# EDGAR Filing Document

**Accession Number:** 0002011498
**File Stem:** 0001193125-26-103932
**Filing Date:** 2026-3
**Character Count:** 678328
**Document Hash:** fa4dbd64bf0b1f874459fa6c3634c606
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-103932.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0001193125-26-103932

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AGL Private Credit Income Fund
- **CENTRAL INDEX KEY:** 0002011498

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

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01782
- **FILM NUMBER:** 26747250

**BUSINESS ADDRESS:**
- **STREET 1:** C/O AGL 535 MADISON AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-973-8600

**MAIL ADDRESS:**
- **STREET 1:** C/O AGL 535 MADISON AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGL Private Credit Income Fund LP
- **DATE OF NAME CHANGE:** 20240209

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-K

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 **(Mark One)** 

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

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

**OR** 

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

**Commission File Number** 814-01782

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AGL PRIVATE CREDIT INCOME FUND

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

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| | |
|:---|:---|
| Delaware | 99-4917603 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| 535 Madison Avenue**,** **24**<sup>th</sup> **Floor,** New York**,** NY | 10022 |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**Registrant's telephone number, including area code: (**212**)** 973-8600

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| **None** | **N/A** | **N/A** |

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Securities registered pursuant to Section 12(g) of the Act: **None**

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

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

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

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

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

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

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

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

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

As of March 12, 2026, the registrant had 22,779,643 common shares of beneficial interest, $0.001 par value per share, outstanding.

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**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | Page |
| **PART I** |  |  |
| Item 1. | [<u>Business</u>](#item_1_business) | 7 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 21 |
| Item 1B. | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved_staff_comments) | 55 |
| Item 1C. | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | 55 |
| Item 2. | [<u>Properties</u>](#item_2_properties) | 56 |
| Item 3. | [<u>Legal Proceedings</u>](#item_3_legal_proceedings) | 56 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 56 |
| **PART II** |  |  |
| Item 5. | [<u>Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities</u>](#item_5_market_for_registrants) | 56 |
| Item 6. | [<u>Reserved</u>](#item_7_mda) | 58 |
| Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_mda) | 58 |
| Item 7A. | [<u>Quantitative and Qualitative Disclosures About Market Risk.</u>](#item_7a_market_risk) | 74 |
| Item 8. | [<u>Financial Statements and Supplementary Data</u>](#item_8) | 77 |
| Item 9. | [<u>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</u>](#item_9) | 116 |
| Item 9A. | [<u>Controls and Procedures</u>](#item_9a) | 116 |
| Item 9B. | [<u>Other Information</u>](#item_9b) | 116 |

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### Item 9C. [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item_9c) 116 **PART III** 

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| | | |
|:---|:---|:---|
| Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item_10) | 116 |
| Item 11. | [<u>Executive Compensation</u>](#item_11) | 121 |
| Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters</u>](#item_12) | 122 |

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| | | |
|:---|:---|:---|
| Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item_13) | 123 |
| Item 14.  | [<u>Principal Accountant Fees and Services</u>](#item_14) | 124 |

---

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| | | |
|:---|:---|:---|
| **PART IV** |  |  |
| Item 15. | [<u>Exhibits and Financial Statement Schedules</u>](#item_15) | 126 |
| Item 16. | [<u>Form 10-K Summary</u>](#item_16) | 127 |

---

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**CERTAIN DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Conversion" refers to the conversion of AGL Private Credit Income Fund, which was originally established on January 18, 2024 as a Delaware limited partnership named AGL Private Credit Income Fund LP, to a Delaware statutory trust on September 12, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The terms "Company," "we," "us," and "our" refer to AGL Private Credit Income Fund LP prior to the Conversion, and AGL Private Credit Income Fund on and after the Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Administrator" refers to AGL US DL Administrator LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Administration Agreement" refers to the Administration Agreement between the Company and the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Adviser" refers to AGL US DL Management LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"AGL" refers to AGL Credit Management LLC collectively with any of its consolidated subsidiaries or joint ventures whose equity securities or whose subordinated notes or other interests that constitute the economic equity therein, as applicable, are directly or indirectly majority-owned by AGL and each individually an "AGL Party";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Barclays" refers to Barclays Bank PLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Barclays Cooperation Agreement" refers to the cooperation agreement between AGL and Barclays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Board" and "Trustees" refers to the Company's board of directors prior to the Company's Conversion to a Delaware statutory trust and board of trustees following the Company's Conversion to a Delaware statutory trust, and the members thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Common Shares" refers to the Company's common shares of beneficial interest purchased by the shareholders, together with partnership interests issued by the Company prior to its Conversion to a Delaware statutory trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Investment Advisory Agreement" refers to the Investment Advisory Agreement between the Company and the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Other AGL Accounts" refers to public and private AGL managed funds and accounts other than the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Private Credit" means loans, bonds and other credit and related instruments that are issued in private offerings or issued by private companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"Registration Statement" refers to Amendment No. 1 of the Company's registration statement on Form 10, as filed with the Securities and Exchange Commission (SEC) on June 3, 2024.

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**FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements about our business, including, in particular, statements about our plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "project," "estimate," "believe," "continue" or the negatives thereof or other similar words. These statements include our plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward- looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.

You should carefully review the "*Item 1A. Risk Factors*" section of the annual report on Form 10-K for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

We have based the forward-looking statements included in this report on information available to us on the date of the filing of this report. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. You are advised to consult any additional disclosures that we make directly to you or through reports that we in the future file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. This report contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data.

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

The following factors are among those that may cause actual results to differ materially from our forward-looking statements in this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including those caused by proposed tariffs, changes in inflation and risk of recession;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies ("Portfolio Companies," and each a "Portfolio Company");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of increased competition;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our prospective Portfolio Companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any bankruptcy, insolvency or restructuring of a Portfolio Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our actual and future financings and investments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the potential need for liquidity in the portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to make distributions;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of cash flows, distributions and dividends, if any, from investments in our Portfolio Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes to the fair value of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of future acquisitions and divestitures at the Portfolio Companies in which we invest;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact on our business from new or amended legislation or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability of credit and/or our ability to access equity and capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•currency fluctuations, particularly to the extent that we receive payments denominated in currency other than U.S. dollars; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impact of terrorism and armed conflicts around the world on the global economy (including the war in Ukraine and Russia and conflict in the Middle East).

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**Risk Factor Summary**

*The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. The following should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in the section entitled "Item 1A. Risk Factors" in this report.*

*Market Developments and General Business Environment*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Potential impact of economic recessions or downturns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Terrorist attacks, acts of war, global health emergencies or natural disasters may impact the businesses in which we invest and harm our business, operating results and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Technological developments in artificial intelligence could disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs.

*Competition*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We depend upon management personnel of our Adviser for our future success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We operate in a highly competitive market for investment opportunities.

*Legal and Regulatory*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our operation as a BDC imposes numerous constraints on us and significantly reduces our operating flexibility. In addition, if we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company, which would subject us to additional regulatory restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will be subject to corporate-level U.S. federal income tax on all of our income if we are unable to qualify for tax treatment as a RIC under Subchapter M of the Code, which would have a material adverse effect on our financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company is the Adviser's first private credit fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to enter into transactions with our affiliates is restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Certain investors are limited in their ability to make significant investments in us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are subject to risks related to being an "emerging growth company."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are subject to risks arising from compliance with Regulation Best Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We could be subject to review and approval by CFIUS or other regulatory agencies resulting in limitations or restrictions on our voting interests or management and information rights, including under certain default and foreclosure scenarios.

*Business Structure* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are a new company with limited operating history. Investors have limited information to evaluate historical data or assess any of our investments prior to participating in our private offering (the "Offering").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Adviser, its principals, investment professionals and employees and the members of its Investment Committee have certain conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•AGL's financial and other interests may incentivize our Adviser to make investments that present greater risk or to favor Other AGL Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our financial condition and results of operations depend on our Adviser's ability to manage our future growth effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to grow depends on our ability to raise additional capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Potential conflicts of interest with other businesses of AGL could impact our investment returns.

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*Our Investments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our investments are very risky and highly speculative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have exposure to credit risk and other risks related to credit investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Many of our portfolio investments do not have a readily available market price, and we value these investments at fair value as determined in good faith in accordance with the 1940 Act, which valuation is inherently subjective and may not reflect what we may actually realize for the sale of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The lack of liquidity in our investments may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our portfolio may be focused initially in a limited number of portfolio companies, which subject us to a risk of significant loss if any of these companies default on their obligations under any of their debt instruments or if there is a downturn in a particular industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our failure or inability to make follow-on investments in our portfolio companies could impair the value of our portfolio.

*Our Securities*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We face risks associated with the calling of our Capital Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Common Shares are subject to significant transfer restrictions, and an investment in our Common Shares generally will be illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may not be able to pay distributions to holders of our Common Shares or preferred shares; our distributions to holders of our Common Shares or preferred shares may not grow over time; and a portion of our distributions to holders of our Common Shares or preferred shares may be a return of capital for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board has the discretion to not repurchase Common Shares, to suspend the share repurchase program (the "Share Repurchase Program") and to cease repurchases.

*Risks Relating to Barclays* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Barclays engages in various businesses that may compete with the Company for investment opportunities and limit the resources that Barclays devotes to the Barclays Cooperation Agreement.

**PART I**

**Item 1. Business.** 

The Company is an externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company ("BDC") under the 1940 Act on October 11, 2024. The Company has elected to be treated as a regulated investment company ("RIC") under the Code commencing with our taxable year ended December 31, 2024 and intends to qualify as a RIC annually. It is managed by AGL US DL Management LLC (the "Adviser"). The Adviser is an affiliate of AGL Credit Management LLC ("AGL"). The Adviser is a limited liability company that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser oversees the management of the Company's activities and is responsible for making investment decisions with respect to its portfolio.

Our investment objective is to generate attractive risk-adjusted returns, primarily through current investment income and, to a lesser extent, capital appreciation, while limiting volatility. Our investment strategy focuses on creating well-balanced portfolios of directly originated, floating rate senior secured investments in U.S. companies, including primarily first lien senior secured loans. We may also invest in second lien loans, unsecured debt, subordinated debt and other investments which may include certain equity investments or investments in more liquid instruments.

Targeted loan investments are typically floating rate instruments that often pay current income on a quarterly basis, and we look to generate return from a combination of ongoing interest income, original issue discount, upfront fees, call protection, prepayments and related fees. In the case of investments acquired in the secondary market, we may also generate return from the purchase discount to par. Our investments generally have stated terms of five to eight years, and the expected average life of our investments is generally three years. Our investments consist primarily of funded senior secured term loans, though we may invest in unfunded commitments in the form of revolving credit facilities or delayed draw term loan facilities as well as other instruments. We focus our deployment on borrowers in the upper middle market, as we believe the borrowers often exhibit characteristics that benefit investors, such as operational scale, breadth of products and services, customer and supplier diversity, and geographic reach. The targeted size of each investment will

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vary with the size of our capital base and other factors as determined by the Adviser. We intend to distribute, out of assets legally available for distribution, substantially all of our available earnings, on a quarterly basis, as determined by our board of trustees (the "Board" or the "Board of Trustees") in its sole discretion.

**Formation Transaction**

Prior to our election to be regulated as a BDC, on October 11, 2024, we entered into a sale and contribution agreement with certain financing providers ("Financing Providers") to acquire an initial portfolio of private credit loans for $176,000 (the "Warehouse Portfolio"), subject to certain purchase price adjustments to give effect to repayments of any underlying loans and/or drawings under any unfunded commitments. The acquisition of the Warehouse Portfolio was subject to certain closing conditions and the Company had no obligation to purchase the Warehouse Portfolio until such time as (i) the Company's registration statement on Form 10 had become effective in accordance with the Exchange Act, and (ii) the Company had received equity commitments in an amount and on terms and conditions reasonably satisfactory to the Company and committed long-term debt financing on terms and conditions reasonably satisfactory to the Company in an amount that, taken together with the equity commitments received by the Company, was sufficient to pay the purchase price and related fees and expenses assuming that the Company utilizes the maximum amount of leverage permitted by applicable law and regulations.

On October 21, 2024, the Company purchased $176,000 of assets pursuant to purchase agreements with each of the Financing Providers and Commenced Operations. In connection therewith, the Company called capital and issued approximately 4,000,000 Common Shares for an aggregate consideration of approximately $100.0 million.

**The Investment Adviser** 

AGL US DL Management LLC, a Delaware limited liability company, serves as the Adviser and is registered as an investment adviser with the SEC under the Advisers Act. Subject to the supervision of the Board of the Company, a majority of which is made up of Trustees (as defined below) that are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of the Company or the Adviser, the Adviser manages the day-to-day operations of the Company and provides the Company with investment advisory and management services. In this capacity, the Adviser is responsible for sourcing and screening potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments, and monitoring the portfolio on an ongoing basis. Under a resource sharing agreement (the "Resource Sharing Agreement") between AGL and the Adviser, AGL will make a portion of the time and efforts of investment professionals on the Investment Committee (as defined below) available to the Adviser for purposes of completing the services provided by the Adviser under the Investment Advisory Agreement. The qualifications of the Investment Committee (as defined below) are discussed more fully below. The members of the Investment Committee bring substantial experience across many sectors and also serve on the Investment Committee of certain other funds managed or sponsored by AGL. The Investment Committee will be responsible for making all investment and disposition decisions subject to the supervision of the Board. We believe that the extensive capabilities of AGL and of the Investment Committee, including their experience and reputation as leading credit investors, coupled with the opportunities afforded by the Barclays Cooperation Agreement, will provide the Company with a significant competitive advantage in originating, underwriting and managing an attractive portfolio of investments. As a registered investment adviser under the Advisers Act, the Adviser is required to file a Form ADV with the SEC. Form ADV contains information about assets under management, types of fee arrangements, types of investments, potential conflicts of interest and other relevant information regarding the Adviser. A copy of Part 1 and Part 2A of the Adviser's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov). We and the Adviser have received an exemptive order (as amended, the "Order") from the SEC that, permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates ("Affiliated Funds"), subject to certain terms and conditions. We have filed an application for a new exemptive relief to apply for more flexible co-investment conditions which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain regulated funds and Affiliated Funds. However, there can be no assurance that we will obtain such new exemptive relief from the SEC.

**Adviser Investment Committee**

Our Adviser is responsible for the overall management of our activities and is responsible for making investment decisions with respect to our portfolio. All new investments require the approval by a consensus of the Investment Committee of our Adviser. The Investment Committee may include other members from the Adviser from time to time. The members of the Investment Committee receive no direct compensation from the Company. Such members may be employees or partners of our Adviser or its affiliates and may receive compensation or profit distributions from our Adviser or its affiliates.

**The Administrator**

AGL US DL Administrator LLC, a wholly owned subsidiary of AGL, serves as our administrator (in such capacity, the "Administrator"). Subject to the supervision of the Board, the Administrator provides the administrative services necessary for us to operate, including the provision and/or supervision of administrative and compliance services, and we utilize the Administrator's office facilities, equipment

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and recordkeeping services in our operations. We have agreed to reimburse the Administrator for all reasonable costs and expenses and our allocable portion of compensation of certain of the Administrator's personnel, as well as an allocable portion of the Administrator's overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations and providing non-advisory services, facilities and personnel pursuant to the Administration Agreement. In addition the Administrator may delegate, subject to the approval of the Board, its duties under the Administration Agreement to its affiliates or third parties, and we reimburse the expenses incurred directly by such parties and/or the expenses paid by the Administrator on our behalf.

State Street (the "SSB Administrator"), serves as our external administrator. The SSB Administrator is responsible for providing various accounting and administrative services to us including accounting, compliance, operations, technology and investor relations, and preparation of financial reports provided to our shareholders and filed with the Securities and Exchange Commission ("SEC").

**Investment Advisory Agreement**

We entered into the Investment Advisory Agreement in which the Adviser, subject to the overall supervision of the Board, manages the day-to-day operations of, and provides investment advisory services to us. The Adviser and its affiliates will also provide investment advisory services to other funds that have investment mandates, objectives or strategies that are similar, in whole and in part, with ours. The Adviser and its affiliates will serve as investment adviser or sub-adviser to private funds and other managed vehicles. In addition, any Affiliated Fund currently formed or formed in the future and managed by the Adviser or its affiliates may have overlapping investment mandates, objectives or strategies with our own and, accordingly, may invest in asset classes or investments similar or identical to those targeted by us. However, in certain instances due to regulatory, tax, investment, or other restrictions, certain investment opportunities may not be appropriate for either us or Affiliated Funds.

**Compensation of the Adviser**

Pursuant to the Investment Advisory Agreement and for the investment advisory and management services provided thereunder, we pay our Adviser the base management fee and the incentive fee. The cost of both the base management fee (defined below) and the incentive fee (defined below) will ultimately be borne by our shareholders.

***Base Management Fee***

The Base Management Fee payable under the Investment Advisory Agreement is calculated and payable quarterly in arrears and is an amount equal to an annual rate of 1.25% of the average value of the Company's net assets at the end of the two most recently completed calendar quarters and is paid quarterly in arrears (the "Base Management Fee"). The Base Management Fee for any partial quarter is appropriately prorated and adjusted for any share issuances or repurchases during the relevant calendar months or quarters, as the case may be. The Adviser may, in its discretion, defer payment of the Base Management Fee, without interest, to any subsequent quarter.

***Incentive Fee***

The Company also pays the Adviser an incentive fee ("Incentive Fee") consisting of two parts, which are described below.

*Incentive Fee on Income*

The first part is referred to as the Incentive Fee on income and it is calculated and payable quarterly in arrears based on the Company's "Pre-Incentive Fee Net Investment Income" for the immediately preceding quarter.

"*Pre-Incentive Fee Net Investment Income*" means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issuance discount ("OID") debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing the Company's Pre-Incentive Fee Net Investment Income, the calculation methodology will look through total return swaps, if any, as if the Company owned the referenced assets directly.

The Incentive Fee on income for each quarter is calculated as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Incentive Fee on income in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, or 7.00% annualized, on equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.00% in any calendar quarter (8.00% annualized), which portion of the Incentive Fee on income is referred to as the "catch up" and is intended to provide the Adviser with an Incentive Fee of 12.50% on all of Pre-Incentive Fee Net Investment Income when Pre-Incentive Fee Net Investment Income reaches 2.00% (8.00% annualized) in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For any quarter in which Pre-Incentive Fee Net Investment Income exceeds 2.00% (8.00% annualized), the Incentive Fee on income equals 12.50% of the amount of Pre-Incentive Fee Net Investment Income, as the hurdle rate and catch-up will have been achieved.

*Capital Gains Incentive Fee* 

The second part of the Incentive Fee, referred to as the "incentive fee on capital gains during operations," is calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.50% of the Company's realized capital gains, if any, on a cumulative basis from the date of its election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains.

**Expense Support and Conditional Reimbursement Agreement**

We have entered into an Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement") with the Adviser, pursuant to which the Adviser shall pay, on a quarterly basis Other Operating Expenses (as defined below) of the Company on the Company's behalf (each such payment, a "Required Expense Payment" such that Other Operating Expenses of the Company do not exceed 1.50% on annualized basis of the Company's net asset value). 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. The Adviser may elect to pay certain additional expenses on behalf of the Company (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 any interest expense or distribution and/or shareholder servicing fees of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to us in any combination of cash or other immediately available funds no later than forty-five (45) days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates. Following any fiscal quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such fiscal quarter (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 Expense Payments made by the Adviser to the Company within three years prior to the last business day of such fiscal quarter have been reimbursed. As a result, no waived amounts will be reimbursed after three years from the date of the respective waiver. Any payments required to be made by the Company shall be referred to herein as a "Reimbursement Payment." "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 Reimbursement Payment for any quarter shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (2) the Company's Operating Expense Ratio (defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (3) the Company's Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.50% of the Company's NAV. "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special distributions, if any. The "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, 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 generally accepted accounting principles 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 fiscal quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter.

**Share Repurchase Program** 

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We are a non-exchange traded, perpetual-life BDC, which is a BDC whose shares of beneficial interest are not listed – and are not expected in the future to be listed – on a stock exchange or other securities market. In addition, our strategy does not contemplate the future winding up or liquidation of the Company. As such, we use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration, whose shares of beneficial interest are intended to be sold by the BDC on a continuous basis at a price equal to the BDC's NAV per share. In our perpetual-life structure, we may offer investors an opportunity to repurchase their Common Shares on a quarterly basis at NAV, but we are not obligated to offer to repurchase any Common Shares in any particular quarter in our discretion. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of the Company being a forced seller of assets in market downturns compared to non-perpetual funds.

As noted above, we do not intend to pursue a liquidity event. In the event the Board does elect to pursue a liquidity event, each investor will be required to agree to cooperate with the Company and take all actions, execute all documents and provide all consents as may be reasonably necessary or appropriate to consummate an IPO or exchange listing, it being understood that the Company may, without obtaining the consent of any investors, make modifications to the Company's constitutive documents, capital structure and governance arrangements so long as, in the reasonable opinion of the Board, (x) the economic interests of the investors are not materially diminished or materially impaired, (y) such modifications are consistent with the requirements applicable to BDCs under the 1940 Act and (z) such modifications are not inconsistent with the provisions set forth in its Offering documents.

Beginning no later than the fourth anniversary of the Initial Closing, and at the discretion of the Board, we intend to commence a Share Repurchase Program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV, as determined by the Board) as of the close of the previous calendar quarter. The Board may amend or suspend the Share Repurchase Program at any time if in its reasonable judgment it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each repurchase offer will be retired and thereafter will be authorized and unissued shares.

Under the Share Repurchase Program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly share repurchases using a purchase price equal to the NAV per share as of the Valuation Date. Shareholders should keep in mind that if they tender Common Shares in a repurchase offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common Shares, the Company may repurchase such Common Shares subject to the Early Repurchase Deduction. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares. This Early Repurchase Deduction will also generally apply to minimum account repurchases, discussed below in "Share Repurchase Program."

In the event the amount of Common Shares tendered for repurchase exceeds the repurchase offer amount, Common Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly repurchase offer, or upon the recommencement of the Share Repurchase Program, as applicable.

The majority of our assets will consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. In order to provide liquidity for Share repurchases, we intend to generally maintain under normal circumstances an allocation to syndicated loans, which will generally be liquid. We may fund repurchase requests from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. Should making repurchase offers, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our Common Shares is in the best interests of the Company as a whole, then we may choose to offer to repurchase fewer Common Shares than described above, or none at all.

Following the fourth (4th) anniversary of the Initial Closing, if for a period of eight consecutive quarters we do not conduct Common Shares repurchases pursuant to the Share Repurchase Program in which we satisfy the lesser of: (i) 100% of share repurchase requests and (ii) share repurchase requests amounting to 5% of our Common Shares outstanding, we will commence a Reinvestment Pause Period during which we will not reinvest loan repayment proceeds and we will cause excess capital in the Company to be returned to investors quarterly on a pro rata basis. Such Reinvestment Pause Period will continue until we have satisfied the lesser of: (i) 100% of share repurchase requests and (ii) share repurchase requests amounting to 5% of our Common Shares outstanding, in a subsequent quarter, after which the Company will return to reinvesting loan repayment proceeds and the retention of excess capital.

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If the Company undergoes a listing or merges into a listed company, in accordance with the terms of the investor's subscription agreement ("Subscription Agreement") pertaining to the private placement, investors will be required to agree to certain lock-up and manner-of-sale restrictions with respect to their Common Shares. In particular, shareholders would be restricted from transferring any Common Shares for 180 days. The lock-up would apply to all Common Shares acquired prior to such listing or merger but would not apply to any shares acquired after and pursuant to the distribution reinvestment plan (the "DRIP"). If the Company undergoes a listing, no failure to repurchase Common Shares pursuant to the Share Repurchase Program will trigger a Reinvestment Pause Period.

**Proxy Voting Policies and Procedures**

We delegate our proxy voting responsibility to our Adviser. The proxy voting policies and procedures that our Adviser follows are set forth below and are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act. The guidelines will be reviewed periodically by our Adviser and our non-interested Trustees, and, accordingly, are subject to change.

**Market Opportunity**

The leveraged lending market consists primarily of three main markets (i) the high yield bond market, which typically includes unsecured notes that pay a fixed rate coupon, (ii) the broadly syndicated leveraged loan market, which typically includes secured, floating rate loans, and (iii) the Private Credit market, which also generally includes secured, floating rate loans. Each of these markets is large and a key source of capital in the United States for leveraged buyouts, corporate M&A-related transactions, balance sheet recapitalizations, debt refinancing and other general corporate purposes.

High yield and broadly syndicated loan financings (together, "Traditional Leveraged Finance Markets") are typically arranged by investment banks and distributed to a wide variety of investors. Private Credit financings are typically directly originated by lenders through relationships with private equity sponsors and the borrowers themselves and are negotiated directly between those counterparties. As a result, Private Credit loan documentation often features more restrictive structural protections and terms. In addition, issuers in Traditional Leveraged Finance Markets are generally rated by credit rating agencies, such as Moody's and Standard & Poor's, and their wide distribution facilitates liquid trading in secondary markets. Private Credit transactions, on the other hand, do not require public credit ratings and are generally held by a relatively small group of lenders until repayment.

We believe the Private Credit market provides a number of potential advantages to borrowers compared to the Traditional Leveraged Finance Markets. Traditional Leveraged Finance Markets are subject to syndication processes, whereby intermediaries operate between prospective borrowers and diverse groups of potential lenders. Also, these financings are often subject to "price flex" at the underwriter's discretion, as a result of which the price of a loan can change during syndication based on investor appetite and market conditions. This results in significant execution and pricing uncertainty for issuers of high-yield notes and broadly syndicated leveraged loan borrowers. In addition, such borrowers often end up with unknown and fragmented lender groups, which increases uncertainty and operational complexity for borrowers. In contrast, Private Credit transactions are typically negotiated directly between the borrower and lender or lenders. This direct negotiation, combined with the fact that Private Credit transactions are typically unrated, allows for greater price certainty, faster execution, enhanced confidentiality and stable lending relationships after closing, providing material advantages for Private Credit borrowers compared to issuers and borrowers in Traditional Leveraged Finance Markets.

Private Credit markets have grown significantly since the global financial crisis of 2008. From 2010 to 2024, Private Credit AUM grew at an approximately 11% compound annual growth rate ("CAGR") to an estimated $1.6 trillion in 2024. Industry research published in 2025 indicates that private credit continues to grow rapidly, supported by strong deployment volumes and increasing institutional adoption. We believe that this growth was driven by a number of factors, including those described above, and provides a sound backdrop for the success of our investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***Regulatory changes continue to drive demand toward Private Credit.*** Regulatory actions following the 2008 financial crisis, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the federal bank regulatory agencies' leveraged lending guidelines and the Basel III regulatory capital framework, have substantially limited commercial banks' willingness to originate and retain illiquid, non-investment grade credit commitments on their balance sheets, particularly with respect to larger borrowers. These trends contributed to institutional investors, as opposed to banks, originating over 60% of primary leveraged loan issuance in the United States in 2024. This compares to roughly 25% of U.S. primary leveraged loan issuance in 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***Private Credit markets are capturing market share from Traditional Leveraged Finance Markets****.* We believe the Private Credit market is now perceived to be a viable and important alternative solution for borrowers of all sizes, including the large institutions that formerly favored Traditional Leveraged Finance Markets. As private credit markets have grown, they have also taken market share from the broadly syndicated and high yield markets, due to the relative speed and certainty of execution provided by private lenders as well as the regulatory-driven reduction in banks' flexibility and risk appetite. These

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developments accelerated the migration of borrowers toward the Private Credit market. Private Credit lenders financed approximately 84% of LBO financings in 2024, up from 65% in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•***Increasing opportunity from scaled borrowers seeking privately placed financing.*** In the early stages of the evolution of the Private Credit market, demand was driven by smaller borrowers' inability to access Traditional Leveraged Finance Markets. However, as Private Credit demonstrated its capability to handle larger financings and the competitive advantages to borrowers of Private Credit financing, more and scaled borrowers have adopted Private Credit financing solutions. We believe that as larger borrowers continue to gain awareness of the benefits of Private Credit, they will increasingly utilize Private Credit as opposed to the broadly syndicated market for their financings, further enhancing our ability to originate assets selectively.

**Investment Model and Process**

We apply a structured investment process that incorporates both bottom-up and top-down perspectives of the credit risk associated with each potential investment and rigorously tests these factors continuously from origination through approval, closing, monitoring, and ultimate exit. Our investment process and structured risk management approach are informed by our senior investment team's decades of collective credit investing expertise and we believe they represent significant differentiation versus peers. Our investment process consists of several stages including origination, preliminary screening, credit diligence, deal structuring, Investment Committee approval, and ongoing portfolio monitoring and risk management. In making both initial and ongoing investment decisions, we consider both the specific credit profile of each investment as well as the effect an investment will have on the overall risk profile of the portfolio.

**Origination**

We take an active and direct approach to investment origination, principally sourcing opportunities directly from borrowers and their control parties (as opposed to through intermediated channels or liquid markets). We use a "multi-channel" origination approach to source Private Credit investment opportunities through three distinct channels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the Barclays Cooperation Agreement ("Proprietary Barclays Channel");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.direct sourcing by AGL from owners and management teams of businesses, including private equity sponsors ("Direct Channel"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.the investment bank originated, capital markets or syndicated transaction processes broadly, including potential non-exclusive arrangements with other banks and/or non-bank originators ("Intermediated Channel").

Collectively, we believe these channels create a competitively advantaged deal sourcing engine from which we can select credits effectively and build balanced portfolios. We expect the Barclays Cooperation Agreement to be our primary sourcing channel, and therefore constitute the majority of our capital deployment. The Barclays Cooperation Agreement not only generates substantial deal flow, but also provides us with earlier and deeper transaction access and influence and allows us to develop more compelling borrower solutions by integrating the delivery of Barclays value-added products and services alongside our investment capital.

While we expect to source the majority of our investments through our Proprietary Barclays Channel, we also expect to complement those originations regularly with deals sourced from the Direct Channel and Intermediated Channel. A wider investment aperture not only enables us to be more selective in our investments but also fosters greater market awareness to generate insights and refine our relative value judgments. Our Adviser's senior management and investment teams have cultivated extensive relationships with owners of businesses (both sponsors and otherwise) and the capital markets broadly, positioning us to source and execute potential Private Credit investments from these channels systematically.

**Underwriting, Credit Review and Loan Level Decisioning**

We employ a rigorous, transparent, and consistent investment selection, diligence and decision-making process. To accomplish this, we rigorously apply loan selection eligibility criteria. These include but are not limited to assessments of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Industry characteristics, trends and developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Borrower business model and competitive positioning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Financial analyses, including financial modeling, or borrower historical and projected performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Appropriateness of the capital structure, inclusive of financial, documentation and terms considerations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Borrower ability to repay or refinance the loan in full, including under stress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ability to achieve an appropriate risk-adjusted return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A proposed investment's potential effect on the balance and credit risk profile of the portfolio in aggregate.

Our Adviser's experienced Private Credit investment team will lead the underwriting process, interacting regularly with the Investment Committee. This will enable sequentially iterative exchanges of perspectives, inquiries and determinations to create a comprehensive and multi-faceted view of each investment opportunity and its associated risks. Although there can be meaningful variation from deal-to-deal, a typical deal timeline from opportunity inception to closing is generally anticipated to be 45 to 90 days and to include the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.*** ***Initial Screening.*** This initial stage of underwriting generally includes a review of a borrower's business, consolidated financial statements, business plan, purpose of the loan and borrower/owner rationale therefor, capital structure and debt service analysis and resilience thereof, debt and equity comparable analyses, quality of EBITDA analysis and key risks and merits to arrive at an initial view of borrower credit worthiness, plus preliminary views on structure. At this point, deal teams will decide whether to progress the deal to the next stage of a more fulsome credit review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.*** ***Credit Review and Investment Committee "Preview."*** Following a successful initial deal team screening, the deal team will continue its diligence on the investment opportunity based on guidance provided by senior leadership. Process items at this stage generally include the creation of a detailed financial model with sensitivities assuming various market and operating environments and potential unexpected stresses to the business, an evaluation of the proposed loan's effect on the balance and credit risk profile of the overall portfolio pursuant to our 10-D Portfolio Construction Framework, plus an outline of likely appropriate draft loan documentation terms including covenants and collateral protections, that are all summarized with other analyses for the Investment Committee screening memo. Internal and external perspectives are sought continuously through the credit review process and a preliminary recommendation is made to the Investment Committee for work to proceed with additional analyses, due diligence and Investment Committee input. The Investment Committee will modify or agree with the deal team recommendation and potentially provide preliminary approval at this stage or decline the opportunity, in which case the rationale therefor is documented. The decision to proceed or not is the sole decision of the Investment Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.*** ***Confirmatory Diligence.*** Following any preliminary approval to proceed with additional work from the Investment Committee, the deal team will undertake to complete any required outstanding analysis, including to address any remaining diligence points and negotiate final documentation. During this stage, interim feedback will be sought from senior leaders and Investment Committee as needed to inform decisions on key documentation points, diligence questions, and other process dynamics. During this stage, the deal team will be expected to formulate its final risk ratings recommendation for the opportunity before submitting such recommendation for approval by the Investment Committee as part of the final credit review step outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.*** ***Final Credit Review and Presentation to the Investment Committee.*** Once the credit work is finalized and the deal team is supportive of proceeding, the deal team will present its final Investment Committee memo with the results of final diligence, structure and terms with a final, formal recommendation to the Investment Committee for the investment decision. Investment recommendations and committee approvals will be made on the assumption that an investment will be held until maturity. In the event legal documentation has not been finalized, formal approval may be deferred until, or conditioned upon, receipt of satisfactory documentation. To the extent that the loan was sourced through the Barclays Cooperation Agreement, the decision to proceed or not will be entirely independent, and the sole decision of the Investment Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.*** ***Closing*.** When a deal is approved, the deal team will work with the borrower towards closing on the requested timeline. This process will generally include the finalization of definitive credit documentation, customary "know your customer" and anti-money laundering processes, as well as memorialization of the closing final risk ratings for the transaction. This risk rating will provide a baseline for ongoing portfolio monitoring and management of portfolio risk. Once these items are completed, the deal will typically close and fund.

**Loan Portfolio Construction** 

We deploy our 10-D Portfolio Construction Framework to build a balanced investment portfolio, with a goal to manage to the maximum degree of safety of invested capital alongside the generation of relatively consistent cash yield. We evaluate a wide variety of factors

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which we describe as "dimensions" when considering both individual loan and portfolio decisioning. We actively seek exposure to a wide variety of attractive fundamental investment profiles to limit intra-portfolio correlations across various standard and non-standard factors. We assess each individual asset for inclusion in the portfolio based not only on its specific attributes, but also on how it contributes to – or detracts from – the collective credit profile of the portfolio including the paramount diversification benefits. With this perspective, we seek to size positions based on incremental risk contribution across factors, as well as on assessed risk of loan level capital loss. We rigorously and consistently apply this proprietary methodology, which is informed by the long tenure and experience of our senior investment team. We believe our 10-D Portfolio Construction Framework and our focus on balanced portfolio construction is not only differentiated, but also reduces portfolio-wide risk and limits investment variability through economic cycle.

**Portfolio Monitoring and Risk Management**

Portfolio monitoring and risk management is an integral and vital part of the investment process. Our position-level monitoring feeds into overall portfolio monitoring, giving us a rigorously constructed view of portfolio performance and credit health. This includes the ongoing review of our borrowers through multiple layers of risk review and oversight, including assessments of the borrower's performance to plan. The monitoring process comprises analysis at the individual borrower and aggregate portfolio levels, in the context of industry reviews and sub-sectors thereof, including macro factors and special assessments as may be deemed appropriate. Our risk management approach considers internal perspectives, and many external sources of information and expertise.

**Quarterly Portfolio Reviews**

We perform regular quarterly portfolio reviews with the Investment Committee to monitor asset performance, evaluate our investment theses and take proactive portfolio actions if necessary and appropriate. We believe having a consistent approach to portfolio reviews ensures that knowledge is shared throughout AGL, enabling informed decisions to be made quickly and contributing to the minimization or avoidance of credit losses. In addition to the borrower level and special reviews noted above, these reviews are structured in two separate formats:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Industry Sector Reviews:** Sector-specific industry reviews are conducted jointly with the Other AGL Accounts and focus on consideration of news, events, developments and themes in each of our relevant industry sub-sectors, including key themes and developments whether directly or currently impactful on our investment positions or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Comprehensive Portfolio Reviews:** Our comprehensive quarterly portfolio reviews focus on portfolio-wide risk assessments; a review of the latest 10-D Portfolio Construction Framework metrics, and the changes thereto and reasons therefore, and a detailed discussion of any credits placed on our watchlist ("Credit Watchlist") plus other matters as appropriate.

These reviews may lead to recommendations for specific portfolio actions, such as pursuing secondary purchases or possible exits of existing investments. We believe our two-tiered quarterly review framework ensures we maintain a broad and deep perspective on the performance of the industries and sectors in which we invest, while maintaining detailed position-specific knowledge throughout the organization.

We expect to supplement these quarterly reviews with ad hoc Investment Committee reviews as needed, including more frequent reviews for underperforming assets, as discussed below.

**Risk Ratings, Credit Watchlist and Workout Procedures**

We assign each investment a risk rating, and as part of our ongoing portfolio monitoring procedures, these are reassessed at least quarterly and changed if appropriate.

We have a structured approach to monitoring underperforming assets, informed by our decades of credit loan origination, portfolio management and investing experience. We believe a proactive approach to managing underperforming investments provides us the best opportunity to avoid or minimize credit losses.

In circumstances where a particular investment is materially underperforming with respect to underwritten projections, we generally expect to add the investment to the Credit Watchlist, absent extenuating circumstances. This step will escalate the oversight of the situation to our Investment Committee and, in some cases, to an assigned workout team. In addition to requiring more frequent reviews, the workout team will work with the relevant portfolio management and investment teams for as long as an investment remains on the Credit Watchlist, in order to determine and effect appropriate actions to avoid defaults and credit losses.

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Each investment on the Credit Watch list is discussed during periodic comprehensive portfolio reviews, at a minimum, and during ad hoc Investment Committee meetings, as appropriate.

**Opportunistic Liquidity Events and Additions**

We generally expect to hold our investments until repayment, and we make our investment decisions on this basis. However, we will evaluate potential exits through secondary sales ahead of scheduled repayments as prudent, subject to being approved by the Investment Committee.

Similarly, we may from time to time engage in purchases of investments in the secondary market, or engage directly with borrowers on incremental lending opportunities, subject to our typical underwriting and Investment Committee approval processes.

**Emerging Growth Company**

We are and we will remain an "emerging growth company" as defined in the JOBS Act for up to five years following the initial public offering of our Common Shares, or until the earliest of: (1) the last date of the fiscal year following the initial public offering which we had total annual gross revenues of $1.235 billion or more; (2) the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or (3) the date on which we are deemed to be a "large accelerated filer" as defined under Rule 12b-2 under the Exchange Act. For so long as we remain an "emerging growth company," we may take advantage of certain exemptions from various reporting requirements that are applicable to other public reporting companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our Common Shares less attractive because we will rely on some or all of these exemptions. If some investors find our Common Shares less attractive as a result, there may be a less active trading market for our Common Shares and our share price may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate us since our consolidated financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence.

**Regulation as a BDC** 

The following discussion is a general summary of the material prohibitions and descriptions governing BDCs generally. It does not purport to be a complete description of all of the laws and regulations affecting BDCs.

Qualifying Assets. As a BDC, we are required to comply with certain regulatory requirements. For instance, we have to invest at least 70% of our total assets in Qualifying Assets (as defined below), including securities of U.S. operating companies whose securities are not listed on a national securities exchange, U.S. operating companies with listed securities that have equity market capitalizations of less than $250 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act ("Qualifying Assets"), unless, at the time the acquisition is made, Qualifying Assets represent at least 70% of the company's total assets. The principal categories of Qualifying Assets relevant to our business are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an Eligible Portfolio Company (as defined below), or from any person who is, or has been during the preceding 13 months, an affiliated person of an Eligible Portfolio Company, or from any other person, subject to such rules as may be prescribed by the SEC. An "Eligible Portfolio Company" is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.is not an investment company (other than a small business investment company ("SBIC") wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.does not have any class of securities that is traded on a national securities exchange;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.is controlled by a BDC or a group of companies, including a BDC and the BDC has an affiliated person who is a director of the Eligible Portfolio Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Securities of any Eligible Portfolio Company that we control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Securities of an Eligible Portfolio Company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the Eligible Portfolio Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

In addition, a BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

***Significant Managerial Assistance to Portfolio Companies.***

A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. BDCs generally must offer to make available to the issuer of the securities significant managerial assistance, except in circumstances where either (i) the BDC controls such issuer of securities or (ii) the BDC purchases such securities in conjunction with one or more other persons acting together and one of the other persons in the group makes available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its Trustees, officers or employees, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

***Temporary Investments.***

Pending investment in other types of "qualifying assets," as described above, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as temporary investments, so that 70% of our assets are qualifying assets. Typically, we will invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price that is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our total assets constitute repurchase agreements from a single counterparty, we would not meet the diversification tests in order to qualify as a RIC for U.S. federal income tax purposes. Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. Our Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

***Warrants***.

Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase shares that it may have outstanding at any time. In particular, the amount of shares that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase shares cannot exceed 25% of the BDC's total outstanding shares.

**Asset Coverage, Indebtedness, and Senior Securities**

We are permitted, under specified conditions, to borrow money and issue multiple classes of debt and one class of shares senior to our Common Shares if our asset coverage, as defined in the 1940 Act, which measures the ratio of total assets less total liabilities not

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represented by senior securities to total borrowings, is at least equal to 150% immediately after each such issuance. The application of the 150% asset coverage requirement permits us to double the maximum amount of leverage that we are permitted to incur compared to BDCs which have not obtained the requisite approvals and made the required disclosures. In addition, while any senior securities remain outstanding, we must make provision to prohibit any distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage.

***Code of Ethics.***

We have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that, among other matters, establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements.

**Material U.S. Federal Income Tax Considerations**

The following discussion is a general summary of certain U.S. federal income tax considerations applicable to us and the purchase, ownership and disposition of our shares. This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to shareholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S. shareholders that hold our shares as capital assets. A U.S. shareholder is an individual who is a citizen or resident of the United States, a U.S. corporation, a trust if it (a) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has made a valid election to be treated as a U.S. person, or any estate the income of which is subject to U.S. federal income tax regardless of its source. This discussion is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, or differing interpretations (possibly with retroactive effect). This discussion does not represent a detailed description of the U.S. federal income tax consequences relevant to special classes of taxpayers including, without limitation, financial institutions, insurance companies, investors in pass-through entities, U.S. shareholders whose "functional currency" is not the U.S. dollar, tax-exempt organizations, dealers in securities or currencies, traders in securities or commodities that elect mark to market treatment, or persons that will hold our shares as a position in a "straddle," "hedge" or as part of a "constructive sale" for U.S. federal income tax purposes. In addition, this discussion does not address the application of the Medicare tax on net investment income or the U.S. federal alternative minimum tax, or any tax consequences attributable to persons being required to accelerate the recognition of any item of gross income with respect to our shares as a result of such income being recognized on an applicable financial statement. Prospective investors should consult their tax advisors with regard to the U.S. federal tax consequences of the purchase, ownership, or disposition of our shares, as well as the tax consequences arising under the laws of any state, foreign country or other taxing jurisdiction.

**Election to be Taxed as a RIC**

As a business development company, we have elected to be treated as a RIC under Subchapter M of the Code commencing with our taxable year ended December 31, 2024 and intend to qualify as a RIC annually. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any investment company taxable income that we distribute to our shareholders from our taxable earnings and profits. To maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, in order to obtain RIC tax treatment, we must distribute to our shareholders, for each taxable year, at least 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gain over realized net long-term capital loss, (the "Annual Distribution Requirement"). Even if we maintain qualification as a RIC, we generally will be subject to corporate-level U.S. federal income tax on our undistributed taxable income and could be subject to U.S. federal excise, state, local and foreign taxes.

**Taxation as a RIC**

Provided that we satisfy the Annual Distribution Requirement, we will not be subject to U.S. federal income tax on the portion of our investment company taxable income and net capital gain (which generally is defined as net long-term capital gain in excess of net short-term capital loss) that we timely distribute to shareholders. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gain not distributed (or deemed distributed) to our shareholders.

We will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income of RICs unless we distribute in a timely manner an amount at least equal to the sum of: (1) 98% of our ordinary income for each calendar year; (2) 98.2% of our capital gain net income for the one-year period ending October 31 in that calendar year; and (3) any income recognized, but not distributed, in preceding years and on which we paid no U.S. federal income tax.

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We expect to form consolidated subsidiaries that are consolidated for financial reporting purposes although not for income tax purposes (the "Consolidated Holding Companies"). These Consolidated Holding Companies enable us to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. See Item 1. Business — "Regulation" for discussion of BDC regulation and other regulatory considerations.

In order to maintain qualification to be treated as a RIC for U.S. federal income tax purposes, we must, among other things: qualify to be treated as a BDC or be registered as a management investment company under the 1940 Act at all times during each taxable year; meet the Annual Distribution Requirement; derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock or other securities or currencies. or other income derived with respect to our business of investing in such stock, securities or currencies and net income derived from an interest in a "qualified publicly traded partnership" as defined in the Code (the "90% Income Test"); and diversify our holdings so that at the end of each quarter of the taxable year: (i) at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer (which for these purposes includes the equity securities of a "qualified publicly traded partnership"); and (ii) no more than 25% of the value of our assets is invested in the securities, other than U.S. Government securities or securities of other RICs, (i) of one issuer (ii) of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) of one or more "qualified publicly traded partnerships," or the Diversification Tests. To the extent that we invest in entities treated as partnerships for U.S. federal income tax purposes (other than a "qualified publicly traded partnership"), we generally must include the items of gross income derived by the partnerships for purposes of the 90% Income Test, and the income that is derived from a partnership (other than a "qualified publicly traded partnership") will be treated as qualifying income for purposes of the 90% Income Test only to the extent that such income is attributable to items of income of the partnership which would be qualifying income if realized by us directly. In addition, we generally must take into account our proportionate share of the assets held by partnerships (other than a "qualified publicly traded partnership") in which we are a partner for purposes of the Diversification Tests.

In determining whether or not a RIC is in compliance with the Diversification Tests, the 90% Income Test and the Annual Distribution Requirement, a RIC may take into consideration certain cure provisions contained in the Code.

In order to meet the 90% Income Test, we may establish one or more special purpose corporations to hold assets from which we do not anticipate earning dividend, interest or other qualifying income under the 90% Income Test. Any investments held through a special purpose corporation would generally be subject to U.S. federal income and other taxes, and therefore we can expect to achieve a reduced after-tax yield on such investments.

We may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. We anticipate that a portion of our income may constitute OID or other income required to be included in taxable income prior to receipt of cash.

Because any OID or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the Annual Distribution Requirement necessary to obtain and maintain RIC tax treatment under the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to maintain qualification for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax.

We may invest (directly or indirectly) a portion of our net assets in below investment grade instruments. Investments in these types of

instruments may present special tax issues for us. U.S. federal income tax rules are not entirely clear about issues such as when we may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless

instruments, how payments received on obligations in default should be allocated between principal and income and whether

exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by us to the

extent necessary in order to seek to ensure that we distribute sufficient income that we do not become subject to U.S. federal income or excise tax.

Furthermore, a portfolio company in which we invest may face financial difficulty that requires us to work-out, modify or otherwise restructure our investment in the portfolio company. Any such restructuring may result in unusable capital losses and future non-cash

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income. Any restructuring may also result in our recognition of a substantial amount of non-qualifying income for purposes of the 90% Income Test, such as cancellation of indebtedness income in connection with the work-out of a leveraged investment (which, while not free from doubt, may be treated as non-qualifying income) or the receipt of other non-qualifying income.

Gain or loss realized by us from warrants acquired by us as well as any loss attributable to the lapse of such warrants will generally be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long we held a particular warrant.

Our investment in non-U.S. securities may be subject to non-U.S. income, withholding and other taxes. In that case, our yield on those securities would be decreased. Shareholders will generally not be entitled to claim a credit or deduction with respect to non-U.S. taxes paid by us.

