# EDGAR Filing Document

**Accession Number:** 0002041841
**File Stem:** 0000930413-25-002471
**Filing Date:** 2025-8
**Character Count:** 172822
**Document Hash:** 6376a4d93918f165c9b66bc9e3e7aba3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002471.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000930413-25-002471

**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:** Lord Abbett Private Credit Fund S
- **CENTRAL INDEX KEY:** 0002041841

**ORGANIZATION NAME:**
- **EIN:** 995126353
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01843
- **FILM NUMBER:** 251219349

**BUSINESS ADDRESS:**
- **STREET 1:** C/O LORD, ABBETT & CO. LLC
- **STREET 2:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 8885222388

**MAIL ADDRESS:**
- **STREET 1:** C/O LORD, ABBETT & CO. LLC
- **STREET 2:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lord Abbett Private Credit Fund A, LP
- **DATE OF NAME CHANGE:** 20241018

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

---

| | |
|:---|:---|
| ☒ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the quarterly period ended June 30, 2025** | **For the quarterly period ended June 30, 2025** |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**Commission File Number: 814-01843**

**Lord Abbett Private Credit Fund S**

**(Exact name of registrant as specified in its charter<u>)</u>**

---

| | |
|:---|:---|
| **Delaware** | **99-5126353** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer Identification Number) |
| **30 Hudson Street Jersey City, New Jersey** | **07302** |
| (Address of principal executive offices) | (Zip Code) |

---

**(888) 522-2388**

(Registrant's telephone number, including area code)

**<u>Securities registered pursuant to Section 12(b) of the Act:</u>**

---

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

---

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

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

---

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

---

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

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

As of August 14, 2025, the registrant had 4,076,979 shares of common stock, $0.01 par value per share, outstanding.

**Lord Abbett Private Credit Fund S**

Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2025

**Table of Contents**

---

| | | |
|:---|:---|:---|
| [Cautionary Statement Regarding Forward-Looking Statements](#x1_c113542a001) | [Cautionary Statement Regarding Forward-Looking Statements](#x1_c113542a001) | 2 |
| [Part I. Financial Information](#x1_c113542a002) | [Part I. Financial Information](#x1_c113542a002) | 4 |
| [Item 1.](#x1_c113542a003) | [CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)](#x1_c113542a003) | 4 |
|  | [Consolidated Statements of Assets and Liabilities (Unaudited)](#x1_c113542a004) | 4 |
|  | [Consolidated Statements of Operations (Unaudited)](#x1_c113542a005) | 5 |
|  | [Consolidated Statements of Changes in Net Assets (Unaudited)](#x1_c113542a006) | 6 |
|  | [Consolidated Statements of Cash Flows (Unaudited)](#x1_c113542a007) | 7 |
|  | [Consolidated Schedules of Investments (Unaudited)](#x1_c113542a008) | 8 |
|  | [Notes to the Consolidated Financial Statements (Unaudited)](#x1_c113542a009) | 14 |
| [Item 2.](#x1_c113542a020) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#x1_c113542a020) | 31 |
| [Item 3.](#x1_c113542a010) | [Quantitative and Qualitative Disclosures About Market Risk](#x1_c113542a010) | 37 |
| [Item 4.](#x1_c113542a011) | [Controls and Procedures](#x1_c113542a011) | 38 |
| [Part II. Other Information](#x1_c113542a012) | [Part II. Other Information](#x1_c113542a012) | 38 |
| [Item 1.](#x1_c113542a013) | [Legal Proceedings](#x1_c113542a013) | 38 |
| [Item 1A.](#x1_c113542a014) | [Risk Factors](#x1_c113542a014) | 38 |
| [Item 2.](#x1_c113542a015) | [Unregistered Sales of Equity Securities and Use of Proceeds](#x1_c113542a015) | 38 |
| [Item 3.](#x1_c113542a016) | [Defaults Upon Senior Securities](#x1_c113542a016) | 38 |
| [Item 4.](#x1_c113542a017) | [Mine Safety Disclosures](#x1_c113542a017) | 38 |
| [Item 5.](#x1_c113542a018) | [Other Information](#x1_c113542a018) | 38 |
| [Item 6.](#x1_c113542a019) | [Exhibits](#x1_c113542a019) | 38 |
| [Signatures](#x1_c113542a020) |  | 40 |

---

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. We are externally managed by the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "potential," "predicts," and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

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

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

• risk associated with possible disruptions in our operations or the economy generally;

• changes in the general interest rate environment;

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

• our contractual arrangements and relationships with third parties;

• actual and potential conflicts of interest with our Adviser and its affiliates;

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

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

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

• the adequacy of our financing sources and working capital;

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

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

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

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

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

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

• the risks, uncertainties and other factors we identify under "Item 1A. Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Quarterly Report on Form 10-Q should not be regarded as a representation by us

that our plans and objectives will be achieved. This Quarterly Report on Form 10-Q contains forward-looking statements, which may relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those described or identified in the section entitled "Item 1A. Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we may file with the SEC in the future, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

**Lord Abbett Private Credit Fund S**

**Consolidated Statements of Assets and Liabilities (Unaudited)**

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

**PART I - FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements.**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost $213,449 and $43,714, respectively) | $213810 | $43714 |
| &nbsp;&nbsp;&nbsp;Controlled/affiliated investments (cost $13,137 and $0, respectively) | 13137 |  |
| Total investments at fair value (cost of $226,586, $43,714, respectively) | $226947 | $43714 |
| Cash and cash equivalents | 3484 | 3855 |
| Interest receivable from non-controlled/non-affiliated investments | 1583 | 299 |
| Dividend receivable from controlled/affiliated investments | 137 |  |
| Due from adviser | 193 | 95 |
| Receivable for investments sold | 88 |  |
| **Total assets** | $**232432** | $**47963** |
| **LIABILITIES** |  |  |
| Debt (net of deferred financing costs of $1,831 and $111, respectively) (Note 5) | $126308 | $27189 |
| Distribution payable | 1850 | 152 |
| Interest payable | 813 | 210 |
| Income incentive fees payable (Note 3) | 283 |  |
| Capital gains incentive fees payable (Note 3) | 35 |  |
| Management fees payable (Note 3) | 68 |  |
| Professional fees payable | 169 | 34 |
| Due to adviser | 161 | 161 |
| Administration fees payable (Note 3) | 34 |  |
| Distribution and shareholder servicing fees payable (Note 3) | 58 |  |
| Accrued expense and other liabilities | 252 | 17 |
| **Total liabilities** | $**130031** | $**27763** |
| **Total net assets** | $**102401** | $**20200** |
| **Commitments and contingencies (Note 6)** |  |  |
| **NET ASSETS** |  |  |
| Common shares, $0.01 par value (4,076,979 and 0 shares issued and outstanding, unlimited number of authorized shares) | $41 | $— |
| Paid in capital in excess of par value | 101959 | 20200 |
| Total distributable earnings /(accumulated loss) | 401 |  |
| **Total net assets** | $**102401** | $**20200** |
| **Total liabilities and net assets** | $**232432** | $**47963** |
| **Net asset value per share** | $**25.12** | **N/A** |

---

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

**Lord Abbett Private Credit Fund S**

**Consolidated Statements of Operations (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **For the three months**<br>**ended June 30, 2025** | **For the six months**<br>**ended June 30, 2025** |
| **Investment income** |  |  |
| Non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $4047 | $5954 |
| &nbsp;&nbsp;&nbsp;Fee income | 160 | 238 |
| Controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | 137 | 137 |
| Total investment income | $4344 | $6329 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | $1956 | $2916 |
| &nbsp;&nbsp;&nbsp;Organizational costs |  | 180 |
| &nbsp;&nbsp;&nbsp;Income incentive fees (Note 3) | 283 | 283 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fees (Note 3) | 35 | 35 |
| &nbsp;&nbsp;&nbsp;Management fees (Note 3) | 184 | 184 |
| &nbsp;&nbsp;&nbsp;Professional fees | 249 | 390 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 3) | 46 | 46 |
| &nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees (Note 3) | 116 | 116 |
| &nbsp;&nbsp;&nbsp;Other general & administrative | 14 | 83 |
| Total expenses | $2883 | $4233 |
| &nbsp;&nbsp;&nbsp;Expense reimbursement (Note 3) | $(316) | $(729) |
| &nbsp;&nbsp;&nbsp;Management fees waived (Note 3) | (48) | (48) |
| Net expenses | $2519 | $3456 |
| Net investment income (loss) | $1825 | $2873 |
| **Net realized and change in unrealized appreciation/(depreciation)** |  |  |
| Net realized gain/(loss): |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $— | $— |
| Net realized gain/(loss) | $— | $— |
| Net change in unrealized appreciation (depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $281 | $361 |
| &nbsp;&nbsp;&nbsp;Controlled/Affiliated investments |  |  |
| Net change in unrealized appreciation (depreciation) | $281 | $361 |
| **Net realized and change in unrealized appreciation/(depreciation)** | $281 | $361 |
| **Net increase (decrease) in net assets resulting from operations** | $**2106** | $**3234** |

---

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

**Lord Abbett Private Credit Fund S**

**Consolidated Statements of Changes in Net Assets (Unaudited**)

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

---

| | | |
|:---|:---|:---|
|  | **For the three months <br> ended June 30, 2025** | **For the six months <br> ended June 30, 2025** |
| **Net increase (decrease) in net assets resulting from operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1825 | $2873 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 281 | 361 |
| Net increase (decrease) in net assets resulting from operations | $2106 | $3234 |
| **Distributions to common shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Income distributions | $(1849) | $(2833) |
| Net decrease in net assets resulting from distributions | $(1849) | $(2833) |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from capital contributions/shares sold | $45000 | $81800 |
| Net increase (decrease) from capital share transactions | $45000 | $81800 |
| Total increase (decrease) in net assets | 45257 | 82201 |
| Net assets, beginning of period | $57144 | $20200 |
| **Net assets, end of period** | $**102401** | $**102401** |

---

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

**Lord Abbett Private Credit Fund S**

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

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

---

| | |
|:---|:---|
|  | **For the six months**<br>**ended June 30, 2025** |
| **Cash flows from operating activities:** |  |
| Net increase (decrease) in net assets resulting from operations | $3234 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain)/loss | (361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (186840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments | 4128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization (accretion) on investments | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 232 |
| **Changes in operating assets and liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable from non-controlled/non-affiliated investments | (1284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable from controlled/affiliated investments | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from adviser | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income incentive fees payable | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees payable | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees payable | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 235 |
| **Net cash provided by (used in) operating activities** | (179923) |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings of debt | 265339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (164500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold/capital contributions | 81800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income distributions to common shareholders, net of distributions payable | (1135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid | (1952) |
| **Net cash provided by (used in) financing activities** | 179552 |
| Net increase (decrease) in cash and cash equivalents | (371) |
| Cash and cash equivalents, beginning of period | 3855 |
| **Cash and cash equivalents, end of period** | $**3484** |
| **Supplemental cash flow information** |  |
| Interest paid during the period | $2081 |

