# EDGAR Filing Document

**Accession Number:** 0002016900
**File Stem:** 0002016900-26-000007
**Filing Date:** 2026-2
**Character Count:** 122699
**Document Hash:** 8c894c402c2b23f95f41a7e42fa02831
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002016900-26-000007.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0002016900-26-000007

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Principal Private Credit Fund
- **CENTRAL INDEX KEY:** 0002016900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23954
- **FILM NUMBER:** 26664565

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH ST
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-247-5111

**MAIL ADDRESS:**
- **STREET 1:** 711 HIGH ST
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Principal Private Credit Fund I
- **DATE OF NAME CHANGE:** 20240325

## Nport-Ex

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

December

31,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.30

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.30

%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(a),(b),(c),(d)

8,300,146

$

8,300

TOTAL

INVESTMENT

COMPANIES

$

8,300

COMMON

STOCKS

-

.67

%

Shares

Held

Value

(000's)

Commercial

Services

-

.27

%

APS

Blackwater

Holdings

LLC

(c),(e),(f),(g)

$

CPS

Investors,

LP

(e),(f),(g)

Mascarene

VTC

Investment

(e),(f),(g)

81,343

Warrior

Ultimate

Holdings

LLC

-

Class

A

Common

(c),(e),(f),(g)

—

$

Cosmetics

&

Personal

Care

-

.01

%

CVS

Parent

Holdings

LLC

(c),(e),(f),(g)

Diversified

Financial

Services

-

.15

%

CWC

Fund

I

Co-Invest

MFA

LP

(c),(e),(f),(g)

168,157

Electrical

Components

&

Equipment

-

.08

%

SENS

Intermediate

Holdings

LLC

(c),(e),(f),(g)

Electronics

-

.08

%

Advantage

Surveillance,

LLC

(c),(e),(f),(g)

93,458

Engineering

&

Construction

-

.02

%

AKS

Engineering

Holdings

LLC

(c),(e),(f),(g)

Enterprise

Software

&

Services

-

.02

%

Douglas

Top

Parent

LLC

(c),(e),(f),(g)

19,712

Software

-

.04

%

CIT

Intermediate

Holdco,

Inc.

(e),(f),(g)

TOTAL

COMMON

STOCKS

$

752

PREFERRED

STOCKS

-

.04

%

Shares

Held

Value

(000's)

Commercial

Services

-

.04

%

Warrior

Ultimate

Holdings

LLC

-

Class

A

Preferred

0.00%

(c),(e),(f),(g)

$

TOTAL

PREFERRED

STOCKS

$

BONDS

-

.55

%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

.00

%

OneSky

Flight

LLC

8.88%,

12/15/2029

(h) $

$

Automobile

Parts

&

Equipment

-

.67

%

Dana

Inc

5.38%,

11/15/2027

750

749

Building

Materials

-

.07

%

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

08/15/2033

(h) 76

Diversified

Financial

Services

-

.68

%

Credit

Acceptance

Corp

9.25%,

12/15/2028

(h) 335

OneMain

Finance

Corp

3.50%,

01/15/2027

Rocket

Cos

Inc

6.13%,

08/01/2030

(h) 275

$

768

Electric

-

.60

%

Clearway

Energy

Operating

LLC

4.75%,

03/15/2028

(h) 325

VoltaGrid

LLC

7.38%,

11/01/2030

(h) 359

$

680

Entertainment

-

.32

%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(h) 380

Food

-

.61

%

B&G

Foods

Inc

8.00%,

09/15/2028

(h) 365

Chobani

LLC

/

Chobani

Finance

Corp

Inc

7.63%,

07/01/2029

(h) 320

$

693

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Forest

Products

&

Paper

-

.01

%

Mercer

International

Inc

12.88%,

10/01/2028

(h) $

$

Healthcare

-

Services

-

.09

%

LifePoint

Health

Inc

11.00%,

10/15/2030

(h) 95

Media

-

.48

%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.38%,

06/01/2029

(h) 405

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(h) 144

$

546

Oil

&

Gas

-

.19

%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(h) 70

Chord

Energy

Corp

6.00%,

10/01/2030

(h) 140

$

Oil

&

Gas

Services

-

.03

%

Enerflex

Inc

6.88%,

01/15/2031

(h) 35

Packaging

&

Containers

-

.63

%

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(h) 375

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2030

(h) 335

$

714

Pharmaceuticals

-

.23

%

AdaptHealth

LLC

6.13%,

08/01/2028

(h) 255

Pipelines

-

.31

%

Venture

Global

LNG

Inc

9.50%,

02/01/2029

(h) 340

REITs

-

.55

%

Arbor

Realty

SR

Inc

7.88%,

07/15/2030

(h) 40

8.50%,

12/15/2028

(h) 245

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(h) 360

$

638

Retail

-

.02

%

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(h) 25

Telecommunications

-

.06

%

CommScope

LLC

7.13%,

07/01/2028

(h) 68

TOTAL

BONDS

$

6,308

SENIOR

FLOATING

RATE

INTERESTS

-

.23

%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

.73

%

Finn

Partners

Inc

;

Term

Loan

10.68%,

07/01/2026

(b),(f)

1,278

1,277

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.65%

KL

Charlie

Acquisition

Corp

;

Term

Loan

9.02%,

12/30/2026

(b),(f)

737

742

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.10%

KL

Charlie

Acquisition

Corp

;

Delayed

Draw

Term

Loan

9.04%,

12/30/2026

(b),(f)

1,073

1,079

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.10%

$

3,098

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

December

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.51

%

TransDigm

Inc

;

Term

Loan

J

6.22%,

02/28/2031

$

576

$

578

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Automobile

Parts

&

Equipment

-

.59

%

B'laster

Holdings

LLC

;

Term

Loan

8.69%,

10/25/2029

(b),(f)

1,150

1,150

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

M&D

Midco

Inc

;

Term

Loan

10.00%,

08/31/2028

(b),(f)

664

664

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.15%

$

1,814

Building

Materials

-

.07

%

Stonegrove

Roofing,

LLC

;

Delayed

Draw

Term

Loan

9.19%,

04/17/2030

(f) 84

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Chemicals

-

.29

%

Element

Solutions

Inc

;

Term

Loan

B3

5.47%,

12/18/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Kano

Intermediate

Inc.

;

Term

Loan

8.75%,

12/17/2030

(b),(f)

2,306

2,306

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

2,609

Commercial

Services

-

.61

%

Atlantic

Pipe

Services,

LLC

;

Term

Loan

8.20%,

12/01/2031

(f) 2,227

2,199

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Atlantic

Pipe

Services,

LLC

;

Revolver

8.17%-8.20%,

12/01/2031

(f) 156

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Barricade

Holdings

LLC

;

Term

Loan

8.69%,

09/30/2030

(f) 3,017

2,977

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Barricade

Holdings

LLC

;

Revolver

8.47%-8.53%,

09/30/2030

(f) 445

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

CPS

Holdco,

Inc

;

Term

Loan

8.77%,

03/28/2031

(f) 1,491

1,483

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

CPS

Holdco,

Inc

;

Delayed

Draw

Term

Loan

8.59%,

03/28/2031

(f) 768

764

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

8.73%,

03/28/2031

(f) 103

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Fowler

Route

Co.,

Inc

;

Term

Loan

9.44%,

02/28/2030

(f) 2,177

2,160

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Fowler

Route

Co.,

Inc

;

Revolver

9.22%-9.23%,

02/28/2030

(f) 160

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Garda

World

Security

Corp

;

Term

Loan

B

6.75%,

02/01/2029

$

667

$

669

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

HEF

Safety

Ultimate

Holdings,

LLC

;

Term

Loan

9.44%,

11/19/2029

(b),(f)

1,036

1,036

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Prosource

Holdings

MP,

LLC

;

Term

Loan

8.52%,

12/30/2030

(f) 1,561

1,561

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Prosource

Holdings

MP,

LLC

;

Delayed

Draw

Term

Loan

8.17%-8.37%,

12/30/2030

(f) 516

516

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Riverview

Landscape

Holdings,

LLC

;

Delayed

Draw

Term

Loan

10.28%,

01/29/2030

(f) 2,325

2,301

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Riverview

Landscape

Holdings,

LLC

;

Revolver

9.94%-10.11%,

01/29/2030

(f) 137

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Riverview

Landscape

Holdings,

LLC

;

Term

Loan

10.28%,

01/29/2030

(f) 1,877

1,858

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Rotolo

Consultants

Inc.