If we purchase shares in a "passive foreign investment company," or PFIC, we may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by us to our shareholders. Additional charges in the nature of interest may be imposed on us in respect of deferred taxes arising from such distributions or gains. If we invest in a PFIC and elect to treat the PFIC as a "qualified electing fund" under the Code, or QEF, in lieu of the foregoing requirements, we will be required to include in income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed to it. Alternatively, we can elect to mark-to-market at the end of each taxable year our shares in a PFIC; in this case, we will recognize as ordinary income any increase in the value of such shares and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in income. Under either election, we may be required to recognize in a year income in excess of our distributions from PFICs and our proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of the 4% U.S. federal excise tax. We intend to limit and/or manage our holdings in PFICs to minimize our liability for any taxes and related interest charges. In addition, income required to be included as a result of a QEF election would be qualifying income for purposes of the 90% Income Test if we receive a distribution of such income from the PFIC in the same taxable year to which the inclusion relates, or if the included income is derived with respect to our business of investing.

Under Section 988 of the Code, gain or loss attributable to fluctuations in exchange rates between the time we accrue income, expenses, or other liabilities denominated in a foreign currency and the time we actually collect such income or pay such expenses or liabilities are generally treated as ordinary income or loss. Similarly, gain or loss on foreign currency forward contracts and the disposition of debt denominated in a foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

Although we do not presently expect to do so, we are authorized to borrow funds and to sell assets in order to satisfy distribution requirements. However, under the 1940 Act, we are not permitted to make distributions to our shareholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. See Item 1. Business — "Regulation — Qualifying Assets" and "— Indebtedness and Senior Securities." Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or to avoid the excise tax, we may make such dispositions at times that, from an investment standpoint, are not advantageous.

If we fail to satisfy the Annual Distribution Requirement or otherwise fail to qualify as a RIC in any taxable year, we will be subject to tax in that year on all of our taxable income, regardless of whether we make any distributions to our shareholders. In that case, all of such income will be subject to corporate-level U.S. federal income tax, reducing the amount available to be distributed to our shareholders.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If our deductible expenses

in a given taxable year exceed our investment company taxable income, we may incur a net operating loss for that taxable year. However, as a RIC, we are not allowed to carry forward or carry back a net operating loss for purposes of computing our investment company taxable income in other taxable years. U.S. federal income tax law generally permits a RIC to carry forward (i) the excess of its net short-term capital loss over its net long-term capital gain for a given year as a short-term capital loss arising on the first day of the following year and (ii) the excess of its net long-term capital loss over its net short-term capital gain for a given year as a long-term capital loss arising on the first day of the following year. However, future transactions we engage in may cause our ability to use any capital loss carryforwards, and unrealized losses once realized, to be limited under Section 382 of the Code. Any underwriting fees paid by us are not deductible. Due to these limits on deductibility of expenses and net capital losses, we may for tax purposes have aggregate taxable income for several taxable years that we are required to distribute and that is taxable to our shareholders even if such taxable income is greater than the net income we actually earn during those taxable years.

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Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gain and qualified dividend income into higher taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause us to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions, and (vii) produce income that will not be qualifying income for purposes of the 90% Income Test. We will monitor our transactions and may make certain tax elections in order to mitigate the effect of these provisions.

As described above, to the extent that we invest in equity securities of entities that are treated as partnerships for U.S. federal income tax purposes, the effect of such investments for purposes of the 90% Income Test and the Diversification Tests will depend on whether or not the partnership is a "qualified publicly traded partnership" (as defined in the Code). If the partnership is a "qualified publicly traded partnership," the net income derived from such investments will be qualifying income for purposes of the 90% Income Test and will be "securities" for purposes of the Diversification Tests. If the partnership, however, is not treated as a "qualified publicly traded partnership," the consequences of an investment in the partnership will depend upon the amount and type of income of the partnership allocable to us and our proportionate share of the underlying assets of the partnership. The income derived from such investments may not be qualifying income for purposes of the 90% Income Test and, therefore, could adversely affect our qualification as a RIC. We intend to monitor our investments in equity securities of entities that are treated as partnerships for U.S. federal income tax purposes to prevent our disqualification as a RIC.

We may invest in preferred securities or other securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the expected tax treatment, it could affect the timing or character of income recognized, requiring us to purchase or sell securities, or otherwise change our portfolio, in order to comply with the tax rules applicable to RICs under the Code.

**Item 1A. Risk Factors.** 

*Investing in our Common Shares involves a number of significant risks. The following information is a discussion of the material risk factors associated with an investment in our Common Shares specifically, as well as those factors generally associated with an investment in a company with investment objectives, investment policies, capital structure or trading markets similar to ours. In addition to the other information contained in this annual report, you should consider carefully the following information before making an investment in our Common Shares. The risks below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such cases, the NAV of our Common Shares could decline, and you may lose all or part of your investment.*

*The following is a summary of the principal risks that you should carefully consider before investing in our Common Shares.*

**Market Developments and General Business Environment** 

***Potential impact of economic recessions or downturns.***

Many of the portfolio companies in which the Company expects to make investments are likely to be susceptible to economic slowdowns or recessions. Therefore, the number of the Company's non-performing assets is likely to increase and the value of its portfolio is likely to decrease during such periods. Adverse economic conditions may decrease the value of the Company's equity investments. Economic slowdowns or recessions could lead to financial losses in the Company's portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase the Company's funding costs, limit its access to the capital markets or result in a decision by lenders not to extend credit to the Company. These events could prevent the Company from increasing its investments and harm its operating results.

***Terrorist attacks, acts of war, global health emergencies or natural disasters may impact the businesses in which we invest and harm our business, operating results and financial condition.*** 

Terrorist acts, acts of war, global health emergencies or natural disasters may disrupt our operations, as well as the operations of the businesses in which we invest. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. See — "The Company is currently operating in a period of capital markets disruption, significant volatility and economic uncertainty." Any market disruptions as a result of such acts could affect our portfolio companies' operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations.

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***Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.*** 

The U.S. government has recently imposed, and may in the future increase, tariffs on specific countries and commodities. In response, certain foreign trading partners imposed retaliatory tariffs on certain U.S. goods, and others may do the same in the future. These developments have created significant uncertainty about the future relationship between the United States and certain other countries with respect to trade policies, treaties and new and increased tariffs.

Further, judicial intervention may create uncertainty related to the enforceability of tariffs on imported goods. For example, on February 20, 2026, the Supreme Court announced its decision in Learning Resources Inc. v. Trump, et al., setting aside tariffs imposed on Canada, China and Mexico under the International Emergency Economic Powers Act ("IEEPA"), the claimed statutory basis for U.S. President Trump's imposition of those tariffs. While the decision undermined that claimed statutory basis for the imposition of those tariffs, its ruling focused explicitly on the narrow question of whether the IEEPA grants the power to impose tariffs to the President. Whether the President retains the ability to unilaterally impose such tariffs, or tariffs more broadly under other sources of claimed authority and will continue to do so remains uncertain. Such uncertainty may contribute to an uncertain investment environment, materially negatively impacting our portfolio companies.

These developments, or the continued uncertainty relating to U.S. trade policies, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may reduce global trade and, in particular, trade between the impacted nations and the United States. The uncertainty relating to U.S. trade policies has increased market volatility. Any of these factors could depress economic activity and restrict certain of our portfolio companies' access to suppliers or customers, and increase costs, decrease margins, and reduce the competitiveness of products and services offered by our portfolio companies. Such developments may adversely affect the revenues and profitability of our portfolio companies and, in turn, negatively affect our results of operations, which could cause the fair value of our Common Shares to decline. It is not possible to predict the impact these or similar future events will have on the United States and other economies, specific industries, us or our underlying portfolio companies from an economic, tax or regulatory perspective, but any such impact could be material and adverse for us.

***Technological developments in artificial intelligence could disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs.***

Artificial intelligence, including machine learning technology and generative artificial intelligence, and its applications, including in the private investment, financial, technology and other sectors and industries, continue to develop rapidly. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on our or our portfolio companies' business, financial condition and results of operations.

We, our Adviser and our Administrator use and plan to expand our use of artificial intelligence tools and technologies in the operation of our business. In addition, certain of our portfolio companies use and may plan to expand their use of artificial intelligence tools and technologies in the operation of their businesses. These uses come with potential risks, including, but not limited to, generation of inaccurate results, misuse or disclosures of confidential information, infringement of third-party intellectual property rights, potential cybersecurity vulnerabilities, reputational risk, and regulatory burdens. Artificial intelligence models may create outputs that are flawed, inaccurate, biased, or that infringe or misappropriate intellectual property of third parties. The models may also be subject to new or different modes of cyber-attacks, including prompt injection attacks, and such attacks may be able to circumvent our cybersecurity tools and processes. To the extent we, our Adviser, our Administrator, or any of our portfolio companies rely on such technologies, these risks could negatively impact us or our portfolio companies.

There is also a risk that artificial intelligence tools or applications may be misused by employees and/or third parties engaged by us, our Adviser or Administrator, or by our portfolio companies. For example, an employee of our Adviser may input confidential information, including material non-public information, trade secrets, or personal information, into artificial intelligence technologies in a manner that results in such information becoming part of a dataset that is accessible by third-party artificial intelligence applications and users, including our competitors. Further, we, our Adviser, Administrator or our portfolio companies may not be able to control how third-party artificial intelligence technologies that we or they choose to use are developed or maintained, or how data we or they input is used or disclosed, even where contractual protections with respect to these matters have been sought. The misuse or misappropriation of our data could have an adverse impact on our reputation and could subject us to legal and regulatory investigations and/or actions. The misuse or misappropriation of data of any of our portfolio companies could have an adverse impact on such businesses reputation and could subject such portfolio company to legal and regulatory investigations and/or actions.

We or our portfolio companies may also be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within our respective industries. If our or our portfolio companies' competitors are more successful than us or

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our portfolio companies in the use of artificial intelligence or development of services or products based on artificial intelligence, or we or our portfolio companies do so at a slower pace than others, we or our portfolio companies may be at a competitive disadvantage. In addition, our or our portfolio companies' investments in technology systems and artificial intelligence may not deliver the benefits we or they expect, which could be costly for our or their respective businesses.

Finally, regulations related to artificial intelligence may also impose on us or our portfolio companies certain obligations and costs related to monitoring and compliance, and we or they could be subject to regulatory actions if we or they are deemed not to have complied.

**Competition** 

***We depend upon management personnel of our Adviser for our future success.*** 

We do not have any employees. We depend on the experience, diligence, skill and network of business contacts of AGL, together with other investment professionals that our Adviser currently retains or may subsequently retain, to identify, evaluate, negotiate, structure, close, monitor and manage our investments. Our future success will depend to a significant extent on the continued service and coordination of our Adviser's senior investment professionals. The departure of any of our Adviser's key personnel, including members of the Investment Committee, or of a significant number of the investment professionals of our Adviser, could have a material adverse effect on our business, financial condition or results of operations. In addition, we cannot assure shareholders that our Adviser will remain our investment adviser or that we will continue to have access to our Adviser or its investment professionals. See — "Our Business and Structure—Our Adviser can resign on 60 days' notice. We may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations." In addition, prior to the one (1) year anniversary of the Company first calling capital, upon a change of control of AGL or termination of the Barclays Cooperation Agreement due to a Trigger Event, investors in the Company will have the right to reduce or cancel their unfunded Capital Commitments, subject to certain exceptions.

***We operate in a highly competitive market for investment opportunities.*** 

A number of entities, including the Other AGL Accounts and other entities, compete with us to make the types of investments that we make. We compete with other BDCs, commercial and investment banks, commercial financing companies, private funds, including hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. Many of our competitors are more experienced, substantially larger and have considerably greater financial, technical and marketing resources than we do. Some competitors may have lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Certain of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC and that the Code imposes on us as a RIC. Additionally, an investment opportunity may be appropriate for one or more of us and Other AGL Accounts or any other entities managed by our Adviser, and co-investment may not be possible. In such circumstances, the Adviser will adhere to its investment allocation policy in order to determine the Other AGL Accounts to which to allocate investment opportunities. Also, as a result of this competition, we may not be able to secure attractive investment opportunities from time to time.

We may lose investment opportunities if we do not match our competitors' pricing, terms and structure. If we match our competitors' pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. As a result of operating in such a competitive environment, we may make investments that are on less favorable terms than what we may have originally anticipated, which may impact our return on these investments. We cannot assure investors that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations.

**Legal and Regulatory** 

***Our operation as a BDC imposes numerous constraints on us and significantly reduces our operating flexibility. In addition, if we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company, which would subject us to additional regulatory restrictions.*** 

The 1940 Act imposes numerous constraints on the operations of BDCs. For example, BDCs generally are required to invest at least 70% of their total assets primarily in securities of qualifying U.S. private companies or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. These constraints may hinder our Adviser's ability to take advantage of attractive investment opportunities and to achieve our investment objective. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants.

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We may be precluded from investing in what our Adviser believes are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we will be prohibited from making any additional investment that is not a qualifying asset and could be forced to forgo attractive investment opportunities. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position).

If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act. This would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause us to lose our RIC status or cause an event of default under any outstanding indebtedness we might have, which could have a material adverse effect on our business, financial condition or results of operations.

***We will be subject to corporate-level U.S. federal income tax on all of our income if we are unable to maintain qualification for tax treatment as a RIC under Subchapter M of the Code, which would have a material adverse effect on our financial performance.*** 

Although we have elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code commencing with our taxable year ended December 31, 2024, and we intend to qualify as a RIC annually, we cannot assure you that we will qualify for and maintain RIC status. To obtain and maintain RIC status and be relieved of U.S. federal income taxes on income and gains distributed to our shareholders, we must meet the annual distribution and source-of-income and quarterly asset diversification requirements described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The annual distribution requirement for a RIC will generally be satisfied if we distribute to our shareholders on an annual basis at least 90% of our investment company taxable income the Annual Distribution Requirement for each taxable year. Because we intend to use debt financing, we are subject to an asset coverage ratio requirement under the 1940 Act, and we expect to be subject to certain covenants contained in our credit agreements and other debt financing agreements. This asset coverage ratio requirement and these covenants could, under certain circumstances, restrict us from making distributions to our shareholders that are necessary for us to satisfy the distribution requirement. If we are unable to obtain cash from other sources, and thus are unable to make sufficient distributions to our shareholders, we could fail to maintain our RIC tax treatment and thus become subject to corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The source-of-income requirement will be satisfied if at least 90% of our gross income for each year is derived from dividends, interest, gains from the sale of stock or securities or foreign currencies, payments with respect to loans of certain securities, net income derived from an interest in a "qualified publicly traded partnership" or other income derived with respect to our business of investing in such stock or securities or foreign currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The asset diversification requirement will be satisfied if, at the end of each quarter of our taxable year, at least 50% of the value of our assets consists of cash, cash equivalents, (including receivables), U.S. government securities, securities of other RICs and other acceptable securities, and no more than 25% of the value of our assets is invested in the securities (other than U.S. government securities or securities of other RICs) of one issuer, or two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships." Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of our RIC status. Because most of our investments will be made in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If we fail to maintain our RIC status for any reason, and we do not qualify for certain relief provisions under the Code, we would be subject to corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes). In this event, the resulting taxes and any resulting penalties could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions to our shareholders, which would have a material adverse effect on our financial performance.

***Regulations governing our operations as a BDC affect our ability to, and the way in which we, raise additional capital. These constraints may hinder our Adviser's ability to take advantage of attractive investment opportunities and to achieve our investment objective.*** 

Regulations governing our operation as a BDC affect our ability to raise additional capital, and the ways in which we can do so. Raising additional capital may expose us to risks, including the typical risks associated with leverage, and may result in dilution to our current shareholders. The 1940 Act limits our ability to borrow amounts or issue debt securities or preferred shares, which we refer to collectively as "senior securities," to amounts such that our asset coverage ratio, as defined under the 1940 Act, equals at least 150% immediately after such borrowing or issuance if certain requirements are met, rather than 200%, as previously required and as described below. Consequently, if the value of our assets declines, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when this may be disadvantageous to us and, as a result, our shareholders.

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The Small Business Credit Availability Act modified the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs to 150%, subject to certain approval and disclosure requirements. Under this legislation, BDCs are able to increase their leverage capacity if shareholders approve a proposal to do so. Prior to the commencement of this offering, our Board and our initial shareholder approved a proposal to apply to us this modified asset coverage requirement of 150% set forth in Section 61(a)(2) of the 1940 Act. This means that generally, the Company can borrow up to $1 for every $1 of investor equity (or, if certain conditions are met, the Company can borrow up to $2 for every $1 of investor equity).

We are generally not able to issue and sell our Common Shares at a price per share below NAV per share. We may, however, sell our Common Shares, or warrants, options or rights to acquire our Common Shares, at a price below the then-current NAV per share of our Common Shares (i) with the consent of a majority of our shareholders (and a majority of our shareholders who are not affiliates of ours) and (ii) if, among other things, a majority of our independent Trustees and a majority of our Trustees who have no financial interest in the transaction determine that a sale is in the best interests of us and our shareholders.

***We incur significant costs as a result of being subject to the reporting requirements under the Exchange Act.*** 

We incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act, and other rules implemented by the SEC. These requirements may place a strain on our systems and resources. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal control over financial reporting, which requires significant resources and management oversight. We have implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management's attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. We expect to incur significant annual expenses related to these steps and Trustees' and officers' liability insurance, Trustee fees, reporting requirements of the SEC, transfer agent fees, additional administrative expenses payable to our Administrator to compensate it for hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and similar expenses associated with being subject to these reporting requirements.

The systems and resources necessary to comply with public company reporting requirements will increase further once we cease to be an "emerging growth company" under the JOBS Act. As long as we remain an emerging growth company, we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public reporting companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act.

***Efforts to comply with Section 404 of the Sarbanes-Oxley Act involve significant expenditures, and noncompliance with Section 404 of the Sarbanes-Oxley Act may adversely affect us.*** 

While we are not required to comply with certain requirements of the Sarbanes-Oxley Act until we have been subject to the reporting requirements of the Exchange Act for a specified period of time or cease to be classified as an emerging growth company, under current SEC rules, we are required to report on our internal control over financial reporting pursuant to Section 404 of the Sarbanes Oxley Act. Thereafter, we are required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. Accordingly, our internal control over financial reporting does not currently meet all of the standards contemplated by Section 404 of the Sarbanes-Oxley Act that we will eventually be required to meet. We will establish formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within our organization.

Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the date on which we are a "large accelerated filer" or an "accelerated filer" or the date we are no longer classified as an emerging growth company under the JOBS Act. Because we do not currently have comprehensive documentation of our internal control and have not yet tested our internal control in accordance with Section 404, we cannot conclude, as required by Section 404, that we do not have a material weakness in our internal control or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal control. As a public reporting company under the Exchange Act, we will be required to complete our initial assessment in a timely manner. If we are not able to implement the requirements of Section 404 in a timely manner or with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal control may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC.

***We are a relatively new company and have a limited operating history.*** 

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The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a BDC with a limited operating history. As a result, prospective investors have limited track record or history on which to base their investment decision. There can be no assurance that the results achieved by similar strategies managed by AGL or its affiliates will be achieved for the Company. Past performance should not be relied upon as an indication of future results. Moreover, the Company is subject to all of the business risks and uncertainties associated with any new business, including the risk that it will not achieve its investment objective and that the value of an investor's investment could decline substantially or that the investor will suffer a complete loss of its investment in the Company.

The Adviser and the majority of the members of the Investment Committee have no prior experience managing a BDC, and the investment philosophy and techniques used by the Adviser to manage a BDC may differ from the investment philosophy and techniques previously employed by the Adviser, its affiliates, and the members of the Investment Committee in identifying and managing past investments. In addition, the 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that do not apply to the other types of investment vehicles. For example, under the 1940 Act, BDCs are required to invest at least 70% of their total assets primarily in securities of qualifying U.S. private companies or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. The Adviser's and the members of the Investment Committee's limited experience in managing a portfolio of assets under such constraints may hinder their respective ability to take advantage of attractive investment opportunities and, as a result, achieve the Company's investment objective.

***The Company is the Adviser's first private credit fund.*** 

The Adviser entered the private credit space with the benefit of the Barclays Cooperation Agreement. While we believe that with its overall track record and resources the Adviser will be able to successfully source and underwrite investments, the Adviser has a limited track record in the private credit space.

***Changes in laws or regulations governing our operations or the operations of our portfolio companies, changes in the interpretation thereof or newly enacted laws or regulations, or any failure by us or our portfolio companies to comply with these laws or regulations, could require changes to certain of our or our portfolio companies' business practices, negatively impact our or our portfolio companies' operations, cash flows or financial condition, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies.*** 

We and our portfolio companies are subject to regulation at the local, state, federal and, in some cases, foreign levels. These laws and regulations, as well as their interpretation, are likely to change from time to time, and new laws and regulations may be enacted. Accordingly, any change in these laws or regulations, changes in their interpretation, or newly enacted laws or regulations, or any failure by us or our portfolio companies to comply with these laws or regulations, could require changes to certain of our or our portfolio companies' business practices, negatively impact our or our portfolio companies' operations, cash flows or financial condition, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In addition to the legal, tax and regulatory changes that are expected to occur, there may be unanticipated changes and uncertainty regarding any such changes. The legal, tax and regulatory environment for BDCs, investment advisers and the instruments that they utilize (including derivative instruments) is continuously evolving. In addition, there is significant uncertainty regarding certain legislation and the regulations that have been adopted (and future regulations that will need to be adopted pursuant to such legislation) and, consequently, the full impact that such legislation will ultimately have on us and the markets in which we trade and invest is not fully known. Such uncertainty and any resulting confusion may itself be detrimental to the efficient functioning of the markets and the success of certain investment strategies.

Legislative and regulatory proposals directed at the financial services industry that are proposed or pending in the U.S. Congress may negatively impact the operations, cash flows or financial condition of us and our portfolio companies, impose additional costs on us and our portfolio companies, intensify the regulatory supervision of us and our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies.

Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subjected to new regulation. While we do not know whether any such regulation would be implemented or what form it will take, increased regulation of non-bank credit extension would negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business.

We may be materially affected by market, economic and political conditions globally and in the jurisdictions and sectors in which we invest or operate, including economic outlook, factors affecting interest rates, the availability of credit, currency exchange rates and trade barriers. Recent populist and anti-globalization movements, particularly in the United States, may result in material changes in

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economic trade and immigration policies, all of which could lead to significant disruption of global markets and could have adverse consequences on our investments.

***We cannot predict how new tax legislation will affect us, our investments, or our shareholders, and any such legislation could adversely affect our business.*** 

Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The likelihood of any new legislation being enacted is uncertain, but new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our shareholders of such qualification and could have other adverse consequences, possibly with retroactive effect. Shareholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our Common Shares.

***Our ability to enter into transactions with our affiliates is restricted.*** 

The Company generally is prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the independent Trustees and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the Company's outstanding voting securities is an affiliate of the Company for purposes of the 1940 Act, and the Company generally is prohibited from buying or selling any security from or to such affiliate, absent the prior approval of the independent Trustees. The 1940 Act also prohibits certain "joint" transactions with certain of the Company's affiliates, which could include investments in the same issuers (whether at the same or different times), without prior approval of the independent Trustees and, in some cases, the SEC. If a person acquires more than 25% of the Company's voting securities, the Company will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit the Company's ability to transact business with the Company's officers or Trustees or their affiliates. These prohibitions will affect the manner in which investment opportunities are allocated between the Company and Affiliated Funds. Most importantly, the Company generally is prohibited from co-investing with Other AGL Accounts or affiliates of the Adviser in AGL-originated loans and financings unless the Company co-invests in accordance with the applicable regulatory guidance or has obtained an exemptive order from the SEC permitting such co-investment activities. Accordingly, while the Adviser intends to allocate suitable opportunities among the Company and Other AGL Accounts or affiliates of the Adviser based on the principles described above, the prohibition on co-investing with affiliates could significantly limit the scope of investment opportunities available to the Company. In particular, the decision by AGL to allocate an opportunity to one or more Other AGL Accounts or to an affiliate of the Adviser, or the existence of a prior co-investment structure, might cause the Company to forgo an investment opportunity that it otherwise would have made. Similarly, the Company generally may be limited in its ability to invest in an issuer in which an Other AGL Account or affiliate of the Adviser had previously invested. The Company may in certain circumstances also be required to sell, transfer or otherwise reorganize assets in which the Company has invested with Other AGL Accounts or affiliates of the Adviser at times that the Company may not consider advantageous.

The Company has received an exemptive order from the SEC in order to permit the Company to co-invest with Other AGL Accounts and other affiliates of the Adviser, The Company is only permitted to co-invest alongside Other AGL Accounts or other affiliates of the Adviser in accordance with the terms and conditions of the exemptive order.

***Commodity Futures Trading Commission ("CFTC") rules may have a negative impact on us and our Adviser.*** 

The CFTC and the SEC have issued rules establishing that certain swap transactions are subject to CFTC regulation. Engaging in such swap or other commodity interest transactions such as futures contracts or options on futures contracts may cause us to fall within the definition of "commodity pool" under the Commodity Exchange Act and related CFTC regulations. Our Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed 5% of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

Under SEC Rule 18f-4, related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies, we are permitted to enter into derivatives and other transactions that create future payment or delivery obligations, including short sales, notwithstanding the senior security provisions of the 1940 Act if we comply with certain value-at-risk

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leverage limits and derivatives risk management program and board oversight and reporting requirements or comply with a "limited derivatives users" exception. We have elected to rely on the limited derivatives users exception. We may change this election and comply with the other provisions of Rule 18f-4 related to derivatives transactions at any time and without notice. To satisfy the limited derivatives users exception, we have adopted and implemented written policies and procedures reasonably designed to manage our derivatives risk and limit our derivatives exposure in accordance with Rule 18f-4. Rule 18f-4 also permits us to enter into reverse repurchase agreements or similar financing transactions notwithstanding the senior security provisions of the 1940 Act if we aggregate the amount of indebtedness associated with our reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating our asset coverage ratios as discussed above or treat all such transactions as derivatives transactions for all purposes under Rule 18f-4. In addition, we are permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security under the 1940 Act, provided that (i) we intend to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). We may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as we treat any such transaction as a "derivatives transaction" for purposes of compliance with the rule. Furthermore, we are permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if we reasonably believe, at the time we enter into such agreement, that we will have sufficient cash and cash equivalents to meet our obligations with respect to all such agreements as they come due. We cannot predict the effects of these requirements. The Adviser intends to monitor developments and seek to manage our assets in a manner consistent with achieving our investment objective, but there can be no assurance that it will be successful in doing so.

***Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.*** 

In November 2020, the SEC adopted a revised version of Rule 18f-4, which is designed to modernize the regulation of the use of derivatives by registered investment companies and BDCs. Among other things, Rule 18f-4 requires BDCs that use derivatives to be subject to a value-at-risk leverage limit and requires the adoption and implementation of a derivatives risk management program that is reasonably designed to identify, assess and manage its derivatives transaction trading risk, subject to certain exceptions. Additionally, subject to certain conditions, funds that do not invest heavily in derivatives may be deemed limited derivatives users and would not be subject to the full requirements of Rule 18f-4. The Company intends to operate under the limited derivatives user exemption of Rule 18f-4 and has adopted written policies and procedures reasonably designed to manage the Company's derivatives risk pursuant to Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC also eliminated the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments. Compliance with Rule 18f-4 has been required since August 2022. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

***Certain investors are limited in their ability to make significant investments in us.*** 

Private funds that are excluded from the definition of "investment company" either pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act and certain other unregistered investment companies are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting shares other than in accordance with the 1940 Act (measured at the time of the acquisition, including through conversion of convertible securities). Investment companies registered under the 1940 Act and BDCs are also subject to this restriction as well as other regulatory limitations that restrict the amount that they are able to invest in our securities. As a result, certain investors may be precluded from acquiring additional shares at a time that they might desire to do so.

***We are subject to certain restrictions related to the Employee Retirement Income Security Act of 1974 ("ERISA")***

We anticipate that either the Common Shares may be a "publicly-offered security" for purposes of U.S. Department of Labor regulation Section 2510.3-101 (as modified by Section 3(42) of ERISA, the "Plan Assets Regulation") or we intend to limit Benefit Plan Investors (as defined under the Plan Assets Regulation) in accordance with the 25% Test, and therefore we expect that our assets will not be treated as "plan assets" subject to Title I of ERISA or Section 4975 of the Code though there is no assurance that this will be the case. Were our assets to be treated as "plan assets" (that is, if our Common Shares are not a "publicly offered security" and another exception under the Plan Assets Regulation is not available to us), we could, among other things, be subject to certain restrictions on our ability to carry out our activities as described herein. Moreover, we can require Benefit Plan Investors or other employee benefit plans not subject to Title I of ERISA or Section 4975 of the Code to reduce or terminate their interests in us at such time.

***We are subject to risks related to being an "emerging growth company."***

We are and we will remain an "emerging growth company" as defined in the JOBS Act for up to five years, or until the earliest of: (1) the last date of the fiscal year during which we had total annual gross revenues of $1.235 billion or more; (2) the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or (3) the date on which we are deemed to be a "large accelerated filer" as defined under Rule 12b-2 under the Exchange Act. For so long as we remain an "emerging growth

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company," we may take advantage of certain exemptions from various reporting requirements that are applicable to other public reporting companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our Common Shares less attractive because we will rely on some or all of these exemptions. If some investors find our Common Shares less attractive as a result, there may be a less active trading market for our Common Shares and our share price may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate us since our consolidated financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence.

***We are subject to risks arising from compliance with Regulation Best Interest.***

Broker-dealers must comply with Regulation Best Interest (as defined herein), which, among other requirements, enhances the existing standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending any securities transaction or investment strategy involving securities to a retail customer. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonably available alternatives in the best interests of their clients. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have a lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our Common Shares, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. The impact of Regulation Best Interest on broker-dealers participating in our offering cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend this offering to retail customers. If Regulation Best Interest reduces our ability to raise capital in this offering, it would harm our ability to create a diversified portfolio of investments and achieve our investment objective and would result in our fixed operating costs representing a larger percentage of our gross income.

***Sanctions laws and regulations may restrict the Company's activities, impose compliance costs, and expose the Company to significant penalties.***

The Company and its Adviser are subject to various economic and trade sanctions laws and regulations imposed by the United States (including regulations administered by the Office of Foreign Assets Control), the United Nations, the European Union, the United Kingdom, and other applicable jurisdictions. These sanctions laws prohibit or restrict transactions with, and the provision of services to, certain designated individuals, entities, and jurisdictions. Sanctions regimes are dynamic and subject to rapid change; new designations may occur with little or no advance notice and may affect individuals or entities with whom the Company, its portfolio companies, or its investors have existing relationships. The Company relies in part on representations from investors and portfolio companies regarding their sanctions status, but there can be no assurance that such representations are accurate or will remain accurate over time. If the Company, its portfolio companies, or any investor is or becomes subject to sanctions, the Company may be required to cease dealings with the relevant party, freeze assets, or take other remedial action, any of which could adversely affect the Company's investments and returns. Any failure by the Company or its Adviser to comply with applicable sanctions laws, even inadvertently, could result in significant civil or criminal penalties, reputational damage, and adverse regulatory consequences.

***The Company and its portfolio companies are subject to anti-corruption laws and regulations, the violation of which could have a material adverse effect on the Company.***

The Company, the Adviser, and the Company's portfolio companies are subject to various anti-corruption and anti-bribery laws and regulations, including the U.S. Foreign Corrupt Practices Act of 1977, as amended (the "FCPA"), the UK Bribery Act 2010, and equivalent laws in other jurisdictions in which the Company or its portfolio companies operate. The FCPA and similar laws generally prohibit companies and their intermediaries from making improper payments to government officials to obtain or retain business. A portfolio company's violation of such laws could result in significant fines, penalties, disgorgement, reputational harm, and loss of business licenses or government contracts, any of which could materially impair such portfolio company's value and adversely affect the Company's returns. Although the Adviser intends to conduct appropriate due diligence with respect to anti-corruption compliance as part of its investment process, there can be no assurance that such diligence will uncover all relevant risks or that portfolio companies will comply fully with applicable anti-corruption laws at all times. Any such violations could materially and adversely affect the Company's investments and financial results.

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***The Company may be subject to U.S. outbound investment restrictions that could limit its investment activities or require notifications to U.S. government authorities.***

Executive Order 14105 (August 9, 2023) and implementing regulations issued by the U.S. Department of the Treasury (31 C.F.R. Part 850, effective January 2, 2025) (the "Outbound Investment Rules") impose restrictions and notification requirements on certain investments by U.S. persons in entities with a nexus to 'countries of concern,' which currently include the People's Republic of China, including the Hong Kong and Macau Special Administrative Regions. The Outbound Investment Rules prohibit U.S. persons from engaging in certain transactions (referred to as 'prohibited transactions') in 'covered foreign persons' in the semiconductor and microelectronics, quantum information technology, and artificial intelligence sectors, and require notification to the U.S. Department of the Treasury with respect to certain other transactions in those sectors (referred to as 'notifiable transactions'). Congress recently also passed legislation that requires the U.S. Department of the Treasury to consider expansion of the rules to cover new activities and countries. To the extent any investment or potential investment by the Company involves a covered foreign person or a portfolio company with operations or affiliates that would cause a transaction to constitute a prohibited or notifiable transaction under the Outbound Investment Rules, the Company may be prohibited from making or continuing to hold such investment, or may be required to file notifications with U.S. government authorities prior to or after consummating such investment. These restrictions could limit the Company's investment universe, require divestiture of existing holdings, impose compliance costs, or result in penalties for non-compliance. The Outbound Investment Rules are subject to further development, guidance, and potential expansion to additional sectors or countries of concern, which could further restrict the Company's activities. Prospective investors should be aware that compliance with these rules may adversely affect the Company's ability to pursue certain investment opportunities that it would otherwise consider attractive.

***We could be subject to review and approval by CFIUS or other regulatory agencies resulting in limitations or restrictions on our voting interests or management and information rights, including under certain default and foreclosure scenarios.***

Transactions that result in the Company acquiring equity and certain management or information rights with respect to a "U.S. business" (as defined at 31 C.F.R. § 800.252), including as a result of a default and foreclosure process, could be subject to prior review and approval by the U.S. Committee on Foreign Investment in the United States ("CFIUS"). The acquisition of relevant rights in a borrower that develops, designs, manufactures, tests, fabricates, or produces "critical technologies" (as defined at 31 C.F.R. § 800.215), including as a result of a default and foreclosure process, could trigger a CFIUS filing requirement at least 30 days before the transfer of such rights to the Company. Similarly, the Company's acquisition of equity or rights in a non-U.S. business connected with or related to national security or that has a nexus to critical or sensitive sectors could also be subject to non-U.S. national security/investment screening regulatory approval.

In the event of a CFIUS review or similar process before a non-U.S. regulator, there can be no assurances that the Company will be able to maintain, or proceed with, such foreclosure process on terms acceptable to the Company. CFIUS or another regulator could impose conditions on, delay, or prohibit one or more of the Company's acquisition of relevant rights, including as a result of a default and foreclosure process. Such limitations or restrictions could delay or prevent the Company from foreclosing on and acquiring management rights with respect to a U.S. business under the typical foreclosure timeline, which could adversely affect the Company's performance with respect to such acquisitions (if consummated) and thus the Company's performance as a whole. These risks may also limit the attractiveness of, delay or prevent us from pursuing certain transactions that we believe would otherwise be attractive to the Company and our shareholders.

Certain of the shareholders of the Company will be Non-U.S. shareholders, and in the aggregate, may comprise a substantial portion of the Company's shareholders. This may increase both the risk that transactions that result in the Company acquiring equity and certain management or information rights with respect to a U.S. business, including as a result of a default and foreclosure process, could be subject to review by CFIUS, and the risk that limitations or restrictions will be imposed by CFIUS or other non-U.S. regulators on the Company's acquisition of such rights or ability to proceed with the foreclosure process in the manner originally intended. CFIUS or other non-U.S. regulators could require the parties' acceptance of certain mitigating conditions for approval that may not be commercially or otherwise desirable to the parties.

Under the Foreign Investment Risk Review Modernization Act of 2018 and CFIUS regulations, certain transactions involving "TID U.S. businesses" (those involving critical technologies, critical infrastructure, or sensitive personal data) may require a mandatory CFIUS declaration. Failure to submit a required mandatory declaration may result in penalties. Additionally, CFIUS retains authority to review transactions on its own initiative within certain timeframes even where no filing was submitted, and there can be no assurance that any completed transaction will not be subject to subsequent CFIUS review.

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**Operational** 

***We are dependent on information systems, and systems failures, as well as operating failures, could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.*** 

Our business is dependent on our Adviser's and third parties' communications and information systems. Any failure or interruption of those systems, including as a result of the termination of the Investment Advisory Agreement or an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disease pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•events arising from local or larger scale political or social matters, including terrorist acts and acts of war; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cyber incidents.

In addition to our dependence on information systems, poor operating performance by our service providers could adversely impact us.

These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our securities and our ability to pay distributions to our shareholders.

Future terrorist activities, military or security operations, global health emergencies or natural disasters could further weaken the domestic/global economies and create additional uncertainties, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. Losses from terrorist attacks, global health emergencies and natural disasters are generally uninsurable.

***Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.*** 

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of the information resources of us or our portfolio companies. These incidents may be an intentional attack or an unintentional event and could involve a third party or our own personnel gaining unauthorized access to our information systems or those of our portfolio companies for purposes of obtaining ransom payments, misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for loss or misappropriation of data, stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our reputation or business relationships. As our and our portfolio companies' reliance on technology have increased, so have the risks posed to our information systems, both internal and those provided by AGL and third-party service providers, and the information systems of our portfolio companies. The measures implemented by AGL and these third-party service providers to help mitigate cybersecurity risks and cyber intrusions do not guarantee that a cyber incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

***Global economic, political and market conditions may adversely affect our business, financial condition and results of operations, including our revenue growth and profitability.*** 

Our business is directly influenced by the economic cycle and could be negatively impacted by a downturn in economic activity in the United States as well as globally. Fiscal and monetary actions taken by United States and non-U.S. government and regulatory authorities could have a material adverse impact on our business. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be adversely affected. Moreover, the Federal Reserve policy, including with respect to certain interest rates, along with the general policies of the current Presidential administration, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. These conditions, government actions and future developments may cause interest rates and borrowing costs to rise, which may adversely affect our ability to access debt financing on favorable terms and may increase the interest costs of our borrowers, hampering their

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ability to repay us. Continued or future adverse economic conditions could have a material adverse effect on our business, financial condition and results of operations.

If key economic indicators, such as the unemployment rate or inflation, do not progress at a rate consistent with the Federal Reserve's objectives, the target range for the federal funds rate may increase and cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms and may also increase the costs of our borrowers, hampering their ability to repay us. Additionally, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates in an effort to combat inflation. There is no guarantee that the actions taken by the Federal Reserve will reduce or eliminate inflation.

Legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Areas subject to potential change, amendment or repeal include the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") and the authority of the Federal Reserve and the Financial Stability Oversight Council. These or other regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities. The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a material adverse effect on our business, financial condition and results of operations.

***Our Adviser, its principals, investment professionals and employees and the members of its Investment Committee have certain conflicts of interest.*** 

Our Adviser, its principals, affiliates, investment professionals and employees, the members of its Investment Committee and our officers and Trustees serve or may serve now or in the future as investment advisers, officers, trustees, principals of, or in other capacities with respect to, public or private entities (including other BDCs and other investment funds) that operate in the same or a related line of business as us. Certain of these individuals could have obligations to investors in Other AGL Accounts, the fulfillment of which is not in our best interests or the best interests of our shareholders, and we expect that investment opportunities will satisfy the investment criteria for both us and such Other AGL Accounts. In addition, AGL and its affiliates also manage other accounts, and expect to manage other vehicles or accounts in the future, that have investment mandates that are similar, in whole or in part, to ours and, accordingly, may invest in asset classes similar to those targeted by us. As a result, the Adviser and/or its affiliates may face conflicts in allocating investment opportunities between us and such other entities. The fact that our investment advisory fees may be lower than those of certain Other AGL Accounts could result in this conflict of interest affecting us adversely relative to such other funds.

Subject to applicable law, we may invest alongside AGL and Other AGL Accounts.

As a result of the exemptive relief, there could be significant overlap in our investment portfolio and the investment portfolios of Other AGL Accounts, including, in some cases, proprietary accounts of AGL. In such circumstances, the Adviser will adhere to its investment allocation policy in order to determine the Other AGL Accounts to which to allocate investment opportunities. If we are unable to rely on the exemptive relief for a particular opportunity, when our Adviser identifies certain investments, it will be required to determine which Other AGL Accounts should make the investment at the potential exclusion of Other AGL Accounts. Accordingly, it is possible that we may not be given the opportunity to participate in investments made by Other AGL Accounts. See "—Legal and Regulatory—Our ability to enter into transactions with our affiliates is restricted."

***AGL's financial and other interests may incentivize our Adviser to make investments that present greater risk or to favor Other AGL Accounts.*** 

Our Adviser receives performance-based compensation in respect of its investment management activities on our behalf, which rewards our Adviser for positive performance of our investment portfolio. As a result, our Adviser may make investments for us that present a greater potential for return but also a greater risk of loss or that are more speculative than would be the case in the absence of performance-based compensation. In addition, the Adviser may simultaneously manage Other AGL Accounts for which the Adviser may be entitled to receive greater fees or other compensation (as a percentage of performance or otherwise) than it receives in respect of us. In addition, subject to applicable law, AGL may invest in Other AGL Accounts, and such investments may constitute all or substantial percentages of such Other AGL Accounts' outstanding equity interests. Therefore, the Adviser may have an incentive to favor such Other AGL Accounts over us. To address these types of conflicts, the Adviser has adopted policies and procedures under which investment opportunities will be allocated in a manner that it believes is consistent with its obligations as an investment adviser. However, the amount, timing, structuring or terms of an investment by the Company may differ from, and performance may be different than, the investments and performance of Other AGL Accounts.

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***Our financial condition and results of operations depend on our Adviser's ability to manage our future growth effectively.*** 

Our ability to achieve our investment objective depends on our Adviser's ability to identify, invest in and monitor companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of the structuring of our investment process and the ability of our Adviser to provide competent, attentive and efficient services to us. Our executive officers and the members of the Investment Committee have substantial responsibilities in connection with their roles at our Adviser with the Other AGL Accounts, as well as responsibilities under the Investment Advisory Agreement. We may also be called upon to provide significant managerial assistance to certain of our portfolio companies. These demands on their time, which will increase as the number of investments grow, may distract them or slow the rate of investment. In order to grow, our Adviser may need to hire, train, supervise, manage and retain new employees. However, we cannot assure you that they will be able to do so effectively. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

***Our ability to grow depends on our ability to raise additional capital, which may not be available to us or may only be available on terms that are not favorable to us.*** 

If we do not have adequate capital available for investment, our performance could be adversely affected. We may need to periodically access the capital markets to raise cash to fund new investments. We may be unable to raise substantial capital on terms that are favorable to us or at all, which could result in us being unable to structure our investment portfolio as anticipated and achieve our investment objectives.

We use debt financing to fund our growth. Unfavorable economic or general market conditions may increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets could limit our ability to grow our business and fully execute our business strategy, which could decrease our earnings, if any. In addition, difficulty raising capital on favorable terms may arise due to circumstances that are beyond our control, such as a protracted disruption in the credit markets, a severe decline in the value of the U.S. dollar, a general economic downturn or any potential operational problem that affects us or our third-party service providers, and could have a material adverse effect on our business, financial condition and results of operations.

The amount of leverage that we will employ will depend on our Adviser's and our Board's assessments of market conditions and other factors at the time of any proposed borrowing or issuance of senior securities.

Furthermore, additional equity capital may be difficult to raise because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional Common Shares at a price per share less than our net asset value without first obtaining approval for such issuance from our shareholders and our independent Trustees. We cannot assure you that we will be able to obtain lines of credit, issue additional securities or otherwise raise additional capital at all or on terms that are acceptable to us.

In addition, we have elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code commencing with our taxable year ended December 31, 2024 , and we intend to qualify as a RIC annually. To maintain our status as a RIC, we are required to timely distribute to our shareholders at least 90% of our investment company taxable income (determined without regard to the dividends paid deduction), which is generally our net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses, if any, for each taxable year. Consequently, such distributions will not be available to fund new investments. We have used and continue to expect to use debt financing and issue additional securities to fund our growth, if any. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets could limit our ability to grow our business and fully execute our business strategy and could decrease our earnings, if any.

***We may borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us.*** 

As part of our business strategy, we may borrow from and issue senior debt securities to banks, insurance companies and other lenders or investors. Holders of these senior securities will have fixed-dollar claims on our assets that are superior to the claims of our shareholders. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make distributions to our shareholders. In addition, we would have to service any additional debt that we incur, including interest expense on debt and dividends on preferred shares that we may issue, as well as the fees and costs related to the entry into or amendments to debt facilities. These expenses (which may be higher than the expenses on our current borrowings due to the rising interest rate environment) would decrease net investment income, and our ability to pay such expenses will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Additionally, we will be able to incur additional leverage if we are able to obtain exemptive relief from the SEC to exclude the debt of any SBIC subsidiary we may form in the future from the leverage requirements otherwise applicable to BDCs.

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We have not yet applied to the Small Business Administration for approval to form a SBIC and may decide not to do so. We can offer no assurances as to whether or when we may form a SBIC subsidiary.

In addition to having fixed-dollar claims on our assets that are superior to the claims of our shareholders, any obligations to the lenders will be secured by a first priority security interest in our portfolio of investments and cash. In the case of a liquidation event, those lenders would receive proceeds to the extent of their security interest before any distributions are made to our shareholders.

Lastly, we may be unable to obtain leverage, which would, in turn, affect your return on investment.

***The Adviser faces conflicts of interest caused by compensation arrangements with us, which could result in actions that are not in the best interests of our shareholders.*** 

The Adviser receives substantial fees from us in return for its services, and these fees could influence the advice provided to us. We pay to the Adviser the Incentive Fee that is based on the performance of our portfolio and the Base Management Fee that is based on the value of our net assets as of the beginning of the first business day of the quarter. Because the Incentive Fee is based on the performance of our portfolio, the Adviser may be incentivized to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The way in which the Incentive Fee is determined may also encourage the Adviser to use leverage to increase the return on our investments. The Base Management Fee is payable even in the event the value of your investment declines. Our compensation arrangements could therefore result in our making riskier or more speculative investments than would otherwise be the case. This could result in higher investment losses, particularly during cyclical economic downturns.

***We may be obligated to pay the Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.*** 

Our Investment Advisory Agreement entitles the Adviser to receive Pre-Incentive Fee Net Investment Income regardless of any capital losses. In such case, we may be required to pay the Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter.

In addition, any Pre-Incentive Fee Net Investment Income may be computed and paid on income that may include interest that has been accrued but not yet received. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously included in the calculation of the Incentive Fee will become uncollectible. The Adviser is not under any obligation to reimburse us for any part of the Incentive Fee it received that was based on accrued income that we never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and such circumstances would result in our paying an Incentive Fee on income we never received. In addition, as leverage generally would magnify positive returns, if any, on our portfolio, the use of leverage may cause our Pre-Incentive Fee Net Investment Income to exceed the quarterly hurdle rate for the Incentive Fee on income payable to our Adviser at a lower average return on our portfolio.

***Potential conflicts of interest with other businesses of AGL could impact our investment returns.*** 

While Affiliated Funds will seek to manage potential conflicts of interest in good faith, the portfolio strategies employed by Affiliated Funds in managing the Other AGL Accounts could conflict with the transactions and strategies employed by the Adviser in managing us and may affect the prices and availability of investments. The Adviser and its affiliates may give advice and make investment recommendations to Other AGL Accounts that differ from advice given to, or investment recommendations made to, us, even though their investment objectives may be the same or similar to ours. Other AGL Accounts, whether now existing or created in the future, could compete with us for the purchase and sale of investments.

With respect to the allocation of investment opportunities among us and Other AGL Accounts, the ability of the Adviser to recommend such opportunities to us may be restricted by applicable laws or regulatory requirements (including without limitation under the 1940 Act) and the Adviser will allocate investment opportunities and realization opportunities between us and Other AGL Accounts in a manner that is consistent with the adopted written investment allocation policies and procedures established by the Adviser and its affiliates, which may be amended from time to time, designed to ensure allocations of opportunities are made over time on a fair and equitable basis. The outcome of any allocation determination by Affiliated Funds may result in the allocation of all or none of an investment opportunity to us. The Adviser and its affiliates' allocation of investment opportunities among us and Other AGL Accounts in the manner discussed above may not result in proportional allocations, and such allocations may be more or less advantageous to some relative to others.

In addition, a conflict of interest exists to the extent the Adviser, its affiliates, or any of their respective executives, portfolio managers or employees have proprietary or personal investments in other investment companies or accounts or when certain other investment companies or accounts are investment options in the Adviser's or its affiliates' employee benefit plans. In these circumstances, the

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Adviser has an incentive to favor these other investment companies or accounts over us. The Board will seek to monitor these conflicts but there can be no assurances that such monitoring will fully mitigate any such conflicts. Shareholders should note the matters discussed in "—Legal and Regulatory—Our ability to enter into transactions with our affiliates is restricted."

