gains (Losses)** |  |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on non-controlled / non-affiliate investments | 774134 |  | 761538 | (1036) |
| &nbsp;&nbsp;Net realized gain (loss) on foreign currency transactions | 360 |  | 184 |  |
| &nbsp;&nbsp;Net realized gain (loss) | 774494 |  | 761722 | (1036) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled / non-affiliate investments | (2604072) | 2333031 | (12358422) | (4651408) |
| &nbsp;&nbsp;Net change in benefit (provision) for deferred taxes on unrealized appreciation (depreciation) on investments | (106625) | (1079996) | (74374) | (1079996) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on foreign currency translation | (368) |  | (163) |  |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2711065) | 1253035 | (12432959) | (5731404) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Change in Unrealized Gains (Losses)** | (1936571) | 1253035 | (11671237) | (5732440) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $23464379 | $26353859 | $39794056 | $43091347 |

---

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

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**Fidelity Private Credit Company LLC**

**Consolidated Statements of Changes in Net Assets**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |  |
| Net investment income (loss) | $25400950 | $25100824 | $51465293 | $48823787 |
| Net realized gain (loss) | 774494 |  | 761722 | (1036) |
| Net change in unrealized appreciation (depreciation) | (2711065) | 1253035 | (12432959) | (5731404) |
| Net increase (decrease) in net assets resulting from operations | 23464379 | 26353859 | 39794056 | 43091347 |
| **Capital Activity:** |  |  |  |  |
| Capital contributions |  | 10000000 | 50286000 | 20000000 |
| Distributions to Unit Holders | (27324847) | (24588971) | (42623061) | (37249939) |
| Capital units repurchased |  |  | (18917680) |  |
| Reinvestment of distributions | 13984295 | 8713438 | 21538971 | 13126285 |
| Net increase (decrease) in net assets resulting from capital activity | (13340552) | (5875533) | 10284230 | (4123654) |
| Total increase (decrease) in net assets | 10123827 | 20478326 | 50078286 | 38967693 |
| Net assets, beginning of period | 795500237 | 693581135 | 755545778 | 675091768 |
| **Net Assets, End of Period** | $805624064 | $714059461 | $805624064 | $714059461 |

---

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

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**Fidelity Private Credit Company LLC**

**Consolidated Statements of Cash Flows**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $39794056 | $43091347 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;Payments for purchases of investments | (116166644) | (154138126) |
| &nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 97470450 | 141540773 |
| &nbsp;&nbsp;Net proceeds (payments) from sales (purchases) of short-term securities | (14424503) | (44674462) |
| &nbsp;&nbsp;Net realized (gain) loss on investments | (761538) | 1036 |
| &nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | (184) |  |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 12358422 | 4651408 |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency translation | 163 |  |
| &nbsp;&nbsp;Payment-in-kind interest capitalized | (3233980) | (1110937) |
| &nbsp;&nbsp;Net accretion of discount and amortization of premium | (4013851) | (4916986) |
| &nbsp;&nbsp;Amortization of deferred financing costs | 815720 | 1161655 |
| Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;(Increase) decrease in receivables from sales and paydowns of investments | 203054 | (31902) |
| &nbsp;&nbsp;(Increase) decrease in interest receivable | (15876855) | (2153400) |
| &nbsp;&nbsp;(Increase) decrease in prepaid expenses and other assets | 110657 | 43859 |
| &nbsp;&nbsp;Increase (decrease) in due to custodian | (155575) | (978330) |
| &nbsp;&nbsp;Increase (decrease) in payable for purchases of investments | 90189 | (130378) |
| &nbsp;&nbsp;Increase (decrease) in interest payable | (1662532) | 228464 |
| &nbsp;&nbsp;Increase (decrease) in management fee payable | 35877 | 33756 |
| &nbsp;&nbsp;Increase (decrease) in due to affiliates, net | (16515) | 6600 |
| &nbsp;&nbsp;Increase (decrease) in other accounts payable and accrued liabilities | (333107) | 791476 |
| **Net Cash Provided by (Used in) Operating Activities** | (5766696) | (16584147) |
| **Cash Flows from Financing Activities:** |  |  |
| Payment of financing costs | (4517293) |  |
| Capital contributions | 50286000 | 20000000 |
| Repurchased units | (18917680) |  |
| Capital distributions | (21084090) | (30005203) |
| Proceeds from borrowings | 116400000 |  |
| Repayment of borrowings | (134379890) |  |
| **Net Cash Provided by (Used in) Financing Activities** | (12212953) | (10005203) |
| **Net increase (decrease) in Cash and Foreign cash** | (17979649) | (26589350) |
| Effect of foreign currency exchange rates changes on cash | 21 |  |
| Cash and Foreign cash, beginning of the period | 33818898 | 46194052 |
| **Cash and Foreign cash, End of the Period** | $15839270 | $19604702 |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Statements of Cash Flows**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Supplemental Information and Non-Cash Financing Activities** |  |  |
| Non-cash distributions | $21538971 | $13126285 |
| Reinvestment of distributions | $(21538971) | $(13126285) |
| Non-cash purchases of payment-in-kind securities | $3233980 | $1110937 |
| Non-cash interest income from payment-in-kind securities | $(3233980) | $(1110937) |
| Cash paid for state and federal taxes | $385418 | $— |
| Cash paid for interest expense | $31964121 | $32195777 |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Investments -- non-controlled/ non-affiliate** |  |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Cadence - Southwick, Inc. (i)(l) | Term Loan | SOFR + 5.00% | 9.36% | 5/3/2029 | 8205980 | $8029683 | $8173439 |  |
| Cadence - Southwick, Inc. (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 9.41% | 5/3/2028 | 1917917 | 1850716 | 1901077 |  |
| Tex-Tech Industries Inc (j)(l) | Term Loan | SOFR + 5.00% | 9.31% | 1/13/2031 | 712500 | 705796 | 704663 |  |
| Tex-Tech Industries Inc (f)(j)(q) | Delayed Draw Term Loan | - | - | 1/13/2031 | - | (733) | (952) |  |
| Tex-Tech Industries Inc (f)(j)(q) | Revolving Credit Facility | SOFR + 5.00% | 9.32% | 1/13/2031 | 42857 | 41679 | 41460 |  |
| Tighitco Inc (i)(l)(q) | Term Loan | SOFR + 6.00% | 10.25% | 2/28/2030 | 8769231 | 8644553 | 8637692 |  |
| Tighitco Inc (f)(i)(q) | Revolving Credit Facility | SOFR + 6.00% | 10.18% | 2/28/2030 | 549451 | 533956 | 532967 |  |
|  |  |  |  |  |  | 19805650 | 19990346 | 2.49% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| Dynamic Connections, Ltd (i)(m)(q) | Term Loan | SOFR + 5.50% | 9.83% | 11/27/2030 | 158557 | 156355 | 154910 |  |
| Dynamic Connections, Ltd (i)(l)(m)(p) | Term Loan | CORRA + 5.50% | 8.49% | 11/27/2030 | 517952 | 364227 | 372370 |  |
| Dynamic Connections, Ltd (f)(i)(m)(q) | Delayed Draw Term Loan | - | - | 11/27/2030 | - | (4698) | (7968) |  |
| Dynamic Connections, Ltd (f)(i)(m)(q) | Revolving Credit Facility | SOFR + 5.50% | 9.83% | 11/27/2030 | 11547 | 9981 | 8891 |  |
| Echo Global Logistics Inc (k)(l) | Term Loan | SOFR + 4.75% | 9.18% | 11/23/2028 | 15171000 | 14823608 | 14731041 |  |
| Pla Buyer, LLC (i)(l) | Term Loan | SOFR + 6.50% | 10.76% | 11/22/2029 | 16757895 | 16454201 | 16255158 |  |
| Pla Buyer, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 11/22/2029 | - | (18568) | (31579) |  |
| Pla Buyer, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.50% | 10.83% | 11/22/2029 | 526316 | 489073 | 463158 |  |
| R1 Holdings, LLC (i)(l) | Term Loan | SOFR + 6.25% | 10.49% | 12/29/2028 | 21581625 | 21151041 | 21581625 |  |
| R1 Holdings, LLC (i)(l) | Delayed Draw Term Loan | SOFR + 6.25% | 10.53% | 12/29/2028 | 2462232 | 2430499 | 2462232 |  |
| R1 Holdings, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.25% | 10.57% | 12/29/2028 | 4855204 | 4756647 | 4855204 |  |
| STG DISTRIBUTION LLC (h)(l)(m) | Term Loan | SOFR + 8.25% (7.25% PIK) | 12.67% | 10/3/2029 | 17508202 | 16670169 | 17508202 |  |
| STG DISTRIBUTION LLC (h)(l)(m) | Term Loan | SOFR + 7.50% (6.50% PIK) | 11.92% | 10/3/2029 | 37803936 | 37803936 | 21699459 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
|  |  |  |  |  |  | $115086471 | $100052703 | 12.43% |
| **Application Software** |  |  |  |  |  |  |  |  |
| ACP Avenu Midco LLC (i)(l) | Term Loan | SOFR + 4.75% | 9.05% | 10/2/2029 | 18468750 | 18076054 | 18321000 |  |
| ACP Avenu Midco LLC (f)(i)(q) | Revolving Credit Facility | - | - | 10/2/2029 | - | (130761) | (53392) |  |
| ACP Avenu Midco LLC (i)(q) | Delayed Draw Term Loan | SOFR + 4.75% | 9.05% | 10/2/2029 | 4694989 | 4627654 | 4657429 |  |
| ACP Avenu Midco LLC (i)(q) | Term Loan | SOFR + 4.75% | 9.02% | 10/2/2029 | 466825 | 462324 | 463090 |  |
| ACP Avenu Midco LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 10/2/2029 | - | (1890) | (1185) |  |
| ACP Falcon Buyer Inc (i)(l) | Term Loan | SOFR + 5.50% | 9.80% | 8/1/2029 | 23419798 | 22891915 | 23419798 |  |
| ACP Falcon Buyer Inc (f)(i)(q) | Revolving Credit Facility | - | - | 8/1/2029 | - | (134023) | - |  |
| Alegeus Technologies Holdings Corp (i)(l) | Term Loan | SOFR + 6.75% | 11.03% | 11/5/2029 | 27158647 | 26548861 | 26914219 |  |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (i)(l) | Term Loan | SOFR + 5.00% | 9.27% | 12/9/2029 | 31235896 | 30556334 | 31079716 |  |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (f)(i) | Revolving Credit Facility | - | - | 12/9/2028 | - | (63711) | (21691) |  |
| Cytracom LLC (i)(l) | Term Loan | SOFR + 6.00% | 10.33% | 6/28/2027 | 3426966 | 3402931 | 3399551 |  |
| Cytracom LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 6.00% | 10.33% | 6/28/2027 | 322135 | 317639 | 317490 |  |
| Cytracom LLC (f)(i)(q) | Revolving Credit Facility | - | - | 6/28/2027 | - | (3756) | (4494) |  |
| Finastra USA Inc (f)(i)(m)(q) | Revolving Credit Facility | SOFR + 7.25% | 11.57% | 9/13/2029 | 1548507 | 1436452 | 1548507 |  |
| Lightspeed Solutions, LLC (j)(l) | Term Loan | SOFR + 6.50% (3.61% PIK) | 10.83% | 3/1/2028 | 20874167 | 20643196 | 20769796 |  |
| Lightspeed Solutions, LLC (j)(l) | Delayed Draw Term Loan | SOFR + 6.50% (3.61% PIK) | 10.83% | 3/1/2028 | 1376764 | 1375442 | 1369880 |  |
| Prism Parent Co Inc. (f)(j)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 9.32% | 9/16/2028 | 1481444 | 1457072 | 1481444 |  |
| Prism Parent Co Inc. (j)(l) | Term Loan | SOFR + 5.00% | 9.32% | 9/16/2028 | 30963323 | 30583561 | 30963323 |  |
| Routeware, Inc (i)(l) | Term Loan | SOFR + 5.25% | 9.56% | 9/18/2031 | 9545455 | 9457742 | 9459545 |  |
| Routeware, Inc (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 9.57% | 9/18/2031 | 272727 | 251779 | 253636 |  |
| Routeware, Inc (f)(i)(q) | Revolving Credit Facility | SOFR + 5.25% | 9.57% | 9/18/2031 | 204545 | 195439 | 195341 |  |
|  |  |  |  |  |  | 171950254 | 174533003 | 21.65% |
| **Automotive Parts & Equipment** |  |  |  |  |  |  |  |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Arrowhead Holdco Company (j)(l) | Term Loan | SOFR + 5.25% (2.75% PIK) | 9.70% | 8/31/2028 | 26061175 | $25737610 | $19624065 |  |
| Arrowhead Holdco Company (j)(l) | Delayed Draw Term Loan | SOFR + 5.25% (2.75% PIK) | 9.70% | 8/31/2028 | 2380016 | 2380016 | 1792152 |  |
|  |  |  |  |  |  | 28117626 | 21416217 | 2.66% |
| **Building Products** |  |  |  |  |  |  |  |  |
| Tgnl Purchaser LLC (i) | Term Loan | SOFR + 5.00% | 9.32% | 6/25/2031 | 828729 | 818391 | 818370 |  |
| Tgnl Purchaser LLC (f)(i) | Revolving Credit Facility | SOFR + 5.00% | 9.32% | 6/25/2031 | 16575 | 14508 | 14503 |  |
|  |  |  |  |  |  | 832899 | 832873 | 0.10% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| BPCP Craftsman Buyer, LLC (i)(q) | Term Loan | SOFR + 5.00% | 9.30% | 4/9/2030 | 356863 | 351701 | 351510 |  |
| BPCP Craftsman Buyer, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 4/9/2030 | - | (3375) | (3529) |  |
| BPCP Craftsman Buyer, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 9.32% | 4/9/2030 | 15686 | 13437 | 13333 |  |
|  |  |  |  |  |  | 361763 | 361314 | 0.04% |
| **Copper** |  |  |  |  |  |  |  |  |
| Copperweld Group, Inc. (i)(l) | Term Loan | SOFR + 6.00% | 10.56% | 3/31/2026 | 37546665 | 37136098 | 37546665 |  |
| Copperweld Group, Inc. (f)(i)(q) | Revolving Credit Facility | SOFR + 6.00% | 10.56% | 3/31/2026 | 2205939 | 2154121 | 2205939 |  |
|  |  |  |  |  |  | 39290219 | 39752604 | 4.93% |
| **Data Processing & Outsourced Services** |  |  |  |  |  |  |  |  |
| Vrc Companies LLC (i)(l) | Term Loan | SOFR + 5.50% | 9.82% | 6/29/2027 | 34122127 | 33882594 | 33917394 |  |
|  |  |  |  |  |  | 33882594 | 33917394 | 4.21% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| Benefit Plan Administrators of Eau Claire, LLC (j)(l) | Term Loan | SOFR + 5.00% | 9.29% | 11/1/2030 | 7221774 | 7139200 | 7135113 |  |
| Benefit Plan Administrators of Eau Claire, LLC (f)(j)(q) | Revolving Credit Facility | - | - | 11/1/2030 | - | (13478) | (14516) |  |
| Benefit Plan Administrators of Eau Claire, LLC (f)(j)(q) | Delayed Draw Term Loan | - | - | 11/1/2030 | - | (22459) | (23185) |  |
| Benefit Plan Administrators of Eau Claire, LLC (j)(q) | Term Loan | SOFR + 5.00% | 9.29% | 11/1/2030 | 997500 | 985603 | 985530 |  |
| Cub Financing Intermediate, LLC (k)(l) | Term Loan | SOFR + 4.75% | 9.05% | 6/28/2030 | 5100347 | 5055871 | 5090147 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Cub Financing Intermediate, LLC (f)(k)(q) | Delayed Draw Term Loan | - | - | 6/28/2030 | - | $(9919) | $- |  |
|  |  |  |  |  |  | 13134818 | 13173089 | 1.64% |
| **Diversified Support Services** |  |  |  |  |  |  |  |  |
| American Trailer Rental Group, LLC (i)(l) | Term Loan | SOFR + 5.50% | 9.95% | 6/1/2027 | 15498500 | 15297568 | 14568590 |  |
| American Trailer Rental Group, LLC (i)(l) | Delayed Draw Term Loan | SOFR + 5.50% | 9.95% | 6/1/2027 | 14660284 | 14657209 | 13780667 |  |
| American Trailer Rental Group, LLC (i)(l) | Delayed Draw Term Loan | SOFR + 5.75% | 10.20% | 6/1/2027 | 19121792 | 18831596 | 18050972 |  |
| Eversmith Brands Intermediate Holding Company (i)(l) | Term Loan | SOFR + 5.00% | 9.28% | 6/17/2030 | 524118 | 517305 | 520449 |  |
| Eversmith Brands Intermediate Holding Company (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 9.26% | 6/17/2030 | 29338 | 26858 | 29133 |  |
| Eversmith Brands Intermediate Holding Company (f)(i)(q) | Revolving Credit Facility | - | - | 6/17/2030 | - | (1282) | (721) |  |
| Identiti Resources LLC (i)(l) | Term Loan | SOFR + 5.00% | 9.33% | 11/1/2029 | 12405794 | 12239610 | 12294142 |  |
| Identiti Resources LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 9.33% | 11/1/2029 | 5085747 | 5018155 | 5039976 |  |
| Identiti Resources LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 9.33% | 11/1/2029 | 115875 | 85571 | 95017 |  |
| Mri Acquisitions, Inc (i)(l) | Term Loan | SOFR + 6.25% | 10.70% | 12/30/2025 | 33184187 | 33062219 | 31060399 |  |
| Mri Acquisitions, Inc (f)(i)(q) | Revolving Credit Facility | SOFR + 6.25% | 10.70% | 12/30/2025 | 666667 | 658443 | 506667 |  |
| National Power, LLC (i)(l) | Term Loan | SOFR + 5.00% | 9.33% | 10/31/2029 | 1368853 | 1356639 | 1366115 |  |
| National Power, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 10/31/2029 | - | (6498) | (1494) |  |
| National Power, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 10/31/2029 | - | (3244) | (747) |  |
| Perimeter Solutions Group, LLC (i)(l) | Term Loan | SOFR + 4.50% | 8.80% | 10/2/2030 | 12006704 | 11871172 | 11970684 |  |
| Perimeter Solutions Group, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 4.50% | 8.80% | 10/2/2030 | 2121794 | 2087350 | 2115429 |  |
| Perimeter Solutions Group, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 10/2/2030 | - | (41176) | (11250) |  |
|  |  |  |  |  |  | 115657495 | 111384028 | 13.83% |
| **Electrical Components & Equipment** |  |  |  |  |  |  |  |  |
| Luminii LLC (i)(l)(q) | Term Loan | SOFR + 6.00% | 10.30% | 3/21/2030 | 6686538 | 6590532 | 6586240 |  |
| Luminii LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 3/21/2030 | - | (31192) | (32967) |  |
| Luminii LLC (f)(i)(q) | Revolving Credit Facility | - | - | 3/21/2030 | - | (15585) | (16484) |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Warshaw Opco LLC (i)(q) | Term Loan | SOFR + 5.75% | 10.05% | 3/27/2030 | 745181 | $734457 | $734004 |  |
| Warshaw Opco LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.75% | 10.06% | 3/27/2030 | 53963 | 50598 | 50422 |  |
|  |  |  |  |  |  | 7328810 | 7321215 | 0.92% |
| **Electronic Components** |  |  |  |  |  |  |  |  |
| Aep Passion Intermediate Holdings, Inc. (i)(l) | Term Loan | SOFR + 6.50% (1.90% PIK) | 10.98% | 10/5/2027 | 24608970 | 24202250 | 22098855 |  |
| Aep Passion Intermediate Holdings, Inc. (i)(q) | Delayed Draw Term Loan | SOFR + 6.50% (1.90% PIK) | 10.98% | 10/5/2027 | 1362628 | 1342048 | 1223640 |  |
| Aep Passion Intermediate Holdings, Inc. (f)(i)(q) | Revolving Credit Facility | SOFR + 6.50% (1.90% PIK) | 10.98% | 10/5/2027 | 1423832 | 1396465 | 1248123 |  |
| Eds Buyer, LLC (i)(l) | Term Loan | SOFR + 5.75% | 10.05% | 1/10/2029 | 903387 | 889175 | 903387 |  |
| Eds Buyer, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 1/10/2029 | - | (1265) | - |  |
|  |  |  |  |  |  | 27828673 | 25474005 | 3.15% |
| **Electronic Manufacturing Services** |  |  |  |  |  |  |  |  |
| Principal Lighting Group Holdings, LLC (i)(l)(q) | Term Loan | SOFR + 5.25% | 9.53% | 11/4/2030 | 22680137 | 22368190 | 22407975 |  |
| Principal Lighting Group Holdings, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 11/4/2030 | - | (41591) | (37276) |  |
|  |  |  |  |  |  | 22326599 | 22370699 | 2.78% |
| **Environmental & Facilities Services** |  |  |  |  |  |  |  |  |
| Dragonfly Pond Works (i)(q) | Term Loan | SOFR + 5.25% | 9.55% | 8/16/2030 | 2970551 | 2930950 | 2970551 |  |
| Dragonfly Pond Works (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 9.55% | 8/16/2030 | 1276860 | 1245966 | 1276860 |  |
| Dragonfly Pond Works (f)(i)(q) | Revolving Credit Facility | - | - | 8/16/2030 | - | (11250) | - |  |
| Pave America Interco, LLC (i)(l) | Term Loan | SOFR + 5.50% | 9.95% | 2/7/2028 | 39542085 | 38835416 | 39542085 |  |
| Pave America Interco, LLC (i)(l) | Delayed Draw Term Loan | SOFR + 5.50% | 9.95% | 2/7/2028 | 5663317 | 5559800 | 5663317 |  |
| Pave America Interco, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.50% | 9.95% | 2/7/2028 | 2826633 | 2763234 | 2826633 |  |
| Pave America Interco, LLC (i)(l) | Term Loan | SOFR + 5.50% | 9.95% | 2/7/2028 | 990000 | 967352 | 990000 |  |
|  |  |  |  |  |  | 52291468 | 53269446 | 6.61% |
| **Health Care Facilities** |  |  |  |  |  |  |  |  |
| Infusion Services Management LLC (i)(l) | Term Loan | SOFR + 6.50% | 10.80% | 7/7/2028 | 18710041 | 18331698 | 18672621 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments** 