;

Term

Loan

9.78%,

01/31/2031

(b),(f)

1,533

1,529

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Ruppert

Landscape,

LLC

;

Term

Loan

8.88%,

12/01/2028

(b),(f)

617

616

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Ruppert

Landscape,

LLC

;

Delayed

Draw

Term

Loan

8.84%,

12/01/2028

(b),(f)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Sales

Performance

International,

LLC

;

Revolver

8.86%,

08/24/2028

(f) 65

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Sales

Performance

International,

LLC

;

Term

Loan

8.92%,

08/24/2028

(b),(f)

1,652

1,652

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

8.98%,

08/24/2028

(b),(f)

1,028

1,031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Shift4

Payments

LLC

;

Term

Loan

B

6.17%,

07/02/2032

549

551

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Veritiv

Operating

Co

;

Term

Loan

B

7.67%,

11/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

VTC

Buyer

Corp.

;

Term

Loan

9.18%,

07/15/2031

(f) 723

728

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

December

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

VTC

Buyer

Corp.

;

Delayed

Draw

Term

Loan

8.98%-9.01%,

07/15/2031

(f) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

9.01%,

07/15/2031

(f) 378

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Wolverine

Seller

Holdings,

LLC

;

Revolver

8.75%,

01/17/2030

(f) 18

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Wolverine

Seller

Holdings,

LLC

;

Delayed

Draw

Term

Loan

8.61%,

01/17/2030

(f) 152

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Wolverine

Seller

Holdings,

LLC

;

Term

Loan

8.77%,

01/17/2030

(b),(f)

871

863

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

26,841

Computers

-

.39

%

McAfee

Corp

;

Term

Loan

B1

6.72%,

03/01/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Consumer

Products

-

.28

%

Kronos

Acquisition

Holdings

Inc

;

Term

Loan

B

7.67%,

06/27/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Cosmetics

&

Personal

Care

-

.36

%

Accupac,

LLC

;

Term

Loan

7.00%,

PIK

6.00%;

12/31/2029

(b),(f),(i)

2,132

2,090

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Accupac,

LLC

;

Revolver

10.87%-11.00%,

12/31/2029

(f) 154

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

CompletePet

Florida,

LLC

;

Term

Loan

8.52%,

02/05/2030

(f) 4,167

4,156

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

8.52%,

02/06/2030

(b),(f)

597

596

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

CompletePet

Florida,

LLC

;

Revolver

8.50%,

02/05/2030

(f) 181

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Lather

Acquisition

Corp.

;

Term

Loan

8.94%,

01/31/2031

(f) 1,209

1,203

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

8,377

Diversified

Financial

Services

-

.40

%

Jane

Street

Group

LLC

;

Term

Loan

B

5.83%,

12/15/2031

541

538

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Merit

Financial

Group,

LLC

;

Term

Loan

9.02%,

08/27/2032

(f) 2,046

2,029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Merit

Financial

Group,

LLC

;

Revolver

11.25%,

08/27/2032

(f) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Obra

Capital

;

Term

Loan

11.12%,

06/21/2029

(f) 2,168

2,155

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.36%

$

5,005

Electric

-

.24

%

TPS

Intermediate,

LLC

;

Term

Loan

8.86%,

06/09/2029

(f) 1,274

1,255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.10%

TPS

Intermediate,

LLC

;

Delayed

Draw

Term

Loan

8.94%,

06/08/2029

(f) 158

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.10%

$

1,411

Electrical

Components

&

Equipment

-

.37

%

Energizer

Holdings

Inc

;

Term

Loan

B

5.73%,

03/13/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Engineered

Products

Co.,

LLC

;

Term

Loan

8.81%,

01/30/2026

(f) 2,213

2,201

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Engineered

Products

Co.,

LLC

;

Revolver

8.59%,

01/30/2026

(f) 55

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

SENS

Intermediate

Holdings

LLC

;

Term

Loan

8.47%-8.49%,

03/10/2031

(f) 1,177

1,175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

3,836

Electronics

-

.67

%

Advantage

Surveillance,

LLC

;

Term

Loan

8.39%,

11/04/2030

(f) 935

925

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Advantage

Surveillance,

LLC

;

Revolver

8.39%,

11/04/2030

(f) 21

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

AEP

Passion

Intermediate

Holdings

Inc

;

Term

Loan

5.74%,

PIK

4.75%;

10/05/2027

(f),(i)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.65%

AIDC

Intermediate

Co

2,

LLC

;

Term

Loan

9.19%,

07/22/2027

(b),(f)

1,533

1,533

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

DecisionPoint

Technologies,

Inc.

;

Term

Loan

9.75%,

09/03/2029

(f) 1,369

1,356

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

4,176

Engineering

&

Construction

-

.01

%

AKS

Engineering

&

Forestry,

LLC

;

Term

Loan

8.70%,

01/07/2031

(f) 415

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

8.71%,

01/02/2031

(b),(f)

1,400

1,379

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

December

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Engineering

&

Construction

(continued)

Force

Electrical

Buyerco,

LLC

;

Delayed

Draw

Term

Loan

8.26%,

10/21/2032

(f) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Force

Electrical

Buyerco,

LLC

;

Term

Loan

8.36%,

10/21/2032

(f) 460

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Force

Electrical

Buyerco,

LLC

;

Revolver

10.50%,

10/21/2032

(f) 31

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

2,283

Enterprise

Software

&

Services

-

.17

%

Douglas

Holdings,

Inc.

;

Term

Loan

0.00%,

PIK

9.75%;

08/27/2030

(f),(i)

1,182

1,191

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Douglas

Holdings,

Inc.

;

Delayed

Draw

Term

Loan

9.11%,

08/27/2030

(f) 31

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Douglas

Holdings,

Inc.

;

Synthetic

PIK

Delayed

Draw

Term

Loan

9.44%,

PIK

0.00%;

08/27/2030

(f),(i)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

1,330

Environmental

Control

-

.95

%

Gold

Medal

Holdings

Inc

;

Term

Loan

9.78%,

03/17/2027

(b),(f)

1,077

1,077

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Food

-

.13

%

Cornhusker

Buyer,

Inc.

;

Term

Loan

10.07%-10.24%,

PIK

1.75%;

10/31/2028

(f),(i)

781

781

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.40%

Costanzo's

Bakery,

LLC

;

Term

Loan

9.53%,

06/18/2027

(b),(f)

782

782

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Fiesta

Purchaser

Inc

;

Term

Loan

B

6.47%,

02/12/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Hill

Country

Dairies,

Inc.

;

Delayed

Draw

Term

Loan

8.82%,

08/01/2030

(f) 126

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Hill

Country

Dairies,

Inc.

;

Term

Loan

8.84%,

08/01/2030

(f) 1,533

1,536

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

KNPC

Holdco,

LLC

;

Term

Loan

9.83%,

10/22/2029

(b),(f)

1,264

1,264

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.60%

11.08%,

10/22/2029

(b),(f)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.85%

Maldives

Acquisition,

LLC

;

Term

Loan

10.02%,

07/15/2028

(f) 660

659

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.15%

$

5,845

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

-

.91

%

IPC

Pain

Acquisition

LLC

;

Term

Loan

9.23%,

05/19/2027

(f) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

9.57%,

05/19/2027

(f) 198

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

North

Haven

USHC

Acquisition,

Inc.