---

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

**Lord Abbett Private Credit Fund S Consolidated Schedules of Investments (Unaudited)**

**June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Reference<br> Rate and<br> Spread<sup>(2)</sup>** | **Interest<br> Rate<sup>(2)</sup>** | **Maturity<br> Date** | **Par<br> Amount/ <br> Common<br> Units** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated**  |  |  |  |  |  |  |  |
| **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)(5)</sup>** | **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)(5)</sup>** | **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)(5)</sup>** |  |  |  |  |  |
| **Aerospace & Defense**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accel International Holdings Inc (Term Loan) | 3M S + 4.50% | 8.78% | 4/26/2032 | $12568 | $12502 | $12505 | 12.21% |
| &nbsp;&nbsp;&nbsp;Accel International Holdings Inc (Revolver)<sup>(6)</sup> | 3M S + 4.50% | N/A | 4/26/2032 |  | (11) | (11) | (0.01) |
| &nbsp;&nbsp;&nbsp;Electro Methods (Term Loan) | 3M S + 4.75% | 9.07% | 2/23/2032 | 10779 | 10623 | 10617 | 10.37 |
| &nbsp;&nbsp;&nbsp;Electro Methods (Revolver)<sup>(6)</sup> | 3M S + 4.75% | N/A | 2/23/2032 |  | (37) | (39) | (0.04) |
|  |  |  |  |  | 23077 | 23072 | 22.53 |
| **Air Freight & Logistics**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;RJW Logistics Group, Inc (Term Loan) | 3M S + 5.00% | 9.30% | 11/26/2031 | 27715 | 27456 | 27542 | 26.90 |
| &nbsp;&nbsp;&nbsp;RJW Logistics Group, Inc (Delayed Draw)<sup>(6)</sup> | 3M S + 5.00% | N/A | 11/26/2031 |  | (13) | (13) | (0.01) |
|  |  |  |  |  | 27443 | 27529 | 26.89 |
| **Commercial Services & Supplies**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC (Term Loan) | 3M S + 5.75% | 10.05% | 6/28/2030 | 6980 | 6913 | 6971 | 6.81 |
| &nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC (Delayed Draw)<sup>(6)</sup> | 3M S + 5.75% | 10.05% | 6/28/2030 | 221 | 218 | 221 | 0.22 |
| &nbsp;&nbsp;&nbsp;JFL-Atomic AcquisitionCo, Inc. (Term Loan) | 3M S + 4.75% | 9.07% | 2/20/2031 | 17442 | 17190 | 17202 | 16.80 |
| &nbsp;&nbsp;&nbsp;JFL-Atomic AcquisitionCo, Inc. (Delayed Draw)<sup>(6)</sup> | 3M S + 4.75% | 9.05% | 2/20/2031 | 443 | 386 | 339 | 0.33 |
| &nbsp;&nbsp;&nbsp;JFL-Atomic AcquisitionCo, Inc. (Revolver)<sup>(6)</sup> | 3M S + 4.75% | 9.07% | 2/20/2031 | 141 | 109 | 109 | 0.11 |
| &nbsp;&nbsp;&nbsp;Meridian Waste Acquisitions, LLC (Term Loan) | 3M S + 3.75% | 8.21% | 8/30/2029 | 11175 | 11090 | 11175 | 10.91 |
| &nbsp;&nbsp;&nbsp;Meridian Waste Acquisitions, LLC (Delayed Draw)<sup>(6)</sup> | 3M S + 3.75% | 8.22% | 8/30/2029 | 2594 | 2556 | 2594 | 2.53 |
| &nbsp;&nbsp;&nbsp;Meridian Waste Acquisitions, LLC (Revolver)<sup>(6)</sup> | 3M S + 3.75% | 7.67% | 8/30/2029 | 889 | 872 | 889 | 0.87 |
|  |  |  |  |  | 39334 | 39500 | 38.58 |
| **Containers & Packaging**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Schoeneck Containers, LLC (Term Loan) | 1M S + 4.35% | 8.79% | 5/7/2028 | 3058 | 3034 | 3058 | 2.99 |
| &nbsp;&nbsp;&nbsp;Schoeneck Containers, LLC (Delayed Draw) | 1M S + 4.35% | 8.79% | 5/7/2028 | 1562 | 1550 | 1562 | 1.53 |
| &nbsp;&nbsp;&nbsp;Schoeneck Containers, LLC (Revolver)<sup>(6)</sup> | 1M S + 4.35% | N/A | 5/7/2028 |  | (9) |  |  |
|  |  |  |  |  | 4575 | 4620 | 4.52 |
| **Health Care Equipment & Supplies**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MGS MFG. Group, Inc. (Delayed Draw)<sup>(6)</sup> | 3M S + 3.25% | 8.93% | 5/31/2027 | 4781 | 4763 | 4781 | 4.67 |
| &nbsp;&nbsp;&nbsp;MGS MFG. Group, Inc. (Revolver)<sup>(6)</sup> | 3M S + 3.25% | N/A | 5/31/2027 |  | (10) |  |  |
|  |  |  |  |  | 4753 | 4781 | 4.67 |
| **Health Care Providers & Services**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Continental Buyer Inc (Delayed Draw)<sup>(6)</sup> | 3M S + 4.50% | 8.83% | 4/2/2031 | 955 | 926 | 908 | 0.89 |
| &nbsp;&nbsp;&nbsp;Continental Buyer Inc (Revolver)<sup>(6)</sup> | 3M S + 4.50% | N/A | 4/2/2031 |  | (22) | (18) | (0.02) |
| &nbsp;&nbsp;&nbsp;Flourish Research Acquisition, LLC (Term Loan) | 3M S + 5.00% | 9.26% | 11/6/2031 | 15042 | 14845 | 14929 | 14.58 |
| &nbsp;&nbsp;&nbsp;Flourish Research Acquisition, LLC (Revolver)<sup>(6)</sup> | 3M S + 5.00% | N/A | 11/6/2031 |  | (25) | (14) | (0.01) |
| &nbsp;&nbsp;&nbsp;Flourish Research Acquisition, LLC (Delayed Draw Term)<sup>(6)</sup> | 3M S + 5.00% | N/A | 11/6/2031 |  | (9) | (7) | (0.01) |
|  |  |  |  |  | 15715 | 15798 | 15.43 |
| **Insurance**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Keystone Agency Investors (Term Loan) | 3M S + 4.75% | 9.05% | 5/3/2027 | 5237 | 5193 | 5204 | 5.08 |
| &nbsp;&nbsp;&nbsp;Keystone Agency Investors (Delayed Draw Term)<sup>(6)</sup> | 3M S + 4.75% | 9.05% | 5/3/2027 | 4380 | 4340 | 4319 | 4.22 |
| &nbsp;&nbsp;&nbsp;World Insurance Associates, LLC (Delayed Draw)<sup>(6)</sup> | 3M S + 5.00% | N/A | 4/3/2030 |  | (12) | (25) | (0.02) |
| &nbsp;&nbsp;&nbsp;World Insurance Associates, LLC (Revolver)<sup>(6)</sup> | 3M S + 5.00% | N/A | 4/3/2030 |  | (1) | (1) |  |
|  |  |  |  |  | 9520 | 9497 | 9.28 |
| **IT Services**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BCM One, Inc. (Revolver)<sup>(6)</sup> | 6M S + 8.67% | N/A | 11/17/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Security 101 (Term Loan)<sup>(10)</sup> | 3M S + 5.00% | 9.30% | 4/11/2028 | 19115 | 18938 | 18995 | 18.55 |
| &nbsp;&nbsp;&nbsp;Security 101 (Revolver)<sup>(6)</sup> | 3M S + 5.00% | 9.31% | 4/11/2028 | 514 | 501 | 505 | 0.49 |

---

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

**Lord Abbett Private Credit Fund S Consolidated Schedules of Investments (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Reference<br> Rate and<br> Spread<sup>(2)</sup>** | **Interest<br> Rate<sup>(2)</sup>** | **Maturity<br> Date** | **Par<br> Amount/<br> Common<br> Units** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated**  |  |  |  |  |  |  |  |
| **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)(5)</sup>** | **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)(5)</sup>** | **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)(5)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Uptime Institute (Term Loan) | 1M S + 5.00% | 9.33% | 1/12/2027 | $7041 | 6977 | 6977 | 6.81% |
|  |  |  |  |  | 26416 | 26477 | 25.85 |
| **Leisure Products**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Playpower, Inc. (Term Loan) | 3M S + 5.25% | 9.55% | 8/28/2030 | 9045 | 8960 | 8944 | 8.73 |
|  |  |  |  |  | 8960 | 8944 | 8.73 |
| **Life Sciences Tools & Services**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TransnetYX, Inc. (Revolver)<sup>(6)</sup> |  | N/A | 4/13/2026 |  |  |  |  |
| **Real Estate Management & Development**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC (Term Loan) | 3M S + 5.25% | 9.55% | 5/6/2032 | 9105 | 9015 | 9015 | 8.80 |
| &nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC (Delayed Draw)<sup>(6)</sup> | 3M S + 5.25% | N/A | 5/6/2032 |  | (5) | (5) |  |
| &nbsp;&nbsp;&nbsp;Vacation Rental Brands, LLC (Revolver)<sup>(6)</sup> | 3M S + 5.25% | 9.55% | 5/6/2032 | 299 | 290 | 290 | 0.28 |
|  |  |  |  |  | 9300 | 9300 | 9.08 |
| **Software**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Databricks, Inc. (Term Loan) | 1M S + 4.50% | 8.82% | 1/3/2031 | 12188 | 12130 | 12127 | 11.84 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc. (Delayed Draw)<sup>(6)</sup> | 1M S + 4.50% | N/A | 1/3/2031 |  |  | (15) | (0.01) |
| &nbsp;&nbsp;&nbsp;LeadVenture, Inc (Delayed Draw)<sup>(6)</sup> | 3M S + 5.25% | 9.57% | 6/23/2032 | 529 | 513 | 513 | 0.50 |
| &nbsp;&nbsp;&nbsp;LeadVenture, Inc. (Term Loan) | 3M S + 5.25% | 9.57% | 6/23/2032 | 8418 | 8292 | 8292 | 8.10 |
| &nbsp;&nbsp;&nbsp;LeadVenture, Inc. (Revolver)<sup>(6)</sup> | 3M S + 5.25% | N/A | 6/23/2032 |  | (12) | (12) | (0.01) |
|  |  |  |  |  | 20923 | 20905 | 20.42 |
| **Telecommunication Services**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CCI Buyer, Inc. (Term Loan) | 3M S + 5.00% | 9.30% | 5/13/2032 | 7476 | 7402 | 7402 | 7.23 |
| &nbsp;&nbsp;&nbsp;CCI Buyer, Inc. (Revolver)<sup>(6)</sup> | 3M S + 5.00% | N/A | 5/13/2032 |  | (4) | (4) |  |
| &nbsp;&nbsp;&nbsp;Clearwave Fiber (Revolver)<sup>(6)</sup> | 3M S + 4.00% | 8.30% | 12/13/2029 | 4285 | 4196 | 4185 | 4.09 |
|  |  |  |  |  | 11594 | 11583 | 11.32 |
| **Textiles, Apparel & Luxury Goods**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kravet Inc. (Term Loan) | 3M S + 5.25% | 9.55% | 11/26/2030 | 12037 | 11870 | 11841 | 11.56 |
| &nbsp;&nbsp;&nbsp;Kravet Inc. (Revolver)<sup>(6)</sup> | 3M S + 5.25% | N/A | 11/26/2030 |  | (31) | (37) | (0.04) |
|  |  |  |  |  | 11839 | 11804 | 11.52 |
| **Total First Lien Secured Debt—non-controlled/non-affiliated** | **Total First Lien Secured Debt—non-controlled/non-affiliated** | **Total First Lien Secured Debt—non-controlled/non-affiliated** |  |  | 213449 | 213810 | 208.82% |
| **Investments—controlled/affiliated**  |  |  |  |  |  |  |  |
| **Investments in Joint Venture<sup>(4)(5)(8)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SBLA Private Credit II LLC<sup>(7)</sup> |  |  |  |  | 13137 | 13137 | 12.83 |
| **Total Investments in Joint Venture** |  |  |  |  | 13137 | 13137 | 12.83 |
| **Total Investments<sup>(9)</sup>** |  |  |  |  | $226586 | $226947 | 221.65% |

---

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

**Lord Abbett Private Credit Fund S Consolidated Schedules of Investments (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

<sup>(1)</sup> Unless otherwise indicated, debt investments held by the Company are denominated in USD dollars. All debt investments are income producing unless otherwise indicated.

<sup>(2)</sup> Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate ("SOFR" or "S"), or an alternate base rate (commonly based on the U.S. Prime Rate ("P"), which generally resets periodically. For each loan, the Company has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of June 30, 2025.

<sup>(3)</sup> The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

<sup>(4)</sup> Unless otherwise indicated, issuers of debt held by the Company are domiciled in the United States.

<sup>(5)</sup> All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see "Note 2 - Summary of Significant Accounting Policies" and "Note 4 - Investments").