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Infusion Services Management LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 6.50% | 10.80% | 7/7/2028 | 6198595 | $6098285 | $6184468 |  |
| Infusion Services Management LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.50% | 10.83% | 7/7/2028 | 2221347 | 2171268 | 2215879 |  |
| Infusion Services Management LLC (i)(l) | Term Loan | SOFR + 6.00% | 10.30% | 7/7/2028 | 4778704 | 4703134 | 4735695 |  |
|  |  |  |  |  |  | 31304385 | 31808663 | 3.96% |
| **Health Care Services** |  |  |  |  |  |  |  |  |
| Ab Centers Acquisition Corporation (j)(l) | Term Loan | SOFR + 5.00% | 9.32% | 7/2/2031 | 20144563 | 19870158 | 20144563 |  |
| Ab Centers Acquisition Corporation (f)(j)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 9.32% | 7/2/2031 | 1321122 | 1287453 | 1321122 |  |
| Ab Centers Acquisition Corporation (f)(j)(q) | Revolving Credit Facility | - | - | 7/2/2031 | - | (25522) | - |  |
| Ab Centers Acquisition Corporation (j)(l) | Term Loan | SOFR + 5.00% | 9.33% | 7/2/2031 | 997500 | 992882 | 997500 |  |
| Bebright Mso, LLC (i)(l) | Term Loan | SOFR + 5.75% | 10.05% | 6/3/2030 | 9566137 | 9483482 | 9566137 |  |
| Bebright Mso, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.75% | 10.05% | 6/3/2030 | 7233255 | 7167698 | 7233255 |  |
| Bebright Mso, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 6/3/2030 | - | (15916) | - |  |
| CareRing Health, LLC (j)(l) | Delayed Draw Term Loan | SOFR + 6.00% | 10.33% | 5/4/2028 | 6533576 | 6519421 | 6376770 |  |
| CareRing Health, LLC (j)(l) | Term Loan | SOFR + 6.00% | 10.33% | 5/4/2028 | 28096552 | 27725535 | 27422234 |  |
| Dpt Management, LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.58% | 12/18/2027 | 1791000 | 1775925 | 1780254 |  |
| Dpt Management, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 12/18/2027 | - | (3432) | (2500) |  |
| Dpt Management, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.25% | 9.57% | 12/18/2027 | 33333 | 31277 | 31833 |  |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (i)(l) | Term Loan | SOFR + 6.50% | 10.74% | 1/3/2029 | 37834137 | 37206207 | 37834137 |  |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (i)(l) | Delayed Draw Term Loan | SOFR + 6.50% | 10.74% | 1/3/2029 | 8909091 | 8762193 | 8909091 |  |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (f)(i) | Revolving Credit Facility | - | - | 1/3/2029 | - | (40312) | - |  |
| Future Care Associates LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.68% | 12/30/2028 | 29250000 | 28759595 | 29133000 |  |
| Future Care Associates LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 9.68% | 12/30/2028 | 24590000 | 24189459 | 24491640 |  |
| Future Care Associates LLC (f)(i)(q) | Revolving Credit Facility | - | - | 12/30/2028 | - | (74564) | (20000) |  |
| Houseworks Holdings, LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.47% | 12/15/2028 | 6581250 | 6450940 | 6581250 |  |
| Houseworks Holdings, LLC (i)(l) | Delayed Draw Term Loan | SOFR + 5.25% | 9.47% | 12/15/2028 | 24437500 | 23959864 | 24437500 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Houseworks Holdings, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.25% | 9.47% | 12/15/2028 | 3214343 | $3112543 | $3214343 |  |
| Houseworks Holdings, LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.47% | 12/15/2028 | 43410616 | 42510747 | 43410616 |  |
| NE Ortho Management Services, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 12/13/2030 | - | (44145) | - |  |
| NE Ortho Management Services, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 12/13/2030 | - | (11025) | - |  |
| NE Ortho Management Services, LLC (i)(l) | Term Loan | SOFR + 5.00% | 9.30% | 12/13/2030 | 5237278 | 5164209 | 5237278 |  |
| NE Ortho Management Services, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 12/13/2030 | - | (16554) | - |  |
| The Smilist Dso, LLC (i)(l) | Term Loan | SOFR + 6.00% | 10.30% | 4/4/2029 | 21035644 | 20656210 | 21035644 |  |
| The Smilist Dso, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 4/4/2029 | - | (19553) | - |  |
| The Smilist Dso, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 6.00% | 10.30% | 4/4/2029 | 4567072 | 4486526 | 4567072 |  |
| The Smilist Dso, LLC (i)(l) | Delayed Draw Term Loan | SOFR + 6.00% | 10.30% | 4/4/2029 | 5687061 | 5585478 | 5687061 |  |
| The Smilist Dso, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 9.56% | 4/4/2029 | 537073 | 530270 | 531388 |  |
| Tiger Healthcare Buyer, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 6.00% | 10.30% | 2/27/2030 | 74024 | 72236 | 70609 |  |
| Tiger Healthcare Buyer, LLC (i)(l) | Term Loan | SOFR + 6.00% | 10.30% | 2/27/2030 | 2468750 | 2422599 | 2389750 |  |
| Tiger Healthcare Buyer, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.00% | 10.30% | 2/27/2030 | 1125000 | 1085214 | 1053000 |  |
| Vip Medical Us Buyer, LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.68% | 12/12/2028 | 33525375 | 33087833 | 33525375 |  |
| Vip Medical Us Buyer, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 12/12/2028 | - | (90277) | - |  |
| Vip Medical Us Buyer, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 9.68% | 12/12/2028 | 8027000 | 7929621 | 8027000 |  |
|  |  |  |  |  |  | 330484275 | 334986922 | 41.60% |
| **Health Care Supplies** |  |  |  |  |  |  |  |  |
| C2dx, Inc (i)(l) | Term Loan | SOFR + 5.50% | 9.83% | 3/19/2030 | 518856 | 512356 | 513149 |  |
| C2dx, Inc (f)(i)(q) | Revolving Credit Facility | SOFR + 5.50% | 9.83% | 3/19/2030 | 30508 | 28890 | 29017 |  |
| C2dx, Inc (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.50% | 9.83% | 3/19/2030 | 287415 | 283334 | 283694 |  |
| Premier Dental Products Company LLC (i)(l) | Term Loan | SOFR + 5.00% | 9.30% | 1/31/2031 | 3117188 | 3072891 | 3039258 |  |
| Premier Dental Products Company LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 1/31/2031 | - | (8743) | (21875) |  |
| Premier Dental Products Company LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 9.30% | 1/31/2031 | 218750 | 209956 | 203125 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
|  |  |  |  |  |  | $4098684 | $4046368 | 0.51% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| Harmony Hit US Holdings Inc (i)(l)(q) | Term Loan | SOFR + 5.00% | 9.33% | 12/3/2030 | 17728418 | 17523108 | 17462492 |  |
| Harmony Hit US Holdings Inc (f)(i)(q) | Delayed Draw Term Loan | - | - | 12/3/2030 | - | (20382) | (31481) |  |
| Harmony Hit US Holdings Inc (f)(i)(q) | Revolving Credit Facility | - | - | 12/3/2030 | - | (34233) | (45372) |  |
| Rxstrategies, Inc (i)(l) | Term Loan | SOFR + 5.25% | 9.53% | 8/12/2030 | 20692989 | 20417539 | 20692989 |  |
| Rxstrategies, Inc (f)(i)(q) | Revolving Credit Facility | - | - | 8/12/2030 | - | (48105) | - |  |
|  |  |  |  |  |  | 37837927 | 38078628 | 4.73% |
| **Industrial Machinery & Supplies & Components** |  |  |  |  |  |  |  |  |
| Astro Acquisition LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.47% | 12/13/2027 | 48250000 | 47923681 | 48250000 |  |
| Astro Acquisition LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.25% | 9.54% | 12/13/2027 | 5750000 | 5750000 | 5750000 |  |
| Double E Company, LLC (i)(l) | Term Loan | SOFR + 6.75% (2.75% PIK) | 11.20% | 6/21/2028 | 16045738 | 15933846 | 13815380 |  |
| Double E Company, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.75% | 11.20% | 6/21/2028 | 2202643 | 2202643 | 1871982 |  |
| Endurance PT Technology Buyer Corporation (i)(l) | Term Loan | SOFR + 5.50% | 9.83% | 2/28/2030 | 4203107 | 4133417 | 4203107 |  |
| Endurance PT Technology Buyer Corporation (f)(i)(q) | Revolving Credit Facility | - | - | 2/28/2030 | - | (48204) | - |  |
| Endurance PT Technology Buyer Corporation (i)(l) | Term Loan | SOFR + 5.25% | 9.58% | 2/28/2030 | 990000 | 975070 | 984060 |  |
| La-Co Industries, Inc (i)(l) | Term Loan | SOFR + 5.00% | 9.30% | 7/2/2030 | 9075903 | 8957207 | 8939764 |  |
| La-Co Industries, Inc (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 9.33% | 7/2/2030 | 266160 | 256590 | 254753 |  |
| Lake Air Products, LLC (i)(l) | Term Loan | SOFR + 7.00% | 11.45% | 1/9/2029 | 35869454 | 35264699 | 35761846 |  |
| Lake Air Products, LLC (f)(i)(q) | Revolving Credit Facility | Prime + 6.00% | 13.50% | 1/9/2029 | 1000000 | 910664 | 982000 |  |
| LGC US Finco LLC (i)(m)(q) | Term Loan | SOFR + 6.50% | 10.94% | 12/20/2025 | 980000 | 974095 | 967260 |  |
|  |  |  |  |  |  | 123233708 | 121780152 | 15.10% |
| **IT Consulting & Other Services** |  |  |  |  |  |  |  |  |
| Digital Experience Services, LLC (i)(q) | Term Loan | SOFR + 5.00% | 9.28% | 4/25/2030 | 1153846 | 1137034 | 1136538 |  |
| Digital Experience Services, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 4/25/2030 | - | (8347) | (8654) |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Digital Experience Services, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 4/25/2030 | - | $(2782) | $(2885) |  |
| Insight Technology Operation LLC (i)(q) | Term Loan | SOFR + 5.75% | 10.05% | 3/31/2031 | 857664 | 845196 | 844799 |  |
| Insight Technology Operation LLC (f)(i)(q) | Revolving Credit Facility | - | - | 3/31/2031 | - | (1796) | (1869) |  |
|  |  |  |  |  |  | 1969305 | 1967929 | 0.24% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| Wci-Bxc Purchaser, LLC (f)(j)(q) | Revolving Credit Facility | - | - | 11/6/2029 | - | (108383) | - |  |
| Wci-Bxc Purchaser, LLC (j)(l) | Term Loan | SOFR + 6.25% | 10.51% | 11/6/2030 | 23104155 | 22624075 | 23104155 |  |
|  |  |  |  |  |  | 22515692 | 23104155 | 2.87% |
| **Office Services & Supplies** |  |  |  |  |  |  |  |  |
| Mse Supplies, LLC (i)(l) | Term Loan | SOFR + 5.00% | 9.33% | 8/14/2030 | 5725962 | 5637033 | 5668702 |  |
| Mse Supplies, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 9.33% | 8/14/2030 | 201923 | 180261 | 187500 |  |
|  |  |  |  |  |  | 5817294 | 5856202 | 0.72% |
| **Packaged Foods & Meats** |  |  |  |  |  |  |  |  |
| CCI Prime, LLC (i)(l) | Term Loan | SOFR + 6.25% | 10.55% | 10/18/2029 | 963850 | 945014 | 825055 |  |
| CCI Prime, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 6.25% | 10.55% | 10/18/2029 | 341841 | 333890 | 280247 |  |
| CCI Prime, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.25% | 10.58% | 10/18/2029 | 2450000 | 2386651 | 1946000 |  |
| Harvest Acquisitionco, LLC (i)(q) | Term Loan | SOFR + 6.50% | 10.80% | 5/15/2030 | 706320 | 695895 | 695725 |  |
| Harvest Acquisitionco, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 5/23/2030 | - | (1512) | (1544) |  |
| Harvest Acquisitionco, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 5/23/2030 | - | (2547) | (2601) |  |
| Midas Foods International LLC (i)(q) | Term Loan | SOFR + 6.25% | 10.58% | 4/30/2029 | 324590 | 319306 | 320695 |  |
| Midas Foods International LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 6.25% | 10.58% | 4/30/2029 | 424098 | 416348 | 418222 |  |
| Midas Foods International LLC (f)(i)(q) | Revolving Credit Facility | - | - | 4/30/2029 | - | (2526) | (1967) |  |
| Sabrosura Foods, LLC (i)(l) | Term Loan | SOFR + 5.00% | 9.28% | 8/22/2029 | 32944830 | 32519301 | 32154154 |  |
| Sabrosura Foods, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 9.28% | 8/22/2029 | 155595 | 126707 | 80721 |  |
| Sabrosura Foods, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 9.30% | 8/22/2029 | 4139931 | 4038366 | 3946376 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| SCP Baked Goods Holdings, LLC (i)(q) | Term Loan | SOFR + 4.75% | 9.05% | 5/1/2031 | 642857 | $634989 | $634821 |  |
| SCP Baked Goods Holdings, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 5/1/2031 | - | (1629) | (1674) |  |
| SCP Baked Goods Holdings, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 5/1/2031 | - | (1086) | (1116) |  |
| Shf Holdings, Inc (i)(l) | Term Loan | SOFR + 5.50% | 9.80% | 1/22/2030 | 17563913 | 17318766 | 17388274 |  |
| Shf Holdings, Inc (f)(i)(q) | Revolving Credit Facility | SOFR + 5.50% | 9.80% | 1/22/2030 | 469565 | 437398 | 446087 |  |
|  |  |  |  |  |  | 60163331 | 59127475 | 7.34% |
| **Paper & Plastic Packaging Products & Materials** |  |  |  |  |  |  |  |  |
| Bron Buyer, LLC (i)(l) | Term Loan | SOFR + 6.75% | 11.15% | 1/13/2029 | 32257500 | 31713457 | 32257500 |  |
| Bron Buyer, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 1/13/2029 | - | (74548) | - |  |
| Firmapak Intermediary LLC (i)(q) | Term Loan | SOFR + 5.50% | 9.83% | 2/4/2031 | 581875 | 574968 | 574602 |  |
| Firmapak Intermediary LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.50% | 9.83% | 2/4/2031 | 20833 | 19212 | 19097 |  |
| Firmapak Intermediary LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.50% | 9.83% | 2/4/2031 | 198611 | 195359 | 195139 |  |
| Soteria Flexibles Corporation (i)(q) | Delayed Draw Term Loan | SOFR + 5.75% | 10.05% | 8/15/2029 | 7250654 | 7186709 | 7192649 |  |
| Soteria Flexibles Corporation (i)(l) | Term Loan | SOFR + 5.75% | 10.05% | 8/15/2029 | 15187910 | 14901395 | 15066407 |  |
| Soteria Flexibles Corporation (f)(i)(q) | Revolving Credit Facility | - | - | 8/15/2029 | - | (102347) | (47259) |  |
|  |  |  |  |  |  | 54414205 | 55258135 | 6.84% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Alcami Corporation (i)(l) | Term Loan | SOFR + 7.00% | 11.48% | 12/21/2028 | 43941781 | 42391657 | 43941781 |  |
| Alcami Corporation (i)(l) | Delayed Draw Term Loan | SOFR + 7.00% | 11.41% | 12/21/2028 | 3951623 | 3819009 | 3951623 |  |
| Alcami Corporation (f)(i)(q) | Revolving Credit Facility | - | - | 12/21/2028 | - | (227711) | - |  |
|  |  |  |  |  |  | 45982955 | 47893404 | 5.94% |
| **Research & Consulting Services** |  |  |  |  |  |  |  |  |
| NAM Acquisition Co LLC (j)(l) | Term Loan | SOFR + 4.75% | 9.08% | 7/16/2030 | 3443855 | 3398589 | 3433524 |  |
| NAM Acquisition Co LLC (f)(j)(q) | Delayed Draw Term Loan | - | - | 7/16/2030 | - | (6106) | - |  |
| NAM Acquisition Co LLC (f)(j)(q) | Revolving Credit Facility | - | - | 7/16/2030 | - | (6095) | (1446) |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| RPX Corporation (i)(q) | Term Loan | SOFR + 5.25% | 9.56% | 8/2/2030 | 9114796 | $8993885 | $9114796 |  |
| RPX Corporation (f)(i)(q) | Revolving Credit Facility | - | - | 8/2/2030 | - | (10417) | - |  |
|  |  |  |  |  |  | 12369856 | 12546874 | 1.56% |
| **Soft Drinks & Non-alcoholic Beverages** |  |  |  |  |  |  |  |  |
| Refresh Buyer LLC (f)(j)(q) | Revolving Credit Facility | SOFR + 4.75% | 9.05% | 12/23/2027 | 2208589 | 2208589 | 2159509 |  |
| Refresh Buyer LLC (j)(l) | Term Loan | SOFR + 4.75% | 9.05% | 12/23/2028 | 14245399 | 14146727 | 14017472 |  |
| Refresh Buyer LLC (j)(l) | Delayed Draw Term Loan | SOFR + 4.75% | 9.05% | 12/23/2028 | 2147853 | 2147853 | 2113487 |  |
| Refresh Buyer LLC (j)(l) | Term Loan | SOFR + 4.75% | 9.05% | 12/23/2028 | 34155280 | 33714444 | 33608795 |  |
| Refresh Buyer LLC (j)(l) | Delayed Draw Term Loan | SOFR + 4.75% | 9.05% | 12/23/2028 | 4894410 | 4833932 | 4816099 |  |
|  |  |  |  |  |  | 57051545 | 56715362 | 7.04% |
| **Specialized Consumer Services** |  |  |  |  |  |  |  |  |
| Mustang Prospects Purchaser LLC (j)(l) | Term Loan | SOFR + 5.00% | 9.30% | 6/13/2031 | 16104607 | 15961249 | 15782515 |  |
| Mustang Prospects Purchaser LLC (f)(j)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 9.30% | 6/13/2031 | 2062021 | 2036602 | 1994871 |  |
| Mustang Prospects Purchaser LLC (f)(j)(q) | Revolving Credit Facility | SOFR + 5.00% | 9.30% | 6/13/2031 | 142099 | 121883 | 94733 |  |
| Quick Roofing Acquisition, LLC (i)(l) | Term Loan | SOFR + 5.75% | 10.15% | 12/22/2029 | 8073771 | 7911253 | 7960738 |  |
| Quick Roofing Acquisition, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.75% | 10.15% | 12/22/2029 | 2125000 | 1963866 | 2006000 |  |
| Quick Roofing Acquisition, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.75% | 10.15% | 12/22/2029 | 2955326 | 2897540 | 2913951 |  |
| Quick Roofing Acquisition, LLC (i)(l) | Term Loan | SOFR + 5.75% | 10.15% | 12/22/2029 | 492475 | 485771 | 485580 |  |
| Quick Roofing Acquisition, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 12/22/2029 | - | (4469) | (4545) |  |
| Roofing Services Solutions LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.58% | 11/27/2029 | 10364583 | 10223839 | 10333490 |  |
| Roofing Services Solutions LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 9.55% | 11/27/2029 | 6238333 | 6154368 | 6219618 |  |
| Roofing Services Solutions LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.25% | 9.58% | 11/27/2029 | 416667 | 375002 | 407292 |  |
| Scp Wqs Buyer, LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.55% | 10/2/2028 | 4296277 | 4227589 | 4296277 |  |
| Scp Wqs Buyer, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 9.55% | 10/2/2028 | 7471150 | 7348369 | 7471150 |  |
| Scp Wqs Buyer, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.25% | 9.55% | 10/2/2028 | 783331 | 730556 | 783331 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Solid Ground Solutions Acquisitions Inc (i)(l) | Term Loan | SOFR + 5.00% | 9.17% | 5/6/2029 | 1885714 | $1858918 | $1885714 |  |
| Solid Ground Solutions Acquisitions Inc (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 9.17% | 5/6/2029 | 831250 | 809320 | 831250 |  |
| Solid Ground Solutions Acquisitions Inc (f)(i)(q) | Revolving Credit Facility | - | - | 5/6/2029 | - | (8056) | - |  |
| Unified Service Partners, LLC (i)(q) | Term Loan | SOFR + 5.50% | 9.80% | 4/14/2030 | 356250 | 351082 | 350906 |  |
| Unified Service Partners, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.75% | 10.05% | 4/14/2030 | 303571 | 295835 | 295536 |  |
| Unified Service Partners, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 4/14/2030 | - | (1284) | (1339) |  |
| USW Buyer, LLC (i)(l) | Term Loan | SOFR + 6.25% | 10.65% | 11/3/2028 | 15163852 | 14969697 | 13723286 |  |
| USW Buyer, LLC (i)(l) | Delayed Draw Term Loan | SOFR + 6.25% | 10.65% | 11/3/2028 | 14333236 | 14156418 | 12971579 |  |
| USW Buyer, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.25% | 10.65% | 11/3/2028 | 3030000 | 2971095 | 2555000 |  |
|  |  |  |  |  |  | 95836443 | 93356933 | 11.58% |
| **Specialty Chemicals** |  |  |  |  |  |  |  |  |
| Penta Fine Ingredients, Inc. (f)(i)(q) | Revolving Credit Facility | - | - | 4/4/2031 | - | (1780) | (1852) |  |
| Penta Fine Ingredients, Inc. (i)(q) | Term Loan | SOFR + 5.00% | 9.33% | 4/4/2031 | 857932 | 845454 | 845063 |  |
|  |  |  |  |  |  | 843674 | 843211 | 0.10% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| All States Ag Parts LLC (i)(l) | Term Loan | SOFR + 6.50% (0.50% PIK) | 11.06% | 9/1/2026 | 23922561 | 23702029 | 23061349 |  |
| Belt Power Holdings LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.70% | 8/22/2028 | 28260742 | 27919340 | 28260742 |  |
| Belt Power Holdings LLC (i)(l) | Delayed Draw Term Loan | SOFR + 5.25% | 9.70% | 8/22/2028 | 6557025 | 6499799 | 6557025 |  |
| Belt Power Holdings LLC (f)(i)(q) | Revolving Credit Facility | - | - | 8/22/2028 | - | (37405) | - |  |
| Erosion Intermediate Holdings LLC (i)(l) | Term Loan | SOFR + 5.50% | 9.80% | 9/30/2029 | 1993862 | 1967544 | 1987880 |  |
| Erosion Intermediate Holdings LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.50% | 9.80% | 9/30/2029 | 799554 | 747929 | 787512 |  |
| Erosion Intermediate Holdings LLC (f)(i)(q) | Revolving Credit Facility | - | - | 9/30/2029 | - | (17116) | (4018) |  |
| Mobotrex, LLC (i)(l)(q) | Term Loan | SOFR + 5.00% | 9.30% | 6/7/2030 | 2184061 | 2147245 | 2170957 |  |
| Mobotrex, LLC (f)(i)(q) | Revolving Credit Facility | Prime + 4.00% | 11.50% | 6/7/2030 | 70590 | 64747 | 68472 |  |
| Mobotrex, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 6/7/2030 | - | (1467) | - |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
|  |  |  |  |  |  | $62992645 | $62889919 | 7.81% |
| **Total First Lien Debt** |  |  |  |  |  | 1594811263 | 1574109268 | 195.38% |
| **Unsecured Debt** |  |  |  |  |  |  |  |  |
| **Specialized Consumer Services** |  |  |  |  |  |  |  |  |
| USW Holdings, LLC (m)(q) | Convertible Promissory Note | 18.00% (18.00% PIK) | 18.00% | 5/3/2029 | 53475 | 53475 | 53475 |  |
|  |  |  |  |  |  | 53475 | 53475 | 0.01% |
| **Total Unsecured Debt** |  |  |  |  |  | 53475 | 53475 | 0.01% |
| **Equity** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Hitco Parent LLC (o) | Class A Units |  |  |  | 8723 | 109890 | 112961 |  |
|  |  |  |  |  |  | 109890 | 112961 | 0.01% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| REP RO COINVEST IV-A, L.P. (m)(o) | Equity Units |  |  |  | 800000 | 800000 | 472000 |  |
| Scp 3pl Topco, LLC (m)(o) | Common Units |  |  |  | 69 | 346 | - |  |
| Scp 3pl Topco, LLC (m)(o) | Class B Units |  |  |  | 7 | 6580 | 7015 |  |
|  |  |  |  |  |  | 806926 | 479015 | 0.06% |
| **Building Products** |  |  |  |  |  |  |  |  |
| Copperweld Investor, LLC (o)(q) | Class A Common Units |  |  |  | 600000 | 1500000 | 3234000 |  |
| Tgnl Topco LP (o) | Common Units |  |  |  | 5525 | 5525 | 5525 |  |
|  |  |  |  |  |  | 1505525 | 3239525 | 0.40% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| BPCP Craftsman Holdings, LLC (o) | Class A Units |  |  |  | 16 | 15686 | 15690 |  |
|  |  |  |  |  |  | 15686 | 15690 | 0.00% |
| **Diversified Support Services** |  |  |  |  |  |  |  |  |
| Air Control Concepts Holdings, L.P (m)(o) | Class A-1 Units |  |  |  | 33715 | 337148 | 1142931 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Identiti Holdings LLC (o) | Class A Units |  |  |  | 115875 | $115875 | $206258 |  |
| Klc Fund 1022-Ci-A LP (m)(o) | Equity Interest |  |  |  |  | 750000 | 888075 |  |
| Perimeter Solutions Holdings, LP (o) | Common Units |  |  |  | 111732 | 111732 | 130726 |  |
|  |  |  |  |  |  | 1314755 | 2367990 | 0.30% |
| **Electrical Components & Equipment** |  |  |  |  |  |  |  |  |
| Warshaw Holdings, LLC (o) | Common Units |  |  |  | 17 | 8432 | 7784 |  |
| Warshaw Holdings, LLC (o) | Series A Preferred Units |  |  |  | 17 | 8432 | 8430 |  |
|  |  |  |  |  |  | 16864 | 16214 | 0.00% |
| **Electronic Components** |  |  |  |  |  |  |  |  |
| Apct Parent, L.P. (o) | Class A Units |  |  |  | 1500 | 1500000 | - |  |
| Apct Parent, L.P. (o) | Class C Units |  |  |  | 76 | 38419 | - |  |
| Apct Parent, L.P. (o) | Class C Units |  |  |  | 213 | 76841 | - |  |
|  |  |  |  |  |  | 1615260 | - | 0.00% |
| **Environmental & Facilities Services** |  |  |  |  |  |  |  |  |
| Dragonfly Ultimate Holdings LLC (o) | Class A Units |  |  |  | 131272 | 131272 | 160152 |  |
| Erosion Holdings, LLC (o) | Class A Units |  |  |  | 134 | 133930 | 109290 |  |
|  |  |  |  |  |  | 265202 | 269442 | 0.03% |
| **Health Care Services** |  |  |  |  |  |  |  |  |
| Dpt Management, LLC (o) | Preferred Units |  |  |  | 10753 | 33333 | 35699 |  |
| NE Ortho Holdings, LLC (o) | Class B Membership Units |  |  |  | 57 | 56540 | 57387 |  |
| Personal Care (Itc) Holdings, LLC (o) | Class A Units |  |  |  | 187961 | 1879621 | 2052534 |  |
| Tiger Healthcare Holdings, LLC (o) | Class A Interest |  |  |  | 97500 | 125000 | 51675 |  |
| VIP Medical Holdings, LLC (o) | Class A Units |  |  |  | 1000000 | 10 | 290000 |  |
| VIP Medical Holdings, LLC (o) | Series A Preferred Units |  |  |  | 1000000 | 1000000 | 1360000 |  |
|  |  |  |  |  |  | 3094504 | 3847295 | 0.48% |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| Rxs Enterprises LLC (o) | Preferred Units |  |  |  | 57423 | $308494 | $407706 |  |
| Rxs Enterprises LLC (o) | Senior Preferred Units |  |  |  | 92147 | 92147 | 92147 |  |
|  |  |  |  |  |  | 400641 | 499853 | 0.06% |
| **Human Resource & Employment Services** |  |  |  |  |  |  |  |  |
| Fca Partners LLC (m)(o) | Common Units |  |  |  | 839085 | 4 | 8 |  |
| Fca Partners LLC (m)(o) | Class A Preferred Units |  |  |  | 839085 | 839085 | 520233 |  |
|  |  |  |  |  |  | 839089 | 520241 | 0.06% |
| **Industrial Machinery & Supplies & Components** |  |  |  |  |  |  |  |  |
| Double E Equity, L.P. (m)(o)(q) | Class A Common Units |  |  |  | 1000 | 1000000 | 37920 |  |
| Double E Equity, L.P. (m)(o)(q) | Class A Preferred Units |  |  |  | 36 | 35875 | 39749 |  |
| Endurance PT Technology Holdings LLC (o)(q) | Common Units |  |  |  | 177 | 17722 | 78096 |  |
| Endurance PT Technology Holdings LLC (o)(q) | Preferred Units |  |  |  | 160 | 159499 | 176249 |  |
| Lake Air Products Aggregator LLC (m)(o) | Common Units |  |  |  | 1000000 | 1000000 | 770000 |  |
|  |  |  |  |  |  | 2213096 | 1102014 | 0.13% |
| **IT Consulting & Other Services** |  |  |  |  |  |  |  |  |
| Insight Technology Enterprises LLC (o) | Preferred Units |  |  |  | 9657 | 15576 | 15257 |  |
|  |  |  |  |  |  | 15576 | 15257 | 0.00% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| Wci-Bxc Investment Holdings LP (m)(o) | Equity Interest |  |  |  |  | 608645 | 577703 |  |
|  |  |  |  |  |  | 608645 | 577703 | 0.07% |
| **Office Services & Supplies** |  |  |  |  |  |  |  |  |
| Mse Acquisitions Inc (o) | Series A Preferred Stock |  |  |  | 288 | 288462 | 263658 |  |
|  |  |  |  |  |  | 288462 | 263658 | 0.03% |
| **Packaged Foods & Meats** |  |  |  |  |  |  |  |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Cci Prime Holdings, LLC (o) | Series A Preferred Units |  |  |  | 92 | $92025 | $20212 |  |
| Et-Harvest Investment Aggregator, LP (m)(o) | Class A Units |  |  |  | 17341 | 17341 | 17341 |  |
| Mfi Group Holdings LLC (o) | Class A Units |  |  |  | 19 | 19393 | 19488 |  |
| Sabrosura Super Holdings LLC (o) | Class A Interests |  |  |  | 323750 | 388500 | 291375 |  |
|  |  |  |  |  |  | 517259 | 348416 | 0.04% |
| **Paper & Plastic Packaging Products & Materials** |  |  |  |  |  |  |  |  |
| Bron Holdings, LLC (o) | Class A Units |  |  |  | 1000 | 1000000 | 1200240 |  |
|  |  |  |  |  |  | 1000000 | 1200240 | 0.15% |
| **Specialized Consumer Services** |  |  |  |  |  |  |  |  |
| Acp Roofing Holdings, LLC (o) | Common Units |  |  |  | 17857 | 17857 | 17857 |  |
| Mustang Prospects Holdco, LLC (o) | Class A Units |  |  |  | 1047 | 1047049 | 1341313 |  |
| Mustang Prospects Holdco, LLC (o) | Class B Units |  |  |  | 1047081 | 42514 | 376949 |  |
| NAM Group Holdings LLC (o) | Class A Units |  |  |  | 84337 | 84337 | 105422 |  |
| Quick Roofing Topco, LLC (o) | Class A Interest |  |  |  | 327869 | 327869 | 970492 |  |
| Roofing Services Solutions Holdings, LLC (o) | Common Units |  |  |  | 186 | 12985 | 75630 |  |
| Roofing Services Solutions Holdings, LLC (o) | Series A Preferred Units |  |  |  | 186 | 221319 | 234348 |  |
| Solid Ground Solutions Investment LLC (o) | Class A Units |  |  |  | 135004 | 135004 | 159305 |  |
| Usw Holdings, LLC (o) | Class A-1 Units |  |  |  | 694 | 718048 | 205428 |  |
|  |  |  |  |  |  | 2606982 | 3486744 | 0.44% |
| **Specialty Chemicals** |  |  |  |  |  |  |  |  |
| Penta Fine Ingredients Parent, LLC (o) | Class A Common Units |  |  |  | 26 | 26 | 5241 |  |
| Penta Fine Ingredients Parent, LLC (o) | Preferred Units |  |  |  | 16 | 16435 | 16819 |  |
|  |  |  |  |  |  | 16461 | 22060 | 0.00% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| Belt Power Parent, LLC (o) | Class A Units |  |  |  | 1271725 | 1395332 | 2301822 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**June 30, 2025**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Mobotrex Ultimate Holdings, LLC (o) | Class A-2 Units |  |  |  | 104971 | $104971 | $155358 |  |
|  |  |  |  |  |  | 1500303 | 2457180 | 0.31% |
| **Total Equity** |  |  |  |  |  | 18751126 | 20841498 | 2.57% |
| **Money Market Mutual Funds** |  |  |  |  |  |  |  |  |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund - 4.17% (g)(n) | Investor Class Units |  |  |  | 17648924 | 17648924 | 17648924 |  |
|  |  |  |  |  |  | 17648924 | 17648924 | 2.19% |
| **Total Money Market Mutual Funds** |  |  |  |  |  | 17648924 | 17648924 | 2.19% |
| **Total Investments -- non-controlled/ non-affiliate** |  |  |  |  |  | 1631264788 | 1612653165 | 200.15% |
| **Total Investment Portfolio** |  |  |  |  |  | $1631264788 | $1612653165 | 200.15% |

---

(a)All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.