;

Term

Loan

9.23%,

10/29/2027

(b),(f)

703

696

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.35%

Orion

Midco

LLC

;

Term

Loan

9.14%,

05/21/2031

(b),(f)

2,077

2,080

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Pediatric

Home

Respiratory

Services,

LLC

;

Term

Loan

9.10%,

12/23/2030

(f) 1,784

1,775

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

9.12%,

12/23/2030

(b),(f)

2,827

2,813

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

SDG

MGMT

Company,

LLC

;

Term

Loan

9.81%,

07/03/2028

(b),(f)

719

717

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.85%

10.13%,

07/03/2028

(b),(f)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.10%

SSA

Acquisition

Holdco,

LLC

;

Term

Loan

10.28%,

07/25/2029

(f) 1,947

1,908

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

SSA

Acquisition

Holdco,

LLC

;

Delayed

Draw

Term

Loan

10.02%,

07/25/2029

(f) 438

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

10.20%,

07/25/2029

(f) 1,177

1,154

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

$

12,397

Insurance

-

.50

%

Asurion

LLC

;

Term

Loan

B4

10.12%,

01/20/2029

580

568

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Lodging

-

.43

%

Fertitta

Entertainment

LLC/NV

;

Term

Loan

B

6.97%,

01/27/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Machinery

-

Diversified

-

.01

%

TK

Elevator

US

Newco

Inc

;

Term

Loan

B

7.20%,

04/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

.87

%

Directv

Financing

LLC

;

Tern

Loan

Extended

9.35%,

08/02/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Directv

Financing

LLC

;

Term

Loan

B

9.34%,

02/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

December

31,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

iHeartCommunications

Inc

;

Term

Loan

9.61%,

05/01/2029

$

577

$

527

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

$

998

Mining

-

.25

%

Arsenal

AIC

Parent

LLC

;

Term

Loan

B

6.47%,

08/18/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Oil

&

Gas

Services

-

.37

%

Deep

Blue

Operating

I

LLC

;

Term

Loan

B

6.59%,

10/01/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

.79

%

Clydesdale

Acquisition

Holdings

Inc

;

Term

Loan

B

6.97%,

03/26/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Clydesdale

Acquisition

Holdings

Inc

;

Delayed

Draw

Term

Loan

B-DD

8.01%,

04/01/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Flexpak

Investment

Corp

;

Term

Loan

8.61%,

07/30/2027

(f) 278

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.85%

Keg

Logistics

LLC

;

Term

Loan

10.61%,

PIK

0.50%;

11/23/2027

(b),(f),(i)

1,925

1,925

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.90%

Mauser

Packaging

Solutions

Holding

Co

;

Term

Loan

B

7.23%,

04/15/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

3,176

Pharmaceuticals

-

.83

%

1261229

BC

Ltd

;

Term

Loan

B

9.97%,

10/08/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Endo

Finance

Holdings

Inc

;

Term

Loan

B

7.47%,

04/23/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

KL

Moon

Acquisition,

LLC

;

Term

Loan

10.85%,

PIK

0.00%;

02/01/2029

(f),(i)

635

628

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Vert

Markets

LLC

;

Term

Loan

9.19%,

12/18/2029

(f) 1,483

1,467

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Vert

Markets

LLC

;

Revolver

8.97%-9.01%,

12/18/2029

(f) 158

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

$

3,220

Pipelines

-

.49

%

NGL

Energy

Operating

LLC

;

Term

Loan

B

7.22%,

02/03/2031

548

553

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

-

.44

%

KFC

Holding

Co

;

Term

Loan

B

5.60%,

03/15/2028

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Software

-

.73

%

Alta

Buyer

LLC

;

Term

Loan

9.03%,

12/21/2027

(b),(f)

1,005

1,005

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Alta

Buyer

LLC

;

Delayed

Draw

Term

Loan

9.03%,

12/21/2027

(b),(f)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

CEV

Multimedia,

LLC

;

Term

Loan

10.29%,

12/27/2027

(b),(f)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.35%

Charles

IT,

LLC

;

Term

Loan

8.42%,

11/14/2030

(f) 1,495

1,473

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Charles

IT,

LLC

;

Delayed

Draw

Term

Loan

8.71%,

11/14/2030

(f) 794

782

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Cleartelligence,

LLC

;

Term

Loan

9.94%,

07/10/2029

(f) 2,448

2,417

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Cleartelligence,

LLC

;

Revolver

9.91%,

07/10/2029

(f) 61

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Cyber

Advisors,

LLC

;

Term

Loan

9.19%,

07/18/2028

(f) 806

796

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.35%

ES

Ventures,

LLC

;

Term

Loan

8.54%,

12/13/2028

(b),(f)

1,024

1,014

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

8.54%,

12/13/2028

(b),(f)

687

681

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Global

Precision

Research,

LLC

;

Term

Loan

8.42%,

10/28/2031

(f) 1,542

1,519

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Moonraker

AcquisitionCo

LLC

;

Term

Loan

9.45%,

08/04/2028

(b),(f)

815

816

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

11,075

Telecommunications

-

.84

%

CommScope

LLC

;

Term

Loan

9.51%,

12/17/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Zayo

Group

Holdings

Inc

;

PIK

Term

Loan

7.03%,

PIK

0.50%;

03/11/2030

(i) 519

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

956

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

103,771

Total

Investments

$

119,175

Other

Assets

and

Liabilities

- (4.79)%

(5,441)

TOTAL

NET

ASSETS

-

100.00%

$

113,734

Consolidated

Schedule

of

Investments

Principal

Private

Credit

Fund

December

31,

2025

(unaudited)

See

accompanying

notes.

(a) 1-day

yield

shown

is

as

of

period

end.

(b) All

or

a

portion

of

this

security

is

owned

by

the

Principal

Private

Credit

Fund

(SPV),

LLC

(the

"SPV"),

which

is

a

wholly-owned

subsidiary

of

the

Fund.

(c) All

or

a

portion

of

this

security

is

owned

by

the

Principal

Private

Credit

Fund

(Corp

Blocker),

LLC

(the

"Domestic

Subsidiary"),

which

is

a

wholly-owned

subsidiary

of

the

Fund.

(d) All

or

a

portion

of

this

security

is

owned

by

the

Principal

Private

Credit

Fund

Lending

Vehicle,

LLC

(the

"Lending

Vehicle"),

which

is

a

wholly-owned

subsidiary

of

the

Fund.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(g) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(h) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,425

or

4.77%

of

net

assets.

(i) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

Portfolio

Summary

Sector

Percent

Consumer,

Non-cyclical

.37

%

Industrial

.26

%

Technology

.35

%

Money

Market

Funds

.30

%

Financial

.28

%

Communications

.98

%

Consumer,

Cyclical

.47

%

Basic

Materials

.55

%

Utilities

.84

%

Energy

.39

%

Other

Assets

and

Liabilities

(4

.79)

%

TOTAL

NET

ASSETS

100.00%

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Advantage

Surveillance,

LLC

11/04/2025

$

$

0.08%

AKS

Engineering

Holdings

LLC

01/07/2025

0.02%

APS

Blackwater

Holdings

LLC

12/01/2025

0.17%

CIT

Intermediate

Holdco,

Inc.

11/14/2025

0.04%

CPS

Investors,

LP

03/28/2025-05/30/2025

0.04%

CVS

Parent

Holdings

LLC

02/06/2025

0.01%

CWC

Fund

I

Co-Invest

MFA

LP

08/26/2025

0.15%

Douglas

Top

Parent

LLC

08/27/2024

0.02%

Mascarene

VTC

Investment

07/15/2025-11/25/2025

0.06%

SENS

Intermediate

Holdings

LLC

03/10/2025

0.08%

Warrior

Ultimate

Holdings

LLC

-

Class

A

Common

12/30/2024

—

—

0.00%

Warrior

Ultimate

Holdings

LLC

-

Class

A

Preferred

0.00%

12/30/2024

0.04%

Total

$

796

0.71%

Amounts

in

thousands.

Glossary

to

the

Schedule

of

Investments

December

31,

2025

(unaudited)

See

accompanying

notes.

Currency

Abbreviations

USD/$

United

States

Dollar

December

31,

2025

(unaudited)

Security

Valuation.

Principal

Private

Credit

Fund

(known

as

the

"Fund")

values

securities,

including

exchange-traded

funds,

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price

or,

in

the

case

of

certain

credit

default

swaps,

a

mean

price

provided

by

a

pricing

service.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

Principal

Global

Investors,

LLC

("the

Manager")

under

procedures

established

and

periodically

reviewed

by

the

Fund's

Board

of

Trustees.

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange

but

prior

to

the

calculation

of

the

Fund's

net

asset

value

are

reflected

in

the

Fund's

net

asset

value

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security's

fair

value,

including,

but

not

limited

to,

price

movements

in

American

Depositary

Receipts

("ADRs"),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Fund

invests

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Fund

does

not

determine

net

asset

value,

for

example

weekends

and

other

customary

national

U.S.

holidays,

the

Fund's

net

asset

value

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

Certain

securities

issued

by

companies

in

emerging

market

countries

may

have

more

than

one

quoted

valuation

at

any

given

point

in

time,

sometimes

referred

to

as

a

"local"

price

and

a

"premium"

price.