***Our Board may change our investment objective, operating policies and strategies without prior notice or shareholder approval.*** 

Our Board has the authority to modify or waive certain of our operating policies and strategies without prior notice (except as required by the 1940 Act or other applicable laws) and without shareholder approval. However, absent shareholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results and market price of our securities. Nevertheless, the effects may adversely affect our business and impact our ability to make distributions or make payments with respect to our indebtedness.

***Our Adviser can resign on 60 days' notice. We may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.*** 

Our Adviser has the right, under the Investment Advisory Agreement, to resign at any time upon 60 days' written notice, regardless of whether we have found a replacement. If our Adviser resigns, we may not be able to find a new external investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected, and the market price of our securities may decline.

***Our Adviser's responsibilities and its liability to us are limited under the Investment Advisory Agreement, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account.*** 

Our Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement, and it will not be responsible for any action of our Board in declining to follow our Adviser's advice or recommendations. Pursuant to the Investment Advisory Agreement, our Adviser and its Trustees, members, shareholders, partners, officers, employees or controlling persons will not be liable to us for its acts under the Investment Advisory Agreement, absent willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under the Investment Advisory Agreement. These protections may lead our Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. See — "The Adviser faces conflicts of interest caused by compensation arrangements with us, which could result in actions that are not in the best interests of our shareholders."

***We may experience fluctuations in our quarterly results.*** 

We could experience fluctuations in our quarterly operating results due to a number of factors, including interest rates payable on debt investments we make, default rates on such investments, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in certain markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods or the full fiscal year.

***We are subject to risks related to corporate social responsibility.*** 

Businesses, including ours, face public scrutiny related to corporate social responsibility activities, which could be considered to contribute to the long-term sustainability of a company's performance. A variety of organizations measure the performance of companies on corporate social responsibility topics, and the results of these assessments are widely publicized.

Our brand and reputation could be negatively impacted if we fail to act responsibly (or are perceived to have failed to act responsibly) in a number of areas, such as considering corporate social responsibility factors in our investment processes. Adverse incidents with respect to such activities could impact the value of our brand and our relationships with investors, private equity sponsors, or portfolio companies which could adversely affect our business and results of operations. At the same time, there are various approaches to responsible investing activities and divergent views on the consideration of corporate social responsibility topics. These differing views increase the risk that any action or lack thereof with respect to our Adviser's consideration of responsible investing will be perceived negatively. "Anti-ESG" sentiment has also gained momentum across the U.S., with several U.S. states having enacted or proposed "anti-ESG" policies, legislation or issued related legal opinions. If investors subject to such legislation view our practices as being in contradiction of such "anti-ESG" policies, legislation or legal opinions, such investors may not invest in us. Further, asset managers have been subject to recent scrutiny related to corporate social responsibility-focused industry working groups, initiatives and

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associations, including organizations advancing action to address climate change or climate-related risk. Such scrutiny could expose our Investment Adviser to the risk of antitrust investigations or challenges by federal authorities, result in reputational harm and discourage certain investors from investing in us. If our Investment Adviser does not successfully manage expectations across these varied interests, it could erode trust, impact our and their reputation and constrain our investment and fundraising opportunities.

Additionally, state-level, federal and international regulatory initiatives related to corporate responsibility could adversely affect our business. There is also a risk that a significant reorientation in the market following the implementation of these and further measures could be adverse to our portfolio companies if they are perceived to be less valuable as a consequence of, for example, their carbon footprint or "greenwashing" (i.e., the holding out of a product as having green or sustainable characteristics where this is not, in fact, the case). We are, and our portfolio companies could be, or could in the future become subject to the risk that similar measures might be introduced in other jurisdictions. Compliance with any new laws or regulations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability.

**Our Investments** 

***Our investments are very risky and highly speculative.*** 

The Company holds primarily directly originated, first lien senior secured, floating rate debt of companies located primarily in the United States and, to a lesser extent, in non-US jurisdictions. The Company may also invest to a lesser extent in second lien loans, unsecured, subordinated or PIK debt and equity and equity-like instruments. Our debt investments may be rated by an NRSRO, and, in such case, generally will carry a rating below investment grade (rated lower than "Baa3" by Moody's Investors Service, Inc. or lower than "BBB-" by Standard & Poor's Ratings Services). We may also invest in debt instruments that are not rated by an NRSRO, though we expect that our unrated debt investments will generally have credit quality consistent with below investment grade instruments. These securities, which may be referred to as "junk bonds," "high yield bonds" or "leveraged loans," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. These securities are subject to greater risk of loss of principal and interest than higher-rated and comparable non-rated securities. They are also generally considered to be subject to greater risk than securities with higher ratings or comparable non-rated securities in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with lower-rated and comparable non-rated securities, the yields and prices of such securities may be more volatile than those for higher-rated and comparable non-rated securities. The market for lower-rated and comparable non-rated securities is thinner, often less liquid and less active than that for higher-rated or comparable non-rated securities, which can adversely affect the prices at which these securities can be sold and may even make it impractical to sell such securities.

In addition, we may also originate "covenant-lite" loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as the Company) to accelerate indebtedness or negotiate terms and pricing. Accordingly, to the extent we invest in "covenant-lite" loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments compared to investments in or exposure to loans with financial maintenance covenants. Therefore, our investments may result in an above-average amount of risk and volatility or loss of principal. We also may invest in other assets, including U.S. government securities and structured securities. These investments entail additional risks that could adversely affect our investment returns.

*Secured Debt.* When we make a secured debt investment, we generally take a security interest in the available assets of the portfolio company, including the equity interests of any subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our debt investment may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien could be subordinated to claims of other creditors, such as trade creditors. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt investment. Consequently, the fact that our debt is secured does not guarantee that we will receive principal and interest payments according to the debt investment's terms, or at all, or that we will be able to collect on the loan, in full or at all, should we enforce our remedies.

*Unsecured Debt, including Mezzanine Debt.* If we make an investment in unsecured debt, including mezzanine debt investments, those investments will generally be subordinated to senior debt in the event of an insolvency. This may result in an above average amount of risk and loss of principal.

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*Unitranche Debt*. A unitranche loan blends each tranche of a debt financing into a single tranche combining senior and subordinated loan debt. A unitranche loan in the Company's investment portfolio will therefore be subject to the same risk factors as senior and subordinated loans set out elsewhere in this annual report. A unitranche loan may, in some cases, have a longer maturity than a senior secured loan and, because it combines senior and subordinated debt, it may be provided in a larger size, often by one or two counterparts as opposed to a club or syndicate. Its broader risk parameters and larger size often lead to more bespoke features, and in some cases the lender taking an observer seat on the borrower's board.

*Revolving Credit Facilities*. We may acquire or originate revolving credit facilities from time to time in connection with our investments in other assets, which may result in the Company holding unemployed funds, negatively impacting our returns.

*Equity Investments.* When we invest in secured debt or unsecured debt, including mezzanine debt, we may acquire equity securities from the company in which we make the investment. In addition, we may invest in the equity securities of portfolio companies independent of any debt investment. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we hold may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

***We have exposure to credit risk and other risks related to credit investments.*** 

Our investments will be subject to liquidity, market value, credit, interest rate and certain other risks. In addition, there can be no assurance that the Adviser will correctly evaluate the nature and magnitude of the various factors that could affect the value and return of our investments. These risks could be exacerbated to the extent that the portfolio is concentrated in one or more particular types of investments or industry sectors or regions.

Prices of our investments may be volatile and will generally fluctuate as a result of a variety of factors that are inherently difficult to predict, including changes in interest rates, prevailing credit spreads, general economic conditions, financial market conditions, domestic and international economic or political events, developments or trends in any particular industry, and the financial condition of the issuers or obligors of the investments. Investments which become non-performing or defaulted loans or securities may become subject to a workout negotiation or restructuring. This may entail a substantial reduction in the interest rate, a substantial write-down of principal, and a substantial change in the terms, conditions and covenants of these investments. To the extent that defaulted investments are sold, it is unlikely that the sale proceeds will be equal to the amount of unpaid principal and interest thereon. In addition, we may incur additional expenses to the extent we are required to seek recovery upon a default or to participate in the restructuring of a non-performing or defaulted investment. There can be no assurance as to the levels of defaults and / or recoveries that may be experienced on the investments.

Secured investments may also be subject to the risk that the security interests granted by the portfolio company obligors in the underlying collateral are not properly or fully perfected in favor of lenders (or their agent). Compounding these risks, the collateral securing the secured investments may be subject to casualty, impairment or devaluation risks.

Portfolio companies may also be permitted to issue additional indebtedness that would increase the overall leverage and fixed charges to which the portfolio companies are subject. Such additional indebtedness could have structural or contractual priority, either as to specific assets or generally, over the ranking of the investments held by us or could rank on a parity or seniority basis with respect to our investments. In the event of any default, restructuring or insolvency event of the portfolio company, the Company could be subordinated to, or be required to share on a ratable basis with, any recoveries in favor of the holders of such other or additional indebtedness. Our recoveries may be impaired as a result of the rights of holders of other indebtedness under any intercreditor agreement governing the relative rights of the indebtedness.

Our debt investments may also have no amortization and limited interim repayment requirements, which may increase the risk that a portfolio company will not be able to repay or refinance the debt investment when it comes due at its final stated maturity.

***Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.*** 

Certain of our portfolio companies may be impacted by inflation, such as current inflation related to global supply chain disruptions. Recent inflationary pressures have increased the cost of energy and raw materials and may adversely affect consumer spending, economic growth and our portfolio companies' operations. If our portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

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***We will be exposed to risks associated with changes in interest rates, including the current rising interest rate environment.*** 

Debt investments that we make may be based on floating rates, such as SOFR (as defined above), the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our securities and our rate of return on invested capital.

Because we intend to borrow money, and may issue preferred shares to finance investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds or pay distributions on preferred shares and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

A reduction in the interest rates on new investments relative to interest rates on current investments could also have an adverse impact on our net interest income. In a period of declining interest rates, we would expect certain obligations to be paid off by the obligor more quickly than originally anticipated, and we could have to invest the proceeds in investments with lower yields. In periods of falling interest rates, the rate of prepayments has historically tended to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, we would expect reinvestment of the prepayment proceeds by us to generally be at lower rates of return than the return on the investments that were prepaid.

Conversely, an increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans and high yield bonds, and also could increase our interest expense, thereby decreasing our net income. Also, an increase in interest rates available to investors could make an investment in our Common Shares less attractive if we are not able to increase our dividend rate, which could reduce the value of our Common Shares. Further, rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield.

The U.S. Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates in an effort to combat inflation. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from our performance to the extent we are exposed to such interest rates and/or volatility. In periods of rising interest rates, such as the current interest rate environment, to the extent we borrow money subject to a floating interest rate, our cost of funds would increase, which could reduce our net investment income. Further, rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield.

If general interest rates rise, there is a risk that the portfolio companies in which we make floating rate investments will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

A change in the general level of interest rates can be expected to lead to a change in the interest rates we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold in the Investment Advisory Agreement and may result in a substantial increase in the amount of incentive fees payable to our Adviser with respect to the portion of the Incentive Fee based on income, even though shareholders' returns have not increased at the same rate.

***Many of our portfolio investments do not have a readily available market price, and we will value these investments at fair value as determined in good faith in accordance with the 1940 Act, which valuation is inherently subjective and may not reflect what we may actually realize for the sale of the investment.*** 

The majority of our investments are expected to be in debt instruments that do not have readily ascertainable market prices. The fair value of assets that are not publicly traded or whose market prices are not readily available will be determined in good faith under procedures adopted by the Adviser, as the valuation designee. As the valuation designee, the Adviser is primarily responsible for the valuation of the Company's assets, subject to the oversight of the Board, in accordance with Rule 2a-5 under the 1940 Act. As the valuation designee, the Adviser utilizes the services of independent third-party valuation firms engaged by the Company in determining the fair value of a portion of the securities in our portfolio. Investment professionals from our Adviser will also recommend portfolio company valuations using sources and/or proprietary models depending on the availability of information on our assets and the type of asset being valued, all in accordance with our valuation policy. The participation of our Adviser in our valuation process could result in a conflict of interest because our Adviser is receiving a performance-based Incentive Fee.

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Because fair valuations, and particularly fair valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, it may be more difficult for investors to value accurately our investments and could lead to undervaluation or overvaluation of our Common Shares. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility.

Our NAV as of a particular date may be materially greater than or less than the value that would be realized if our assets were to be liquidated as of such date. For example, if we were required to sell a certain asset or all or a substantial portion of our assets on a particular date, the actual price that we would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in our NAV. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in our NAV.

***The lack of liquidity in our investments may adversely affect our business.*** 

Various restrictions will render our investments relatively illiquid, which may adversely affect our business. As we will generally make investments in private companies, substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than publicly traded securities. Our Adviser is not permitted to obtain or use material non-public information in effecting purchases and sales in public securities transactions for us, which could create an additional limitation on the liquidity of our investments. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. Therefore, if we are required to or desire to liquidate all or a portion of our portfolio quickly, we could realize significantly less than the value at which we have recorded our investments or could be unable to dispose of our investments in a timely manner or at such times as we deem advisable.

***Our portfolio may be focused initially in a limited number of portfolio companies, which will subject us to a risk of significant loss if any of these companies default on their obligations under any of their debt instruments or if there is a downturn in a particular industry.*** 

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer, excluding limitations on investments in certain other financial and investment companies. To the extent that we assume large positions in the securities of a small number of issuers or industries, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. In addition, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could significantly affect our aggregate returns. Further, any industry in which we are meaningfully concentrated at any given time could be subject to significant risks that could adversely impact our aggregate returns.

***We may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.*** 

We will not generally hold controlling equity positions in our portfolio companies. While we are obligated as a BDC to offer to make managerial assistance available to our portfolio companies, we can offer no assurance that management personnel of our portfolio companies will accept or rely on such assistance. To the extent that we do not hold a controlling equity interest in a portfolio company, we are subject to the risk that such portfolio company may make business decisions with which we disagree, and the shareholders and management of such portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity for the debt and equity investments that we may hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments.

In addition, we may not be in a position to control any portfolio company by investing in its debt securities. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors.

***We may be subject to risks arising from mezzanine debt investments.*** 

Mezzanine debt investments are typically junior in right of payment or by reason of being unsecured or secured on a junior lien basis to the obligations of the entity to senior or senior secured lenders. Mezzanine debt may also be issued by holding companies or by operating

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companies with subsidiaries that are not guarantors, in which case, such mezzanine debt would be effectively subordinated to all obligations of non-guarantor subsidiaries of any such operating company, including trade creditors and employees. Further, the enforceability or effectiveness of guarantees by subsidiaries of indebtedness of issuers of mezzanine debt may be limited by applicable laws. If a portfolio company defaults on our investment or debt senior to our investment, or in the event of a portfolio company bankruptcy, our mezzanine security may be satisfied only after the senior debt is paid in full. As a result, we may not recover some or all of our investment, which could result in losses.

Mezzanine debt generally will be subject to the prior repayment of different classes of senior debt that may be "layered" ahead of the debt held by us by reason of being senior in right of payment or secured or secured on a senior basis or issued by subsidiaries of the portfolio company that are not guarantors. In the event of financial difficulty on the part of a portfolio company, such class or classes of senior indebtedness ranking prior to the debt investment held by us, and interest thereon and related expenses, generally must first be repaid in full before any recovery may be had on our mezzanine debt investment. Mezzanine debt investments are characterized by greater credit risks than those associated with the most senior obligations of the same borrower, in particular where those senior obligations are secured. In addition, under certain circumstances the holders of the senior indebtedness will have the right to block the payment of interest and principal on our investment and to prevent us from pursuing remedies on account of such non-payment against the company. Further, in the event of any debt restructuring or workout of the indebtedness of any company, the holders of the senior indebtedness may often exert significant control over the outcome of the creditor side of such negotiations.

Mezzanine debt investments may also be in the form of PIK loans or bonds, where all or a portion of the interest is not paid in cash but is capitalized periodically. These investments typically experience greater volatility in market value due to changes in the interest rates than loans or bonds that provide for regular payments of interest.

***We may be subject to risks arising from investing in distressed debt and undervalued debt.*** 

We may invest in distressed debt and portfolios of distressed debt and in debt that the Adviser views as having an attractive risk-reward profile. Although these types of purchases may result in significant returns, they involve a high degree of risk and may not show any return for a considerable period of time, if ever. In addition, certain debt of the Company may become distressed after investment. If a portfolio company, expected to be stable, deteriorates and becomes involved in a reorganization or liquidation proceeding, we may lose our entire investment or may be required to accept cash or other assets with a value less than our original investment. In addition, distressed investments may require active participation by the Adviser and its representatives. This may expose us to greater litigation risks than may be present with other types of investing or may restrict our ability to dispose of our investment. We may also be required to hold such assets for a substantial period of time before realizing their anticipated value and / or to sell assets which were believed to be undervalued when acquired at a substantial loss if such assets are not in fact undervalued.

***We may be subject to risks associated with subordinated debt.*** 

We may acquire and/or originate junior lien or subordinated debt investments. If a borrower defaults on a junior lien or subordinated loan or on debt senior in right of payment or as to the proceeds of collateral to our debt investment, or in the event of the bankruptcy of a borrower, the debt investment will be satisfied only after, in the case of junior lien debt, the proceeds of collateral are applied to repay senior lien debt or, in the case of subordinated debt, the senior debt is repaid in full. Under the terms of typical intercreditor or subordination agreements, senior creditors may be able to block the exercise of remedies or the acceleration of the subordinated debt or the exercise by holders of junior lien or subordinated debt of other rights they may have as creditors or in respect of collateral. Accordingly, we may not be able to take the steps necessary or sufficient to protect our investments in a timely manner or at all. In addition, junior lien or subordinated debt may not always be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and may not be rated by a credit rating agency. If a borrower declares bankruptcy, we may not have full or any recourse to the assets of the borrower, or the assets of the borrower may not be sufficient to satisfy the loan. Further, the Adviser's ability to amend the terms of our loans, assign our loans, accept prepayments, exercise remedies and control decisions made in bankruptcy proceedings may be limited by intercreditor arrangements. In addition, the risks associated with junior lien or subordinated debt include a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions (including a sustained period of rising interest rates or an economic downturn) may adversely affect the borrower's ability to pay principal and interest on its debt. Many obligors on junior lien or subordinated loan securities are highly leveraged, and specific developments affecting such obligors, including reduced cash flow from operations or the inability to refinance debt at maturity, may also adversely affect such obligors' ability to meet debt service obligations. The level of risk associated with investments in subordinated debt increases if such investments are debt of distressed or below investment grade issuers. Default rates for junior lien or subordinated debt securities have historically been higher than has been the case for investment grade securities.

***We may be subject to risks associated with unsecured debt.*** 

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We may invest in unsecured indebtedness in portfolio companies where a significant portion of such companies' senior or junior lien indebtedness may be secured. In such situations, our ability to influence such portfolio company's affairs, especially during periods of financial distress or following an insolvency, is likely to be substantially less than that of senior or junior lien creditors.

***We may be subject to risks arising from revolving credit facilities.*** 

We may acquire or originate revolving credit facilities from time to time in connection with our investments in other assets, including term loans. A revolving credit facility is a line of credit in which the borrower pays the lender a commitment fee during a commitment period and is then allowed to draw from the line of credit from time to time until the end of such commitment period. The borrower of a revolving credit facility is typically permitted to draw thereunder for any reason, including to fund its operational requirements, to make acquisitions or to reserve cash, so long as certain customary conditions are met. Outstanding drawings under such revolving credit facilities can therefore fluctuate on a day-to-day basis, which may generate operational and other costs for us. If the borrower of a revolving credit facility draws down on the facility, we would be obligated to fund the amounts due.

There can be no assurance that a borrower of a revolving credit facility will fully draw down its available credit thereunder, and in many cases a borrower with sufficient liquidity may forego drawing down its available credit thereunder in favor of obtaining other liquidity sources. As a result, we are likely to hold unemployed funds, and investments in revolving credit facilities may therefore adversely affect our returns.

***We may be subject to risks arising from purchases of secondary debt.*** 

We may invest in secondary loans and secondary debt securities. We are unlikely to be able to negotiate the terms of secondary debt as part of its acquisition and, as a result, these investments likely will not include some of the covenants and protections we may generally seek. Even if such covenants and protections are included in the investments, the terms of the investments may provide portfolio companies substantial flexibility in determining compliance with such covenants. In addition, the terms on which secondary debt is traded may represent a combination of the general state of the market for such investments and either favorable or unfavorable assessments of particular investments by the sellers thereof.

***We may be subject to risks arising from assignments and participations.*** 

We may acquire investments directly (by way of assignment) or indirectly (by way of participation). As described in more detail below, holders of participation interests are subject to additional risks not applicable to a holder of a direct interest in a debt obligation.

The purchaser of an assignment of a debt obligation typically succeeds to all the rights and obligations of the selling institution and becomes a party to the applicable documentation relating to the debt obligation. In contrast, participations acquired by the Company in a portion of a debt obligation held by a seller typically result in a contractual relationship only with such seller, not with the obligor. We would have the right to receive payments of principal, interest and any fees to which it is entitled under the participation only from the seller and only upon receipt by the seller of such payments from the obligor. In purchasing a participation, we generally will have neither the right to enforce compliance by the obligor with the terms of the documentation relating to the debt obligation nor any rights of set-off against the obligor, and we may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, we will assume the credit risk of both the obligor and the seller, which will remain the legal owner of record of the applicable debt obligation. In the event of the insolvency of the seller, we may be treated as a general creditor of the seller in respect of the participation, may not benefit from any set-off exercised by the seller against the obligor and may be subject to any set-off exercised by the obligor against the seller. In addition, we may purchase a participation from a seller that does not itself retain any portion of the applicable debt obligation and, therefore, may have limited interest in monitoring the terms of the documentation relating to such debt obligation and the continuing creditworthiness of the borrower.

In addition, when we hold a participation in a debt obligation, we may not have the right to vote to waive enforcement of any default by an obligor. Sellers commonly reserve the right to administer the debt obligations sold by them as they see fit and to amend the documentation relating to such debt obligations in all respects. A seller may have interests different from ours, and the seller might not consider our interests when taking actions with respect to the debt obligation underlying the participation. In addition, some participation agreements that provide voting rights to the participant further provide that if the participant does not vote in favor of amendments, modifications or waivers to the documentation relating to the debt obligation, the seller may repurchase such participation at par. Assignments and participations are typically sold strictly without recourse to the seller thereof, and the seller will generally make no representations or warranties about the underlying debt obligation, the borrowers, the documentation relating to the debt obligations or any collateral securing the debt obligations.

***We may be exposed to risks associated with convertible securities.*** 

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We may invest in convertible securities. Convertible securities include bonds, debentures, notes, preferred stock or other securities that may be converted into or exchanged for a specified amount of equity securities of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles its holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities; (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics; and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases.

The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security's investment value. The conversion value of a convertible security is determined by the market price of the underlying equity securities. To the extent the value of the underlying equity securities approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying equity securities while holding a fixed-income security. Generally, the amount of the premium decreases as the convertible security approaches maturity. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security is called for redemption, we will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on our ability to achieve our investment objective.

***The effect of global climate change may impact the operations of our portfolio companies.*** 

There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies' financial condition through, for example, decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

***We may have difficulty sourcing investment opportunities.*** 

We cannot assure investors that we will be able to identify a sufficient number of suitable investment opportunities to allow us to deploy the capital available to us. Privately negotiated investments in loans and illiquid securities of private companies require substantial due diligence and structuring, and we cannot assure investors that we will achieve our anticipated investment pace. Our Adviser will select our investments, and our shareholders will have no input with respect to such investment decisions. These factors increase the uncertainty, and thus the risk, of investing in our Common Shares. To the extent we are unable to deploy all investments, our investment income and, in turn, our results of operations, will likely be materially adversely affected.

***Our failure or inability to make follow-on investments in our portfolio companies could impair the value of our portfolio.*** 

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as "follow-on" investments, in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase or maintain in whole or in part our equity ownership percentage or debt participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attempt to preserve or enhance the value of our investment.

We may elect not to, or be unable to, make follow-on investments or may lack sufficient funds to make those investments.

We will have the discretion to make any follow-on investments, subject to the availability of capital resources and applicable law. The failure to make, or inability to make, follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities or because we are inhibited by compliance

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with BDC requirements, including the conditions of the exemptive relief, compliance with covenants contained in the agreements governing our indebtedness or compliance with the requirements for maintenance of our RIC status.

***Our portfolio companies may prepay loans, which may reduce stated yields in the future if the capital returned cannot be invested in transactions with equal or greater expected yields.*** 

Certain of the loans we make will be prepayable at any time, with some at no premium to par. We cannot predict when such loans may be prepaid. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and, if applicable, the existence of favorable financing market conditions that permit such company to replace existing financing with less expensive capital. In periods of rising interest rates, the risk of prepayment of floating rate loans may increase if other financing sources are available. As market conditions change frequently, it is unknown when, and if, this may be possible for each portfolio company. In the case of some of these loans, having the loan prepaid early may reduce the achievable yield for us in the future below the current yield disclosed for our portfolio if the capital returned cannot be invested in transactions with equal or greater expected yields.

***Investments in common and preferred equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.*** 

Although common stock has historically generated higher average total returns than fixed income securities over the long term, common stock also has experienced significantly more volatility in those returns. Our equity investments may fail to appreciate and may decline in value or become worthless, and our ability to recover our investment will depend on our portfolio company's success. Investments in equity securities involve a number of significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any equity investment we may make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness (including trade creditors) or senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in some cases, equity securities in which we may invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of the portfolio company.

Even if the portfolio company is successful, our ability to realize the value of our investment may depend on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can otherwise sell our investment. In addition, the equity securities we may receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell them.

There are special risks associated with investing in preferred securities, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes before we receive such distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred securities are subordinated to debt in terms of priority to income and liquidation payments, and therefore will be subject to greater credit risk than debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred securities may be substantially less liquid than many other securities, such as common stock or U.S. government securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally, preferred security holders have no voting rights with respect to the issuing company, subject to limited exceptions.

Additionally, if we invest in debt securities, we may acquire warrants or other equity securities as well. Our goal would ultimately be to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

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We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the 1940 Act. To the extent we so invest, we will bear our ratable share of any such company's expenses, including management and performance fees. We will also remain obligated to pay the Base Management Fee and Incentive Fee to our Adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our shareholders will bear its share of the Base Management Fee and Incentive Fee due to our Adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers.

***In the event that we originate loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.*** 

As part of our lending activities, we may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to us, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. There is no assurance that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.

***We may be subject to risks related to guarantees of certain investments.*** 

Guarantees by subsidiaries or other affiliates of portfolio companies that are the issuers of debt investments may be subject to fraudulent conveyance or similar avoidance claims made by other creditors of such subsidiaries or other affiliates resulting in such creditors taking priority over our claims under such guarantees. Under U.S. federal or state fraudulent transfer law, a court may void or otherwise decline to enforce such guarantees, and as a result we would no longer have any claim against the applicable guarantor. Sufficient funds to repay the investments may not be otherwise available to the applicable portfolio company that are the issuers thereof. In addition, the court might direct us to repay back to the portfolio company amounts that we already received from the borrower or a guarantor.

The repayment of our investments may depend on cash flow from subsidiaries of portfolio companies that are not themselves guarantors of the parent company's obligations or that can be released as guarantors of the parent company's obligations.

***We are subject to risks related to fraud or misrepresentation in the investment process.***

Any investment in an issuer carries the risk that such issuer will make a material misrepresentation or omission in connection thereof. Such inaccuracy or incompleteness could adversely affect, among other things, the valuation of the collateral securing the underlying loans or other debt obligations, our ability to perfect or effectuate a lien on such collateral or the financial condition or the business prospects of the issuer. We, as well as our subsidiaries through which we may obtain indirect leveraged exposure to the issuers of the underlying loans, will rely, to the extent reasonable, upon the accuracy and completeness of the representations made by such issuers. However, there can be no assurance that such representations are accurate or complete.

***We may be exposed to special risks associated with bankruptcy cases.*** 

One or more of our portfolio companies may be involved in bankruptcy, other reorganization or liquidation proceedings. Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. While creditors generally are afforded an opportunity to object to significant actions, we can offer no assurance that a bankruptcy court would not approve actions that may be contrary to our interests. Furthermore, there are instances where creditors can lose their ranking and priority if they are considered to have taken over management of a borrower.

To the extent that portfolio companies in which we invest through a unitranche facility are involved in bankruptcy proceedings, the outcome of such proceedings may be uncertain. For example, it is unclear whether a bankruptcy court would enforce an agreement among lenders which sets the priority of payments among unitranche lenders. In such a case, the "first out" lenders in the unitranche facility may not receive the same degree of protection as they would if the agreement among lenders was enforced.

Where debt senior to our loan exists, the existence of intercreditor arrangements may limit our ability to amend our underlying loan documents, assign our loans to affiliates of the portfolio company, accept prepayments, exercise our remedies (through "standstill" periods) and control decisions made in bankruptcy proceedings relating to the portfolio company.

The reorganization of a company can involve substantial legal, professional and administrative costs to a lender and the borrower; it is subject to unpredictable and lengthy delays; and during the process a company's competitive position may erode, key management may

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depart and a company may not be able to invest its capital adequately. In some cases, the debtor company may not be able to reorganize and may be required to liquidate assets. The debt of companies in financial reorganization will, in most cases, not pay current interest, may not accrue interest during reorganization and may be adversely affected by an erosion of the issuer's fundamental value.

In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower's business or exercise control over the borrower. For example, we could become subject to a lender liability claim (alleging that we misused our influence on the borrower for the benefit of its lenders), if, among other things, the borrower requests significant managerial assistance from us and we provide that assistance. To the extent we and an affiliate both hold investments in the same portfolio company that are of a different character, we may also face restrictions on our ability to become actively involved in the event that that portfolio company becomes distressed as a result of the restrictions imposed on transactions involving affiliates under the 1940 Act. In such cases, we may be unable to exercise rights we may otherwise have to protect our interests as security holders in such portfolio company.

***We may be subject to risks related to exit financings.*** 

We may invest in portfolio companies that are in the process of exiting, or that have recently exited, the bankruptcy process. Post-reorganization securities typically entail a higher degree of risk than investments in securities that have not undergone a reorganization or restructuring. Moreover, post-reorganization securities can be subject to heavy selling or downward pricing pressure after the completion of a bankruptcy reorganization or restructuring. If the Adviser's evaluation of the anticipated outcome of an investment situation should prove incorrect, we could incur substantial losses.

***Declines in market prices and liquidity in the corporate debt markets can result in significant net unrealized depreciation of our portfolio, which in turn would affect our results of operations.*** 

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith under procedures adopted by AGL, as valuation designee. We may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow (taking into consideration current market interest rates and credit spreads), the markets in which the portfolio company does business, a comparison of the portfolio company's securities to similar publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). As a result, volatility in the capital markets can also adversely affect our investment valuations. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. The effect of all of these factors on our portfolio can reduce our NAV by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer unrealized losses, which could have a material adverse impact on our business, financial condition and results of operations.

***Economic recessions or downturns could impair our portfolio companies and harm our operating results.*** 

Our portfolio companies may be susceptible to economic downturns or recessions and may be unable to repay our loans during these periods. Therefore, during these periods our non-performing assets may increase, and the value of our portfolio may decrease, if we are required to write down the values of our investments. Adverse economic conditions may also decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on the portfolio company's assets representing collateral for its obligations. This could trigger cross defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations under the debt that we hold and the value of any equity securities we own. In addition, we may also originate "covenant-lite" loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as the Company) to accelerate indebtedness or negotiate terms and pricing. Accordingly, to the extent we invest in "covenant-lite" loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments compared to investments in or exposure to loans with

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financial maintenance covenants. Therefore, our investments may result in an above-average amount of risk and volatility or loss of principal.

***Our portfolio companies may have incurred or issued, or may in the future incur or issue, debt or equity securities that rank equally with, or senior to, our investments in such companies, which could have an adverse effect on us in any liquidation of the portfolio company.*** 

Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities that rank equally with, or senior to, our investments. By their terms, such instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically are entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

Additionally, certain loans that we make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt, which will be secured on a first priority basis. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. We can offer no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens. If such proceeds are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company's remaining assets, if any.

The rights we may have with respect to the collateral securing any junior priority loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that senior obligations are outstanding, we may forfeit certain rights with respect to the collateral to the holders of the senior obligations. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of such enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights as junior lenders are adversely affected. In addition, a bankruptcy court may choose not to enforce an intercreditor agreement or other arrangement with creditors. Similar risks to the foregoing may apply where we hold the last-out piece of a unitranche loan.

We may also make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on such portfolio companies' collateral, if any, will secure the portfolio company's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. We can offer no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the portfolio company's remaining assets, if any.

***Our portfolio companies may be highly leveraged.*** 

Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies' ability to finance their future operations and capital needs. As a result, these companies' flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

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***Our investments in non-U.S. companies may involve significant risks in addition to the risks inherent in U.S. investments.*** 

Our investment strategy contemplates potential investments in securities of non-U.S. companies to the extent permissible under the 1940 Act. Investing in non-U.S. companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of non-U.S. taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. These risks are likely to be more pronounced for investments in companies located in emerging markets.

Although we expect that most of our investments will be denominated in U.S. dollars, our investments that are denominated in a non-U.S. dollars currency will be subject to the risk that the value of a particular currency will change in relation to the U.S. dollars. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us.

***We may expose ourselves to risks if we engage in hedging transactions.*** 

Subject to applicable provisions of the 1940 Act and regulations thereunder and applicable CFTC regulations, we may enter into hedging transactions in a manner consistent with SEC guidance, which may expose us to risks associated with such transactions. Such hedging may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Use of these hedging instruments may include counter-party credit risk.

Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

The success of any hedging transactions we may enter into will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. See also — "Our Investments—We will be exposed to risks associated with changes in interest rates, including the current rising interest rate environment."

***We may form one or more CLOs, which may subject us to certain structured financing risks.*** 

To the extent permissible under risk retention rules adopted pursuant to Section 941 of the Dodd-Frank Act and applicable provisions of the 1940 Act, to finance investments, we may securitize certain of our investments, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers. Any interest in any such CLO held by us may be considered a "non-qualifying asset" for purposes of Section 55 of the 1940 Act.

If we create a CLO, we will depend on distributions from the CLO's assets out of its earnings and cash flows to enable us to make distributions to our shareholders. The ability of a CLO to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. For example, tests (based on interest coverage or other financial ratios or other criteria) may restrict our ability, as holder of a CLO's equity interests, to receive cash flow from these investments. There is no assurance that any such performance tests will be satisfied. Also, a CLO may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the CLO's debt. As a result, there may be a lag, which could be significant, between

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the repayment or other realization on a loan or other assets in, and the distribution of cash out of, a CLO, or cash flow may be completely restricted for the life of the CLO. If we do not receive cash flow from any such CLO that is necessary to satisfy the Annual Distribution Requirement for maintaining our RIC status, and we are unable to obtain cash from other sources necessary to satisfy this requirement, we could fail to maintain our qualification as a RIC, which would have a material adverse effect on our financial performance.

In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a CLO to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to our shareholders.

To the extent that any losses are incurred by the CLO in respect of any collateral, such losses will be borne first by us as owner of equity interests. Finally, any equity interests that we retain in a CLO will not be secured by the assets of the CLO and we will rank behind all creditors of the CLO.

***We may initially invest a significant portion of the net proceeds from the offering of Common Shares in short-term investments, which will generate lower rates of return than those expected from the interest generated on our intended investment program.*** 

We may initially invest a portion of the net proceeds from the offering of Common Shares in cash, cash equivalents, U.S. government securities and other short-term investments. These securities may earn yields substantially lower than the income that we anticipate receiving once we are fully invested in accordance with our investment objective. As a result, we may not be able to achieve our investment objective and/or pay any dividends during this period or, if we are able to do so, such dividends may be substantially lower than the dividends that we expect to pay when our portfolio is fully invested in accordance with our investment objectives. If we do not realize yields in excess of our expenses, we may incur operating losses.

**Our Securities** 

***We face risks associated with the calling of our Capital Commitments.*** 

In light of the nature of our receipt of Capital Commitments in relation to our investment strategy and the need to be able to deploy potentially large amounts of capital quickly to capitalize on potential investment opportunities, if we have difficulty identifying investments on attractive terms, there could be a delay between the time we receive Capital Commitments in the Offering and the time we draw on the Capital Commitments. Our proportion of privately negotiated investments may be lower than expected. We may also from time to time hold cash pending deployment into investments or have less than our targeted leverage, which cash or shortfall in target leverage may at times be significant, which would delay us from further drawing upon our Capital Commitments. In the event we are unable to find suitable investments such undrawn Capital Commitments may be undrawn for a significant period of time. This could cause a substantial delay in the time it takes for your investment to realize its full potential return and could adversely affect our ability to pay regular distributions of cash flow from operations to you.

***Investing in our securities involves an above average degree of risk.*** 

The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive. Therefore, an investment in our securities may not be suitable for an investor with a lower risk tolerance.

***Investors purchasing Common Shares after the Initial Closing could receive fewer Common Shares than anticipated.***

The purchase price per share of our Common Shares in any closing after the Initial Closing is expected to be determined to ensure that such price is equal to our then-current NAV per share. As a result, in the event of an increase in our NAV per share, the purchase price for Common Shares purchased in any closing after the Initial Closing may be higher than the prior NAV per share, and therefore an investor may receive a smaller number of Common Shares than if it had purchased Common Shares in a prior closing.

***Our Common Shares will be subject to significant transfer restrictions, and an investment in our Common Shares generally will be illiquid.***

Our Common Shares are subject to the restrictions on transfer as described in the offering memorandum, in the Subscription Agreement and as set forth in our Declaration of Trust. Purchasers of our Common Shares will be prohibited from selling or otherwise transferring their Common Shares without our approval and compliance with federal, state and other securities laws. For further details about circumstances pursuant to which we will give our approval to such a transfer, eligible offerees and resale restrictions, see "Transferability of Shares." An investment in our Common Shares is of further limited liquidity since our Common Shares are not freely transferable under federal, state and other securities laws. Each investor in our Common Shares must be prepared to bear the economic risk of an

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investment in our Common Shares for an indefinite period. We have no obligation or intent to conduct a liquidity event, including an IPO and listing of our Common Shares on a national securities exchange, at any time.

Our Common Shares have not been registered under the 1933 Act and, therefore, under federal and state securities laws, cannot be sold unless such Common Shares are subsequently registered under the 1933 Act, state securities laws or an exemption from such registration is available. See —"Transferability of Shares." Our Common Shares are illiquid assets for which there is not a secondary market and there is no guarantee that a secondary market will develop in the future. An investment in our Common Shares is therefore suitable only for certain sophisticated investors that can bear the risks associated with the illiquidity of their Common Shares.

Liquidity for our Common Shares will be limited to participation in our Share Repurchase Program, which we have no obligation to maintain. While we intend to begin the Share Repurchase Program following the fourth anniversary of the Initial Closing, we may begin the Share Repurchase Program prior to that date or subsequent to it. When we make quarterly repurchase offers pursuant to the Share Repurchase Program, we will offer to repurchase Common Shares at a price that is estimated to be equal to our NAV per share on the last calendar day of such quarter, which may be lower than the price that you paid for our Common Shares. As a result, to the extent a purchaser of our Common Shares paid a price that includes the related sales load and to the extent such purchaser has the ability to sell its Common Shares pursuant to our Share Repurchase Program, the price at which such purchaser may sell Common Shares may be lower than the amount it paid in connection with the purchase of Common Shares in this offering.

In the event a Reinvestment Pause Period commences, the Company may terminate such period by conducting a single repurchase offer satisfying the lesser of: (i) 100% of share repurchase requests and (ii) share repurchase requests amounting to 5% of our Common Shares outstanding.

Further, the Adviser, through an affiliate, may determine to make an initial investment of capital in us. As a result, the Adviser may initially own a substantial amount of our outstanding Common Shares. The Adviser may periodically elect to tender any or all of its Common Shares for repurchase under our Share Repurchase Program. Any such share repurchase by the Adviser could have a negative impact on us, including on our liquidity, and could reduce the opportunity for other shareholders to tender the full amount of their Common Shares for repurchase in a given quarter.

***The NAV of our Common Shares may fluctuate significantly.*** 

The NAV and liquidity, if any, of the market for our Common Shares may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include but are not limited to :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loss of RIC or BDC status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the value of our portfolio of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in accounting guidelines governing valuation of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any shortfall in revenue or net income or any increase in losses from levels expected by investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•departure of either of our Adviser or certain of its respective key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loss of a major funding source.

***Our shareholders may experience dilution in their ownership percentage.*** 

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our DRIP will have their cash distributions automatically reinvested in additional Common Shares as described below, rather than receiving the cash dividend or other distribution. Shareholders that opt out of our DRIP may experience dilution in their ownership percentage of our Common Shares over time. *See* — "Distribution Reinvestment Plan."

We intend to offer our Common Shares in multiple private placements over an extended period of time, and holders of our Common Shares will not have preemptive rights to purchase any shares we issue in the future. As a result, to the extent we issue additional

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Common Shares after your purchase in this offering, your percentage ownership interest in us may be diluted. In addition, depending upon our NAV per share at the time of any closings subsequent to your purchase, you may also experience dilution in the book value and fair value of your Common Shares.

***Our shareholders that do not opt out of our DRIP should generally expect to have current tax liabilities without receiving cash to pay such liabilities.*** 

Under our distribution reinvestment plan, if we declare a cash dividend, our shareholders who have not elected to "opt out" will have their cash dividends automatically reinvested (net of applicable withholding tax) in additional Common Shares, rather than receiving the cash distributions. Shareholders who receive distributions in the form of Common Shares generally are subject to the same U.S. federal, state and local tax consequences as shareholders who elect to receive their distributions in cash. However, since their distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes on such reinvested distributions. As a result, shareholders that have not opted out of our DRIP may have to use funds from other sources to pay any tax liabilities imposed upon them based on the value of the Common Shares received. *See* — "Distribution Reinvestment Plan."

***We may in the future determine to issue preferred shares, which could adversely affect the value of our Common Shares.*** 

The issuance of preferred shares with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred shares could adversely affect our Common Shares by making an investment in the Common Shares less attractive. In addition, the dividends on any preferred shares we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred shares must take preference over any distributions or other payments to our shareholders, and holders of preferred shares are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred shares that converts into Common Shares). In addition, under the 1940 Act, participating preferred shares and preferred shares constitutes a "senior security" for purposes of the 150% asset coverage test. See — "Regulations governing our operations as a BDC affect our ability to, and the way in which we, raise additional capital. These constraints may hinder our Adviser's ability to take advantage of attractive investment opportunities and to achieve our investment objective."

***An investor may be subject to filing requirements under the Exchange Act as a result of its investment in us.*** 

Ownership information for any person or group that beneficially owns more than 5% of the Common Shares will have to be disclosed in a Schedule 13G or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. Although we will provide in our quarterly statements the amount of outstanding Common Shares, the responsibility for determining the filing obligation and preparing the filing remains with the investor. In addition, beneficial owners of 10% or more of our Common Shares are subject to reporting obligations under Section 16(a) of the Exchange Act.

***We may not be able to pay distributions to holders of our Common Shares or preferred shares; our distributions to holders of our Common Shares or preferred shares may not grow over time; and a portion of our distributions to holders of our Common Shares or preferred shares may be a return of capital for U.S. federal income tax purposes.*** 

We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we are unable to satisfy the asset coverage test applicable to us as a BDC, our ability to pay distributions to our shareholders will be limited. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our RIC status, compliance with applicable BDC regulations, compliance with covenants under our debt financing agreements, if any, and such other factors as our Board may deem relevant from time to time.

The distributions we pay to our shareholders in a year may exceed our net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes that would reduce a shareholder's adjusted tax basis in its Common Shares or preferred shares and correspondingly increase such shareholder's gain, or reduce such shareholder's loss, on disposition of their shares. Distributions in excess of a shareholder's adjusted tax basis in its Common Shares or preferred shares will generally constitute capital gains to such shareholder.

Shareholders who periodically receive the payment of a distribution from a RIC consisting of a return of capital for U.S. federal income tax purposes may be under the impression that they are receiving a distribution of the RIC's net ordinary income or capital gains when they are not. Accordingly, shareholders should read carefully any written disclosure accompanying a distribution from us and the information about the specific tax characteristics of our distributions provided to shareholders after the end of each calendar year and should not assume that the source of any distribution is our net ordinary income or capital gains.

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***The tax treatment of a non-U.S. shareholder in its jurisdiction of tax residence will depend entirely on the laws of such jurisdiction and may vary considerably from jurisdiction to jurisdiction.*** 

Depending on (i) the laws of such non-U.S. shareholder's jurisdiction of tax residence, (ii) how we, the investments and/or any other investment vehicles through which we directly or indirectly invest are treated in such jurisdiction, and (iii) the activities of any such entities, an investment in us could result in such non-U.S. shareholder recognizing adverse tax consequences in its jurisdiction of tax residence, including (a) with respect to any generally required or additional tax filings and/or additional disclosure required in such filings in relation to the treatment for tax purposes in the relevant jurisdiction of an interest in us, the investments and/or any other investment vehicles through which we directly or indirectly invest and/or of distributions from such entities and any uncertainties arising in that respect (our not being established under the laws of the relevant jurisdiction), (b) the possibility of taxable income significantly in excess of cash distributed to a non-U.S. shareholder, and possibly in excess of our actual economic income, (c) the possibilities of losing deductions or the ability to utilize tax basis and of sums invested being returned in the form of taxable income or gains, and (d) the possibility of being subject to tax at unfavorable tax rates. A non-U.S. shareholder may also be subject to restrictions on the use of its share of our deductions and losses in its jurisdiction of tax residence. Each prospective investor is urged to consult its own tax advisors with respect to the tax and tax filing consequences, if any, in its jurisdiction of tax residence of an investment in us, as well as any other jurisdiction in which such prospective investor is subject to taxation.

***We may have difficulty paying our required distributions if we recognize taxable income before or without receiving cash representing such income.*** 

For U.S. federal income tax purposes, we will include in our taxable income certain amounts that we have not yet received in cash, such as OID, which may occur if we receive warrants in connection with the origination of a loan or possibly in other circumstances or contracted PIK interest, which generally represents contractual interest added to the loan balance and due at the end of the loan term. Such OID, which could be significant relative to our overall investment assets, and increases in loan balances as a result of PIK interest will be included in our taxable income before we receive any corresponding cash payments. We also may be required to include in our taxable income other amounts that we have not yet received or will not receive in cash, such as accruals on a contingent payment debt instrument, accruals of interest income and/or OID on defaulted debt, or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Moreover, we generally will be required to take certain amounts in income no later than the time such amounts are reflected on our consolidated financial statements. The credit risk associated with the collectability of deferred payments may be increased as and when a portfolio company increases the amount of interest on which it is deferring cash payment through deferred interest features. Our investments with a deferred interest feature may represent a higher credit risk than loans for which interest must be paid in full in cash on a regular basis. For example, even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is scheduled to occur upon maturity of the obligation.

Because in certain cases we may recognize taxable income before or without receiving cash representing such income, we may have difficulty making distributions to our shareholders that will be sufficient to enable us to meet the Annual Distribution Requirement necessary for us to maintain our qualification as a RIC. Accordingly, we may need to sell some of our assets at times and/or at prices that we would not consider advantageous, we may need to raise additional equity or debt capital, or we may need to forego new investment opportunities or otherwise take actions that are disadvantageous to our business (or be unable to take actions that are advantageous to our business) to enable us to make distributions to our shareholders that will be sufficient to enable us to meet the Annual Distribution Requirement. If we are unable to obtain cash in the amount required for us to make, or if we are restricted from making, sufficient distributions to our shareholders to meet the Annual Distribution Requirement, we may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes).