(b)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to Secured Overnight Funds Rate (SOFR), Canadian Overnight Repo Rate Average (CORRA) or Prime Rate (Prime) which resets monthly, quarterly, or semi-annually. If applicable, the interest rate includes a credit spread adjustment, which is charged in addition to the reference rate and spread. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2025.

(c)The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.

(d)All debt investments are shown at amortized cost.

(e)Unless otherwise indicated, investments were valued using unobservable inputs and are considered Level 3 investments.

(f)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 and/or letter of credit commitment fees. Negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Negative fair value is the result of the unfunded commitment being valued below par and/or the capitalized discount on the loan. The unfunded loan commitment may be subject to a commitment termination date and may expire prior to the maturity date stated. See Notes to Consolidated Financial Statements for more information on the Fund's unfunded commitments.

(g)The investment was not valued using unobservable inputs and is not considered a Level 3 investment.

(h)The interest rate floor on these investments as of June 30, 2025 was 1.50%.

(i)The interest rate floor on these investments as of June 30, 2025 was 1.00%.

(j)The interest rate floor on these investments as of June 30, 2025 was 0.75%.

(k)The interest rate floor on these investments as of June 30, 2025 was 0.50%.

(l)Security or portion of the security is pledged as collateral for Fidelity Direct Lending Fund I JSPV LLC Facility.

(m)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of June 30, 2025, non-qualifying assets amounted to $46,778,081 which represents 2.8% of total assets as calculated in accordance with regulatory requirements.

(n)The rate quoted is the annualized seven-day yield of the fund at period end.

(o)Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $20,841,498 or 2.6% of net assets.

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

------

Additional information on each restricted holding is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Type** | **Acquisition Date** | **Acquisition Cost ($)** |
| Acp Roofing Holdings, LLC | Common Units | 4/14/2025 | 17857 |
| Air Control Concepts Holdings, L.P | Class A-1 Units | 4/11/2023 | 337148 |
| Apct Parent, L.P. | Class A Units | 2/7/2025 | 76841 |
| Apct Parent, L.P. | Class C Units | 2/14/2023 | 1500000 |
| Apct Parent, L.P. | Class C Units | 8/9/2024 | 38419 |
| BPCP Craftsman Holdings, LLC | Class A Units | 4/9/2025 | 15686 |
| Belt Power Parent, LLC | Class A Units | 10/7/2022 - 3/31/2025 | 1395332 |
| Bron Holdings, LLC | Class A Units | 1/13/2023 | 1000000 |
| Cci Prime Holdings, LLC | Series A Preferred Units | 10/18/2023 | 92025 |
| Copperweld Investor, LLC | Class A Common Units | 12/15/2022 | 1500000 |
| Double E Equity, L.P. | Class A Preferred Units | 6/21/2022 | 1000000 |
| Double E Equity, L.P. | Class A Common Units | 5/7/2024 - 6/13/2025 | 35875 |
| Dpt Management, LLC | Preferred Units | 12/18/2024 | 33333 |
| Dragonfly Ultimate Holdings LLC | Class A Units | 8/16/2024 | 131272 |
| Endurance PT Technology Holdings LLC | Preferred Units | 2/29/2024 - 6/28/2024 | 17722 |
| Endurance PT Technology Holdings LLC | Common Units | 2/29/2024 - 6/28/2024 | 159499 |
| Erosion Holdings, LLC | Class A Units | 9/30/2024 | 133930 |
| Et-Harvest Investment Aggregator, LP | Class A Units | 5/23/2025 | 17341 |
| Fca Partners LLC | Common Units | 4/17/2023 - 6/7/2024 | 4 |
| Fca Partners LLC | Class A Preferred Units | 4/17/2023 - 6/7/2024 | 839085 |
| Hitco Parent LLC | Class A Units | 2/28/2025 | 109890 |
| Identiti Holdings LLC | Class A Units | 11/1/2024 | 115875 |
| Insight Technology Enterprises LLC | Preferred Units | 3/31/2025 | 15576 |
| Klc Fund 1022-Ci-A LP | Equity Interest | 12/1/2022 | 750000 |
| Lake Air Products Aggregator LLC | Common Units | 1/9/2023 | 1000000 |
| Mfi Group Holdings LLC | Class A Units | 4/30/2024 - 11/15/2024 | 19393 |
| Mobotrex Ultimate Holdings, LLC | Class A-2 Units | 6/7/2024 - 2/28/2025 | 104971 |
| Mse Acquisitions Inc | Series A Preferred Stock | 8/14/2024 | 288462 |
| Mustang Prospects Holdco, LLC | Class A Units | 12/15/2022 - 2/4/2025 | 1047049 |
| Mustang Prospects Holdco, LLC | Class B Units | 12/15/2022 - 2/4/2025 | 42514 |
| NAM Group Holdings LLC | Class A Units | 7/16/2024 | 84337 |
| NE Ortho Holdings, LLC | Class B Membership Units | 12/13/2024 | 56540 |
| Penta Fine Ingredients Parent, LLC | Preferred Units | 4/4/2025 | 16435 |
| Penta Fine Ingredients Parent, LLC | Class A Common Units | 4/4/2025 | 26 |
| Perimeter Solutions Holdings, LP | Common Units | 10/2/2024 | 111732 |
| Personal Care (Itc) Holdings, LLC | Class A Units | 2/14/2023 - 10/18/2023 | 1879621 |
| Quick Roofing Topco, LLC | Class A Interest | 12/22/2023 | 327869 |
| REP RO COINVEST IV-A, L.P. | Equity Units | 12/29/2022 | 800000 |
| Roofing Services Solutions Holdings, LLC | Series A Preferred Units | 11/27/2024 - 4/7/2025 | 12985 |
| Roofing Services Solutions Holdings, LLC | Common Units | 11/27/2024 - 4/7/2025 | 221319 |
| Rxs Enterprises LLC | Preferred Units | 8/12/2024 | 308494 |
| Rxs Enterprises LLC | Senior Preferred Units | 8/12/2024 | 92147 |

---

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

------

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Type** | **Acquisition Date** | **Acquisition Cost ($)** |
| Sabrosura Super Holdings LLC | Class A Interests | 8/22/2024 | 388500 |
| Scp 3pl Topco, LLC | Common Units | 11/27/2024 | 346 |
| Scp 3pl Topco, LLC | Class B Units | 11/27/2024 | 6580 |
| Solid Ground Solutions Investment LLC | Class A Units | 5/6/2024 - 4/25/2025 | 135004 |
| Tgnl Topco LP | Common Units | 6/25/2025 | 5525 |
| Tiger Healthcare Holdings, LLC | Class A Interest | 2/27/2024 | 125000 |
| Usw Holdings, LLC | Class A-1 Units | 11/3/2022 - 1/14/2025 | 718048 |
| VIP Medical Holdings, LLC | Series A Preferred Units | 12/12/2022 | 10 |
| VIP Medical Holdings, LLC | Class A Units | 12/12/2022 | 1000000 |
| Warshaw Holdings, LLC | Common Units | 3/27/2025 | 8432 |
| Warshaw Holdings, LLC | Series A Preferred Units | 3/27/2025 | 8432 |
| Wci-Bxc Investment Holdings LP | Equity Interest | 11/6/2023 | 608108 |

---

(p)The par value of these investments is stated in Canadian Dollars.

(q)Security or portion of the security is pledged as collateral for Truist Senior Secured Revolving Credit Facility.

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Investments -- non-controlled/ non-affiliate** |  |  |  |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| Cadence - Southwick, Inc. (i)(l) | Term Loan | SOFR | + | 5.00% | 9.63% | 5/3/2029 | 8247847 | $8052292 | $8198360 |  |
| Cadence - Southwick, Inc. (f)(i) | Revolving Credit Facility | SOFR | + | 5.00% | 9.62% | 5/3/2028 | 1917917 | 1840009 | 1892657 |  |
|  |  |  |  |  |  |  |  | 9892301 | 10091017 | 1.34% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| Dynamic Connections, Ltd (i)(m) | Term Loan | SOFR | + | 5.50% | 10.02% | 11/27/2030 | 159353 | 156991 | 156963 |  |
| Dynamic Connections, Ltd (i)(l)(m)(p) | Term Loan | CORRA | + | 5.50% | 9.30% | 11/27/2030 | 520554 | 365698 | 356705 |  |
| Dynamic Connections, Ltd (f)(i)(m) | Delayed Draw Term Loan |  | - |  | - | 11/27/2030 | - | (5117) | (5196) |  |
| Dynamic Connections, Ltd (f)(i)(m) | Revolving Credit Facility |  | - |  | - | 11/27/2030 | - | (1705) | (1732) |  |
| Echo Global Logistics Inc (k)(l) | Term Loan | SOFR | + | 4.75% | 9.21% | 11/23/2028 | 15249000 | 14857941 | 15249000 |  |
| R1 Holdings, LLC (i)(l) | Term Loan | SOFR | + | 6.25% | 10.84% | 12/29/2028 | 21692300 | 21210147 | 21692300 |  |
| R1 Holdings, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 6.25% | 10.84% | 12/29/2028 | 2474590 | 2439041 | 2474590 |  |
| R1 Holdings, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 6.25% | 10.84% | 12/29/2028 | 1235294 | 1124353 | 1235294 |  |
|  |  |  |  |  |  |  |  | 40147349 | 41157924 | 5.45% |
| **Application Software** |  |  |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.84% | 10/2/2029 | 18562500 | 18131364 | 18376875 |  |
| ACP Avenu Buyer, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.25% | 9.85% | 10/2/2029 | 1454196 | 1310323 | 1388839 |  |
| ACP Avenu Buyer, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.84% | 10/2/2029 | 1920066 | 1845960 | 1900865 |  |
| ACP Falcon Buyer, Inc. (i)(l) | Term Loan | SOFR | + | 5.50% | 10.09% | 8/1/2029 | 23538681 | 22957546 | 23538681 |  |
| ACP Falcon Buyer, Inc. (f)(i) | Revolving Credit Facility |  | - |  | - | 8/1/2029 | - | (149961) | - |  |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (i)(l) | Term Loan | SOFR | + | 5.00% | 9.63% | 12/9/2029 | 31393256 | 30650347 | 31393256 |  |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (f)(i) | Revolving Credit Facility |  | - |  | - | 12/9/2028 | - | (67432) | - |  |
| Cytracom, LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.36% | 6/28/2027 | 3426966 | 3397681 | 3396124 |  |
| Cytracom, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 6/28/2027 | - | (4219) | (4045) |  |
| Cytracom, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 6/28/2027 | - | (4684) | (5056) |  |
| Finastra USA Inc (f)(i)(m) | Revolving Credit Facility | SOFR | + | 7.25% | 11.65% | 9/13/2029 | 4851990 | 4727462 | 4851990 |  |
| Lightspeed Solutions, LLC (j)(l) | Term Loan | SOFR | + | 6.50% (3.62% PIK) | 10.85% | 3/1/2028 | 20499211 | 20232423 | 20396715 |  |
| Lightspeed Solutions, LLC (j)(l) | Delayed Draw Term Loan | SOFR | + | 6.50% (3.62% PIK) | 10.85% | 3/1/2028 | 1352034 | 1350506 | 1345274 |  |
| Prism Parent Co Inc. (f)(j) | Delayed Draw Term Loan | SOFR | + | 5.00% | 9.34% | 9/16/2028 | 1488889 | 1465654 | 1488889 |  |
| Prism Parent Co Inc. (j)(l) | Term Loan | SOFR | + | 5.00% | 9.37% | 9/16/2028 | 31122518 | 30691280 | 31122518 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Routeware, Inc (i)(l) | Term Loan | SOFR | + | 5.25% | 9.60% | 9/18/2031 | 9545455 | $9452714 | $9450000 |  |
| Routeware, Inc (f)(i) | Delayed Draw Term Loan |  | - |  | - | 9/18/2031 | - | (21273) | (22159) |  |
| Routeware, Inc (f)(i) | Revolving Credit Facility |  | - |  | - | 9/18/2031 | - | (9819) | (10227) |  |
|  |  |  |  |  |  |  |  | 145955872 | 148608539 | 19.68% |
| **Automotive Parts & Equipment** |  |  |  |  |  |  |  |  |  |  |
| Arrowhead Holdco Company (j)(l) | Term Loan | SOFR | + | 5.25% (2.75% PIK) | 9.91% | 8/31/2028 | 25641875 | 25276369 | 19641676 |  |
| Arrowhead Holdco Company (j)(l) | Delayed Draw Term Loan | SOFR | + | 5.25% (2.75% PIK) | 9.91% | 8/31/2028 | 2341724 | 2341724 | 1793761 |  |
|  |  |  |  |  |  |  |  | 27618093 | 21435437 | 2.84% |
| **Commodity Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Soteria Flexibles Corporation (f)(i) | Delayed Draw Term Loan |  | - |  | - | 8/15/2029 | - | (70714) | - |  |
| Soteria Flexibles Corporation (i)(l) | Term Loan | SOFR | + | 5.50% | 9.83% | 8/15/2029 | 15265202 | 14950057 | 15097285 |  |
| Soteria Flexibles Corporation (f)(i) | Revolving Credit Facility |  | - |  | - | 8/15/2029 | - | (114428) | (64981) |  |
|  |  |  |  |  |  |  |  | 14764915 | 15032304 | 1.99% |
| **Copper** |  |  |  |  |  |  |  |  |  |  |
| Copperweld Group, Inc. (i)(l) | Term Loan | SOFR | + | 6.00% | 10.59% | 3/31/2026 | 37741381 | 37072457 | 37514933 |  |
| Copperweld Group, Inc. (f)(i) | Revolving Credit Facility | SOFR | + | 6.00% | 10.33% | 3/31/2026 | 2876481 | 2791414 | 2846024 |  |
|  |  |  |  |  |  |  |  | 39863871 | 40360957 | 5.35% |
| **Data Processing & Outsourced Services** |  |  |  |  |  |  |  |  |  |  |
| VRC Companies LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.27% | 6/29/2027 | 34297127 | 34003700 | 34125641 |  |
|  |  |  |  |  |  |  |  | 34003700 | 34125641 | 4.52% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |  |
| CUB Financing Intermediate, LLC (k)(l) | Term Loan | SOFR | + | 4.75% | 9.08% | 6/28/2030 | 5126042 | 5077892 | 5126042 |  |
| CUB Financing Intermediate, LLC (f)(k) | Delayed Draw Term Loan |  | - |  | - | 6/28/2030 | - | (10877) | - |  |
| STG Distribution, LLC (h)(l)(m) | Term Loan | SOFR | + | 8.35% | 12.87% | 10/3/2029 | 16876603 | 15969850 | 16775343 |  |
|  |  |  |  |  |  |  |  | 21036865 | 21901385 | 2.90% |
| **Diversified Support Services** |  |  |  |  |  |  |  |  |  |  |
| American Trailer Rental Group, LLC (i)(l) | Term Loan | SOFR | + | 5.50% | 10.01% | 6/1/2027 | 15578500 | 15331019 | 14737261 |  |
| American Trailer Rental Group, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 5.50% | 10.01% | 6/1/2027 | 14732284 | 14729194 | 13936740 |  |
| American Trailer Rental Group, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 5.75% | 10.26% | 6/1/2027 | 19219292 | 18861937 | 18277547 |  |
| EverSmith Brands Intermediate Holding Company (i)(l) | Term Loan | SOFR | + | 5.00% | 9.36% | 6/17/2030 | 526765 | 519394 | 495159 |  |
| EverSmith Brands Intermediate Holding Company (f)(i) | Delayed Draw Term Loan |  | - |  | - | 6/17/2030 | - | (2516) | (19301) |  |
| EverSmith Brands Intermediate Holding Company (f)(i) | Revolving Credit Facility |  | - |  | - | 6/17/2030 | - | (1408) | (6176) |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Identiti Resources LLC (i)(l) | Term Loan | SOFR | + | 5.00% | 9.57% | 11/1/2029 | 12468134 | $12285954 | $12281112 |  |
| Identiti Resources LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 11/1/2029 | - | (74020) | (76477) |  |
| Identiti Resources LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 11/1/2029 | - | (33632) | (34762) |  |
| MRI Acquisitions, Inc (i)(l) | Term Loan | SOFR | + | 6.25% | 10.73% | 12/30/2025 | 33354800 | 33115063 | 32421603 |  |
| MRI Acquisitions, Inc (f)(i) | Revolving Credit Facility | SOFR | + | 6.25% | 10.73% | 12/30/2025 | 666667 | 650289 | 596667 |  |
| National Power, LLC (i)(l) | Term Loan | SOFR | + | 5.00% | 9.36% | 10/31/2029 | 1375801 | 1362406 | 1362043 |  |
| National Power, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 10/31/2029 | - | (7227) | (7472) |  |
| National Power, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 10/31/2029 | - | (3612) | (3736) |  |
| Perimeter Solutions Group, LLC (i)(l) | Term Loan | SOFR | + | 4.50% | 8.83% | 10/2/2030 | 12067039 | 11920905 | 11886034 |  |
| Perimeter Solutions Group, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 4.50% | 8.83% | 10/2/2030 | 1820633 | 1785149 | 1773631 |  |
| Perimeter Solutions Group, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 10/2/2030 | - | (44991) | (56250) |  |
|  |  |  |  |  |  |  |  | 110393904 | 107563623 | 14.24% |
| **Electronic Components** |  |  |  |  |  |  |  |  |  |  |
| AEP Passion Intermediate Holdings, Inc. (i)(l) | Term Loan | SOFR | + | 6.50% | 11.17% | 10/5/2027 | 24494992 | 24009944 | 22265948 |  |
| AEP Passion Intermediate Holdings, Inc. (i) | Delayed Draw Term Loan | SOFR | + | 6.50% | 11.17% | 10/5/2027 | 1356240 | 1331289 | 1232822 |  |
| AEP Passion Intermediate Holdings, Inc. (f)(i) | Revolving Credit Facility | SOFR | + | 4.60% | 9.27% | 10/5/2027 | 1198723 | 1166845 | 1043026 |  |
| EDS Buyer, LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.08% | 1/10/2029 | 907990 | 892073 | 907990 |  |
| EDS Buyer, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 1/10/2029 | - | (1441) | - |  |
|  |  |  |  |  |  |  |  | 27398710 | 25449786 | 3.37% |
| **Electronic Manufacturing Services** |  |  |  |  |  |  |  |  |  |  |
| Principal Lighting Group Holdings, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.81% | 11/4/2030 | 23359808 | 23016177 | 23009411 |  |
| Principal Lighting Group Holdings, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 11/4/2030 | - | (45398) | (46595) |  |
|  |  |  |  |  |  |  |  | 22970779 | 22962816 | 3.04% |
| **Environmental & Facilities Services** |  |  |  |  |  |  |  |  |  |  |
| Dragonfly Pond Works (i) | Term Loan | SOFR | + | 5.25% | 9.58% | 8/16/2030 | 2985516 | 2942812 | 2973574 |  |
| Dragonfly Pond Works (f)(i) | Delayed Draw Term Loan |  | - |  | - | 8/16/2030 | - | (24653) | - |  |
| Dragonfly Pond Works (f)(i) | Revolving Credit Facility |  | - |  | - | 8/16/2030 | - | (12318) | (3501) |  |
| Erosion Intermediate Holdings LLC (i)(l) | Term Loan | SOFR | + | 5.50% | 9.83% | 9/30/2029 | 2003906 | 1975023 | 1977855 |  |
| Erosion Intermediate Holdings LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.50% | 9.84% | 9/30/2029 | 803571 | 746245 | 751339 |  |
| Erosion Intermediate Holdings LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 9/30/2029 | - | (19093) | (17411) |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Pave America Interco, LLC (i)(l) | Term Loan | SOFR | + | 6.75% | 11.23% | 2/7/2028 | 39744347 | $38919160 | $39466136 |  |
| Pave America Interco, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 6.75% | 11.23% | 2/7/2028 | 5692211 | 5571339 | 5652366 |  |
| Pave America Interco, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 6.75% | 11.23% | 2/7/2028 | 2591080 | 2516585 | 2564698 |  |
| Pave America Interco, LLC (i)(l) | Term Loan | SOFR | + | 6.75% | 11.23% | 2/7/2028 | 995000 | 968587 | 988035 |  |
| Ruppert Landscape, LLC (j)(l) | Term Loan | SOFR | + | 5.00% | 9.55% | 12/1/2028 | 23874058 | 23359470 | 23874058 |  |
| Ruppert Landscape, LLC (j)(l) | Delayed Draw Term Loan | SOFR | + | 5.00% | 9.51% | 12/1/2028 | 6232696 | 6072188 | 6232696 |  |
| Ruppert Landscape, LLC (f)(j) | Revolving Credit Facility |  | - |  | - | 12/1/2028 | - | (88556) | - |  |
|  |  |  |  |  |  |  |  | 82926789 | 84459845 | 11.17% |
| **Health Care Facilities** |  |  |  |  |  |  |  |  |  |  |
| Infusion Services Management, LLC (i)(l) | Term Loan | SOFR | + | 6.50% | 10.83% | 7/7/2028 | 18805258 | 18373981 | 18805258 |  |
| Infusion Services Management, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.50% | 10.83% | 7/7/2028 | 6229744 | 6115164 | 6229744 |  |
| Infusion Services Management, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 6.50% | 10.87% | 7/7/2028 | 1401157 | 1344047 | 1401157 |  |
| Infusion Services Management, LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.26% | 7/7/2028 | 4802778 | 4716511 | 4764356 |  |
|  |  |  |  |  |  |  |  | 30549703 | 31200515 | 4.13% |
| **Health Care Services** |  |  |  |  |  |  |  |  |  |  |
| AB Centers Acquisition Corporation (j)(l) | Term Loan | SOFR | + | 5.25% | 9.84% | 7/2/2031 | 20245792 | 19953535 | 20205300 |  |
| AB Centers Acquisition Corporation (f)(j) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.78% | 7/2/2031 | 252382 | 223950 | 251877 |  |
| AB Centers Acquisition Corporation (f)(j) | Revolving Credit Facility |  | - |  | - | 7/2/2031 | - | (27586) | (3681) |  |
| AB Centers Acquisition Corporation (j)(l) | Term Loan | SOFR | + | 5.25% | 9.61% | 7/2/2031 | 1000000 | 995090 | 998000 |  |
| BeBright MSO, LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.26% | 6/3/2030 | 9614450 | 9525087 | 9595221 |  |
| BeBright MSO, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.75% | 10.34% | 6/3/2030 | 7269684 | 7198748 | 7254256 |  |
| BeBright MSO, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 6/3/2030 | - | (17494) | (3865) |  |
| CareRing Health, LLC (j)(l) | Delayed Draw Term Loan | SOFR | + | 6.00% | 10.57% | 5/4/2028 | 6566367 | 6550042 | 6316845 |  |
| CareRing Health, LLC (j)(l) | Term Loan | SOFR | + | 6.00% | 10.51% | 5/4/2028 | 28241379 | 27813840 | 27168207 |  |
| DPT Management, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.63% | 12/18/2027 | 1800000 | 1782197 | 1782000 |  |
| DPT Management, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 12/18/2027 | - | (4115) | (4167) |  |
| DPT Management, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 12/18/2027 | - | (2469) | (2500) |  |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (i)(l) | Term Loan | SOFR | + | 6.50% | 11.74% | 1/3/2029 | 38027663 | 37325000 | 38027663 |  |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (i)(l) | Delayed Draw Term Loan | SOFR | + | 6.50% | 11.74% | 1/3/2029 | 8954545 | 8790166 | 8954545 |  |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (f)(i) | Revolving Credit Facility |  | - |  | - | 1/3/2029 | - | (45956) | - |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Future Care Associates LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.71% | 12/30/2028 | 29400000 | $28849767 | $29047200 |  |
| Future Care Associates LLC (i) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.71% | 12/30/2028 | 24715000 | 24265598 | 24418420 |  |
| Future Care Associates LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 12/30/2028 | - | (85035) | (60000) |  |
| Houseworks Holdings, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.58% | 12/16/2028 | 6615000 | 6468536 | 6615000 |  |
| Houseworks Holdings, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.58% | 12/16/2028 | 24562500 | 24025652 | 24562500 |  |
| Houseworks Holdings, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.25% | 9.56% | 12/16/2028 | 698770 | 583429 | 698770 |  |
| Houseworks Holdings, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.58% | 12/16/2028 | 43632665 | 42621985 | 43632665 |  |
| NE Ortho Management Services, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 12/13/2030 | - | (48062) | (48465) |  |
| NE Ortho Management Services, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 12/13/2030 | - | (12014) | (12116) |  |
| NE Ortho Management Services, LLC (i)(l) | Term Loan | SOFR | + | 5.00% | 9.40% | 12/13/2030 | 5250404 | 5172150 | 5171648 |  |
| NE Ortho Management Services, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 12/13/2030 | - | (18023) | (18174) |  |
| The Smilist DSO, LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.33% | 4/4/2029 | 21141884 | 20720720 | 21141884 |  |
| The Smilist DSO, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 4/4/2029 | - | (22085) | - |  |
| The Smilist DSO, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 6.00% | 10.33% | 4/4/2029 | 3944681 | 3861547 | 3944681 |  |
| The Smilist DSO, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 6.00% | 10.33% | 4/4/2029 | 5715774 | 5603019 | 5715774 |  |
| The Smilist DSO, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 4/4/2029 | - | (4984) | (5000) |  |
| Tiger Healthcare Buyer, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 6.00% | 10.33% | 2/27/2030 | 74397 | 72444 | 73801 |  |
| Tiger Healthcare Buyer, LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.33% | 2/27/2030 | 2481250 | 2431148 | 2461400 |  |
| Tiger Healthcare Buyer, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 2/27/2030 | - | (43665) | (18000) |  |
| VIP Medical US Buyer, LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.21% | 12/12/2028 | 33697300 | 33205777 | 33697300 |  |
| VIP Medical US Buyer, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.75% | 10.21% | 12/12/2028 | 5500000 | 5397701 | 5500000 |  |
| VIP Medical US Buyer, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.75% | 10.21% | 12/12/2028 | 8067500 | 7932181 | 8067500 |  |
|  |  |  |  |  |  |  |  | 331037821 | 335126489 | 44.36% |
| **Health Care Supplies** |  |  |  |  |  |  |  |  |  |  |
| C2DX, Inc (i)(l) | Term Loan | SOFR | + | 5.25% | 9.76% | 3/19/2030 | 521483 | 514425 | 521483 |  |
| C2DX, Inc (f)(i) | Revolving Credit Facility | SOFR | + | 5.25% | 9.76% | 3/19/2030 | 15254 | 13474 | 15254 |  |
| C2DX, Inc (f)(i) | Delayed Draw Term Loan |  | - |  | - | 3/19/2030 | - | (4439) | - |  |
|  |  |  |  |  |  |  |  | 523460 | 536737 | 0.07% |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Alegeus Technologies Holdings Corp (i)(l) | Term Loan | SOFR | + | 6.75% | 11.30% | 11/5/2029 | 27363876 | $26695038 | $26679779 |  |
| Benefit Plan Administrators Of Eau Claire, LLC (j)(l) | Term Loan | SOFR | + | 4.75% | 9.30% | 11/1/2030 | 7258065 | 7169212 | 7167339 |  |
| Benefit Plan Administrators Of Eau Claire, LLC (f)(j) | Revolving Credit Facility |  | - |  | - | 11/1/2030 | - | (14707) | (15121) |  |
| Benefit Plan Administrators Of Eau Claire, LLC (f)(j) | Delayed Draw Term Loan |  | - |  | - | 11/1/2030 | - | (24507) | (25202) |  |
| Harmony Hit US Holdings Inc (i)(l) | Term Loan | SOFR | + | 5.00% | 9.53% | 12/3/2030 | 17863020 | 17641903 | 17639733 |  |
| Harmony Hit US Holdings Inc (f)(i) | Delayed Draw Term Loan |  | - |  | - | 12/3/2030 | - | (22200) | (22486) |  |
| Harmony Hit US Holdings Inc (f)(i) | Revolving Credit Facility |  | - |  | - | 12/3/2030 | - | (37324) | (37810) |  |
| RxStrategies, Inc (i)(l) | Term Loan | SOFR | + | 5.25% | 9.84% | 8/12/2030 | 20797236 | 20500055 | 20610060 |  |
| RxStrategies, Inc (f)(i) | Revolving Credit Facility |  | - |  | - | 8/12/2030 | - | (52708) | (33750) |  |
|  |  |  |  |  |  |  |  | 71854762 | 71962542 | 9.53% |
| **Industrial Machinery & Supplies & Components** |  |  |  |  |  |  |  |  |  |  |
| Astro Acquisition LLC (i)(l) | Term Loan | SOFR | + | 5.50% | 9.82% | 12/13/2027 | 48500000 | 48114765 | 48500000 |  |
| Astro Acquisition LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.50% | 10.01% | 12/13/2027 | 3250000 | 3250000 | 3250000 |  |
| Double E Company, LLC (i)(l) | Term Loan | SOFR | + | 6.75% (2.75% PIK) | 11.25% | 6/21/2028 | 15904645 | 15776731 | 14345989 |  |
| Double E Company, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 6.75% | 11.25% | 6/21/2028 | 2176211 | 2176211 | 1943084 |  |
| Endurance PT Technology Buyer Corporation (i)(l) | Term Loan | SOFR | + | 5.50% | 9.86% | 2/28/2030 | 4224389 | 4148653 | 4224389 |  |
| Endurance PT Technology Buyer Corporation (f)(i) | Revolving Credit Facility |  | - |  | - | 2/28/2030 | - | (53192) | - |  |
| Endurance PT Technology Buyer Corporation (i)(l) | Term Loan | SOFR | + | 5.25% | 9.61% | 2/28/2030 | 995000 | 978766 | 992015 |  |
| LA-CO Industries, Inc (i)(l) | Term Loan | SOFR | + | 5.00% | 9.33% | 7/2/2030 | 9121625 | 8993295 | 9021288 |  |
| LA-CO Industries, Inc (f)(i) | Revolving Credit Facility |  | - |  | - | 7/2/2030 | - | (10476) | (8365) |  |
| Lake Air Products, LLC (i)(l) | Term Loan | SOFR | + | 7.00% | 11.48% | 1/9/2029 | 36066085 | 35390533 | 36066085 |  |
| Lake Air Products, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 1/9/2029 | - | (101773) | - |  |
| Lamons Manufacturing And Service Company (i)(m) | Term Loan | SOFR | + | 6.50% | 10.97% | 12/20/2025 | 990000 | 978080 | 969210 |  |
| MoboTrex, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.58% | 6/7/2030 | 542727 | 532625 | 531873 |  |
| MoboTrex, LLC (i) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.58% | 6/7/2030 | 314685 | 308917 | 308391 |  |
| MoboTrex, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 6/7/2030 | - | (5348) | (5669) |  |
| MoboTrex, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.58% | 6/7/2030 | 819375 | 803001 | 802987 |  |
|  |  |  |  |  |  |  |  | 121280788 | 120941277 | 16.01% |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Insurance Brokers** |  |  |  |  |  |  |  |  |  |  |
| Alera Group, Inc. (j)(l) | Term Loan | SOFR | + | 5.25% | 9.61% | 9/30/2028 | 4887500 | $4819492 | $4887500 |  |
| Alera Group, Inc. (j)(l) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.61% | 9/30/2028 | 9804375 | 9671135 | 9804375 |  |
|  |  |  |  |  |  |  |  | 14490627 | 14691875 | 1.95% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| WCI-BXC Purchaser, LLC (f)(j) | Revolving Credit Facility |  | - |  | - | 11/6/2029 | - | (120495) | - |  |
| WCI-BXC Purchaser, LLC (j)(l) | Term Loan | SOFR | + | 6.25% | 10.78% | 11/6/2030 | 23221435 | 22706819 | 23221435 |  |
|  |  |  |  |  |  |  |  | 22586324 | 23221435 | 3.07% |
| **Office Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| MSE Supplies, LLC (i)(l) | Term Loan | SOFR | + | 5.00% | 9.51% | 8/14/2030 | 5754808 | 5658828 | 5697260 |  |
| MSE Supplies, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.00% | 9.33% | 8/14/2030 | 144231 | 120533 | 129808 |  |
|  |  |  |  |  |  |  |  | 5779361 | 5827068 | 0.77% |
| **Packaged Foods & Meats** |  |  |  |  |  |  |  |  |  |  |
| CCI Prime, LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.33% | 10/18/2029 | 968742 | 948140 | 947430 |  |
| CCI Prime, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 6.00% | 10.33% | 10/18/2029 | 343558 | 334836 | 334110 |  |
| CCI Prime, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 10/18/2029 | - | (70299) | (77000) |  |
| Midas Foods International LLC (i) | Term Loan | SOFR | + | 6.25% | 10.61% | 4/30/2029 | 326230 | 320379 | 321010 |  |
| Midas Foods International LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 6.25% | 10.61% | 4/30/2029 | 426229 | 417631 | 418360 |  |
| Midas Foods International LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 4/30/2029 | - | (2847) | (2623) |  |
| Sabrosura Foods, LLC (i)(l) | Term Loan | SOFR | + | 5.00% | 9.33% | 8/22/2029 | 33110799 | 32642276 | 32514805 |  |
| Sabrosura Foods, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.00% | 9.52% | 8/22/2029 | 156377 | 124130 | 108291 |  |
| Sabrosura Foods, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.00% | 9.52% | 8/22/2029 | 2795797 | 2683262 | 2650631 |  |
|  |  |  |  |  |  |  |  | 37397508 | 37215014 | 4.92% |
| **Paper & Plastic Packaging Products & Materials** |  |  |  |  |  |  |  |  |  |  |
| Bron Buyer, LLC (i)(l) | Term Loan | SOFR | + | 6.75% | 11.18% | 1/13/2029 | 32422500 | 31814840 | 32422500 |  |
| Bron Buyer, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 1/13/2029 | - | (84847) | - |  |
| PLA Buyer, LLC (i)(l) | Term Loan | SOFR | + | 6.50% | 11.01% | 11/22/2029 | 16842105 | 16510736 | 16505263 |  |
| PLA Buyer, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 11/22/2029 | - | (20610) | (21053) |  |
| PLA Buyer, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 11/22/2029 | - | (41210) | (42105) |  |
|  |  |  |  |  |  |  |  | 48178909 | 48864605 | 6.46% |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Alcami Corporation (i)(l) | Term Loan | SOFR | + | 7.00% | 11.66% | 12/21/2028 | 44167123 | $42435625 | $44167123 |  |
| Alcami Corporation (i)(l) | Delayed Draw Term Loan | SOFR | + | 7.00% | 11.55% | 12/21/2028 | 3971632 | 3823542 | 3971632 |  |
| Alcami Corporation (f)(i) | Revolving Credit Facility | SOFR | + | 7.00% | 11.44% | 12/21/2028 | 550685 | 291511 | 550685 |  |
|  |  |  |  |  |  |  |  | 46550678 | 48689440 | 6.45% |
| **Research & Consulting Services** |  |  |  |  |  |  |  |  |  |  |
| NAM Acquisition Co LLC (j)(l) | Term Loan | SOFR | + | 5.00% | 9.25% | 7/16/2030 | 3461205 | 3412270 | 3426593 |  |
| NAM Acquisition Co LLC (f)(j) | Delayed Draw Term Loan |  | - |  | - | 7/16/2030 | - | (6689) | (2410) |  |
| NAM Acquisition Co LLC (f)(j) | Revolving Credit Facility |  | - |  | - | 7/16/2030 | - | (6684) | (4819) |  |
| RPX Corporation (i) | Term Loan | SOFR | + | 5.50% | 10.02% | 8/2/2030 | 9160714 | 9030266 | 9069107 |  |
| RPX Corporation (f)(i) | Revolving Credit Facility |  | - |  | - | 8/2/2030 | - | (11414) | (8163) |  |
|  |  |  |  |  |  |  |  | 12417749 | 12480308 | 1.65% |
| **Soft Drinks & Non-alcoholic Beverages** |  |  |  |  |  |  |  |  |  |  |
| Refresh Buyer LLC (f)(j) | Revolving Credit Facility | SOFR | + | 4.25% | 9.33% | 12/23/2027 | 245399 | 245399 | 214724 |  |
| Refresh Buyer LLC (j)(l) | Term Loan | SOFR | + | 4.25% | 9.33% | 12/23/2028 | 14319018 | 14208135 | 14175828 |  |
| Refresh Buyer LLC (j)(l) | Delayed Draw Term Loan | SOFR | + | 4.25% | 9.33% | 12/23/2028 | 2158896 | 2158896 | 2137307 |  |
| Refresh Buyer LLC (j)(l) | Term Loan | SOFR | + | 4.50% | 9.58% | 12/23/2028 | 34330435 | 33834991 | 34124452 |  |
| Refresh Buyer LLC (j)(l) | Delayed Draw Term Loan | SOFR | + | 4.50% | 9.58% | 12/23/2028 | 4919255 | 4851285 | 4889739 |  |
|  |  |  |  |  |  |  |  | 55298706 | 55542050 | 7.36% |
| **Specialized Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Mustang Prospects Purchaser LLC (j)(l) | Term Loan | SOFR | + | 5.00% | 9.33% | 6/13/2031 | 16104607 | 15952556 | 15943561 |  |
| Mustang Prospects Purchaser LLC (f)(j) | Delayed Draw Term Loan | SOFR | + | 5.00% | 9.51% | 6/13/2031 | 2062021 | 2034843 | 2033170 |  |
| Mustang Prospects Purchaser LLC (f)(j) | Revolving Credit Facility |  | - |  | - | 6/13/2031 | - | (21855) | (23683) |  |
| Quick Roofing Acquisition, LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.18% | 12/22/2029 | 8114754 | 7937597 | 8001148 |  |
| Quick Roofing Acquisition, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.75% | 10.21% | 12/22/2029 | 3400000 | 3222914 | 3281000 |  |
| Quick Roofing Acquisition, LLC (i) | Delayed Draw Term Loan | SOFR | + | 5.75% | 10.37% | 12/22/2029 | 2970203 | 2907215 | 2928620 |  |
| Quick Roofing Acquisition, LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.37% | 12/22/2029 | 494949 | 487637 | 488020 |  |
| Quick Roofing Acquisition, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 12/22/2029 | - | (4953) | (4545) |  |
| Roofing Services Solutions LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.77% | 11/27/2029 | 10416667 | 10262718 | 10260417 |  |
| Roofing Services Solutions LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.60% | 11/27/2029 | 2333333 | 2241194 | 2239583 |  |
| Roofing Services Solutions LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.25% | 9.77% | 11/27/2029 | 208333 | 162149 | 161458 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| SCP WQS Buyer, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.58% | 10/2/2028 | 4318085 | $4240294 | $4309449 |  |
| SCP WQS Buyer, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.58% | 10/2/2028 | 4300722 | 4171914 | 4284597 |  |
| SCP WQS Buyer, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.25% | 9.58% | 10/2/2028 | 783331 | 722887 | 776225 |  |
| Solid Ground Solutions Acquisitions Inc (i)(l) | Term Loan | SOFR | + | 5.00% | 9.33% | 5/6/2029 | 1895238 | 1865501 | 1883867 |  |
| Solid Ground Solutions Acquisitions Inc (f)(i) | Delayed Draw Term Loan |  | - |  | - | 5/6/2029 | - | (18173) | - |  |
| Solid Ground Solutions Acquisitions Inc (f)(i) | Revolving Credit Facility |  | - |  | - | 5/6/2029 | - | (9077) | (3571) |  |
| USW Buyer, LLC (i)(l) | Term Loan | SOFR | + | 6.25% | 10.68% | 11/3/2028 | 15163852 | 14946283 | 13935580 |  |
| USW Buyer, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 6.25% | 10.68% | 11/3/2028 | 14333236 | 14135087 | 13172244 |  |
| USW Buyer, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 6.25% | 10.68% | 11/3/2028 | 3030000 | 2963431 | 2625000 |  |
|  |  |  |  |  |  |  |  | 88200162 | 86292140 | 11.42% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |  |
| All States AG Parts LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.59% | 9/1/2026 | 24496746 | 24182716 | 23614863 |  |
| Belt Power Holdings LLC (i)(l) | Term Loan | SOFR | + | 5.50% | 9.96% | 8/22/2028 | 29074359 | 28676996 | 29074359 |  |
| Belt Power Holdings LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 5.50% | 9.96% | 8/22/2028 | 6745641 | 6679020 | 6745641 |  |
| Belt Power Holdings LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 8/22/2028 | - | (42952) | - |  |
|  |  |  |  |  |  |  |  | 59495780 | 59434863 | 7.87% |
| **Total First Lien Debt** |  |  |  |  |  |  |  | 1522615486 | 1525175632 | 201.91% |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |  |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| Echo Global Logistics Inc (k)(l) | Term Loan | SOFR | + | 8.00% | 12.46% | 11/23/2029 | 10000000 | 9714888 | 10000000 |  |
|  |  |  |  |  |  |  |  | 9714888 | 10000000 | 1.32% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |  |
| STG Distribution, LLC (h)(l)(m) | Term Loan | SOFR | + | 7.50% | 12.12% | 9/30/2029 | 36578563 | 36578563 | 27433922 |  |
|  |  |  |  |  |  |  |  | 36578563 | 27433922 | 3.63% |
| **Total Second Lien Debt** |  |  |  |  |  |  |  | 46293451 | 37433922 | 4.95% |
| **Equity** |  |  |  |  |  |  |  |  |  |  |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| REP RO Coinvest IV-A, L.P. (m)(o) | Equity Units |  |  |  |  |  | 800000 | 800000 | 544000 |  |
| SCP 3PL Topco, LLC (m)(o) | Common Units |  |  |  |  |  | 69 | 346 | 346 |  |
| SCP 3PL Topco, LLC (m)(o) | Class B Units |  |  |  |  |  | 7 | 6580 | 6580 |  |
|  |  |  |  |  |  |  |  | 806926 | 550926 | 0.07% |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Building Products** |  |  |  |  |  |  |  |  |
| Copperweld Investor, LLC (o) | Class A Common Units |  |  |  | 600000 | $1500000 | $1032000 |  |
|  |  |  |  |  |  | 1500000 | 1032000 | 0.14% |
| **Diversified Support Services** |  |  |  |  |  |  |  |  |
| Air Control Concepts Holdings, L.P (m)(o) | Class A-1 Units |  |  |  | 33715 | 337148 | 1197549 |  |
| Identiti Holdings LLC (o) | Class A Units |  |  |  | 115875 | 115875 | 118193 |  |
| KLC Fund 1022-CI-A LP (m)(o) | Equity Interest |  |  |  |  | 750000 | 845775 |  |
| Perimeter Solutions Holdings, LP (m)(o) | Common Units |  |  |  | 111732 | 111732 | 111732 |  |
|  |  |  |  |  |  | 1314755 | 2273249 | 0.30% |
| **Electronic Components** |  |  |  |  |  |  |  |  |
| APCT Parent, L.P. (o) | Class A Units |  |  |  | 1500 | 1500000 | 416295 |  |
| APCT Parent, L.P. (o) | Class C Units |  |  |  | 76 | 38419 | 56622 |  |
|  |  |  |  |  |  | 1538419 | 472917 | 0.07% |
| **Environmental & Facilities Services** |  |  |  |  |  |  |  |  |
| Dragonfly Ultimate Holdings LLC (o) | Class A Units |  |  |  | 131272 | 131272 | 143086 |  |
| Erosion Holdings, LLC (o) | Class A Units |  |  |  | 134 | 133930 | 125747 |  |
|  |  |  |  |  |  | 265202 | 268833 | 0.04% |
| **Health Care Services** |  |  |  |  |  |  |  |  |
| DPT Management, LLC (o) | Preferred Units |  |  |  | 10753 | 33333 | 33333 |  |
| NE Ortho Holdings, LLC (o) | Class B Membership Units |  |  |  | 57 | 56540 | 56540 |  |
| Personal Care (ITC) Holdings, LLC (o) | Class A Units |  |  |  | 187961 | 1879621 | 2052534 |  |
| Tiger Healthcare Holdings, LLC (o) | Class A Interest |  |  |  | 97500 | 125000 | 116025 |  |
| VIP Medical Holdings, LLC (o) | Class A Units |  |  |  | 1000000 | 10 | 10 |  |
| VIP Medical Holdings, LLC (o) | Series A Preferred Units |  |  |  | 1000000 | 1000000 | 1200000 |  |
|  |  |  |  |  |  | 3094504 | 3458442 | 0.46% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| RXS Enterprises LLC (o) | Preferred Units |  |  |  | 57423 | 308494 | 318125 |  |
| RXS Enterprises LLC (o) | Senior Preferred Units |  |  |  | 92147 | 92147 | 92147 |  |
|  |  |  |  |  |  | 400641 | 410272 | 0.05% |
| **Human Resource & Employment Services** |  |  |  |  |  |  |  |  |
| FCA Partners LLC (m)(o) | Common Units |  |  |  | 839085 | 4 | 8 |  |
| FCA Partners LLC (m)(o) | Class A Preferred Units |  |  |  | 839085 | 839085 | 520233 |  |
|  |  |  |  |  |  | 839089 | 520241 | 0.07% |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Industrial Machinery & Supplies & Components** |  |  |  |  |  |  |  |  |
| Double E Equity, L.P. (m)(o) | Class A Common Units |  |  |  | 1000 | $1000000 | $266860 |  |
| Double E Equity, L.P. (m)(o) | Class A Preferred Units |  |  |  | 18 | 17500 | 19464 |  |
| Endurance PT Technology Holdings LLC (o) | Common Units |  |  |  | 177 | 17722 | 26576 |  |
| Endurance PT Technology Holdings LLC (o) | Preferred Units |  |  |  | 159 | 159499 | 165488 |  |
| Lake Air Products, LLC (m)(o) | Common Units |  |  |  | 1000000 | 1000000 | 990000 |  |
| MoboTrex Ultimate Holdings, LLC (o) | Class A-2 Units |  |  |  | 54041 | 54041 | 81062 |  |
|  |  |  |  |  |  | 2248762 | 1549450 | 0.20% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| WCI-BXC Investment Holdings LP (m)(o) | Equity Interest |  |  |  |  | 608645 | 559459 |  |
|  |  |  |  |  |  | 608645 | 559459 | 0.07% |
| **Office Services & Supplies** |  |  |  |  |  |  |  |  |
| MSE Acquisitions, Inc (o) | Series A Preferred Stock |  |  |  | 288 | 288462 | 330399 |  |
|  |  |  |  |  |  | 288462 | 330399 | 0.04% |
| **Packaged Foods & Meats** |  |  |  |  |  |  |  |  |
| CCI Prime Holdings, LLC (o) | Series A Preferred Units |  |  |  | 92 | 92025 | 78752 |  |
| MFI Group Holdings LLC (o) | Class A Units |  |  |  | 19 | 19393 | 19935 |  |
| Sabrosura Super Holdings LLC (o) | Class A Interests |  |  |  | 323750 | 388500 | 346413 |  |
|  |  |  |  |  |  | 499918 | 445100 | 0.06% |
| **Paper & Plastic Packaging Products & Materials** |  |  |  |  |  |  |  |  |
| Bron Holdings, LLC (o) | Class A Units |  |  |  | 1000 | 1000000 | 1028060 |  |
|  |  |  |  |  |  | 1000000 | 1028060 | 0.14% |
| **Specialized Consumer Services** |  |  |  |  |  |  |  |  |
| Mustang Prospects Holdco, LLC (o) | Class A Units |  |  |  | 1027 | 1026657 | 1255242 |  |