The

premium

price

is

often

a

negotiated

price,

which

may

not

consistently

represent

a

price

at

which

a

specific

transaction

can

be

affected.

It

is

the

policy

of

the

Fund

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Manager

or

any

sub-advisor

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Fund's

Board

of

Trustees

as

may

occasionally

be

necessary.

Fair

value

is

defined

as

the

price

that

the

Fund

would

receive

upon

selling

a

security

or

transferring

a

liability

in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

Fund

may

use

one

or

more

of

the

following

approaches:

market,

income,

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Fund.

Unobservable

inputs

are

inputs

that

reflect

the

fund's

own

estimates

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

Level

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

Investments

which

are

generally

included

in

this

category

include

listed

equities

and

exchange-traded

derivatives.

Level

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayments

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds,

senior

floating

rate

interests,

municipal

bonds,

OTC

derivatives,

exchange

cleared

derivatives,

repurchase

agreements,

and

U.S.

Government

and

Government

Agency

Obligations.

Level

–

Significant

unobservable

inputs

(including

the

Fund's

assumptions

in

determining

the

fair

value

of

investments).

Investments

which

are

generally

included

in

this

category

include

certain

common

stocks,

convertible

preferred

stocks,

corporate

bonds,

preferred

stocks,

privately-

held

entities,

or

senior

floating

rate

interests.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

Fund

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3. December

31,

2025

(unaudited)

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market-based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Fund's

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3. Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as:

yield

to

maturity,

EBITDA

multiples,

discount

rates,

available

cash,

or

direct

offering

price.

Significant

increases

in

yield

to

maturity,

EBITDA

multiples,

available

cash,

or

direct

offering

price

would

have

resulted

in

significantly

higher

fair

value

measurements.

A

significant

increase

in

discount

rates

would

have

resulted

in

significantly

lower

fair

value

measurement.

Benchmark

pricing

procedures

set

the

base

price

of

a

security

based

on

current

market

data.

The

base

price

may

be

a

broker-dealer

quote,

transaction

price,

or

internal

value

based

on

relevant

market

data.

The

fair

values

of

these

securities

are

dependent

on

economic,

political

and

other

considerations.

The

values

of

such

securities

may

be

affected

by

significant

changes

in

the

economic

conditions,

changes

in

government

policies,

and

other

factors

(e.g.,

natural

disasters,

pandemics,

accidents,

conflicts,

etc.).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

instruments.

The

following

is

a

summary

of

the

inputs

used

as

of

December

31,

2025

in

valuing

the

Fund's

securities

carried

at

value

(amounts

in

thousands):

\*For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

Schedule

of

Investments.

Certain

detailed

information

is

provided

for

those

Funds

with

significant

investments

in

Level

securities.

Quantitative

information

about

the

significant

unobservable

inputs

used

in

the

fair

value

measurements

categorized

within

Level

of

the

fair

value

hierarchy

is

as

follows

(amounts

in

thousands):

\*Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments

\*\*During

the

period,

the

valuation

technique

for

Warrior

Ultimate

Holdings

LLC

–

Class

A

Common,

AKS

Engineering

Holdings

LLC,

CVS

Parent

Holdings

LLC,

SENS

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Private

Credit

Fund

Bonds\*

$

—

$

6,308

$

—

$

6,308

Common

Stocks

Consumer,

Non-cyclical

—

—

Financial

—

—

Industrial

—

—

Technology

—

—

Investment

Companies\*

8,300

—

—

8,300

Preferred

Stocks

Consumer,

Non-cyclical

—

—

Senior

Floating

Rate

Interests\*

—

11,511

92,260

103,771

Total

investments

in

securities

$

8,300

$

17,819

$

93,056

$

119,175

Fund

Asset

Type

Fair

Value

as

of

December

31,

2025

Valuation

Technique

Unobservable

Input

Input

Valuations

(weighted

average)\*

Impact

to

valuation

if

input

had

increased

Principal

Private

Credit

Fund

Senior

Floating

Rate

Interests

$92,260

Discounted

Cash

Flow

Discount

Rate

4.2%-8.2%

(5.5)%

Decrease

Common

Stock

Recent

Transaction

Transaction

Price

$1.0-$10,000.0

($1,977.3)

Increase

Market

Comparables

EV/LTM

Revenue\*\*

8.0x-18.8x

(14.7)x

Increase

Movement

of

Median

Multiples

50%

Increase

Preferred

Stock

Market

Comparables

EV/LTM

Revenue

13.5x

Increase

Movement

of

Median

Multiples

50%

Increase

Total

$

93,056

December

31,

2025

(unaudited)

Intermediate

Holdings

LLC,

and

CPS

Investors,

LP

changed

from

using

the

transaction

price

for

the

first

days

to

using

the

Enterprise

Valuation

Model.

The

changes

in

investments

measured

at

fair

value

for

which

Level

inputs

have

been

used

to

determine

fair

value

are

as

follows

(amounts

shown

in

thousands):

\*Securities

are

transferred

into

Level

for

a

variety

of

reasons

including,

but

not

limited

to:

1. Securities

where

trading

has

been

halted

2. Securities

that

have

certain

restrictions

on

trading

3. Instances

in

which

a

security

is

not

priced

by

a

pricing

service

\*\*Securities

are

transferred

out

of

Level

for

a

variety

of

reasons

including,

but

not

limited

to:

1. Securities

where

trading

resumes

2. Securities

where

trading

restrictions

have

expired

3. Instances

in

which

a

price

becomes

available

from

a

pricing

service

During

the

period,

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3,

except

as

noted

above.

Fund

Value

as

of

March

31,

2025

Realized

Gain/

(Loss)

Accrued

Discounts/

Premiums

and

Change

in

Unrealized

Gain/

(Loss)

Purchases

Proceeds

from

Sales

Transfers

into

Level

3\*

Transfers

Out

of

Level

3\*\*

Value

as

of

December

31,

2025

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

at

December

31, 2025

Principal

Private

Credit

Fund

Senior

Floating

Rate

Interests

$

70,110

$74

$313

$27,225

$(5,462)

$

—

$

—

$92,260

$174

Common

Stock

—

(6) 597

—

—

—

752

(6) Preferred

Stock

—

—

—

—

—

Total

$

70,309

$74

$313

$27,822

$(5,462)

$

—

$

—

$93,056

$174

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Principal Private Credit Fund

- **b. Investment Company Act file number:** 811-23954

- **c. CIK number of Registrant:** 0002016900

- **d. LEI of Registrant:** 2549005PWLUGTRGOB384

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 711 High St

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50392

  - **Telephone number:** 515-235-1719

**Item A.2. Information about the Series.**

- **a. Name of Series:** Principal Private Credit Fund

- **c. LEI of Series:** 2549005PWLUGTRGOB384

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $121038863.92

**Total Liabilities:** $7320828.18

**Net Assets:** $113718035.74

**Delayed Delivery Securities:** $276207.06

**Cash Not Reported:** $114720.52

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.38920000 | **1-Year:** 1.19030000 | **5-Year:** 33.20870000 | **10-Year:** 73.48460000 | **30-Year:** 69.49510000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.01860000 | **1-Year:** 0.05680000 | **5-Year:** 1.58420000 | **10-Year:** 3.50560000 | **30-Year:** 3.31520000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.58%                | 0.29%                | 0.68%                |
| Class ID N/A | 0.68%                | 0.29%                | 0.77%                |
| Class ID N/A | 0.59%                | 0.29%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5920.59                 | $-8433.69                                  |
| Month 2  | $-9218.35                | $-135739.47                                |
| Month 3  | $-1379.95                | $51757.11                                  |