<sup>(6)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded committment being valued below par and/or unamortized fees, which are capitalized to the investment cost. See below for more information on the Company's unfunded commitments:

---

| | | |
|:---|:---|:---|
| **Investments** | **Maturity Date** | **Unfunded** |
| Accel International Holdings Inc (Revolver) | 4/26/2032 | $2162 |
| Ambient Enterprises Holdco, LLC (Delayed Draw) | 6/28/2030 | 205 |
| BCM One, Inc. (Revolver) | 11/17/2027 | 510 |
| CCI Buyer, Inc. (Revolver) | 5/13/2032 | 437 |
| Clearwave Fiber (Revolver) | 12/13/2029 | 3715 |
| Continental Buyer Inc (Revolver) | 4/2/2031 | 4777 |
| Continental Buyer Inc (Delayed Draw) | 4/2/2031 | 11783 |
| Databricks, Inc. (Delayed Draw) | 1/3/2031 | 2813 |
| Electro Methods (Revolver) | 2/23/2032 | 2587 |
| Flourish Research Acquisition, LLC (Delayed Draw) | 11/6/2031 | 998 |
| Flourish Research Acquisition, LLC (Revolver) | 11/6/2031 | 1815 |
| JFL-Atomic AcquisitionCo, Inc. (Delayed Draw) | 2/20/2031 | 7099 |
| JFL-Atomic AcquisitionCo, Inc. (Revolver) | 2/20/2031 | 2216 |
| Keystone Agency Investors (Delayed Draw) | 5/3/2027 | 5370 |
| Kravet Inc. (Revolver) | 11/26/2030 | 2292 |
| LeadVenture, Inc (Delayed Draw) | 6/23/2032 | 1074 |
| LeadVenture, Inc. (Revolver) | 6/23/2032 | 802 |
| Meridian Waste Acquisitions, LLC (Delayed Draw) | 8/30/2029 | 2298 |
| Meridian Waste Acquisitions, LLC (Revolver) | 8/30/2029 | 1334 |
| MGS MFG. Group, Inc. (Delayed Draw) | 5/31/2027 | 1156 |
| MGS MFG. Group, Inc. (Revolver) | 5/31/2027 | 3476 |
| RJW Logistics Group, Inc (Delayed Draw) | 11/1/2031 | 2042 |
| Schoeneck Containers, LLC (Revolver) | 5/7/2028 | 1136 |
| Security 101 (Revolver) | 4/11/2028 | 1028 |
| TransnetYX, Inc. (Revolver) | 4/13/2026 | 722 |
| Vacation Rental Brands, LLC (Delayed Draw) | 5/6/2032 | 797 |
| Vacation Rental Brands, LLC (Revolver) | 5/6/2032 | 622 |
| World Insurance Associates, LLC (Delayed Draw) | 4/3/2030 | 5000 |
| World Insurance Associates, LLC (Revolver) | 4/3/2030 | 250 |
| **Total** |  | $**70516** |

---

<sup>(7)</sup> Investments that the Company has determined are not "qualifying assets" under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2025, non-qualifying assets represented approximately 5.7% of the total assets of the Company.

<sup>(8)</sup> Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Company is deemed to "control" a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an "affiliated person" of a portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities.

<sup>(9)</sup> Unless otherwise indicated, all securities are pledged as collateral to our ING Revolving Credit Facility ("ING Revolving Credit Facility") as defined in "Note 5 - Debt"). As such, these securities are not available as collateral to our general creditors.

<sup>(10)</sup> Investment subject to the Participation Agreement and acts as collateral for the Secured Borrowing. Please refer to Note 5.

As of June 30, 2025, the Company's controlled/affiliated investments were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Controlled/Affiliated<br> Investments** | **Fair Value<br> as of <br> January 1, 2025** | **Gross<br> Additions** | **Gross<br> Reductions** | **Net<br> Change in<br> Unrealized<br> appreciation/<br> (depreciation)** | **Net<br> Realized<br> Gain<br> (Loss)** | **Fair Value<br> as of<br> June 30, 2025** | **Dividend<br> Income** |
| SBLA Private Credit II LLC |  | 13137 |  |  |  | 13137 | 137 |

---

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

**Lord Abbett Private Credit Fund S Consolidated Schedules of Investments (Unaudited) (concluded) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

The following shows the composition of the Company's portfolio at fair value by industry and geography as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Industry** | **Investment Type** | **Fair Value** | **Percentage of Total<br> Portfolio** |
| Aerospace & Defense | First Lien Secured Debt | $23072 | 10.17% |
| Air Freight & Logistics | First Lien Secured Debt | 27529 | 12.13% |
| Commercial Services & Supplies | First Lien Secured Debt | 39500 | 17.40% |
| Containers & Packaging | First Lien Secured Debt | 4620 | 2.04% |
| Health Care Equipment & Supplies | First Lien Secured Debt | 4781 | 2.11% |
| Health Care Providers & Services | First Lien Secured Debt | 15798 | 6.96% |
| Insurance | First Lien Secured Debt | 9497 | 4.18% |
| Investments in Joint Venture | Joint Venture | 13137 | 5.79% |
| IT Services | First Lien Secured Debt | 26477 | 11.67% |
| Leisure Products | First Lien Secured Debt | 8944 | 3.94% |
| Real Estate Management & Development | First Lien Secured Debt | 9300 | 4.10% |
| Software | First Lien Secured Debt | 20905 | 9.21% |
| Telecommunication Services | First Lien Secured Debt | 11583 | 5.10% |
| Textiles, Apparel & Luxury Goods | First Lien Secured Debt | 11804 | 5.20% |
| **Total** |  | $**226947** | **100.00%** |

---

---

| | | |
|:---|:---|:---|
| **Geography** | **Fair Value** | **Percentage of Total<br> Investments at Fair Value** |
| United States | $226947 | 100% |
| **Total** | $**226947** | **100%** |

---

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

**Lord Abbett Private Credit Fund S Consolidated Schedules of Investments (Unaudited) December 31, 2024 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Reference<br> Rate and<br> Spread<sup>(2)</sup>** | **Interest Rate<sup>(2)</sup>** | **Maturity<br> Date** | **Par<br> Amount/<br> Common<br> Shares** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated**  |  |  |  |  |  |  |  |
| **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)(6)</sup>** | **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)(6)</sup>** |  |  |  |  |  |  |
| **Air Freight & Logistics**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;RJW Logistics Group, Inc (Term Loan B) | 3M S + 5.25% | 9.58% | 11/26/2031 | $15324 | $15170 | $15170 | 75.10% |
| &nbsp;&nbsp;&nbsp;RJW Logistics Group, Inc (Delayed Draw)<sup>(6)</sup> | 3M S + 5.25% | N/A | 11/26/2031 |  | (6) | (6) | (0.03) |
|  |  |  |  |  | 15164 | 15164 | 75.07 |
| **Commercial Services & Supplies**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC (Term Loan) | 3M S + 5.75% | 10.08% | 6/30/2030 | 2073 | 2052 | 2052 | 10.16 |
| &nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco LLC (Delayed Draw)<sup>(6)</sup> | 3M S + 5.75% | N/A | 6/30/2030 |  | (2) | (2) | (0.01) |
|  |  |  |  |  | 2050 | 2050 | 10.15 |
| **Health Care Providers & Services**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Flourish Research Acquisition, LLC (Term Loan) | 3M S + 5.00% | 8.40% | 11/6/2031 | 9530 | 9389 | 9389 | 46.48 |
| &nbsp;&nbsp;&nbsp;Flourish Research Acquisition, LLC (Delayed Draw)<sup>(6)</sup> | 3M S + 5.00% | 8.86% | 11/6/2031 | 363 | 335 | 335 | 1.66 |
| &nbsp;&nbsp;&nbsp;Flourish Research Acquisition, LLC (Revolver)<sup>(6)</sup> | 3M S + 5.00% | N/A | 11/6/2031 |  | (27) | (27) | (0.13) |
|  |  |  |  |  | 9697 | 9697 | 48.01 |
| **Telecommunication Services**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Clearwave Fiber (Revolver)<sup>(6)</sup> | 3M S + 4.00% | 8.40% | 12/13/2029 | 4293 | 4193 | 4193 | 20.76 |
|  |  |  |  |  | 4193 | 4193 | 20.76 |
| **Textiles, Apparel & Luxury Goods**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kravet Inc, (Term Loan) | 3M S + 5.25% | 9.77% | 11/25/2030 | 12834 | 12644 | 12644 | 62.59 |
| &nbsp;&nbsp;&nbsp;Kravet Inc, (Revolver)<sup>(6)</sup> | 3M S + 5.25% | N/A | 11/25/2030 |  | (34) | (34) | (0.17) |
|  |  |  |  |  | 12610 | 12610 | 62.42 |
| **Total First Lien Secured Debt—non-controlled/non-affiliated** | **Total First Lien Secured Debt—non-controlled/non-affiliated** | **Total First Lien Secured Debt—non-controlled/non-affiliated** |  |  | $43714 | $43714 | 216.41% |
| **Total Investments at Fair Value** |  |  |  |  | $43714 | $43714 | 216.41% |

---

<sup>(1)</sup> Unless otherwise indicated, debt investments held by the Company are denominated in USD dollars. All debt investments are income producing unless otherwise indicated.

<sup>(2)</sup> Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate ("SOFR" or "S"), or an alternate base rate (commonly based on the U.S. Prime Rate ("P"), which generally resets periodically. For each loan, the Company has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of December 31, 2024.

<sup>(3)</sup> The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

<sup>(4)</sup> Unless otherwise indicated, issuers of debt held by the Company are domiciled in the United States.

<sup>(5)</sup> All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see "**Note 2 - Summary of Significant Accounting Policies" and "Note 4 - Investments**").

<sup>(6)</sup> Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from unamortized fees, which are capitalized to the investment cost. See below for more information on the Company's unfunded commitments.

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

**Lord Abbett Private Credit Fund S Consolidated Schedules of Investments (Unaudited) (concluded) December 31, 2024 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Maturity Date** | **Unfunded** |
| Ambient Enterprises Holdco LLC (Delayed Draw) | 6/30/2030 | $427 |
| Clearwave Fiber (Revolver) | 12/13/2029 | 3707 |
| Flourish Research Acquisition, LLC (Delayed Draw) | 11/6/2031 | 3040 |
| Flourish Research Acquisition, LLC (Revolver) | 11/6/2031 | 1815 |
| Kravet Inc. (Revolver) | 11/25/2030 | 2292 |
| RJW Logistics Group, Inc (Delayed Draw) | 11/1/2031 | 1129 |
| **Total** |  | $**12410** |

---

The following shows the composition of the Company's portfolio at fair value by industry and geography as of December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Industry** | **Investment Type** | **Fair Value** | **Percentage of<br> Total <br> Investments at <br> Fair Value** |
| Commercial Services & Supplies | First Lien Secured Debt |  |  |
| Air Freight & Logistics | First Lien Secured Debt | $15164 | 34.69% |
| Textiles, Apparel & Luxury Goods | First Lien Secured Debt | 12610 | 28.85% |
| Health Care Providers & Services | First Lien Secured Debt | 9697 | 22.18% |
| Telecommunication Services | First Lien Secured Debt | 4193 | 9.59% |
| Commercial services & Supplies | First Lien Secured Debt | 2050 | 4.69% |
| **Total** |  | $**43714** | **100.00%** |

---

---

| | | |
|:---|:---|:---|
| **Geography** | **Fair Value** | **Percentage of<br> Total<br> Investments at<br> Fair Value** |
| United States | $43714 | 100% |
| **Total** | $**43714** | **100%** |

---

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

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

**(1) ORGANIZATION**

Lord Abbett Private Credit Fund S (the "Company") is a closed-end, non-diversified management investment company organized under the laws of the State of Delaware. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") on April 1, 2025 (the "BDC Election Date"). The Company also intends to elect to be treated, and 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") upon filing of the tax return on its statutory due date, commencing with its initial taxable year ended December 31, 2025. Prior to the BDC Election Date, the Company was taxed as a partnership for U.S. federal income tax purposes.

The Company was formed on September 26, 2024 and commenced investment operations on November 4, 2024. Lord Abbett Private Credit Advisor LLC is the investment adviser to the Company (the "Adviser"). The Adviser is a wholly-owned subsidiary of Lord Abbett & Co. LLC. The Adviser provides the Company with investment advisory services pursuant to the terms of an investment advisory agreement (the "Advisory Agreement"). Lord, Abbett & Co. LLC, the "Administrator" or "Lord Abbett" performs, or oversees the performance of, the Company's corporate operations and required administrative services pursuant to an administration agreement (the "Administration Agreement").

The Company's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company invests in loans targeted at (i) private U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended the ("Exchange Act"), and (ii) U.S. operating companies whose securities are listed on a national securities exchange that have a market capitalization of less than $250 million. In limited instances we may retain the "last out" portion of a first-lien loan. In such cases, the "first out" portion of the first lien loan would receive priority with respect to payment over our "last out" position. In exchange for the higher risk of loss associated with such "last out" portion, we would earn a higher rate of interest than the "first out" position.

On October 9, 2024, the Company established Lord Abbett Private Credit Funding A, LLC ("Lord Abbett PCF A LLC"), a wholly-owned subsidiary of the Company and a Delaware limited liability company that is a disregarded entity for tax purposes, to acquire investments in the State of California.

On March 31, 2025 (the "Conversion Date"), Lord Abbett Private Credit Fund A, LP, filed a certificate of conversion with the state of Delaware to convert from a limited partnership to a Delaware statutory trust and changed its name to Lord Abbett Private Credit Fund S. Effective March 31, 2025, all limited partnership interests were converted into common shares, formalizing the unitization of Lord Abbett Private Credit Fund S. On this date 2,280,000 shares were issued and outstanding at a par value of $0.01.