---

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

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Mustang Prospects Holdco, LLC (o) | Class B Units |  |  |  | 1026689 | $32318 | $503078 |  |
| NAM Group Holdings, LLC (o) | Class A Units |  |  |  | 84337 | 84337 | 95301 |  |
| Quick Roofing Topco, LLC (o) | Class A Interest |  |  |  | 327869 | 327869 | 1045902 |  |
| Roofing Services Solutions Holdings LLC (o) | Common Units |  |  |  | 166 | - | - |  |
| Roofing Services Solutions Holdings LLC (o) | Series A Preferred Units |  |  |  | 166 | 208334 | 208334 |  |
| Solid Ground Solutions Investment LLC (o) | Class A Units |  |  |  | 119048 | 119048 | 128571 |  |
| USW Holdings, LLC (o) | Class A-1 Units |  |  |  | 627 | 651026 | 291003 |  |
|  |  |  |  |  |  | 2449589 | 3527431 | 0.48% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| Belt Power Parent, LLC (o) | Class A Units |  |  |  | 1110114 | 1146452 | 1620767 |  |
|  |  |  |  |  |  | 1146452 | 1620767 | 0.21% |
| **Total Equity** |  |  |  |  |  | 18001364 | 18047546 | 2.40% |
| **Money Market Mutual Funds** |  |  |  |  |  |  |  |  |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund - 4.34% (g)(n) | Investor Class Units |  |  |  | 3224421 | 3224421 | 3224421 |  |
|  |  |  |  |  |  | 3224421 | 3224421 | 0.43% |
| **Total Money Market Mutual Funds** |  |  |  |  |  | 3224421 | 3224421 | 0.43% |
| **Total Investments -- non-controlled/ non-affiliate** |  |  |  |  |  | 1590134722 | 1583881521 | 209.69% |
| **Total Investment Portfolio** |  |  |  |  |  | $1590134722 | $1583881521 | 209.69% |

---

(a)All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.

(b)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to Secured Overnight Funds Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA) which resets monthly, quarterly, or semi-annually. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024.

(c)The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.

(d)All debt investments are shown at amortized cost. All equity investments are shown at identified cost.

(e)Unless otherwise indicated, investments were valued using unobservable inputs and are considered Level 3 investments.

(f)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 and/or letter of credit commitment fees. Negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Negative fair value is the result of the unfunded commitment being valued below par and/or the capitalized discount on the loan. The unfunded loan commitment may be subject to a commitment termination date and may expire prior to the maturity date stated. See Notes to Consolidated Financial Statements for more information on the Fund's unfunded commitments.

(g)These investments were not valued using unobservable inputs and are not considered Level 3 investments.

(h)The interest rate floor on these investments as of December 31, 2024 was 1.50%.

(i)The interest rate floor on these investments as of December 31, 2024 was 1.00%.

(j)The interest rate floor on these investments as of December 31, 2024 was 0.75%.

(k)The interest rate floor on these investments as of December 31, 2024 was 0.50%.

(l)Security or portion of the security is pledged as collateral for Fidelity Direct Lending Fund I JSPV LLC Facility.

(m)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of December 31, 2024, non-qualifying assets amounted to $55,599,211 which represents 3.4% of total assets as calculated in accordance with regulatory requirements.

(n)The rate quoted is the annualized seven-day yield of the fund at period end.

(o)Restricted securities (including private placements) – Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,047,546 or 2.4% of net assets.

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

------

Additional information on each restricted holding is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Type** | **Acquisition Date** | **Acquisition Cost ($)** |
| Air Control Concepts Holdings, L.P | Class A-1 Units | 04/11/2023 - 07/12/2024 | 337148 |
| APCT Parent, L.P. | Class A Units | 2/14/2023 | 1500000 |
| APCT Parent, L.P. | Class C Units | 8/9/2024 | 38419 |
| Belt Power Parent, LLC | Class A Units | 08/22/2022 - 07/24/2024 | 1146452 |
| Bron Holdings, LLC | Class A Units | 1/13/2023 | 1000000 |
| CCI Prime Holdings, LLC | Series A Preferred Units | 10/18/2023 | 92025 |
| Copperweld Investor, LLC | Class A Common Units | 12/15/2022 | 1500000 |
| Double E Equity, L.P. | Class A Common Units | 6/21/2022 | 1000000 |
| Double E Equity, L.P. | Class A Preferred Units | 5/7/2024 | 17500 |
| DPT Management, LLC | Preferred Units | 12/18/2024 | 33333 |
| Dragonfly Ultimate Holdings LLC | Class A Units | 8/16/2024 | 131272 |
| Endurance PT Technology Holdings LLC | Common Units | 02/29/2024 - 06/28/2024 | 17722 |
| Endurance PT Technology Holdings LLC | Preferred Units | 02/29/2024 - 06/28/2024 | 159499 |
| Erosion Holdings, LLC | Class A Units | 9/30/2024 | 133930 |
| FCA Partners LLC | Common Units | 04/17/2023 - 06/07/2024 | 4 |
| FCA Partners LLC | Class A Preferred Units | 04/17/2023 - 06/07/2024 | 839085 |
| Identiti Holdings LLC | Class A Units | 11/1/2024 | 115875 |
| KLC Fund 1022-CI-A LP | Equity Interest | 12/1/2022 | 750000 |
| Lake Air Products, LLC | Common Units | 1/9/2023 | 1000000 |
| MFI Group Holdings LLC | Class A Units | 04/30/2024 - 11/15/2024 | 19393 |
| MoboTrex Ultimate Holdings, LLC | Class A-2 Units | 06/07/2024 - 10/17/2024 | 54041 |
| MSE Acquisitions, Inc | Series A Preferred Stock | 8/14/2024 | 288462 |
| Mustang Prospects Holdco, LLC | Class A Units | 12/15/2022 - 09/30/2024 | 1026657 |
| Mustang Prospects Holdco, LLC | Class B Units | 12/15/2022 - 09/30/2024 | 32318 |
| NAM Group Holdings, LLC | Class A Units | 7/16/2024 | 84337 |
| NE Ortho Holdings, LLC | Class B Membership Units | 12/13/2024 | 56540 |
| Perimeter Solutions Holdings, LP | Common Units | 9/11/2024 | 111732 |
| Personal Care (ITC) Holdings, LLC | Class A Units | 02/14/2023 - 10/18/2023 | 1879621 |
| Quick Roofing Topco, LLC | Class A Interest | 12/22/2023 | 327869 |
| REP RO Coinvest IV-A, L.P. | Equity Units | 12/29/2022 | 800000 |
| Roofing Services Solutions Holdings LLC | Common Units | 11/14/2024 | - |
| Roofing Services Solutions Holdings LLC | Series A Preferred Units | 11/26/2024 | 208334 |
| RXS Enterprises LLC | Preferred Units | 8/12/2024 | 308494 |
| RXS Enterprises LLC | Senior Preferred Units | 8/12/2024 | 92147 |
| Sabrosura Super Holdings LLC | Class A Interests | 8/22/2024 | 388500 |
| SCP 3PL Topco, LLC | Common Units | 11/27/2024 | 346 |
| SCP 3PL Topco, LLC | Class B Units | 11/20/2024 | 6580 |
| Solid Ground Solutions Investment LLC | Class A Units | 5/6/2024 | 119048 |
| Tiger Healthcare Holdings, LLC | Class A Interest | 2/27/2024 | 125000 |
| USW Holdings, LLC | Class A-1 Units | 11/03/2022 - 12/05/2023 | 651026 |
| VIP Medical Holdings, LLC | Class A Units | 12/12/2022 | 10 |
| VIP Medical Holdings, LLC | Series A Preferred Units | 12/12/2022 | 1000000 |
| WCI-BXC Investment Holdings LP | Equity Interest | 11/6/2023 | 608108 |

---

(p)The Par value is denoted in CAD (Canadian Dollars).