### Schedule of Portfolio Investments

| Name                                                                                      | Title                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Barricade Holdings LLC Term Loan                                                          | Barricade Holdings LLC Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3024911 | PA      | $2984197.93   | 2.62%             | 2030-09-30      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| G-2 Lather Acquisition Corp. Term Loan                                                    | G-2 Lather Acquisition Corp. Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1211812 | PA      | $1205782.01   | 1.06%             | 2031-01-31      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| Engineered Products Co., LLC Revolver                                                     | Engineered Products Co., LLC Revolver                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     55216 | PA      | $54906.37     | 0.05%             | 2026-01-30      | Floating      | 8.59%                 | No            |                  3 | On Loan: No      |
| CPS Holdco, Inc Term Loan                                                                 | CPS Holdco, Inc Term Loan                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1494370 | PA      | $1487404.60   | 1.31%             | 2031-03-28      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Wolverine Seller Holdings, LLC Term Loan                                                  | Wolverine Seller Holdings, LLC Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    873310 | PA      | $866286.63    | 0.76%             | 2030-01-17      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| CWC Fund I Co-Invest MFA LP                                                               | CWC Fund I Co-Invest MFA LP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    168157 | NS      | $167827.79    | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPS Intermediate, LLC Term Loan                                                           | TPS Intermediate, LLC Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1277760 | PA      | $1258593.42   | 1.11%             | 2029-06-09      | Floating      | 8.84%                 | No            |                  3 | On Loan: No      |
| Directv Financing LLC Term Loan B                                                         | Directv Financing LLC Term Loan B                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    357134 | PA      | $356120.20    | 0.31%             | 2031-02-15      | Floating      | 9.34%                 | No            |                  2 | On Loan: No      |
| Ruppert Landscape, LLC Delayed Draw Term Loan                                             | Ruppert Landscape, LLC Delayed Draw Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    149973 | PA      | $149823.23    | 0.13%             | 2028-12-01      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| Garda World Security Corp Term Loan B                                                     | Garda World Security Corp Term Loan B                                                     | CUSIP: N/A<br>LEI: 549300ZF1NDXLMCHNO20       | Long             | LON              | CORP              | CA        |    667021 | PA      | $668688.50    | 0.59%             | 2029-02-01      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| AdaptHealth LLC                                                                           | AdaptHealth LLC                                                                           | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $256907.40    | 0.23%             | 2028-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Finn Partners Inc Term Loan                                                               | Finn Partners Inc Term Loan                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1280847 | PA      | $1280846.89   | 1.13%             | 2026-07-01      | Floating      | 10.65%                | No            |                  3 | On Loan: No      |
| VTC Buyer Corp. Delayed Draw Term Loan                                                    | VTC Buyer Corp. Delayed Draw Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    100586 | PA      | $101235.95    | 0.09%             | 2031-07-15      | Floating      | 8.99%                 | No            |                  3 | On Loan: No      |
| Prosource Holdings MP, LLC Term Loan                                                      | Prosource Holdings MP, LLC Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1565111 | PA      | $1565110.90   | 1.38%             | 2030-12-30      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Venture Global LNG Inc                                                                    | Venture Global LNG Inc                                                                    | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    340000 | PA      | $352402.18    | 0.31%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AIDC Intermediate Co 2, LLC Term Loan                                                     | AIDC Intermediate Co 2, LLC Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1536947 | PA      | $1536946.58   | 1.35%             | 2027-07-22      | Floating      | 9.17%                 | No            |                  3 | On Loan: No      |
| IPC Pain Acquisition LLC Term Loan                                                        | IPC Pain Acquisition LLC Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    198962 | PA      | $197966.72    | 0.17%             | 2027-05-19      | Floating      | 9.55%                 | No            |                  3 | On Loan: No      |
| TK Elevator US Newco Inc Term Loan B                                                      | TK Elevator US Newco Inc Term Loan B                                                      | CUSIP: N/A<br>LEI: 549300C2AFWPAYWS5574       | Long             | LON              | CORP              | US        |     14925 | PA      | $15009.72     | 0.01%             | 2030-04-30      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Engineered Products Co., LLC Term Loan                                                    | Engineered Products Co., LLC Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2213064 | PA      | $2200680.40   | 1.94%             | 2026-01-30      | Floating      | 8.81%                 | No            |                  3 | On Loan: No      |
| Douglas Holdings, Inc. Synthetic PIK Delayed Draw Term Loan                               | Douglas Holdings, Inc. Synthetic PIK Delayed Draw Term Loan                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    107062 | PA      | $108132.50    | 0.10%             | 2030-08-27      | Floating      | 9.44%                 | No            |                  3 | On Loan: No      |
| Obra Capital Term Loan                                                                    | Obra Capital Term Loan                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2173969 | PA      | $2159804.53   | 1.90%             | 2029-06-21      | Floating      | 11.09%                | No            |                  3 | On Loan: No      |
| CIT Intermediate Holdco, Inc.                                                             | CIT Intermediate Holdco, Inc.                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         5 | NS      | $46700.00     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CompletePet Florida, LLC Term Loan                                                        | CompletePet Florida, LLC Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4177784 | PA      | $4167961.38   | 3.67%             | 2030-02-05      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Charles IT, LLC Delayed Draw Term Loan                                                    | Charles IT, LLC Delayed Draw Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    794393 | PA      | $782476.63    | 0.69%             | 2030-11-14      | Floating      | 8.71%                 | No            |                  3 | On Loan: No      |
| CommScope LLC                                                                             | CommScope LLC                                                                             | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68267.04     | 0.06%             | 2028-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Sales Performance International, LLC Revolver                                             | Sales Performance International, LLC Revolver                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     64938 | PA      | $64938.25     | 0.06%             | 2028-08-24      | Floating      | 8.86%                 | No            |                  3 | On Loan: No      |
| TransDigm Inc Term Loan J                                                                 | TransDigm Inc Term Loan J                                                                 | CUSIP: N/A<br>LEI: 88Q84GB3X55CF5OC7582       | Long             | LON              | CORP              | US        |    577742 | PA      | $579706.61    | 0.51%             | 2031-02-28      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Cleartelligence, LLC Revolver                                                             | Cleartelligence, LLC Revolver                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     60639 | PA      | $59889.36     | 0.05%             | 2029-07-10      | Floating      | 9.91%                 | No            |                  3 | On Loan: No      |
| Deep Blue Operating I LLC Term Loan B                                                     | Deep Blue Operating I LLC Term Loan B                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    420000 | PA      | $420961.80    | 0.37%             | 2032-10-01      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Kano Intermediate Inc. Term Loan                                                          | Kano Intermediate Inc. Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2305834 | PA      | $2305833.66   | 2.03%             | 2030-12-17      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Alta Buyer LLC Term Loan                                                                  | Alta Buyer LLC Term Loan                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1008095 | PA      | $1008095.42   | 0.89%             | 2027-12-21      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Keg Logistics LLC Term Loan                                                               | Keg Logistics LLC Term Loan                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1929891 | PA      | $1929890.54   | 1.70%             | 2027-11-23      | Floating      | 10.61%                | No            |                  3 | On Loan: No      |
| Kronos Acquisition Holdings Inc Term Loan B                                               | Kronos Acquisition Holdings Inc Term Loan B                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    493750 | PA      | $318839.06    | 0.28%             | 2031-06-27      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Arsenal AIC Parent LLC Term Loan B                                                        | Arsenal AIC Parent LLC Term Loan B                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    283562 | PA      | $283916.38    | 0.25%             | 2030-08-18      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Warrior Ultimate Holdings LLC - Class A Common                                            | Warrior Ultimate Holdings LLC - Class A Common                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        87 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Enerflex Inc                                                                              | Enerflex Inc                                                                              | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35785.47     | 0.03%             | 2031-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AKS Engineering Holdings LLC                                                              | AKS Engineering Holdings LLC                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        20 | NS      | $22265.13     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sales Performance International, LLC Term Loan                                            | Sales Performance International, LLC Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1034953 | PA      | $1037247.09   | 0.91%             | 2028-08-24      | Floating      | 8.93%                 | No            |                  3 | On Loan: No      |
| Advantage Surveillance, LLC Term Loan                                                     | Advantage Surveillance, LLC Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    934579 | PA      | $925233.21    | 0.81%             | 2030-11-04      | Floating      | 8.39%                 | No            |                  3 | On Loan: No      |