***Our shareholders may receive Common Shares or preferred shares as distributions, which could result in adverse tax consequences to them.*** 

In order to satisfy the Annual Distribution Requirement applicable to RICs, we will have the ability to declare a large portion of a distribution in our Common Shares or preferred shares instead of in cash. We are not subject to restrictions on the circumstances in which we may declare a portion of a distribution in our Common Shares but would generally anticipate doing so only in unusual situations, such as, for example, if we do not have sufficient cash to meet our RIC distribution requirements under the Code. Generally, were we to declare such a distribution, we would allow shareholders to elect payment in cash and/or our Common Shares of equivalent value. Under published IRS guidance, the entire distribution by a publicly offered RIC will generally be treated as a taxable distribution for U.S. federal income tax purposes, and count towards our RIC distribution requirements under the Code, if certain conditions are satisfied. Among other things, the aggregate amount of cash available to be distributed to all shareholders is required to be at least 20% of the aggregate declared distribution. If too many shareholders elect to receive cash, the cash available for distribution is required to be allocated among the shareholders electing to receive cash (with the balance of the distribution paid in beneficial interests) under a formula provided in the applicable IRS guidance. The number of our Common Shares distributed would thus depend on the applicable

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percentage limitation on cash available for distribution, the shareholders' individual elections to receive cash or beneficial interests, and the value of the our Common Shares. Each shareholder generally would be treated as having received a taxable distribution (including for purposes of the withholding tax rules applicable to a Non-U.S. shareholder) on the date the distribution is received in an amount equal to the cash that such shareholder would have received if the entire distribution had been paid in cash, even if the shareholder received all or most of the distribution in our Common Shares or preferred shares. We currently do not intend to pay distributions in our Common Shares or preferred shares, but we can offer no assurance that we will not do so in the future.

***If we are not treated as a "publicly offered regulated investment company," as defined in the Code, U.S. shareholders that are individuals, trusts or estates will be taxed as though they received a distribution of some of our expenses.*** 

We will be treated as a "publicly offered regulated investment company" (within the meaning of Section 67 of the Code) if either (i) our Common Shares and our preferred shares collectively are held by at least 500 persons at all times during a taxable year, (ii) our Common Shares are treated as regularly traded on an established securities market or (iii) our Common Shares are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act). We cannot assure you that we will be treated as a publicly offered regulated investment company. If we are not treated as a publicly offered regulated investment company for the applicable calendar year, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. shareholder's allocable share of the management and incentive fees paid to our Adviser and certain of our other expenses for such calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. Miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate.

***Non-U.S. shareholders may be subject to withholding of U.S. federal income tax on distributions we pay.*** 

Distributions of our "investment company taxable income" to a non-U.S. shareholder that are not effectively connected with the non-U.S. shareholder's conduct of a trade or business within the United States will generally be subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable income tax treaty) to the extent paid out of our current or accumulated earnings and profits.

Certain properly reported distributions are generally exempt from withholding of U.S. federal income tax where they are paid in respect of our (i) "qualified net interest income" (generally, our U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which we or the non-U.S. shareholder are at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) "qualified short-term capital gains" (generally, the excess of our net short-term capital gain over our net long-term capital loss for such taxable year), and certain other requirements are satisfied.

**NO ASSURANCE CAN BE GIVEN AS TO WHETHER ANY OF OUR DISTRIBUTIONS WILL BE ELIGIBLE FOR THIS EXEMPTION FROM WITHHOLDING OF U.S. FEDERAL INCOME TAX. IN PARTICULAR, THIS EXEMPTION WILL NOT APPLY TO OUR DISTRIBUTIONS PAID IN RESPECT OF OUR NON-U.S. SOURCE INTEREST INCOME OR OUR DIVIDEND INCOME (OR ANY OTHER TYPE OF INCOME OTHER THAN GENERALLY OUR NON-CONTINGENT U.S. SOURCE INTEREST INCOME RECEIVED FROM UNRELATED OBLIGORS AND OUR QUALIFIED SHORT-TERM CAPITAL GAINS). IN THE CASE OF OUR COMMON SHARES OR PREFERRED SHARES HELD THROUGH AN INTERMEDIARY, THE INTERMEDIARY MAY WITHHOLD U.S. FEDERAL INCOME TAX EVEN IF WE REPORT THE PAYMENT AS QUALIFIED NET INTEREST INCOME OR QUALIFIED SHORT-TERM CAPITAL GAIN.** 

***The Board has the discretion to not repurchase Common Shares, to suspend the Share Repurchase Program, and to cease repurchases.***

Our Board may amend, suspend or terminate the Share Repurchase Program at any time in its discretion. You may not be able to sell your Common Shares at all in the event our Board amends, suspends or terminates the Share Repurchase Program, absent a liquidity event, and we currently do not intend to undertake a liquidity event, and we are not obligated to effect a liquidity event at any time. We will notify you of such developments in our quarterly reports or other filings. If less than the full amount of Common Shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Common Shares being repurchased without regard to class. The Share Repurchase Program has many limitations and should not be relied upon as a method to sell Common Shares promptly or at a desired price. In the event that we fail to purchase the lesser of: (i) 100% of share repurchase requests and (ii) share repurchase requests amounting to 5% of our Common Shares outstanding, pursuant to the Share Repurchase Program for any eight consecutive quarters after the fourth anniversary of the Initial Closing we will not reinvest loan repayment proceeds and we will cause excess capital in the Company to be returned to shareholders quarterly on a pro rata basis. Such Reinvestment Pause Period will continue until we have satisfied the lesser of: (i) 100% of share repurchase requests and (ii) share repurchase requests amounting to 5% of our Common Shares outstanding, in a subsequent quarter, after which the Company will return to reinvesting loan repayment proceeds and the retention of excess capital. For more information regarding our Share Repurchase Program see — "Share Repurchase Program."

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***The timing of repurchases may be disadvantageous.***

In the event a shareholder chooses to participate in our Share Repurchase Program, the shareholder will be required to provide us with notice of intent to participate prior to knowing what the NAV per share of the class of shares being repurchased will be on the repurchase date. Although a shareholder will have the ability to withdraw a repurchase request prior to the repurchase date, to the extent a shareholder seeks to sell Common Shares to us as part of our periodic Share Repurchase Program, the shareholder will be required to do so without knowledge of what the repurchase price of our Common Shares will be on the repurchase date.

***To the extent OID and PIK interest constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income.*** 

Our investments may include OID instruments and PIK interest arrangements, which represents contractual interest added to a loan balance and due at the end of such loan's term. To the extent OID or PIK interest constitute a portion of our income, we are exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The higher interest rates of OID and PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and OID and PIK instruments generally represent a significantly higher credit risk than coupon loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•OID and PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID and PIK income may also create uncertainty about the source of our cash distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For accounting purposes, any cash distributions to shareholders representing OID and PIK income are not treated as coming from paid-in capital, even if the cash to pay them comes from offering proceeds. As a result, despite the fact that a distribution representing OID and PIK income could be paid out of amounts invested by our shareholders, the 1940 Act does not require that shareholders be given notice of this fact by reporting it as a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash.

In addition, investments in PIK and OID instruments may provide certain benefits to the Adviser, including increasing Base Management Fee and Incentive Fees prior to the receipt of cash with respect to accrued interest payments.

***Holders of any preferred shares we might issue would have the right to elect members of the board of Trustees and class voting rights on certain matters.*** 

Holders of any preferred shares we might issue, voting separately as a single class, would have the right to elect two members of the board of Trustees at all times and in the event dividends become two full years in arrears would have the right to elect a majority of the Trustees until such arrearage is completely eliminated. In addition, preferred shareholders have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion to open-end status, and accordingly can veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our Common Shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies or the terms of our credit facilities, might impair our ability to maintain our qualification as a RIC for U.S. federal income tax purposes. While we would intend to redeem our preferred shares to the extent necessary to enable us to distribute our income as required to maintain our qualification as a RIC, we can offer no assurance that such actions could be effected in time to meet the tax requirements.

***There is a risk that investors in our equity securities may not receive distributions or that our distributions may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.*** 

We intend to make distributions on a quarterly basis to our shareholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and tax rules, we include in income certain amounts that we have not yet received in cash, such as contractual PIK interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we

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may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.

We will be subject to a 4% nondeductible federal excise tax on certain undistributed income for a calendar year unless we distribute in a timely manner an amount at least equal to the sum of (1) 98% of our ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income generally for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years. We will not be subject to excise taxes on amounts on which we are required to pay corporate income taxes (such as retained net capital gains). Finally, if more shareholders opt to receive cash distributions rather than participate in our distribution reinvestment plan, we may be forced to liquidate some of our investments and raise cash in order to make cash distribution payments.

**Risks Relating to Barclays**

***Risks Relating to the Barclays Cooperation Agreement.*** 

The Adviser entered into the Barclays Cooperation Agreement pursuant to which Barclays plans to refer investment opportunities in Private Credit opportunities to the Adviser that meet our designated investment criteria in accordance with the terms of the Barclays Cooperation Agreement. The Barclays Cooperation Agreement is a new and unproven relationship between the Adviser and Barclays, and is subject to all of the business risks and uncertainties associated with any new commercial arrangement of this type, including the potential failure to achieve the expected benefits of the arrangement; difficulties for each party in operationalizing the arrangement; impairment of relationships with employees, customers or business partners; and the risk of termination of the Barclays Cooperation Agreement pursuant to its terms. In addition, the Adviser may be reluctant to terminate the agreement because doing so could result in it having less capital available for investments (because under certain circumstances investors can cancel their capital commitment if the agreement is terminated).

Although Barclays plans to identify and refer eligible investments to the Adviser pursuant to the Barclays Cooperation Agreement, Barclays may not be able to do so efficiently or effectively. Investors should be aware of the difficulties normally encountered by a new product offering to clients, many of which are beyond the Company's or Barclays' control, including that there can be no assurance that clients of Barclays will find the financing options provided by the Company to be attractive or consent to engage with AGL at all. In addition, it is possible that the opportunities referred to the Adviser will not be deemed appropriate for the Company by the Adviser or will not be sufficient, together with the Adviser's other investment sourcing networks, to allow the Company to achieve its investment objective.

The Barclays Cooperation Agreement will not impose any "quotas" or minimum number of opportunities that Barclays is required to refer to the Adviser. Until the earlier to occur of (i) the end of the initial five years of the Barclays Cooperation Agreement and (ii) the termination of the Barclays Cooperation Agreement, Barclays will not enter into a sourcing or referral agreement or any other similar formal arrangement with any BDC, pooled investment vehicle or other person with respect to investment opportunities that meet our designated investment criteria. Similarly, until the earlier to occur of (i) the end of the initial five years of the Barclays Cooperation Agreement and (ii) the termination of the Barclays Cooperation Agreement, AGL will not enter into a sourcing or referral agreement or any other similar formal arrangement with any financial institution.

In addition, the Barclays Cooperation Agreement will not restrict Barclays or its affiliates from engaging in any lending activities, including making loans to other businesses or providing services for other businesses and operations of Barclays or its affiliates, even if those activities would compete with the Company and/or the Adviser. As a result, there can be no assurances that the Barclays Cooperation Agreement will allow the Adviser to effectively achieve the Company's investment objective or implement its investment strategy. The opportunities provided to the Adviser may be of lesser investment quality than would be the case if Barclays did not have the ability to lend to a company instead of referring it to the Adviser.

Barclays will not provide investment advice or recommendations to the Adviser or the Company in connection with the Barclays Cooperation Agreement or otherwise. Barclays does not have any fiduciary duty to the Adviser or the Company and will not conduct any analyses of potential investment opportunities on behalf of the Adviser or the Company or evaluate whether any potential investment opportunity is suitable for the Company. In addition, although Barclays' interests will be aligned with investors in the Company to a certain extent as a result of the potential for payments to be made to Barclays pursuant to the Barclays Cooperation Agreement, it is expected that Barclays will have interests that conflict with the interests of the Company and its shareholders. For example, Barclays may have an incentive to refer a prospective borrower to the Adviser for financing by the Company in order to improve Barclays' relationship with that prospective borrower, to generate new business or new clients, or otherwise. The Adviser will be solely responsible for determining whether any potential opportunity referred to it pursuant to the Barclays Cooperation Agreement is appropriate for the Company.

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Further, Barclays and its affiliates and related persons will be exculpated and indemnified under the Barclays Cooperation Agreement for certain acts or omissions taken or not taken in connection with the Barclays Cooperation Agreement in accordance with the terms of the Barclays Cooperation Agreement. The Barclays Cooperation Agreement will also contain provisions permitting the parties to terminate or modify the arrangement to the extent necessary to comply with applicable laws and regulatory requirements and in certain other circumstances.

***Barclays Engages in Various Businesses that May Compete with the Company for Investment Opportunities and Limit the Resources that Barclays Devotes to the Barclays Cooperation Agreement.*** 

Barclays provides financial products and services to consumers and businesses, including small business lending, traditional commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services. Some of these products or services may directly or indirectly compete with the Company for investment opportunities. As described above, Barclays may determine to finance directly (in whole or in part) an opportunity that could be attractive for the Company and therefore not refer the opportunity to the Adviser under the Barclays Cooperation Agreement.

***Barclays Will Make Investments in Different Parts of a Portfolio Company's Capital Structure.*** 

Barclays may extend credit to or invest in some or all of the Company's portfolio companies, which loans and investments may be made concurrently with or at different times than the time at which the Company invests in the portfolio company. It is possible that Barclays will have an existing loan to or an investment in a company that it refers to the Adviser pursuant to the Barclays Cooperation Agreement. These other relationships may result in certain conflicts of interest for Barclays. It is expected that Barclays will often hold loans or investments in different parts of the capital structure of the same portfolio company, which generally are expected to rank senior to the Company's positions (although it is possible that Barclays will hold loans or investments in the same positions or in positions that are junior to the Company's positions). In connection with its separate lending and investing activities, Barclays may pursue rights or take other actions, or refrain from pursuing rights or taking other actions, on behalf of itself and such actions (or restraining of action) may have a material or adverse effect on the Company and/or its investments. For example, in the event that Barclays holds loans or other positions in the capital structure of a portfolio company that rank senior to the investments of the Company in the same portfolio company, and the portfolio company were to experience financial distress and default on its payment obligations, Barclays may seek a liquidation, reorganization or restructuring of the portfolio company, or terms in connection with the foregoing, that may have an adverse effect on or otherwise conflict with the interests of the Company's investment in the portfolio company. As a result, it is possible the Company's investment in a portfolio company could perform worse than Barclays' investment in the same portfolio company.

***Combination or "Layering" of Multiple Risk Factors.***

Although the various risks discussed in this report are generally described separately, prospective investors should consider the potential effects of the interplay of multiple risk factors. Where more than one significant risk factor is present, the risk of loss to an investor may be significantly increased.

**Item 1B. Unresolved Staff Comments.** 

None.

**Item 1C. Cybersecurity**

**Cybersecurity Program Overview**

The Adviser has processes in place to assess, identify, and manage material risks from cybersecurity threats. The Company's business is dependent on the communications and information systems of the Adviser and other third-party service providers. The Adviser manages the Company's day-to-day operations and has implemented a cybersecurity program that applies to the Company and its operations.

The Adviser has instituted a cybersecurity program designed to identify, assess, and manage cyber risks applicable to the Company. The cyber risk management program involves risk assessments, implementation of security measures, and ongoing monitoring of systems and networks, including networks on which the Company relies. The Adviser actively monitors the current threat landscape in an effort to identify material risks arising from new and evolving cybersecurity threats, including material risks faced by the Company.

The Company relies on the Adviser to engage external experts, including cybersecurity assessors, consultants, and auditors to evaluate cybersecurity measures and risk management processes, including those applicable to the Company.

The Company depends on and engages various third parties, including suppliers, vendors, and service providers, to operate its business. The Company relies on the expertise of risk management, legal, information technology, and compliance personnel of the Adviser when

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identifying and overseeing risks from cybersecurity threats associated with our use of such entities.

**Board Oversight of Cybersecurity Risks**

The board of trustees of the Company (the "Board") provides strategic oversight on cybersecurity matters, including risks associated with cybersecurity threats. The Board receives periodic updates from the Company's Chief Compliance Officer ("CCO") regarding the overall state of the Adviser's cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting the Company.

**Management's Role in Cybersecurity Risk Management** 

The Adviser's Chief Technology Officer ("CTO"), internal information technology team and a managed virtual security operations center are responsible for the cybersecurity program applicable to the Company (including enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture, and processes), and along with the Company's CCO, are responsible for assessing and managing material risks from cybersecurity threats that impact the Company. The Adviser's CTO has 20 years of experience in technology, with 10 years advising on and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures. The Adviser's CTO works closely with Company management to administer, assess, discuss, and prioritize the Company's cybersecurity efforts.

Management of the Company is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Company, including through the receipt of notifications from service providers and reliance on communications with risk management, legal, information technology, and/or compliance personnel of the Adviser.

**Assessment of Cybersecurity Risk**

The potential impact of risks from cybersecurity threats on the Company are assessed on an ongoing basis, and how such risks could materially affect the Company's business strategy, operational results, and financial condition are regularly evaluated. During the reporting period, the Company has not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents (of which there were none), that the Company believes have materially affected, or are reasonably likely to materially affect, the Company, including its business strategy, operational results, and financial condition.

**Item 2. Properties.** 

We do not own any real estate or other properties materially important to our operations. Our executive offices are located at 535 Madison Avenue, 24<sup>th</sup> Floor New York, New York and our telephone number is (212) 973-8600. We believe that our office facilities will be suitable and adequate for our business as it is contemplated to be conducted.

**Item 3. Legal Proceedings.** 

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our Portfolio Companies.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities.** 

***Market Information***

There is not currently and, until an exchange listing, we do not expect there to be, a public market for our shares, nor can we give any assurance that one will develop. As of March 12, 2026 there were 13 holders of record of our Common Shares.

***Distributions***

On December 22, 2025, the Company's Board declared a distribution from taxable earnings, which may include a return of capital and/or capital gains, in an amount equal to $0.62 per share, payable on January 29, 2026 to shareholders of record on December 22, 2025.

***Distribution Reinvestment Plan***

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Our Board intends to declare and pay distributions on a quarterly basis. We have adopted an "opt out" DRIP pursuant to which shareholders can elect to "opt out" in their Subscription Agreements (subject to limitations that may apply in certain U.S. states and other jurisdictions which either do not permit automatic enrollment in DRIPs absent affirmative enrollment and other U.S. states and jurisdictions in which investors must receive their distributions in cash). We will reinvest all distributions declared by our Board on behalf of Participants as described below. As a result, if our Board declares a Distribution, then shareholders who have not elected to "opt out" of the DRIP, will have their Distributions automatically reinvested in additional Common Shares, as described below. The timing and amount of any future Distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Board.

No action will be required on the part of a shareholder to have its Distributions reinvested in Common Shares. A registered shareholder will be able to elect to receive an entire Distribution in cash by notifying State Street Bank and Trust Company, the DRIP administrator (the "Plan Administrator"), in writing, so that notice is received by the Plan Administrator no later than 10 days prior to the record date for a Distribution. Those shareholders whose shares are held by a broker or other financial intermediary may be able to receive Distributions in cash by notifying their broker or other financial intermediary of their election. The Administrator will set up an account for shares acquired through the DRIP for each shareholder who has not elected to receive Distributions in cash.

We intend to use newly issued shares to implement the DRIP. The number of shares we will issue to you is determined by dividing the total dollar amount of the Distribution payable to you by the NAV per Share determined by our Board, subject to any adjustment as required by the 1940 Act.

There will be no selling commissions, dealer manager fees or other sales charges to you if you elect to participate in the DRIP. The Company will pay the Plan Administrator's fees under the DRIP. No commission or other remuneration will be paid, directly or indirectly, in connection with the distributions of shares under the DRIP.

If you receive distributions in the form of Common Shares, you generally are subject to the same federal, state and local tax consequences as you would be had you elected to receive your distributions in cash. A shareholder's basis for determining gain or loss upon the sale of shares received in a distribution will be equal to the amount treated as a distribution for U.S. federal income tax purposes, which will generally be equal to the cash that the shareholder would have received in the applicable Distribution. Any shares received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares are credited to your account.

We reserve the right to amend, suspend or terminate the DRIP. We may terminate the DRIP upon notice in writing either mailed to you or disclosed in reports or other filings the Company makes with the SEC at least 30 days prior to any record date for the payment of any Distribution. You may terminate your account under the DRIP by notifying the Plan Administrator at AGLBDCTA_INQ@statestreet.com.

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**Item 6. Reserved**

**Item 7. Management's Discussion a** **nd Analysis of Financial Condition and Results of Operations.**

*The information contained in this section should be read in conjunction with our consolidated financial statements and related notes*

*thereto appearing elsewhere in this annual report on Form 10-K (in thousands, except shares, per share data, percentages and as*

*otherwise noted).*

**Overview** 

AGL Private Credit Income Fund, which was originally established as a Delaware limited partnership named AGL Private Credit Income Fund LP on January 18, 2024, was converted to a Delaware statutory trust on September 12, 2024. On October 11, 2024, we elected to be regulated as a BDC. The Board approved our purchase of the assets that were subject to the Launch Transactions, which approval included a waiver by us of any conditions precedent to such purchase. As a result, on October 21, 2024, we purchased $176.0 million of assets pursuant to purchase agreements with each of the Financing Providers and commenced operations ("Commencement of Operations"). We intend to be a perpetual-life BDC, which is a BDC whose common shares are not listed for trading on a stock exchange or other securities market. We are an investment vehicle of indefinite duration whose Common Shares are intended to be sold by us on a continuous basis at a price generally equal to our NAV per Common Share.

Our investment objective is to generate attractive risk-adjusted returns, primarily through current investment income and, to a lesser extent, capital appreciation, while limiting volatility. We intend to deploy sophisticated investment and risk management techniques to minimize interest rate, macroeconomic, concentration and other risks, while generating predictable yield and consistent credit performance across economic cycles.

Our principal investment strategy focuses on creating well-balanced portfolios of directly originated, floating rate senior secured investments in U.S. companies, including primarily first lien senior secured and unitranche loans. As deemed appropriate by our Adviser, we may also invest in second lien loans, unsecured debt, subordinated debt and other investments (which may include certain equity investments or investments in more liquid instruments). We believe the Private Credit markets offer a sound backdrop for investing success, with secular growth in demand from borrowers, a structural illiquidity premium benefiting lenders and sufficient market depth to permit effective selection of assets across economic cycles. Generally, we expect to originate our investments to large borrowers, where we consider the balance of investment opportunities and risk-adjusted returns to be most favorable over time.

AGL has entered into the Barclays Cooperation Agreement. Under the Barclays Cooperation Agreement, AGL, the Adviser and Barclays have agreed to make available to Barclays' existing and prospective client base AGL's Private Credit solutions, through our and Other AGL Accounts, alongside Barclays' large and highly capable investment banking platform offerings.

Through the Adviser, we have access to the extensive resources, expertise and investment capabilities in senior secured credit investing of the AGL platform, including AGL's dedicated Private Credit team. In addition, we and the Other AGL Accounts benefit from the market access and deep relationships of Barclays' network through the Barclays Cooperation Agreement.

We deploy a rigorous, systematic and consistent investment process when evaluating potential Private Credit opportunities. We utilize a number of frameworks and methods throughout the underwriting and portfolio construction processes. AGL's proprietary 10-D Portfolio Construction Framework is used to build competitively advantaged investment portfolios. In addition, we utilize highly sophisticated risk management approaches, focused on creating portfolios that are well-balanced across a variety of standard and non-standard risk factors. Our investment process and risk management approaches are informed by the decades of collective credit investing experience of our senior management, which we believe differentiate the AGL platform from its competitors.

**Investments** 

We focus our investing primarily on senior secured first lien loans of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the expected return on new investments, the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

**Revenues** 

We 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 bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, 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 become due at the maturity date. In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans and

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debt securities as interest income. Dividend income, if any, is recognized on an accrual basis to the extent that we expect to collect such amounts.

**Expenses** 

Prior to our Commencement of Operations on October 21, 2024, our Adviser or its affiliates bore all organization and offering expenses in connection with the formation of us and the initial closing of the private offering. Since we commenced operations, we have agreed to reimburse the Adviser or its affiliates for all such expenses that it incurs on our behalf up to a maximum aggregate amount of $5.0 million in connection with our formation and the initial closing of the private offering. The Adviser bears all such organization and offering expenses that were incurred prior to our Commencement of Operations in excess of $5.0 million.

Our day-to-day investment operations are managed by the Adviser, pursuant to the terms of the Investment Advisory Agreement. The services necessary for our business, including the origination and administration of our investment portfolio, are provided by individuals who are employees of AGL, pursuant to the terms of the Administration Agreement. All investment professionals of the Adviser, when and to the extent engaged in providing investment advisory and management services under the Investment Advisory Agreement, and the compensation and routine compensation-related overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser and not by us. We bear all other costs and expenses of our operations and transactions, including those listed in the Registration Statement. Following the Commencement of Operations, we are responsible for all organization and offering expenses. Organization and offering costs incurred prior to the Commencement of Operations totaled $3.7 million.

Upon Commencement of Operations, organization expenses incurred totaled $2.7 million, and our initial offering costs (other than the organization expenses) are fully amortized by October 2025 over a twelve-month period beginning with the Commencement of Operations.

We have entered into the "Expense Support Agreement" with the Adviser, under which the Adviser has contractually agreed to pay, on a quarterly basis, certain operating expenses of the Company on the Company's behalf, such that these expenses do not exceed 1.50% (on an annualized basis) of the Company's net asset value as described in "*Item 1. Financial Statements—Notes to Financial Statements—Note 3. Agreements and Related Party Transactions.*"

Our primary operating expenses include the payment of the Base Management Fee and the Incentive Fee (each of which is described below) to our Adviser, legal and professional fees, interest, fees and other expenses of financings and other operating and overhead related expenses. The Base Management Fee and Incentive Fee compensate our Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other costs and expenses relating to our operations and transactions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Company's initial organizational costs and operating costs incurred prior to the filing of its election to be regulated as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the costs associated with any offerings of the Company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)out-of-pocket expenses, including travel, lodging and meal expenses incurred by the Adviser, or members of its investment team, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including any investments that are not ultimately made (including, without limitation, any reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments) and monitoring actual portfolio companies and, if necessary, enforcing the Company's rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)certain costs and expenses relating to distributions paid by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the allocated costs incurred by the Adviser or the Administrator in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, settling, clearing, monitoring, holding or disposing of prospective or actual investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments and dues and expenses incurred in connection with membership in industry or trade organizations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)fees and expenses payable under any dealer manager agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)escrow agent, distribution agent, transfer agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)federal, state and local registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)any fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)the cost of effecting any sales and repurchases of the Company's Common Shares and other securities, including servicing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)Independent Trustees' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of compliance with the 1940 Act, the Sarbanes-Oxley Act of 2002, as amended, and applicable federal and state securities laws, and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including the compensation of professionals responsible for the preparation or review of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)the costs of any reports, proxy statements or other notices to the Company's shareholders (including printing and mailing costs), the costs of any shareholders' meetings and the costs and expenses of preparations for the foregoing and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)the costs of specialty and custom software expense for monitoring risk, compliance and overall investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)the Company's fidelity bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)any necessary insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)direct fees and expenses associated with independent audits, agency, consulting and legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)costs of winding up; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)all other expenses incurred by either the Administrator or the Company in connection with administering the Company's business, including payments under the Administration Agreement based upon the Company's allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services under the Administration Agreement, including, but not limited to, the fees and expenses associated with performing compliance functions.

In addition, we bear the fees and expenses related to the preparation and maintaining of any necessary registrations with regulators in order to market the Common Shares of the Company in certain jurisdictions and fees and expenses associated with preparation and maintenance of any key information document or similar document required by law or regulation.

From time to time, our Adviser, our Administrator (as defined below), or their affiliates may pay third-party providers of goods or services. We reimburse our Adviser, our Administrator or such affiliates thereof for any such amounts paid on our behalf, subject to the provisions of the Expense Support Agreement. All of these expenses are ultimately borne by our shareholders.

**Administration Agreement** 

We entered into the Administration Agreement with AGL US DL Administrator LLC, a Delaware limited liability company (the "Administrator"). Under the Administration Agreement, the Administrator provides us with certain administrative services necessary for us to conduct its business. We have agreed to reimburse the Administrator for all reasonable costs and expenses and our allocable portion of compensation of certain non-advisory personnel of the Administrator and the Administrator's related overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in providing non-advisory services, facilities and

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personnel and performing its administrative obligations, as provided by the Administration Agreement. In addition, subject to the approval of the Board, the Administrator may delegate its duties under the Administration Agreement to affiliates or third parties, and we will reimburse the expenses of these parties incurred directly and/or reimburse such expenses if paid by the Administrator on our behalf.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, we incurred $3.8 million and $0.8 million, respectively, for allocated shared services under the Administration Agreement which are reflected in Administrative service fees.

As of December 31, 2025 and December 31, 2024, included in Payable to Affiliates are $4.6 million and $0.8 million, respectively, for accrued allocated shared services under the Administration Agreement.

**Expense Support and Conditional Reimbursement Agreement** 

The Company has entered into the Expense Support Agreement with the Adviser, pursuant to which the Adviser will pay, on a quarterly basis Other Operating Expenses (as defined below) of the Company on the Company's behalf (each such payment, a "Required Expense Payment" such that Other Operating Expenses of the Company do not exceed 1.50% on annualized basis of the Company's net asset value). "Other Operating Expenses" means the Company's organization 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 Fees and Incentive Fees owed to the Adviser, financing fees and costs, brokerage commissions, extraordinary expenses and any interest expenses owed by the Company, all as determined in accordance with U.S. GAAP.

The Adviser may elect to pay certain additional expenses of the Company on the Company's behalf. In making a Voluntary Expense Payment, the Adviser will designate, as it deems necessary or advisable, what type of expense it is paying (including, whether it is paying organizational or offering expenses). However, no portion of a Voluntary Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company.

Following any fiscal quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such fiscal quarter, the Company will pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such fiscal quarter have been reimbursed. As a result, no waived amounts may be reimbursed after three years from the date of the respective waiver. Any payments required to be made by the Company are referred to as a "Reimbursement Payment." "Available Operating Funds" means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The amount of the Reimbursement Payment for any fiscal quarter equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such fiscal quarter that have not been previously reimbursed by the Company to the Adviser. However, the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular fiscal quarter, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future quarters pursuant to the terms of the Expense Support Agreement.

No Reimbursement Payment for any quarter will be made if: (i) the Effective Rate of Distributions Per Share declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (ii) the Company's Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (iii) the Company's Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.50% of the Company's net asset value. For purposes of the Expense Support Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special distributions, if any. The "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, 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 generally accepted accounting principles for investment companies.

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

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**Resource Sharing Agreement** 

The Adviser has entered into a Resource Sharing Agreement with AGL, pursuant to which AGL provides the Adviser with experienced investment professionals and access to the resources of AGL so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement. Through the Resource Sharing Agreement, the Adviser is able to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of AGL's investment professionals.

**Portfolio and Investment Activity**

As of December 31, 2025 and 2024, our portfolio had a fair value of approximately $1,355.6 million and $473.1 million, respectively. The following table summarizes our portfolio and investment activity during the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| Total investments, beginning of period | $473126 | $— |
| New investments purchased | 1022366 | 474478 |
| Payment-in-kind interest capitalized | 1135 |  |
| Proceeds from sale of investments and principal repayments | (110770) | (2231) |
| Net accretion of discount on investments | 2427 | 164 |
| Net realized gain (loss) on investment transactions | (36748) |  |
| Net unrealized appreciation (depreciation) from investments | 4105 | 715 |
| **Total investments, end of period** | $**1355641** | $**473126** |
| Number of portfolio companies at beginning of period | 17 |  |
| Number of new portfolio companies | 26 | 17 |
| Number of realized portfolio companies | (3) |  |
| Number of portfolio companies at end of period | 40 | 17 |

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The following table is a summary of certain characteristics of our investment portfolio as of December 31, 2025. Weightings are based on the funded par value of each respective investment as of December 31, 2025. All portfolio company information is presented as of the initial origination date of each investment.

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| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** |  |
| Weighted average net leverage | 5.6 | x |
| Weighted average loan-to-value | 41.9 | % |
| Weighted average interest coverage | 2.0 | x |
| Financial sponsor backed | 93.4 | % |

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**Critical Accounting Estimates**

Our consolidated financial statements are prepared in conformity with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies are integral to understanding our consolidated financial statements. We have identified investment valuation, revenue recognition and income taxes as our most critical accounting estimates.

In addition to the discussion below, our critical accounting policies are further described in the notes to the consolidated financial statements.

***Fair Value Measurements*** 

We apply Fair Value Measurements ("ASC 820"), which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

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ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.

Level 2—inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The type of financial instruments in this category includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and considers factors specific to the financial instrument.

The majority of our investments are expected to fall within Level 3 of the fair value hierarchy. We do not expect that there will be readily available market values for most of the investments which will be in its portfolio, and we will value such investments at fair value as determined in good faith by the Valuation Designee under the direction of the Board of Trustees using a documented valuation policy, described below, and a consistently applied valuation process. The factors that may be taken into account in pricing the investments at fair value include, as relevant, the nature and realizable value of any collateral, the Portfolio Company's ability to make payments and its earnings and discounted cash flow, and the markets in which the Portfolio Company does business, comparison to publicly traded securities and other relevant factors. Available current market data are considered such as applicable market yields and multiples of publicly traded securities, comparison of financial ratios of peer companies, and changes in the interest rate environment and the credit markets that may affect the price at which similar investments would trade in their principal market, and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event to corroborate or revise its valuation.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures adopted by our Board of Trustees contemplates a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Our quarterly valuation process begins with each Portfolio Company or investment being initially valued by the professionals of our Adviser, the Valuation Designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)From time-to-time we engage a third-party valuation agent to provide independent valuations of the investments for which market quotations are not readily available, or are readily available but deemed not reflective of the fair value of an investment. The third-party valuation agent independently values such investments using quantitative and qualitative information provided by the investment professionals of our Adviser as well as any market quotations obtained from independent pricing services, brokers, dealers or market dealers. The third-party valuation agent also provides analyses to support their valuation methodology and calculations. The third-party valuation agent provides an opinion on a final range of values on such investments to the Valuation Designee. The third-party valuation agent defines fair value in accordance with ASC 820 and utilizes valuation techniques including the market approach, the income approach or both;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The third-party valuation agent's preliminary valuations are reviewed by our Adviser, in its capacity as the Valuation Designee. The third-party valuation agent's ranges are compared to our Adviser's valuations to ensure our Adviser's valuations are reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Valuation Designee determines the valuations of our investments in good faith within the meaning of the 1940 Act, including consideration of the input from the third-party valuation agent, and provides the valuation determinations to the Audit Committee of our Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The Audit Committee of our Board of Trustees reviews valuation information provided by the Valuation Designee. The Audit Committee then discusses such valuation determinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Our Board of Trustees discusses the valuation determinations of the Valuation Designee and determines whether such fair values have been arrived at in conformity with our valuation policy and procedure.

In connection with issuances of Common Shares on dates occurring mid-quarter, our NAV is determined by our Adviser, acting under delegated authority from, and subject to the supervision of, our Board of Trustees and in accordance with procedures adopted by our Board of Trustees.

**Investments**

The industry compositions of the portfolio at cost/amortized cost and fair value as of December 31, 2025 and December 31, 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Cost/Amortized<br>Cost** | **Fair Value** | **% of Investments at Fair Value** | **Cost/Amortized<br>Cost** | **Fair Value** | **% of Investments at Fair Value** |
| Aerospace & Defense | $101363 | $102013 | 7.6% | $59161 | $59161 | 12.5% |
| Automobile Components | 24781 | 25000 | 1.8 | 24754 | 24754 | 5.2 |
| Commercial Services & Supplies | 59726 | 60572 | 4.5 |  |  |  |
| Containers & Packaging | 23670 | 23760 | 1.8 |  |  |  |
| Diversified Consumer Services | 102751 | 103133 | 7.6 |  |  |  |
| Diversified Financial Services | 58435 | 58435 | 4.3 |  |  |  |
| Electrical Equipment | 63412 | 64025 | 4.7 |  |  |  |
| Energy Equipment & Services | 27653 | 27653 | 2.0 |  |  |  |
| Health Care Equipment & Supplies | 44927 | 43750 | 3.2 |  |  |  |
| Health Care Providers & Services | 111125 | 111598 | 8.2 | 13580 | 13580 | 2.9 |
| Health Care Technology | 157982 | 158976 | 11.7 | 99402 | 99402 | 21.0 |
| Hotels, Restaurants & Leisure | 20213 | 20236 | 1.5 |  |  |  |
| Insurance | 76743 | 77108 | 5.7 | 32194 | 32194 | 6.8 |
| IT Services | 63241 | 63363 | 4.7 |  |  |  |
| Machinery | 68320 | 68606 | 5.1 | 19656 | 19656 | 4.2 |
| Paper & Forest Products |  |  |  | 22810 | 23525 | 5.0 |
| Personal Care Products | 24797 | 24688 | 1.8 |  |  |  |
| Professional Services | 15450 | 15576 | 1.1 | 15565 | 15565 | 3.3 |
| Semiconductors & Semiconductor Equipment | 42786 | 43323 | 3.2 | 44582 | 44582 | 9.4 |
| Software | 211348 | 211518 | 15.6 | 114464 | 114464 | 24.2 |
| Specialty Retail | 52065 | 52308 | 3.9 | 26243 | 26243 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1350788 | $1355641 | 100.0% | $472411 | $473126 | 100.0% |

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The following table shows the portfolio composition by geographic region at cost/amortized cost and fair value as a percentage of total investments in portfolio companies as of December 31, 2025 and December 31, 2024. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Cost/Amortized<br>Cost** | **Fair Value** | **% of Investments at Fair Value** | **Cost/Amortized<br>Cost** | **Fair Value** | **% of Investments at Fair Value** |
| United States | $1291499 | $1295805 | 95.6% | $413250 | $413965 | 87.5% |
| United Kingdom | 59289 | 59836 | 4.4 | 59161 | 59161 | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1350788 | $1355641 | 100.0% | $472411 | $473126 | 100.0% |

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**Results of Operations**

Operating results for the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| Total investment income | $86495 | $7388 |
| Net expenses | 49372 | 4830 |
| Net investment income | 37123 | 2558 |
| Net realized gain (loss) on investment transactions | (36691) |  |
| Net realized gain (loss) on extinguishment of debt | (211) |  |
| Net change in unrealized appreciation (depreciation) on investment transactions | 4047 | 715 |
| **Net increase (decrease) in net assets resulting from operations** | $**4268** | $**3273** |

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Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, and changes in unrealized appreciation on the investment portfolio. During the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, we recorded a realized loss of $211 and $0, respectively, related to the early extinguishment of debt following a reduction in the maximum borrowing amount under the SocGen Subline Facility. This reduction, effective July 7, 2025, represented a pro rata portion of the unamortized deferred financing costs and contributed to the net increase (decrease) in assets for the period. We completed our acquisition of initial loans and commitments and commenced operations on October 21, 2024.

***Investment Income***

Investment income for the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, was as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| Interest income | $84482 | $7388 |
| Payment-in-kind interest income | 1398 |  |
| Fee income | 615 |  |
| &nbsp;&nbsp;**Total investment income** | $**86495** | $**7388** |

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For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, total investment income was $86.5 million and $7.4 million, respectively, driven primarily by increased deployment of capital. The size of our investment portfolio at fair value was $1,355.6 million as of December 31, 2025 compared with $473.1 million as of December 31, 2024. As of December 31, 2025 and 2024, the weighted average contractual interest rates on our performing debt investments were approximately 8.7% and 9.0%, respectively.

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***Expenses***

Expenses for the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| Interest and other financing expenses | $38848 | $3887 |
| Base management fees | 4344 | 263 |
| Incentive Fee on income | 5303 | 365 |
| Capital gain incentive fees | 30 | 89 |
| Organizational costs |  | 2727 |
| Offering costs | 765 | 188 |
| Administrative service fees | 3751 | 829 |
| Professional fees | 3170 | 1332 |
| Board of trustee fees | 474 | 284 |
| Other general expenses | 2637 | 1200 |
| &nbsp;&nbsp;**Total expenses before fee waiver and expense reimbursement** | **59322** | **11164** |
| Capital gain incentive fee waived | (30) | (89) |
| Expense reimbursement | (9920) | (6245) |
| **Net expenses** | $**49372** | $**4830** |

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For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, net expenses were $49.4 million and $4.8 million, respectively, primarily attributable to interest and other financing expenses and management, incentive and administrative service fees, partially offset by expense reimbursement from our Adviser.

*Interest and other financing expenses*

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, total interest expense (including unused fees, and amortization of deferred financing costs) was $38.8 million and $3.9 million, respectively. The increase in total interest expense was driven by a higher weighted average debt outstanding of $551.3 million and $253.2 million, respectively.

*Base Management Fees*

The Base Management Fee is calculated at an annual rate of 1.25% of the average value of our net assets at the end of the two most recently completed calendar quarters. The Adviser may, in its discretion, defer payment of the Base Management Fee, without interest, to any subsequent quarter. Base Management Fees for any partial quarter are prorated based on the number of days in the quarter.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, Base Management Fees were $4.3 million and $0.3 million, respectively.

*Incentive Fee on Income*

The Incentive Fee on income is calculated and payable quarterly in arrears based on our "Pre-Incentive Fee Net Investment Income" for the immediately preceding quarter.

"*Pre-Incentive Fee Net Investment Income*" defined as interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses for the quarter (including the Base Management Fee, expenses payable to the Administrator under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee and any servicing fees and/or distribution fees paid to broker dealers). Pre-incentive fee net investment income 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 does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing our pre incentive fee net investment income, the calculation

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methodology will look through total return swaps as if we owned the referenced assets directly. The Adviser is not obligated to return to us the Incentive Fee it receives on PIK interest that is later determined to be uncollectable in cash.

The Incentive Fee on income for each quarter is calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Incentive Fee on income in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed 1.75%, or 7.00% annualized, on net assets (the "Hurdle Rate");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.00% in any calendar quarter (8.00% annualized), which portion of the Incentive Fee on income is referred to as the "catch up" and is intended to provide the Adviser with an incentive fee of 12.50% on all of Pre-Incentive Fee Net Investment Income when Pre-Incentive Fee Net Investment Income reaches 2.00% (8.00% annualized) in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For any quarter in which Pre-Incentive Fee Net Investment Income exceeds 2.00% (8.00% annualized), the Incentive Fee on income equals 12.50% of the amount of Pre-Incentive Fee Net Investment Income, as the hurdle rate and catch-up will have been achieved.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the Incentive Fee on income incurred by us was $5.3 million and $0.4 million, respectively.

*Incentive Fee on Capital Gains*

We will pay the Adviser an Incentive Fee on Capital Gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.50% of our realized capital gains, if any, on a cumulative basis from the date of its election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains.

The Capital Gain Incentive Fees is calculated on a cumulative basis through the end of each calendar year or the termination of the Investment Advisory Agreement. However, in accordance with U.S. GAAP, we are required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis, as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. If the Capital Gain Incentive Fee Base, adjusted as required by U.S. GAAP to include unrealized capital appreciation, is positive at the end of a period, then U.S.GAAP requires us to accrue a capital gain incentive fee equal to 12.5% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under U.S. GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under U.S. GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, Capital Gain Incentive fees were approximately $30 thousand and $89 thousand, respectively. The Adviser has agreed to partially waive certain capital gain incentive fees, and for the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, Capital Gain Incentive fees waived were approximately $30 thousand and $89 thousand, respectively.

*Organization and Offering costs*

Organization costs include expenses incurred in our initial formation. For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, organization costs were $0 and $2,727, respectively. Offering costs of $0.8 million and $0.2 million, respectively, were expensed during the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024.

*Expense support*

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, we recognized $9.9 million and $6.2 million, respectively, in expense support from the Adviser pursuant to the Expense Support Agreement. Such expenses may be subject to reimbursement from us to the Adviser in the future in accordance with the Expense Support Agreement. As of December 31, 2025, the Advisor has elected to permanently waive its right to reimbursement of $3.5 million under the Expense Support Agreement.

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

Net realized gain (loss) and unrealized appreciation (depreciation) for the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024 was comprised of the following:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| Net realized gain (loss) on investments | $(36748) | $— |
| Net realized gain (loss) on foreign currency transactions | 57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions | $(36691) | $— |
| Net unrealized appreciation on investments | $5510 | $715 |
| Net unrealized (depreciation) on investments | (1405) |  |
| Net unrealized appreciation (depreciation) foreign currency translation | (58) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain (loss) on investment transactions | $4047 | $715 |
| Net realized gain (loss) on extinguishment of debt | $(211) | $— |

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For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, we had net realized loss of $(36.7) million and $0, respectively. For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, we had net realized gain on foreign currency translation of $57 thousand and $0, respectively.

For the year ended December 31, 2025, we recognized gross unrealized appreciation on investments of $5.5 million and a gross unrealized depreciation of $(1.4) million on investments. For the year ended December 31, 2025, we had net unrealized depreciation on foreign currency translation of $58 thousand.

For the period from January 18, 2024 (Date of Inception) to December 31, 2024, we recognized gross unrealized appreciation on

investments of $715 thousand, with no gross unrealized depreciation.

For the year ended December 31, 2025, we recognized a realized loss on extinguishment of debt of $(211) thousand, while there were none for the period from January 18, 2024 (Date of Inception) to December 31, 2024.

**Financial Condition, Liquidity and Capital Resources** 

We generate cash primarily from (i) the net proceeds of the Offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. Our primary uses of cash are for (i) investments in accordance with our investment objective and strategy; (ii) general corporate purposes; and (iii) payment of operating expenses, including management and administrative services fees and other expenses such as due diligence expenses relating to potential new investments.

Our liquidity and capital resources are generated and generally available through our continuous offering of Common Shares, our Borrowings (as defined in Note 6 to the consolidated financial statements), as well as from cash flows from operations, investment sales and receipt of investment principal and interest payments.

**Debt**

From time to time, we may enter into credit facilities, increase the size of our existing credit facilities and/or issue debt securities, including unsecured notes. As of December 31, 2025, the maximum aggregate capacity on all of our facilities was $1.3 billion, with total borrowings outstanding of $863.2 million. As of December 31, 2024, the maximum aggregate capacity on all of our facilities was $850.0 million, with total borrowings outstanding of $391.2 million. Future borrowings under these facilities are subject to various covenants, including, but not limited to, leverage and borrowing base restrictions. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred shares, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred shares, is at least 150%. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

As of December 31, 2025 and December 31, 2024, we were in compliance with the terms of our debt arrangements.

As of December 31, 2025 and December 31, 2024, we had an aggregate principal amount of $863.2 million and $391.2 million, respectively, of debt outstanding under all of our borrowing facilities. We believe that our current cash and cash equivalents on hand, our available borrowing capacity under all of our borrowing facilities and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the near term.

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*SocGen ABL Facility*: On October 18, 2024, PCIF Vigilant Funding LLC ("PCIF Vigilant"), our direct wholly-owned subsidiary, as borrower, and we, as equity holder and servicer, entered into a credit facility (the "SocGen ABL Facility") for revolving and term loans pursuant to a Loan and Servicing Agreement (the "Loan Agreement"), with the lenders from time to time party thereto, Société Générale, as administrative agent, and U.S. Bank, National Association, as collateral agent, collateral administrator, and document custodian. The SocGen ABL Facility allowed us to borrow in an aggregate amount of up to $300.0 million, subject to leverage and borrowing base restrictions, with a stated maturity date of October 18, 2029. All capitalized terms used herein are as defined under the SocGen ABL Facility.

Loans under the SocGen ABL Facility initially bear interest at the applicable base rate plus 2.15% during the revolving period and thereafter, 2.50%, subject to a step-up of 2.00% following the occurrence of an Event of Default. The base rate under the Loan Agreement is (i) term CORRA plus 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the Euro Interbank Offered Rate with respect to any advances denominated in Euros, (iii) daily simple Sterling Overnight Index Average with respect to any other advances denominated in U.K. pound sterling, and (viii) term SOFR with respect to advances denominated in U.S. dollars.

From the date of execution of the SocGen ABL Facility until the nine-month anniversary thereof, no daily commitment fee was incurred. During the remaining life of the SocGen ABL Facility, we will pay an annual non-use fee of 1.00%, accruing on the portion of the undrawn commitment that is greater than 65.00% of the total commitment under the SocGen ABL Facility and 0.50% per annum, accruing on the portion of the undrawn commitment that is less than or equal to 65.00% of the total commitment under the SocGen ABL Facility.

The Loan Agreement includes an accordion provision to permit increases to the total facility amount up to a maximum of $500.0 million, subject to the satisfaction of certain conditions to borrow. Proceeds from loans made under the SocGen ABL Facility may be used for PCIF Vigilant's general corporate purposes, to fund collateral obligations acquired by PCIF Vigilant, to pay certain fees and expenses and to make distributions to us, subject to certain conditions set forth in the Loan Agreement.

On February 26, 2025, we entered into Amendment No. 3 to the SocGen ABL Facility (the "Amendment No. 3 to SocGen ABL Facility"). The Amendment No. 3 to SocGen ABL Facility provided for, among other things, an increase in the aggregate commitments of the lenders under the SocGen ABL Facility from $300.0 million to $400.0 million and revised the margin applicable to borrowings under the facility during the revolving period from 2.15% to 2.05%, subject to a step-up of 2.00% following the occurrence of an event of default.