On May 13, 2025, the Company established Lord Abbett PCF Financing S LLC, a wholly-owned subsidiary of the Company and a Delaware limited liability company that is a disregarded entity for tax purposes, to hold investment collateral in connection with a credit facility.

**(2) SUMMARY OF 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 accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies* ("ASC 946") issued by the Financial Accounting Standards Board ("FASB").

**Use of Estimates**

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, and any other parameters used in determining these estimates could cause actual results to differ materially.

**Consolidation**

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

Accordingly, the Company consolidated the accounts of the Company's wholly-owned subsidiaries in the Consolidated Financial Statements. All intercompany balances and transactions have been eliminated in consolidation.

The Company does not consolidate SBLA Private Credit II LLC (the "SBLA II JV"). See "*Note 4 - Investments"* for further description of the joint venture.

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

**Cash and Cash Equivalents**

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity, that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost, which approximates fair value. The cash and cash equivalents balance as of June 30, 2025 and December 31, 2024 was $3,484 and $3,855, respectively.

**Investment Transactions**

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments derecognized or recognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

**Fair Value Measurements**

The Company follows guidance in ASC 820, *Fair Value Measurement* ("ASC 820"), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework control partnership hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

**Investment Valuation Process**

Pursuant to Rule 2a-5, the Company's Board of Trustees (the "Board") has designated the Adviser as the valuation designee responsible for valuing all of the Company'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 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, 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 Fair Value Committee regularly performs price verification procedures on behalf of the Adviser 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

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

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, as will be the case for a substantial portion of the Company's investments, 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 Company's loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities and factors such 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 Fair Value Committee manages the Company's fair valuation practices and maintains the fair valuation policies and procedures. To assess the continuing appropriateness of pricing sources and methodologies, the Fair Value Committee regularly performs price verification procedures, engages in oversight activities with respect to third-party pricing sources used and issues challenges as necessary. In addition, the Fair Value Committee may rely on third-party valuation services to verify the fair value determinations of certain investments. A third-party valuation service will generally review a portion of the Company's investments in loans each quarter such that on an annual basis most of the loans' values will be tested for appropriateness and reliability. 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 Company investments, at any time.

Valuation techniques used to value the Company's investments by major category are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity securities and other investments, including restricted securities, for
 which market quotations are readily available, are valued at the last reported sale price or official closing price (in the
 case of securities and futures) or the mean of the closing bid and offer (in the case of options) as reported by a third-party
 pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day
 or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available
 price. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American
 Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for
 similar securities may be used. For equity securities, including restricted securities, where observable inputs are limited,
 assumptions about market activity and risk are used.

• Debt securities that are publicly traded, including restricted securities, are valued based
 on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred
 securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable
 quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt
 securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party
 pricing services.

• Investments in open-end investment companies are valued at their closing net asset value.

• Investments, including private placements, for which observable inputs are not available are
 generally valued using one or more valuation methods including the market approach, the income approach and cost approach.
 The market approach considers factors including the price of recent investments in the same or a similar security or financial
 metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific
 risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying
 assets and liabilities. The Company may use amortized cost as a pricing technique for investments that have recently transacted.

**Realized Gains or Losses**

Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

**Investment Income Recognition**

 

*Interest Income*

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

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

*Payment-in-Kind ("PIK") Income*

The Company may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Company's Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. In order to satisfy the annual RIC distribution requirements, this non-cash source of income must be included in determining the amounts to be paid out in the form of dividends, even if cash is not yet collected. For the three and six months ended June 30, 2025 there was $0 in PIK income.

*Dividend Income*

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Dividend income on the Company's equity interest in its joint venture is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.

*Fee Income*

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and other miscellaneous fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

*Non-Accrual Investments*

Loans are generally placed on non-accrual status when, in management's judgement, there is sufficient doubt that all or a portion of principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2025 and December 31, 2024, there were no loans on non-accrual status.

**Organizational and Offering Costs**

Organizational costs consist of costs incurred to establish the entity as a Delaware statutory trust and subsequent conversion to a BDC. Organizational costs are expensed as incurred. The Company has incurred $180 in organizational expenses since inception. Offering costs consist of costs incurred in connection with the offering of interests in the partnership and subsequently the BDC. Offering costs are capitalized as a deferred charge and will be amortized to expense on a straight-line basis over twelve months. Additional organizational costs and offering costs may be incurred subsequent to June 30, 2025.

**Deferred Financing Costs**

Financing costs incurred in connection with the Company's Credit Facility (as defined below) are capitalized and amortized into expense using the straight-line method, which approximates the effective yield method over the life of the facility. See *"Note 5 - Debt."*

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, *Modification and Extinguishments* ("ASC 470-50"). For extinguishments of our debt, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

**Income Taxes**

The Company recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Company reviews and evaluates tax positions in its major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. Based on this review, the Company has determined the major tax jurisdictions to be where the Company is organized, where the Company makes investments, and where the Company is located; however, no reserves for uncertain tax positions were recorded for for the three and six months ended June 30, 2025. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no tax liability or expense, including interest and penalties, has been recorded in the consolidated financial statements. Generally, the Company's U.S. federal, state, and local tax returns remain open for examination for a period of three to five years from when they are filed under varying statutes of limitations.

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

The Company intends to elect to be treated, and 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") upon filing of the tax return on its statutory due date, commencing with its initial taxable year ended December 31, 2025. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of 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 Company will be subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary net income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

**Accounting Pronouncements**

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): *Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

The Company has adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - *Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Company's financial position or its results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The Adviser has taken the position that the CODM for the Company is comprised of the following three committees: Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Company has a single operating segment based on the fact that the CODM monitors the operating results of the Company as a whole and that the Company's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Company's portfolio managers as a team. The financial information in the form of the Company's portfolio composition, total returns, expense ratios and changes in net assets, which are used by the CODM to assess the segment's performance versus the Company's comparative benchmarks and to make resource allocation decisions for the Company's single segment, is consistent with that presented within the Company's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

**(3) RELATED PARTY TRANSACTIONS**

**Expense Support and Conditional Reimbursement Agreement**

On March 11, 2025, the Company entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement") with the Adviser, effective as of November 4, 2024 and pursuant to which the Adviser is able to elect to pay certain expenses of the Company on the Company's behalf (each, an "Expense Payment"), provided that no portion of the payment will be used to pay shareholders servicing and/or distribution fees of the Company. Any Expense Payment that the Adviser committed to pay is to be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates no later than forty-five (45) days after such obligation was incurred.

Pursuant to an Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement") the Company has entered into with the Adviser, the Adviser is obligated to advance all of the Company's Other Operating Expenses (each, a "Required Expense Payment") to the effect that such expenses do not exceed 0.70% (on an annualized basis) of the Company's NAV. Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates. "Other Operating Expenses" means the Company's organizational and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company's allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, excluding the Company's base management and incentive fees owed to the Adviser, financing fees and costs (other than upfront fees on the Company's initial credit facility), brokerage commissions, placement agent fees, costs and expenses of distributing and placing the common shares, extraordinary expenses and any interest expenses owed by the Company, all as determined in accordance with U.S. GAAP.

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

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

Following any month in which Other Operating Expenses are below 0.70% (on an annualized basis) of the Company's NAV (the "**Expense Cap**"), the Adviser may be reimbursed (a, "Required Reimbursement Payment") for any Required Expense Payment to the extent that (i) the Other Operating Expenses, inclusive of such Required Reimbursement Payment, remain at or below the Expense Cap and (ii) the applicable Required Expense Payment was made no more than three (3) years prior to the Required Reimbursement Payment.

Following any calendar month in which Available Operating Funds exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), we shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Voluntary Expense Payments made by the Adviser to the Company within three (3) years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company with respect to Voluntary Expense Payments shall be referred to herein as a "Voluntary Reimbursement Payment", and together with the Required Reimbursement Payments, the "Reimbursement Payments"). "Available Operating Funds" means the sum of (i) our net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) our net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to us on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Voluntary Reimbursement Payment for any calendar month shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Company at the time of such Voluntary Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Voluntary Reimbursement Payment relates, (2) the Company's Operating Expense Ratio at the time of such Voluntary Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Voluntary Reimbursement Payment relates, or (3) the Company's Other Operating Expenses at the time of such Voluntary Reimbursement Payment exceeds 0.70% of the Company's net asset value. "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365-day year) of regular cash distributions per share exclusive of returns of capital and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, if any, and interest expense, by the Company's net assets. "Operating Expenses" means all of the Company's operating costs and expenses incurred, as determined in accordance with U.S. GAAP for investment companies.

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

Either the Company or the Adviser may terminate the Expense Support Agreement at any time, with or without notice, without the payment of any penalty, provided that any Expense Payments that have not been reimbursed by the Company to the Adviser will remain the obligation of the Company following any such termination, subject to the terms of the Expense Support Agreement.

Based on the terms described above, the Company may be obligated to make Reimbursement Payments to the Adviser in accordance with the Expense Support Agreement. As of June 30, 2025, no such reimbursements were required.

The following table presents a cumulative summary of the expense payments and reimbursement payments as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | **Required Expense<br> Payments by Adviser** | **Required Reimbursement<br> Payments to Adviser** | **Unreimbursed<br> Expense Payments** | **Reimbursement Eligibility<br> Expiration** |
| December 31, 2024 | $95 | $—  | $95 | December 31, 2027 |
| March 31, 2025 | 413 | —  | 413 | March 31, 2028 |
| June 30, 2025 | 316 | —  | 316 | June 30, 2028 |
| **Total** | $**824** | $**—** | $**824** |  |

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**Due to / Due From Adviser**

From time to time, the Adviser may pay certain expenses or fees on behalf of the Company. These expenses will be paid by the Company at a future date. As of June 30, 2025 and December 31, 2024, the Company had $161 and $161, respectively, of expenses which are owed to the Adviser, and are included in Due to adviser on the Consolidated Statements of Assets and Liabilities. In accordance with the Expense Support Agreement, the Adviser has elected to pay the Company for certain expenses incurred during the period from November 4, 2024 (commencement of operations) to June 30, 2025. For the three and six months ended June 30, 2025, the Adviser has elected to pay $316 and $729, respectively, in expenses, of which $193 remains receivable as of June 30, 2025. As of December 31, 2024, there was $95 receivable from the Adviser.

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

**Management fee**

Prior to the BDC Election Date, the Company did not incur management fees. Following the BDC Election Date, the Company began to accrue management fees. The management fee is payable monthly in arrears at an annual rate of 1.00% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month, adjusted for any share issuances or repurchases during the applicable month. For purposes of the Advisory Agreement, net assets mean the Company's total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP. For the three and six months ended June 30, 2025, the Company incurred management fees of $184 and $184, respectively. As of June 30, 2025 the Adviser voluntarily waived $48 of management fees.

**Incentive Fees**

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

*Incentive Fee Based on Income*

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns attributable to our common shares. "Pre-Incentive Fee Net Investment Income Returns" means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Advisory Agreement and an Administration Agreement with our Administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding the Incentive Fee and shareholder servicing and/or distribution fees, if any). Shareholders may be charged a fee on an income amount that is higher than the income shareholders may ultimately receive. Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses, or unrealized gain/(loss).

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediate preceding quarter, adjusted for any Share issuances or repurchases during the applicable quarter in which the Incentive Fee is calculated, is compared to a "hurdle rate" of return of 1.50% per quarter (6.00% annualized).

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

&nbsp;&nbsp;&nbsp;&nbsp;• No incentive fee based on Pre-Incentive Fee Net Investment Income
 Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate
 of 1.50% per quarter (6.00% annualized);

• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns,
 if any, that exceeds the hurdle rate but is less than a rate of return of 1.71% (6.84% annualized). We refer to this portion
 of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.71%) as the "catch-up."
 The "catch-up" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment
 Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.71% in any calendar quarter; and

• 12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income
 Returns, if any, that exceed a rate of return of 1.71% (6.84%annualized). This reflects that once the hurdle rate is reached
 and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the
 Adviser.

These calculations are pro-rated for any period of less than three (3) months and adjusted for any share issuances or repurchases during the relevant quarter.

Prior to the BDC Election Date, the Company did not incur incentive fees. Following the BDC Election Date, the Company began to accrue incentive fees. For the three and six months ended June 30, 2025, income based incentive fees were $283 and $283, respectively. As of June 30, 2025, $283 of such income based incentive fees were unpaid and are included in income incentive fees payable on the Consolidated Statements of Assets and Liabilities.

*Incentive Fee Based on Capital Gains*

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals:

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of cumulative realized capital gains from inception through the end of such
 calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis,
 less the aggregate amount of any previously paid Incentive Fee on capital gains as calculated in accordance with U.S.
 GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

For purposes of computing the Company's incentive fee on income and the incentive fee on capital gains, the calculation methodology will look through derivative financial instruments or swaps as if we owned the reference assets directly. The fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated.