| ES Ventures, LLC Term Loan                                                                | ES Ventures, LLC Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    687467 | PA      | $680919.68    | 0.60%             | 2028-12-13      | Floating      | 8.54%                 | No            |                  3 | On Loan: No      |
| CPS Investors, LP                                                                         | CPS Investors, LP                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       442 | NS      | $39895.63     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Credit Acceptance Corp                                                                    | Credit Acceptance Corp                                                                    | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $350128.19    | 0.31%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CommScope LLC Term Loan                                                                   | CommScope LLC Term Loan                                                                   | CUSIP: N/A<br>LEI: 549300Z6K4JXMFE8QY54       | Long             | LON              | CORP              | US        |    465000 | PA      | $465218.55    | 0.41%             | 2029-12-17      | Floating      | 9.51%                 | No            |                  2 | On Loan: No      |
| Rocket Cos Inc                                                                            | Rocket Cos Inc                                                                            | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $284261.76    | 0.25%             | 2030-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| DecisionPoint Technologies, Inc. Term Loan                                                | DecisionPoint Technologies, Inc. Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1372459 | PA      | $1359886.42   | 1.20%             | 2029-09-03      | Floating      | 9.73%                 | No            |                  3 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                                       | Clydesdale Acquisition Holdings Inc                                                       | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    375000 | PA      | $381543.38    | 0.34%             | 2029-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Victra Holdings LLC / Victra Finance Corp                                                 | Victra Holdings LLC / Victra Finance Corp                                                 | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26375.20     | 0.02%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC / Directv Financing Co-Obligor Inc                                  | Directv Financing LLC / Directv Financing Co-Obligor Inc                                  | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    144000 | PA      | $144845.28    | 0.13%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SSA Acquisition Holdco, LLC Delayed Draw Term Loan                                        | SSA Acquisition Holdco, LLC Delayed Draw Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1180003 | PA      | $1156402.89   | 1.02%             | 2029-07-25      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| Pediatric Home Respiratory Services, LLC Term Loan                                        | Pediatric Home Respiratory Services, LLC Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2834363 | PA      | $2820191.52   | 2.48%             | 2030-12-23      | Floating      | 9.10%                 | No            |                  3 | On Loan: No      |
| Hill Country Dairies, Inc. Delayed Draw Term Loan                                         | Hill Country Dairies, Inc. Delayed Draw Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    125901 | PA      | $126182.44    | 0.11%             | 2030-08-01      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| Wolverine Seller Holdings, LLC Delayed Draw Term Loan                                     | Wolverine Seller Holdings, LLC Delayed Draw Term Loan                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    152144 | PA      | $150920.16    | 0.13%             | 2030-01-17      | Floating      | 8.61%                 | No            |                  3 | On Loan: No      |
| HEF Safety Ultimate Holdings, LLC Term Loan                                               | HEF Safety Ultimate Holdings, LLC Term Loan                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1038664 | PA      | $1038664.31   | 0.91%             | 2029-11-19      | Floating      | 9.42%                 | No            |                  3 | On Loan: No      |
| Fertitta Entertainment LLC/NV Term Loan B                                                 | Fertitta Entertainment LLC/NV Term Loan B                                                 | CUSIP: N/A<br>LEI: 984500A0805D8V551D35       | Long             | LON              | CORP              | US        |    492327 | PA      | $492076.29    | 0.43%             | 2029-01-27      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| CPS Holdco, Inc Delayed Draw Term Loan                                                    | CPS Holdco, Inc Delayed Draw Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    103365 | PA      | $102882.85    | 0.09%             | 2031-03-28      | Floating      | 8.73%                 | No            |                  3 | On Loan: No      |
| AKS Engineering & Forestry, LLC Term Loan                                                 | AKS Engineering & Forestry, LLC Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    415997 | PA      | $409756.96    | 0.36%             | 2031-01-07      | Floating      | 8.68%                 | No            |                  3 | On Loan: No      |
| Endo Finance Holdings Inc Term Loan B                                                     | Endo Finance Holdings Inc Term Loan B                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    493750 | PA      | $489429.69    | 0.43%             | 2031-04-23      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| North Haven USHC Acquisition, Inc. Term Loan                                              | North Haven USHC Acquisition, Inc. Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    704369 | PA      | $697971.03    | 0.61%             | 2027-10-29      | Floating      | 9.21%                 | No            |                  3 | On Loan: No      |
| Shift4 Payments LLC Term Loan B                                                           | Shift4 Payments LLC Term Loan B                                                           | CUSIP: N/A<br>LEI: 254900GTEMR7L40VPI74       | Long             | LON              | CORP              | US        |    548800 | PA      | $551659.25    | 0.49%             | 2032-07-02      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Mascarene VTC Investment                                                                  | Mascarene VTC Investment                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     81343 | NS      | $72114.66     | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Jane Street Group LLC Term Loan B                                                         | Jane Street Group LLC Term Loan B                                                         | CUSIP: N/A<br>LEI: 5493002N1IVX6KHGYO08       | Long             | LON              | CORP              | US        |    542154 | PA      | $539199.30    | 0.47%             | 2031-12-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Riverview Landscape Holdings, LLC Delayed Draw Term Loan                                  | Riverview Landscape Holdings, LLC Delayed Draw Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2331062 | PA      | $2307495.24   | 2.03%             | 2030-01-29      | Floating      | 10.25%                | No            |                  3 | On Loan: No      |
| Douglas Top Parent LLC                                                                    | Douglas Top Parent LLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     19712 | NS      | $20515.10     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SENS Intermediate Holdings LLC                                                            | SENS Intermediate Holdings LLC                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        80 | NS      | $88157.08     | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SSA Acquisition Holdco, LLC Delayed Draw Term Loan                                        | SSA Acquisition Holdco, LLC Delayed Draw Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    438892 | PA      | $430114.62    | 0.38%             | 2029-07-25      | Floating      | 9.99%                 | No            |                  3 | On Loan: No      |
| SDG MGMT Company, LLC Term Loan                                                           | SDG MGMT Company, LLC Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    215828 | PA      | $215827.71    | 0.19%             | 2028-07-03      | Floating      | 10.10%                | No            |                  3 | On Loan: No      |
| Chord Energy Corp                                                                         | Chord Energy Corp                                                                         | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141716.82    | 0.12%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Douglas Holdings, Inc. Term Loan                                                          | Douglas Holdings, Inc. Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1182498 | PA      | $1190290.53   | 1.05%             | 2030-08-27      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Cyber Advisors, LLC Term Loan                                                             | Cyber Advisors, LLC Term Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    806147 | PA      | $796070.26    | 0.70%             | 2028-07-18      | Floating      | 9.19%                 | No            |                  3 | On Loan: No      |
| CVS Parent Holdings LLC                                                                   | CVS Parent Holdings LLC                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         3 | NS      | $6136.30      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Riverview Landscape Holdings, LLC Term Loan                                               | Riverview Landscape Holdings, LLC Term Loan                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1882094 | PA      | $1863066.02   | 1.64%             | 2030-01-29      | Floating      | 10.25%                | No            |                  3 | On Loan: No      |
| KNPC Holdco, LLC Term Loan                                                                | KNPC Holdco, LLC Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1266896 | PA      | $1266896.02   | 1.11%             | 2029-10-22      | Floating      | 9.80%                 | No            |                  3 | On Loan: No      |
| Charles IT, LLC Term Loan                                                                 | Charles IT, LLC Term Loan                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1495327 | PA      | $1472897.19   | 1.30%             | 2030-11-14      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| Maldives Acquisition, LLC Term Loan                                                       | Maldives Acquisition, LLC Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    662042 | PA      | $660271.10    | 0.58%             | 2028-07-15      | Floating      | 9.99%                 | No            |                  3 | On Loan: No      |
| Barricade Holdings LLC Revolver                                                           | Barricade Holdings LLC Revolver                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    444840 | PA      | $438860.72    | 0.39%             | 2030-09-30      | Floating      | 8.57%                 | No            |                  3 | On Loan: No      |