On May 1, 2025, we entered into Amendment No. 4 to the SocGen ABL Facility (the "Amendment No. 4 to SocGen ABL Facility"). The Amendment No. 4 to SocGen ABL Facility provided for, among other things, an extension of the Facility Termination Date of the SocGen ABL Facility from October 18, 2029 to October 18, 2032 and revises the margin applicable to borrowings under the SocGen ABL Facility from 2.50% after the expiration of the revolving period to 2.50% after the expiration of the revolving period until October 18, 2029, and 3.0% thereafter.

On October 23, 2025, we entered into that certain Amendment No. 5 to the SocGen ABL Facility (the "Amendment No. 5 to SocGen ABL Facility"). The Amendment No. 5 to SocGen ABL Facility provides for, among other things, an increase in the aggregate commitments of the lenders under the SocGen ABL Facility from $400.0 million to $500.0 million, a revision of the margin applicable to borrowings under the facility from 2.05% to 1.90% during the revolving period, and from 2.50% to 2.25% after the revolving period, and an extension of each of the revolving period and the facility maturity date by one year.

The SocGen ABL Facility is secured by all of the assets held by PCIF Vigilant. The SocGen ABL Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for loan facilities of this nature.

We may borrow amounts in U.S. dollars or certain other currencies. As of December 31, 2025, we had outstanding debt denominated in Euros (EUR) $10.6 million on the SocGen ABL Facility, included in the outstanding principal amount in the table below. As of December 31, 2024, we had no outstanding debt denominated in foreign currencies on the SocGen ABL Facility, included in the outstanding principal amount in the table below.

As of December 31, 2025 and December 31, 2024, we had outstanding debt of $454.3 million and $208.6 million, respectively, under the SocGen ABL Facility.

*SocGen Subline Facility*: On October 18, 2024, we entered into a revolving credit facility (the "SocGen Subline Facility"), among us, as borrower, the lenders from time to time party thereto and Société Générale, as administrative agent, sole lead arranger and letter of credit issuer. All capitalized terms used herein are as defined under the SocGen Subline Facility.

The SocGen Subline Facility provides for borrowings in U.S. dollars, Euro, Sterling, Canadian dollars and such other currencies to be mutually agreed in an initial aggregate amount of up to $250.0 million with an option for us to request, at one or more times, that existing and/or new lenders, at their election, provide up to $500.0 million.

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Availability under the SocGen Subline Facility will terminate on the earlier of October 17, 2025 (the "Stated Maturity Date"), which may be extended for an additional period of up to 364 days, subject to the consent of the administrative agent and extending lenders, and the date of termination of the revolving commitments thereunder.

Borrowings under the SocGen Subline Facility are subject to compliance with a borrowing base test. Amounts drawn under the SocGen Subline Facility in (a) U.S. dollars bear interest at a rate per annum equal to: (i) with respect to Daily Simple SOFR loans, Daily Simple SOFR plus 2.45%, (ii) with respect to Term SOFR loans, Term SOFR plus 2.45% and (iii) with respect to reference rate loans, reference rate plus 1.45%, (b) Euros bear interest at a rate per annum equal to EURIBOR plus 2.45%, (c) Sterling bear interest at a rate per annum equal to Daily Simple SONIA plus 0.0326% plus 2.45%, and (d) Canadian dollars bear interest at a rate per annum equal to (i) with respect to Term CORRA loans with a 1-month interest period, Term CORRA plus 0.29547% plus 2.45% and (ii) with respect to Term CORRA loans with a 3-month interest period, Term CORRA plus 0.32138% plus 2.45%, in each case subject to a floor of 0.0%. However, at any time no single investor accounts for greater than 50% of the borrowing base, the applicable margin will be reduced to: (b)(i) with respect to any loan (other than a reference rate loan), 2.30% per annum and (ii) with respect to any reference rate loan, 1.30% per annum.

Our obligations under the SocGen Subline Facility are secured by our ability to call capital from certain of its investors, the capital commitments and capital contributions of such investors and the bank accounts into which such capital contributions are funded.

During the period commencing on the Effective Date and ending on the earlier of the Stated Maturity Date and the date of termination of the revolving commitments under the SocGen Subline Facility, we will pay a non-use fee of 30 basis points (0.30%) per annum, payable quarterly in arrears based on the average daily unused amount of the commitments then available thereunder.

On July 3, 2025, we requested a reduction of the maximum borrowing amount under the SocGen Subline Facility from $250.0 million to $150.0 million. The effective date of such reduction was July 7, 2025. The reduction resulted in a realized loss on the early extinguishment of debt of $0.2 million for the year ended December 31, 2025, such amount representing a pro rata portion of the unamortized deferred financing costs on the effective date of the reduction.

On September 17, 2025, we entered into an amendment to the SocGen Subline Facility (the "Amendment to SocGen Subline Facility"). Among other things, the parties have agreed in the Amendment to SocGen Subline Facility to extend the stated maturity date of the SocGen Subline Facility from October 17, 2025, to September 16, 2026 and to reduce the pricing on the SocGen Subline Facility to (a) at any time when the dollar equivalent of the principal obligations is less than 50% of the maximum commitment amount as of such date (i) with respect to any loan (other than a reference rate loan), an annual rate of 2.20% and (ii) with respect to any reference rate loan, an annual rate of 1.20%, and (b) at any time when the dollar equivalent of the principal obligations is greater than or equal to 50% of the maximum commitment amount as of such date (i) with respect to any loan (other than a reference rate loan), an annual rate of 2.05% and (ii) with respect to any reference rate loan, an annual rate of 1.05%. By its terms, the Amendment also obligates the Fund to pay an annual extension fee equal to 0.25% of the commitment amount of each extending lender, with such extension fee to be pro-rated for the period from October 17, 2025, through the new stated maturity date.

As of December 31, 2025 and December 31, 2024, we had outstanding debt of $0 and $120.6 million, respectively, under the SocGen Subline Facility.

*Natixis Revolving Credit Facility*: On December 20, 2024, we entered into a revolving credit facility (the "Natixis Revolving Credit Facility"), with the lenders party thereto, Natixis, New York Branch, as administrative agent, and U.S. Bank Trust Company, National Association, as custodian. The Natixis Revolving Credit Facility will mature on December 20, 2029, unless terminated earlier in accordance with the Natixis Revolving Credit Facility. The Natixis Revolving Credit Facility allows us to borrow in an aggregate amount of up to $300.0 million, subject to leverage and borrowing base restrictions. All capitalized terms used herein are as defined under the Natixis Revolving Credit Facility.

Loans under the Natixis Revolving Credit Facility bore interest at (i) for Alternate Base Rate Loans, the greatest of (a) Prime, (b) NYFRB Rate plus 0.50%, and (c) Term SOFR plus 1.00% (however, in no case less than 1.00%), each adjusted by a further 0.90% credit spread, (ii) for Risk Free Rate Loans, the greater of (a) SONIA plus 0.1193% and (b) 0.00%, each adjusted by a further 1.90% credit spread, (iii) for Term Benchmark Loans denominated in Euros, the EURIBOR Screen Rate multiplied by the Statutory Reserve Rate, plus 1.90%, (iv) for Term Benchmark Loans denominated in United States dollars, Term SOFR, plus 1.90%, and (v) for Term Benchmark Loans denominated in Canadian dollars, Term CORRA, plus 1.90%. We will pay a non-use fee of 0.375% per annum, accruing on the portion of the undrawn commitment accruing on the portion of the undrawn commitment of the total commitment under the Natixis Revolving Credit Facility.

The Natixis Revolving Credit Facility is secured by all of the principal amount of investments we hold that are not otherwise pledged under any of our other credit facilities. The Natixis Revolving Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for credit facilities of this nature.

As of December 31, 2025 and December 31, 2024, we had outstanding debt of $217.7 million and $62.0 million, respectively, under the Natixis Revolving Credit Facility.

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*Natixis ABL Facility*: On June 20, 2025, PCIF Defender, entered into a credit facility (the "Natixis ABL Facility") for revolving and term loans pursuant to a credit agreement, by and among PCIF Defender, as borrower, the lenders from time to time party thereto, Natixis, New York Branch, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, collateral administrator and information agent and U.S. Bank National Association, as collateral custodian and custodian (the "Credit Agreement"). All capitalized terms used herein are as defined under the Natixis ABL Facility.

Borrowings under the Natixis ABL Facility initially bear interest at the applicable base rate plus 1.95%, subject to a step-up of 2.00% following the occurrence of an Event of Default. The base rate under the Natixis ABL Facility is (a) for certain loans financed through the issuance of commercial paper, the Cost of Funds Rate and (b) for all other loans, the applicable Term SOFR rate; provided that, with respect to clause (a), no lender will utilize the Cost of Funds Rate without the prior consent of PCIF Defender.

The initial maximum principal amount under the Natixis ABL Facility is $250.0 million, and the Natixis ABL Facility includes an accordion provision to permit increases to the total facility amount, subject in each case to the satisfaction of certain conditions. Proceeds from loans made under the Natixis ABL Facility may be used for PCIF Defender's general corporate purposes, to fund collateral obligations acquired by PCIF Defender, to pay certain fees and expenses and to make distributions to us, subject to certain conditions set forth in the Natixis ABL Facility.

On December 8, 2025, we entered into Amendment No. 1 to the Natixis ABL Facility (the "Amendment No. 1 to Natixis ABL Facility"). The Amendment No. 1 to Natixis ABL Facility provides for, among other things, an increase in the aggregate commitments of the lenders under the Credit Agreement from $250.0 million to $350.0 million, and a revision of the margin applicable to borrowings in excess of the initial $250.0 million commitment under the Credit Agreement from 1.95% per annum to 1.90% per annum.

Loans made under the Natixis ABL Facility mature on June 20, 2035.

The Natixis ABL Facility is secured by all of the assets held by PCIF Defender. The Natixis ABL Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for loan facilities of this nature.

As of December 31, 2025 and December 31, 2024, we had outstanding debt of $191.3 million and $0, respectively, under the Natixis ABL Facility.

For further details, see Note 6 "Borrowings" to our consolidated financial statements for information on our debt.

**Cash Equivalents**

Cash equivalents include highly liquid investments, including money market funds, not held for resale with original maturities of three months or less.

**Restricted Cash and Cash Equivalents**

Restricted cash and cash equivalents includes amounts in reserve to fund draws on our credit borrowing facilities.

**Net Assets**

As of December 31, 2025 and December 31, 2024, our total net assets were $533.0 million and $220.8 million, respectively, and the net asset value per share was $23.40 and $25.21, respectively.

For further details, see Note 8 "Net Assets" to our consolidated financial statements for information on our Net Assets.

*Equity Activity*

On May 29, 2024, AGL contributed $10 thousand ($25 per share) of capital to us in exchange for 400 Common Shares. As of December 31, 2025 and December 31, 2024, we had aggregate capital commitments with third-party investors of $1.3 billion and $1.0 billion, respectively.

The following table summarizes equity activity for the year ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Activity** | **Share Issuance Date** | **Common Shares Issued** | **NAV per share** | **Proceeds** |
| Dividend Reinvestment | 1/28/2025 | 159 | $25.39 | $4 |
| Capital Contribution | 3/27/2025 | 1991239 | 25.11 | 50000 |
| Dividend Reinvestment | 4/30/2025 | 404 | 25.07 | 10 |
| Capital Contribution | 6/17/2025 | 3998401 | 25.01 | 100000 |
| Dividend Reinvestment | 7/30/2025 | 451 | 25.32 | 12 |
| Capital Contribution | 9/24/2025 | 5889520 | 24.62 | 145000 |
| Dividend Reinvestment | 10/30/2025 | 673 | 24.40 | 16 |
| Capital Contribution | 12/29/2025 | 2139495 | 23.37 | 50000 |
| Total |  | 14020342 |  | $345042 |

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*Share Repurchase Program*

We are a non-exchange traded, perpetual-life BDC, which is a BDC whose shares of beneficial interest are not listed – and are not expected in the future to be listed – on a stock exchange or other securities market. In addition, our strategy does not contemplate the future winding up or liquidation of the Company. As such, we use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration, whose shares of beneficial interest are intended to be sold by the BDC on a continuous basis at a price equal to the BDC's NAV per share. In our perpetual-life structure, we may offer investors an opportunity to repurchase their Common Shares on a quarterly basis at NAV, but we are not obligated to offer to repurchase any Common Shares in any particular quarter in our discretion. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of us being a forced seller of assets in market downturns compared to non-perpetual funds.

As noted above, we do not intend to pursue a liquidity event. In the event the Board does elect to pursue a liquidity event, each investor will be required to agree to cooperate with the Company and take all actions, execute all documents and provide all consents as may be reasonably necessary or appropriate to consummate an IPO or exchange listing, it being understood that the Company may, without obtaining the consent of any investors, make modifications to the Company's constitutive documents, capital structure and governance arrangements so long as, in the reasonable opinion of the Board, (x) the economic interests of the investors are not materially diminished or materially impaired, (y) such modifications are consistent with the requirements applicable to BDCs under the 1940 Act and (z) such modifications are not inconsistent with the provisions set forth in this Memorandum.

Beginning no later than October 21, 2028, and at the discretion of the Board, we intend to commence the Share Repurchase Program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV, as determined by the Board) as of the close of the previous calendar quarter. The Board may amend or suspend the Share Repurchase Program at any time if in its reasonable judgment it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each repurchase offer will be retired and thereafter will be authorized and unissued shares.

Under the Share Repurchase Program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly share repurchases using a purchase price equal to the NAV per share as of the Valuation Date. Shareholders should keep in mind that if they tender Common Shares in a repurchase offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common Shares, we may repurchase such Common Shares subject to the Early Repurchase Deduction. The Early Repurchase Deduction will be retained by us for the benefit of remaining holders of Common Shares. This Early Repurchase Deduction will also generally apply to minimum account repurchases, discussed above in "Share Repurchase Program."

In the event the amount of Common Shares tendered for repurchase exceeds the repurchase offer amount, Common Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly repurchase offer, or upon the recommencement of the Share Repurchase Program, as applicable.

The majority of our assets will consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. In order to provide liquidity for Share repurchases, we intend to generally maintain under normal circumstances an allocation to syndicated loans, which will generally be liquid. We may fund repurchase requests from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. Should making repurchase offers, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our Common Shares is in the best interests of us as a whole, then we may choose to offer to repurchase fewer Common Shares than described above, or none at all.

Following the fourth (4th) anniversary of the Initial Closing, if for a period of eight consecutive quarters we do not conduct Common Shares repurchases pursuant to the Share Repurchase Program in which we satisfy the lesser of: (i) 100% of share repurchase requests and (ii) share repurchase requests amounting to 5% of our Common Shares outstanding, we will commence a Reinvestment Pause Period during which we will not reinvest loan repayment proceeds and we will cause excess capital in the Company to be returned to investors quarterly on a pro rata basis. Such Reinvestment Pause Period will continue until we have satisfied the lesser of: (i) 100% of share repurchase requests and (ii) share repurchase requests amounting to 5% of our Common Shares outstanding, in a subsequent quarter, after which we will return to reinvesting loan repayment proceeds and the retention of excess capital.

If we undergo a listing or merge into a listed company, in accordance with the terms of the Subscription Agreement pertaining to the private placement, investors will be required to agree to certain lockup and manner-of-sale restrictions with respect to their Common

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Shares. In particular, shareholders would be restricted from transferring any Common Shares for 180 days. The lock-up would apply to all Common Shares acquired prior to such listing or merger but would not apply to any shares acquired after and pursuant to the Company's "opt out" DRIP. If the Company undergoes a listing, no failure to repurchase Common Shares pursuant to the Share Repurchase Program will trigger a Reinvestment Pause Period.

*Distributions*

Our Board intends to declare and pay distributions on a quarterly basis.

*Distribution Reinvestment Plan*

We have adopted an "opt out" DRIP pursuant to which shareholders can elect to "opt out" in their Subscription Agreements. The details of the DRIP are discussed under "Item 1. Financial Statements—Notes to Financial Statements—Note 8. Net Assets."

**Investment Advisory Agreement** 

We are externally managed by the Adviser pursuant to an Investment Advisory Agreement between us and the Adviser. Subject to the overall supervision of the Board, the Adviser is responsible for our overall management and affairs and has full discretion to invest our assets in a manner consistent with our investment objectives.

Under the Investment Advisory Agreement, we pay the Adviser (i) a Base Management Fee and (ii) an Incentive Fee as compensation for the investment advisory and management services the Adviser provides to us. The fees that are payable under the Investment Advisory Agreement for any partial period are appropriately prorated.

**Base Management Fee**

The Base Management Fee is calculated at an annual rate of 1.25% of the average value of our net assets at the end of the two most recently completed calendar quarters. The Adviser may, in its discretion, defer payment of the Base Management Fee, without interest, to any subsequent quarter. Base Management Fees for any partial quarter are prorated based on the number of days in the quarter.

**Incentive Fee**

We will pay the Adviser an Incentive Fee consisting of two parts. The details of the Incentive Fee are discussed under "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Expenses—Incentive Fee on Income" and "—Incentive Fee on Capital Gains."

**Related Party Transactions** 

We have entered into a number of business relationships with affiliated or related parties, including the Investment Advisory Agreement, Administration Agreement, Expense Support Agreement and Resource Sharing Agreement.

In addition to these agreements, we and the Adviser have been granted the Order from the SEC that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. We have filed an application for a new exemptive relief to apply for more flexible co-investment conditions which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain regulated funds and Affiliated Funds. There can be no assurance that we will obtain such new exemptive relief from the SEC. Additionally, affiliates of the Abu Dhabi Investment Authority ("ADIA") have investments in us and the Adviser. As such, ADIA has an indirect interest in a portion of the fees paid by us to the Adviser.

**Recent Developments**

*Distributions*

On January 29, 2026, we paid a distribution from taxable earnings, which may include a return of capital and/or capital gains, in an amount equal to $0.62 per share. The distribution was declared on December 22, 2025, to shareholders of record on December 22, 2025.

*Additional Investments*

Subsequent to December 31, 2025, we committed to the following additional investment transactions, representing aggregate commitments of approximately $77.0 million. These investments carry a weighted average spread of 4.7% and a weighted average loan-to-value ratio of 43.4%, based upon portfolio company financial statements.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Reference Rate and Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Commitment ($)** | **Initial Funded Par ($)** |
| **Non-controlled/Non-affiliated** |  |  |  |  |  |
| &nbsp;&nbsp;**Debt investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galway Borrower LLC | SOFR + 4.50% | 2/23/2026 | 9/29/2028 | $1241 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC | SOFR + 4.75% | 3/2/2026 | 4/1/2030 | 50000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple BidCo Holdings, Inc. | SOFR + 4.50% | 1/22/2026 | 1/22/2033 | 25750 | 18040 |
| **Total debt investments** |  |  |  | $76991 | $18040 |

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*AGL Enhanced PC Income I LLC ("AGL EPCI I")* 

On March 9, 2026, we and certain vehicles managed by Vintage Strategies at Goldman Sachs Alternatives ("Vintage Strategies") entered into an amended and restated limited liability company agreement for AGL EPCI I (the "LLC Agreement"), an unconsolidated entity. We and Vintage Strategies will invest up to $300 million in the aggregate in AGL EPCI I, with us investing up to $75 million and Vintage Strategies investing up to $225 million. In addition, the AGL EPCI I has secured $250 million in third-party debt financing, which it expects to execute on March 23, 2026. It is expected that AGL EPCI I will be principally focused on U.S. senior secured, corporate direct lending, consistent with our core origination strategy.

**Critical Accounting Policies** 

There have been no material changes to our critical accounting policies discussed in the Registration Statement. Our critical accounting policies should be read in connection with the risk factors described in the Registration Statement.

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in connection with our risk factors as described in "*Item 1A. – Risk Factors*" of the Registration Statement.

**Contractual Obligations** 

On October 11, 2024, we entered into the Investment Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services. We have entered into the Expense Support Agreement with the Adviser to provide us with support with respect to certain expenses and subject to reimbursement. Payments for investment advisory services under the Investment Advisory Agreements and reimbursements under the Administration Agreement are described in *Item 1. Financial Statements—Notes to Financial Statements—Note 3. Agreements and Related Party Transactions.*"

We may establish one or more additional credit facilities or enter into other financing arrangements from time to time to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR (or other applicable reference rate). We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

**Off-Balance Sheet Arrangements** 

Other than contractual commitments to make loans in the future, as noted below, and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financing or liabilities.

**Commitments** 

We have commitments to fund various first lien senior secured revolving and delayed draw loans. See Note 7 to the consolidated financial statements for information on Commitments and Contingencies.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

We are subject to financial market risks, including investment valuations of our investment portfolio, interest rate risk and currency risk. Uncertainty with respect to the economic effects of rising interest rates in response to inflation, the Russian invasion of Ukraine and the war between Israel and Hamas introduced significant volatility in the financial markets, and the effects of this volatility have materially

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impacted and could continue to materially impact our market risks, including those listed below. For additional information concerning potential impact on our business and our operating results, see *"Item 1A. Risk Factors."*

***Investment Valuation Risk***

Because there is not a readily available market value for most of the investments in our portfolio, we value most of our portfolio investments at fair value based on the input of our management and audit committee and the independent valuation firm that has been engaged at the direction of our Board of Trustees to assist in the valuation of each portfolio investment without a readily available market quotation. The Board of Trustees has designated the Adviser as its "Valuation Designee" pursuant to Rule 2a-5 under the 1940 Act, and in that role, the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Company's Board of Trustees. Even though the Company's Board of Trustees designated the Company's Adviser as "Valuation Designee," the Board of Trustees continues to be responsible for overseeing the processes for determining fair valuation.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized appreciation or depreciation reflected in the valuations currently assigned. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates" and "—Fair Value Measurements" as well as Notes 2 and 5 to our consolidated financial statements for more information relating to our investment valuation.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund, and continue to expect to fund, a portion of our investments with borrowings, our net investment income is, and is expected to continue to be, affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of December 31, 2025, 100% of our debt portfolio investments bore interest at variable rates, which are usually SOFR-based and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a monthly, quarterly, semi-annual or annual basis, and substantially all of these interest rates are subject to certain floors. Our borrowing facilities bear interest at a Term SOFR or a Base Rate, in each case plus an applicable margin for borrowings that reference Term SOFR.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate for variable rate instruments) to our loan portfolio and outstanding debt as of December 31, 2025, assuming no changes in our investment and borrowing structure (in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Change in interest rates** | **Increase (decrease) in interest income** | **Increase (decrease) in interest expense** | **Net increase (decrease) in investment income** |
| Up 200 basis points | $27233 | $17265 | $9968 |
| Up 100 basis points | $13616 | $8632 | $4984 |
| Up 50 basis points | $6808 | $4316 | $2492 |
| Down 50 basis points | $(6808) | $(4316) | $(2492) |
| Down 100 basis points | $(13616) | $(8632) | $(4984) |
| Down 200 basis points | $(27164) | $(17265) | $(9899) |

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We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments. As of December 31, 2025, we had not entered into any interest rate hedging agreements.

***Currency Risk***

From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and

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cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements. We may use derivative instruments from time to time, including foreign currency forward contracts and cross currency swaps, to manage the impact of fluctuations in foreign currency exchange rates. We also have the ability to borrow in certain foreign currencies under our Credit Facilities, which provides a natural hedge with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to foreign exchange rate differences. We are typically a net receiver of these foreign currencies relating to our international investment positions, and, as a result, our investments denominated in foreign currencies, to the extent not hedged, benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar. To the extent the loan or investment is based on a floating rate other than a rate under which we can borrow under our Credit Facilities, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

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

**Index to Consolidated Financial Statements**

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| | |
|:---|:---|
| [<u>Report of Independent Registered Public Accounting Firm (</u>Deloitte & Touche LLP<u>,</u> New York, NY<u>, PCAOB ID:</u>34<u>)</u>](#item_8_deloitte) | 78 |
| [<u>Report of Independent Registered Public Accounting Firm (</u>Ernst & Young LLP<u>,</u> New York, NY<u>, PCAOB ID:</u>42<u>)</u>](#item_8_ey) | 79 |
| [<u>Consolidated Statement of Assets and Liabilities as of December 31, 2025 and 2024</u>](#statement_of_assets_and_liabilities) | 80 |
| [<u>Consolidated Statement of Operations for the Year Ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024</u>](#statements_of_operations) | 81 |
| [<u>Consolidated Statement of Changes in Net Assets for the Year Ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024</u>](#changes_in_net_assets) | 82 |
| [<u>Consolidated Statement of Cash Flows for the Year Ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024</u>](#statement_of_cashflows) | 83 |
| [<u>Consolidated Schedule of Investments as of December 31, 2025 and 2024</u>](#schedule_of_investments) | 85 |
| [<u>Notes to the Consolidated Financial Statements</u>](#notes_section) | 93 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and the Board of Directors of AGL Private Credit Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of AGL Private Credit Income Fund and subsidiaries (the "Company"), including the consolidated schedule of investments, as of December 31, 2024, the related consolidated statements of operations, changes in net assets, cash flows, and the financial highlights (in Note 10) for the period from January 18, 2024 (date of inception) to December 31, 2024, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations, changes in net assets, cash flows and the financial highlights for the period from January 18, 2024 (date of inception) to December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

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

/s/ Deloitte & Touche LLP

New York, NY

March 12, 2025

We began serving as the Company's auditor in 2024. In 2025 we became the predecessor auditor.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and the Board of Directors of AGL Private Credit Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of AGL Private Credit Income

Fund ("the Company"), including the consolidated schedule of investments, as of December 31, 2025, the related

consolidated statement of operations, changes in net assets and cash flows for the year then ended, and the related

notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial

statements present fairly, in all material respects, the financial position of the Company at December 31, 2025, and

the results of its operations, changes in net assets and its cash flows for the year then ended in conformity with U.S.

generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an

opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with

the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with

respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of

the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are free of material

misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform,

an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding

of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the

Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures

included confirmation of investments owned as of December 31, 2025, by correspondence with the custodian, loan

agents and underlying investee. Our audit also included evaluating the accounting principles used and significant

estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe

that our audit provides a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of AGL Private Credit Income Fund since 2025.

March 12, 2026

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**AGL Private Credit Income Fund**

**Consolidated Statements of Assets and Liabilities**

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

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (cost/amortized cost of $1,350,788 and $472,411, respectively) | $1355641 | $473126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 3328 | 131621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 26542 | 4920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 10116 | 2699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open trade receivable | 17024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs |  | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser | 12626 | 6245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 718 | 366 |
| **Total Assets** | $1425995 | $619742 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt (net of deferred financing costs of $8,788 and $6,592, respectively) | $854451 | $384604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 8850 | 3604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fees payable | 1573 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive Fee on income payable | 2036 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 12796 | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Adviser | 8756 | 6794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to Affiliate | 4580 | 829 |
| **Total Liabilities** | 893042 | 398960 |
| Commitments and contingencies (Note 7) |  |  |
| **Net Assets** |  |  |
| Common Shares, $0.001 par value, unlimited shares authorized, 22,778,837 and 8,758,495 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 23 | 9 |
| Additional paid-in capital | 564940 | 219975 |
| Accumulated distributable earnings (losses) | (32010) | 798 |
| **Total Net Assets** | 532953 | 220782 |
| **Total Liabilities and Net Assets** | $1425995 | $619742 |
| Net asset value per share | $23.40 | $25.21 |

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*See accompanying notes to consolidated financial statements*

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**AGL Private Credit Income Fund**

**Consolidated Statements of Operations**

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

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| **Investment income** |  |  |
| From non-controlled/non-affiliated company investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $84482 | $7388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 1398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee income | 615 |  |
| **Total investment income** | 86495 | 7388 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing expenses | 38848 | 3887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fees | 4344 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive Fee on income | 5303 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain incentive fees | 30 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizational costs |  | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 765 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees | 3751 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 3170 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of trustee fees | 474 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general expenses | 2637 | 1200 |
| **Total expenses** | 59322 | 11164 |
| Capital gain incentive fee waived | (30) | (89) |
| Expense reimbursement | (9920) | (6245) |
| **Net expenses** | 49372 | 4830 |
| **Net investment income** | 37123 | 2558 |
| **Net gain (loss) on investment transactions** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (36748) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 57 |  |
| Net realized gain (loss) on investment transactions | (36691) |  |
| Net change in unrealized appreciation (depreciation) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 4105 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (58) |  |
| Net change in unrealized appreciation (depreciation) on investment transactions | 4047 | 715 |
| **Net gain (loss) on investment transactions** | (32644) | 715 |
| Net realized gain (loss) on extinguishment of debt | (211) |  |
| **Net increase (decrease) in net assets resulting from operations** | $4268 | $3273 |
| **Per Common Share Data** |  |  |
| Basic and diluted earnings per Common Share | $0.30 | $0.77 |
| Basic and diluted net investment income per Common Share | $2.64 | $0.60 |
| Basic and diluted weighted average Common Shares outstanding | 14070760 | 4252447 |

---

*See accompanying notes to consolidated financial statements*

------

**AGL Private Credit Income Fund**

**Consolidated Statements of Changes in Net Assets**

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

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| **Net increase in net assets resulting from operations** |  |  |
| Net investment income | $37123 | $2558 |
| Net realized gain (loss) on investments | (36748) |  |
| Net realized gain (loss) on foreign currency transactions | 57 |  |
| Net realized gain (loss) on extinguishment of debt | (211) |  |
| Net change in unrealized appreciation (depreciation) on investments | 4105 | 715 |
| Net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies | (58) |  |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | 4268 | 3273 |
| **Distributions to shareholders** |  |  |
| Common Shares issued in connection with dividend reinvestment plan | 42 |  |
| Distributions declared | (37139) | (2501) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from distributions to shareholders** | (37097) | (2501) |
| **Capital share transactions** |  |  |
| Issuance of Common Shares | 345000 | 220010 |
| &nbsp;&nbsp;**Net increase in net assets resulting from capital share transactions** | 345000 | 220010 |
| Total increase in net assets during the period | 312171 | 220782 |
| Net assets at beginning of period | 220782 |  |
| &nbsp;&nbsp;**Net assets at end of period** | $532953 | $220782 |
| &nbsp;&nbsp;**Net asset value per share** | $23.40 | $25.21 |
| &nbsp;&nbsp;**Common Shares outstanding as of December 31 of each period** | 22778837 | 8758495 |

---

*See accompanying notes to consolidated financial statements*

------

**AGL Private Credit Income Fund**

**Consolidated Statements of Cash Flows**

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

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $4268 | $3273 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| Net realized (gain) loss on investments | 36748 |  |
| Net realized (gain) loss on foreign currency transactions | (57) |  |
| Net realized (gain) loss on extinguishment of debt | 211 |  |
| Net change in unrealized (appreciation) depreciation on investments | (4105) | (715) |
| Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | 58 |  |
| Net accretion of discount and amortization of premium | (2427) | (164) |
| Amortization of deferred financing costs | 2869 | 283 |
| Amortization of offering costs | 765 | 188 |
| Payments for purchase of investments | (1022366) | (474478) |
| Proceeds from sale of investments and principal repayments | 110770 | 2231 |
| Payment-in-kind interest capitalized | (1135) |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Interest receivable | (7417) | (2699) |
| &nbsp;&nbsp;Receivable from Adviser | (6381) | (6245) |
| &nbsp;&nbsp;Open trade receivable | (17024) |  |
| &nbsp;&nbsp;Other assets | (352) | (366) |
| &nbsp;&nbsp;Interest payable | 5246 | 3604 |
| &nbsp;&nbsp;Base management fees payable | 1310 | 263 |
| &nbsp;&nbsp;Incentive Fee on income payable | 1671 | 365 |
| &nbsp;&nbsp;Payable to Adviser | 1962 | 6794 |
| &nbsp;&nbsp;Payable to Affiliate | 3751 | 829 |
| &nbsp;&nbsp;**Net cash provided by (used for) operating activities** | (891635) | (466837) |
| **Cash flows from financing activities:** |  |  |
| Debt borrowings | 1496289 | 601236 |
| Debt repayments | (1024247) | (210040) |
| Deferred offering costs paid |  | (953) |
| Capitalized debt issuance costs paid | (5276) | (6875) |
| Proceeds from issuance of Common Shares | 345000 | 220010 |
| Distributions paid | (26802) |  |
| &nbsp;&nbsp;**Net cash provided by (used in) financing activities** | 784964 | 603378 |
| **Cash and cash equivalents and restricted cash and cash equivalents** |  |  |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | (106671) | 136541 |
| Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 136541 |  |
| Cash and cash equivalents and restricted cash and cash equivalents, end of period | $29870 | $136541 |
| **Supplemental disclosures of non-cash information** |  |  |
| Cash paid for interest | $30735 | $— |
| Shares issued in connection with dividend reinvestment plan | $42 | $— |

---

------

The following table presents cash and cash equivalents and restricted cash and cash equivalents by category within the Consolidated Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $3328 | $131621 |
| Restricted cash and cash equivalents | 26542 | 4920 |
| Cash and cash equivalents and restricted cash and cash equivalents | $29870 | $136541 |

---

------

**AGL Private Credit Income Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

(*In thousands, except per share amounts*)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1),(2)</sup> | **Investment Type** | **Reference Rate and Spread** <sup>(3)</sup> | **All In Rate** <sup>(3)</sup> | **Acquisition<br>Date** | **Maturity<br>Date** | **Par ($) / Shares**<sup>(4)</sup> | **Cost/Amortized Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net Assets** |
| **Non-controlled/Non-affiliated** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Debt investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Sound Bidco Limited | First Lien Delayed Draw Term Loan | SOFR + 5.25% | - | 12/2/2024 | 12/3/2031 | $— | $(70) | $— | 0.0%<br> <sup>\*(6)(7)(8)(9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Sound Bidco Limited | First Lien Term Loan | SOFR + 5.25% | 9.09% | 12/2/2024 | 12/3/2031 | 60289 | 59359 | 59836 | 11.2%<br> <sup>\*3a(6)(7)(9)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan BW Borrower L.P. | First Lien Delayed Draw Term Loan | SOFR + 4.75% | - | 7/24/2025 | 7/24/2032 |  | (17) | (9) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan BW Borrower L.P. | First Lien Revolving Loan | SOFR + 4.75% | - | 7/24/2025 | 7/24/2032 |  | (67) | (54) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan BW Borrower L.P. | First Lien Term Loan | SOFR + 5.25% | 6.38% cash / 2.88% PIK | 7/24/2025 | 7/24/2032 | 42559 | 42158 | 42240 | 7.9%<br> <sup>\*3b(6)</sup> |
|  |  |  |  |  |  | **102848** | **101363** | **102013** | **19.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components** | &nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheels Bidco, Inc. | First Lien Term Loan | SOFR + 5.50% | 9.40% | 11/1/2024 | 11/3/2031 | 25000 | 24781 | 25000 | 4.7%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elk Bidco, Inc. | First Lien Revolving Loan | SOFR + 4.50% | - | 6/13/2025 | 6/14/2032 |  | (15) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elk Bidco, Inc. | First Lien Delayed Draw Term Loan | SOFR + 4.50% | - | 6/13/2025 | 6/14/2032 |  | (9) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elk Bidco, Inc. | First Lien Term Loan | SOFR + 4.50% | 8.17% | 6/13/2025 | 6/14/2032 | 17859 | 17781 | 17859 | 3.4%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Firebird Acquisition Corp, Inc. | First Lien Delayed Draw Term Loan | SOFR + 4.50% | 8.34% | 1/31/2025 | 2/2/2032 | 6747 | 6716 | 6747 | 1.3%<br> <sup>\*3b(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Firebird Acquisition Corp, Inc. | First Lien Revolving Loan | SOFR + 4.50% | - | 1/31/2025 | 2/2/2032 |  | (15) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Firebird Acquisition Corp, Inc. | First Lien Term Loan | SOFR + 5.00% | 6.09% cash / 2.75% PIK | 1/31/2025 | 2/2/2032 | 28786 | 28716 | 28787 | 5.4%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Safety LLC | First Lien Revolving Loan | SOFR + 5.00% | - | 6/25/2025 | 6/25/2032 |  | (16) | (4) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Safety LLC | First Lien Delayed Draw Term Loan | SOFR + 5.00% | 8.80% | 6/25/2025 | 6/25/2032 | 1868 | 1778 | 1868 | 0.4%<br> <sup>\*3b(6)(8)</sup> |
|  |  |  |  |  |  | **55260** | **54936** | **55257** | **10.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging** | &nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSafe Acquisition Company, Inc. | First Lien Delayed Draw Term Loan | SOFR + 5.75% | 9.59% | 5/8/2025 | 12/14/2028 | 11970 | 11860 | 11910 | 2.2%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSafe Acquisition Company, Inc. | First Lien Term Loan | SOFR + 5.75% | 9.95% | 5/8/2025 | 12/14/2028 | 11910 | 11810 | 11850 | 2.2%<br> <sup>\*3c(6)</sup> |
|  |  |  |  |  |  | **23880** | **23670** | **23760** | **4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | First Lien Delayed Draw Term Loan | SOFR + 5.00% | 8.81% | 4/29/2025 | 10/24/2030 | 51130 | 50478 | 50758 | 9.5%<br> <sup>\*3b(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | First Lien Term Loan | SOFR + 5.00% | 8.84% | 4/29/2025 | 10/24/2030 | 25323 | 25094 | 25196 | 4.7%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wrench Group LLC | First Lien Revolving Loan | SOFR + 4.75% | - | 10/1/2025 | 9/3/2031 |  | (36) | (36) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wrench Group LLC | First Lien Delayed Draw Term Loan | SOFR + 4.75% | - | 10/1/2025 | 9/3/2032 |  | (18) | (18) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wrench Group LLC | First Lien Term Loan | SOFR + 4.75% | 8.42% | 10/1/2025 | 9/3/2032 | 27500 | 27233 | 27233 | 5.1%<br> <sup>\*3b(6)</sup> |
|  |  |  |  |  |  | **103953** | **102751** | **103133** | **19.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cliffwater LLC | First Lien Revolving Loan | SOFR + 4.75% | - | 4/16/2025 | 4/22/2032 |  | (41) | (41) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cliffwater LLC | First Lien Term Loan | SOFR + 4.75% | 8.47% | 4/16/2025 | 4/22/2032 | 58924 | 58476 | 58476 | 11.0%<br> <sup>\*3a(6)</sup> |
|  |  |  |  |  |  | **58924** | **58435** | **58435** | **11.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maverick Power, LLC | First Lien Term Loan | SOFR + 5.00% | 8.89% | 11/4/2025 | 5/4/2031 | 65000 | 63412 | 64025 | 12.0%<br> <sup>\*3b(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edition Holdings, Inc. | First Lien Delayed Draw Term Loan | SOFR + 4.50% | - | 12/18/2025 | 12/20/2032 |  | (14) | (14) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edition Holdings, Inc. | First Lien Delayed Draw Term Loan #2 | SOFR + 4.50% | - | 12/18/2025 | 12/20/2032 |  | (7) | (7) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edition Holdings, Inc. | First Lien Revolving Loan | SOFR + 4.50% | - | 12/18/2025 | 12/20/2032 |  | (10) | (10) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edition Holdings, Inc. | First Lien Term Loan | SOFR + 4.50% | 8.20% | 12/18/2025 | 12/20/2032 | 27787 | 27684 | 27684 | 5.2%<br> <sup>\*3b(6)</sup> |
|  |  |  |  |  |  | **27787** | **27653** | **27653** | **5.2%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1),(2)</sup> | **Investment Type** | **Reference Rate and Spread** <sup>(3)</sup> | **All In Rate** <sup>(3)</sup> | **Acquisition<br>Date** | **Maturity<br>Date** | **Par ($) / Shares**<sup>(4)</sup> | **Cost/Amortized Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Services** | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradigm Parent, LLC | First Lien Term Loan | SOFR + 4.50% | 8.17% | 7/24/2025 | 4/16/2032 | 49875 | 44927 | 43750 | 8.2%<br> <sup>\*3b(11)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Animal Health Topco, LLC | First Lien Delayed Draw Term Loan | SOFR + 5.00% | 8.82% | 3/31/2025 | 12/22/2027 | 5003 | 4914 | 5003 | 0.9%<br> <sup>\*3a(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chartis Group, LLC, The | First Lien Delayed Draw Term Loan | SOFR + 4.25% | 7.92% | 10/21/2024 | 9/17/2031 | 698 | 685 | 698 | 0.1%<br> <sup>\*3b(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chartis Group, LLC, The | First Lien Revolving Loan | SOFR + 4.25% | - | 10/21/2024 | 9/17/2031 |  | (13) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chartis Group, LLC, The | First Lien Term Loan | SOFR + 4.25% | 7.95% | 10/21/2024 | 9/17/2031 | 13569 | 13481 | 13569 | 2.5%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimonMed, Inc. | First Lien Delayed Draw Term Loan | SOFR + 4.75% | 8.50% | 2/19/2025 | 2/19/2032 | 7829 | 7742 | 7762 | 1.5%<br> <sup>\*3b(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimonMed, Inc. | First Lien Revolving Loan | SOFR + 4.75% | 8.91% | 2/19/2025 | 2/19/2031 | 3375 | 3311 | 3319 | 0.6%<br> <sup>\*3b(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SimonMed, Inc. | First Lien Term Loan | SOFR + 4.75% | 8.57% | 2/19/2025 | 2/19/2032 | 58208 | 57680 | 57771 | 10.8%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solis Mammography Buyer, Inc. | First Lien Delayed Draw Term Loan | SOFR + 5.00% | - | 5/29/2025 | 5/29/2032 |  | (12) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solis Mammography Buyer, Inc. | First Lien Term Loan | SOFR + 5.00% | 8.67% | 5/29/2025 | 5/29/2032 | 15921 | 15703 | 15802 | 3.0%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solis Mammography Buyer, Inc. | First Lien Revolving Loan | SOFR + 5.00% | - | 5/29/2025 | 5/29/2030 |  | (30) | (17) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Holdings Bidco, Inc. | First Lien Delayed Draw Term Loan | SOFR + 5.25% | - | 9/2/2025 | 7/2/2030 |  | (13) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Holdings Bidco, Inc. | First Lien Revolving Loan | SOFR + 5.25% | - | 9/2/2025 | 7/2/2030 |  | (5) | (3) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Holdings Bidco, Inc. | First Lien Term Loan | SOFR + 5.25% | 9.23% | 9/2/2025 | 7/2/2030 | 7713 | 7682 | 7694 | 1.4%<br> <sup>\*3b(6)</sup> |
|  |  |  |  |  |  | **112316** | **111125** | **111598** | **20.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** | &nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | First Lien Delayed Draw Term Loan | SOFR + 5.00% | - | 10/21/2024 | 8/7/2031 |  | (16) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | First Lien Revolving Loan | SOFR + 5.00% | - | 10/21/2024 | 8/7/2031 |  | (40) | (10) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | First Lien Delayed Draw Term Loan #2 | SOFR + 5.00% | - | 5/15/2025 | 8/7/2031 |  | (61) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | First Lien Term Loan #2 | SOFR + 5.00% | 8.72% | 5/15/2025 | 8/7/2031 | 6909 | 6812 | 6891 | 1.3%<br> <sup>\*3a(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | First Lien Term Loan | SOFR + 5.00% | 8.72% | 10/21/2024 | 8/7/2031 | 44058 | 43614 | 43948 | 8.2%<br> <sup>\*3a(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Buyer, Inc. | First Lien Delayed Draw Term Loan | SOFR + 4.50% | - | 10/21/2025 | 4/2/2031 |  | (16) | (16) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Buyer, Inc. | First Lien Revolving Loan | SOFR + 4.50% | - | 10/21/2025 | 4/2/2031 |  | (16) | (16) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Buyer, Inc. | First Lien Term Loan | SOFR + 4.50% | 8.22% | 10/21/2025 | 4/2/2031 | 35000 | 34830 | 34830 | 6.5%<br> <sup>\*3a(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. | First Lien Delayed Draw Term Loan #2 | SOFR + 4.75% | - | 10/21/2024 | 6/27/2031 |  | (24) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. | First Lien Revolving Loan | SOFR + 4.75% | - | 10/21/2024 | 6/27/2031 |  | (39) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain Parent, Inc. | First Lien Term Loan | SOFR + 4.75% | 8.42% | 10/21/2024 | 6/27/2031 | 56468 | 56104 | 56468 | 10.6%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xifin, Inc. | First Lien Revolving Loan | SOFR + 4.75% | - | 8/5/2025 | 7/31/2031 |  | (7) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xifin, Inc. | First Lien Term Loan | SOFR + 4.75% | 8.67% | 8/5/2025 | 7/31/2031 | 16881 | 16841 | 16881 | 3.2%<br> <sup>\*3b(6)</sup> |
|  |  |  |  |  |  | **159316** | **157982** | **158976** | **29.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC | First Lien Delayed Draw Term Loan | SOFR + 5.50% | - | 7/29/2025 | 7/29/2031 |  | (20) | (14) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC | First Lien Revolving Loan | SOFR + 5.50% | 9.23% | 7/29/2025 | 7/29/2031 | 263 | 237 | 240 | 0.0%<br> <sup>\*3b(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC | First Lien Term Loan | SOFR + 5.50% | 9.32% | 7/29/2025 | 7/29/2031 | 20263 | 19996 | 20010 | 3.8%<br> <sup>\*3b(6)</sup> |
|  |  |  |  |  |  | **20526** | **20213** | **20236** | **3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Insurance** | &nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galway Borrower LLC | First Lien Delayed Draw Term Loan #2 | SOFR + 4.50% | 8.17% | 10/21/2024 | 9/29/2028 | 229 | 226 | 229 | 0.0%<br> <sup>\*3a(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galway Borrower LLC | First Lien Revolving Loan | SOFR + 4.50% | 8.19% | 10/21/2024 | 9/29/2028 | 175 | 169 | 175 | 0.0%<br> <sup>\*3b(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galway Borrower LLC | First Lien Delayed Draw Term Loan | SOFR + 4.50% | 8.17% | 10/21/2024 | 9/29/2028 | 211 | 210 | 211 | 0.0%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galway Borrower LLC | First Lien Term Loan | SOFR + 4.50% | 8.17% | 10/21/2024 | 9/29/2028 | 11205 | 11145 | 11205 | 2.1%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC | First Lien Revolving Loan | SOFR + 5.00% | - | 10/21/2024 | 8/25/2028 |  | (56) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC | First Lien Term Loan | SOFR + 5.00% | 8.82% | 10/21/2024 | 8/25/2028 | 26430 | 26382 | 26430 | 5.0%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koala Investment Holdings, Inc. | First Lien Delayed Draw Term Loan | SOFR + 4.25% | - | 8/29/2025 | 8/29/2032 |  | (36) | (38) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koala Investment Holdings, Inc. | First Lien Revolving Loan | SOFR + 4.25% | - | 8/29/2025 | 8/29/2032 |  | (32) | (17) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koala Investment Holdings, Inc. | First Lien Term Loan | SOFR + 4.25% | 8.17% | 8/29/2025 | 8/29/2032 | 39109 | 38735 | 38913 | 7.3%<br> <sup>\*3b(6)</sup> |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1),(2)</sup> | **Investment Type** | **Reference Rate and Spread** <sup>(3)</sup> | **All In Rate** <sup>(3)</sup> | **Acquisition<br>Date** | **Maturity<br>Date** | **Par ($) / Shares**<sup>(4)</sup> | **Cost/Amortized Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net Assets** |
|  |  |  |  |  |  | **77359** | **76743** | **77108** | **14.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**IT Services** | &nbsp;&nbsp;&nbsp;&nbsp;**IT Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endor Purchaser, Inc. | First Lien Delayed Draw Term Loan | SOFR + 5.00% | - | 1/9/2025 | 1/9/2032 |  | (18) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endor Purchaser, Inc. | First Lien Revolving Loan | SOFR + 5.00% | - | 1/9/2025 | 1/9/2032 |  | (18) | (5) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endor Purchaser, Inc. | First Lien Term Loan | SOFR + 5.00% | 8.67% | 1/9/2025 | 1/9/2032 | 18656 | 18525 | 18610 | 3.5%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OLO Parent, Inc. | First Lien Revolving Loan | SOFR + 4.50% | - | 9/12/2025 | 9/13/2032 |  | (20) | (20) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OLO Parent, Inc. | First Lien Term Loan | SOFR + 4.50% | 8.32% | 9/12/2025 | 9/13/2032 | 44990 | 44772 | 44778 | 8.4%<br> <sup>\*3b(6)</sup> |
|  |  |  |  |  |  | **63646** | **63241** | **63363** | **11.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Machinery** | &nbsp;&nbsp;&nbsp;&nbsp;**Machinery** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dune Acquisition Inc. | First Lien Term Loan | SOFR + 6.25% | 9.97% | 11/20/2024 | 11/20/2030 | 19800 | 19505 | 19602 | 3.7%<br> <sup>\*3a(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FGI Acquisition Corp. | First Lien Term Loan | SOFR + 5.50% | 9.27% | 5/23/2025 | 5/21/2032 | 49750 | 48815 | 49004 | 9.2%<br> <sup>\*3b(6)</sup> |
|  |  |  |  |  |  | **69550** | **68320** | **68606** | **12.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products** | &nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vivos Holdings, LLC | First Lien Term Loan | SOFR + 6.00% | 9.74% | 8/13/2025 | 8/13/2030 | 25000 | 24797 | 24688 | 4.6%<br> <sup>\*3a(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** | &nbsp;&nbsp;&nbsp;&nbsp;**Professional Services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC | First Lien Revolving Loan | SOFR + 5.00% | - | 11/1/2024 | 9/22/2028 |  | (12) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC | First Lien Term Loan | SOFR + 5.00% | 8.84% | 11/1/2024 | 9/22/2028 | 15576 | 15462 | 15576 | 2.9%<br> <sup>\*3b(6)</sup> |
|  |  |  |  |  |  | **15576** | **15450** | **15576** | **2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMI Buyer, Inc. | First Lien Revolving Loan | SOFR + 5.00% | - | 10/21/2024 | 10/17/2031 |  | (66) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMI Buyer, Inc. | First Lien Term Loan | SOFR + 5.00% | 8.90% | 10/21/2024 | 10/17/2031 | 43323 | 42852 | 43323 | 8.1%<br> <sup>\*3c(6)</sup> |
|  |  |  |  |  |  | **43323** | **42786** | **43323** | **8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Software** | &nbsp;&nbsp;&nbsp;&nbsp;**Software** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc. | First Lien Term Loan | SOFR + 4.50% | 8.32% | 5/20/2025 | 6/21/2029 | 46057 | 46057 | 46057 | 8.6%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaplan, Inc. | First Lien Revolving Loan | SOFR + 4.50% | - | 5/20/2025 | 6/21/2028 |  |  |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexera Software LLC | First Lien Revolving Loan | SOFR + 4.50% | - | 8/15/2025 | 8/16/2032 |  | (6) | (7) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexera Software LLC | First Lien Term Loan #2 | SOFR + 4.50% | 8.17% | 12/24/2025 | 8/16/2032 | 10060 | 9985 | 10035 | 1.9%<br> <sup>\*3e(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexera Software LLC | First Lien Term Loan | EURIBOR + 4.50% | 6.38% | 8/15/2025 | 8/16/2032 | 10601 | 12386 | 12419 | 2.3%<br> <sup>\*3b(6)(12)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexera Software LLC | First Lien Term Loan | SOFR + 4.50% | 8.35% | 8/15/2025 | 8/16/2032 | 35127 | 35042 | 35039 | 6.6%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InhabitlQ, Inc. | First Lien Delayed Draw Term Loan | SOFR + 4.50% | - | 1/10/2025 | 1/12/2032 |  | (10) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InhabitlQ, Inc. | First Lien Revolving Loan | SOFR + 4.50% | - | 1/10/2025 | 1/12/2032 |  | (13) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InhabitlQ, Inc. | First Lien Term Loan | SOFR + 4.50% | 8.22% | 1/10/2025 | 1/12/2032 | 17136 | 17086 | 17136 | 3.2%<br> <sup>\*3a(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC | First Lien Delayed Draw Term Loan | SOFR + 4.75% | 8.42% | 10/2/2025 | 2/10/2028 | 285 | 280 | 280 | 0.1%<br> <sup>\*3b(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC | First Lien Revolving Loan | SOFR + 4.75% | 8.44% | 11/12/2024 | 2/10/2028 | 463 | 459 | 457 | 0.1%<br> <sup>\*3b(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC | First Lien Term Loan | SOFR + 4.75% | 8.42% | 11/5/2024 | 2/10/2028 | 47380 | 47319 | 47274 | 8.9%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navex Global Holdings Corporation | First Lien Delayed Draw Term Loan | SOFR + 5.00% | - | 10/14/2025 | 10/14/2032 |  | (19) | (19) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navex Global Holdings Corporation | First Lien Revolving Loan | SOFR + 5.00% | - | 10/14/2025 | 10/14/2031 |  | (2) | (2) | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navex Global Holdings Corporation | First Lien Term Loan | SOFR + 5.00% | 8.91% | 10/14/2025 | 10/14/2032 | 16500 | 16419 | 16419 | 3.1%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superman Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR + 4.50% | 8.17% | 10/21/2024 | 8/29/2031 | 6504 | 6488 | 6504 | 1.2%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superman Holdings, LLC | First Lien Revolving Loan | SOFR + 4.50% | - | 10/21/2024 | 8/29/2031 |  | (6) |  | 0.0%<br> <sup>\*(6)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superman Holdings, LLC | First Lien Term Loan | SOFR + 4.50% | 8.17% | 10/21/2024 | 8/29/2031 | 19926 | 19883 | 19926 | 3.7%<br> <sup>\*3b(6)</sup> |
|  |  |  |  |  |  | **210039** | **211348** | **211518** | **39.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail** | &nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands, LLC | First Lien Delayed Draw Term Loan | SOFR + 5.50% | 9.37% | 10/21/2024 | 7/25/2028 | 48125 | 47849 | 48125 | 9.0%<br> <sup>\*3b(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands, LLC | First Lien Delayed Draw Term Loan #2 | SOFR + 5.00% | 8.86% | 9/25/2025 | 7/25/2028 | 4333 | 4216 | 4183 | 0.8%<br> <sup>\*3b(6)(8)</sup> |
|  |  |  |  |  |  | **52458** | **52065** | **52308** | **9.8%** |
| **Total debt investments** |  |  |  |  |  | $**1361636** | **1345998** | **1350326** | **253.1%** |
| **Non-controlled/Non-affiliated equity investments** | **Non-controlled/Non-affiliated equity investments** |  |  |  |  |  |  |  |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1),(2)</sup> | **Investment Type** | **Reference Rate and Spread** <sup>(3)</sup> | **All In Rate** <sup>(3)</sup> | **Acquisition<br>Date** | **Maturity<br>Date** | **Par ($) / Shares**<sup>(4)</sup> | **Cost/Amortized Cost**<sup>(5)</sup> | **Fair Value** | **Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;**Equity investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Firebird Co-Invest L.P. | LP Interest |  |  | 1/29/2025 | N/A |  | 4790 | 5315 | 1.0%<br> <sup>\*(8)(10)</sup> |
| **Total equity investment** |  |  |  |  |  |  | 4790 | 5315 | 1.0% |
| **Total investments** |  |  |  |  |  |  | **1350788** | **1355641** | **254.1%** |
| **Money market funds (included in cash and cash equivalents and restricted cash)** | **Money market funds (included in cash and cash equivalents and restricted cash)** | **Money market funds (included in cash and cash equivalents and restricted cash)** | **Money market funds (included in cash and cash equivalents and restricted cash)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Institutional Fund | &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Institutional Fund |  | 4.03% |  |  |  | 24019 | 24019 | 4.5%<br> <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund | &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund |  | 4.10% |  |  |  | 8 | 8 | 0.0%<br> <sup>\*</sup> |
| **Total money market funds** |  |  |  |  |  |  | 24027 | 24027 | 4.5% |
| **Total investments and money market funds** | **Total investments and money market funds** |  |  |  |  |  | $**1374815** | $**1379668** | **258.6%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, all of the Company's investments were non-controlled, non-affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)As of December 31, 2025, the Company had no portfolio company investment on non-accrual status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Unless otherwise indicated, each loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either Euro Interbank Offer Rate ("Euribor" or "E"), the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (which can include the federal funds effective rate or the prime rate), at the borrower's option, and which reset periodically based on the terms of the loan agreement. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The terms in the Consolidated Schedule of Investments disclose the weighted average interest rate in effect as of the reporting period. As of December 31, 2025, 96.3% (based on par) of debt securities contain floors which range between 0.50% and 2.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 3.69% as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 3.65% as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 3.57% as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Denotes that all or a portion of the contract was indexed to the 360-day Term SOFR which was 3.42% as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Denotes that all or a portion of the contract was indexed to the 90-day EURIBOR, which was 2.03% as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The total par amount is presented for debt investments while the number of shares or units (in thousands) owned is presented for equity investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Cost/amortized cost represents the original cost for equity investments or original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser, as the Company's valuation designee, in accordance with the Company's valuation policy. See Note 2. Significant Accounting Policies and Note 5. Fair Value Measurements in the Notes to the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, total non-qualifying assets at fair value represented 4.2% of the Company's total assets calculated in accordance with the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)All, or a portion, of the position is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. For investments in delayed draw term loans and revolvers, the cost basis is adjusted for any market discount or original issue discount received on the total balance committed. As a result, the purchase of commitments not fully funded may result in a negative cost and fair value until funded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)The headquarters of this portfolio company is located in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $5,315 or 1.0% of the Company's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)This investment is valued using observable inputs and is considered a Level 2 investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)This investment is denominated in Euros.