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

------

**Fidelity Private Credit Company LLC**

**Notes to Consolidated Financial Statements**

**(unaudited)**

**Note 1. Organization**

Fidelity Private Credit Company LLC (formerly Fidelity Private Credit Central Fund LLC) (the "Fund") is a non-diversified, closed-end management investment company. The Fund was formed on September 16, 2021, as a Delaware limited partnership named Fidelity Direct Lending Fund L.P. and elected, on January 31, 2023, to amend its legal structure to a Delaware limited liability company, adopt a fiscal year end of December 31 and was renamed Fidelity Private Credit Central Fund LLC. On March 11, 2024, the Fund was renamed Fidelity Private Credit Company LLC. The Fund has entered into an Investment Advisory Agreement with Fidelity Diversifying Solutions LLC ("FDS" or the "Adviser"), a Delaware limited liability company. FDS is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") and is an affiliate of FMR LLC ("FMR") and its subsidiaries. Prior to May 10, 2023, FIAM LLC was the Adviser. Prior to January 31, 2023, FIAM Institutional Funds Manager, LLC ("FIAMIFM"), a Delaware limited liability company and a wholly owned subsidiary of FIAM Holdings Corp., was the general partner of the Fund ("General Partner").

Effective January 31, 2023, the General Partner and the Limited Partners became unit holders of the Fund ("Unit Holder") and the interests in the Limited Partnership were converted into Common Units of the Fund. Within these Consolidated Financial Statements and Notes to Consolidated Financial Statements, all references to Unit Holder and net assets prior to January 31, 2023 are referring to Partners and Partners' Capital, respectively.

On June 1, 2023, the Fund elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Fund's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in directly originated loans to private companies but also in liquid credit investments, like broadly syndicated loans, and other select private credit investments. The Fund generally seeks to invest in loans that carry variable (*i.e.*, "floating") interest rates. Under normal circumstances, the Fund will invest at least 80% of its total assets in private credit investments. Specific investments may include: (a) directly originated first lien loans, senior secured revolving lines of credit, term loans and delayed draw term loans, (b) directly originated second lien, last out senior, secured or unsecured mezzanine term loans and delayed draw term loans, (c) club deals (investments generally comprised from a small group of lenders), and broadly syndicated leveraged loans (investments generally arranged or underwritten by investment banks or other intermediaries), and (d) other debt (collectively referred to as "Private Credit"). The Adviser may also invest to a lesser degree in equity linked instruments (may include debt with warrants, preferred equity investments, or equity co-investments). The Adviser and/or its affiliates may lead and structure the transaction as sole-lender, as the agent of a club credit facility (a group of similar direct lenders that invest in the same tranches), or may participate as a non-agent investor in a large club or syndicated transactions. In order to provide liquidity for unit repurchases, the Fund intends to maintain an allocation to syndicated loans and other liquid investments.

**Note 2. Significant Accounting Policies**

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

*Basis of Presentation* 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 and pursuant to Regulation S-X. The functional currency is the U.S. dollar and these consolidated financial statements have been prepared in that currency. These consolidated financial statements reflect all adjustments considered necessary for the fair presentation of consolidated financial statements for the period presented. Certain prior period information has been reclassified to conform to the current period presentation and this had no effect on the Fund's consolidated financial position or the consolidated results of operations as previously reported. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser and other individuals responsible for oversight functions of the Fund, using the information presented on the financial statements and financial highlights.

------

*Consolidation* 

The Fund will generally consolidate any wholly-owned, or substantially wholly-owned, subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund's investment operations and to facilitate the execution of the Fund's investment strategy. Accordingly, as of June 30, 2025 and December 31, 2024, and for the three and six months ended June 30, 2025 and 2024, the Fund consolidated the financial position and results of its wholly-owned subsidiaries on its consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Fund is an investment company, portfolio investments held by the Fund are not consolidated into the consolidated financial statements. The portfolio investments held by the Fund (including investments held by consolidated subsidiaries) are included on the consolidated statements of assets and liabilities as investments at fair value.

*Use of Estimates* 

The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts may ultimately differ from those estimates and the differences could be material.

*Income Taxes* 

The Fund was formerly classified as a partnership for U.S. federal income tax purposes. While the Fund was classified as a partnership no provisions for income taxes were recorded on the consolidated financial statements since the Fund was not subject to income tax. Tax obligations relating to the Fund's activities were the responsibility of the Unit Holders.

Effective June 6, 2023, the Fund elected to be classified as a corporation for U.S. federal income tax purposes and to be treated as a RIC under the Code for its taxable period starting June 6, 2023 and ended December 31, 2023 and intends to qualify annually thereafter. So long as the Fund 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 Unit Holders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund's investors and would not be reflected on the consolidated financial statements of the Fund.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. 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, if any, are included in provision for income and excise taxes on the consolidated statements of operations. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

The Fund holds certain portfolio investments through wholly-owned subsidiaries taxed as corporations which may be subject to federal and state taxes. The wholly-owned subsidiaries are not consolidated with the Fund for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities as a result of their ownership of certain portfolio investments. Tax liabilities are estimated and may differ materially depending on conditions when these investments earn income or are disposed. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected on the Fund's consolidated financial statements.

As of June 30, 2025 and December 31, 2024, the Fund, through wholly-owned subsidiaries, recorded tax liabilities of approximately $0.6 million and $0.9 million, respectively, which are included in other accounts payable and accrued liabilities on the consolidated statements of assets and liabilities.

For the three and six months ended June 30, 2025, the Fund, through wholly-owned subsidiaries, recognized a total provision for taxes of approximately $0.2 million for each period presented, which was comprised of provision for taxes of approximately $0.1 million for each period presented related to income, and provision for deferred tax expense related to unrealized gains on investments of approximately $0.1 million for each period presented. For the three and six months ended June 30, 2024, the Fund, through wholly-owned subsidiaries, recognized a total provision for deferred tax expense related to unrealized gains on investments of approximately $1.1 million for each period presented. The Fund did not incur an excise tax for the three and six months ended June 30, 2025 and 2024.

The Fund files a U.S. federal income tax return, in addition to state and local tax returns as required. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

------

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its Unit Holders, for each taxable year, at least 90% of its "investment company taxable income" for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Fund will be subject to a 4% nondeductible U.S. federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax is considered to have been distributed.

*Deferred Financing Costs* 

The Fund records costs related to issuance of revolving credit facilities as deferred financing costs on the consolidated statements of assets and liabilities. These costs are deferred and amortized using the straight-line method through interest expense on the consolidated statements of operations over the life of the related credit facility.

*Investment Valuation* 

The Fund values its investments, upon which its NAV is based, in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount 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. ASC 820 also provides a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value and prescribes disclosure requirements for fair value measurements.

Pursuant to Rule 2a-5 of the 1940 Act, the Fund's Board of Directors (the "Board") has designated the Adviser as the valuation designee responsible for valuing all of the Fund's investments, including making fair valuation determinations as needed. The Adviser has established a fair value committee (the "Fair Value Committee") to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Fair Value Committee and the performance of functions required to determine the fair value of the Fund's investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations, selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used.

In accordance with the Adviser's policies and procedures, which have been approved by the Board, investments, including debt securities, that are publicly traded but for which no readily available market quotations exist are generally valued on the basis of information furnished by an independent third-party pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures, engages in oversight activities with respect to third-party pricing sources used and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations or prices received from third-party pricing services are not reflective of the fair value of an investment.

Investments that are not publicly traded or whose current market prices or quotations are not readily available are valued at fair value as determined by the Adviser in good faith pursuant to the Adviser's Board-approved policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Fund's loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, 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 and other relevant factors.

------

The Fund has engaged an independent valuation firm to prepare month-end valuation recommendations for investments for which market quotations are not readily available as of the last calendar day of each month. The independent valuation firm undertakes a full analysis of the investments and provides estimated fair values for such investments to the Adviser. The independent valuation firm also provides analyses to support their valuation methodology and calculations. The Adviser's Fair Value Committee reviews and approves each valuation recommendation and confirms it has been calculated in accordance with the Board-approved policies and procedures. The Fair Value Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Adviser reports to the Board information regarding the fair valuation process and related material matters. The Board may determine to modify its designation of the Adviser as valuation designee, relating to any or all Fund investments, at any time.

*Investment Transactions* 

For financial reporting purposes, the Fund's investment holdings and net assets include trades executed through the end of the last business day of the period. 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 and is recorded within net realized gain (loss) on the consolidated statements of operations.

*Interest Income* 

Interest income, including paid-in-kind interest, is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Commitment fees, loan origination fees, original issue discount ("OID") and market discount or premium are capitalized into the cost of the investment to which it applies and amortized or accreted into interest income. For the Fund's investments in revolving credit facilities and delayed draw term loans, the cost basis of the investment is adjusted for any market discount or OID on the total balance committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not fully funded may result in a negative cost and fair value until funded. Upon prepayment of a loan or debt instrument, any prepayment premium and any unamortized discount or premium are recognized through interest income.

*Dividend Income*

Dividend income earned on the Fund's equity and mutual fund investments is recorded on an accrual basis to the extent that such amounts are payable and are expected to be collected. Dividend income is recorded on the record date for private portfolio companies or on the ex-dividend date for mutual funds.

*PIK Income* 

Certain investments may have contractual payment-in-kind ("PIK") interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount (if debt) or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income and capitalized to the cost basis of the related instrument. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income.

*Fee Income* 

The Fund earns certain fees in connection with its direct lending underwriting activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and syndication fees. Certain fees such as structuring fees and syndication fees are recorded as other income when earned. Administrative agent fees received by the Fund are recorded as other income when received.

*Non-Accrual Policy* 

Debt investments may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. For further information regarding the non-accrual status of investments, refer to *Note 5. Investments.*

------

*Cash*

Cash represents deposits maintained with the Fund's custodian bank. At times, deposits may be in excess of federally insured limits. The Fund has not experienced any losses and does not believe it is exposed to any significant credit risk on such deposits.

*Expenses* 

Expenses are recorded on the accrual basis. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

*Foreign Currency*

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars ("USD") at the exchange rate at period end. Purchases and sales of securities, income and dividends received and expenses denominated in foreign currencies are translated into USD at the exchange rate in effect on the transaction date.

Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized appreciation/(depreciation) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations. The portion of both realized and unrealized gains and losses on investments that result from changes in foreign currency exchange rates is included in net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments, respectively, on the consolidated statements of operations.

*New Accounting Pronouncement*

In December 2023, the FASB issued Accounting Standards Update 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). Effective for annual periods beginning after December 15, 2024, the amendment requires greater disaggregation of income tax disclosures related to income taxes paid. ASU 2023-09 allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of ASU 2023-09 but does not expect this guidance to materially impact the Fund's consolidated financial statements.

**Note 3. Unit Holder Transactions**

Effective January 31, 2023, the Fund has the authority to issue an unlimited number of units. Units have no par value. The following table summarizes unit transaction activity for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Units** | **Units** | **Units** | **Units** |
| Units issued - contributions during the period |  | 986466 | 5152230 | 1978529 |
| Units repurchased |  |  | (1952289) |  |
| Distributions reinvested | 1464753 | 869416 | 2242957 | 1304662 |
| **Net increase (decrease)** | 1464753 | 1855882 | 5442898 | 3283191 |

---

As of the dates indicated, the Fund had aggregate Capital Commitments and unfunded Capital Commitments from investors as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Capital Commitments** | **Unfunded Capital <br>Commitments** | **% Unfunded Capital <br>Commitments** |
| Common Units | $808234009 | $76549966 | 9.5% |
| **Total** | $808234009 | $76549966 | 9.5% |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Capital Commitments** | **Unfunded Capital <br>Commitments** | **% Unfunded Capital <br>Commitments** |
| Common Units | $798010000 | $116611957 | 14.6% |
| **Total** | $798010000 | $116611957 | 14.6% |

---

The following tables summarize the total Units issued and proceeds related to capital drawdowns during the six months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| **For the Six Months Ended June 30, 2025** |  |  |
| February 24, 2025 | 2588127 | $25286000 |
| March 28, 2025 | 2564103 | 25000000 |
| Total capital drawdowns | 5152230 | $50286000 |
| **For the Six Months Ended June 30, 2024** |  |  |
| January 2, 2024 | 992063 | $10000000 |
| June 24, 2024 | 986466 | 10000000 |
| Total capital drawdowns | 1978529 | $20000000 |

---

The following tables summarize distributions declared for the six months ended June 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Distribution per unit** | **Gross Distributions** | **Reinvestment of <br>Distributions** |
| January 2025 | $— | $— | $— |
| February 2025 | 0.09 | 6872061 | 3343410 |
| March 2025 | 0.10 | 8426153 | 4211266 |
| April 2025 | 0.11 | 8781463 | 4468957 |
| May 2025 | 0.10 | 8583617 | 4392023 |
| June 2025 | 0.12 | 9959767 | 5123315 |
|  | $0.52 | $42623061 | $21538971 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Distribution per unit** | **Gross Distributions** | **Reinvestment of <br>Distributions** |
| January 2024 | $— | $— | $— |
| February 2024 | 0.10 | 6728204 | 2338075 |
| March 2024 | 0.09 | 5932764 | 2074772 |
| April 2024 | 0.11 | 7250072 | 2549529 |
| May 2024 | 0.12 | 8443898 | 2989728 |
| June 2024 | 0.12 | 8895001 | 3174181 |
|  | $0.54 | $37249939 | $13126285 |

---

*The Private Offering* 

Prior to the BDC Conversion, the Fund entered into separate subscription agreements (each, a "Subscription Agreement") with investors who were admitted as limited partners. Following the BDC Conversion, the Fund continues to enter into separate Subscription Agreements with a number of investors who will be admitted as Unit Holders providing for the private placement of the Fund's Units. Each subscriber makes a capital commitment ("Capital Commitment") to purchase Units of the Fund pursuant to the Subscription Agreement. Subscribers are required to make capital contributions ("Capital Contributions") to purchase Units of the Fund each time the Fund delivers a drawdown notice.

The first closing date occurred on December 9, 2021, on which initial capital was contributed by investors. Additional closings are expected to occur from time to time as determined by the Fund (each, a "Subsequent Closing"). Capital Commitments will be drawn in such amounts and proportions as will be required by the Fund in its sole discretion, provided however, the Fund expects drawdowns to generally be made pro rata in accordance with each Unit Holder's unfunded Capital Commitments.

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In connection with each drawdown, Unit Holders will receive a number of Units corresponding to the Capital Contribution, with such Units issued at a per-share price that will be determined prior to the issuance of such Units and in accordance with the 1940 Act, subject to a determination by the Board (including any committee thereof) or the officers of the Fund that such offer price is not below the Fund's then current net asset value per Unit of the Fund ("NAV") as required pursuant to the 1940 Act. Capital Commitments will generally be drawn from Unit Holders by the Fund as needed, upon 10 business days' prior written notice, in such amounts as will be required by the Fund in its sole discretion.

Effective March 11, 2024, the Board approved the Fund entering into the First Amended and Restated Limited Liability Company Agreement which made eligible to invest any "accredited investor" (as enumerated in Rule 502 under Regulation D of the Securities Act) who has committed to a strategic relationship with Fidelity. In addition, the Board approved the Fund entering into a Placement Agent Agreement with Fidelity Distributors Company LLC, with respect to the private placement of its Units as described in *Note 4. Expenses and Transactions with Affiliates*.

On February 11, 2025, the Fund entered into the Second Amended and Restated Limited Liability Company Agreement, in which the Fund expects that it will commence drawdowns of Capital Commitments from subscribers who make a Capital Commitment to the Fund after March 1, 2025 only after the Fund has drawn down 90% of the Capital Commitments of each subscriber admitted prior to March 1, 2025. The Fund expects that it will draw down Capital Commitments pro rata in accordance with each subscriber's unfunded Capital Commitment. The Fund expects to cease drawing down Capital Commitments from each subscriber once the Fund has drawn 90% of the Capital Commitment(s) of such subscriber, however the Fund may draw down additional Capital Commitments as necessary in its sole discretion. In addition, the Second Amended and Restated Limited Liability Company Agreement reflects the Adviser's authority to forgive a Member's uncalled capital commitments, in whole or in part, for the Fund and certain non-material changes.

On April 1, 2025, the Fund released uncalled capital commitments from a Unit Holder of $12.3 million.

*Distribution Reinvestment Plan*

The Fund has adopted an "opt out" distribution reinvestment plan ("DRIP"), which became effective upon the filing of the election to be regulated as a BDC. As a result of adopting the plan, if the Board authorizes, and the Fund declares, a cash dividend or distribution, Unit Holders will have their cash dividends or distributions automatically reinvested in additional Units, rather than receiving cash, unless they "opt out." Unit Holders who make an affirmative election to "opt out" will receive their distributions in cash. Units issued pursuant to the DRIP will not reduce a Unit Holder's Capital Commitments to the Fund.

The Fund may terminate the DRIP upon notice in writing to each participant at least 30 days prior to any record date for the payment of any distribution by the Fund.

*Repurchase Program*

The Fund has implemented a share repurchase program under which, subject to market conditions and the approval of the Board, the Fund may from time to time offer to repurchase Units pursuant to written tenders from the Unit Holders. The Fund currently expects to make tender offers of up to 10% per year. With respect to any such repurchase offer, Unit Holders tendering Units must do so by a date specified in the notice describing the terms of the repurchase offer. No Unit Holder has the right to require the Fund to repurchase any Units.

There is no minimum portion of a Unit Holder's Units which must be repurchased in any repurchase offer. The Fund has no obligation to repurchase Units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion. In determining whether the Fund should offer to repurchase Units, the Fund will consider the timing of such an offer, as well as a variety of operational, business and economic factors. In determining whether to accept a recommendation to conduct a repurchase offer at any such time, the Fund will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•whether any Unit Holders have requested to tender or expressed an interest in tendering Units to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the liquidity of the Fund's assets (including fees and costs associated with redeeming or otherwise withdrawing from investment funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the investment plans and working capital and reserve requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the relative economies of scale of the tenders with respect to the size of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the existing conditions of the securities markets and the economy generally, as well as political, national or international developments or current affairs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any anticipated tax consequences to the Fund of any proposed repurchases of Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the recommendations of the Adviser.

The Fund will repurchase Units from Unit Holders pursuant to written tenders on terms and conditions that the Adviser determines are fair to the Fund and to all Unit Holders. Notice will be provided to Unit Holders describing the terms of the offer, containing information Unit Holders should consider in deciding whether to participate in the repurchase opportunity and containing information on how to participate.

Units that have not been outstanding for at least two years will be repurchased at 98% of such net asset value (the "Early Repurchase Deduction"). The Early Repurchase Deduction may be waived at the Fund's discretion. The Fund does not impose any charges in connection with repurchases of Units.

If a repurchase offer is oversubscribed by Unit Holders who tender Units, the Fund will repurchase a pro rata portion by value of the Units tendered by each Unit Holder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. The Fund also has the right to repurchase all of a Unit Holder's Units at any time if the aggregate value of such Unit Holder's Units is, at the time of such compulsory repurchase, less than the minimum initial investment applicable for the Fund.

The following table summarizes the Unit repurchases completed during the six months ended June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase deadline request** | **Percentage of Outstanding Shares the Company Offered to Repurchase** | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased** | **Number of Shares<br>Repurchased** | **Percentage of Outstanding<br>Shares Repurchased ⁽¹⁾** |
| March 27, 2025 | 2.50% | $9.69 | March 31, 2025 | $18917680 | 1952289 | 2.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 33.3% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the offer as permitted by Rule 13e-4(f)(1).

For the six months ended June 30, 2024, the Fund did not repurchase any Units from Unit Holders.

**Note 4. Expenses and Transactions with Affiliates**

*Investment Advisory Agreement*

Effective May 10, 2023, the Fund entered into an Advisory Agreement with FDS. As compensation for advisory services, commencing on June 9, 2023, the Fund pays an advisory fee (the "Management Fee") to FDS monthly in arrears at an annual rate of 1.25% of the average daily net assets of the Fund throughout the month.

For the three and six months ended June 30, 2025, management fees were approximately $2.5 million and $4.9 million, respectively. For the three and six months ended June 30, 2024, management fees were approximately $2.2 million and $4.3 million, respectively.

As of June 30, 2025 and December 31, 2024, approximately $0.8 million was payable to the Adviser for management fees in management fee payable on the consolidated statements of assets and liabilities.

*Administration Agreement*

Effective May 10, 2023, the Fund entered into an Administration Agreement with FDS (in its capacity as both the Adviser and Administrator). Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services necessary for the Fund's operations, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Fund's other service providers), preparing reports to Unit Holders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

As compensation for the services of and expenses borne by FDS in its capacity as administrator, commencing on June 9, 2023, the Fund pays an administration fee to FDS monthly in arrears at an annual rate of 0.25% of the average daily net assets of the Fund throughout the month.

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From time to time, FDS or its affiliates may pay third-party providers of goods or services. The Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our Unit Holders, subject to the cap on organization and offering expenses.

Costs and expenses of FDS in its capacity as both the Administrator and the Adviser that are eligible for reimbursement by the Fund will be reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

For the three and six months ended June 30, 2025, the Fund incurred approximately $0.5 million and $1.0 million, respectively, in expenses under the Administration Agreement, which were recorded as administration fees on the consolidated statements of operations. For the three and six months ended June 30, 2024, the Fund incurred approximately $0.4 million and $0.9 million, respectively, in expenses under the Administration Agreement, which were recorded as administration fees on the consolidated statements of operations.

*Transfer Agent Agreement* 

On March 11, 2024, the Fund entered into a Transfer Agent Agreement with Fidelity Investments Institutional Operations Company LLC ("FIIOC"), an affiliate of the Adviser, effective April 1, 2024. In accordance with the Transfer Agent Agreement, FIIOC is the Fund's transfer agent, distribution paying agent and registrar. FIIOC receives an asset-based fee with respect to Units. The Fund pays a fee for transfer agent services equal to 0.00833% (0.10% on an annualized basis) of the Fund's net assets as of the end of the last business day of the month. Such fees are payable in arrears.

For the three and six months ended June 30, 2025, the Fund recorded approximately $0.2 million and $0.4 million, respectively, in transfer agent fees, which are included in other general and administrative expenses on the consolidated statements of operations. For the three and six months ended June 30, 2024, the Fund recorded approximately $0.2 million in transfer agent fees, which are included in other general and administrative expenses on the consolidated statements of operations. No transfer agency fees were incurred by the Fund prior to April 1, 2024, the effective date of the fee.

*Expense Limitation Agreement*

On January 1, 2025, the Fund entered into an Amended and Restated Expense Limitation Agreement (the "Expense Limitation Agreement") with the Adviser. The Adviser agrees to pay on a monthly basis Other Operating Expenses of the Fund on the Fund's behalf (each such payment, an "Expense Payment") such that Other Operating Expenses of the Fund do not exceed 0.50% (on annualized basis) of the Fund's average net assets ("Expense Limitation"). "Other Operating Expenses" means the Fund's professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees, third party valuation agent fees, insurance costs, director fees, administration fee, and other related costs or expenses, but excluding the following: (a) management fees and any incentive fees, if applicable; (b) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, prime broker fees and expenses, fees and expenses associated with the Fund's securities lending program, and dividend expenses related to short sales); (c) interest, financing and structuring costs and other related expenses for borrowings and line(s) of credit; (d) taxes; (e) the Fund's proportional share of expenses related to co-investments; (f) acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary); (g) Rule 12b-1 fees, if any; (h) expenses of printing and mailing proxy materials to shareholders of the Fund; (i) all other expenses incidental to holding meetings of the Fund's shareholders, including proxy solicitations therefor; and (j) such non-recurring and/or extraordinary as may arise, including actions, suits or proceedings to which the Fund is or is threatened to be a party and the legal obligation that the Fund may have to indemnify the Fund's directors and officers with respect thereto.

The Adviser's obligation to make an Expense Payment shall automatically become a liability of the Adviser and the Fund's right to receive an Expense Payment shall be an asset of the Fund on the last calendar day of the applicable month. Any Expense Payment shall be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates no later than forty-five (45) days after such obligation was incurred.

In consideration of the Adviser's agreement to make Expense Payments, at any time during a fiscal year and, to the extent that expenses fall below the Expense Limitation, the Adviser reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the fiscal year up to, but not in excess of, the Expense Limitation (an "Adviser Reimbursement"). For the three and six months ended June 30, 2025, there was no recoupment of reimbursed expenses by the Adviser. The Adviser will look only to the assets of the Fund for its performance under the Expense Support Agreement and for any claims for payment. No directors, officers, employees, agents, or Members of the Fund will be personally liable for performance by the Fund under the Expense Support Agreement.

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This Expense Limitation Agreement shall continue in force until January 1, 2026. This Expense Limitation Agreement shall renew automatically for successive one-year terms, unless either the Fund or the Adviser determines to terminate it after the Initial Term and so notifies the other party.

Prior to the Expense Limitation Agreement, the Fund had entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement") with the Adviser. Pursuant to the Expense Support Agreement for the first twelve months commencing upon the Fund's election to be regulated as a BDC under the 1940 Act, which occurred on June 1, 2023, the Adviser, was obligated to advance all of the Fund's Other Operating Expenses to the effect that such expenses did not exceed 0.50% (on an annualized basis) of the Fund's average net assets (referred to as a "Required Expense Payment"). "Other Operating Expenses", which meant the Fund's professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees and third party valuation agent fees, insurance costs, director fees, administration fees, and other general and administrative expenses.

Upon the termination of Adviser's obligation to make Required Expense Payments, the Adviser had an option to elect to pay, at such times as the Adviser determined, certain expenses on the Fund's behalf, provided that no portion of the payment was used to pay any interest expense or Unit Holder servicing fees of the Fund (referred to as a "Voluntary Expense Payment" and together with a Required Expense Payment, the "Expense Payments"). Any Expense Payments that the Adviser committed to pay had to be paid by the Adviser to the Fund 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 Fund to the Adviser or its affiliates.

In consideration of the Adviser's agreement to make Expense Payments, the Fund had agreed to repay the Adviser in the amount of any Expense Payment subject to the limitation that a repayment to the Adviser (an "Adviser Reimbursement") were only made if and to the extent that: (i) it was payable not more than three years from the date on which the applicable Expense Payment was made by the Adviser; and (ii) the Adviser Reimbursement did not cause the Fund's total annual operating expenses (on an annualized basis and net of any Advisor Reimbursements received by the Fund during such fiscal year) during the applicable quarter to exceed the Expense Limitation (as applicable). The Adviser had an option to waive its right to receive all or a portion of any Adviser Reimbursement in any particular calendar month. The Fund's obligation to make an Adviser Reimbursement automatically became a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser had waived its right to receive such payment for the applicable month. The Adviser voluntarily agreed to waive its right to receive any Reimbursement Payment for any Excess Operating Funds incurred in any month through December 31, 2024, the effective end day of terms of the Expense Support Agreement, and any such amounts were not considered unreimbursed Expense Payments reimbursable in future periods.

For the three and six months ended June 30, 2025, approximately $0.2 million and $0.4 million, respectively, was recognized and recorded in expense support on the consolidated statements of operations. For the three and six months ended June 30, 2024, approximately $0.2 million was recognized and recorded in expense support on the consolidated statements of operations.

*Administrative Agent Expense Allocation Agreement* 

Fidelity Direct Lending LLC ("FDL"), an affiliate of the Fund, acts as administrative agent for certain of the Fund's loan investments. As an administrative agent, FDL is responsible for performing loan administrative services on behalf of borrowers and lenders and is entitled to fees for those services. FDL does not retain fees from portfolio companies for providing services with respect to loans in which the Fund has invested. Pursuant to the Amended and Restated Administrative Agent Expense Allocation Agreement (the "Agent Allocation Agreement"), all fees earned and expenses incurred by FDL are transferred pro rata to the Fund and other affiliated funds based on the amounts the funds invested or committed, provided that those expenses shall not exceed the fees received by the Fund by FDL. Any income received or expense incurred is included in other income or other general and administrative expenses, respectively, on the consolidated statements of operations.