| Energizer Holdings Inc Term Loan B                                                        | Energizer Holdings Inc Term Loan B                                                        | CUSIP: N/A<br>LEI: 5493000D6NN0V57UME20       | Long             | LON              | CORP              | US        |    404899 | PA      | $404563.22    | 0.36%             | 2032-03-13      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| VoltaGrid LLC                                                                             | VoltaGrid LLC                                                                             | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |    359000 | PA      | $355677.72    | 0.31%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Warrior Ultimate Holdings LLC - Class A Preferred                                         | Warrior Ultimate Holdings LLC - Class A Preferred                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       394 | NS      | $44067.36     | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mauser Packaging Solutions Holding Co Term Loan B                                         | Mauser Packaging Solutions Holding Co Term Loan B                                         | CUSIP: N/A<br>LEI: 549300DNGHXL0OMHW304       | Long             | LON              | CORP              | US        |    494924 | PA      | $484099.86    | 0.43%             | 2030-04-15      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Dana Inc                                                                                  | Dana Inc                                                                                  | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    750000 | PA      | $748764.98    | 0.66%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Advantage Surveillance, LLC                                                               | Advantage Surveillance, LLC                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     93458 | NS      | $93457.94     | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| B'laster Holdings LLC Term Loan                                                           | B'laster Holdings LLC Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1152917 | PA      | $1152917.38   | 1.01%             | 2029-10-25      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| Prosource Holdings MP, LLC Delayed Draw Term Loan                                         | Prosource Holdings MP, LLC Delayed Draw Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    516171 | PA      | $516171.21    | 0.45%             | 2030-12-30      | Floating      | 8.37%                 | No            |                  3 | On Loan: No      |
| Aethon United BR LP / Aethon United Finance Corp                                          | Aethon United BR LP / Aethon United Finance Corp                                          | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $73337.32     | 0.06%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Sales Performance International, LLC Term Loan                                            | Sales Performance International, LLC Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1663106 | PA      | $1663105.97   | 1.46%             | 2028-08-24      | Floating      | 8.86%                 | No            |                  3 | On Loan: No      |
| SDG MGMT Company, LLC Term Loan                                                           | SDG MGMT Company, LLC Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    720374 | PA      | $718488.01    | 0.63%             | 2028-07-03      | Floating      | 9.81%                 | No            |                  3 | On Loan: No      |
| SENS Intermediate Holdings LLC Term Loan                                                  | SENS Intermediate Holdings LLC Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1179627 | PA      | $1178235.91   | 1.04%             | 2031-03-10      | Floating      | 8.49%                 | No            |                  3 | On Loan: No      |
| Chobani LLC / Chobani Finance Corp Inc                                                    | Chobani LLC / Chobani Finance Corp Inc                                                    | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $333799.04    | 0.29%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                                                      | LifePoint Health Inc                                                                      | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     95000 | PA      | $104180.32    | 0.09%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Ruppert Landscape, LLC Term Loan                                                          | Ruppert Landscape, LLC Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    618529 | PA      | $617911.57    | 0.54%             | 2028-12-01      | Floating      | 8.86%                 | No            |                  3 | On Loan: No      |
| Asurion LLC Term Loan B4                                                                  | Asurion LLC Term Loan B4                                                                  | CUSIP: N/A<br>LEI: 549300KNQVXGIOXWK278       | Long             | LON              | CORP              | US        |    580000 | PA      | $568400.00    | 0.50%             | 2029-01-20      | Floating      | 10.12%                | No            |                  2 | On Loan: No      |
| Riverview Landscape Holdings, LLC Revolver                                                | Riverview Landscape Holdings, LLC Revolver                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    136895 | PA      | $135538.58    | 0.12%             | 2030-01-29      | Floating      | 9.94%                 | No            |                  3 | On Loan: No      |
| Russell Investments US Institutional Holdco Inc PIK Term Loan B                           | Russell Investments US Institutional Holdco Inc PIK Term Loan B                           | CUSIP: N/A<br>LEI: 5493008YG7V0FQCJQI74       | Long             | LON              | CORP              | US        |    575464 | PA      | $567551.02    | 0.50%             | 2027-05-31      | Floating      | 10.32%                | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC Term Loan B                                                      | NGL Energy Operating LLC Term Loan B                                                      | CUSIP: N/A<br>LEI: 5493008CQD36WWZJ3O79       | Long             | LON              | CORP              | US        |    548408 | PA      | $552948.75    | 0.49%             | 2031-02-03      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Merit Financial Group, LLC Term Loan                                                      | Merit Financial Group, LLC Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2051521 | PA      | $2033775.26   | 1.79%             | 2032-08-27      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Flexpak Investment Corp Term Loan                                                         | Flexpak Investment Corp Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    278971 | PA      | $278970.65    | 0.25%             | 2027-07-30      | Floating      | 8.59%                 | No            |                  3 | On Loan: No      |
| AmeriTex HoldCo Intermediate LLC                                                          | AmeriTex HoldCo Intermediate LLC                                                          | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     76000 | PA      | $80077.70     | 0.07%             | 2033-08-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co                                                     | Mauser Packaging Solutions Holding Co                                                     | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    335000 | PA      | $332356.97    | 0.29%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc Delayed Draw Term Loan B-DD                           | Clydesdale Acquisition Holdings Inc Delayed Draw Term Loan B-DD                           | CUSIP: N/A<br>LEI: 254900QKSDYFR3K5YD98       | Long             | LON              | CORP              | US        |      6302 | PA      | $6293.79      | 0.01%             | 2032-04-01      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Moonraker AcquisitionCo LLC Term Loan                                                     | Moonraker AcquisitionCo LLC Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    815392 | PA      | $815391.62    | 0.72%             | 2028-08-04      | Floating      | 9.45%                 | No            |                  3 | On Loan: No      |
| TPS Intermediate, LLC Delayed Draw Term Loan                                              | TPS Intermediate, LLC Delayed Draw Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    158048 | PA      | $155677.54    | 0.14%             | 2029-06-08      | Floating      | 8.94%                 | No            |                  3 | On Loan: No      |
| Force Electrical Buyerco, LLC Term Loan                                                   | Force Electrical Buyerco, LLC Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    460315 | PA      | $455712.10    | 0.40%             | 2032-10-21      | Floating      | 8.37%                 | No            |                  3 | On Loan: No      |
| VTC Buyer Corp. Delayed Draw Term Loan                                                    | VTC Buyer Corp. Delayed Draw Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    377992 | PA      | $380434.06    | 0.33%             | 2031-07-15      | Floating      | 9.01%                 | No            |                  3 | On Loan: No      |
| CompletePet Florida, LLC Revolver                                                         | CompletePet Florida, LLC Revolver                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    181306 | PA      | $180940.59    | 0.16%             | 2030-02-05      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Clearway Energy Operating LLC                                                             | Clearway Energy Operating LLC                                                             | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    325000 | PA      | $324291.89    | 0.29%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mercer International Inc                                                                  | Mercer International Inc                                                                  | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11628.28     | 0.01%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| KFC Holding Co Term Loan B                                                                | KFC Holding Co Term Loan B                                                                | CUSIP: N/A<br>LEI: 549300G2LG4YUB3MM115       | Long             | LON              | CORP              | US        |    494819 | PA      | $495590.56    | 0.44%             | 2028-03-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                                                                 | Caesars Entertainment Inc                                                                 | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    380000 | PA      | $364510.72    | 0.32%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Arbor Realty SR Inc                                                                       | Arbor Realty SR Inc                                                                       | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    245000 | PA      | $244020.91    | 0.21%             | 2028-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| KL Charlie Acquisition Corp Term Loan                                                     | KL Charlie Acquisition Corp Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    737325 | PA      | $741543.97    | 0.65%             | 2026-12-30      | Floating      | 9.02%                 | No            |                  3 | On Loan: No      |
| Fiesta Purchaser Inc Term Loan B                                                          | Fiesta Purchaser Inc Term Loan B                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    492534 | PA      | $491864.48    | 0.43%             | 2031-02-12      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc Term Loan B                                           | Clydesdale Acquisition Holdings Inc Term Loan B                                           | CUSIP: N/A<br>LEI: 254900QKSDYFR3K5YD98       | Long             | LON              | CORP              | US        |    480972 | PA      | $480327.71    | 0.42%             | 2032-03-26      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| AKS Engineering & Forestry, LLC Term Loan                                                 | AKS Engineering & Forestry, LLC Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1403890 | PA      | $1382831.38   | 1.22%             | 2031-01-02      | Floating      | 8.68%                 | No            |                  3 | On Loan: No      |
| Atlantic Pipe Services, LLC Term Loan                                                     | Atlantic Pipe Services, LLC Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2226568 | PA      | $2198736.30   | 1.93%             | 2031-12-01      | Floating      | 8.20%                 | No            |                  3 | On Loan: No      |
| KL Moon Acquisition, LLC Term Loan                                                        | KL Moon Acquisition, LLC Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    634735 | PA      | $627877.46    | 0.55%             | 2029-02-01      | Floating      | 10.85%                | No            |                  3 | On Loan: No      |