\* All or a portion of the investment collateralizes one or more of the Company's borrowing facilities (Note 6).

------

**AGL Private Credit Income Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

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

We have commitments to fund various first lien senior secured revolving and delayed draw loans. As of December 31, 2025, total unfunded commitments were $294,154.

---

| | | |
|:---|:---|:---|
| **Investments** <sup>(1)(2)</sup> | **Commitment Type** | **Unfunded <br>Commitment** |
| Alliance Animal Health Topco, LLC | Delayed Draw Term Loan | $12494 |
| AMI Buyer, Inc. | Revolving Loan | 6349 |
| Anaplan, Inc. | Revolving Loan | 3479 |
| Apex Service Partners, LLC | Delayed Draw Term Loan | 23279 |
| Chartis Group, LLC, The | Delayed Draw Term Loan | 3497 |
| Chartis Group, LLC, The | Revolving Loan | 2098 |
| Cliffwater LLC | Revolving Loan | 5630 |
| Coding Solutions Acquisition, Inc. | Delayed Draw Term Loan | 1698 |
| Coding Solutions Acquisition, Inc. | Delayed Draw Term Loan #2 | 9057 |
| Coding Solutions Acquisition, Inc. | Revolving Loan | 3817 |
| Continental Buyer, Inc. | Delayed Draw Term Loan | 6667 |
| Continental Buyer, Inc. | Revolving Loan | 3333 |
| Cooper's Hawk Intermediate Holding, LLC | Delayed Draw Term Loan | 2895 |
| Cooper's Hawk Intermediate Holding, LLC | Revolving Loan | 1579 |
| Edition Holdings, Inc. | Delayed Draw Term Loan | 7533 |
| Edition Holdings, Inc. | Delayed Draw Term Loan #2 | 4020 |
| Edition Holdings, Inc. | Revolving Loan | 2825 |
| Elk Bidco, Inc. | Delayed Draw Term Loan | 3730 |
| Elk Bidco, Inc. | Revolving Loan | 3357 |
| Endor Purchaser, Inc. | Delayed Draw Term Loan | 4167 |
| Endor Purchaser, Inc. | Revolving Loan | 2083 |
| Firebird Acquisition Corp, Inc. | Delayed Draw Term Loan | 9896 |
| Firebird Acquisition Corp, Inc. | Revolving Loan | 5000 |
| Flexera Software LLC | Revolving Loan | 2695 |
| Galway Borrower LLC | Delayed Draw Term Loan #2 | 892 |
| Galway Borrower LLC | Revolving Loan | 824 |
| IG Investments Holdings, LLC | Revolving Loan | 1767 |
| InhabitlQ, Inc. | Delayed Draw Term Loan | 4784 |
| InhabitlQ, Inc. | Revolving Loan | 2990 |
| Integrity Marketing Acquisition, LLC | Revolving Loan | 10075 |
| Koala Investment Holdings, Inc. | Delayed Draw Term Loan | 7540 |
| Koala Investment Holdings, Inc. | Revolving Loan | 3351 |
| Mountain Parent, Inc. | Delayed Draw Term Loan | 11670 |
| Mountain Parent, Inc. | Revolving Loan | 6224 |
| MRI Software LLC | Delayed Draw Term Loan | 2089 |
| MRI Software LLC | Revolving Loan | 1850 |
| Navex Global Holdings Corporation | Delayed Draw Term Loan | 7750 |
| Navex Global Holdings Corporation | Revolving Loan | 400 |
| OLO Parent, Inc. | Revolving Loan | 4167 |
| Saturn Sound Bidco Limited | Delayed Draw Term Loan | 10962 |
| SimonMed, Inc. | Delayed Draw Term Loan | 3387 |
| SimonMed, Inc. | Revolving Loan | 4125 |
| Solis Mammography Buyer, Inc. | Delayed Draw Term Loan | 1761 |
| Solis Mammography Buyer, Inc. | Revolving Loan | 2239 |
| Spotless Brands, LLC | Delayed Draw Term Loan #2 | 25667 |
| Star Holdings Bidco, Inc. | Delayed Draw Term Loan | 5571 |
| Star Holdings Bidco, Inc. | Revolving Loan | 1071 |
| Superman Holdings, LLC | Revolving Loan | 2901 |
| Thompson Safety LLC | Delayed Draw Term Loan | 15628 |
| Thompson Safety LLC | Revolving Loan | 1750 |
| Titan BW Borrower L.P. | Delayed Draw Term Loan | 3571 |
| Titan BW Borrower L.P. | Revolving Loan | 7143 |
| Wrench Group LLC | Delayed Draw Term Loan | 3750 |
| Wrench Group LLC | Revolving Loan | 3750 |
| Xifin, Inc. | Revolving Loan | 3077 |
| Firebird Co-Invest L.P. | Equity | 250 |
|  |  | $**294154** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The commitment was unfunded as of December 31, 2025. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

------

**AGL Private Credit Income Fund**

**Consolidated Schedule of Investments**

**December 31, 2024**

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1),(2)</sup> | **Investment Type** | **Industry** | **Reference Rate and Spread** <sup>(3)</sup> | **All In Rate** <sup>(3)</sup> | **Acquisition<br>Date** | **Maturity<br>Date** | **Par** | **Cost/Amortized Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net Assets** | **Footnotes** |
| **Non-controlled/Non-affiliated investments** |  |  |  |  |  |  |  |  |  |  |  |
| Saturn Sound Bidco Limited | First Lien Delayed Draw Term Loan | Aerospace & Defense | SOFR + 5.25% |  | 12/2/2024 | 12/3/2031 | $— | $(81) | $(81) | 0.0% | <sup>#(5),(6),(7),(8)</sup> |
| Saturn Sound Bidco Limited | First Lien Term Loan | Aerospace & Defense | SOFR + 5.25% | 9.78% | 12/2/2024 | 12/3/2031 | 60289 | 59242 | 59242 | 26.8% | <sup>\*#(5),(6),(8)</sup> |
| Wheels Bidco, Inc. | First Lien Term Loan | Automobile Components | SOFR + 5.50% | 10.07% | 11/1/2024 | 11/3/2031 | 25000 | 24754 | 24754 | 11.2% | <sup>\*#(5)</sup> |
| Chartis Group, LLC, The | First Lien Delayed Draw Term Loan | Health Care Providers & Services | SOFR + 4.50% |  | 10/21/2024 | 9/17/2031 |  | (10) | (10) | 0.0% | <sup>#(5),(7)</sup> |
| Chartis Group, LLC, The | First Lien Revolving Loan | Health Care Providers & Services | SOFR + 4.50% |  | 10/21/2024 | 9/17/2031 |  | (16) | (16) | 0.0% | <sup>#(5),(7)</sup> |
| Chartis Group, LLC, The | First Lien Term Loan | Health Care Providers & Services | SOFR + 4.50% | 8.85% | 10/21/2024 | 9/17/2031 | 13706 | 13606 | 13606 | 6.2% | <sup>\*#(5)</sup> |
| Coding Solutions Acquisition, Inc. | First Lien Delayed Draw Term Loan | Health Care Technology | SOFR + 5.00% |  | 10/21/2024 | 8/7/2031 |  | (19) | (19) | 0.0% | <sup>#(5),(7)</sup> |
| Coding Solutions Acquisition, Inc. | First Lien Revolving Loan | Health Care Technology | SOFR + 5.00% | 9.28% | 10/21/2024 | 8/7/2031 | 3340 | 3293 | 3293 | 1.5% | <sup>#(5),(7)</sup> |
| Coding Solutions Acquisition, Inc. | First Lien Term Loan | Health Care Technology | SOFR + 5.00% | 9.25% | 10/21/2024 | 8/7/2031 | 40076 | 39582 | 39582 | 17.9% | <sup>\*#(5)</sup> |
| Mountain Parent, Inc. | First Lien Delayed Draw Term Loan | Health Care Technology | SOFR + 5.00% |  | 10/21/2024 | 6/27/2031 |  | (29) | (29) | 0.0% | <sup>#(5),(7)</sup> |
| Mountain Parent, Inc. | First Lien Revolving Loan | Health Care Technology | SOFR + 5.00% |  | 10/21/2024 | 6/27/2031 |  | (46) | (46) | 0.0% | <sup>#(5),(7)</sup> |
| Mountain Parent, Inc. | First Lien Term Loan | Health Care Technology | SOFR + 5.00% | 9.33% | 10/21/2024 | 6/27/2031 | 57040 | 56621 | 56621 | 25.6% | <sup>\*#(5)</sup> |
| Accession Risk Management Group, Inc. | First Lien Delayed Draw Term Loan | Insurance | SOFR + 4.75% |  | 10/21/2024 | 11/1/2029 |  |  |  | 0.0% | <sup>\*#(5),(7)</sup> |
| Accession Risk Management Group, Inc. | First Lien Delayed Draw Term Loan #2 | Insurance | SOFR + 4.75% | 9.33% | 11/6/2024 | 11/1/2029 | 6456 | 6352 | 6352 | 2.9% | <sup>#(5)</sup> |
| Accession Risk Management Group, Inc. | First Lien Revolving Loan | Insurance | SOFR + 4.75% |  | 10/21/2024 | 11/1/2029 |  | (12) | (12) | 0.0% | <sup>#(5),(7)</sup> |
| Galway Borrower LLC | First Lien Delayed Draw Term Loan | Insurance | SOFR + 4.50% | 8.82% | 10/21/2024 | 9/29/2028 | 20 | 17 | 17 | 0.0% | <sup>#(5),(7)</sup> |
| Galway Borrower LLC | First Lien Delayed Draw Term Loan | Insurance | SOFR + 4.50% | 8.83% | 10/21/2024 | 9/29/2028 | 213 | 211 | 211 | 0.1% | <sup>#(5)</sup> |
| Galway Borrower LLC | First Lien Revolving Loan | Insurance | SOFR + 4.50% | 8.82% | 10/21/2024 | 9/29/2028 | 84 | 76 | 76 | 0.0% | <sup>#(5),(7)</sup> |
| Galway Borrower LLC | First Lien Term Loan | Insurance | SOFR + 4.50% | 8.83% | 10/21/2024 | 9/29/2028 | 11331 | 11252 | 11252 | 5.1% | <sup>\*#(5)</sup> |
| Integrity Marketing Acquisition, LLC | First Lien Delayed Draw Term Loan | Insurance | SOFR + 5.00% |  | 10/21/2024 | 8/25/2028 |  | (45) | (45) | 0.0% | <sup>#(5),(7)</sup> |
| Integrity Marketing Acquisition, LLC | First Lien Term Loan | Insurance | SOFR + 5.00% | 9.51% | 10/21/2024 | 8/25/2028 | 14370 | 14343 | 14343 | 6.5% | <sup>\*#(5)</sup> |
| Dune Acquisition Inc. | First Lien Term Loan | Machinery | SOFR + 6.25% | 10.61% | 11/20/2024 | 11/20/2030 | 20000 | 19656 | 19656 | 8.9% | <sup>\*#(5)</sup> |
| M2S Group Intermediate Holdings, Inc. | First Lien Term Loan | Paper & Forest Products | SOFR + 4.75% | 9.09% | 10/21/2024 | 8/25/2031 | 24425 | 22810 | 23525 | 10.7% | <sup>\*#</sup> |
| IG Investments Holdings, LLC | First Lien Revolving Loan | Professional Services | SOFR + 5.00% |  | 11/1/2024 | 9/22/2028 |  | (17) | (17) | 0.0% | <sup>#(5),(7)</sup> |
| IG Investments Holdings, LLC | First Lien Term Loan | Professional Services | SOFR + 5.00% | 9.57% | 11/1/2024 | 9/22/2028 | 15733 | 15582 | 15582 | 7.1% | <sup>\*#(5)</sup> |
| AMI Buyer, Inc. | First Lien Revolving Loan | Semiconductors & Semiconductor Equipment | SOFR + 5.25% | 9.69% | 10/21/2024 | 10/17/2031 | 1544 | 1466 | 1466 | 0.7% | <sup>#(5),(7)</sup> |
| AMI Buyer, Inc. | First Lien Term Loan | Semiconductors & Semiconductor Equipment | SOFR + 5.25% | 9.69% | 10/21/2024 | 10/17/2031 | 43651 | 43116 | 43116 | 19.5% | <sup>\*#(5)</sup> |
| Anaplan, Inc. | First Lien Revolving Loan | Software | SOFR + 5.25% |  | 12/4/2024 | 6/21/2028 |  |  |  | 0.0% | <sup>#(5),(7)</sup> |
| Anaplan, Inc. | First Lien Term Loan | Software | SOFR + 5.25% | 9.58% | 12/4/2024 | 6/21/2029 | 46521 | 46521 | 46521 | 21.1% | <sup>\*#(5)</sup> |
| MRI Software LLC | First Lien Revolving Loan | Software | SOFR + 4.75% | 9.08% | 11/12/2024 | 2/10/2027 | 111 | 106 | 106 | 0.0% | <sup>#(5),(7)</sup> |
| MRI Software LLC | First Lien Term Loan | Software | SOFR + 4.75% | 9.08% | 11/5/2024 | 2/10/2027 | 47879 | 47766 | 47766 | 21.6% | <sup>\*#(5)</sup> |
| Superman Holdings, LLC | First Lien Delayed Draw Term Loan | Software | SOFR + 4.50% |  | 10/21/2024 | 8/29/2031 |  |  |  | 0.0% | <sup>#(5),(7)</sup> |
| Superman Holdings, LLC | First Lien Revolving Loan | Software | SOFR + 4.50% |  | 10/21/2024 | 8/29/2031 |  | (7) | (7) | 0.0% | <sup>#(5),(7)</sup> |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1),(2)</sup> | **Investment Type** | **Industry** | **Reference Rate and Spread** <sup>(3)</sup> | **All In Rate** <sup>(3)</sup> | **Acquisition<br>Date** | **Maturity<br>Date** | **Par** | **Cost/Amortized Cost**<sup>(4)</sup> | **Fair Value** | **Percentage<br>of Net Assets** |
| Superman Holdings, LLC | First Lien Term Loan | Software | SOFR + 4.50% | 8.86% | 10/21/2024 | 8/29/2031 | 20127 | 20078 | 20078 | 9.1%<br> <sup>\*#(5)</sup> |
| Spotless Brands, LLC | First Lien Delayed Draw Term Loan | Specialty Retail | SOFR + 5.50% | 9.32% | 10/21/2024 | 7/25/2028 | 26487 | 26243 | 26243 | 11.9%<br> <sup>(5),(7)</sup> |
| **Total investments** |  |  |  |  |  |  | $**478403** | $**472411** | $**473126** | **214.4%** |
| **Money market funds (included in cash and cash equivalents and restricted cash)** | **Money market funds (included in cash and cash equivalents and restricted cash)** | **Money market funds (included in cash and cash equivalents and restricted cash)** |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Institutional Fund | Goldman Sachs Financial Square Government Institutional Fund | Goldman Sachs Financial Square Government Institutional Fund |  | 4.41% |  |  | $3794 | $3794 | $3794 | 1.7% |
| State Street Institutional Treasury Money Market Fund | State Street Institutional Treasury Money Market Fund |  |  | 4.42% |  |  | 130928 | 130928 | 130928 | 59.3% |
| **Total money market funds** |  |  |  |  |  |  | 134722 | 134722 | 134722 | 61.0% |
| **Total investments and money market funds** |  |  |  |  |  |  | $613125 | $607133 | $607848 | 275.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, all of the Company's investments were non-controlled, non-affiliated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)All funded debt investments are income producing. As of December 31, 2024, there were no investments that were on a non-accrual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (which can include the federal funds effective rate or the prime rate), at the borrower's option, and which reset periodically based on the terms of the loan agreement. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The terms in the Consolidated Schedule of Investments disclose the weighted average interest rate in effect as of the reporting period. As of December 31, 2024, 94.5% (based on par) of debt securities contain floors which range between 0.75% and 2.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 4.33% as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Denotes that all or a portion of the contract was indexed to the 90-day Term SOFR which was 4.31% as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Denotes that all or a portion of the contract was indexed to the 180-day Term SOFR which was 4.25% as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Cost/amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser, as the Company's valuation designee, in accordance with the Company's valuation policy. See Note 2. Significant Accounting Policies and Note 5. Fair Value Measurements in the Notes to the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, total non-qualifying assets at fair value represented 9.5% of the Company's total assets calculated in accordance with the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)All, or a portion, of the position 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. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. For investments in delayed draw term loans and revolvers, the cost basis is adjusted for any market discount or original issue discount received on the total balance committed. As a result, the purchase of commitments not fully funded may result in a negative cost and fair value until funded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)The headquarters of this portfolio company is located in the United Kingdom.

# Denotes that all or a portion of the investment collateralizes the SocGen ABL Facility (as defined in Note 6).

\* Denotes that all or a portion of the investment collateralizes the Natixis Revolving Credit Facility (as defined in Note 6).

------

**AGL Private Credit Income Fund**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

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

We have commitments to fund various first lien senior secured revolving and delayed draw loans. As of December 31, 2024, total unfunded commitments were $150,502.

---

| | | |
|:---|:---|:---|
| **Investments** <sup>(1)(2)</sup> | **Commitment Type** | **Unfunded <br>Commitment** |
| Accession Risk Management Group, Inc. | Delayed Draw Term Loan | $36278 |
| Accession Risk Management Group, Inc. | Revolving Loan | 4750 |
| AMI Buyer, Inc. | Revolving Loan | 4806 |
| Anaplan, Inc. | Revolving Loan | 3479 |
| Chartis Group, LLC, The | Delayed Draw Term Loan | 4196 |
| Chartis Group, LLC, The | Revolving Loan | 2098 |
| Coding Solutions Acquisition, Inc. | Delayed Draw Term Loan | 6107 |
| Coding Solutions Acquisition, Inc. | Revolving Loan | 477 |
| Galway Borrower LLC | Delayed Draw Term Loan | 1102 |
| Galway Borrower LLC | Revolving Loan | 915 |
| IG Investments Holdings, LLC | Revolving Loan | 1767 |
| Integrity Marketing Acquisition, LLC | Delayed Draw Term Loan | 22363 |
| Mountain Parent, Inc. | Delayed Draw Term Loan | 11670 |
| Mountain Parent, Inc. | Revolving Loan | 6224 |
| MRI Software LLC | Revolving Loan | 1885 |
| Saturn Sound Bidco Limited | Delayed Draw Term Loan | 10961 |
| Spotless Brands, LLC | Delayed Draw Term Loan | 21971 |
| Superman Holdings, LLC | Delayed Draw Term Loan | 6552 |
| Superman Holdings, LLC | Revolving Loan | 2901 |
|  |  | $**150502** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The commitment was unfunded as of December 31, 2024. As such, no interest is being earned on this investment. The investment could be subject to an unused facility fee.

------

**AGL Private Credit Income Fund**

**Notes to Consolidated Financial Statements**

*(In thousands, except shares, per share data, percentages and as otherwise noted)*

**Note 1. Organization**

AGL Private Credit Income Fund (the "Company") was originally established as a Delaware limited partnership named AGL Private Credit Income Fund LP on January 18, 2024 (Date of Inception), and converted to a Delaware statutory trust on September 12, 2024. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the 1940 Act on October 11, 2024. On October 21, 2024, the Company purchased $176.0 million of assets pursuant to purchase agreements with each of the Financing Providers and Commencement of Operations. The Company is managed by AGL US DL Management LLC (the "Adviser"). The Adviser is an affiliate of AGL Credit Management LLC ("AGL"). The Adviser is a limited liability company that is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"). The Adviser oversees the management of the Company's activities and is responsible for making investment decisions with respect to its portfolio. The Company has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") commencing with our taxable year ended December 31, 2024 and intend to qualify as a RIC annually.

On August 13, 2024, the Company formed two wholly owned subsidiaries, PCIF Vigilant Funding LLC ("PCIF Vigilant") and PCIF Defender Funding LLC ("PCIF Defender"), both Delaware limited liability companies.

The Company's investment objective is to generate attractive risk-adjusted returns, primarily through current investment income and, to a lesser extent, capital appreciation, while limiting volatility. The Company's investment strategy focuses on creating a well-balanced portfolio of directly originated, floating rate senior secured investments in U.S. companies, including primarily first lien senior secured loans. The Company may also invest in second lien loans, unsecured debt, subordinated debt and other investments which may include certain equity investments or investments in more liquid instruments.

**Note 2. Significant Accounting Policies**

**Basis of Presentation**

The accompanying consolidated financial statements have been presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X under the Exchange Act. The Company is an investment company following the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, "Financial Services – Investment Companies" ("ASC 946"). In the opinion of management of the Adviser, the consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented.

**Segment Reporting** 

In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Company has determined that it has a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The chief operating decision maker (the "CODM") is comprised of the Company's chief executive officer and chief financial officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase in shareholders' equity resulting from operations ("net income"). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company's shareholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets," and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations. The Company does not have any intra-segment sales and transfers of assets.

**Use of Estimates in the Preparation of Consolidated Financial Statements**

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the valuation of investments.

**Basis of Consolidation**

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates the results of its wholly owned subsidiaries, PCIF Vigilant and PCIF Defender. All intercompany balances and transactions have been eliminated in consolidation.

------

**Cash and cash equivalents**

Cash and cash equivalents include funds from time to time deposited with financial institutions and highly liquid investments, including money market funds, not held for resale with original maturities of three months or less at the date of purchase. Cash consists of deposits held at a custodian bank and, at times, may exceed insured limits under applicable law. As of December 31, 2025 and December 31, 2024, the Company held money market accounts included in cash and cash equivalents of $2,598 and $130,928, respectively.

**Restricted cash and cash equivalents**

Restricted cash and cash equivalents includes amounts in reserve to fund draws on our credit borrowing facilities. As of December 31, 2025 and December 31, 2024, the Company held money market accounts included in cash and cash equivalents of $21,429 and $3,794, respectively.

**Foreign currency translation**

The Company's books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars. Non-U.S. dollar transactions during the period are valued at the prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of period-end.

Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets and liabilities are included within the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

**Investment Transactions** 

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

**Net Realized and Change in Unrealized Gains or Losses** 

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment fair values and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

**Fair Value Measurements**

The Company measures the value of its investments in accordance ASC 820. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity.

ASC 820 defines hierarchical levels of fair value that prioritize and rank the level of observability of inputs used in determination of fair value.

These levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and debt securities, publicly listed derivatives and money market/short-term investment funds are generally included in Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 - Valuation inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. Investments generally included in this category are less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 - Valuation inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments generally included in this category include investments in privately-held entities, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

The determination of fair values involves subjective judgments and estimates. Pursuant to Rule 2a-5 of the 1940 Act, the Board of Trustees of the Company provides continuing oversight over the Adviser's valuations.

Investments for which market quotations are readily available on an exchange are valued at the reported closing price on the Valuation Date. The Adviser may also obtain quotes with respect to certain investments from pricing services or brokers or dealers in order to value assets. When doing so, the Adviser determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the investment. If determined to be readily available, the Adviser will use the quote obtained.

**Open Trade Receivable/Payable**

Open trade receivable/payable consist of amounts receivable or payable by the Company for transactions that have not settled at the reporting date.

**Revenue Recognition**

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization 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 are recorded as interest income in the current period.

*PIK Income*

The Company has investments in its portfolio that contain payment-in-kind ("PIK") provisions. PIK represents interest that is accrued and recorded 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 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 income is generally reversed through interest income. To maintain the Company's status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If a portfolio company's valuation indicates the value of its PIK security is not sufficient to cover the contractual PIK interest, the Company will not accrue additional PIK interest income and will record an allowance for any accrued PIK interest receivable as a reduction of interest income in the period the Company determines it is not collectible. During the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the Company had $1,398 and $0, respectively, of PIK interest income.

*Non-Accrual Income*

Debt investments are generally placed on non-accrual status when interest payments are at least 90 days past due or there is reasonable doubt that 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 December 31, 2025 and 2024, the Company had no portfolio company investment on non-accrual status.

*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. Each distribution received from limited liability company ("LLC") and limited partnership ("LP") investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution.

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Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. During the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, there were no securities generating dividend income nor distributions from LLCs or LPs.

*Fee Income*

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication 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. For the years ended December 31, 2025 and 2024, the Company had fee income of $615 and $0, respectively, which were non-recurring.

**Organization Costs**

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

**Offering Costs**

Costs associated with the offering of the Company's shares of its beneficial interests ("Common Shares") are capitalized as "deferred offering costs" on the Consolidated Statements of Assets and Liabilities and amortized on a straight-line basis over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company's initial offering.

**Interest and other financing expenses**

Interest and other financing expenses are comprised of contractual interest expense, amortization of deferred debt issuance costs and other costs associated with our financing facilities. Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Other financing costs include ancillary direct costs of administration of our borrowing facilities. Unamortized debt issuance costs are presented in the Consolidated Statements of Assets and Liabilities as a direct deduction of the debt liability to which the costs pertain.

**Distributions**

The Company intends to declare and pay distributions on a quarterly basis. The Company has adopted an "opt out" DRIP pursuant to which shareholders can elect to "opt out" of reinvesting distributions in their Subscription Agreements. Absent "opt outs" the Company will reinvest all the distributions declared by the Board on behalf of participants. As a result, if the Board declares a distribution, then shareholders who have not elected to "opt out" of the DRIP, will have their distributions automatically reinvested in additional Common Shares. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Board.

**Income Taxes**

The Company has elected to be treated as a RIC under the Code and to operate in a manner so as to qualify each year for the tax treatment applicable to RICs. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes. It is the Company's policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain tax positions through December 31, 2025. The Company's tax returns since inception remain subject to examination by U.S. federal and most state tax authorities.

To maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to maintain qualification 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 (i) its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

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**Recent Accounting Pronouncements**

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

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

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

**Investment Advisory Agreement** 

The Company is externally managed by the Adviser pursuant to an Investment Advisory Agreement between the Company and the Adviser. Subject to the overall supervision of the Board, the Adviser is responsible for the overall management and affairs of the Company and has full discretion to invest the assets of the Company in a manner consistent with the Company's investment objectives.

Under the Investment Advisory Agreement, the Company pays the Adviser (i) a Base Management Fee (as defined below) and (ii) an Incentive Fee (as defined below) as compensation for the investment advisory and management services it will provide to the Company thereunder. The fees that are payable under the Investment Advisory Agreement for any partial period are appropriately prorated.

**Base Management Fee**

The Base Management Fee is calculated at an annual rate of 1.25% of the average value of the Company's net assets at the end of the two most recently completed calendar quarters. The Adviser may, in its discretion, defer payment of the Base Management Fee, without interest, to any subsequent quarter. Base Management Fees for any partial quarter are prorated based on the number of days in the quarter.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the Base Management Fee incurred by the Company was $4,344 and $263, respectively.

**Incentive Fee**

The Company also pays the Adviser an Incentive Fee consisting of two parts, which are described below:

*Incentive Fee on Income*

The Incentive Fee on income is calculated and payable quarterly in arrears based on the Company's "Pre-Incentive Fee Net Investment Income" for the immediately preceding quarter.

"*Pre-Incentive Fee Net Investment Income*" defined as interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the Base Management Fee, expenses payable to the Administrator under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee and any servicing fees and/or distribution fees paid to broker dealers). Pre-incentive fee net investment income 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 the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing the Company's pre incentive fee net investment income, the calculation methodology will look through total return swaps as if the Company owned the referenced assets directly. The Adviser is not obligated to return to the Company the Incentive Fee it receives on PIK interest that is later determined to be uncollectable in cash.

The Incentive Fee on income for each quarter is calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Incentive Fee on income in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed 1.75%, or 7.00% annualized, on net assets (the "Hurdle Rate");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.00% in any calendar quarter (8.00% annualized), which portion of the Incentive Fee on income is referred to as the "catch up" and is intended to provide the Adviser with an incentive fee of 12.50% on all of Pre-Incentive Fee Net Investment Income when Pre-Incentive Fee Net Investment Income reaches 2.00% (8.00% annualized) in any calendar quarter; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For any quarter in which Pre-Incentive Fee Net Investment Income exceeds 2.00% (8.00% annualized), the Incentive Fee on income equals 12.50% of the amount of Pre-Incentive Fee Net Investment Income, as the hurdle rate and catch-up will have been achieved.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the Incentive Fee on income incurred by the Company were $5,303 and $365, respectively.

*Incentive Fee on Capital Gains*

The Company pays the Adviser an Incentive Fee on Capital Gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.50% of the Company's realized capital gains, if any, on a cumulative basis from the date of its election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains.

The Capital Gain Incentive Fee is calculated on a cumulative basis through the end of each calendar year or the termination of the Investment Advisory Agreement. However, in accordance with U.S. GAAP, the Company is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis, as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. If the Capital Gain Incentive Fee Base, adjusted as required by U.S. GAAP to include unrealized capital appreciation, is positive at the end of a period, then U.S. GAAP requires the Company to accrue a capital gain incentive fee equal to 12.5% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under U.S. GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under U.S. GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, there was $30 and $89 respectively, accrual for the capital gain incentive fee under U.S. GAAP.

The Adviser voluntarily has agreed to partially waive capital gain incentive fees. For the year ended December 31, 2025, the Adviser waived $30 of capital gain incentive fees. For the period from January 18, 2024 (Date of Inception) to December 31, 2024, the Adviser waived $89 of capital gain incentive fees.

**Administration Agreement**

The Company has entered into the Administration Agreement with AGL US DL Administrator LLC, a Delaware limited liability company (the "Administrator"). Under the Administration Agreement, the Administrator provides the Company with certain administrative services necessary for the Company to conduct its business. The Company has agreed to reimburse the Administrator for all reasonable costs and expenses and Company's allocable portion of compensation of certain of the Administrator's personnel and the Administrator's overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in providing non-advisory services, facilities and personnel and performing its administrative obligations, as provided by the Administration Agreement. In addition, subject to the approval of the Board, the Administrator may delegate its duties under the Administration Agreement to affiliates or third parties, and the Company will reimburse the expenses of these parties incurred directly and/or reimburse such expenses if paid by the Administrator on the Company's behalf.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the Company incurred $3,751 and $829, respectively, for allocated shared services under the Administration Agreement. As of December 31, 2025 and December 31, 2024, $4,580 and $829, respectively, in administrative service fees were unpaid and are reflected in payable to affiliate as of December 31, 2025.

**Expense Support and Conditional Reimbursement Agreement**

The Company has entered into the Expense Support Agreement with the Adviser, pursuant to which the Adviser pays, on a quarterly basis, Other Operating Expenses (as defined below) of the Company on the Company's behalf (each such payment, a "Required Expense Payment") such that Other Operating Expenses of the Company do not exceed 1.50% (on annualized basis) of the Company's net asset value. "Other Operating Expenses" means the Company's organization 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 Management Fees and Incentive Fees owed to the Adviser, financing fees and costs, brokerage commissions, extraordinary expenses and any interest expenses owed by the Company, all as determined in accordance with U.S. GAAP.

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The Adviser may elect to pay certain additional expenses of the Company on the Company's behalf (each such payment, a "Voluntary Expense Payment" and together with a Required Expense Payment, the "Expense Payments"). In making a Voluntary Expense Payment, the Adviser will designate, as it deems necessary or advisable, what type of expense it is paying (including, whether it is paying organizational or offering expenses). However, no portion of a Voluntary Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company.

Following any fiscal quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such fiscal quarter (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Company pays such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such fiscal quarter have been reimbursed. As a result, no waived amounts will be reimbursed after three years from the date of the respective waiver. Any payments required to be made by the Company shall be referred to herein as a "Reimbursement Payment." "Available Operating Funds" means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The amount of the Reimbursement Payment for any fiscal quarter equals the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such fiscal quarter that have not been previously reimbursed by the Company to the Adviser; provided that the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular fiscal quarter, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future quarters pursuant to the terms of the Expense Support Agreement.

No Reimbursement Payment for any quarter is made if: (i) the Effective Rate of Distributions Per Share declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (ii) the Company's Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (iii) the Company's Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.50% of the Company's net asset value. For purposes of the Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365- day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special distributions, if any. The "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, 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 generally accepted accounting principles for investment companies.

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

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the expense reimbursements recognized by the Company were $9,920 and $6,245, respectively. As of December 31, 2025, the Advisor has elected to permanently waive its right to reimbursement of $3,539 under the Expense Support Agreement.

**Co-Investment Relief**

The Company and the Adviser have received the Order from the SEC that permits the Company and the Adviser, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates ("Affiliated Funds"), subject to certain terms and conditions. Pursuant to such order, the Board has established the Board Criteria clearly defining co-investment opportunities in which the Company will have the opportunity to participate with other funds or accounts sponsored or managed by the Adviser or AGL that target similar assets. If an investment falls within the Board Criteria, the Adviser must offer an opportunity for the Company to participate. The Company may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). The co-investment would generally be allocated to the Company, the Adviser's other clients and the AGL funds and accounts that target similar assets pro rata based on capital available for investment in the asset class being allocated. If the Adviser determines that such investment is not appropriate for the Company, the investment will not be allocated to the Company, but the Adviser will be required to report such investment and the rationale for its determination for the Company to not participate in the investment to the Board at the next quarterly board meeting. The Company has filed an application for a new exemptive relief to apply for more flexible co-investment conditions which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain regulated funds and Affiliated Funds. There can be no assurance that we will obtain such new exemptive relief from the SEC.

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**Note 4. Investments**

The following table summarizes the composition of the Company's investment portfolio at cost/amortized cost and fair value as of December 31, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Cost/Amortized<br>Cost** | **Fair<br>Value** | **% of Total<br>Investments at<br>Fair Value** | **Cost/Amortized<br>Cost** | **Fair<br>Value** | **% of Total<br>Investments at<br>Fair Value** |
| First lien debt<br><sup>(1)</sup> | $1345998 | $1350326 | 99.6% | $472411 | $473126 | 100.0% |
| Equity | 4790 | 5315 | 0.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1350788 | $1355641 | 100.0% | $472411 | $473126 | 100.0% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)First lien debt consists of first lien term loans, first lien delayed draw term loans and first lien revolvers.

The industry compositions of the portfolio at cost/amortized cost and fair value as of December 31, 2025 and December 31, 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Cost/Amortized<br>Cost** | **Fair Value** | **% of Investments at Fair Value** | **Cost/Amortized<br>Cost** | **Fair Value** | **% of Investments at Fair Value** |
| Aerospace & Defense | $101363 | $102013 | 7.6% | $59161 | $59161 | 12.5% |
| Automobile Components | 24781 | 25000 | 1.8 | 24754 | 24754 | 5.2 |
| Commercial Services & Supplies | 59726 | 60572 | 4.5 |  |  |  |
| Containers & Packaging | 23670 | 23760 | 1.8 |  |  |  |
| Diversified Consumer Services | 102751 | 103133 | 7.6 |  |  |  |
| Diversified Financial Services | 58435 | 58435 | 4.3 |  |  |  |
| Electrical Equipment | 63412 | 64025 | 4.7 |  |  |  |
| Energy Equipment & Services | 27653 | 27653 | 2.0 |  |  |  |
| Health Care Equipment & Supplies | 44927 | 43750 | 3.2 |  |  |  |
| Health Care Providers & Services | 111125 | 111598 | 8.2 | 13580 | 13580 | 2.9 |
| Health Care Technology | 157982 | 158976 | 11.7 | 99402 | 99402 | 21.0 |
| Hotels, Restaurants & Leisure | 20213 | 20236 | 1.5 |  |  |  |
| Insurance | 76743 | 77108 | 5.7 | 32194 | 32194 | 6.8 |
| IT Services | 63241 | 63363 | 4.7 |  |  |  |
| Machinery | 68320 | 68606 | 5.1 | 19656 | 19656 | 4.2 |
| Paper & Forest Products |  |  |  | 22810 | 23525 | 5.0 |
| Personal Care Products | 24797 | 24688 | 1.8 |  |  |  |
| Professional Services | 15450 | 15576 | 1.1 | 15565 | 15565 | 3.3 |
| Semiconductors & Semiconductor Equipment | 42786 | 43323 | 3.2 | 44582 | 44582 | 9.4 |
| Software | 211348 | 211518 | 15.6 | 114464 | 114464 | 24.2 |
| Specialty Retail | 52065 | 52308 | 3.9 | 26243 | 26243 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1350788 | $1355641 | 100.0% | $472411 | $473126 | 100.0% |

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The following table shows the portfolio composition by geographic region at cost/amortized cost and fair value as a percentage of total investments in portfolio companies as of December 31, 2025 and December 31, 2024. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of a portfolio company's business.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Cost/Amortized<br>Cost** | **Fair Value** | **% of Investments at Fair Value** | **Cost/Amortized<br>Cost** | **Fair Value** | **% of Investments at Fair Value** |
| United States | $1291499 | $1295805 | 95.6% | $413250 | $413965 | 87.5% |
| United Kingdom | 59289 | 59836 | 4.4 | 59161 | 59161 | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1350788 | $1355641 | 100.0% | $472411 | $473126 | 100.0% |

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**Note 5. Fair Value Measurements**

The following tables present fair value measurements of the Company's investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 2025 and December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements: As of December 31, 2025** | **Fair Value Measurements: As of December 31, 2025** | **Fair Value Measurements: As of December 31, 2025** | **Fair Value Measurements: As of December 31, 2025** | **Fair Value Measurements: As of December 31, 2025** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **NAV as Practical Expedient** | **Total** |
| Assets, at fair value: |  |  |  |  |  |
| First lien debt | $— | $43750 | $1306576 | $— | $1350326 |
| Equity |  |  |  | 5315 | 5315 |
| Money market funds | 24027 |  |  |  | 24027 |
| **Total assets, at fair value:** | $**24027** | $**43750** | $**1306576** | $**5315** | $**1379668** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements: As of December 31, 2024** | **Fair Value Measurements: As of December 31, 2024** | **Fair Value Measurements: As of December 31, 2024** | **Fair Value Measurements: As of December 31, 2024** |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets, at fair value: |  |  |  |  |
| First lien debt | $— | $23525 | $449601 | $473126 |
| Money market funds | 134722 |  |  | 134722 |
| **Total assets, at fair value:** | $**134722** | $**23525** | $**449601** | $**607848** |

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Investments with a fair value of $5,315 as of December 31, 2025 were excluded from the fair value hierarchy leveling table as the fair value of the investments were measured at NAV using NAV as a practical expedient.

As of December 31, 2025, the Company held one investment measured at fair value using the net asset value ("NAV") practical expedient under ASC 820. This investment consisted of an interest in a limited partnership that qualifies as an investment company under ASC 946. The limited partnership holds a single portfolio investment. The NAV of the limited partnership is provided by the general partner and is based on the fair value of the underlying investment, which is determined in accordance with U.S. GAAP. The Company believes that the NAV of the limited partnership represented the fair value of the investment at the measurement date.

The following table presents a summary of the investment measured using NAV as a practical expedient:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Description** | **Fair Value** | **Unfunded Commitment** | **Redemption Frequency** | **Redemption Notice Period** | **Expected Liquidation** |
| Limited Partnership Interest | $5315 | $250 | Not redeemable | N/A | Liquidity in the form of distributions |

---

The Company does not have the ability to redeem its interest in the limited partnership. Distributions, if any, may occur at irregular intervals or not at all, and the exact timing of distributions cannot be determined. Distributions are expected to be received through the dissolution, and subsequent termination, of the partnership.

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The following table presents changes in investments measured at fair value using Level 3 inputs for the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024:

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| | |
|:---|:---|
|  | **Year ended December 31, 2025** |
|  | **First Lien Debt** |
| Fair value, beginning of year | $449601 |
| Purchase of investments | 959848 |
| Proceeds from sale of investments and principal repayments | (74726) |
| Transfers out of Level 3 | (36400) |
| Net accretion of discount and amortization of premium | 1414 |
| Payment-in-kind interest capitalized | 1038 |
| Net realized gain (loss) on investments | 295 |
| Net change in unrealized appreciation (depreciation) on investments | 5506 |
| Fair value, end of year | $1306576 |
| Net change in unrealized appreciation (depreciation) related to investments still held as of the year ended December 31, 2025 | $5506 |

---

---

| | |
|:---|:---|
|  | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
|  | **First Lien Debt** |
| Fair value, beginning of period | $— |
| Purchase of investments | 451166 |
| Proceeds from sale of investments and principal repayments | (1656) |
| Net accretion of discount and amortization of premium | 91 |
| Net change in unrealized appreciation (depreciation) on investments |  |
| Fair value, end of period | $449601 |
| Net change in unrealized appreciation (depreciation) related to investments still held as of the year ended December 31, 2024 | $— |

---

Investments that were transferred into and out of Level 3 during the year ended December 31, 2025 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.