*Affiliated Investments*

There were no affiliated holdings as of June 30, 2025 and December 31, 2024.

*Affiliated Unit Holder Investments*

FIAM Institutional Funds Manager, LLC ("FIAMIFM"), as the former General Partner, owned 1,564.42 units and 1,481.96 units of net assets as of June 30, 2025 and December 31, 2024, respectively.

------

The following investment companies managed by an affiliate were each owners of record of 10% or more of the total net assets:

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| | | |
|:---|:---|:---|
| **Affiliated Investment Company** | **June 30, 2025 % Net Assets** | **December 31, 2024 % Net Assets** |
| Fidelity Capital and Income Fund | 46% | 48% |
| Fidelity Advisor Floating Rate High Income Fund | 15% | 16% |

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Investment companies managed by an affiliate, in aggregate, were owners of record of 100% of the units as of June 30, 2025 and December 31, 2024.

*Placement Agent Agreement*

The Fund has entered into a Placement Agent Agreement (the "Placement Agent Agreement") with Fidelity Distributors Company LLC ("FDC"), an affiliate of the Adviser. FDC will act as a non-exclusive placement agent for the Fund in connection with the private placement offering of units of interest.

*Co-Investment Relief* 

The Fund and the Adviser have received an exemptive order from the SEC that permits the Fund, among other things, to co-invest with certain other persons in negotiated transactions, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. Pursuant to such order, the Fund's Board may establish Board-Established Criteria clearly defining co-investment opportunities in which the Fund will have the opportunity to participate with other public or private affiliated funds that target similar assets. If an investment falls within the Board-Established Criteria, the Adviser must offer an opportunity for the Fund to participate. The Fund may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Fund (e.g., based on investment strategy). The co-investment would generally be allocated to the Fund and the other affiliated funds that target similar assets in accordance with the Adviser's allocation policies and procedures. If the Adviser determines that such investment is not appropriate for the Fund, the investment will not be allocated to the Fund, but the Adviser will be required to report such investment and the rationale for its determination for the Fund to not participate in the investment to the Board at the next quarterly Board meeting.

**Note 5. Investments**

The composition of the Fund's investment portfolio at cost and fair value was as follows:

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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 Investments <br>at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments <br>at Fair Value** |
| First Lien Debt | $1594811263 | $1574109268 | 97.6% | $1522615486 | $1525175632 | 96.3% |
| Second Lien Debt |  |  | 0.0% | 46293451 | 37433922 | 2.4% |
| Unsecured Debt | 53475 | 53475 | 0.0% |  |  | 0.0% |
| Equity | 18751126 | 20841498 | 1.3% | 18001364 | 18047546 | 1.1% |
| Mutual Funds | 17648924 | 17648924 | 1.1% | 3224421 | 3224421 | 0.2% |
| **Total Investment** | $1631264788 | $1612653165 | 100.0% | $1590134722 | $1583881521 | 100.0% |

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

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Health Care Services | 21.0% | 21.4% |
| Application Software | 10.8% | 9.4% |
| Industrial Machinery & Supplies & Components | 7.6% | 7.7% |
| Diversified Support Services | 7.0% | 6.9% |
| Air Freight & Logistics | 6.2% | 3.3% |
| Specialized Consumer Services | 6.0% | 5.7% |
| Trading Companies & Distributors | 4.0% | 3.9% |
| Packaged Foods & Meats | 3.7% | 2.4% |
| Soft Drinks & Non-alcoholic Beverages | 3.5% | 3.5% |
| Paper & Plastic Packaging Products & Materials | 3.5% | 3.2% |
| Environmental & Facilities Services | 3.3% | 5.3% |
| Pharmaceuticals | 3.0% | 3.1% |
| Copper | 2.4% | 2.5% |
| Health Care Technology | 2.4% | 4.6% |
| Data Processing & Outsourced Services | 2.1% | 2.2% |
| Health Care Facilities | 2.0% | 2.0% |
| Electronic Components | 1.6% | 1.6% |
| Life Sciences Tools & Services | 1.5% | 1.5% |
| Electronic Manufacturing Services | 1.4% | 1.4% |
| Automotive Parts & Equipment | 1.3% | 1.4% |
| Aerospace & Defense | 1.3% | 0.6% |
| Mutual Funds | 1.1% | 0.2% |
| Diversified Financial Services | 0.8% | 3.1% |
| Research & Consulting Services | 0.8% | 0.8% |
| Electrical Components & Equipment | 0.5% | 0.0% |
| Office Services & Supplies | 0.4% | 0.4% |
| Building Products | 0.3% | 0.1% |
| Health Care Supplies | 0.3% | 0.0% |
| IT Consulting & Other Services | 0.1% | 0.0% |
| Specialty Chemicals | 0.1% | 0.0% |
| Human Resource & Employment Services | 0.0% | 0.0% |
| Construction & Engineering | 0.0% | 0.0% |
| Commodity Chemicals | 0.0% | 0.9% |
| Food Distributors | 0.0% | 0.0% |
| Insurance Brokers | 0.0% | 0.9% |
| **Total** | 100.0% | 100.0% |

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Amounts shown as 0.0% in the above table may represent values of less than 0.05%.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair Value** | **% of Total Investments <br>at Fair Value** | **Fair Value as % of <br>Net Assets** | **Fair Value** | **% of Total Investments <br>at Fair Value** | **Fair Value as % of<br>Net Assets** |
| United States | $1581059922 | 98.1% | 196.2% | $1551974599 | 98.0% | 205.4% |
| Australia | 31058025 | 1.9% | 3.9% | 31393256 | 2.0% | 4.2% |
| Canada | 535218 | 0.0% | 0.1% | 513666 | 0.0% | 0.1% |
| **Total** | $1612653165 | 100.0% | 200.2% | $1583881521 | 100.0% | 209.7% |

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As of June 30, 2025 and December 31, 2024, on a fair value basis, 100% of debt investments bore interest at a floating rate and 0% of debt investments bore interest at a fixed rate. As of June 30, 2025 and December 31, 2024, there were no investments on non-accrual status.

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**Note 6. Fair Value Measurements**

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 — unadjusted quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 — unobservable inputs (including the Fund's own assumptions based on the best information available)

The following is a summary of the inputs used, as of June 30, 2025 and December 31, 2024, involving the Fund's assets carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $— | $1574109268 | $1574109268 |
| Unsecured Debt |  |  | 53475 | 53475 |
| Equity |  |  | 20841498 | 20841498 |
| Mutual Funds | 17648924 |  |  | 17648924 |
| **Total Investments** | $17648924 | $— | $1595004241 | $1612653165 |

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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 | $— | $— | $1525175632 | $1525175632 |
| Second Lien Debt |  |  | 37433922 | 37433922 |
| Equity |  |  | 18047546 | 18047546 |
| Mutual Funds | 3224421 |  |  | 3224421 |
| **Total Investments** | $3224421 | $— | $1580657100 | $1583881521 |

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The following tables provide a reconciliation of the beginning and ending balances for investments for which fair value was determined using Level 3 inputs for the six months ended June 30, 2025 and 2024:

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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** | **Six Months Ended June 30, 2025** |
|  | **First Lien Debt** | **Second Lien Debt** | **Unsecured Debt** | **Equity** | **Total Investments** |
| Fair value, beginning of period | $1525175632 | $37433922 | $— | $18047546 | $1580657100 |
| Purchases of investments | 115363407 |  | 53475 | 749762 | 116166644 |
| Purchases from increase in investments due to Payment-in-kind | 3233980 |  |  |  | 3233980 |
| Proceeds from principal repayments and sales of investments | (87752308) | (9718142) |  |  | (97470450) |
| Accretion of discount/ amortization of premium | 4010597 | 3254 |  |  | 4013851 |
| Net realized gain (loss) | 761538 |  |  |  | 761538 |
| Transfers into Level 3 | 27433922 |  |  |  | 27433922 |
| Transfers out of Level 3 |  | (27433922) |  |  | (27433922) |
| Net change in unrealized appreciation (depreciation) | (14117500) | (285112) |  | 2044190 | (12358422) |
| **Fair value, end of period** | $1574109268 | $— | $53475 | $20841498 | $1595004241 |
| Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2025 | $(13153140) | $— | $— | $2044190 | $(11108950) |

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------

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **First Lien Debt** | **Second Lien Debt** | **Equity** | **Total Investments** |
| Fair value, beginning of period | $1339308277 | $10000000 | $16548717 | $1365856994 |
| Purchases of investments | 153308911 |  | 829215 | 154138126 |
| Purchases from increase in investments due to Payment-in-kind | 1110937 |  |  | 1110937 |
| Proceeds from principal repayments and sales of investments | (141540773) |  |  | (141540773) |
| Accretion of discount/ amortization of premium | 4898717 | 18269 |  | 4916986 |
| Net realized gain (loss) | (1036) |  |  | (1036) |
| Net change in unrealized appreciation (depreciation) | (4788236) | (18269) | 155097 | (4651408) |
| **Fair value, end of period** | $1352296797 | $10000000 | $17533029 | $1379829826 |
| Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2024 | $(4788236) | $(18269) | $155097 | $(4651408) |

---

The information used in the above reconciliation represents period to date activity for any investments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any security or instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases may include securities received through corporate actions or exchanges.

The following provides information on Level 3 securities held by the Fund that were valued as of June 30, 2025 and December 31, 2024 based on unobservable inputs.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  |  |  |  | **Range** | **Range** |  |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Low** | **High** | **Weighted Average** | **Impact to Valuation from <br>an Increase in Input\*** |
| First Lien Debt | $1574109268 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 | 0.5 | 0.5 | Increase |
|  |  | Market approach | Transaction price | $98.75 | $98.75 | $98.75 | Increase |
|  |  | Discounted cash flow | Yield | 8.2% | 21.0% | 10.4% | Decrease |
| Unsecured Debt | 53475 | Discounted cash flow | Yield | 19.6% | 19.6% | 19.6% | Decrease |
| Equity | 20841498 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 5.3 | 16.5 | 10.5 | Increase |
|  |  | Market approach | Transaction price | $1.00 | $1.00 | $1.00 | Increase |
| **Total** | $1595004241 |  |  |  |  |  |  |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  |  |  | **Range** | **Range** |  |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Low** | **High** | **Weighted Average** | **Impact to Valuation from <br>an Increase in Input\*** |
| First Lien Debt | $1525175632 | Market approach | Transaction price | $98.50 | $99.50 | $98.62 | Increase |
|  |  | Discounted cash flow | Yield | 8.2% | 19.5% | 10.8% | Decrease |
| Second Lien Debt | 37433922 | Discounted cash flow | Yield | 11.3% | 11.3% | 11.3% | Decrease |
|  |  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.50 | 0.50 | 0.50 | Increase |
| Equity | 18047546 | Market approach | Transaction price | $3.10 | $1000.00 | $77.04 | Increase |
|  |  | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 5.70 | 17.00 | 10.70 | Increase |
| **Total** | $1580657100 |  |  |  |  |  |  |

---

\* Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

*Financial Instruments Not Carried at Fair Value* 

*Debt* 

The carrying value of the Fund's debt, which would be categorized as Level 3 within the fair value hierarchy, as of June 30, 2025, and December 31, 2024, approximates fair value.

**Note 7. Commitments and Contingencies**

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

*Commitments* 

In the normal course of business, the Fund may become party to financial instruments with off-balance sheet risk to fund investments that have unfunded commitments associated with such instruments. These financial instruments may include commitments to extend credit on the unused portions of the Fund's commitments pursuant to the terms of certain of the Fund's investments in revolving credit facilities, letters of credit, delayed draw and other loan financing agreements in connection with the Fund's investments in direct lending instruments. The unfunded commitments are carried at fair value with the unrealized appreciation or depreciation on the unfunded portion being included in fair value for each such position disclosed on the schedules of investments, and changes in those fair values are recorded in the net change in unrealized appreciation (depreciation) on investments on the consolidated statements of operations.

------

The following table details the unfunded loan commitments as of June 30, 2025:

**As of June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Maturity Date** | **Unfunded Commitment ($)** |
| Ab Centers Acquisition Corporation | Delayed Draw Term Loan | 7/2/2031 | 2353804 |
| Ab Centers Acquisition Corporation | Revolving Credit Facility | 7/2/2031 | 1840527 |
| ACP Avenu Midco LLC | Revolving Credit Facility | 10/2/2029 | 6673945 |
| ACP Avenu Midco LLC | Delayed Draw Term Loan | 10/2/2029 | 394945 |
| ACP Falcon Buyer Inc | Revolving Credit Facility | 8/1/2029 | 6500000 |
| Aep Passion Intermediate Holdings, Inc. | Revolving Credit Facility | 10/5/2027 | 298805 |
| Alcami Corporation | Revolving Credit Facility | 12/21/2028 | 7342466 |
| Astro Acquisition LLC | Revolving Credit Facility | 12/13/2027 | 500000 |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. | Revolving Credit Facility | 12/9/2028 | 4338106 |
| Bebright Mso, LLC | Revolving Credit Facility | 6/3/2030 | 1932553 |
| Bebright Mso, LLC | Delayed Draw Term Loan | 6/3/2030 | 444487 |
| Belt Power Holdings LLC | Revolving Credit Facility | 8/22/2028 | 3418803 |
| Benefit Plan Administrators of Eau Claire, LLC | Delayed Draw Term Loan | 11/1/2030 | 4032258 |
| Benefit Plan Administrators of Eau Claire, LLC | Revolving Credit Facility | 11/1/2030 | 1209677 |
| BPCP Craftsman Buyer, LLC | Delayed Draw Term Loan | 4/9/2030 | 470588 |
| BPCP Craftsman Buyer, LLC | Revolving Credit Facility | 4/9/2030 | 141176 |
| Bron Buyer, LLC | Revolving Credit Facility | 1/13/2029 | 5000000 |
| C2dx, Inc | Revolving Credit Facility | 3/19/2030 | 105085 |
| C2dx, Inc | Delayed Draw Term Loan | 3/19/2030 | 50847 |
| Cadence - Southwick, Inc. | Revolving Credit Facility | 5/3/2028 | 2292145 |
| CCI Prime, LLC | Revolving Credit Facility | 10/18/2029 | 1050000 |
| CCI Prime, LLC | Delayed Draw Term Loan | 10/18/2029 | 85890 |
| Copperweld Group, Inc. | Revolving Credit Facility | 3/31/2026 | 2870203 |
| Cub Financing Intermediate, LLC | Delayed Draw Term Loan | 6/28/2030 | 2361111 |
| Cytracom LLC | Delayed Draw Term Loan | 6/28/2027 | 689101 |
| Cytracom LLC | Revolving Credit Facility | 6/28/2027 | 561798 |
| Digital Experience Services, LLC | Delayed Draw Term Loan | 4/25/2030 | 1153846 |
| Digital Experience Services, LLC | Revolving Credit Facility | 4/25/2030 | 192308 |
| Double E Company, LLC | Revolving Credit Facility | 6/21/2028 | 176211 |
| Dpt Management, LLC | Delayed Draw Term Loan | 12/18/2027 | 416667 |
| Dpt Management, LLC | Revolving Credit Facility | 12/18/2027 | 216667 |
| Dragonfly Pond Works | Delayed Draw Term Loan | 8/16/2030 | 2222870 |
| Dragonfly Pond Works | Revolving Credit Facility | 8/16/2030 | 875146 |
| Dynamic Connections, Ltd | Delayed Draw Term Loan | 11/27/2030 | 346420 |
| Dynamic Connections, Ltd | Revolving Credit Facility | 11/27/2030 | 103926 |
| Eds Buyer, LLC | Revolving Credit Facility | 1/10/2029 | 85106 |
| Endurance PT Technology Buyer Corporation | Revolving Credit Facility | 2/28/2030 | 3080645 |
| Erosion Intermediate Holdings LLC | Delayed Draw Term Loan | 9/30/2029 | 3214286 |
| Erosion Intermediate Holdings LLC | Revolving Credit Facility | 9/30/2029 | 1339286 |
| Eversmith Brands Intermediate Holding Company | Delayed Draw Term Loan | 6/17/2030 | 338235 |

---

------

**As of June 30, 2025 (continued):** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Maturity Date** | **Unfunded Commitment ($)** |
| Eversmith Brands Intermediate Holding Company | Revolving Credit Facility | 6/17/2030 | 102941 |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. | Revolving Credit Facility | 1/3/2029 | 2727273 |
| Finastra USA Inc | Revolving Credit Facility | 9/13/2029 | 6252244 |
| Firmapak Intermediary LLC | Revolving Credit Facility | 2/4/2031 | 118056 |
| Firmapak Intermediary LLC | Delayed Draw Term Loan | 2/4/2031 | 79167 |
| Future Care Associates LLC | Revolving Credit Facility | 12/30/2028 | 5000000 |
| Harmony Hit US Holdings Inc | Delayed Draw Term Loan | 12/3/2030 | 3597789 |
| Harmony Hit US Holdings Inc | Revolving Credit Facility | 12/3/2030 | 3024817 |
| Harvest Acquisitionco, LLC | Revolving Credit Facility | 5/23/2030 | 173410 |
| Harvest Acquisitionco, LLC | Delayed Draw Term Loan | 5/23/2030 | 102929 |
| Houseworks Holdings, LLC | Revolving Credit Facility | 12/15/2028 | 2375819 |
| Identiti Resources LLC | Revolving Credit Facility | 11/1/2029 | 2201622 |
| Infusion Services Management LLC | Delayed Draw Term Loan | 7/7/2028 | 865242 |
| Infusion Services Management LLC | Revolving Credit Facility | 7/7/2028 | 512619 |
| Insight Technology Operation LLC | Revolving Credit Facility | 3/31/2031 | 124611 |
| La-Co Industries, Inc | Revolving Credit Facility | 7/2/2030 | 494297 |
| Lake Air Products, LLC | Revolving Credit Facility | 1/9/2029 | 5000000 |
| Luminii LLC | Delayed Draw Term Loan | 3/21/2030 | 2197802 |
| Luminii LLC | Revolving Credit Facility | 3/21/2030 | 1098901 |
| Midas Foods International LLC | Revolving Credit Facility | 4/30/2029 | 163934 |
| Midas Foods International LLC | Delayed Draw Term Loan | 4/30/2029 | 65574 |
| Mobotrex, LLC | Revolving Credit Facility | 6/7/2030 | 282360 |
| Mobotrex, LLC | Delayed Draw Term Loan | 6/7/2030 | 208451 |
| Mri Acquisitions, Inc | Revolving Credit Facility | 12/30/2025 | 1833333 |
| Mse Supplies, LLC | Revolving Credit Facility | 8/14/2030 | 1240385 |
| Mustang Prospects Purchaser LLC | Revolving Credit Facility | 6/13/2031 | 2226225 |
| Mustang Prospects Purchaser LLC | Delayed Draw Term Loan | 6/13/2031 | 1727298 |
| NAM Acquisition Co LLC | Delayed Draw Term Loan | 7/16/2030 | 963855 |
| NAM Acquisition Co LLC | Revolving Credit Facility | 7/16/2030 | 481928 |
| National Power, LLC | Delayed Draw Term Loan | 10/31/2029 | 747150 |
| National Power, LLC | Revolving Credit Facility | 10/31/2029 | 373575 |
| NE Ortho Management Services, LLC | Delayed Draw Term Loan | 12/13/2030 | 6462036 |
| NE Ortho Management Services, LLC | Delayed Draw Term Loan | 12/13/2030 | 2423263 |
| NE Ortho Management Services, LLC | Revolving Credit Facility | 12/13/2030 | 807754 |
| Pave America Interco, LLC | Revolving Credit Facility | 2/7/2028 | 942211 |
| Penta Fine Ingredients, Inc. | Revolving Credit Facility | 4/4/2031 | 123457 |
| Perimeter Solutions Group, LLC | Revolving Credit Facility | 10/2/2030 | 3750000 |
| Perimeter Solutions Group, LLC | Delayed Draw Term Loan | 10/2/2030 | 1939554 |
| Pla Buyer, LLC | Revolving Credit Facility | 11/22/2029 | 1578947 |
| Pla Buyer, LLC | Delayed Draw Term Loan | 11/22/2029 | 1052632 |

---

------

**As of June 30, 2025 (continued):** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Maturity Date** | **Unfunded Commitment ($)** |
| Premier Dental Products Company LLC | Delayed Draw Term Loan | 1/31/2031 | 1250000 |
| Premier Dental Products Company LLC | Revolving Credit Facility | 1/31/2031 | 406250 |
| Principal Lighting Group Holdings, LLC | Revolving Credit Facility | 11/4/2030 | 3106357 |
| Prism Parent Co Inc. | Delayed Draw Term Loan | 9/16/2028 | 2214815 |
| Quick Roofing Acquisition, LLC | Revolving Credit Facility | 12/22/2029 | 6375000 |
| Quick Roofing Acquisition, LLC | Delayed Draw Term Loan | 12/22/2029 | 505051 |
| R1 Holdings, LLC | Revolving Credit Facility | 12/29/2028 | 574661 |
| Refresh Buyer LLC | Revolving Credit Facility | 12/23/2027 | 858896 |
| Roofing Services Solutions LLC | Revolving Credit Facility | 11/27/2029 | 2708333 |
| Routeware, Inc | Delayed Draw Term Loan | 9/18/2031 | 4159091 |
| Routeware, Inc | Revolving Credit Facility | 9/18/2031 | 818182 |
| RPX Corporation | Revolving Credit Facility | 8/2/2030 | 816327 |
| Rxstrategies, Inc | Revolving Credit Facility | 8/12/2030 | 3750000 |
| Sabrosura Foods, LLC | Delayed Draw Term Loan | 8/22/2029 | 4311535 |
| Sabrosura Foods, LLC | Revolving Credit Facility | 8/22/2029 | 3924869 |
| SCP Baked Goods Holdings, LLC | Delayed Draw Term Loan | 5/1/2031 | 267857 |
| SCP Baked Goods Holdings, LLC | Revolving Credit Facility | 5/1/2031 | 89286 |
| Scp Wqs Buyer, LLC | Revolving Credit Facility | 10/2/2028 | 2769301 |
| Scp Wqs Buyer, LLC | Delayed Draw Term Loan | 10/2/2028 | 569403 |
| Shf Holdings, Inc | Revolving Credit Facility | 1/22/2030 | 1878261 |
| Solid Ground Solutions Acquisitions Inc | Delayed Draw Term Loan | 5/6/2029 | 1547619 |
| Solid Ground Solutions Acquisitions Inc | Revolving Credit Facility | 5/6/2029 | 595238 |
| Soteria Flexibles Corporation | Revolving Credit Facility | 8/15/2029 | 5907407 |
| Tex-Tech Industries Inc | Delayed Draw Term Loan | 1/13/2031 | 158730 |
| Tex-Tech Industries Inc | Revolving Credit Facility | 1/13/2031 | 84127 |
| Tgnl Purchaser LLC | Revolving Credit Facility | 6/25/2031 | 149171 |
| The Smilist Dso, LLC | Revolving Credit Facility | 4/4/2029 | 1148547 |
| The Smilist Dso, LLC | Delayed Draw Term Loan | 4/4/2029 | 462773 |
| Tiger Healthcare Buyer, LLC | Revolving Credit Facility | 2/27/2030 | 1125000 |
| Tiger Healthcare Buyer, LLC | Delayed Draw Term Loan | 2/27/2030 | 50417 |
| Tighitco Inc | Revolving Credit Facility | 2/28/2030 | 549451 |
| Unified Service Partners, LLC | Delayed Draw Term Loan | 4/14/2030 | 232143 |
| Unified Service Partners, LLC | Revolving Credit Facility | 4/14/2030 | 89286 |
| USW Buyer, LLC | Revolving Credit Facility | 11/3/2028 | 1970000 |
| Vip Medical Us Buyer, LLC | Revolving Credit Facility | 12/12/2028 | 7500000 |
| Warshaw Opco LLC | Revolving Credit Facility | 3/27/2030 | 182125 |
| Wci-Bxc Purchaser, LLC | Revolving Credit Facility | 11/6/2029 | 5935897 |
| **Total Unfunded Commitments** |  |  | $205204806 |

---

------

The following table details the unfunded loan commitments as of December 31, 2024:

**As of December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Maturity Date** | **Unfunded Commitment ($)** |
| AB Centers Acquisition Corporation | Delayed Draw Term Loan | 7/2/2031 | $3428671 |
| AB Centers Acquisition Corporation | Revolving Credit Facility | 7/2/2031 | 1840527 |
| ACP Avenu Buyer, LLC | Revolving Credit Facility | 10/2/2029 | 5081518 |
| ACP Avenu Buyer, LLC | Delayed Draw Term Loan | 10/2/2029 | 2784571 |
| ACP Falcon Buyer, Inc. | Revolving Credit Facility | 8/1/2029 | 6500000 |
| AEP Passion Intermediate Holdings, Inc. | Revolving Credit Facility | 10/5/2027 | 512237 |
| Alcami Corporation | Revolving Credit Facility | 12/21/2028 | 6791781 |
| Astro Acquisition LLC | Revolving Credit Facility | 12/13/2027 | 3000000 |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. | Revolving Credit Facility | 12/9/2028 | 3389831 |
| BeBright MSO, LLC | Delayed Draw Term Loan | 6/3/2030 | 444487 |
| BeBright MSO, LLC | Revolving Credit Facility | 6/3/2030 | 1932553 |
| Belt Power Holdings LLC | Revolving Credit Facility | 8/22/2028 | 3418803 |
| Benefit Plan Administrators Of Eau Claire, LLC | Delayed Draw Term Loan | 11/1/2030 | 4032258 |
| Benefit Plan Administrators Of Eau Claire, LLC | Revolving Credit Facility | 11/1/2030 | 1209677 |
| Bron Buyer, LLC | Revolving Credit Facility | 1/13/2029 | 5000000 |
| C2DX, Inc | Revolving Credit Facility | 3/19/2030 | 120339 |
| C2DX, Inc | Delayed Draw Term Loan | 3/19/2030 | 338983 |
| Cadence - Southwick, Inc. | Revolving Credit Facility | 5/3/2028 | 2292145 |
| CCI Prime, LLC | Delayed Draw Term Loan | 10/18/2029 | 85890 |
| CCI Prime, LLC | Revolving Credit Facility | 10/18/2029 | 3500000 |
| Copperweld Group, Inc. | Revolving Credit Facility | 3/31/2026 | 2199662 |
| CUB Financing Intermediate, LLC | Delayed Draw Term Loan | 6/28/2030 | 2361111 |
| Cytracom, LLC | Delayed Draw Term Loan | 6/28/2027 | 1011236 |
| Cytracom, LLC | Revolving Credit Facility | 6/28/2027 | 561798 |
| Double E Company, LLC | Revolving Credit Facility | 6/21/2028 | 202643 |
| DPT Management, LLC | Delayed Draw Term Loan | 12/18/2027 | 416667 |
| DPT Management, LLC | Revolving Credit Facility | 12/18/2027 | 250000 |
| Dragonfly Pond Works | Delayed Draw Term Loan | 8/16/2030 | 3500583 |
| Dragonfly Pond Works | Revolving Credit Facility | 8/16/2030 | 875146 |
| Dynamic Connections, Ltd | Delayed Draw Term Loan | 11/27/2030 | 346420 |
| Dynamic Connections, Ltd | Revolving Credit Facility | 11/27/2030 | 115473 |
| EDS Buyer, LLC | Revolving Credit Facility | 1/10/2029 | 85106 |
| Endurance PT Technology Buyer Corporation | Revolving Credit Facility | 2/28/2030 | 3080645 |
| Erosion Intermediate Holdings LLC | Delayed Draw Term Loan | 9/30/2029 | 3214286 |
| Erosion Intermediate Holdings LLC | Revolving Credit Facility | 9/30/2029 | 1339286 |