For the three and six months ended June 30, 2025, capital gains incentive fees were $35 and $35, respectively. As of June 30, 2025, $35 of capital gains incentive fees were unpaid and are included in capital gains incentive fees payable on the Consolidated Statements of Assets and Liabilities.

**Administration Fees**

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. Unless such expenses are specifically assumed by the Adviser, Administrator or their affiliates under the Advisory Agreement or Administration Agreement, as applicable, the Company will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Company's behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

The Company will pay the Administrator a fee payable monthly in arrears at an annual rate of 0.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month, adjusted for any share issuances or repurchases during the applicable month.

Prior to the BDC Election Date, the Company did not incur administration fees. Following the BDC Election Date, the Company began to accrue administration fees. During the three and six months ended June 30, 2025, the Company incurred $46 and $46, respectively, of administration fees.

**Distribution Fee, Shareholder Servicing Fee and Other Distribution Expenses**

The Company may pay to any distributor, in its capacity as principal underwriter (or placement agent) of the Shares (the "Distributor"), with respect to and at the expense of Common shares (which may be amended from time to time), a fee for (i) distribution and sales support services (the "Distribution Fee"), as applicable, and/or (ii) shareholder services (the "Servicing Fee"), and each as more fully described below (together, the "Shareholder Servicing and/or Distribution Fee"). The Distribution Fee under the Plan will be used primarily to compensate a Distributor for such services provided in connection with the offering and sale of shares of the Common shares, and to reimburse the Distributor for related expenses incurred, including payments by the Distributor to compensate or reimburse brokers, other financial institutions or other industry professionals (collectively, "Selling Agents"), for distribution services and sales support services provided and related expenses incurred by such Selling Agents. All payments made hereunder pursuant to the Plan shall be in accordance with the terms and limitations of the Financial Industry Regulatory Authority ("FINRA") Conduct Rules. The Company may pay for expenses related to its distribution out of its own assets, including but not limited to, expenses associated with advertising, compensation of underwriters, dealers, and sales personnel, the printing and mailing of prospectuses to other than current shareholders, and the printing and mailing of sales literature, each as may be determined to be in the best interests of the Company.

Subject to any applicable Financial Industry Regulatory Authority, Inc., or FINRA, limitations on underwriting compensation, the Company will pay the Placement Agent a shareholder servicing and/or distribution fee, or the Distribution/Servicing Fees, for Common shares equal to 0.85% per annum of the aggregate NAV, as of the beginning of the first calendar day of the applicable month, for the Common shares. The annual Distribution/Servicing Fees are paid by the Company to the Placement Agents pursuant to the Company's distribution and servicing plan, or the Distribution and Servicing Plan. The distribution and service fees are accrued and payable monthly. For the three months ended June 30, 2025, Distribution and shareholder servicing fees incurred were $116. As of June 30, 2025, $58 of Distribution and shareholder servicing fees, were unpaid and are included in Distribution and shareholder servicing fees payable on the Consolidated Statements of Assets and Liabilities.

The Board, including a majority of the members of the Board who are not "interested persons" (as defined in the 1940 Act) of the Company, or the Independent Trustees, have reviewed and approved the Placement Agent Agreements in accordance with Section 15(c) of the 1940 Act, and will annually review the Placement Agent Agreements and Distribution/Servicing Fees to determine that the provisions of the Placement Agent Agreements are carried out satisfactorily and to determine, among other things, whether the fees payable under such agreements are reasonable in light of the services provided and that there is a reasonable likelihood that the continuation of the plan for the Distribution/Servicing Fees will benefit the Company and its shareholders. The Board assesses the reasonableness of such fees based on the breadth, depth and quality of the distribution services to be provided to the Company, and reviews other information relating to the Placement Agent, such as their relationships with financial intermediaries and the adequacy of their compliance program.

**Lord Abbett Private Credit Fund S**

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

**June 30, 2025**

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

**(4) INVESTMENTS**

**Fair Value Measurement and Disclosures**

The following table shows the composition of the Company's investment portfolio as of June 30, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
|  |<br>**Cost** |<br>**Fair Value** | **Level 1** | **Level 2** | **Level 3** |<br>**Measured at Net<br> Asset Value<sup>(1)</sup>** |
| First Lien Secured Debt | $213449 | $213810 | $— | $— | $213810 | $— |
| Investments in Joint Venture | 13137 | 13137 |  |  |  | 13137 |
| **Total Investments** | $226586 | $226947 | $— | $— | $213810 | $13137 |

---

 

<sup>(1)</sup> In accordance with ASC 820, the Company's investment in SBLA II is measured using the net asset value (or its equivalent) as a practical expedient for fair value and has not been classified in the fair value hierarchy.

The following table shows the composition of the Company's investment portfolio as of December 31, 2024, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** |
|  |<br>**Cost** |<br>**Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| First Lien Secured Debt | $43714 | $43714 | $— | $— | $43714 |
| **Total Investments** | $43714 | $43714 | $— | $— | $43714 |

---

The following table presents changes in the fair value of the Company's investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2025 :

---

| | |
|:---|:---|
|  | **For the six months ended<br> June 30, 2025** |
| Fair value, beginning of period | $43714 |
| Purchases | 173703 |
| Sales and repayments | (4128) |
| Net (amortization) accretion on investments | 160 |
| Net realized gains (losses) on investments |  |
| Net change in unrealized gains (losses) on investments | 361 |
| Transfers out of Level 3<sup>(1)</sup> |  |
| Transfers into Level 3<sup>(1)</sup> |  |
| **Fair value as of June 30, 2025** | $213810 |
| **Net change in unrealized appreciation (depreciation) on Level 3 investments still held as of June 30, 2025** | $361 |

---

<sup>(1)</sup> For the six months ended June 30, 2025, there were no transfers out of/into Level 3.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company's determination of fair values.

**Lord Abbett Private Credit Fund S**

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

**June 30, 2025**

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

The unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2025 and December 31, 2024, were as follows:

**June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
| **Asset<br> Category** | **Fair<br> Value** | **Valuation<br> Techniques/<br> Methodologies** | **Unobservable<br> Input** | **Range** | **Weighted<br> Average<sup>(1)</sup>** |
| First Lien Secured Debt | $181342 | Income Approach | Discount Rate | 6.76% - 9.21% | 8.56% |
| First Lien Secured Debt | 32468 | Market Approach | Transaction Price | n/a | n/a |
| **Total Level 3 Investments** | $213810 |  |  |  |  |

---

**December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
| **Asset<br> Category** | **Fair<br> Value** | **Valuation<br> Techniques/<br> Methodologies** | **Unobservable<br> Input** | **Range** | **Weighted<br> Average<sup>(1)</sup>** |
| First Lien Secured Debt | $43714 | Market Approach | Transaction Price | n/a | n/a |
| Total Level 3 Investments | $43714 |  |  |  |  |

---

<sup>(1)</sup> Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the market approach is the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction. The significant unobservable input used in the income approach is the discount rate. The discount rate is used to discount the estimated future cash flows, which include both future principal and interest payments expected to be received from the underlying investment. An increase/decrease in the discount rate would result in a decrease/ increase, respectively, in the fair value. There have been no material changes to the valuation approaches utilized during the period ended December 31, 2024 or the three and six months ended June 30, 2025.

**Joint Venture**

On May 6, 2025, the Company entered into a joint venture with Stifel Bank & Trust (the "JV partner"). The joint venture is called SBLA Private Credit II LLC (the "SBLA II JV").

The Company and the JV partner have $60 million and $8.6 million, respectively, in total commitments to SBLA II JV, with targeted member ownership interests of approximately 87.5% and 12.5%, respectively. The Company and the JV partner have equal voting rights with respect to the SBLA II JV and the SBLA II JV's general partner. The SBLA II JV will not be consolidated in the Company's Consolidated Financial Statements. As of June 30, 2025, the Company had commitments of $60 million to the SBLA II JV, of which $46.9 million remained unfunded.

**Lord Abbett Private Credit Fund S**

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

**June 30, 2025**

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

**SBLA Private Credit II LLC** 

**Schedule of Investments**

**June 30, 2025**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Reference Rate<br> and Spread** | **Interest<br> Rate<sup>(2)</sup>** | **Maturity<br> Date** | **Par<br> Amount/<br> Units** | **Cost<sup>(3)</sup>** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Investments—non-controlled/non-affiliated**  |  |  |  | | | | |
| **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)</sup><sup>(5)</sup>** | **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)</sup><sup>(5)</sup>** | **First Lien Secured Debt— non-controlled/non-affiliated<sup>(4)</sup><sup>(5)</sup>** |  | | | | |
| **Aerospace & Defense**  |  |  |  | | | | |
| &nbsp;&nbsp;&nbsp;Unical Aviation Inc (Term Loan) | 1M S + 3.75% | 8.08% | 11/7/2031 | $3448 | $3414 | $3414 | 22.74% |
|  |  |  |  |  | 3414 | 3414 | 22.74 |
| **Beverages**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;King Juice (Term Loan) | 3M S + 3.35% | 7.67% | 3/25/2027 | 161 | 160 | 160 | 1.07 |
| &nbsp;&nbsp;&nbsp;King Juice (Revolver) | 3M S + 3.35% | 7.65% | 3/25/2027 | 215 | 204 | 204 | 1.36 |
| &nbsp;&nbsp;&nbsp;King Juice (Term Loan B) | 3M S + 4.35% | 7.67% | 3/25/2027 | 1792 | 1779 | 1779 | 11.85 |
|  |  |  |  |  | 2143 | 2143 | 14.28 |
| **Commercial Services & Supplies**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KDV Label (Term Loan) | 3M S + 4.25% | 8.58% | 6/11/2026 | 4073 | 4042 | 4042 | 26.92 |
| &nbsp;&nbsp;&nbsp;KDV Label (Delayed Draw) | 3M S + 4.25% | 8.61% | 6/11/2026 | 121 | 115 | 115 | 0.77 |
|  |  |  |  |  | 4157 | 4157 | 27.69 |
| **Construction & Engineering**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Discovery Marketing And Distributing, LLC (Term Loan) | 3M S + 4.25% | 8.78% | 8/10/2027 | 7474 | 7402 | 7402 | 49.30 |
|  |  |  |  |  | 7402 | 7402 | 49.30 |
| **Construction Materials**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Concrete Partners, LLC (Term Loan) | 1M S + 3.25% | 7.68% | 7/27/2029 | 3194 | 3163 | 3163 | 21.07 |
|  |  |  |  |  | 3163 | 3163 | 21.07 |
| **Containers & Packaging**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accord Buyer LLC (Term Loan) | 1M S + 3.75% | 8.18% | 5/19/2028 | 3845 | 3808 | 3808 | 25.36 |
|  |  |  |  |  | 3808 | 3808 | 25.36 |
| **Leisure Products**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Buffalo Games LLC | 3M S + 2.50% | 6.89% | 8/31/2025 | 1509 | 1501 | 1501 | 10.00 |
|  |  |  |  |  | 1501 | 1501 | 10.00 |
| **Machinery**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental Equipment Investment Co. (Term Loan) | 1M S + 4.25% | 8.68% | 12/23/2026 | 2440 | 2416 | 2416 | 16.09 |
| &nbsp;&nbsp;&nbsp;Seakeeper Technologies LLC (Term Loan) | 3M S + 2.75% | 7.51% | 7/19/2027 | 7928 | 7852 | 7852 | 52.30 |
| &nbsp;&nbsp;&nbsp;SkyMark Refuelers (Term Loan) | 3M S + 3.00% | 7.55% | 12/31/2026 | 3262 | 3232 | 3232 | 21.53 |
| &nbsp;&nbsp;&nbsp;SkyMark Refuelers (Term Loan B) | 3M S + 3.00% | 7.55% | 12/31/2026 | 1268 | 1256 | 1256 | 8.37 |
| &nbsp;&nbsp;&nbsp;Structural Concepts (Term Loan) | 1M S + 3.00% | 7.33% | 10/3/2025 | 3405 | 3383 | 3383 | 22.53 |
|  |  |  |  |  | 18139 | 18139 | 120.82 |
| **Real Estate Management & Development**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Royal Property Company Borrower LLC (Term Loan) | 3M S + 4.00% | 8.05% | 2/2/2028 | 6196 | 6135 | 6135 | 40.86 |
|  |  |  |  |  | 6135 | 6135 | 40.86 |
| **Specialty Retail**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Mobile Inc (Term Loan) | 3M S + 3.75% | 8.20% | 8/1/2028 | 6637 | 6575 | 6575 | 43.80 |
| &nbsp;&nbsp;&nbsp;Alliance Mobile Inc (Incremental Term Loan) | 3M S + 3.50% | 7.95% | 8/1/2028 | 998 | 988 | 988 | 6.58 |
| &nbsp;&nbsp;&nbsp;JL Darling, LLC (Term Loan) | 1M S + 3.75% | 8.18% | 5/16/2028 | 1294 | 1282 | 1282 | 8.54 |
| &nbsp;&nbsp;&nbsp;M&M Thrift Management Company LLC (Term Loan) | 3M S + 2.25% | 6.65% | 12/1/2026 | 4619 | 4577 | 4577 | 30.49 |
|  |  |  |  |  | 13422 | 13422 | 89.41 |
| **Total First Lien Secured Debt—non-controlled/non-affiliated** | **Total First Lien Secured Debt—non-controlled/non-affiliated** | **Total First Lien Secured Debt—non-controlled/non-affiliated** | **Total First Lien Secured Debt—non-controlled/non-affiliated** | **Total First Lien Secured Debt—non-controlled/non-affiliated** | $63284 | $63284 | 421.53% |
| **Total Investments at Fair Value** |  |  |  |  | $63284 | $63284 | 421.53% |

---

 

<sup>(1)</sup> Unless otherwise indicated, debt investments held by the SBLA II JV are denominated in USD dollars. All debt investments are income producing unless otherwise indicated.