The following table presents quantitative information about significant unobservable inputs of the Company's Level 3 investments as of December 31, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  |  |  |  | **Range** | **Range** |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Low** | **High** | **Weighted Average** <sup>(1)</sup> |
| First lien debt | $985318 | Income Approach | Discount Rate | 8.01% | 10.38% | 8.89% |
| First lien debt | 321258 | Recent Transaction | Transaction Price | 98.50% | 100.00% | 99.47% |
| **Total, at fair value:** | $1306576 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Unobservable inputs were weighted by the relative fair value of the investments.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |  |  |  | **Range** | **Range** |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Low** | **High** | **Weighted Average** <sup>(1)</sup> |
| First lien debt | $449601 | Recent Transaction | Transaction Price | 98.13% | 100.00% | 99.04% |

---

------

(1)Unobservable inputs were weighted by the relative fair value of the investments.

The above table is not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.

**Other Financial Assets and Liabilities**

ASC 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. With the exception of the line item titled "debt" which is reported at cost net of deferred financing costs, all assets and liabilities approximate fair value on the Consolidated Statements of Assets and Liabilities due to their short maturity.

**Financial Instruments Disclosed, But Not Carried at Fair Value**

**Debt**

As of December 31, 2025 and December 31, 2024, the fair value of the Company's debt was categorized as Level 3 within the fair value hierarchy and deemed to be equal to carrying value due to their redemptive provisions.

**Note 6. Borrowings**

In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. On October 11, 2024, the Company's sole shareholder and Board of Trustees approved the application of the reduced asset coverage requirements of Section 61(a)(2) of the 1940 Act and the sole shareholder declined the Company's offer to repurchase all of its outstanding Common Shares. As a result of such approval, effective as of October 11, 2024, the Company's asset coverage requirement was reduced from 200% to 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the prior 200% asset coverage requirement under the 1940 Act. As of December 31, 2025 and December 31, 2024, the Company's asset coverage for borrowed amounts were 161.7% and 156.4%, respectively.

*Senior Securities*

Information about the Company's senior securities is shown as of the dates indicated in the below table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Amount Outstanding Exclusive of Treasury Securities**<sup>(1)</sup> | **Asset Coverage Per Unit**<sup>(2)</sup> | **Involuntary Liquidating Preference Per Unit**<sup>(3)</sup> | **Average Market Value Per Unit**<sup>(4)</sup> |
| December 31, 2024 | $391196 | $1564 | $— | N/A |
| December 31, 2025 | $863239 | $1617 | $— | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Total amount of each class of senior securities outstanding at the end of the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Asset coverage per unit is the ratio of the carrying value of the Company's total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Company's senior securities are not registered for public trading.

The following tables present borrowings by the Company as of December 31, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Debt Commitment** | **Outstanding Par** | **Undrawn Commitment** | **Carrying Value** | **Stated Maturity** | **Interest Rate** |
| SocGen ABL Facility | $500000 | $454289 | $45711 | $450000 | October 23, 2033 | 3 Month SOFR + 1.90% |
| SocGen Subline Facility | 150000 |  | 150000 | (264) | September 16, 2026 | 3 Month SOFR + 2.20% |
| Natixis Revolving Credit Facility | 300000 | 217700 | 82300 | 215621 | December 20, 2029 | 3 Month SOFR + 2.00% |
| Natixis ABL Facility | 350000 | 191250 | 158750 | 189094 | June 20, 2035 | 3 Month SOFR + 1.95% |
| Total | $1300000 | $863239 | $436761 | $854451 |  |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Debt Commitment** | **Outstanding Par** | **Undrawn Commitment** | **Carrying Value** | **Stated Maturity** | **Interest Rate** |
| SocGen ABL Facility | $300000 | $208550 | $91450 | $207049 | October 18, 2029 | 3 Month SOFR + 2.15% |
| SocGen Subline Facility | 250000 | 120646 | 129354 | 118176 | October 17, 2025 | 3 Month SOFR + 2.45% |
| Natixis Revolving Credit Facility | 300000 | 62000 | 238000 | 59379 | December 20, 2029 | 3 Month SOFR + 2.00% |
| Total | $850000 | $391196 | $458804 | $384604 |  |  |

---

A summary of the Company's maturity requirements for borrowings as of December 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  | **Less Than** | **1 – 3** | **3 – 5** | **More Than** |
|  | **Total** | **1 Year** | **Years** | **Years** | **5 Years** |
| SocGen ABL Facility | $454289 | $— | $— | $— | $454289 |
| Natixis Revolving Credit Facility | 217700 |  |  | 217700 |  |
| Natixis ABL Facility | 191250 |  |  |  | 191250 |
| Total | $863239 | $— | $— | $217700 | $645539 |

---

A summary of the Company's maturity requirements for borrowings as of December 31, 2024 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  | **Less Than** | **1 – 3** | **3 – 5** | **More Than** |
|  | **Total** | **1 Year** | **Years** | **Years** | **5 Years** |
| SocGen Subline Facility | $120646 | $120646 | $— | $— | $— |
| SocGen ABL Facility | 208550 |  |  |  | 208550 |
| Natixis Revolving Credit Facility | 62000 |  |  |  | 62000 |
| Total borrowings | $391196 | $120646 | $— | $— | $270550 |

---

As of December 31, 2025, the maximum aggregate capacity on all of the Company's facilities was $1,300,000, with total borrowings outstanding of $863,239. As of December 31, 2024, the maximum aggregate capacity on all of the Company's facilities was $850,000, with total borrowings outstanding of $391,196. Future borrowings under these facilities are subject to various covenants, including, but not limited to, leverage and borrowing base restrictions. Any such incurrence or issuance would be subject to prevailing market conditions, the Company's liquidity requirements, contractual and regulatory restrictions and other factors.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the components of interest and other financing expenses, annualized average stated interest rates and average outstanding balances for all facilities in the aggregate were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from October 21, 2024<br>(Commencement of Operations) to<br>December 31, 2024** |
| Stated interest expense | $34616 | $3453 |
| Facility fees | 1363 | 152 |
| Amortization of deferred financing costs | 2869 | 283 |
| Total interest and other financing costs | $38848 | $3888 |
| Cash paid for interest expense | $30735 | $— |
| Annualized weighted average stated interest rate | 6.2% | 6.8% |
| Weighted average debt outstanding balance<sup>(1)</sup> | $551262 | $253184 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Based on the weighted average debt outstanding for the period presented.

**SocGen ABL Facility**: On October 18, 2024, PCIF Vigilant Funding LLC ("PCIF Vigilant"), a direct wholly-owned subsidiary of the Company, as borrower, and the Company, as equity holder and servicer, entered into a credit facility (the "SocGen ABL Facility") for revolving and term loans pursuant to a Loan and Servicing Agreement (the "Loan Agreement"), with the lenders from time to time party thereto, Société Générale, as administrative agent, and U.S. Bank, National Association, as collateral agent, collateral administrator, and

------

document custodian. The SocGen ABL Facility allowed the Company to borrow in an aggregate amount of up to $300,000, subject to leverage and borrowing base restrictions, with a stated maturity date of October 18, 2029. All capitalized terms used herein are as defined under the PCIF Vigilant agreement.

Loans under the SocGen ABL Facility initially bear interest at the applicable base rate plus 2.15% during the revolving period and thereafter, 2.50%, subject to a step-up of 2.00% following the occurrence of an Event of Default. The base rate under the Loan Agreement is (i) term CORRA plus 0.32138% with respect to any advances denominated in Canadian dollars, (ii) the Euro Interbank Offered Rate with respect to any advances denominated in Euros, (iii) daily simple Sterling Overnight Index Average with respect to any other advances denominated in U.K. pound sterling, and (viii) term SOFR with respect to advances denominated in United States Dollars.

From the date of execution of the SocGen ABL Facility until the nine-month anniversary thereof, no daily commitment fee was incurred. During the remaining life of the SocGen ABL Facility, the Company will pay an annual non-use fee of 1.00%, accruing on the portion of the undrawn commitment that is greater than 65.00% of the total commitment under the SocGen ABL Facility and 0.50% per annum, accruing on the portion of the undrawn commitment that is less than or equal to 65.00% of the total commitment under the SocGen ABL Facility.

The Loan Agreement includes an accordion provision to permit increases to the total facility amount up to a maximum of $500,000, subject to the satisfaction of certain conditions to borrow. Proceeds from loans made under the SocGen ABL Facility may be used for PCIF Vigilant's general corporate purposes, to fund collateral obligations acquired by PCIF Vigilant, to pay certain fees and expenses and to make distributions to the Company, subject to certain conditions set forth in the Loan Agreement.

On February 26, 2025, the Company entered into Amendment No. 3 to the SocGen ABL Facility (the "Amendment No. 3 to SocGen ABL Facility"). The Amendment No. 3 to SocGen ABL Facility provided for, among other things, an increase in the aggregate commitments of the lenders under the SocGen ABL Facility from $300,000 to $400,000 and revised the margin applicable to borrowings under the facility during the revolving period from 2.15% to 2.05%, subject to a step-up of 2.00% following the occurrence of an Event of Default.

On May 1, 2025, the Company entered into Amendment No. 4 to the SocGen ABL Facility (the "Amendment No. 4 to SocGen ABL Facility"). The Amendment No. 4 to SocGen ABL Facility provided for, among other things, an extension of the Facility Termination Date of the SocGen ABL Facility from October 18, 2029 to October 18, 2032 and revises the margin applicable to borrowings under the SocGen ABL Facility from 2.50% after the expiration of the revolving period to 2.50% after the expiration of the revolving period until October 18, 2029, and 3.0% thereafter.

On October 23, 2025, the Company entered into Amendment No. 5 to the SocGen ABL Facility (the "Amendment No. 5 to SocGen ABL Facility"). The Amendment No. 5 to SocGen ABL Facility provides for, among other things, an increase in the aggregate commitments of the lenders under the SocGen ABL Facility from $400,000 to $500,000, a revision of the margin applicable to borrowings under the facility from 2.05% to 1.90% during the revolving period, and from 2.50% to 2.25% after the revolving period, and an extension of each of the revolving period and the facility maturity date by one year.

The SocGen ABL Facility is secured by all of the assets held by PCIF Vigilant. The SocGen ABL Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for loan facilities of this nature.

The Company may borrow amounts in U.S. dollars or certain other currencies. As of December 31, 2025, the Company had outstanding debt denominated in Euros (EUR) 10.6 million on its SocGen ABL Facility, included in the outstanding principal amount in the table below. As of December 31, 2024, the Company had no outstanding debt denominated in foreign currencies on its SocGen ABL Facility, included in the outstanding principal amount in the table below.

As of December 31, 2025 and December 31, 2024, the Company had outstanding debt of $454,289 and $208,550, respectively, under the SocGen ABL Facility.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the components of interest and other financing expenses, annualized average stated interest rates and average outstanding balances for the SocGen ABL Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from October 21, 2024<br>(Commencement of Operations) to<br>December 31, 2024** |
| Stated interest expense | $19918 | $2494 |
| Facility fees | 103 |  |
| Amortization of deferred financing costs | 632 | 100 |
| Total interest and other financing costs | $20653 | $2594 |
| Cash paid for interest expense | $17915 | $— |
| Annualized weighted average interest rate<sup>(1)</sup> | 6.2% | 6.8% |
| Weighted average debt outstanding balance<sup>(2)</sup> | $315821 | $184265 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Based on the weighted average debt outstanding for the period presented.

**SocGen Subline Facility:** On October 18, 2024, the Company entered into a revolving credit facility (the "SocGen Subline Facility"), among the Company, as borrower, the lenders from time to time party thereto and Société Générale, as administrative agent, sole lead arranger and letter of credit issuer. All capitalized terms used herein are as defined under the SocGen Subline Facility.

The SocGen Subline Facility provided for borrowings in U.S. dollars, Euro, Sterling, Canadian dollars and such other currencies to be mutually agreed in an initial aggregate amount of up to $250,000 with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $500,000.

Availability under the SocGen Subline Facility was to terminate on the earlier of October 17, 2025 (the "Stated Maturity Date"), which may be extended for an additional period of up to 364 days, subject to the consent of the administrative agent and extending lenders, and the date of termination of the revolving commitments thereunder.

Borrowings under the SocGen Subline Facility are subject to compliance with a borrowing base test. Amounts drawn under the SocGen Subline Facility in (a) U.S. dollars bear interest at a rate per annum equal to: (i) with respect to Daily Simple SOFR loans, Daily Simple SOFR plus 2.45%, (ii) with respect to Term SOFR loans, Term SOFR plus 2.45% and (iii) with respect to reference rate loans, reference rate plus 1.45%, (b) Euros bear interest at a rate per annum equal to EURIBOR plus 2.45%, (c) Sterling bear interest at a rate per annum equal to Daily Simple SONIA plus 0.0326% plus 2.45%, and (d) Canadian dollars bear interest at a rate per annum equal to (i) with respect to Term CORRA loans with a 1-month interest period, Term CORRA plus 0.29547% plus 2.45% and (ii) with respect to Term CORRA loans with a 3-month interest period, Term CORRA plus 0.32138% plus 2.45%, in each case subject to a floor of 0.0%. However, at any time no single investor accounts for greater than 50% of the borrowing base, the applicable margin will be reduced to: (b)(i) with respect to any loan (other than a reference rate loan), 2.30% per annum and (ii) with respect to any reference rate loan, 1.30% per annum.

The Company's obligations under the SocGen Subline Facility are secured by the Company's ability to call capital from certain of its investors, the capital commitments and capital contributions of such investors and the bank accounts into which such capital contributions are funded.

During the period commencing on the Effective Date and ending on the earlier of the Stated Maturity Date and the date of termination of the revolving commitments under the SocGen Subline Facility, the Company will pay a non-use fee of 30 basis points (0.30%) per annum, payable quarterly in arrears based on the average daily unused amount of the commitments then available thereunder.

On July 3, 2025, the Company requested a reduction of the maximum borrowing amount under the SocGen Subline Facility from $250,000 to $150,000. The effective date of such reduction was July 7, 2025. The reduction resulted in a realized loss on the early extinguishment of debt of $211 for the year ended December 2025, such amount representing a pro rata portion of the unamortized deferred financing costs on the effective date of the reduction.

On September 17, 2025, the Company entered into an amendment to the SocGen Subline Facility (the "Amendment to SocGen Subline Facility"). Among other things, the parties have agreed in the Amendment to SocGen Subline Facility to extend the stated maturity date of the SocGen Subline Facility from October 17, 2025, to September 16, 2026 and to reduce the pricing on the SocGen Subline Facility to (a) at any time when the dollar equivalent of the principal obligations is less than 50% of the maximum commitment amount as of such date (i) with respect to any loan (other than a reference rate loan), an annual rate of 2.20% and (ii) with respect to any reference rate loan, an annual rate of 1.20%, and (b) at any time when the dollar equivalent of the principal obligations is greater than or equal to 50% of the maximum commitment amount as of such date (i) with respect to any loan (other than a reference rate loan), an annual rate of 2.05% and (ii) with respect to any reference rate loan, an annual rate of 1.05%. By its terms, the Amendment also obligates the Fund to pay an annual extension fee equal to 0.25% of the commitment amount of each extending lender, with such extension fee to be pro-rated for the period from October 17, 2025, through the new stated maturity date.

As of December 31, 2025 and December 31, 2024, the Company had outstanding debt of $0 and $120,646, respectively, under the SocGen Subline Facility.

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For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the components of interest and other financing expenses, facility fees, annualized average stated interest rates and average outstanding balances for the SocGen Subline Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from October 21, 2024<br>(Commencement of Operations) to<br>December 31, 2024** |
| Stated interest expense | $673 | $861 |
| Facility fees | 581 | 120 |
| Amortization of deferred financing costs | 1420 | 170 |
| Total interest and other financing costs | $2674 | $1151 |
| Cash paid for interest expense | $1984 | $— |
| Annualized weighted average interest rate | 6.7% | 7.0% |
| Weighted average debt outstanding balance<sup>(1)</sup> | $9938 | $61169 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Based on the weighted average debt outstanding for the period presented.

**Natixis Revolving Credit Facility:** On December 20, 2024, the Company entered into a revolving credit facility (the "Natixis Revolving Credit Facility"), with the lenders party thereto, Natixis, New York Branch, as administrative agent, and U.S. Bank Trust Company, National Association, as custodian. The Natixis Revolving Credit Facility will mature on December 20, 2029, unless terminated earlier in accordance with the Natixis Revolving Credit Facility. The Natixis Revolving Credit Facility allows the Company to borrow in an aggregate amount of up to $300,000, subject to leverage and borrowing base restrictions. All capitalized terms used herein are as defined under the Natixis Revolving Credit Facility.

Loans under the Natixis Revolving Credit Facility bore interest at (i) for Alternate Base Rate Loans, the greatest of (a) Prime, (b) NYFRB Rate plus 0.50%, and (c) Term SOFR plus 1.00% (however, in no case less than 1.00%), each adjusted by a further 0.90% credit spread, (ii) for Risk Free Rate Loans, the greater of (a) SONIA plus 0.1193% and (b) 0.00%, each adjusted by a further 1.90% credit spread, (iii) for Term Benchmark Loans denominated in Euros, the EURIBOR Screen Rate multiplied by the Statutory Reserve Rate, plus 1.90%, (iv) for Term Benchmark Loans denominated in United States dollars, Term SOFR, plus 1.90%, and (v) for Term Benchmark Loans denominated in Canadian dollars, Term CORRA, plus 1.90%. The Company will pay a non-use fee of 0.375% per annum, accruing on the portion of the undrawn commitment accruing on the portion of the undrawn commitment of the total commitment under the Natixis Revolving Credit Facility.

The Natixis Revolving Credit Facility is secured by all of the principal amount of investments held by the Company not otherwise pledged under any of the Company's other credit facilities. The Natixis Revolving Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for credit facilities of this nature.

As of December 31, 2025 and December 31, 2024, the Company had outstanding debt of $217,700 and $62,000, respectively, under the Natixis Revolving Credit Facility.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the components of interest and other financing expenses, annualized average stated interest rates and average outstanding balances for the Natixis Revolving Credit Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from October 21, 2024<br>(Commencement of Operations) to<br>December 31, 2024** |
| Stated interest expense | $9425 | $98 |
| Facility fees | 559 | 32 |
| Amortization of deferred financing costs | 606 | 13 |
| Total interest and other financing costs | $10590 | $143 |
| Cash paid for interest expense | $8057 | $— |
| Annualized weighted average interest rate | 6.2% | 6.3% |
| Weighted average debt outstanding balance<sup>(1)</sup> | $150471 | $7750 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Based on the weighted average debt outstanding for the period presented.

**Natixis ABL Facility:** On June 20, 2025, PCIF Defender, entered into a credit facility (the "Natixis ABL Facility") for revolving and term loans pursuant to a credit agreement, by and among PCIF Defender, as borrower, the lenders from time to time party thereto, Natixis, New York Branch, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, collateral administrator and information agent and U.S. Bank National Association, as collateral custodian and custodian (the "Credit Agreement"). All capitalized terms used herein are as defined under the Natixis ABL Facility.

Borrowings under the Natixis ABL Facility initially bear interest at the applicable base rate plus 1.95%, subject to a step-up of 2.00% following the occurrence of an Event of Default. The base rate under the Natixis ABL Facility is (a) for certain loans financed through the issuance of commercial paper, the Cost of Funds Rate and (b) for all other loans, the applicable Term SOFR rate; provided that, with respect to clause (a), no lender will utilize the Cost of Funds Rate without the prior consent of PCIF Defender.

The initial maximum principal amount under the Natixis ABL Facility is $250,000, and the Natixis ABL Facility includes an accordion provision to permit increases to the total facility amount, subject in each case to the satisfaction of certain conditions. Proceeds from loans made under the Natixis ABL Facility may be used for PCIF Defender's general corporate purposes, to fund collateral obligations acquired by PCIF Defender, to pay certain fees and expenses and to make distributions to the Company, subject to certain conditions set forth in the Natixis ABL Facility.

On December 8, 2025, the Company entered into Amendment No. 1 to the Natixis ABL Facility (the "Amendment No. 1 to Natixis ABL Facility"). The Amendment No. 1 to Natixis ABL Facility provides for, among other things, an increase in the aggregate commitments of the lenders under the Credit Agreement from $250,000 to $350,000, and a revision of the margin applicable to borrowings in excess of the initial $250,000 commitment under the Credit Agreement from 1.95% per annum to 1.90% per annum.

Loans made under the Natixis ABL Facility mature on June 20, 2035.

The Natixis ABL Facility is secured by all of the assets held by PCIF Defender. The Natixis ABL Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for loan facilities of this nature.

As of December 31, 2025 and December 31, 2024, the Company had outstanding debt of $191,250 and $0, respectively, under the Natixis ABL Facility.

For the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024, the components of interest and other financing expenses, annualized average stated interest rates and average outstanding balances for the Natixis ABL Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from October 21, 2024<br>(Commencement of Operations) to<br>December 31, 2024** |
| Stated interest expense | $4600 | $— |
| Facility fees | 120 |  |
| Amortization of deferred financing costs | 211 |  |
| Total interest and other financing costs | $4931 | $— |
| Cash paid for interest expense | $2779 | $— |
| Annualized weighted average interest rate | 6.0% | —% |
| Weighted average debt outstanding balance<sup>(1)</sup> | $75032 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Based on the weighted average debt outstanding for the period presented.

**Note 7. Commitments and Contingencies**

**Commitments:** The Company has various commitments to fund first lien senior secured revolving and delayed draw loans. Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date. As of

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December 31, 2025, the total unfunded commitments were $294,154. As of December 31, 2024, the total unfunded commitments were $150,502.

**Indemnifications:** In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company's maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote.

**Legal proceedings:** From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of December 31, 2025 and 2024, management is not aware of any pending or threatened material litigation.

**Note 8. Net Assets**

As of December 31, 2025 and December 31, 2024, the Company's total net assets were $532,953 and $220,782, respectively, as detailed in the table below, and the net asset value per share was $23.40 and $25.21, respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** |  |  |  |
|  | **Shares** | **Par Amount** | **Paid in Capital in <br>Excess of Par** | **Distributable Earnings (Losses)** | **Total Net Assets** |
| **Balance at January 18, 2024 (Date of Inception)** |  | $— | $— | $— | $— |
| Net increase in net assets resulting from operations: |  |  |  |  |  |
| Net investment income |  |  |  | 2558 | 2558 |
| Net unrealized appreciation |  |  |  | 715 | 715 |
| Distributions to shareholders: |  |  |  |  |  |
| Distributions declared |  |  |  | (2501) | (2501) |
| Capital share transactions: |  |  |  |  |  |
| Issuance of Common Shares | 8758495 | 9 | 220001 |  | 220010 |
| Tax reclassification of net assets in accordance with GAAP |  |  | (26) | 26 |  |
| **Balance at December 31, 2024** | 8758495 | 9 | 219975 | 798 | 220782 |
| Net increase in net assets resulting from operations: |  |  |  |  |  |
| Net investment income |  |  |  | 37123 | 37123 |
| Net realized gain on investment transactions |  |  |  | (36748) | (36748) |
| Net realized gain (loss) on foreign currency transactions |  |  |  | 57 | 57 |
| Net realized gain (loss) on extinguishment of debt |  |  |  | (211) | (211) |
| Net change in unrealized appreciation (depreciation) on investments |  |  |  | 4105 | 4105 |
| Net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies |  |  |  | (58) | (58) |
| Distributions to shareholders: |  |  |  |  |  |
| Stock issued in connection with dividend reinvestment plan | 1687 | 0<br><sup>(1)</sup> | 42 |  | 42 |
| Distributions declared<sup>(2)</sup> |  |  |  | (37139) | (37139) |
| Capital share transactions: |  |  |  |  |  |
| Issuance of Common Shares | 14018655 | 14 | 344986 |  | 345000 |
| Tax reclassification of net assets in accordance with GAAP |  |  | (63) | 63 |  |
| **Balance at December 31, 2025** | 22778837 | $23 | $564940 | $(32010) | $532953 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Amounts round to less than $1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Distributions declared are mainly comprised of distributions of net investment income.

The Company is seeking to raise equity capital through private placements on a continuous basis.

During the first two years following October 21, 2024, the initial closing of the Company's private placement (the "Initial Closing"), investors are being asked to provide capital commitments (the "Capital Commitments") that are drawn down by the Company from time to time in increments as needed, at the discretion of the Adviser upon not less than ten business days' written notice (each, a "Drawdown Notice"). Such drawdowns are used to purchase shares, par value $0.001 per share, at a price per share as determined by the Board in accordance with the limitations of Section 23 under the 1940 Act. Drawdown Notices will set forth the amount, in U.S. dollars ("USD"), of the aggregate purchase price (the "Drawdown Purchase Price") to be paid by the investor to purchase shares on the drawdown date. Drawdowns of the Capital Commitments will generally be made pro rata, in accordance with the remaining Capital Commitments. However, the Company retains the right to make non-pro rata capital drawdowns for any reason in the Company's sole discretion, including, without limitation, if the Company determines that it is necessary or advisable in light of applicable legal, tax, regulatory and other considerations.

Subsequent to the second anniversary of the Initial Closing, or such earlier or later time as the Board determines, new investor Capital Commitments will not be called until existing investors' Capital Commitments have been fully drawn upon by the Company or otherwise terminated. In addition, the timing and structure of draws of new investor Capital Commitments may be modified at such time.

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The Company is authorized to issue an unlimited number of Common Shares. As of December 31, 2025 and December 31, 2024, the Company had issued 22,778,837 shares and 8,758,495 shares, respectively, and all are outstanding. As of December 31, 2025 and December 31, 2024, the Company had executed subscription agreements with investors for $1,268,560 and $1,003,560, respectively, of capital commitments.

The following table summarizes the Company's Common Shares transactions during the year ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Activity** | **Share Issuance Date** | **Common Shares Issued** | **NAV per share** | **Proceeds** |
| Dividend Reinvestment | 1/28/2025 | 159 | $25.39 | $4 |
| Capital Contribution | 3/27/2025 | 1991239 | 25.11 | 50000 |
| Dividend Reinvestment | 4/30/2025 | 404 | 25.07 | 10 |
| Capital Contribution | 6/17/2025 | 3998401 | 25.01 | 100000 |
| Dividend Reinvestment | 7/30/2025 | 451 | 25.32 | 12 |
| Capital Contribution | 9/24/2025 | 5889520 | 24.62 | 145000 |
| Dividend Reinvestment | 10/30/2025 | 673 | 24.40 | 16 |
| Capital Contribution | 12/29/2025 | 2139495 | 23.37 | 50000 |
| Total |  | 14020342 |  | $345042 |

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The following table summarizes the Company's Common Shares transactions for the period from January 18, 2024 (Date of Inception) to December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Activity** | **Share Issuance Date** | **Common Shares Issued** | **NAV per share** | **Proceeds** |
| Capital Contribution | 10/21/2024 | 400 | $25.00 | $10 |
| Capital Contribution | 11/4/2024 | 4000000 | 25.00 | 100000 |
| Capital Contribution | 11/22/2024 | 1468837 | 25.19 | 37000 |
| Capital Contribution | 12/16/2024 | 629673 | 25.41 | 16000 |
| Capital Contribution | 12/30/2024 | 2659585 | 25.19 | 67000 |
| Total |  | 8758495 |  | $220010 |

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***Share Repurchase Program***

Beginning no later than the fourth anniversary of the Initial Closing, and at the discretion of the Board, the Company intends to commence a Share Repurchase Program in which the Company intends to offer to repurchase, in each quarter, up to 5% of the Company's Common Shares outstanding (either by number of shares or aggregate NAV, as determined by the Board) as of the close of the previous calendar quarter. The Board may amend or suspend the Share Repurchase Program at any time if in its reasonable judgment it deems such action to be in the Company's best interest and the best interest of the Company shareholders, such as when a repurchase offer would place an undue burden on the Company liquidity, adversely affect the Company operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each repurchase offer will be retired and thereafter will be authorized and unissued shares.

Under the Share Repurchase Program, to the extent we offer to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to quarterly share repurchases using a purchase price equal to the NAV per share as of the last calendar day of the immediately prior quarter (the "Valuation Date"). Shareholders should keep in mind that if they tender Common Shares in a repurchase offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common Shares, the Company may repurchase such Common Shares subject to an "early repurchase deduction" of 2% of the aggregate NAV of the Common Shares repurchased (an "Early Repurchase Deduction"). The Early Repurchase Deduction will be retained by the Company for the benefit of the remaining holders of Common Shares. This Early Repurchase Deduction will also generally apply to minimum account repurchases.

In the event the amount of Common Shares tendered for repurchase exceeds the repurchase offer amount, Common Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly repurchase offer, or upon the recommencement of the Share Repurchase Program, as applicable. As of December 31, 2025, the Company has not commenced the Share Repurchase Program.

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***Distribution Reinvestment Plan***

The Company has a voluntary distribution reinvestment plan (the "DRIP") that provides for the automatic reinvestment of all cash distributions declared by the Board unless a shareholder elects to "opt out" of the plan. As a result, if the Board declares a cash distribution, then the shareholders who have not "opted out" of the DRIP will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash distribution. Shareholders who receive distributions in the form of Common Shares will generally be subject to the same federal, state and local tax consequences as if they received cash distributions. A shareholder's basis for determining gain or loss upon the sale of shares received in a distribution will be equal to the amount treated as a distribution for U.S. federal income tax purposes, which will generally be equal to the cash that the shareholder would have received in the applicable distribution. Any shares received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares are credited to the shareholder's account.

The following table details the Company's distributions during the year ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
|  |  |  | **Distributions** | **Distributions** |
| **Date Declared** | **Record Date** | **Payment Date** | **Amount** | **Per Share** |
| March 12, 2025 | March 12, 2025 | April 30, 2025 | $6306 | $0.72 |
| June 4, 2025 | June 4, 2025 | July 30, 2025 | 7418 | 0.69 |
| August 27, 2025 | August 27, 2025 | October 30, 2025 | 10619 | 0.72 |
| December 22, 2025 | December 22, 2025 | January 29, 2026 | 12796 | 0.62 |
|  |  |  | $37139 | $2.75 |

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The following table details the Company's distributions for the period from January 18, 2024 (Date of Inception) to December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  |  |  | **Distributions** | **Distributions** |
| **Date Declared** | **Record Date** | **Payment Date** | **Amount** | **Per Share** |
| December 27, 2024 | December 27, 2024 | January 28, 2025 | $2501 | $0.41 |
|  |  |  | $2501 | $0.41 |

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**Note 9. Distributable Taxable Income**

The Company has elected to be treated as a RIC under the Code and adopted a December 31 tax-calendar year end. As a RIC, the Company is not subject to federal income tax on the portion of its taxable income and gains distributed currently to its shareholders as a dividend. The Company's quarterly distributions, if any, are determined by the Board. The Company anticipates distributing substantially all of its taxable income and gains, within the Subchapter M rules, and thus the Company anticipates that it will not incur any federal or state income tax at the Company level. As a RIC, the Company is also subject to a federal excise tax based on distributive requirements of its taxable income on a calendar year basis (e.g., calendar year 2025). Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4% excise tax on such income, to the extent required.

The Company may distribute taxable dividends that are payable in cash or its Common Shares at the election of each shareholder. Under certain applicable provisions of the Code and the Treasury regulations, distributions payable in cash or in Common Shares at the election of shareholders are treated as taxable dividends. The Internal Revenue Service has published guidance with respect to publicly offered RICs indicating that this rule will apply even where the total amount of cash that may be distributed is limited to no more than 20% of the total distribution. Under this guidance, if too many shareholders elect to receive their distributions in cash, the cash available for distribution must be allocated among the shareholders electing to receive cash (with the balance of the distribution paid in shares). If the Company decides to make any distributions consistent with this guidance that are payable in part in its Common Shares, taxable shareholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, the Company's Common Shares, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of the Company's current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. shareholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. shareholder sells the Common Shares it receives in order to pay this tax, the sales proceeds may be less than the

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amount included in income with respect to the dividend, depending on the market price of the Company's shares at the time of the sale. Furthermore, with respect to non-U.S. shareholders, the Company may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in Common Shares. In addition, if a significant number of the Company's shareholders determine to sell its Common Shares in order to pay taxes owed on dividends, it may put downward pressure on the trading price of the Company's Common Shares.

Distributions to shareholders that exceed tax-basis distributable income (tax-basis net investment income and realized gains, if any) are reported as distributions of paid-in capital (i.e. return of capital). The tax components of distributions are not fully determined until the tax return is filed. The determination of the tax character of our distributions is made at the end of the year based upon our taxable income for the full year and the distributions paid during the full year. Therefore, a determination of tax attributes made on a quarterly basis may not be representative of the actual tax attributes of distributions for a full year.

The following table reconciles net increase in net assets resulting from operations to taxable income for the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| Increase in net assets resulting from operations | $4268 | $3273 |
| Adjustments: |  |  |
| Net change in unrealized (appreciation) depreciation from investments | (4105) | (715) |
| Net realized (gain) loss from investments | 36748 |  |
| Translation of assets and liabilities in foreign currencies | 58 |  |
| Other book/tax differences | 670 | 26 |
| Taxable income | $37639 | $2584 |
| Taxable income per weighted average shares | $2.68 | $0.61 |

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The following permanent differences reclassified for tax purposes among the components of net assets for the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| Accumulated distributable earnings | $63 | $26 |
| Additional paid-in capital | (63) | (26) |
| Total | $— | $— |

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The following table shows the components of accumulated distributable earnings (losses) on a tax basis for the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| Undistributed net investment income | $582 | $83 |
| Undistributed net realized gains/(losses) | (37354) |  |
| Net change in unrealized appreciation (depreciation) from investments | 4762 | 715 |
| &nbsp;&nbsp;Total accumulated distributed earnings (losses) | $(32010) | $798 |

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As of December 31, 2025 and December 31, 2024, the following table shows the tax cost for U.S. federal income tax purposes, and the gross unrealized gains and gross unrealized losses of the Company's investments:

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| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2024** |
| Book cost | $1350788 | $472411 |
| Items affecting tax cost |  |  |
| Tax cost | $1350788 | $472411 |
| Gross unrealized appreciation | $6226 | $715 |
| Gross unrealized depreciation | (1464) |  |
| Net unrealized investment appreciation/(depreciation) | $4762 | $715 |

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ASC Topic 740 Accounting for Uncertainty in Income Taxes ("ASC 740") provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. 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. Management has analyzed the Company's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded for positions expected to be taken in the Company's current year tax return. The Company identifies its major tax jurisdictions as U.S. federal and New York State, and 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 12 months. Management's determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof.

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

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**Note 10. Financial Highlights**

The financial highlights for the Company are as follows:

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| | | |
|:---|:---|:---|
| **Per share data:**<sup>(1)</sup> | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| Net asset value at beginning of period | $25.21 | $— |
| Issuance of shares | 0.00 | 25.00 |
| Net investment income per share<sup>(2)</sup> | 2.64 | 0.60 |
| Net gain (loss) on investment transactions per share<sup>(3)</sup> | (1.69) | 0.02 |
| Net realized gain (loss) on extinguishment of debt | (0.01) |  |
| Distributions declared | (2.75) | (0.41) |
| **Net asset value at end of period** | $23.40 | $25.21 |
| Common Shares outstanding, end of period | 22778837 | 8758495 |
| Weighted average Common Shares outstanding | 14070760 | 4252447 |
| **Ratio/Supplemental Data:** |  |  |
| Net assets at end of period | $532953 | $220782 |
| Annualized ratio of after-tax net investment income to average net assets | 10.7% | 9.8% |
| Annualized ratio of net expenses before expense support to average net assets<sup>(4)</sup> | 16.8% | 23.9% |
| Annualized ratio of net expenses after expense support to average net assets<sup>(4)(5)</sup> | 14.0% | 18.8% |
| Total return based on net asset value per share | 3.7% | 2.5% |
| Portfolio turnover rate | 12.1% | 0.6% |
| Asset coverage ratio<sup>(6)</sup> | 161.7% | 156.4% |
| **Capital Commitments Data:** |  |  |
| Capital commitments | $1268560 | $1003560 |
| Funded capital commitments | $565010 | $220010 |
| % of capital commitments funded | 44.5% | 21.9% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Based on actual number of Common Shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding at the end of the period and as of the dividend record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Expenses, exclude initial organization and offering costs and include incentive fees, are annualized. For purposes of the expense ratios, weighted average net assets are adjusted for capital transactions. Operating expenses may vary in the future based on the amount of capital raised, the Adviser's election to continue expense support, and other unpredictable variables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Includes expense support reimbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

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**Note 11. Earnings Per Share**

The following information sets forth the computation of the net increase (decrease) in net assets per share resulting from operations for the year ended December 31, 2025 and for the period from January 18, 2024 (Date of Inception) to December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Period from January 18, 2024 <br>(Date of Inception) to December 31, 2024** |
| Net increase in net assets resulting from operations | $4268 | $3273 |
| Basic and diluted weighted average shares outstanding | 14070760 | 4252447 |
| Basic and diluted earnings per share | $0.30 | $0.77 |
| Basic and diluted net investment income per share | $2.64 | $0.60 |

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**Note 12. Subsequent Events**

*Distributions*

On January 29, 2026, the Company paid a distribution from taxable earnings, which may include a return of capital and/or capital gains, in an amount equal to $0.62 per share. The distribution was declared on December 22, 2025, to shareholders of record on December 22, 2025.

*Additional Investments*

Subsequent to December 31, 2025, the Company committed to additional investment transactions, representing aggregate commitments of approximately $77.0 million.

*AGL Enhanced PC Income I LLC ("AGL EPCI I")*

On March 9, 2026, the Company and certain vehicles managed by Vintage Strategies at Goldman Sachs Alternatives ("Vintage Strategies") entered into an amended and restated limited liability company agreement for AGL EPCI I (the "LLC Agreement"), an unconsolidated entity. The Company and Vintage Strategies will invest up to $300 million in the aggregate in AGL EPCI I, with the Company investing up to $75 million and Vintage Strategies investing up to $225 million. In addition, AGL EPCI I has secured $250 million in third-party debt financing, which it expects to execute on March 23, 2026. It is expected that AGL EPCI I will be principally focused on U.S. senior secured, corporate direct lending, consistent with the Company's core origination strategy.

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**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.**

None.

**Item 9A. Controls and Procedures.** 

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

As of December 31, 2025 (the end of the period covered by this report), in accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Annual Report on Form 10-K and provide reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

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

There have been no changes in our internal control over financial reporting that occurred during our fiscal year ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information.** 

During the year ended December 31, 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 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

**Item 10. Directors, Executive Officers and Corporate Governance**

Our business and affairs are managed under the direction of our Board. The responsibilities of the Board include, among other things, the oversight of our investment activities, oversight of our investment valuation process, oversight of our financing arrangements and corporate governance activities. Our Board consists of seven members, four of whom are not "interested persons" of the Company or of the Adviser as defined in Section 2(a)(19) of the 1940 Act and are "independent," as determined by our Board. We refer to these individuals as our Independent Trustees. Our Board elects our executive officers, who serve at the discretion of the Board.

**Trustees**

Information regarding the Board is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Length of Time Served** | **Principal Occupation During Past 5 Years** | **Other Directorships Held by Trustees** |
| *Interested Trustees* |  |  |  |  |  |
| Peter Gleysteen | 75 | Trustee and Chairman of the Board | Since 2024 | Founder, Chief Executive Officer, and Chief Investment Officer of AGL Credit Management LLC. | Mystic Seaport Museum |
| Taylor Boswell | 46 | Trustee and Chief Executive Officer | Since 2024 | Former Partner of Carlyle serving as Head of Direct Lending and Chief Investment Officer, Direct Lending. | N/A |
| Wynne Comer | 59 | Trustee | Since 2024 | Chief Operating Officer of AGL Credit Management LLC. | Loan Syndications and Trading Association |
| *Independent Trustees* |  |  |  |  |  |
| Sheila Hooda | 68 | Trustee | Since 2024 | Independent board director and qualified financial expert on various companies' boards. | Enact Holdings Inc. (NASDAQ: ACT); Alera Group, Inc. |
| Sherwood Dodge | 70 | Trustee | Since 2024 | Former senior employee of GE Capital. | N/A |
| Holly Lim | 59 | Trustee | Since 2024 | Former Chief Financial Officer of Sidewalk Labs. | N/A |
| Judith Fishlow Minter | 66 | Trustee | Since 2024 | Former Head of U.S. Loan Capital Markets and Co-Head Leveraged Capital Markets at RBC Capital Markets. | Franklin & Marshall College; Student Leadership Network |

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The address for each Trustee is c/o AGL Private Credit Income Fund, 535 Madison Avenue, 24th Floor, New York, NY 10022. While we do not intend to list our Common Shares on any securities exchange, if any class of our Common Shares is listed on a national securities exchange, our Board will be divided into three classes of Trustees serving staggered terms of three years each.

**Executive Officers Who are Not Trustees**

Information regarding our executive officers who are not Trustees is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Length of Time Served** | **Principal Occupation During Past 5 Years** |
| Vikas Sharma | 46 | Chief Compliance Officer | Since 2025 | Director of Regulatory Compliance at ACA Global. Former Deputy CCO at Nephila Capital |
| Matthieu Milgrom | 48 | Secretary | Since 2024 | General Counsel of AGL Credit Management LLC; Former Executive Director of Securitized Products Group of Morgan Stanley |
| Edward Gilpin | 64 | Chief Financial Officer | Since 2024 | Chief Financial Officer AGL Credit Management, Managing Director Onex Credit, CFO SEC Registered Funds, BC Partners |

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The address for each executive officer is AGL Private Credit Income Fund LP, c/o AGL US DL Management LLC, 535 Madison Avenue, 24th Floor, New York, NY 10022.

**Biographical Information**

The following is information concerning the business experience of our Board and executive officers. Our Trustees have been divided into two groups—Interested Trustees and Independent Trustees. Interested Trustees are "interested persons" as defined in the 1940 Act.

***Interested Trustees***

**Peter Gleysteen, *Trustee and Chairman of the Board*** – Mr. Gleysteen has specialized in bank loans for over forty years. Mr. Gleysteen is the Founder, Chief Executive Officer, and Chief Investment Officer of AGL Credit Management LLC, which he established with the Abu Dhabi Investment Authority. Mr. Gleysteen began forming AGL Credit Management in 2018 and launched it in March 2019. Before AGL he had two prior employers, JPMorgan Chase and CIFC. At JPMorgan, and antecedent entities Chemical Bank and Chase Manhattan, Mr. Gleysteen served as lead banker on many of the largest LBO, M&A and re-structuring financings in the 1980's and 1990's. He was also responsible for global loan syndications as Group Head of Global Syndicated Finance and was responsible for JPMorgan's global corporate loan portfolio as Group Head of Global Capital Management. His last position was Chief Credit Officer for the entire bank. Gleysteen was integral to the evolution of the bank loan asset class from inception, including making the first "B-Loan" in 1989 and conceiving and instituting the "Market Flex" pricing convention in 1997. More recently Mr. Gleysteen founded CIFC in 2005, and he was the CEO of that firm until 2014 when it was sold, after which he served as Vice-Chairman and special advisor until 2016. During his tenure, Mr. Gleysteen grew the platform into a leading private debt manager with $13B in assets under management. Mr. Gleysteen has a

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BA in History from Trinity College and an MBA, Executive Program, from the University of Chicago. He is a member of the Council on Foreign Relations and a board member of Mystic Seaport Museum.

**Taylor Boswell, *Trustee and Chief Executive Officer*** – Prior to joining AGL, Mr. Boswell was a Partner of Carlyle serving as Head of Direct Lending and Chief Investment Officer, Direct Lending. In this role he led the investing and business operations of Carlyle Direct Lending from 2019 until 2022, including each of origination, underwriting, portfolio management and investor relations. He also served as President, Chief Investment Officer and Board member of Carlyle's various BDCs, and was on the Investment Committee for the firm's managed Direct Lending vehicles. He previously served as a founding, senior member of Carlyle's Opportunistic Credit team, with primary responsibility for building that business' U.S. investment capabilities while leading the deployment of capital across a wide variety of private credit investments. Prior to joining Carlyle in 2017, Mr. Boswell served as Managing Director and Investment Committee Member in the Illiquid Credit Business at Apollo Global Management. Before joining Apollo in 2013, he was a Director at Perella Weinberg Partners, where he spent seven years focused on corporate fundamental investing across both debt and equity mandates. He began his career as an Investment Banking Analyst at Deutsche Bank in 2001. Mr. Boswell has an AB in Political Economics from Princeton University.

**Wynne Comer, *Trustee*** – Ms. Comer is the Chief Operating Officer of AGL Credit Management LLC. Prior to joining AGL in 2019, Ms. Comer served as Global Head of the CLO Primary business at Bank of America Merrill Lynch where she led a team in New York and London to originate, structure, market and syndicate CLOs and other securitized credit products. The team distributed the products to a diverse range of institutional investors in the U.S., Asia and Europe. The business achieved consistent top 3 rankings during Comer's tenure, as well as industry recognitions such as Risk Magazine's Structured Products House of the Year. Ms. Comer is a frequent speaker at industry events and was a member of the Investing in Women's Committee at Bank of America Merrill Lynch. Currently, Ms. Comer serves on the Executive Committee of the Loan Syndications and Trading Association ("LSTA") Board of Directors through 2026. Prior to joining Bank of America Merrill Lynch in 2007, Ms. Comer spent 14 years at Citigroup in a wide range of roles, including Global Structured Products, Global Structured Bonds and Public Finance. Notably, Ms. Comer structured the first tobacco settlement securitization in the U.S. for New York City. Ms. Comer started her career in Tokyo with three years as an analyst in the International Project Finance Group at Sanwa Bank, the predecessor firm of Mitsubishi UFJ. Ms. Comer has a BA in Economics from Cornell University and an MBA from the Amos Tuck School at Dartmouth College.

***Independent Trustees***

**Sheila Hooda** - Ms. Hooda has served on the Board since 2024**.** Ms. Hooda is also a member of the Board of Directors of Enact Holdings Inc. (NASDAQ: ACT), a private mortgage insurance company, where she serves as Chair of the Nominating and Governance Committee and a member of the audit committee, and a member of the Board of Directors of Alera Group, Inc., an independent insurance brokerage and wealth services firm. From 2020 to 2023, Ms. Hooda served as Chair of the audit committee and a member of the Compensation Committee for ScION Tech Growth I and II (NASDAQ: SCOA, SCOB), blank check companies focused on acquiring businesses and assets. Ms. Hooda also served as Chair of the Risk Committee and as a member of the Compensation Committee and Audit and Investment Committees for Mutual of Omaha, a Fortune 500 mutual insurance and financial services company, from 2016 to 2023. From 2019 to 2023, Ms. Hooda served as Chair of the Nominating and Governance Committee and member of the Compensation, Audit, and Special Transaction Committees for ProSight Global, Inc. (NYSE: PROS), a specialty property/casualty insurance company. Previously, Ms. Hooda also served as a member of the Audit and Risk & Finance Committees for Virtus Investment Partners (NASDAQ: VRTS), a multi-manager asset management business, from 2016 to 2020. As an experienced independent board director and qualified financial expert, Ms. Hooda's governance experience includes oversight for business transformation, M&A, initial public offering ("IPO") readiness, divestitures, board nomination, CEO/Chair succession, long term strategy, innovation, market entry, capital allocation, special transactions, external auditor selection, digital, cyber, data privacy, and crisis preparedness. She also provides oversight for talent, culture, DE&I & ESG. Ms. Hooda's expertise includes Financial Services, Technology, Professional and Business Services. She is currently the CEO of Alpha Advisory Partners, providing strategic advisory services on technology, digital, financial, market and regulatory disruption. Ms. Hooda is a former C-level operating executive with 30+ years of global experience leading complex customer-centric transformations, driving P&L, scaling growth organically and via M&A, and guiding innovation, talent, culture and strategic development at Fortune 500/S&P 500 firms. Ms. Hooda has a BS in mathematics from Savitribai Phule University of Pune and an MBA from The University of Chicago Booth School of Business.