---

------

**As of December 31, 2024 (continued):** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Maturity Date** | **Unfunded Commitment ($)** |
| EverSmith Brands Intermediate Holding Company | Delayed Draw Term Loan | 6/17/2030 | $367647 |
| EverSmith Brands Intermediate Holding Company | Revolving Credit Facility | 6/17/2030 | 102941 |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. | Revolving Credit Facility | 1/3/2029 | 2727273 |
| Finastra USA Inc | Revolving Credit Facility | 9/13/2029 | 2948762 |
| Future Care Associates LLC | Revolving Credit Facility | 12/30/2028 | 5000000 |
| Harmony Hit US Holdings Inc | Revolving Credit Facility | 12/3/2030 | 3024817 |
| Harmony Hit US Holdings Inc | Delayed Draw Term Loan | 12/3/2030 | 3597789 |
| Houseworks Holdings, LLC | Revolving Credit Facility | 12/16/2028 | 4891392 |
| Identiti Resources LLC | Delayed Draw Term Loan | 11/1/2029 | 5098494 |
| Identiti Resources LLC | Revolving Credit Facility | 11/1/2029 | 2317497 |
| Infusion Services Management, LLC | Delayed Draw Term Loan | 7/7/2028 | 865242 |
| Infusion Services Management, LLC | Revolving Credit Facility | 7/7/2028 | 1332808 |
| LA-CO Industries, Inc | Revolving Credit Facility | 7/2/2030 | 760456 |
| Lake Air Products, LLC | Revolving Credit Facility | 1/9/2029 | 6000000 |
| Midas Foods International LLC | Delayed Draw Term Loan | 4/30/2029 | 65574 |
| Midas Foods International LLC | Revolving Credit Facility | 4/30/2029 | 163934 |
| MoboTrex, LLC | Revolving Credit Facility | 6/7/2030 | 283466 |
| MRI Acquisitions, Inc | Revolving Credit Facility | 12/30/2025 | 1833333 |
| MSE Supplies, LLC | Revolving Credit Facility | 8/14/2030 | 1298077 |
| Mustang Prospects Purchaser LLC | Delayed Draw Term Loan | 6/13/2031 | 1727298 |
| Mustang Prospects Purchaser LLC | Revolving Credit Facility | 6/13/2031 | 2368325 |
| NAM Acquisition Co LLC | Delayed Draw Term Loan | 7/16/2030 | 963855 |
| NAM Acquisition Co LLC | Revolving Credit Facility | 7/16/2030 | 481928 |
| National Power, LLC | Delayed Draw Term Loan | 10/31/2029 | 747150 |
| National Power, LLC | Revolving Credit Facility | 10/31/2029 | 373575 |
| NE Ortho Management Services, LLC | Revolving Credit Facility | 12/13/2030 | 807754 |
| NE Ortho Management Services, LLC | Delayed Draw Term Loan | 12/13/2030 | 2423263 |
| NE Ortho Management Services, LLC | Delayed Draw Term Loan | 12/13/2030 | 6462036 |
| Pave America Interco, LLC | Revolving Credit Facility | 2/7/2028 | 1177764 |
| Perimeter Solutions Group, LLC | Delayed Draw Term Loan | 10/2/2030 | 2250596 |
| Perimeter Solutions Group, LLC | Revolving Credit Facility | 10/2/2030 | 3750000 |
| PLA Buyer, LLC | Delayed Draw Term Loan | 11/22/2029 | 1052632 |
| PLA Buyer, LLC | Revolving Credit Facility | 11/22/2029 | 2105263 |
| Principal Lighting Group Holdings, LLC | Revolving Credit Facility | 11/4/2030 | 3106357 |
| Prism Parent Co Inc. | Delayed Draw Term Loan | 9/16/2028 | 2214815 |
| Quick Roofing Acquisition, LLC | Revolving Credit Facility | 12/22/2029 | 5100000 |
| Quick Roofing Acquisition, LLC | Delayed Draw Term Loan | 12/22/2029 | 505051 |
| R1 Holdings, LLC | Revolving Credit Facility | 12/29/2028 | 4194570 |
| Refresh Buyer LLC | Revolving Credit Facility | 12/23/2027 | 2822086 |
| Roofing Services Solutions LLC | Delayed Draw Term Loan | 11/27/2029 | 3916667 |
| Roofing Services Solutions LLC | Revolving Credit Facility | 11/27/2029 | 2916666 |
| Routeware, Inc | Delayed Draw Term Loan | 9/18/2031 | 4431818 |
| Routeware, Inc | Revolving Credit Facility | 9/18/2031 | 1022727 |
| RPX Corporation | Revolving Credit Facility | 8/2/2030 | 816327 |
| Ruppert Landscape, LLC | Revolving Credit Facility | 12/1/2028 | 4347826 |
| RxStrategies, Inc | Revolving Credit Facility | 8/12/2030 | 3750000 |
| Sabrosura Foods, LLC | Delayed Draw Term Loan | 8/22/2029 | 4311535 |
| Sabrosura Foods, LLC | Revolving Credit Facility | 8/22/2029 | 5269003 |

---

------

**As of December 31, 2024 (continued):** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Maturity Date** | **Unfunded Commitment ($)** |
| SCP WQS Buyer, LLC | Delayed Draw Term Loan | 10/2/2028 | $3761897 |
| SCP WQS Buyer, LLC | Revolving Credit Facility | 10/2/2028 | 2769301 |
| Solid Ground Solutions Acquisitions Inc | Delayed Draw Term Loan | 5/6/2029 | 2380952 |
| Solid Ground Solutions Acquisitions Inc | Revolving Credit Facility | 5/6/2029 | 595238 |
| Soteria Flexibles Corporation | Delayed Draw Term Loan | 8/15/2029 | 7287090 |
| Soteria Flexibles Corporation | Revolving Credit Facility | 8/15/2029 | 5907407 |
| The Smilist DSO, LLC | Revolving Credit Facility | 4/4/2029 | 1148547 |
| The Smilist DSO, LLC | Delayed Draw Term Loan | 4/4/2029 | 643752 |
| The Smilist DSO, LLC | Delayed Draw Term Loan | 4/4/2029 | 1000000 |
| Tiger Healthcare Buyer, LLC | Delayed Draw Term Loan | 2/27/2030 | 50417 |
| Tiger Healthcare Buyer, LLC | Revolving Credit Facility | 2/27/2030 | 2250000 |
| USW Buyer, LLC | Revolving Credit Facility | 11/3/2028 | 1970000 |
| VIP Medical US Buyer, LLC | Revolving Credit Facility | 12/12/2028 | 2000000 |
| VIP Medical US Buyer, LLC | Delayed Draw Term Loan | 12/12/2028 | 1900000 |
| WCI-BXC Purchaser, LLC | Revolving Credit Facility | 11/6/2029 | 5935897 |
| **Total Unfunded Commitments** |  |  | $232961220 |

---

**Note 8. Borrowings**

In accordance with the 1940 Act, with certain limitations, the Fund is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2025 and December 31, 2024, the Fund's asset coverage was 195% and 187%, respectively.

The Fund's average outstanding debt and weighted average interest rate paid for the three and six months ended June 30, 2025, were $878.0 million and $877.4 million, respectively, and 6.50% and 6.50%, respectively. The Fund's average outstanding debt and weighted average interest rate paid for the three and six months ended June 30, 2024, were $743.0 million and $743.0 million, respectively, and 8.15% and 8.17%, respectively. The Fund's weighted average interest rate paid as of June 30, 2025 and December 31, 2024 was 6.47% and 6.78%, respectively.

The Fund's outstanding borrowings as of June 30, 2025 and December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** |
| Fidelity Direct Lending Fund I JSPV LLC Facility⁽¹⁾ | $1000000000 | $750381862 | $750381862 |
| Truist Senior Secured Revolving Credit Facility | 300000000 | 100000000 | 100000000 |
| **Total** | $1300000000 | $850381862 | $850381862 |

---

(1)Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of June 30, 2025 the Fund had borrowings denominated in Canadian Dollars ("CAD") of 0.5 million, translated to USD of $0.4 million.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** |
| Fidelity Direct Lending Fund I JSPV LLC Facility⁽¹⁾ | $1000000000 | $868361752 | $868361752 |
| **Total** | $1000000000 | $868361752 | $868361752 |

---

(1)Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of December 31, 2024, the Fund had borrowings denominated in Canadian Dollars ("CAD") of 0.5 million, translated to USD of $0.4 million.

------

For the three and six months ended June 30, 2025 and 2024, the components of interest expense were as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $14990905 | $15932449 |
| Facility unused fees | 211741 | 253094 |
| Amortization of deferred financing costs | 429633 | 580828 |
| **Total Interest Expense** | $15632279 | $16766371 |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $29928251 | $31912366 |
| Facility unused fees | 373339 | 511875 |
| Amortization of deferred financing costs | 815720 | 1161655 |
| **Total Interest Expense** | $31117310 | $33585896 |

---

*Fidelity Direct Lending Fund I JSPV LLC* 

On August 25, 2022, Fidelity Direct Lending Fund I JSPV LLC (the "SPV") entered into a senior secured revolving credit facility (the "Fidelity Direct Lending Fund I JSPV LLC Facility") with JPMorgan Chase Bank, NA ("JPM"), governed by the Loan and Security Agreement (the "Agreement"), as amended from time to time. JPM serves as administrative agent, Citibank, N.A. serves as collateral agent and securities intermediary, and Virtus Group, LP serves as collateral administrator under the Fidelity Direct Lending Fund I JSPV LLC Facility.

The initial commitment amount under the Fidelity Direct Lending Fund I JSPV LLC Facility was $500 million. On January 24, 2023, June 6, 2023, and November 26, 2024, this was increased to $750 million, $950 million, and $1 billion, respectively. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by the SPV and to make advances under delayed draw term loans where the SPV is a lender. On September 12, 2024, the Fidelity Direct Lending Fund I JSPV LLC Facility entered into the Third Amendment to the Agreement. The amendment extends the last day of the revolving period to August 25, 2027, and the stated maturity date to February 25, 2029. Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. Advances under the Fidelity Direct Lending Fund I JSPV LLC Facility currently bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is Term SOFR in the case of U.S. dollar advances), plus an applicable margin of 2.20% per annum except for borrowings denominated in British pounds, for which the applicable margin is 2.3193% per annum. Prior to September 12, 2024, the applicable margins were 2.97% per annum for certain advances in British Pounds and 2.85% per annum for other advances. The SPV currently pays a commitment fee of 0.525% per annum of the unused facility amount, based on the average daily unused amount of the financing commitments, subject to minimum utilization amounts.

In connection with the Fidelity Direct Lending Fund I JSPV LLC Facility, the SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Fidelity Direct Lending Fund I JSPV LLC Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, the lender under the Fidelity Direct Lending Fund I JSPV LLC Facility may declare the outstanding advances and all other obligations under the Fidelity Direct Lending Fund I JSPV LLC Facility immediately due and payable.

The Fidelity Direct Lending Fund I JSPV LLC Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the SPV, subject to certain exceptions. Proceeds of the Fidelity Direct Lending Fund I JSPV LLC Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding of portfolio investments, and such other uses as permitted under the Agreement.

*Truist Senior Secured Revolving Credit Facility*

On June 16, 2025, the Fund entered into a senior secured revolving credit facility (the "Truist Facility") pursuant to a Senior Secured Revolving Credit Agreement (the "Truist Agreement"). Truist Bank is administrative agent, ING Capital LLC is the valuation agent and Truist Securities, Inc., ING Capital LLC and Sumitomo Mitsui Banking Corporation are joint book runners and joint lead arrangers.

------

The Fund may borrow amounts in USD or certain agreed foreign currencies under the Truist Facility. Borrowings made under the Truist Facility will have a per annum rate equal to 0.75% or 0.875% plus an "alternate base rate" (as described in the Truist Agreement) in the case of any ABR Loan. in the case of any other loan, borrowings will have a per annum rate equal to1.75% or 1.875% plus the Adjusted Term SOFR Rate or, for foreign denominated loans, the relevant rate for such currency, in each case, depending on the Fund's rate option election and borrowing base. The Fund will also pay a fee of 0.375% on average daily undrawn amounts under the Truist Facility.

The initial principal amount of the Truist Facility is $300 million, subject to availability under the borrowing base, which is based on the Fund's portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $750 million, subject to the satisfaction of certain conditions. In addition, the Truist Facility includes a $60 million limit for swingline loans.

The Truist Facility is guaranteed by certain subsidiaries of the Fund and will be guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the "Guarantors"). Proceeds of the Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding of portfolio investments, and such other uses as permitted under the Agreement.

The Truist Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions.

The availability period under the Truist Facility will terminate on June 15, 2029 (the "Commitment Termination Date") and the Facility will mature on June 14, 2030 (the "Maturity Date"). During the period from the Commitment Termination Date to the Maturity Date, the Fund will be obligated to make mandatory prepayments under the Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

The Agreement includes customary affirmative and negative covenants, including financial covenants requiring the Fund to maintain a minimum shareholders' equity and asset coverage ratio, and certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. Upon the occurrence and during the continuation of an event of default, the lender under the Truist Facility may declare the outstanding advances and all other obligations under the Truist Facility immediately due and payable.

------

**Note 9. Financial Highlights**

The financial highlights for the six months ended June 30, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Per Unit Data** |  |  |
| Net asset value per unit, beginning of period | $9.68 | $10.08 |
| Net investment income (loss) <sup>A</sup> | 0.63 | 0.71 |
| Net realized and change in unrealized gain (loss) <sup>A</sup> | (0.15) | (0.09) |
| Net increase (decrease) in net assets resulting from operations | 0.48 | 0.62 |
| Distributions | (0.52) | (0.54) |
| Net asset value per unit, end of period | $9.64 | $10.16 |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Ratios:** |  |  |
| Net investment income (loss) to average net assets <sup>B</sup> | 13.23% | 14.11% |
| Expenses to average net assets, before reductions <sup>B,C</sup> | 9.89% | 11.53% |
| Expenses to average net assets, after reductions <sup>B,C</sup> | 9.80% | 11.47% |
| Portfolio turnover rate <sup>D</sup> | 6.09% | 20.96% |
| Total return <sup>E</sup> | 5.13% | 6.35% |
| **Supplemental Data:** |  |  |
| Ratio of expenses to average net assets, before reductions, <br>excluding income and excise tax expense and interest expense <sup>B,C</sup> | 1.86% | 1.83% |
| Ratio of expenses to average net assets, after reductions, excluding income and excise tax expense and interest expense <sup>B,C</sup> | 1.76% | 1.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;A. Calculated based on weighted average units outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;B. Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expense ratios reflect operating expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;D. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities year to date divided by the average fair value of the portfolio securities, excluding short-term securities.

&nbsp;&nbsp;&nbsp;&nbsp;E. Total returns of less than one year are not annualized.

**Note 10. Subsequent Events**

In preparation of these consolidated financial statements, management has evaluated the events and transactions subsequent to June 30, 2025, through the date when the consolidated financial statements were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures on the Fund's consolidated financial statements.

------

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The information contained in this section should be read in conjunction with "Item 1. Consolidated Financial Statements." This discussion contains forward-looking statements, which relate to future events, the Fund's future performance or financial condition and involves numerous risks and uncertainties. Actual results could differ materially from those implied or expressed on any forward-looking statements.*

**Overview**

The Fund was formed on September 16, 2021 as a Delaware limited partnership and converted to a Delaware limited liability company effective January 31, 2023. The Fund elected to be regulated as a business development company ("BDC") on June 1, 2023. On June 6, 2023, the Fund elected to be treated, and intends to qualify annually, as a regulated investment company ("RIC") for U.S. federal income tax purposes as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As such, the Fund is required to comply with various regulatory requirements, such as the requirement to invest at least 70% of the Fund's assets in "qualifying assets," source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of the Fund's taxable income and tax-exempt interest. The Fund is externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, determining the value of Fund investments, structuring investments and monitoring Fund's portfolio on an ongoing basis. The Adviser is registered as an investment adviser with the SEC.

An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. Instead of directly compensating employees, the Fund pays FDS for investment and management services pursuant to the terms of the Advisory Agreement and the Administration Agreement.

The Fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund will achieve these objectives primarily through directly originated loans to private companies but also liquid credit investments, like broadly syndicated loans, and other select Private Credit investments. Under normal circumstances, the Fund will invest at least 80% of its total assets in Private Credit investments. If the Fund changes its 80% test, the Fund will provide Unit Holders with at least 60 days' prior notice of such change. The Adviser may also invest to a lesser degree in equity linked instruments (which may include debt with warrants, preferred equity investments, or equity co-investments). Most of the Fund's investments will be in private U.S. operating companies, but (subject to compliance with BDCs' requirement to invest at least 70% of its assets in private U.S. companies) the Fund may also invest to a lesser degree in non-U.S. companies. Subject to the limitations of the 1940 Act, the Fund may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other affiliated funds. From time to time, the Fund may co-invest with other affiliated funds.

**Key Components of the Fund's Results of Operations**

***Investments***

The Fund focuses primarily on directly originated loans to private companies but will also invest in liquid credit investments, such as broadly syndicated loans. The Fund's level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments the Fund makes.

***Revenues***

The Fund generates revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from its equity investments in its portfolio companies. The Fund's senior and subordinated debt investments bear interest predominantly at a floating rate. Interest on debt securities is generally payable monthly, quarterly or semiannually. In some cases, the Fund's investments may provide for deferred interest payments or payment-in-kind ("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, the Fund may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts ("OIDs") and market discounts or premiums will be capitalized, and the Fund will accrete or amortize such amounts as interest income. The Fund 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 the Fund expects to collect such amounts.

------

***Expenses*** 

The Adviser and/or its affiliates paid, directly or through reimbursement of the Fund, for all costs and expenses incurred in connection with the organization of the Fund, including, without limitation, the following: (i) the offering and sale of the Units of the Fund, (ii) the BDC Conversion and the organization of the Fund, (iii) the election to be treated as a BDC under the 1940 Act, and (iv) the negotiation, execution and delivery of the LLC Agreement, the Advisory Agreement, Administration Agreement (if any), and any related or similar documents, including, without limitation, any related legal and accounting fees and expenses, printing costs, travel and out-of-pocket expenses and filing fees.

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Administrator or its affiliates will bear all fees, costs, and expenses incurred that are not specifically assumed by the Fund under the Administration Agreement.

From time to time, FDS (in its capacity as the Adviser and Administrator) or its affiliates may pay third-party providers of goods or services. The Fund will reimburse FDS (in its capacity as the Adviser or Administrator) or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, FDS (in its capacity as the Adviser and Administrator) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by the Fund's Unit Holders, subject to the cap on organization and offering expenses.

***Expense Limitation Agreement***

On January 1, 2025, the Fund entered into Expense Limitation Agreement with the Adviser. The Adviser agrees to pay on a monthly basis Other Operating Expenses of the Fund on the Fund's behalf (each such payment, an "Expense Payment") such that Other Operating Expenses of the Fund do not exceed 0.50% (on annualized basis) of the Fund's average net assets ("Expense Limitation"). Any Required Expense Payment must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates. "Other Operating Expenses" means the Fund's professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees, third party valuation agent fees, insurance costs, director fees, administration fee, and other related costs or expenses, but excluding the following: (a) management fees and any incentive fees, if applicable; (b) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, prime broker fees and expenses, fees and expenses associated with the Fund's securities lending program, and dividend expenses related to short sales); (c) interest, financing and structuring costs and other related expenses for borrowings and line(s) of credit; (d) taxes; (e) the Fund's proportional share of expenses related to co-investments; (f) acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary); (g) Rule 12b-1 fees, if any; (h) expenses of printing and mailing proxy materials to shareholders of the Fund; (i) all other expenses incidental to holding meetings of the Fund's shareholders, including proxy solicitations therefor; and (j) such non-recurring and/or extraordinary as may arise, including actions, suits or proceedings to which the Fund is or is threatened to be a party and the legal obligation that the Fund may have to indemnify the Fund's directors and officers with respect thereto. For additional information, see *"Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 4. Expenses and Transactions with Affiliates."*

------

**Portfolio and Investment Activity** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Investments:** |  |  |
| Total investments, beginning of period | $1590134722 | $1371453021 |
| New investments purchased | 116166644 | 154138126 |
| Payment-in-kind interest capitalized | 3233980 | 1110937 |
| Net purchases (sales) of short-term securities | 14424503 | 44674462 |
| Net accretion of discount on investments | 4013851 | 4916986 |
| Net realized gain (loss) on investments | 761538 | (1036) |
| Investments sold or repaid | (97470450) | (141540773) |
| **Total Investments, End of Period** | $1631264788 | $1434751723 |
| Number of portfolio companies | 90 | 54 |
| Weighted average yield on debt, at amortized cost<sup>(1)</sup> | 10.09% | 11.48% |
| Weighted average yield on debt, at fair value<sup>(2)</sup> | 10.07% | 11.45% |
| Percentage of debt investments bearing a floating rate, at fair value | 100% | 100% |
| Percentage of debt investments bearing a fixed rate, at fair value | 0% | 0% |

---

(1)Computed as the sum of, (a) the weighted average amortized cost multiplied by (b) the annual interest rate, for each income producing debt investment, excluding unfunded commitments. The weighted average amortized cost of an investment is computed by dividing the amortized cost by the sum of total amortized cost of debt investments, excluding unfunded commitments.

(2)Computed as the sum of, (a) the weighted average fair value multiplied by (b) the annual interest rate, for each income producing debt investment, excluding unfunded commitments. The weighted average fair value of an investment is computed by dividing the fair value by the sum of total fair value of debt investments, excluding unfunded commitments.

Our investments consisted of the following:

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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 Investments <br>at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments <br>at Fair Value** |
| First Lien Debt | $1594811263 | $1574109268 | 97.6% | $1522615486 | $1525175632 | 96.3% |
| Second Lien Debt |  |  | 0.0% | 46293451 | 37433922 | 2.4% |
| Unsecured Debt | 53475 | 53475 | 0.0% |  |  | 0.0% |
| Equity | 18751126 | 20841498 | 1.3% | 18001364 | 18047546 | 1.1% |
| Mutual Funds | 17648924 | 17648924 | 1.1% | 3224421 | 3224421 | 0.2% |
| **Total Investment** | $1631264788 | $1612653165 | 100.0% | $1590134722 | $1583881521 | 100.0% |

---

As of June 30, 2025 and December 31, 2024, there were no investments on non-accrual status.

------

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

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Health Care Services | 21.0% | 21.4% |
| Application Software | 10.8% | 9.4% |
| Industrial Machinery & Supplies & Components | 7.6% | 7.7% |
| Diversified Support Services | 7.0% | 6.9% |
| Air Freight & Logistics | 6.2% | 3.3% |
| Specialized Consumer Services | 6.0% | 5.7% |
| Trading Companies & Distributors | 4.0% | 3.9% |
| Packaged Foods & Meats | 3.7% | 2.4% |
| Soft Drinks & Non-alcoholic Beverages | 3.5% | 3.5% |
| Paper & Plastic Packaging Products & Materials | 3.5% | 3.2% |
| Environmental & Facilities Services | 3.3% | 5.3% |
| Pharmaceuticals | 3.0% | 3.1% |
| Copper | 2.4% | 2.5% |
| Health Care Technology | 2.4% | 4.6% |
| Data Processing & Outsourced Services | 2.1% | 2.2% |
| Health Care Facilities | 2.0% | 2.0% |
| Electronic Components | 1.6% | 1.6% |
| Life Sciences Tools & Services | 1.5% | 1.5% |
| Electronic Manufacturing Services | 1.4% | 1.4% |
| Automotive Parts & Equipment | 1.3% | 1.4% |
| Aerospace & Defense | 1.3% | 0.6% |
| Mutual Funds | 1.1% | 0.2% |
| Diversified Financial Services | 0.8% | 3.1% |
| Research & Consulting Services | 0.8% | 0.8% |
| Electrical Components & Equipment | 0.5% | 0.0% |
| Office Services & Supplies | 0.4% | 0.4% |
| Building Products | 0.3% | 0.1% |
| Health Care Supplies | 0.3% | 0.0% |
| IT Consulting & Other Services | 0.1% | 0.0% |
| Specialty Chemicals | 0.1% | 0.0% |
| Human Resource & Employment Services | 0.0% | 0.0% |
| Construction & Engineering | 0.0% | 0.0% |
| Commodity Chemicals | 0.0% | 0.9% |
| Food Distributors | 0.0% | 0.0% |
| Insurance Brokers | 0.0% | 0.9% |
| **Total** | 100.0% | 100.0% |

---

Amounts shown as 0.0% in the above table may represent values of less than 0.05%.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair Value** | **% of Total Investments <br>at Fair Value** | **Fair Value as % of <br>Net Assets** | **Fair Value** | **% of Total Investments <br>at Fair Value** | **Fair Value as % of<br>Net Assets** |
| United States | $1581059922 | 98.1% | 196.2% | $1551974599 | 98.0% | 205.4% |
| Australia | 31058025 | 1.9% | 3.9% | 31393256 | 2.0% | 4.2% |
| Canada | 535218 | 0.0% | 0.1% | 513666 | 0.0% | 0.1% |
| **Total** | $1612653165 | 100.0% | 200.2% | $1583881521 | 100.0% | 209.7% |

---

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The Adviser monitors the Fund's portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. The Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparisons to other companies in the portfolio company's industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review of monthly or quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, the Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, the Adviser rates the credit risk of all debt investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (*i.e.*, at the time of origination or acquisition), although it may also take into account the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

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

2 – The portfolio investment is performing as expected at the time of underwriting. As a general rule, new investments are initially rated 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 significantly 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.

The following table shows the composition of our debt portfolio on the 1 to 5 rating scale as of June 30, 2025 and December 31, 2024.

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **Rating** | **Fair Value** | **Fair Value** |
| 1 | $— | $— |
| 2 | 1394526014 | 1426401159 |
| 3 | 140429068 | 136208395 |
| 4 | 39207661 |  |
| 5 |  |  |
| **Total** | $1574162743 | $1562609554 |

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------

**Results of Operations**

The following table represents the Fund's operating results:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $44664053 | $44961840 | $89587901 | $88510106 |
| Net expenses | 19125519 | 19861016 | 37984884 | 39686319 |
| **Net Investment Income (Loss) Before Taxes** | 25538534 | 25100824 | 51603017 | 48823787 |
| Net change in provision (benefit) for income and excise taxes | 137584 |  | 137724 |  |
| **Net Investment Income (Loss) After Taxes** | 25400950 | 25100824 | 51465293 | 48823787 |
| Net realized gain (loss) | 774494 |  | 761722 | (1036) |
| Net change in unrealized appreciation (depreciation) | (2711065) | 1253035 | (12432959) | (5731404) |
| **Net increase (decrease) in net assets resulting from operations** | $23464379 | $26353859 | $39794056 | $43091347 |

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Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

***Investment Income***

Investment income was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest income | $43779495 | $43944953 | $87740213 | $86918962 |
| Dividend income | 546466 | 190009 | 664044 | 361547 |
| Other income | 338092 | 826878 | 1183644 | 1229597 |
| **Total Investment Income** | $44664053 | $44961840 | $89587901 | $88510106 |

---

For the three and six months ended June 30, 2025, total investment income was $44.7 million and $89.6 million, respectively, primarily driven by the continued capital deployment of the Fund's investment portfolio. The size of the Fund's investment portfolio at fair value was $1.6 billion as of June 30, 2025 and its weighted average yield on debt and income producing investments, at fair value, was 10.07%. For the three and six months ended June 30, 2024, total investment income was $45.0 million and $88.5 million, respectively, driven by the Fund's deployment of capital and the performance of the investment portfolio. The size of the Fund's investment portfolio at fair value was $1.4 billion as of June 30, 2024 and its weighted average yield on debt and income producing investments, at fair value, was 11.45%.