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

<sup>(2)</sup> Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S"), which generally resets periodically. For each loan, the SBLA II JV has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of June 30, 2025.

<sup>(3)</sup> The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with U.S. GAAP.

<sup>(4)</sup> Unless otherwise indicated, issuers of debt held by the SBLA II JV are domiciled in the United States.

<sup>(5)</sup> All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see "Note 2 - Summary of Significant Accounting Policies and Note 4 - Investments").

**SBLA Private Credit II LLC Financial Statements (in thousands, except share amount, per share data, percentages, and as otherwise noted)**

The following table presents the selected statements of assets and liabilities information of the SBLA II JV as of June 30, 2025

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| **ASSETS** |  |
| Investments at fair value |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost $63,284) | $63284 |
| Cash and cash equivalents | 3727 |
| Interest receivable from non-controlled/non-affiliated investments | 147 |
| Receivable for investments sold | $293 |
| **Total assets** | $67451 |
| **LIABILITIES** |  |
| Debt: (net of deferred financing costs $1,230) | $51770 |
| Interest payable | 386 |
| Distribution payable | 156 |
| Professional fees payable | 34 |
| Administration fees payable | 10 |
| Accrued expenses and other liabilities | 82 |
| **Total liabilities** | $52438 |
| **MEMBERS' EQUITY** |  |
| Members' Equity | $15013 |
| **Total members' equity** | $**15013** |
| **Total liabilities and members' equity** | $**67451** |

---

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

The following table presents the selected statements of operations information of the SBLA II JV for the period from May 6, 2025 (commencement of operations) to June 30, 2025:

---

| | |
|:---|:---|
|  | **For the period from May 6, <br> 2025 (commencement of <br> operations) to June 30, 2025** |
| **Investment income** |  |
| Non-controlled/non-affiliated investments: |  |
| &nbsp;&nbsp;&nbsp;Interest income | $621 |
| Total investment income | $621 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Interest expense | $421 |
| &nbsp;&nbsp;&nbsp;Professional fees | 34 |
| Administration fees | 10 |
| Total expenses | $465 |
| Net expenses | $465 |
| **Net investment income** | $**156** |
| **Net realized and change in unrealized gain (loss)** |  |
| Net change in unrealized gain/(loss): |  |
| &nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments |  |
| Net change in unrealized gain/(loss) | $— |
| **Net realized and change in unrealized gain/(loss)** | $— |
| **Net increase (decrease) in net assets resulting from operations** | $**156** |

---

**(5) DEBT**

*Credit Facility with Bank of America*

On October 30, 2024, the Company entered into a Revolving Credit Agreement (the "Credit Facility"), with the Company as borrower, and Bank of America, N.A. as administrative agent, the letter of credit issuer and a lender. The maximum commitment amount of the Credit Facility as of the closing date is $100 million, which can be drawn in multiple currencies subject to certain conditions as mentioned in the Credit Facility. Amounts drawn under the Credit Facility will bear interest at a rate per annum equal to: (i) with respect to Term SOFR Loans, Term SOFR for the applicable interest period plus 2.15%; (ii) with respect to Daily Simple SOFR Loans, Daily Simple SOFR in effect from day to day plus 2.15%; (iii) with respect to Alternative Currency Daily Rate Loans, the applicable Alternative Currency Daily Rate plus 2.15%; (iv) with respect to Alternative Currency Term Rate Loans, the applicable Alternative Currency Term Rate for the applicable Interest Period plus 2.15%; and (v) with respect to Reference Rate Loans, the Reference Rate as defined in the Credit Facility, in effect from day to day. On May 1, 2025, the Company entered into an amendment to the Credit Facility. The amendment, among other things, (i) increased the available borrowing capacity of the Credit Facility to $150 million, and (ii) extended the maturity date of the Credit Facility to July 30, 2025.

In connection with the Credit Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. In addition, the Company shall not incur aggregate indebtedness in an amount (a) in excess of that permitted under the constituent documents and (b) in excess of $5 billion. The Credit Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, lender may terminate the commitments and declare the outstanding advances and all other obligations under the Credit Facility immediately due and payable. As of June 30, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of the Credit Facility.

*Revolving Credit Facility with ING Capital*

On June 3, 2025, the Company entered into a revolving credit facility (the "Revolving Credit Facility") pursuant to a Senior Secured Credit Agreement (the "Credit Agreement"), by and among the Company, as borrower, ING Capital LLC ("ING"), as administrative agent (in such capacity, the "Administrative Agent"), each of the lenders and issuing banks party thereto, and ING, as lead arranger, as sole book runner and as a syndication agent. Capitalized terms used and not otherwise defined herein shall have the meanings specified in the Credit Agreement. The Revolving Credit Facility provides for, among other things, borrowings in U.S. dollars or certain other permitted currencies in an initial aggregate amount of up to $100 million subject to availability under the borrowing base, with an option for the Company to elect at one or more times, subject to certain conditions, to increase the maximum committed amount up to $500 million.

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

The revolving period during which the Company is permitted to borrow, repay and re-borrow advances will terminate on June 4, 2029 (the "Commitment Termination Date"). Any amounts borrowed under the Revolving Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on June 3, 2030 (the "Maturity Date"). During the period from the Commitment Termination Date to the Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the Revolving Credit Facility accrue interest at a rate per annum equal to the relevant rate plus an applicable margin of (a) with respect to any ABR Loan, (i) 0.875% per annum if the Gross Borrowing Base is less than 1.60x the Combined Debt Amount or (ii) 0.75% per annum if the Gross Borrowing Base is greater than or equal to 1.60x the Combined Debt Amount; (b) with respect to any Term Benchmark Loan, (i) 1.875% per annum if the Gross Borrowing Base is less than 1.60x the Combined Debt Amount or (ii) 1.75% per annum if the Gross Borrowing Base is greater than or equal to 1.60x the Combined Debt Amount, and (c) with respect to any RFR Loans, (i) 1.875% per annum if the Gross Borrowing Base is less than 1.60x the Combined Debt Amount or (ii) 1.75% per annum if the Gross Borrowing Base is greater than or equal to 1.60x the Combined Debt Amount. In addition, the Company will pay a non-usage fee of 0.375% on the average daily unused amount of the revolving commitments under the Revolving Credit Facility. As of June 30, 2025, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

The Company's outstanding debt obligations at June 30, 2025 and December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Aggregate <br> Borrowing <br> Capacity** | **Outstanding <br> Principal** | **Less <br> Unamortized <br> Deferred <br> Financing <br> Costs** | **Carrying Value per <br> Consolidated <br> Statement of Assets <br> and Liabilities** |
| BofA Credit Facility | $150000 | $43000 | $56 | $42944 |
| ING Revolving Credit Facility | $100000 | $70000 | $1775 | $68225 |
| **Total** | $250000 | $113000 | $1831 | $111169 |

---

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Aggregate <br> Borrowing <br> Capacity** | **Outstanding <br> Principal** | **Less <br> Unamortized <br> Deferred <br> Financing <br> Costs** | **Carrying Value per <br> Consolidated <br> Statement of Assets <br> and Liabilities** |
| BofA Credit Facility | $100000 | $27300 | $111 | $27189 |
| **Total** | $100000 | $27300 | $111 | $27189 |

---

**Secured Borrowing Agreement**

On May 23, 2025, the Company entered into a participation agreement (the "Participation Agreement") with Macquarie Bank Limited ("Macquarie"). The Company will transfer investments to Macquarie for cash and repurchase the same investment on a forward settlement basis. The repurchase transaction will have a settlement date of up to 60 days. The repurchase transaction under the Participation Agreement is a type of secured borrowing, in which the Company will retain the economics of the investment and will pay an interest charge. The amount outstanding under the Participation Agreement as of June 30, 2025 was $15,139, which is reflected as "Debt" on the Consolidated Statements of Assets and Liabilities. The average amount outstanding for the three and six months ended June 30, 2025 were $6,392 and $3,196, respectively. The amount of interest incurred under the Participation Agreement for the three and six months ended June 30, 2025, were $115, which equated to an effective interest rate of 7.33%. Interest expense incurred under the Participation Agreement is included on the Consolidated Statements of Operations as "Interest expense".

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025.

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

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the three months <br> ended June 30, 2025** | **For the six months <br> ended June 30, 2025** |
| Borrowing interest expense | $1742 | $2587 |
| Facility unused fee | 57 | $97 |
| Amortization of deferred financing costs | 157 | 232 |
| **Total** | $**1956** | $**2916** |

---

The following table summarizes the average debt outstanding and the weighted average interest cost:

---

| | | |
|:---|:---|:---|
|  | **For the three months<br> ended June 30, 2025** | **For the six months<br> ended June 30, 2025** |
| Weighted average interest rate<sup>(1)</sup> | 6.75% | 6.68% |
| Weighted average debt outstanding | $104697 | $78585 |

---

<sup>(1)</sup> Excludes facility unused fees and amortization of deferred financing costs.

**(6) COMMITMENTS AND CONTINGENCIES**

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

The Company's investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2025 and December 31, 2024, the Company had $70,516 and $12,410, respectively of unfunded commitments to its portfolio companies with details disclosed in the Consolidated Schedules of Investments. As of June 30, 2025 $46.9 million of capital committed remained uncalled from the Company in relation to capital commitments to the SBLA II JV.

**(7) SHAREHOLDERS' CAPITAL**

As of June 30, 2025, and December 31, 2024 total capital commitments to the Company were $225 million, and $225 million, respectively, all of which are committed by related parties of the Company. As of June 30, 2025, and December 31, 2024 there were unfunded capital commitments of $123 million, and $205 million, respectively. As of June 30, 2025, Lord Abbett & Co. LLC ("Lord Abbett") and certain registered investment companies and other pooled vehicles advised by Lord Abbett collectively own 100.00% of the Lord Abbett Private Credit Fund S (the "Company").

The following table summarizes the total proceeds received from capital contributions/shares sold for the six months ended June 30, 2025.

---

| | |
|:---|:---|
| **Date Received** | **Proceeds Received** |
| February 12, 2025 | $7500 |
| February 27, 2025 | 14300 |
| March 28, 2025 | 15000 |
| April 30, 2025 | 25000 |
| June 30, 2025 | 20000 |
| **Total** | $**81800** |

---

On April 1, 2025, the BDC Election Date, the Company had 2,280,000 shares outstanding.

On April 30, 2025, the Company issued and sold 1,000,801 of the Company's common shares of beneficial interest for an aggregate offering price of $25 million at a NAV per share of $24.98.

On June 30, 2025, the Company issued and sold 796,178 of the Company's common shares of beneficial interest for an aggregate offering price of $20 million at a NAV per share of $25.12.

The following table summarizes the Company's distributions declared and paid for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Total Amount** |
| March 28, 2025 | March 28, 2025 | March 28, 2025 | $984 |
| June 30, 2025 | June 30, 2025 | July 10, 2025 | 1850 |
| **Total** |  |  | $**2834** |

---

On June 30, 2025, the Company declared a distribution of $1,850, or $0.45 per share, to shareholders of record as of June 30, 2025, to be paid on July 10, 2025.