**Sherwood Dodge** – Mr. Dodge has served on the Board since 2024. He is the former Global Head of Private Equities at ADIA, covering both private equity and private credit. Mr. Dodge joined ADIA in 2016 after spending 27 years with GE, where he held a number of senior positions across GE Capital. From 2020 to 2023, Mr. Dodge served on the Board and audit committee for Sunshine Luxembourg VII SARL (Galderma), a pharmaceutical company specializing in dermatological treatments and skin care products. From 2013 to 2015, he served as Deputy CEO and was a Board Member of Hyundai Capital Services and Hyundai Card, the joint ventures in auto finance and credit cards between Hyundai Motors and GE. Between 2009 and 2013, Mr. Dodge was the CEO of GE Equity Americas, where he led its private equity activities. Between 2011 and 2013, he also served as the Head of Corporate Development at GE Capital, Americas. Prior to this, he had responsibility for GE Equity's investments in the aviation and energy industries, its venture investing activities and for equity co-investments with the customers of GE Capital's leveraged lending business. From 1999 to 2005, Mr. Dodge led GE's private equity

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business in Europe. Mr. Dodge is a former C-level operating executive with 30+ years of experience underwriting companies as a lender and as a private equity investor. Mr. Dodge has a BA in political science from Denison University.

**Holly Lim** – Ms. Lim has served on the Board since 2024. Ms. Lim was most recently Chief Financial Officer of Range Energy, a California-based start-up that is accelerating electrification of heavy-duty trucking. Ms. Lim is also currently an advisor to various start-ups, including a venture capital company's project that is focused on the media and entertainment space. Previously, she was Chief Financial Officer of Sidewalk Labs, an Alphabet Company, from 2020 to 2023, completing the integration of the Sidewalk Labs' product teams into Google, LLC. While serving as Chief Financial Officer, Ms. Lim focused on executing the company's new operating model, which included building new processes and upgrading systems to increase automation, developing a state-of-the-art corporate services operation to support the start-up teams. Ms. Lim's deep finance experience across multiple verticals has helped her craft novel business models in the early internet entertainment space, collaborate with teams to support scalable products at the intersection of cutting-edge technology and consumer need, and manage later stage companies for product optimization, profitability, and culture fit. Previously, Ms. Lim also worked as an advisor to Ghostery, an ad-blocking technology and a subsidiary of Burda, a German internet company. Ms. Lim was also named as Chair of the audit committee of an industrials company that is currently working on its public offering. Ms. Lim has a BBA in Finance from the University of Michigan and an MBA from Harvard Business School.

**Judith Fishlow Minter** – Ms. Fishlow Minter has served on the Board since 2024. She is the former Head of U.S. Loan Capital Markets and Co-Head Leveraged Capital Markets at RBC Capital Markets where she spent nearly 12 ½ years. Ms. Fishlow Minter had responsibility for syndicating leveraged finance transactions for corporate and financial sponsor clients. Selected financings include Signature, Copeland and Guidehouse. Prior to joining RBC Capital Markets, she spent 2 ½ years at North Sea Partners where she was a Managing Partner of the boutique leveraged finance advisory firm. Ms. Fishlow Minter spent 21 years at Citi where she was Head of Loan Syndicate for North America after a decade in the Leveraged Finance Group. She was responsible for leading the largest syndicated LBO, at the time, for Georgia Pacific. At RBC Capital Markets, Ms. Fishlow Minter served as a member of the U.S. Regional Operating Committee, a sponsor of RWomen and the Women's Initiative Network (WIN) as well as participating in the Managing Directors Promotions Committee and Donations Committee for RBC's U.S. Foundation. In addition, she served on the Board of the Loan Syndications and Trading Association (LSTA) for 8 years and currently serves on the Board of Trustees for Franklin & Marshall College and on the Board of Student Leadership Network. Ms. Fishlow Minter has a BA in Economics and Government from Wesleyan University and an MBA from the Wharton School at the University of Pennsylvania.

***Executive Officers Who Are Not Trustees***

**Vikas Sharma, *Chief Compliance Officer*** – Mr. Sharma has been an employee of ACA Group since November 2022. Prior to joining ACA Group in November 2022, Mr. Sharma was Deputy Chief Compliance Officer at Nephila Capital Ltd., a registered investment adviser focused on insurance-linked securities and climate risk, from March 2021 to October 2022. Prior to that, Mr. Sharma was Senior Compliance Officer at CORE CCO, a Compliance Consulting Firm, from June 2020 to February 2021. Prior to that, Mr. Sharma was a Senior Vice President of Compliance at Hudson Advisors, a large private equity fund focused on distressed investment opportunities and real estate, from 2016 to 2020. Prior to that, Mr. Sharma was a Manager of Compliance at Stellus Capital, a publicly listed middle-market BDC, from 2012 to 2016. Mr. Sharma has a B.Com in Accounting and Finance and an MBA from Symbiosis International University in India.

**Matthieu Milgrom, *Secretary*** *–* Mr. Milgrom has served as the Secretary of the Company since 2024. Mr. Milgrom is the General Counsel of AGL Credit Management LLC. Before joining AGL in May 2022, Mr. Milgrom was an Executive Director in the Securitized Products Group at Morgan Stanley, where he worked for 10 years in a variety of roles across sales and trading, securitization and lending. Prior to Morgan Stanley, he was a senior associate in the Securities and Structured Finance group at Ashurst LLP and an associate at McKee Nelson LLP. Prior to practicing law, he was a Senior Consultant at KPMG in the firm's International Executive Services practice. Mr. Milgrom is licensed to practice law in the state of New York. Mr. Milgrom has a BA in Psychology and French Literature from Columbia University and a JD, with honors, from Brooklyn Law School.

**Edward Gilpin, *Chief Financial Officer*** – Mr. Gilpin has served as Chief Financial Officer of the Adviser and the Company since October 2024. Prior to joining AGL, Mr. Gilpin served as the Managing Director, Finance of Onex Credit Advisor, LLC, and Chief Financial Officer and Treasurer of Onex Direct Lending BDC Fund from April of 2022 to October 2024. Prior to joining Onex Falcon full time, Mr. Gilpin was a financial consultant at Onex Falcon from June of 2021 to April of 2022. Mr. Gilpin was also a financial consultant at Advantage Capital Holdings, Inc. from January 2021 to May 2022, and was at BC Partners from April 2019 until March 2021, where he was the Chief Financial Officer of Portman Ridge Finance Corp. a public BDC, of BC Partners Lending Corporation a non-traded BDC, and of Mount Logan Capital a Canadian Public Company. Prior to joining BC Partners, Mr. Gilpin served as the Executive Vice President and Chief Financial Officer of KCAP Financial Inc. (NASDAQ: KCAP), an internally managed, publicly traded BDC from June 2012 to April 2019. Prior to KCAP, he served as Executive Vice President and Chief Financial Officer of Ram Holdings, Ltd. (NASDAQ: RAMR), a provider of financial guaranty reinsurance, and prior to that he was the Executive Vice President, Chief Financial Officer and Director of ACA Capital Holdings, Inc. (NYSE: ACA), a holding company that provided asset management services and credit protection products. Mr. Gilpin has also served as: Vice President in the Financial Institutions Group at Prudential Securities, Inc.'s investment banking division;

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CFO of WCA, an affiliate of ACA Capital; Director, Chief of Staff for MBIA Insurance Company; and Vice President in the Mutual Funds Department of BHC Securities, Inc. Mr. Gilpin holds an M.B.A. from Columbia University and a B.S. from St. Lawrence University.

**Communications with Trustees**

Shareholders and other interested parties may contact any member (or all members) of the Board by mail. To communicate with the Board, any individual Trustees or any group or committee of Trustees, correspondence should be addressed to the Board or any such individual Trustees or group or committee of Trustees by either name or title. All such correspondence should be sent to AGL Private Credit Income Fund, c/o AGL US DL Management LLC, 535 Madison Avenue, 24th Floor, New York, NY 10022, Attention: Chief Compliance Officer.

**Committees of the Board**

Our Board currently has two committees: an audit committee and a nominating and corporate governance committee. We do not have a compensation committee because our executive officers do not receive any direct compensation from us.

*Audit Committee.* The audit committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the audit committee. The primary function of the audit committee is to serve as an independent and objective party to assist the Board in selecting, engaging and discharging our independent registered public accounting firm, reviewing the plans, scope and results of the audit engagement with our independent registered public accounting firm, approving professional services provided by our independent registered public accounting firm (including compensation therefore), reviewing the independence of our independent registered public accounting firm and reviewing the adequacy of our internal controls over financial reporting. The audit committee will also have principal oversight of the valuation process used to establish the Company's NAV and for the determination of the fair value of each of our investments. The audit committee is presently composed of three persons, including Holly Lim, Sheila Hooda and Judith Fishlow Minter, all of whom are considered independent for purposes of the 1940 Act. Holly Lim serves as the chair of the audit committee. Our Board has determined that Holly Lim qualifies as an "audit committee financial expert" as defined in Item 407 of Regulation S-K under the Exchange Act. Each of the members of the audit committee meet the independence requirements of Rule 10A-3 of the Exchange Act and, in addition, is not an "interested person" of the Company or of the Adviser as defined in Section 2(a)(19) of the 1940 Act.

A copy of the charter of the audit committee is available in print to any shareholder who requests it, and it will also be available on the Company's website at www.aglpcif.com.

*Nominating and Corporate Governance Committee.* The members of the nominating and corporate governance committee are the independent Trustees. Sheila Hooda serves as chair of the nominating and corporate governance committee. The nominating and corporate governance committee is responsible for selecting, researching and nominating Trustees for election by the shareholders, selecting nominees to fill vacancies on the Board or a committee of the Board, developing and recommending to the Board a set of corporate governance principles and overseeing the evaluation of the Board and management.

The nominating and corporate governance committee seeks candidates who possess the background, skills and experience to make a significant contribution to the Board, the Company and the shareholders. In considering possible candidates for election as a Trustee, the nominating and corporate governance committee takes into account, in addition to such other factors as it deems relevant, the desirability of selecting Trustees who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•are of high character and integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•are accomplished in their respective fields, with superior credentials and recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•have relevant experience upon which to be able to offer advice and guidance to management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•have sufficient time available to devote to the Company's affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•are able to work with the other members of the Board and contribute to the Company's success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•can represent the long-term interests of shareholders as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•are selected such that the Board represents a range of backgrounds and experience.

The nominating and corporate governance committee has not adopted a formal policy with regard to the consideration of diversity in identifying Trustee nominees. However, in determining whether to recommend a Trustee nominee, the nominating and corporate governance committee considers and discusses diversity, among other factors, with a view toward the needs of the Board as a whole. The nominating and corporate governance committee generally conceptualizes diversity expansively to include, without limitation, concepts such as race, gender, national origin, differences of viewpoint, professional experience, education, skill and other qualities that contribute to the Board, when identifying and recommending Trustee nominees. The nominating and corporate governance committee believes that

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the inclusion of diversity as one of many factors considered in selecting Trustee nominees is consistent with the goal of creating a board of Trustees that best serves the Company's needs and the interests of the shareholders.

A copy of the charter of the Nominating and Corporate Governance Committee is available in print to any shareholder who requests it, and it will also be available on the Company's website at <u>www.aglpcif.com</u>.

**Code of Ethics**

We have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each code can invest in securities for their personal investment accounts, including securities that can be purchased or held by us, so long as such investments are made in accordance with the code's requirements. You can view the code of ethics on the SEC's website at www.sec.gov.

**Insider Trading Policies and Procedures**

Our code of ethics pursuant to Rule 17j-1 under the 1940 Act establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code (officers, trustees, and employees of the Company and the Adviser) are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. Covered persons, other than Independent Trustees, are prohibited from using shorting, options or hedging or derivatives on our securities. Additionally, all purchases and sales of the Company's securities by trustees, officers and employees of the Company and its affiliates must receive pre-clearance from the Company's Chief Compliance Officer. The securities trading policy as contained within our code of ethics pursuant to Rule 17j-1 under the 1940 Act, is filed as Exhibit 14 to this annual report, and the foregoing description is qualified by reference to such exhibit.

**Dollar Range of Equity Securities Beneficially Owned by Directors**

The following table sets forth the dollar range of equity securities of the Company beneficially owned by each trustee as of December 31, 2025:

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| | |
|:---|:---|
| **Name and Address** | **Dollar Range of Equity Securities in Fund**<sup>(1)(2)</sup> |
| **Interested Trustees** |  |
| Peter Gleysteen |  |
| Taylor Boswell | Over $100,000 |
| Wynne Comer | Over $100,000 |
| **Independent Trustees** |  |
| Sheila Hooda |  |
| Sherwood Dodge |  |
| Holly Lim |  |
| Judith Fishlow Minter |  |
| **Executive Officers who are not Trustees** |  |
| Vikas Sharma |  |
| Matthieu Milgrom |  |
| Edward Gilpin |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The dollar range of equity securities beneficially owned are: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000 or over $100,000.

**Item 11. Executive Compensation**

**Compensation of Executive Officers**

None of our officers receive direct compensation from us. The compensation of our chief financial officer and chief compliance officer will be paid by our Administrator, subject to reimbursement by us of an allocable portion of such compensation for services rendered by them to us. To the extent that our Administrator outsources any of its functions, we will pay the fees associated with such functions on a direct basis without profit to our Administrator.

**Compensation of Trustees**

Our Trustees who do not also serve in an executive officer capacity for us or the Adviser are entitled to receive annual cash retainer fees, fees for participating in the Board and committee meetings and annual fees for serving as a committee chairperson. These Trustees are Sheila Hooda, Sherwood Dodge, Holly Lim and Judith Fishlow Minter. Amounts payable under the arrangement are determined and paid quarterly in arrears as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  |  | **Annual Committee<br>Chair Cash Retainer** | **Annual Committee<br>Chair Cash Retainer** |
| **Annual Cash Retainer** | **Board Meeting Fee** | **Audit** | **Nominating and Governance** |
| $100 | $3 | $15 | $10 |

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We also reimburse each of the Trustees for all reasonable and authorized business expenses in accordance with our policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each Board meeting and each committee meeting not held concurrently with a Board meeting.

We will not pay compensation to our Trustees who also serve in an executive officer capacity for us or the Adviser or its affiliates. For the Fiscal Year 2025, the Trustees received the following compensation (dollars in thousands):

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| | |
|:---|:---|
| **Name and Address** | **Total Compensation earned for December 31, 2025** <sup>(2)</sup> |
| *Interested Trustees* |  |
| Peter Gleysteen <sup>(1)</sup> |  |
| Taylor Boswell <sup>(1)</sup> |  |
| Wynne Comer <sup>(1)</sup> |  |
| *Independent Trustees* |  |
| Sheila Hooda | $120 |
| Sherwood Dodge | $110 |
| Holly Lim | $125 |
| Judith Fishlow Minter | $110 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)These are interested trustees and, as such, do not receive compensation from the Company for their services as trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The Company does not have a profit-sharing plan, and trustees do not receive any pension or retirement benefits from the Company.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters** 

The following table sets forth, as of December 31, 2025, the beneficial ownership of each current trustee, the Company's executive officers, each person known to us to beneficially own 5% or more of the outstanding shares, and the executive officers and trustees as a group. Percentage of beneficial ownership is based on 22,778,837 shares outstanding as of December 31, 2025.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the shares. Ownership information for those persons who beneficially own 5% or more of our shares is based upon filings by such persons with the SEC and other information obtained from such persons, if available.

Unless otherwise indicated, we believe that each beneficial owner set forth in the table has sole voting and investment power and has the same address as the Company. Our trustees are divided into two groups-interested and independent. Interested trustees are "interested persons" of the Company or the Adviser as defined in Section 2(a)(19) of the 1940 Act. Unless otherwise indicated, the address of all executive officers and trustees is 535 Madison Avenue, 24th Floor, New York, NY 10022.

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| | | | |
|:---|:---|:---|:---|
|  |  | **Common Shares Beneficially Owned** | **Common Shares Beneficially Owned** |
| **Name and Address** | **Type of Ownership** | **Number** | **Percentage** |
| **Interested Trustees**<sup>(1)</sup> |  |  |  |
| Peter Gleysteen |  |  |  |
| Taylor Boswell | Record/Beneficial | 9682 | 0.0% |
| Wynne Comer | Record/Beneficial | 19364 | 0.1% |
| **Independent Trustees**<sup>(1)</sup> |  |  |  |
| Sheila Hooda |  |  |  |
| Sherwood Dodge |  |  |  |
| Holly Lim |  |  |  |
| Judith Fishlow Minter |  |  |  |
| **Executive Officers who are not Trustees**<sup>(1)</sup> |  |  |  |
| Vikas Sharma |  |  |  |
| Matthieu Milgrom |  |  |  |
| Edward Gilpin |  |  |  |
| AGL US DL Administrator LLC | Record/Beneficial | 442 | 0.0% |
| All officers and Trustees as a group (9 persons) | Record/Beneficial | 29046 | 0.1% |
| **Five-Percent or Greater Shareholders** |  |  |  |
| Platinum Bird C 2024 RSC Limited | Record/Beneficial | 19363952 | 85.0% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The address for all of the Company's officers and Trustees is AGL Private Credit Income Fund LP, c/o AGL US DL Management LLC, 535 Madison Avenue, 24th Floor, New York, NY 10022. The address for AGL US DL Administrator LLC is 535 Madison Avenue, 24th Floor, New York, NY 10022

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

 **Transactions with Related Persons**

*Investment Advisory Agreement; Administration Agreement; Expense Support and Conditional Reimbursement Agreement*

We have entered into the Investment Advisory Agreement with the Adviser pursuant to which we pay the Adviser a Base Management Fee at an annual rate of 1.25% of the average value of the Company's net assets at the end of the two most recently completed calendar quarters and will be paid quarterly in arrears. We also pay the Adviser a two-part incentive fee based on (i) the amount by which our Pre-Incentive Fee Net Investment Income returns exceed a certain "hurdle rate" and (ii) our capital gains. In addition, pursuant to the Investment Advisory Agreement, the Administration Agreement, and Expense Support and Conditional Reimbursement Agreement, we reimburse the Adviser and Administrator for certain expenses as they occur. See "*Item 1. Business-Investment Advisory Agreement*," "*Item 1. Business-Administration Agreement*," and "*Item 1. Business-Expense Support and Conditional Reimbursement Agreement*." Each of the Investment Advisory Agreement, the Administration Agreement and Expense Support and Conditional Reimbursement Agreement has been approved by the Board. Unless earlier terminated, each of the Investment Advisory Agreement, the Administration Agreement and Expense Support and Conditional Reimbursement Agreement will remain in effect for a period of one year from the date it first became effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of our outstanding voting securities and, in each case, a majority of the Independent Trustees.

*Co-Investment Relief*

We and the Adviser have received an exemptive order from the SEC that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. Pursuant to such order, our Board has established the Board Criteria clearly defining co-investment opportunities in which the Company will have the opportunity to participate with other funds or accounts sponsored or managed by the Adviser or AGL that target similar assets. If an investment falls within the Board Criteria, the Adviser must offer an opportunity for us to participate. We may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for us (e.g., based on investment strategy). The co-investment would generally be allocated to us, the Adviser's other clients and the AGL funds and accounts that target similar assets pro rata based on capital available for investment in the asset class being allocated. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us, but the Adviser will be required to report such investment and the rationale for its determination for us to not participate in the investment to the Board at the next quarterly board meeting.

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**Transactions with Promoters and Certain Control Persons**

The Adviser may be deemed a promoter of the Company. We have entered into the Investment Advisory Agreement with the Adviser and the Administration Agreement with the Administrator. The Adviser, for its services to us, is entitled to receive management fees and incentive fees in addition to the reimbursement of certain expenses. The Administrator, for its services to us, is entitled to receive reimbursement of certain expenses. In addition, under the Investment Advisory Agreement and Administration Agreement, to the extent permitted by applicable law and in the discretion of our Board, we have indemnified the Adviser and the Administrator and certain of their affiliates. See "*Item 1. Business*." Additionally, affiliates of ADIA have investments in the Company and the Adviser. As such, ADIA has an indirect interest in fees paid by the Company to the Adviser.

**Statement of Policy Regarding Transactions with Related Persons**

To the extent that any potential related party transaction is brought to the attention of the Board, the Board will consider any conflicts of interest brought to its attention pursuant to the Company's compliance procedures and policies. Each of the Company's trustees and executive officers is subject to the Company's Code of Ethics and is instructed to inform the Company's Chief Compliance Officer or his designee of any potential related party transactions. In addition, each such trustee and executive officer completes a questionnaire designed to elicit information about any potential related party transactions that is reviewed by the Company's Chief Compliance Officer prior to such trustee's or executive officer's appointment.

**Trustee Independence**

For information regarding the independence of our trustees, see "*Item 10. Directors, Executive Officers and Corporate Governance*."

**Item 14. Principal Accountant Fees and Services**

**Audit Fees**

Ernst & Young LLP ("EY"), has been appointed by the Board to serve as the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025. The Company knows of no direct financial or material indirect financial interest of Ernst & Young LLP in the Company. Deloitte & Touche LLP, New York, New York ("Deloitte"), served as the Company's independent registered public accounting firm for the fiscal year ended December 31, 2024.

Fees included in the audit fees category are those associated with the annual audit of the Company's consolidated financial statements and services that are normally provided in connection with statutory and regulatory filings.

**Audit-Related Fees**

Audit-related fees are for any services rendered to the Company that are reasonably related to the performance of the audits or reviews of the Company's consolidated financial statements (but not reported as audit fees). These services include attestation services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

No audit-related fees were billed by EY to the Adviser, or any entity controlling, controlled by, or under common control with, the Adviser, that provides ongoing services to the Company, for engagements directly related to the Company's operations and financial reporting, for the year ended December 31, 2025. No audit-related fees were billed by Deloitte to the Adviser, or any entity controlling, controlled by, or under common control with, the Adviser, that provides ongoing services to the Company, for engagements directly related to the Company's operations and financial reporting, for the year ended December 31, 2024.

**Tax Fees**

Fees included in the tax fees category comprise all services performed by professional staff in the independent registered public accountant's tax division except those services related to the audits. This category comprises fees for services provided in connection with the preparation and review of the Company's tax returns and tax advice.

No tax fees were billed by EY to the Adviser, or any entity controlling, controlled by, or under common control with, the Adviser, that provides ongoing services to the Company, for engagements directly related to the Company's operations and financial reporting, for the year ended December 31, 2025. No tax fees were billed by Deloitte to the Adviser, or any entity controlling, controlled by, or under common control with, the Adviser, that provides ongoing services to the Company, for engagements directly related to the Company's operations and financial reporting, for the year ended December 31, 2024.

**All Other Fees** 

------

No fees were billed by EY for products and services provided to the Company, other than the services reported in "Audit Fees and Audit-Related Fees" above, for the year ended December 31, 2025. No fees were billed by Deloitte for products and services provided to the Company, other than the services reported in "Audit Fees and Audit-Related Fees" above, for the year ended December 31, 2024.

No fees were billed by EY to the Adviser, or any entity controlling, controlled by, or under common control with, the Adviser, that provides ongoing services to the Company, for engagements directly related to the Company's operations and financial reporting, for the year ended December 31, 2025. No fees were billed by Deloitte to the Adviser, or any entity controlling, controlled by, or under common control with, the Adviser, that provides ongoing services to the Company, for engagements directly related to the Company's operations and financial reporting, for the year ended December 31, 2024.

**Aggregate Non-Audit Fees**

No non-audit fees were billed to the Adviser and service affiliates by EY for non-audit services for the year ended December 31, 2025. This includes any non-audit services required to be pre-approved or non-audit services that did not require pre-approval since they did not directly relate to the Company's operations or financial reporting. No non-audit fees were billed to the Adviser and service affiliates by Deloitte for non-audit services for the year ended December 31, 2024. This includes any non-audit services required to be pre-approved or non-audit services that did not require pre-approval since they did not directly relate to the Company's operations or financial reporting.

**Fees** 

Set forth in the table below are audit fees, audit-related fees, tax fees and all other fees incurred by the Company by EY for the year ended December 31, 2025 and by Deloitte for the year ended December 31, 2024 for professional services performed (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31, 2025 (EY)** | **For the year ended December 31, 2024 (Deloitte)** |
| Audit Fee | $230 | $213 |
| Audit-Related Fees<sup>(1)</sup> |  |  |
| Tax Fees |  |  |
| All Other Fees<sup>(2)</sup> |  |  |
| Total Fees | $230 | $213 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)"Audit-Related Fees" are those fees billed to the Company by Ernst & Young LLP for services provided by Ernst & Young LLP in connection with permitted audit services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)"All Other Fees" are those fees, if any, billed to the Company in connection with permitted non-audit services.

**Pre-Approval of Audit and Non-Audit Services Provided to the Company**

The Audit Committee has established a pre-approval policy that describes the permitted audit, audit-related, tax and other services to be provided by EY, the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. The policy requires that the Audit Committee pre-approve the audit and non-audit services performed by the independent auditor in order to assure that the provision of such service does not impair the auditor's independence.

Any requests for audit, audit-related, tax and other services that have not received general pre-approval must be submitted to the Audit Committee for specific pre-approval, irrespective of the amount, and cannot commence until such approval has been granted. Normally, pre-approval is provided at regularly scheduled meetings of the Audit Committee. The Audit Committee does not delegate its responsibilities to pre-approve services performed by the independent registered public accounting firm to management.

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**PART IV**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consolidated Financial Statements— Consolidated financial statements are included in Item 8. See the Index to the consolidated financial statements on page 77 of this annual report on Form 10-K.

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

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

**Exhibit Index** 

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [<u>Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on October 23, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002011498/000119312524241312/d886470d8k.htm) |
| 3.2<br>| [<u>Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on October 23, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002011498/000119312524241312/d886470d8k.htm) |
| 4.1 | [<u>Description of our Securities\*</u>](ck0002011498-ex4_1.htm) |
| 10.1<br>| [<u>Investment Advisory Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on October 23, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002011498/000119312524241312/d886470d8k.htm) |
| 10.2<br>| [<u>Administration Agreement (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on October 23, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002011498/000119312524241312/d886470d8k.htm) |
| 10.3<br>| [<u>Expense Support and Conditional Reimbursement Agreement (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on October 23, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002011498/000119312524241312/d886470d8k.htm) |
| 10.4 | [<u>Form of Subscription Agreement (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form 10-Q (File No. 000-56652), filed on June 3, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002011498/000095017024093783/ck0002011498-20240630.htm) |
| 10.5<br>| [<u>Custody Agreement (incorporated by reference to Exhibit 10.4 to the Company's Registration Statement on Form 10-Q (File No. 000-56652), filed on June 3, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002011498/000095017024093783/ck0002011498-20240630.htm) |
| 10.6<br>| [<u>Credit Agreement dated as of October 18, 2024, by and among the Company, as borrower, the Adviser, and the Administrative Agent (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on October 23, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002011498/000119312524241312/d886470d8k.htm) |
| 10.7 | [<u>Loan and Servicing Agreement, dated as of October 18, 2024, by and among PCIF Vigilant, as borrower, the Company as Servicer, the lenders from time to time party thereto, Société Générale as administrative agent and U.S. Bank Trust Company, National Association as Collateral Agent and Collateral Administrator (incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on October 23, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002011498/000119312524241312/d886470d8k.htm) |
| 10.8<br>| [<u>Senior Secured Credit Agreement dated as of December 20, 2024, by and among the Company, as borrower, the lenders and issuing banks thereto, Natixis, New York Branch, as Administrative Agent, Natixis, New York Branch, and Société Générale, as Joint Lead Arrangers, and Natixis, New York Branch, as Sole Book Runner (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on January 6, 2025).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/2011498/000119312525002193/d862692d8k.htm) |
| 10.9 | [<u>Amendment No. 3 to the Loan and Servicing Agreement dated February 26, 2025 by and among PCIF Vigilant Funding LLC, as borrower, AGL Private Credit Income Fund, as equity holder and servicer, the lenders from time to time party thereto, and Société Générale, as agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on February 28, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2011498/000119312525042540/d923180dex101.htm) |
| 10.10 | [<u>Amendment No. 4 to the Loan and Servicing Agreement dated May 1, 2025 by and among PCIF Vigilant Funding LLC, as borrower, AGL Private Credit Income Fund, as equity holder and servicer, the lenders from time to time party thereto, and Société Générale, as agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on May 5, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2011498/000119312525112823/d930254dex101.htm) |
| 10.11 | <u>Credit Agreement, dated as of June 20, 2025, by and among PCIF Defender, as Borrower, the Lenders from time to time party thereto, Natixis, New York Branch, as Administrative Agent, U.S. Bank Trust Company, National Association, as Collateral Agent, Collateral Administrator and Information Agent and U.S. Bank National Association, as Collateral Custodian and Custodian (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on June 24, 2025).</u>\*\* |
| 10.12 | [<u>Second Amendment to the Revolving Credit Agreement dated as of September 17, 2025, by and among the Company, as</u>](https://www.sec.gov/Archives/edgar/data/2011498/000119312525211453/d85075dex101.htm)<br>[<u>borrower, Société Générale, as the Administrative Agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01782) filed on September 22, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2011498/000119312525211453/d85075dex101.htm) |

---

------

---

| | |
|:---|:---|
| 10.13 | [<u>Amendment No. 5 to the Loan and Servicing Agreement dated October 23, 2025 by and among PCIF Vigilant, as borrower, the Company, as equity holder and servicer, the lenders from time to time party thereto, and Société Générale, as agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on October 29, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2011498/000119312525256187/d938112dex101.htm) |
| 10.14<br>| [<u>Amendment No. 1 to the Credit Agreement dated December 8, 2025, by and among PCIF Defender Funding LLC, as borrower, Versailles Assets I LLC, as lender, Natixis, New York Branch, as administrative agent, and Bleachers Finance 1 Limited, as proposed lender(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on December 12, 2025)</u>](https://www.sec.gov/Archives/edgar/data/2011498/000119312525317662/d783944dex101.htm)[<u>.</u>](https://www.sec.gov/Archives/edgar/data/2011498/000119312525317662/d783944dex101.htm) |
| 19 | [<u>Joint Code of Ethics of the Company, AGL US DL Management LLC, AGL Credit Management LLC and AGL CLO Credit Management LLC (incorporated by reference to Exhibit 14.1 to the Company's Current Report on Form 8-K (File No. 814-01782), filed on October 23, 2024).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002011498/000119312524241312/d886470d8k.htm) |
| 21.1 | [<u>List of Subsidiaries (incorporated by reference to Exhibit 21.1 to the Company's Annual Report on Form 10-K (File No. 814-01782), filed on March 12, 2024).</u>](https://www.sec.gov/Archives/edgar/data/2011498/000095017025038042/ck0002011498-ex21_1.htm) |
| 31.1 | [<u>Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*</u>](ck0002011498-ex31_1.htm) |
| 31.2 | [<u>Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*</u>](ck0002011498-ex31_2.htm) |
| 32.1 | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*</u>](ck0002011498-ex32_1.htm) |
| 32.2 | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*</u>](ck0002011498-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |
| 104 | Cover Page formatted as Inline XBRL and contained in Exhibit 101 |

---

\* Attached hereto.

\*\* Schedules and/or exhibits to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted schedules to the SEC upon its request.

**Item 16. Form 10-K Summary**

None.

------

**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.

---

| | | |
|:---|:---|:---|
|  |  | **AGL Private Credit Income Fund** |
| Date: March 12, 2026 | By: | /s/ Taylor Boswell  |
|  |  | Name: Taylor Boswell  |
|  |  | Title: Chief Executive Officer |

---

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

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** |  | **<u>Date</u>** |
| /s/ Taylor Boswell  | Trustee and Chief Executive Officer | March 12, 2026 |
| **Taylor Boswell**  | (Principal Executive Officer) |  |
| /S/ Edward Gilpin  | Chief Financial Officer | March 12, 2026 |
| **Edward Gilpin** | (Principal Accounting and Financial Officer) |  |
| /S/ Peter Gleysteen | Chairman of the Board and Trustee | March 12, 2026 |
| **Peter Gleysteen** |  |  |
| /S/ Wynne Comer | Trustee | March 12, 2026 |
| **Wynne Comer**  |  |  |
| /S/ Sheila Hooda | Trustee | March 12, 2026 |
| **Sheila Hooda** |  |  |
| /S/ Sherwood Dodge | Trustee | March 12, 2026 |
| **Sherwood Dodge** |  |  |
| /S/ Holly Lim | Trustee | March 12, 2026 |
| **Holly Lim** |  |  |
| /S/ Judith Fishlow Minter | Trustee | March 12, 2026 |
| **Judith Fishlow Minter** |  |  |

---

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## Exhibit 4.1

Exhibit 4.1

**AGL Private Credit Income Fund ("we," "our" or the "Company") has one class of common shares, par value $0.001 (the "Shares"). In this exhibit, references to "we," "us" and "our" refer only to the Company and not any of its subsidiaries.**

**Description of Securities**

The following description of our Shares is a summary of the material terms and provisions that apply to our Shares. The summary does not purport to be complete. The summary is subject to and qualified in its entirety by reference to our Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust"), which is incorporated by reference into our Annual Report on Form 10-K and is incorporated by reference herein. We encourage you to carefully review our Declaration of Trust for additional information. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached as an exhibit.

**Shares**

The terms of the Declaration of Trust authorize an unlimited number of Shares. The Declaration of Trust provides that the Board may classify or reclassify any unissued Shares into one or more classes or series of Shares or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to dividends, qualifications, or terms or conditions of redemption of the shares. There is currently no market for the Shares, and the Company can offer no assurances that a market for the Shares will develop in the future. The Company does not intend for the Shares to be listed on any national securities exchange. There are no outstanding options or warrants to purchase the Shares. No Shares have been authorized for issuance under any equity compensation plans. Under the terms of the Declaration of Trust, shareholders are entitled to the same limited liability extended to shareholders of private Delaware for profit corporations formed under the Delaware General Corporation Law, 8 Del. C. § 100, et. seq. The Declaration of Trust provides that no shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to us by reason of being a shareholder, nor shall any shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Company's assets or the affairs of the Company by reason of being a shareholder. In addition, except as may be provided by the Board in setting the terms of any class or series of Shares, no shareholder is entitled to exercise appraisal rights in connection with any transaction.

Under the terms of the Declaration of Trust, all Shares have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, and fully paid. Dividends and distributions may be paid to the holders of Shares if, as and when authorized by the Board and declared by the Company out of funds legally available therefore. Except as may be provided by the Board in setting the terms of classified or reclassified shares, the Shares have no preemptive, exchange, conversion, appraisal or redemption rights. In the event of the Company's liquidation, dissolution or winding up, each share of the Shares would be entitled to share pro rata in all of the Company's assets that are legally available for distribution after it pays all debts and other liabilities and subject to any preferential rights of holders of its preferred shares, if any preferred shares are outstanding at such time. Subject to the rights of holders of any other class or series of shares, each Share is entitled to one vote on all matters submitted to a vote of shareholders, including the election of Trustees. Except as may be provided by the Board in setting the terms of classified or reclassified shares, and subject to the express terms of any class or series of preferred shares, the holders of the Shares possess exclusive voting power. There is no cumulative voting in the election of Trustees. Subject to the special rights of the holders of any class or series of preferred shares to elect Trustees, each Trustee is elected by a plurality of the votes cast with respect to such Trustee's election except in the case of a "contested election" (as defined in the Company's bylaws), in which case Trustees shall be elected by a majority of the votes cast in the contested election of Trustees.

------

**Transferability of Shares**

Shareholders may not sell, assign, transfer or otherwise dispose of (in each case, a "Transfer") any Shares or Capital Commitments unless (i) the Company gives consent and (ii) the Transfer is made in accordance with applicable securities laws and the terms of such Shares. No Transfer will be effectuated except by registration of the Transfer on the Company's books. Each transferee must agree to be bound by these restrictions and all other obligations as a shareholder in the Company.

Although not contemplated by the Company, following an IPO by the Company, shareholders may be restricted from selling or transferring their Shares for a certain period of time by applicable securities laws or contractually by a lock-up agreement with the underwriters of the IPO.

**Delaware Law and Certain Declaration of Trust Provisions** 

***Organization and Duration***

The Company was formed in Delaware on January 18, 2024 as a Delaware limited partnership and converted to a Delaware statutory trust on September 12, 2024 and will remain in existence until dissolved in accordance with our Declaration of Trust or pursuant to Delaware law.

***Purpose***

Under the Declaration of Trust, the purpose of the Company is to conduct, operate and carry on the business of a BDC within the meaning of the 1940 Act. In furtherance of this purpose, the Company may do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a BDC regulated under the 1940 Act and which may be engaged in or carried on by a statutory trust organized under the Delaware Statutory Trust Statute, and in connection therewith the Company has the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

***Delaware Anti-Takeover Provisions***

The Declaration of Trust contains provisions that could make it more difficult for a potential acquirer to acquire the Company by means of a tender offer, proxy contest or otherwise. The Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including preferred shares; the Board may, without shareholder action, amend our Declaration of Trust to increase the number of the Shares, of any class or series, that the Company has authority to issue or to divide the Board into multiple classes. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with the Board. The Company believes that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

***Number of Trustees; Vacancies; Removal***

The Declaration of Trust provides that the number of Trustees is set by the Board in accordance with the Company's bylaws. The Declaration of Trust provides that a majority of the entire Board may at any time increase or decrease the number of Trustees. The Declaration of Trust provides that the number of Trustees generally may not be less than three. Except as otherwise required by applicable requirements of the 1940 Act and as may be provided by the Board in setting the terms of any class or series of preferred shares, pursuant to an election under the Declaration of Trust, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy will serve for the remainder of the full term of the Trustee for whom the vacancy occurred and until a

------

successor is elected and qualified, subject to any applicable requirements of the 1940 Act. Independent Trustees will nominate replacements for any vacancies among the independent Trustees' positions.

The Declaration of Trust provides that a Trustee may be removed only for cause and only by a majority of the remaining Trustees (or in the case of the removal of a Trustee who is not an interested person, a majority of the remaining Trustees who are not interested persons).

The Declaration of Trust provides that a majority of the Board must be independent Trustees except for a period of up to 60 days after the death, removal or resignation of an independent Trustee pending the election of his or her successor.

***Action by Shareholders***

The shareholders only have voting rights as required by the 1940 Act or as otherwise provided for in the Declaration of Trust. Under the Declaration of Trust, the Company is not required to hold annual shareholder meetings and does not intend to do so. Special meetings may be called by any Trustee for any proper purpose upon the written request of shareholders holding thirty-three and one-third percent (33 1/3%) or more of the votes entitled to be cast at the requested meeting, such request specifying the purpose or purposes for which such meeting is to be called, provided that in the case of a meeting called by any Trustee at the request of shareholders for the purpose of electing Trustees or removing the Adviser, written request of shareholders of the Company holding in the aggregate not less than fifty-one percent (51%) of the outstanding Shares of the Company or class or series of Shares having voting rights on the matter is required. These provisions have the effect of significantly reducing the ability of shareholders being able to have proposals considered at a meeting of shareholders.

With respect to special meetings of shareholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (i) pursuant to our notice of the meeting or (ii) by the Board.

A Trustee may be removed for cause only by action taken by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an "interested person" as defined in the 1940 Act, a majority of the remaining Trustees that are not "interested persons" as defined in the 1940 Act).

**Amendment of the Declaration of Trust; No Shareholder Approval**

The Trustee may, without shareholder vote, amend or otherwise supplement the Declaration of Trust. Shareholders only have the right to vote: (i) on any amendment to the amendment provision of the Declaration of Trust, (ii) on any amendment that would adversely affect the powers, preferences or special rights of the Shares as determined by the Trustees in good faith and (iii) on any amendment submitted to them by the Trustees. In addition, notwithstanding anything to the contrary in the Declaration of Trust, in connection with an exchange listing, the Trustees may, without the approval or vote of the shareholders, amend or supplement the Declaration of Trust in any manner, including, without limitation to divide the Board into multiple classes, to permit annual meetings of shareholders, to impose advance notice provisions for the bringing of shareholder nominations or proposals, to impose super-majority approval for certain types of transactions, to impose "control share" type provisions and to otherwise add provisions that may be deemed adverse to shareholders. A proposed amendment to the Declaration of Trust requires the affirmative vote of a majority of the Board present (a quorum being present) at a meeting for adoption or, without a meeting, written consent to the amendment by the number of Trustees required for approval at a meeting of the Trustees at which all of the Trustees are present and voted. The Declaration of Trust provides that the Board has the exclusive power to adopt, alter or repeal any provision of the Company's bylaws and to make new bylaws.

------

**Merger, Conversion, Sale or Other Disposition of Assets**

The Board may, without the approval of holders of the outstanding Shares, cause the Company to, among other things, sell, exchange or otherwise dispose of all or substantially all of the Company's assets in a single transaction or a series of related transactions, or approve on our behalf the sale, exchange or other disposition of all or substantially all of our assets. The Board also may, without the approval of holders of the outstanding Shares, cause and approve a merger, conversion or other reorganization of the Company. For example, though not currently contemplated, upon consummation of an exchange listing, the Board is able to cause the Company to reorganize as a Delaware corporation. The Board may also cause the sale of all or substantially all of the Company's assets under a foreclosure or other realization without shareholder approval. Shareholders are not entitled to dissenters' rights of appraisal under the Declaration of Trust or applicable Delaware law in the event of a merger, conversion or consolidation, a sale of all or substantially all of the Company's assets or any other similar transaction or event. Notwithstanding the foregoing, shareholders are given an opportunity to vote on such transactions if required by the 1940 Act or if such a transaction is otherwise reasonably anticipated to result in a material dilution of the NAV per Share of the Company.

**Derivative Actions**

No person who is not a shareholder, other than a Trustee, is entitled to bring any derivative action, suit or other proceeding on behalf of the Company. No shareholder may maintain a derivative action on behalf of the Company unless a certain percentage of the outstanding Shares, as disclosed in the Declaration of Trust, join in the bringing of such action.

In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Statute, a shareholder may bring a derivative action on behalf of the Company only if the following conditions are met: (i) the shareholder or shareholders must make a pre-suit demand upon the Board to bring the subject action unless an effort to cause the Board to bring such an action is not likely to succeed; and a demand on the Board will only be deemed not likely to succeed and therefore excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Statute); and (ii) unless a demand is not required under clause (i) above, the Board must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim; and the Board is entitled to retain counsel and other advisors in considering the merits of the request and may require an undertaking by the shareholders making such request to reimburse the Company for the expense of any such counsel and advisors in the event that the Board determines not to bring such action. The conditions on a shareholder's ability to bring a derivative action do not apply to claims arising under the federal securities laws. For purposes of this paragraph, the Board may designate a committee of one or more Trustees to consider a shareholder demand.

In addition to all suits, claims or other actions (collectively, "claims") that under applicable law must be brought as derivative claims, each shareholder agrees that any claim that affects all shareholders of the Company or any series or class equally, that is, proportionately based on their number of Shares in the Company or in such series of class, must be brought as a derivative claim subject to the derivative actions section of the Declaration of Trust irrespective of whether such claim involves a violation of the shareholder's rights under the Declaration of Trust or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim.

**Exclusive Delaware Jurisdiction**

Each Trustee, each officer and, except as otherwise agreed in writing by the Company, the Adviser and/or affiliates of the Adviser, each person legally or beneficially owning a Share or an interest in a Share of the Company (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Statute,

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(i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Company, the Delaware Statutory Trust Statute, the Declaration of Trust, or the bylaws of the Company (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration of Trust or the bylaws of the Company, or (B) the duties (including fiduciary duties), obligations or liabilities of the Company to the shareholders or the Board, or of officers or the Board to the Company, to the shareholders or each other, or (C) the rights or powers of, or restrictions on, the Company, the officers, the Board or the shareholders, or (D) any provision of the Delaware Statutory Trust Statute or other laws of the State of Delaware pertaining to trusts made applicable to the Company pursuant to Section 3809 of the Delaware Statutory Trust Statute, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Statute, the Declaration of Trust, or the bylaws of the Company relating in any way to the Company (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds or (z) are derivative or direct claims)), will be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices under the Declaration of Trust, and agrees that such service constitutes good and sufficient service of process and notice thereof; provided that nothing in clause (iv) hereof affects or limits any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. However, these exclusive forum provisions do not apply to claims arising under the federal securities laws.

**Access to Records**

Any shareholder is permitted access to all of our records to which they are entitled under applicable law at all reasonable times and may inspect and copy any of them for a reasonable copying charge. Inspection of our records by the office or agency administering the securities laws of a jurisdiction will be provided upon reasonable notice and during normal business hours. An alphabetical list of the names, addresses and business telephone numbers of our shareholders, along with the number of Shares held by each of them, is maintained as part of our books and records and is available for inspection by any shareholder or the shareholder's designated agent at our office. The shareholder list is updated at least quarterly to reflect changes in the information contained therein. A copy of the list will be mailed to any shareholder who requests the list within ten days of the request. A shareholder may request a copy of the shareholder list for any proper and legitimate purpose, including, without limitation, in connection with matters relating to voting rights and the exercise of shareholder rights under federal proxy laws. A shareholder requesting a list is required to pay reasonable costs of postage and duplication. Such copy of the shareholder list shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font).

A shareholder may also request access to any other corporate records. If a proper request for the shareholder list or any other corporate records is not honored, then the requesting shareholder is entitled to recover certain costs incurred in compelling the production of the list or other requested corporate records as well as actual damages suffered by reason of the refusal or failure to produce the list. However, a shareholder does not have the right to, and we may require a requesting shareholder to represent that it will not, secure the shareholder list or other information for the purpose of selling or using the list for a commercial purpose not related to the requesting shareholder's

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interest in our affairs. We may also require that such shareholder sign a confidentiality agreement in connection with the request.

**Reports to Shareholders**

Within 60 days after each fiscal quarter, the Company distributes its quarterly report on Form 10-Q to all shareholders of record. In addition, the Company distributes its annual report on Form 10-K to all shareholders within 120 days after the end of each calendar year, which must contain, among other things, a breakdown of the expenses reimbursed by the Company to the Adviser. These reports are also available on the Company's website at *www.aglpcif.com* and on the SEC's website at *<u>www.sec.gov</u>.*

Subject to availability, you may authorize us to provide prospectuses, prospectus supplements, annual reports and other information, or documents, electronically by so indicating on your subscription agreement, or by sending us instructions in writing in a form acceptable to us to receive such documents electronically. Unless you elect in writing to receive documents electronically, all documents will be provided in paper form by mail. You must have internet access to use electronic delivery. While we impose no additional charge for this service, there may be potential costs associated with electronic delivery, such as on-line charges. If our e-mail notification is returned to us as "undeliverable," we will contact you to obtain your updated e-mail address. If we are unable to obtain a valid email address for you, we will resume sending a paper copy by regular U.S. mail to your address of record. You may revoke your consent for electronic delivery at any time and we will resume sending you a paper copy of all required documents. However, in order for us to be properly notified, your revocation must be given to us a reasonable time before electronic delivery has commenced. We will provide you with paper copies at any time upon request. Such request will not constitute revocation of your consent to receive required documents electronically. If you invest in our shares through a financial advisor or a financial intermediary, such as a broker-dealer, and such advisor or intermediary delivers all or a portion of the reports above, any election with respect to delivery you have made with such financial advisor or intermediary will govern how you receive such reports.

**Conflict with the 1940 Act**

The Declaration of Trust provides that, if and to the extent that any provision of Delaware law, or any provision of our Declaration of Trust conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

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## Exhibit 31.1

Exhibit 31.1

**CERTIFICATION PURSUANT TO**

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

I, Taylor Boswell, Chief Executive Officer of AGL Private Credit Income Fund, certify that:

1. I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2025 of AGL Private Credit Income Fund;

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 and results of operations of the registrant as of, and for, the periods presented in this report;

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: March 12, 2026 | By: | /s/ Taylor Boswell |
|  |  | Taylor Boswell |
|  |  | Chief Executive Officer |

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## Exhibit 31.2

Exhibit 31.2

**CERTIFICATION PURSUANT TO**

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

I, Edward Gilpin, Chief Financial Officer of AGL Private Credit Income Fund, certify that:

1. I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2025 of AGL Private Credit Income Fund;

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 and results of operations of the registrant as of, and for, the periods presented in this report;

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: March 12, 2026 | By: | /s/ Edward Gilpin |
|  |  | Edward Gilpin |
|  |  | Chief Financial Officer |

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## Exhibit 32.1

Exhibit 32.1

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of AGL Private Credit Income Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company's Form 10-K for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Company's Form 10-K for the year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date: March 12, 2026 | By: | /s/ Taylor Boswell |
|  |  | Taylor Boswell |
|  |  | Chief Executive Officer |

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## Exhibit 32.2

Exhibit 32.2

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of AGL Private Credit Income Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company's Form 10-K for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Company's Form 10-K for the year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date: March 12, 2026 | By: | /s/ Edward Gilpin |
|  |  | Edward Gilpin |
|  |  | Chief Financial Officer |

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