The elevated interest rate environment of 2023 remained for most of 2024 with the Secured Overnight Financing Rate ("SOFR") remaining in a tight range around 5.30% through late in the third quarter, before declining to around 4.30% by the end of the fourth quarter. SOFR has subsequently held steady at approximately 4.30% through the end of the second quarter of fiscal 2025. Initially, during 2024, spreads in the lower and core middle market, the Fund's primary area of focus, modestly compressed but then largely stabilized by the end of the year. While interest rates are considered when determining appropriate capital structures of our borrowers, additional interest rate increases and the resulting higher cost of capital have the potential to negatively impact the free cash flow of certain borrowers which could impact their ability to service their debt. Additionally, if higher interest rates persist during a slowdown in growth or period of economic weakness, our borrowers' and potentially the Fund's portfolio performance may be negatively impacted. Alternatively, if interest rates decline, our investment income on the existing investment portfolio could be negatively impacted.

------

***Expenses***

Expenses were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest expense | $15632279 | $16766371 | $31117310 | $33585896 |
| Management fees | 2486935 | 2182902 | 4907441 | 4348753 |
| Administration fees | 497299 | 436500 | 981275 | 869599 |
| Custodian fees | 828 | 556 | 2226 | 1334 |
| Board of Directors' fees | 98690 | 70983 | 174689 | 146700 |
| Professional fees | 410903 | 278749 | 729940 | 399117 |
| Other general and administrative expenses | 226262 | 341880 | 448867 | 551845 |
| **Total Expenses Before Reductions** | 19353196 | 20077941 | 38361748 | 39903244 |
| Expense support | (227677) | (216925) | (376864) | (216925) |
| **Net Expenses** | 19125519 | 19861016 | 37984884 | 39686319 |
| Net change in provision (benefit) for income and excise taxes | 137584 |  | 137724 |  |
| **Net Expenses Including Taxes** | $19263103 | $19861016 | $38122608 | $39686319 |

---

*Interest Expense*

Total interest expense (including unused fees and amortization of deferred financing costs) for the three and six months ended June 30, 2025 was $15.6 million and $31.1 million, respectively. Total interest expense (including unused fees and amortization of deferred financing costs) for the three and six months ended June 30, 2024 was $16.8 million and $33.6 million, respectively. The decrease in interest expense was primarily driven by lower interest rates, partially offset by greater borrowings under the Fund's credit facility as the Fund continues to grow the portfolio. The weighted average interest rate paid decreased to 6.50% and 6.50%, respectively, for the three and six months ended June 30, 2025, compared to 8.15% and 8.17%, respectively, for the three and six months ended June 30, 2024. The average principal balance outstanding increased to $878.0 million and $877.4 million, respectively, for the three and six months ended June 30, 2025, compared to $743.0 million and $743.0 million, respectively, for the three and six months ended June 30, 2024.

*Management Fees*

For the three and six months ended June 30, 2025 management fees were $2.5 million and $4.9 million, respectively. For the three and six months ended June 30, 2024 management fees were $2.2 million, and $4.3 million, respectively. The increase in management fees was due to increase in the average daily net assets, compared to the three and six months ended June 30, 2024. Management fees, which went into effect on June 9, 2023, are payable monthly in arrears at an annual rate of 1.25% of the average daily net assets of the Fund throughout the month.

*Other Expenses*

For the three and six months ended June 30, 2025, total other expenses were $1.2 million and $2.3 million, respectively. For the three and six months ended June 30, 2024, total other expenses were $1.1 million and $2.0 million, respectively. The increase in total other expenses was primarily driven by an increase in administration fees and professional fees driven by the larger portfolio and associated costs with managing the Fund, slightly offset by a decrease in other general and administrative expenses.

***Income Taxes, Including Excise Taxes***

The Fund elected to be treated, and intends to qualify annually as, a RIC as defined under Subchapter M of the Code. For all periods prior to June 6, 2023, the Fund was treated as a partnership for tax purposes and was not subject to U.S. federal income tax. To qualify for tax treatment as a RIC, the Fund must, among other things, distribute to its Unit Holders in each taxable year generally at least 90% of the sum of its 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 its tax treatment as a RIC, the Fund, among other things, intends to make the requisite distributions to its Unit Holders, which generally relieve it from corporate-level U.S. federal income taxes.

------

Depending on the level of taxable income earned in a tax year, the Fund 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 such taxable income, as required. To the extent that the Fund determines that its estimated current year annual required distributable amount of income will be in excess of estimated current year dividend distributions from such income, the Fund will accrue excise tax on estimated excess taxable income.

The Fund holds certain portfolio investments through wholly-owned subsidiaries taxed as corporations which may be subject to federal and state taxes. The wholly-owned subsidiaries are not consolidated with the Fund for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities as a result of their ownership of certain portfolio investments. Tax liabilities are estimated and may differ materially depending on conditions when these investments earn income or are disposed. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected on the Fund's consolidated financial statements.

As of June 30, 2025 and December 31, 2024, the Fund, through wholly-owned subsidiaries, recorded tax liabilities of approximately $0.6 million and $0.9 million for each period presented, which are included in other accounts payable and accrued liabilities on the consolidated statements of assets and liabilities.

For the three and six months ended June 30, 2025, the Fund, through wholly-owned subsidiaries, recognized a total provision for taxes of approximately $0.2 million for each period presented, which was comprised of provision for taxes of approximately $0.1 million for each period presented related to income, and benefit for deferred tax expense related to unrealized gains on investments of approximately $0.1 million for each period presented. For the three and six months ended June 30, 2024, the Fund, through wholly-owned subsidiaries, recognized a total provision for deferred tax expense related to unrealized gains on investments of approximately $1.1 million for each period presented. The Fund did not incur an excise tax for the three and six months ended June 30, 2025 and 2024.

***Net Realized Gain (Loss)***

Net realized gain (loss) was comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net realized gain (loss) on non-controlled / non-affiliate investments | $774134 | $— | $761538 | $(1036) |
| Net realized gain (loss) on foreign currency transactions | 360 |  | 184 |  |
| **Net Realized Gain (Loss)** | $774494 | $— | $761722 | $(1036) |

---

For the three and six months ended June 30, 2025, the Fund generated approximately $0.8 million of net realized gain on investments for each period presented, primarily from the sale of investments. For the three and six months ended June 30, 2024, the Fund generated a nominal net realized loss on investments, as shown above, from the sale of investments.

***Net Change in Unrealized Appreciation (Depreciation)***

Net change in unrealized appreciation (depreciation) was comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net change in unrealized appreciation (depreciation) on non-controlled / non-affiliate investments | $(2604072) | $2333031 | $(12358422) | $(4651408) |
| Net change in benefit (provision) for deferred taxes on unrealized appreciation (depreciation) on investments | (106625) | (1079996) | (74374) | (1079996) |
| Net change in unrealized appreciation (depreciation) on foreign currency translation | (368) |  | (163) |  |
| **Net change in unrealized appreciation (depreciation)** | $(2711065) | $1253035 | $(12432959) | $(5731404) |

---

------

For the three and six months ended June 30, 2025, the Fund recorded a decrease in the net change in unrealized appreciation (depreciation) primarily due to the performance of a small sub-set of underlying assets. The Fund also recorded a tax accrual for certain appreciated investments held in a subsidiary that is treated as a corporation for tax purposes, which further reduced the net change in unrealized depreciation for the first two quarters of fiscal 2025. For the three months ended June 30, 2024, the fair value of the Fund's debt investments increased due to the financial performance of the Fund's portfolio companies, net of an increase in deferred taxes of $1.1 million. During the six months ended June 30, 2024, the improved financial performance of the Fund's portfolio companies was offset predominantly due to softness in the performance of a small number of portfolio companies.

**Financial Condition, Liquidity and Capital Resources**

The Fund generates cash primarily from the net proceeds of the Fund's continuous offering of Units, proceeds from net borrowings on its credit facilities, income earned and repayments on principal on its debt investments. The primary uses of the Fund's cash are for (i) originating and purchasing debt and other investments, (ii) funding the costs of the Fund's operations (including fees paid to the Adviser and expense reimbursements paid to the Fund's Administrator), (iii) debt service, repayment and other financing costs of the Fund's borrowings, (iv) cash distributions to the holders of the Fund's units and (v) funding repurchases under the Fund's unit repurchase program.

As of June 30, 2025 and December 31, 2024, the Fund had two and one asset-based leverage facility, respectively.

In order to finance certain investment transactions, the Fund may, from time to time, enter into short-term borrowing arrangements. Such short-term borrowing arrangements include reverse repurchase agreements, whereby the Fund sells an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon purchase price at a future date. During the six months ended June 30, 2025 and 2024, there were no short-term borrowings.

The Fund may, from time to time, enter into additional credit facilities, increase the size of the Fund's existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt or other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions and may be denominated in currencies other than the U.S. dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, the Fund's liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, the Fund is only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of June 30, 2025 and December 31, 2024, the Fund had an aggregate amount of $850.4 million and $868.4 million of debt outstanding and the Fund's asset coverage ratio was 195% and 187%, respectively.

Cash as of June 30, 2025, taken together with the Fund's $449.6 million of available capacity under its credit facilities (subject to borrowing base availability), proceeds from new or amended financing arrangements and proceeds from calling capital from uncalled commitments is expected to be sufficient for the Fund's investing activities and to conduct the Fund's operations in the near term. This determination is based in part on the Fund's expectations for the timing of funding investment purchases and the use of existing and future financing arrangements.

Although the Fund has attractive financing arrangements, any disruption in the financial markets or any other negative economic development could restrict its access to incremental financing in the future. The Fund may not be able to find new financing for future investments or liquidity needs and, even if the Fund is able to obtain such financing, such financing may not be on as favorable terms as the Fund could have obtained previously. These factors may limit the Fund's ability to make new investments and adversely impact its results of operations.

As of June 30, 2025, the Fund had $15.8 million in cash and $17.6 million in short-term liquid investments. During the six months ended June 30, 2025, cash used in operating activities was $5.8 million, primarily as a result of funding portfolio investments, partially offset by sale of investments and principal repayments. Cash used in financing activities was $12.2 million during the period, primarily as a result of net repayment of borrowings, distributions to investors and repurchased units, partially offset by capital called from investors.

During the six months ended June 30, 2024, cash used in operating activities was $16.6 million, primarily as a result of funding portfolio investments. Cash used by financing activities was $10.0 million during the period, primarily as a result of distributions to investors, partially offset by capital called from investors.

------

***Equity***

Prior to the BDC Conversion, the Fund operated as a private limited partnership. As a private limited partnership, the Fund entered into separate subscription agreements (each, a "Subscription Agreement") with investors who were admitted as Limited Partners. An affiliate of the Fund, FIAM Institutional Funds Manager, LLC ("FIAMIFM"), served as the general partner of the Fund and had a capital commitment of $10,000 which was fully funded prior to the BDC Conversion. In connection with the BDC Conversion, existing investors were admitted as members of the Fund. Capital Commitments of investors pursuant to subscription agreements entered into prior to the BDC Conversion continue to be outstanding capital commitments to the Fund. Existing capital accounts of Limited Partners were converted to corresponding Units of the Fund. Following the BDC Conversion, the Fund continues to enter into separate subscription agreements with a number of investors who will be admitted as Unit Holders providing for the private placement of the Fund's Units. Each subscriber makes a Capital Commitment to purchase Units of the Fund pursuant to the subscription agreement. Subscribers are required to make Capital Contributions to purchase Units of the Fund each time the Fund delivers a drawdown notice. Capital Commitments will generally be drawn from investors by the Fund as needed, upon 10 Business Days' prior written notice, in such amounts as will be required by the Fund in its sole discretion.

Effective March 11, 2024, the Board approved the Fund entering into the First Amended and Restated Limited Liability Company Agreement which made eligible to invest any "accredited investor" (as enumerated in Rule 502 under Regulation D of the Securities Act) who has committed to a strategic relationship with Fidelity. In addition, the Board approved the Fund entering into a Placement Agent Agreement with Fidelity Distributors Company LLC, with respect to the private placement of its Units.

On February 11, 2025, the Fund entered into the Second Amended and Restated Limited Liability Company Agreement, in which the Fund expects that it will commence drawdowns of Capital Commitments from subscribers who make a Capital Commitment to the Fund on or after March 1, 2025 only after the Fund has drawn down 90% of the Capital Commitments of each subscriber admitted prior to March 1, 2025.The Fund expects that it will draw down Capital Commitments pro rata in accordance with each subscriber's unfunded Capital Commitment. The Fund expects to cease drawing down Capital Commitments from each subscriber once the Fund has drawn 90% of the Capital Commitment(s) of such subscriber, however the Fund may draw down additional Capital Commitments as necessary in its sole discretion. In addition, the Second Amended and Restated Limited Liability Company Agreement reflects the Adviser's authority to forgive a Member's uncalled capital commitments, in whole or in part, for the Fund and certain non-material changes.

On April 1, 2025, the Fund released uncalled capital commitments from a Unit Holder of $12.3 million.

Investment companies managed by an affiliate, in aggregate, were owners of record of 100% of the total units as of June 30, 2025 and December 31, 2024.

Effective January 31, 2023, the Fund has the authority to issue an unlimited number of units. A Unit Holder shall have no liability in excess of its obligation to pay the purchase price for its units.

As of the dates indicated, the Fund had aggregate Capital Commitments and unfunded Capital Commitments from investors as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Capital Commitments** | **Unfunded Capital <br>Commitments** | **% Unfunded Capital <br>Commitments** |
| Common Units | $808234009 | $76549966 | 9.5% |
| **Total** | $808234009 | $76549966 | 9.5% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Capital Commitments** | **Unfunded Capital <br>Commitments** | **% Unfunded Capital <br>Commitments** |
| Common Units | $798010000 | $116611957 | 14.6% |
| **Total** | $798010000 | $116611957 | 14.6% |

---

------

The following table summarizes total units issued and proceeds related to capital drawdowns:

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| **For the Six Months Ended June 30, 2025** |  |  |
| February 24, 2025 | 2588127 | $25286000 |
| March 28, 2025 | 2564103 | 25000000 |
| Total capital drawdowns | 5152230 | $50286000 |
| **For the Six Months Ended June 30, 2024** |  |  |
| January 2, 2024 | 992063 | $10000000 |
| June 24, 2024 | 986466 | 10000000 |
| Total capital drawdowns | 1978529 | $20000000 |

---

*Distributions*

The following tables summarize distributions declared for the three and six months ended June 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Distribution per unit** | **Gross Distributions** | **Reinvestment of <br>Distributions** |
| January 2025 | $— | $— | $— |
| February 2025 | 0.09 | 6872061 | 3343410 |
| March 2025 | 0.10 | 8426153 | 4211266 |
| April 2025 | 0.11 | 8781463 | 4468957 |
| May 2025 | 0.10 | 8583617 | 4392023 |
| June 2025 | 0.12 | 9959767 | 5123315 |
|  | $0.52 | $42623061 | $21538971 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Distribution per unit** | **Gross Distributions** | **Reinvestment of <br>Distributions** |
| January 2024 | $— | $— | $— |
| February 2024 | 0.10 | 6728204 | 2338075 |
| March 2024 | 0.09 | 5932764 | 2074772 |
| April 2024 | 0.11 | 7250072 | 2549529 |
| May 2024 | 0.12 | 8443898 | 2989728 |
| June 2024 | 0.12 | 8895001 | 3174181 |
|  | $0.54 | $37249939 | $13126285 |

---

*Unit Repurchase Program*

Unit Holders tendering Units must do so by a date specified in the notice describing the terms of the repurchase offer. No Unit Holder has the right to require the Fund to repurchase any Units. The Fund has no obligation to repurchase units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion.

The following table summarizes the Unit repurchases completed during the three and six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase deadline request** | **Percentage of Outstanding Shares the Company Offered to Repurchase** | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased** | **Number of Shares<br>Repurchased** | **Percentage of Outstanding<br>Shares Repurchased ⁽¹⁾** |
| March 27, 2025 | 2.50% | $9.69 | March 31, 2025 | $18917680 | 1952289 | 2.50% |

---

(1)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 33.3% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the offer as permitted by Rule 13e-4(f)(1).

During the three and six months ended June 30, 2024, there were no repurchases of Units.

------

***Borrowings***

The Fund's average outstanding debt and weighted average interest rate paid for the three and six months ended June 30, 2025, were $878.0 million and $877.4 million, respectively, and 6.50% and 6.50%, respectively. The Fund's average outstanding debt and weighted average interest rate paid for the three and six months ended June 30, 2024, were $743.0 million and $743.0 million, respectively, and 8.15% and 8.17%, respectively. The Fund's weighted average interest rate paid as of June 30, 2025 and December 31, 2024 was 6.51%, and 6.78%, respectively.

The Fund's outstanding debt obligations were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** |
| Fidelity Direct Lending Fund I JSPV LLC Facility⁽¹⁾ | $1000000000 | $750381862 | $750381862 |
| Truist Senior Secured Revolving Credit Facility | 300000000 | 100000000 | 100000000 |
| **Total** | $1300000000 | $850381862 | $850381862 |

---

(1)Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of June 30, 2025 the Fund had borrowings denominated in Canadian Dollars ("CAD") of 0.5 million, translated to USD of $0.4 million.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** |
| Fidelity Direct Lending Fund I JSPV LLC Facility⁽¹⁾ | $1000000000 | $868361752 | $868361752 |
| **Total** | $1000000000 | $868361752 | $868361752 |

---

(1)Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of December 31, 2024, the Fund had borrowings denominated in Canadian Dollars ("CAD") of 0.5 million, translated to USD of $0.4 million.

**Off-Balance Sheet Arrangements**

Other than contractual commitments and other legal contingencies incurred in the normal course of its business, the Fund does not expect to have any off-balance sheet financings or liabilities.

The Fund's investment portfolio contains and is expected to continue to contain debt investments in the form of lines of credit, revolving credit facilities and delayed draw commitments which require the Fund to provide funding when requested by portfolio companies in accordance with the underlying loan agreements. As of June 30, 2025 and December 31, 2024, the Fund had unfunded commitments to borrowers in the aggregate principal amount of $205.2 million and $233.0 million, respectively.

From time to time, the Fund may become party to certain legal proceedings in the ordinary course of business. As of June 30, 2025, management is not aware of any pending or threatened material litigation.

**Related-Party Transactions**

The Fund has entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Advisory Agreement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transfer Agent Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expense Limitation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Administrative Agent Expense Allocation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Affiliated investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Affiliated Unit Holder Investments; and

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

In addition to the aforementioned agreements, the Fund, the Adviser, and certain of the Adviser's affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund's investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See "*Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 4. Expenses and Transactions with Affiliates.*"

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**Recent Developments**

See "*Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 10. Subsequent Events*" for a summary of recent developments.

**Critical Accounting Estimates**

The preparation of the consolidated financial statements requires the Fund 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.

*Fair Value Measurements*

The Fund values its investments, upon which its NAV is based, in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount 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. ASC 820 also provides a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value and prescribes disclosure requirements for fair value measurements.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee responsible for valuing all of the Fund's investments, including making fair valuation determinations as needed. The Adviser has established a Fair Value Committee to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Fair Value Committee and the performance of functions required to determine the fair value of a fund's investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations, selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used.

In accordance with the Adviser's policies and procedures, which have been approved by the Board, investments, including debt securities, that are publicly traded but for which no readily available market quotations exist are generally valued on the basis of information furnished by an independent third-party pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures, engages in oversight activities with respect to third-party pricing sources used and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations or prices received from third-party pricing services are not reflective of the fair value of an investment.

Investments that are not publicly traded or whose current market prices or quotations are not readily available are valued at fair value as determined by the Adviser in good faith pursuant to the Adviser's Board-approved policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Fund's loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, 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 and other relevant factors.

The Fund has engaged an independent valuation firm to prepare month-end valuation recommendations for investments for which market quotations are not readily available as of the last calendar day of each month. The independent valuation firm undertakes a full analysis of the investments and provides estimated fair values for such investments to the Adviser. The independent valuation firm also provides analyses to support their valuation methodology and calculations. The Adviser's Fair Value Committee reviews and approves each valuation recommendation and confirms it has been calculated in accordance with the Board-approved policies and procedures. The Fair Value Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Adviser reports to the Board information regarding the fair valuation process and related material matters. The Board may determine to modify its designation of the Adviser as valuation designee, relating to any or all Fund investments, at any time.

Our accounting policy regarding the fair value of the Fund's investments is critical because the determination of fair value involves subjective judgments and requires the use of estimates. Due to the inherent uncertainty of determining fair value measurements, the fair values of the Fund's investments may differ from the amounts that it ultimately realizes or collects from sales or maturities of its investments, and the differences could be material.

------

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

The Fund is subject to financial market risks, including valuation risk and interest rate risk.

***Valuation Risk***

The Fund has invested, and plans to continue to invest, primarily in illiquid debt securities of private companies. Most of the Fund's investments will not have a readily available market price, and the Fund values these investments at fair value as determined in good faith by the Adviser, based on, among other things, input from independent third-party valuation firms engaged to review the Fund's investments. 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 the Fund's investments may fluctuate from period to period. Additionally, the fair value of the Fund's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund is required to liquidate a portfolio investment in a forced or liquidation sale, the Fund could realize significantly less than the value at which the Fund has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on the Fund's investments to be different than the unrealized appreciation (depreciation) reflected in the valuations currently recorded.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates, including changes due to inflation. The Fund intends to fund portions of its investments with borrowings, and at such time, its net investment income will be affected by the difference between the rate at which the Fund invests and the rate at which the Fund borrows. Accordingly, the Fund cannot assure Unit Holders that a significant change in market interest rates will not have a material adverse effect on its net investment income.

As of June 30, 2025, 100% of the Fund's debt investments at fair value were at floating rates. Based on the Fund's consolidated statements of assets and liabilities as of June 30, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments assuming no changes in the Fund's investment and borrowing structure):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Income** | **Interest Expense** | **Interest Expense** | **Net Income** |
| Up 300 basis points | $51643941 | $— | 25511456 | $26132485 |
| Up 200 basis points | 34429294 |  | 17007637 | 17421657 |
| Up 100 basis points | 17214647 |  | 8503819 | 8710828 |
| Down 100 basis points | (17214647) |  | (8503819) | (8710828) |
| Down 200 basis points | (34425869) |  | (17007637) | (17418232) |
| Down 300 basis points | (51528253) |  | (25511456) | (26016797) |

---

**Item 4. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Evaluation of Disclosure Controls and Procedures**

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended, the Fund's management, under the supervision and with the participation of the Fund's President and Treasurer (principal executive officer) and Chief Financial Officer (principal financial officer), carried out an evaluation of the effectiveness of the Fund's 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 the Fund's disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Changes in Internal Controls Over Financial Reporting**

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

------

**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings.**

The Fund is not currently subject to any material legal proceedings, nor, to the Fund's knowledge, is any material legal proceeding threatened against the Fund. From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund's rights under loans to or other contracts with the Fund's portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Fund does not expect that these proceedings will have a material effect upon the Fund's financial condition or results of operations.

**Item 1A. Risk Factors.**

In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed on our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 19, 2025.

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

***Capital Drawdowns***

Except as previously reported by the Company on its current reports on Form 8-K, the Company did not sell any securities during the period covered by this Form 10-Q that were not registered under the Securities Act.

***Dividend Reinvestment Plan*** 

During the six months ended June 30, 2025, the Fund issued 2,242,957 Common Units in connection with reinvestment of distributions. These issuances were not subject to the registration requirements of the Securities Act. The aggregate value of the shares of the Fund's Common Units issued for reinvestment of distributions was approximately $21.5 million.

***Unit Repurchases***

The Fund has adopted a unit repurchase program. The Fund has no obligation to repurchase units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion.

The following table presents the Unit repurchases completed for the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase deadline request** | **Percentage of Outstanding Shares the Company Offered to Repurchase** | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased** | **Number of Shares<br>Repurchased** | **Percentage of Outstanding<br>Shares Repurchased ⁽¹⁾** |
| March 27, 2025 | 2.50% | $9.69 | March 31, 2025 | $18917680 | 1952289 | 2.50% |

---

(1)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 33.3% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1).

For additional information, see "*Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 3. Unit Holder Transactions*."

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

None.

**Item 4. Mine Safety Disclosures.**

Not Applicable.

**Item 5. Other Information.**

None.

------

**PART IV**

**Item 6. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [<u>First Amended and Restated Limited Liability Company Agreement of the Fund.</u><sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000095017024032034/ck0001899996-ex3_1.htm) |
| 3.2 | [<u>Second Amended and Restated Limited Liability Company Agreement of the Fund.</u><sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000095017025041961/ck0001899996-ex3_2.htm) |
| 10.1 | [<u>Senior Secured Revolving Credit Agreement.</u><sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000095017025087837/ck0001899996-ex10_1.htm) |
| 31.1 | [<u>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.\*</u>](ck0001899996-ex31_1.htm) |
| 31.2 | [<u>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.\*</u>](ck0001899996-ex31_2.htm) |
| 32.1 | [<u>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.\*</u>](ck0001899996-ex32_1.htm) |
| 32.2 | [<u>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.\*</u>](ck0001899996-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

\* Filed herewith.

(1)Previously filed as Exhibit 3.1 to the Fund's Current Report on Form 8-K (File No. 814-01645), filed on March 15, 2024.

(2)Previously filed as Exhibit 3.2 to the Fund's Form 10-K (File No. 814-01645), filed on March 19, 2025.

(3)Previously filed as Exhibit 10.1 to the Fund's Current Report on Form 8-K (File No. 814-01645), filed on June 18, 2025.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized**.**

---

| | | |
|:---|:---|:---|
|  | **FIDELITY PRIVATE CREDIT COMPANY LLC** | **FIDELITY PRIVATE CREDIT COMPANY LLC** |
| Date: August 14, 2025 | By: | /s/ Heather Bonner |
|  | Name: | Heather Bonner |
|  | Title: | President and Treasurer (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
|  | **FIDELITY PRIVATE CREDIT COMPANY LLC** | **FIDELITY PRIVATE CREDIT COMPANY LLC** |
| Date: August 14, 2025 | By: | /s/ Stephanie Caron |
|  | Name: | Stephanie Caron |
|  | Title: | Chief Financial Officer (Principal Financial Officer) |

---

1.9917000.100 FDLA-10Q2-0825

------

## Exhibit 31.1

**Exhibit 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**

I, Heather Bonner, President and Treasurer of Fidelity Private Credit Company LLC, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Fidelity Private Credit Company LLC (the "registrant");

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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;(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;(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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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 14, 2025 | By: | /s/ Heather Bonner |
|  |  | Heather Bonner |
|  |  | President and Treasurer |
|  |  | (Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 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**

I, Stephanie Caron, Chief Financial Officer of Fidelity Private Credit Company LLC, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Fidelity Private Credit Company LLC (the "registrant");

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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;(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;(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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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 14, 2025 | By: | /s/ Stephanie Caron |
|  |  | Stephanie Caron |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

------

## Exhibit 32.1

**Exhibit 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**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with this Quarterly Report on Form 10-Q for Fidelity Private Credit Company LLC (the "Fund"), I, Heather Bonner, the President and Treasurer of the Fund, hereby certify, to the best of my knowledge, that:

(1)The Fund's Form 10-Q for the quarter ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Fund's Form 10-Q for the quarter ended June 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Heather Bonner |
|  |  | Heather Bonner |
|  |  | President and Treasurer |
|  |  | (Principal Executive Officer) |

---

------

## Exhibit 32.2

**Exhibit 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**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with this Quarterly Report on Form 10-Q for Fidelity Private Credit Company LLC (the "Fund"), I, Stephanie Caron, the Chief Financial Officer of the Fund, hereby certify, to the best of my knowledge, that:

(1)The Fund's Form 10-Q for the quarter ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Fund's Form 10-Q for the quarter ended June 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: August 14, 2025 | By: | /s/ Stephanie Caron |
|  |  | Stephanie Caron |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

------