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

**(8) CONSOLIDATED FINANCIAL HIGHLIGHTS**

The following are the financial highlights for the six months ended June 30, 2025:

---

| | |
|:---|:---|
|  | **For the six months<br> ended June 30, 2025** |
| **Per Share Data<sup>(1)</sup>** |  |
| Net asset value, at March 31, 2025 | $25.06 |
| Net investment income (loss) | 0.61 |
| Net realized and unrealized gain (loss)<sup>(2)</sup> | (0.10) |
| Net increase (decrease) in net assets resulting from operations | 0.51 |
| Distributions declared<sup>(3)</sup> | (0.45) |
| Total increase (decrease) in net assets | 0.06 |
| Net asset value, end of period | 25.12 |
| Total return based on net asset value<sup>(4)</sup> | 5.35% |
| **Ratio/Supplemental Data:** |  |
| Net assets at end of period | $102401 |
| Ratio of expenses before expense reimbursement to average net asset value<sup>(5)</sup> | 15.96% |
| Ratio of net expenses to average net asset value<sup>(5)</sup> | 13.31% |
| Ratio of net investment income to average net asset value<sup>(5)</sup> | 11.07% |
| Asset coverage ratio | 179% |
| Portfolio Turnover | 2.92% |

---

<sup>(1)</sup> Prior to the Conversion Date, the Company had no shares outstanding. Per share data has been derived based on the weighted average number of shares outstanding for the period from March 31, 2025 to June 30, 2025.

<sup>(2)</sup> Net unrealized and realized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain(loss) in the Statement of Operations, primarily due to the timing of the issuance of the Company's common shares.

<sup>(3)</sup> Per share distribution amounts are based on actual rate per share on the distribution date.

<sup>(4)</sup> Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any. Total returns for periods of less than 1 year are not annualized.

<sup>(5)</sup> Annualized for the six months ended June 30, 2025, except for organizational costs.

**Lord Abbett Private Credit Fund S Notes to the Consolidated Financial Statements (Unaudited) (continued) June 30, 2025 (in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

**(9) SUBSEQUENT EVENTS**

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

<u>Distributions</u>

On July 24, 2025, the Company declared a distribution of approximately $0.21 per share to shareholders of record as of July 31, 2025 to be payable on August 27, 2025.

<u>Subscriptions</u>

On July 30, 2025, all outstanding capital commitments were extinguished and the Company has begun to take monthly subscriptions in connection with a continuous offering of its Common Shares.

The Company received approximately $8.0 million of net proceeds relating to the issuance of Common Shares for subscriptions effective August 1, 2025.

<u>Financing Transaction</u>

On July 25, 2025 (the "Closing Date"), Lord Abbett PCF Financing S LLC ("Borrower"), a Delaware limited liability company that is a wholly-owned subsidiary of the Company, entered into a revolving credit facility (the "Revolving Credit Facility") pursuant to Revolving Credit and Security Agreement (the "Credit Agreement"), by and among the Borrower, BNP Paribas ("BNP"), as administrative agent (the "Administrative Agent"), the Company, as equityholder and collateral manager, State Street Bank and Trust Company, as collateral administrator and as collateral agent and each of the lenders from time to time party thereto. Capitalized terms used and not otherwise defined herein shall have the meanings specified in the Credit Agreement. The Revolving Credit Facility provides for, among other things, borrowings in U.S. dollars or certain other permitted currencies in an initial aggregate amount of up to $250 million, subject to availability under the Borrowing Base, with an option for the Borrower to elect at one or more times, subject to certain conditions, to terminate or reduce the unused amount of the facility by at least $500,000 or by the remaining unused portion.

The revolving period during which the Borrower is permitted to borrow, repay and re-borrow advances will terminate on the last day of the Reinvestment Period, which terminates on the earlier of the date of the 36-month anniversary of the Closing Date or termination of commitments resulting from an event of default (the "Facility Termination Date"). Any amounts borrowed under the Revolving Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable 24 months after the Facility Termination Date. Following the Facility Termination Date, the Borrower will be required to pay principal and interest amounts in accordance with the two-year schedule provided for in the Credit Agreement.

The Borrower may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the Revolving Credit Facility accrue interest at a rate per annum equal to the Base Rate plus an applicable margin of 2.00% during the Reinvestment Period and 2.50% following the Reinvestment Period. In addition, the Borrower will pay a non-usage fee that is determined based on the percentage of the Maximum Facility Amount that remains unused, as follows: any Unused Amount during the nine months following the Closing Date, the applicable non-usage fee is 0.50%; any Unused Amount following the nine-month anniversary of the Closing date, (i) if the Unused Amount is greater than or equal to 75% of the Maximum Facility Amount, the non-usage fee shall equal the Applicable Margin; (ii) if the Unused Amount is less than 75% but greater than or equal to 50% of the Maximum Facility Amount, the non-usage fee shall be 1.25%; (iii) if the Unused Amount is less than 50% but greater than or equal to 25% of the Maximum Facility Amount, the non-usage fee shall be 0.75%; and (iv) if the Unused Amount is less than 25% of the Maximum Facility Amount, the non-usage fee shall be 0.00%.

On August 1, 2025, the Company closed on an offering of 110 promissory notes due August 1, 2055 (the "Promissory Notes") in a private offering, with each Promissory Note being issued in connection with the issuance of one common share of the Company (the "Promissory Notes Offering") to accredited investors (as that term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended ("Securities Act"). The aggregate principal amount of the Promissory Notes is $110 less the value of 110 common shares at issuance. The Company will pay interest totaling $0.12 per year on each outstanding Promissory Note, with such interest to be paid semi-annually on or before June 30 and December 31 each year.

The Promissory Notes are general unsecured senior obligations of the Company and rank equally with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. The Promissory Notes are subject to prepayment, in whole or in part, at any time on or following the date on which the Company has repurchased the common share issued in connection with the Promissory Note. If the Company elects to prepay the Promissory Notes, the Company will pay the principal as of the prepayment date plus all accrued, unpaid, and past due interest, and if the prepayment occurs within 24 months of the issue date, the Company will pay a one-time prepayment premium. The Promissory Notes are also subject to certain customary events of default with cure periods, as applicable. The Promissory Notes are also subject to certain restrictions necessary to protect the Company's status as a business development company under the 1940 Act.

The Promissory Notes are issued in reliance on Regulation D under the Securities Act. The Promissory Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable. The Company intends to use the net proceeds from the Promissory Note Offering for general corporate purposes.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except share amounts, per share data, percentages, and as otherwise noted)**

The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to "we," "us," "our," or the "Company" refer to Lord Abbett Private Credit Fund S.

**OVERVIEW**

We were formed on September 26, 2024, as a Delaware limited partnership named Lord Abbett Private Credit Fund A, LP. On March 31, 2025, we converted to a Delaware statutory trust and were renamed Lord Abbett Private Credit Fund S. We are a non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. We are externally managed by the Adviser, which manages our day-to-day operations and provides us with investment advisory services pursuant to the terms of the Advisory Agreement. The Adviser is registered as an investment adviser with the SEC. The Company will elect, and intends to qualify annually, to be treated for U.S. federal income tax purposes 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").

The Adviser oversees (subject to the oversight of the Board, a majority of whom are Independent Trustees) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Advisory Agreement. Under the Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to pay Lord, Abbett & Co. LLC (the "Administrator") an administration fee on a monthly basis.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation, by primarily focusing on directly originated, senior secured loans to U.S. middle market companies.

As a BDC, we may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. "Qualifying assets" are generally privately offered securities issued by U.S. private companies or thinly traded public companies. We may also invest up to 30% of our portfolio opportunistically in "non-qualifying" portfolio investments, such as investments in non-U.S. companies, joint ventures or other interests that are non-qualifying. The Adviser directly originates credit opportunities from a large universe of private equity sponsors, strategic sourcing relationships, intermediaries and other direct lenders, as well as internal Lord Abbett resources.

We generally intend to distribute substantially all of our available earnings annually by paying distributions on a monthly basis, as determined by our Board, in its discretion.

**KEY COMPONENTS OF OUR RESULTS OF OPERATIONS**

***Investments***

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

***Revenue***

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

***Expenses***

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 assumed by the Company. We will bear the following costs and expenses of our operations, administration and transactions, including, but not limited to (1) investment advisory fees, including the Base Management Fee and Incentive Fee, to the Adviser, pursuant to the Advisory Agreement; (2) Administration fee ("Administration Fee") to the Administrator, pursuant to the Administration Agreement; and (3) other expenses of the Company's operations and transactions listed in "Item 1. Business – Expenses" in our Form 10 filing.

Pursuant to the Expense Support and Conditional Reimbursement Agreement (discussed below) we have entered into with the Adviser, the Adviser is obligated to advance all of our Other Operating Expenses (each, a "Required Expense Payment") to the effect that such expenses do not exceed 0.70% (on an annualized basis) of the Company's NAV. Any Required Expense Payment must be paid by the Adviser to us in any combination of cash or other immediately available funds and/or offset against amounts due from us to the Adviser or its affiliates.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf that are Company expenses. From time to time, the Adviser and 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 shareholders.

The Company has entered into an Expense Support and Conditional Reimbursement Agreement with the Adviser. For additional information, see Item 1. Consolidated Financial Statements "Note 3 - RELATED PARTY TRANSACTIONS - Expense Support and Conditional Reimbursement Agreement."

**PORTFOLIO AND INVESTMENT ACTIVITY**

Our portfolio is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of<br> June 30, 2025** | **As of<br> June 30, 2025** | **As of<br> June 30, 2025** | **As of<br> December 31, 2024** | **As of<br> December 31, 2024** | **As of<br> December 31, 2024** |
|  | **Cost** | **Fair Value** | **% of Total<br> Investments at<br> Fair Value** | **Cost** | **Fair Value** | **% of Total<br> Investments at<br> Fair Value** |
| First Lien Secured Debt | $213449 | $213810 | 94.2% | $43714 | $43714 | 100% |
| Investments in Joint Venture | 13137 | 13137 | 5.8% |  |  |  |
| Total Investments | $226586 | $226947 | 100% | $43714 | $43714 | 100% |

---

Our debt portfolio displayed the following characteristics of each of our investments:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Number of portfolio companies | 23 | 5 |
| Percentage of performing debt bearing a floating rate, at fair value | 100% | 100% |
| Percentage of performing debt bearing a fixed rate, at fair value | 0% | 0% |
| Percentage of our total portfolio on non-accrual, at cost | 0% | 0% |

---

**Investment Activity**

Our investment activity is presented below:

---

| | |
|:---|:---|
|  | **For the six months <br> ended June 30, 2025** |
| **Investment Activity** |  |
| **Investments, at cost** |  |
| Investments, beginning of period | $43714 |
| New investments purchased | 173703 |
| Investments sold or repaid | (4128) |
| Net accretion of discount on investments | 160 |
| Net realized gain (loss) on investments | 0 |
| Net change in unrealized appreciation/(depreciation) | 361 |
| Investments, end of period | $213810 |
| **Portfolio Companies** |  |
| Portfolio Companies, beginning of period | 5 |
| Number of new investment commitments in portfolio companies | 18 |
| Number of investment commitments exited or fully repaid | 0 |
| **Number of Portfolio Companies at period end** | 23 |
| Count of investments | 24 |
| Count of industries | 13 |

---

**CONSOLIDATED** **RESULTS OF OPERATIONS**

The following table represents our operating results:

---

| | | |
|:---|:---|:---|
|  | **For the three months<br> ended June 30, 2025** | **For the six months<br> ended June 30, 2025** |
| Total investment income | $4344 | $6329 |
| Less: Net expenses | 2519 | 3456 |
| Net investment income before taxes | 1825 | 2873 |
| Net investment income after taxes | 1825 | 2873 |
| Net change in unrealized appreciation (depreciation) | 281 | 361 |
| Net realized gain (loss) |  |  |
| Net increase (decrease) in net assets resulting from operations | $2106 | $3234 |

---

**Investment Income**

Investment income for the three and six months ended June 30, 2025 which was driven by deployment of capital, interest income from our investments, and change in invested balance. The composition of our investment income for the three months ended June 30, 2025 was as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the three months <br> ended June 30, 2025** | **For the six months<br> ended June 30, 2025** |
| Investment income: |  |  |
| Non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $4047 | $5954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 160 | 238 |
| Controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 137 | 137 |
| **Total Investment Income** | $4344 | $6329 |

---

**Expenses:**

Expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months<br> ended June 30, 2025** | **For the six months<br> ended June 30, 2025** |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | $1956 | $2916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizational costs |  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income incentive fees | 283 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 184 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 249 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and shareholder servicing fees | 116 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general & administrative | 14 | 83 |
| **Total Expenses** | $2883 | $4233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement | (316) | (729) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees waived | (48) | (48) |
| **Net expenses** | $2519 | $3456 |

---

Total expenses before expense support as of June 30, 2025, consisted primarily of interest and debt financing expenses incurred in connection with our borrowings, professional fees, and legal, incorporation and accounting fees incurred in connection with the organization of the Company. We anticipate organizational expenses to decrease in relation to our income as we continue to ramp up our portfolio and more time elapses from commencement of operations.

***Interest and Other Financing Expenses***

Interest expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs for the three and six months ended June 30, 2025, were $1,956 and $2,916, respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three and six months ended June 30, 2025 was 6.75% and 6.68% respectively. For the three and six months ended June 30, 2025, interest and other debt expenses increased, primarily driven by increased borrowing expenses, on the ING Revolving Credit Facility.

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

Net realized gain (loss) and unrealized appreciation (depreciation) on investments were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months <br> ended June 30, 2025** | **For the six months<br> ended June 30, 2025** |
| **Realized and unrealized gain (loss):** |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | $— | $— |
| Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 281 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled/affiliated investments |  |  |
| **Net realized and unrealized gain (loss)** | $281 | $361 |

---

For the three and six months ended June 30, 2025 net change in unrealized appreciation on our investments was $281 and $361, respectively, which was primarily the result of the changes in spreads in the primary and secondary markets.

**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES**

We generate cash from the net proceeds of offerings of our common shares, net borrowings from our credit facilities and unsecured debt, and cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of any closing of our continuous private offering of our common shares.

Our primary use of cash is investments in portfolio companies, payments of our expenses, funding repurchases under our share repurchase program and payment of cash distributions to our shareholders. Details of our credit facilities are described in "Note 5 - Debt" to the Consolidated Financial Statements. We may also, from time to time, enter into new credit facilities, increase the size of existing credit facilities or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

***Unregistered Sales of Equity Securities***

The following table summarizes the total proceeds received from capital contributions/shares sold for the three and six months ended June 30, 2025.

---

| | |
|:---|:---|
| **Date** | **Proceeds Received** |
| February 12, 2025 | $7500 |
| February 27, 2025 | 14300 |
| March 28, 2025 | 15000 |
| April 30, 2025 | 25000 |
| June 30, 2025 | 20000 |
| **Total** | $**81800** |

---

The following table summarizes the Company's distributions declared and payable for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Total Amount** |
| March 28, 2025 | March 28, 2025 | March 28, 2025 | $984 |
| June 30, 2025 | June 30, 2025 | July 10, 2025 | 1850 |
| **Total** |  |  | $**2834** |

---

***Debt***

The Company's outstanding debt obligations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Aggregate<br> Principal<br> Committed** | **Outstanding<br> Principal** | **Less<br> Unamortized Deferred <br> Financing Cost** | **Carrying Value per<br> Consolidated <br> Statement of<br> Assets<br> and Liabilities** |
| BofA Credit Facility | $150000 | $43000 | $56 | $42944 |
| ING Revolving Credit Facility | 100000 | 70000 | 1775 | 68225 |
| **Total** | $**250000** | $**113000** | $**1831** | $**111169** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Aggregate<br> Principal<br> Committed** | **Outstanding<br> Principal** | **Less<br> Unamortized<br> Deferred <br> Financing Cost** | **Carrying Value per<br> Consolidated <br> Statement of <br> Assets<br> and Liabilities** |
| BofA Credit Facility | $100000 | $27300 | $111 | $27189 |
| **Total** | $**100000** | $**27300** | $**111** | $**27189** |

---

On May 23, 2025, the Company entered into a participation agreement (the "Participation Agreement") with Macquarie Bank Limited ("Macquarie").The Company will transfer investments to Macquarie for cash and repurchase the same investment on a forward settlement basis. The repurchase transaction will have a settlement date of up to 60 days. The repurchase transaction under the Participation Agreement is a type of secured borrowing, in which the Company will retain the economics of the investment and will pay an interest charge. The amount outstanding under the Participation Agreement as of June 30, 2025 was $15,139, which is reflected as "Debt" on the Consolidated Statements of Assets and Liabilities. The average amount outstanding for the three and six months ended June 30, 2025 were $6,392 and $3,196, respectively. The amount of interest incurred under the Participation Agreement for the three and six months ended June 30, 2025, were $115, which equated to an effective interest rate of 7.33%. Interest expense incurred under the Participation Agreement is included on the Consolidated Statements of Operations as "Interest expense".

**RECENT DEVELOPMENTS**

Refer to Item 1: Consolidated Financial Statements, "Note 9 - Subsequent Events" included in this report.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

This discussion of our expected operating plans is based upon our expected financial statements, which will be prepared in accordance with U.S. GAAP. The preparation of these financial statements will require our management 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.

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with Rule 2a-5 under the 1940 Act and ASC 820, 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 applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. Refer to Item 1: Consolidated Financial Statements, "Note 2 - Summary of Significant Accounting Policies," included in this report for more information on how we value our investments.

**RELATED PARTY TRANSACTIONS**

Refer to Item 1: Consolidated Financial Statements, "Note 3 - RELATED PARTY TRANSACTIONS" included in this report for information on the Company's related party transactions.

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

We are subject to financial market risks, including portfolio valuation risk, market risk and risk related to interest rates.

***Portfolio Valuation Risk***

The Adviser, subject to the oversight of the Board, will determine the valuation of the Company's investments. It is expected that most of the Company's investments will not have readily available market quotations, which will require the Adviser to estimate, in accordance with the Adviser's valuation policies, the fair value of such investments on the valuation date. Fair value pricing is based on subjective judgments, and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold. Absent bad faith or manifest error, valuation determinations of the Adviser will be conclusive and binding on the Company investors.

In addition, the Adviser may have an interest in determining higher valuations in order to be able to present better performance to prospective investors. In certain cases, the Company may hold an investment in an issuer experiencing distress or going through bankruptcy. In such a situation, the Adviser may continue to place a favorable valuation on such investment due to the Adviser's determination that the investment is sufficiently secured despite the distressed state or bankruptcy of the issuer. However, no assurances can be given that this assumption is justified or that such valuations will be accurate in the long term. In addition, an investment in a portfolio company may not be permanently written-off or permanently written down despite its distressed state or covenant breach until such portfolio company experiences a material corporate event (e.g., bankruptcy or partial sale) which establishes an objective basis for such revised valuation. In these circumstances, the Adviser has an interest in delaying any such write-offs or write-downs to maintain a higher management fee base and thus, management fees paid to the Adviser.

In addition, the Company may rely on third-party valuation services to verify the value of certain investments. An investment may not have a readily ascertainable market value and accordingly, could potentially make it difficult to determine a fair value of an investment and may yield an inaccurate valuation. Further, because of the Adviser's knowledge of the investment, the valuation services may defer to the Adviser's valuation even where such valuation may not be accurate or the determination thereof involved a conflict of interest. Additionally, the Company may also choose to discontinue the use of any third-party valuation services at any time, which could create a conflict of interest and impair the third-party valuation service's independence. An inaccurate valuation of an investment could have a substantial impact on the Company.

***Market Risk***

The success of the Company's activities will be affected by general economic and market conditions, such as interest rates, inflation rates, industry conditions, competition, technological developments, tax laws, availability of credit, economic uncertainty, changes in laws (including laws relating to taxation of the Company's investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may affect, among other things, the level and volatility of securities' prices, the liquidity of the Company's investments and the availability of certain securities and investments. Volatility or illiquidity could impair the Company's profitability or result in losses. The Company may maintain substantial trading positions that can be materially adversely affected by the level of volatility in the financial markets—the larger the positions, the greater the potential for loss. Global markets have recently experienced unprecedented volatility and losses. The effects thereof are continuing and there can be no assurance that the Company will not be materially adversely affected. Furthermore, none of these conditions is within the control of the Adviser. See "**Part I, Item 1A. Risk Factors—Adverse Developments in the Debt Capital Markets**" of our Form 10.

***Risk Related to Interest Rates***

Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the ability of the Company to control or to forecast. Debt securities have varying levels of sensitivity to changes in interest rates. When the Company chooses to borrow money to make investments, the Company's net investment income will depend, in part, upon the difference between the rate at which the Company borrows funds and the rate at which the Company invest those funds. As a result, the Company can offer no assurance that a significant change in market interest rates would not have a material adverse effect on its net investment income in the event the Company uses debt to finance its investments. In periods of rising interest rates, the Company's cost of funds would increase, which could reduce its net investment income. The Company may use interest rate risk management techniques in an effort to limit its exposure to interest rate fluctuations.

In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to the Company's debt investments.

As of June 30, 2025, approximately 100.0% of our debt investments were at floating rates. Based on our Consolidated Statement of Operations as of June 30, 2025, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of June 30, 2025):

---

| | | | |
|:---|:---|:---|:---|
|  | **Interest Income** | **Interest Expense** | **Net Income** |
| &nbsp;&nbsp;Up 100 basis points | 2172 | 1281 | 891 |
| &nbsp;&nbsp;Up 50 basis points | 1086 | 641 | 445 |
| &nbsp;&nbsp;Down 50 basis points | (1086) | (641) | (445) |
| &nbsp;&nbsp;Down 100 basis points | (2172) | (1281) | (891) |
| &nbsp;&nbsp;Down 200 basis points | (4344) | (2563) | (1781) |

---

**Item 4. Controls and Procedures.**

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

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

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

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

**Part II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

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

**Item 1A. Risk Factors**

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

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

***Sales of Unregistered Securities***

Refer to *"***Note 7 - Shareholders' Capital***"* in this Report, and our Form 10 filed on April 1, 2025, for the issuance of our common shares as of June 30, 2025. Such issuances were part of our continuous private offering and were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

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

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

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

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

**Item 6. Exhibits and Financial Statement Schedules**

***(a) Exhibits***

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

---

| | |
|:---|:---|
| Exhibit | Description |
| 3.1\* | Certificate of Trust |
| 3.2\* | Amended and Restated Declaration of Trust |
| 3.3\* | Bylaws |
| 10.1\* | Form of Subscription Agreement for Immediate Fundings |
| 10.2\* | Investment Advisory Agreement |
| 10.3\* | Administrative Services Agreement |
| 10.4\* | Expense Support and Conditional Reimbursement Agreement |
| 10.5\* | Custody Agreement |
| 10.6\* | Transfer Agency and Service Agreement |
| 10.7\* | Supplement to Transfer Agency and Service Agreement |
| 10.8\* | Credit Facility Agreement |
| 10.9\* | Dividend Reinvestment Plan |
| 10.10\* | Placement Agency Agreement |
| 10.11\* | Form of Selling Dealer Agreement |
| 10.12\* | Distribution and Servicing Plan |
| 10.13\*\* | Senior Secured Credit Agreement, dated June 3, 2025, by and among the Company, as borrower, ING Capital LLC, as administrative agent, each of the lenders and issuing banks party thereto, and ING Capital LLC, as sole book runner and as lead arranger |
| 31.1\*\*\* | [Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.](c113542_ex31-1.htm) |
| 31.2\*\*\* | [Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.](c113542_ex31-2.htm) |
| 32.1\*\*\*\* | [Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](c113542_ex32-1.htm) |
| 32.2\*\*\*\* | [Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](c113542_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) |
| \* | Incorporated by reference to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56724) filed on April 1, 2025. |
| \*\* | Incorporated by reference to the Company's Current Report on Form 8-K filed on June 4, 2025. |
| \*\*\* | Filed herewith. |
| \*\*\*\* | Furnished herewith. |

---

**SIGNATURES**

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

---

| | |
|:---|:---|
|  | **Lord Abbett Private Credit Fund S** |
| Date: August 14, 2025 | /s/ Stephan Kuppenheimer |
|  | Stephan Kuppenheimer |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: August 14, 2025 | /s/ Salvatore Dona |
|  | Salvatore Dona |
|  | Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephan Kuppenheimer, as Chief Executive Officer, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Lord Abbett Private Credit Fund S;

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 officers 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)) for the registrant and have:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | <u>/s/ Stephan Kuppenheimer</u> |
|  | Stephan Kuppenheimer |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION OF CHIEF FINANCIAL OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Salvatore Dona, as Chief Financial Officer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Lord Abbett Private Credit Fund S;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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)) for the registrant and have:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | <u>/s/ Salvatore Dona</u> |
|  | Salvatore Dona |
|  | Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

Certification of Chief Executive Officer

Pursuant to

18 U.S.C. Section 1350 as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Lord Abbett Private Credit Fund S (the "Company") for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Stephan Kuppenheimer, as Chief Executive Officer of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Stephan Kuppenheimer</u> |
|  | Stephan Kuppenheimer |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

Certification of Chief Financial Officer

Pursuant to

18 U.S.C. Section 1350 as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Lord Abbett Private Credit Fund S (the "Company") for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Salvatore Dona, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Salvatore Dona</u> |
|  | Salvatore Dona |
|  | Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---