| Vert Markets LLC Term Loan                                                                | Vert Markets LLC Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1486855 | PA      | $1471039.10   | 1.29%             | 2029-12-18      | Floating      | 9.17%                 | No            |                  3 | On Loan: No      |
| Wolverine Seller Holdings, LLC Revolver                                                   | Wolverine Seller Holdings, LLC Revolver                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     17769 | PA      | $17626.16     | 0.02%             | 2030-01-17      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Pediatric Home Respiratory Services, LLC Term Loan                                        | Pediatric Home Respiratory Services, LLC Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1783544 | PA      | $1774626.28   | 1.56%             | 2030-12-23      | Floating      | 9.10%                 | No            |                  3 | On Loan: No      |
| McAfee Corp Term Loan B1                                                                  | McAfee Corp Term Loan B1                                                                  | CUSIP: N/A<br>LEI: 2549009UKR8UEZYVCR93       | Long             | LON              | CORP              | US        |    477588 | PA      | $439232.85    | 0.39%             | 2029-03-01      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Force Electrical Buyerco, LLC Revolver                                                    | Force Electrical Buyerco, LLC Revolver                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     31385 | PA      | $31071.28     | 0.03%             | 2032-10-21      | Floating      | 10.50%                | No            |                  3 | On Loan: No      |
| Veritiv Operating Co Term Loan B                                                          | Veritiv Operating Co Term Loan B                                                          | CUSIP: N/A<br>LEI: 5493004G8OK5L1UTIY12       | Long             | LON              | CORP              | US        |    492506 | PA      | $491944.84    | 0.43%             | 2030-11-30      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Atlantic Pipe Services, LLC Revolver                                                      | Atlantic Pipe Services, LLC Revolver                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    155506 | PA      | $153562.53    | 0.14%             | 2031-12-01      | Floating      | 8.19%                 | No            |                  3 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                        | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                        | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $355957.13    | 0.31%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AEP Passion Intermediate Holdings Inc Term Loan                                           | AEP Passion Intermediate Holdings Inc Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    351000 | PA      | $342345.34    | 0.30%             | 2027-10-05      | Floating      | 5.74%                 | No            |                  3 | On Loan: No      |
| B&G Foods Inc                                                                             | B&G Foods Inc                                                                             | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |    365000 | PA      | $359112.50    | 0.32%             | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OneSky Flight LLC                                                                         | OneSky Flight LLC                                                                         | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5350.68      | 0.00%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Rotolo Consultants Inc. Term Loan                                                         | Rotolo Consultants Inc. Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1537341 | PA      | $1532848.13   | 1.35%             | 2031-01-31      | Floating      | 9.76%                 | No            |                  3 | On Loan: No      |
| 1261229 BC Ltd Term Loan B                                                                | 1261229 BC Ltd Term Loan B                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    492525 | PA      | $480029.64    | 0.42%             | 2030-10-08      | Floating      | 9.97%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   8300146 | NS      | $8300146.27   | 7.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Costanzo's Bakery, LLC Term Loan                                                          | Costanzo's Bakery, LLC Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    783762 | PA      | $783761.82    | 0.69%             | 2027-06-18      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| Cornhusker Buyer, Inc. Term Loan                                                          | Cornhusker Buyer, Inc. Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    779287 | PA      | $779287.24    | 0.69%             | 2028-10-31      | Floating      | 8.32%                 | No            |                  3 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp                                              | CCO Holdings LLC / CCO Holdings Capital Corp                                              | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $400431.52    | 0.35%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Stonegrove Roofing, LLC Delayed Draw Term Loan                                            | Stonegrove Roofing, LLC Delayed Draw Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     84079 | PA      | $82411.66     | 0.07%             | 2030-04-17      | Floating      | 9.19%                 | No            |                  3 | On Loan: No      |
| Fowler Route Co., Inc Term Loan                                                           | Fowler Route Co., Inc Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2182218 | PA      | $2165787.01   | 1.90%             | 2030-02-28      | Floating      | 9.42%                 | No            |                  3 | On Loan: No      |
| Gold Medal Holdings Inc Term Loan                                                         | Gold Medal Holdings Inc Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1079461 | PA      | $1079460.70   | 0.95%             | 2027-03-17      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| IPC Pain Acquisition LLC Term Loan                                                        | IPC Pain Acquisition LLC Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    414706 | PA      | $412632.41    | 0.36%             | 2027-05-19      | Floating      | 9.23%                 | No            |                  3 | On Loan: No      |
| KNPC Holdco, LLC Term Loan                                                                | KNPC Holdco, LLC Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    205895 | PA      | $205895.37    | 0.18%             | 2029-10-22      | Floating      | 11.05%                | No            |                  3 | On Loan: No      |
| Force Electrical Buyerco, LLC Delayed Draw Term Loan                                      | Force Electrical Buyerco, LLC Delayed Draw Term Loan                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      8369 | PA      | $8285.68      | 0.01%             | 2032-10-21      | Floating      | 8.26%                 | No            |                  3 | On Loan: No      |
| VTC Buyer Corp. Term Loan                                                                 | VTC Buyer Corp. Term Loan                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    725278 | PA      | $729964.50    | 0.64%             | 2031-07-15      | Floating      | 9.15%                 | No            |                  3 | On Loan: No      |
| iHeartCommunications Inc Term Loan                                                        | iHeartCommunications Inc Term Loan                                                        | CUSIP: N/A<br>LEI: 54930076J6KDZL504O62       | Long             | LON              | CORP              | US        |    577085 | PA      | $526694.33    | 0.46%             | 2029-05-01      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| Fowler Route Co., Inc Revolver                                                            | Fowler Route Co., Inc Revolver                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    160250 | PA      | $159094.25    | 0.14%             | 2030-02-28      | Floating      | 9.33%                 | No            |                  3 | On Loan: No      |
| Merit Financial Group, LLC Revolver                                                       | Merit Financial Group, LLC Revolver                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     81676 | PA      | $80984.43     | 0.07%             | 2032-08-27      | Floating      | 11.25%                | No            |                  3 | On Loan: No      |
| CPS Holdco, Inc Delayed Draw Term Loan                                                    | CPS Holdco, Inc Delayed Draw Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    770212 | PA      | $766622.31    | 0.67%             | 2031-03-28      | Floating      | 8.57%                 | No            |                  3 | On Loan: No      |
| APS Blackwater Holdings LLC                                                               | APS Blackwater Holdings LLC                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       194 | NS      | $194380.00    | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SSA Acquisition Holdco, LLC Term Loan                                                     | SSA Acquisition Holdco, LLC Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1951461 | PA      | $1912431.47   | 1.68%             | 2029-07-25      | Floating      | 10.25%                | No            |                  3 | On Loan: No      |
| M&D Midco Inc Term Loan                                                                   | M&D Midco Inc Term Loan                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    666215 | PA      | $666214.83    | 0.59%             | 2028-08-31      | Floating      | 9.97%                 | No            |                  3 | On Loan: No      |
| Advantage Surveillance, LLC Revolver                                                      | Advantage Surveillance, LLC Revolver                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     20768 | PA      | $20560.75     | 0.02%             | 2030-11-04      | Floating      | 8.39%                 | No            |                  3 | On Loan: No      |
| Arbor Realty SR Inc                                                                       | Arbor Realty SR Inc                                                                       | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38219.41     | 0.03%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Vert Markets LLC Revolver                                                                 | Vert Markets LLC Revolver                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    157694 | PA      | $156049.35    | 0.14%             | 2029-12-18      | Floating      | 9.13%                 | No            |                  3 | On Loan: No      |
| Zayo Group Holdings Inc PIK Term Loan                                                     | Zayo Group Holdings Inc PIK Term Loan                                                     | CUSIP: N/A<br>LEI: 529900Z6OTS7RT0V0I47       | Long             | LON              | CORP              | US        |    518737 | PA      | $490906.83    | 0.43%             | 2030-03-11      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp                                                                      | OneMain Finance Corp                                                                      | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    135000 | PA      | $133682.41    | 0.12%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Accupac, LLC Revolver                                                                     | Accupac, LLC Revolver                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    154266 | PA      | $151226.58    | 0.13%             | 2029-12-31      | Floating      | 10.92%                | No            |                  3 | On Loan: No      |
| ES Ventures, LLC Term Loan                                                                | ES Ventures, LLC Term Loan                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1023990 | PA      | $1014221.16   | 0.89%             | 2028-12-13      | Floating      | 8.54%                 | No            |                  3 | On Loan: No      |
| Directv Financing LLC Tern Loan Extended                                                  | Directv Financing LLC Tern Loan Extended                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    114646 | PA      | $114899.78    | 0.10%             | 2029-08-02      | Floating      | 9.35%                 | No            |                  2 | On Loan: No      |
| Accupac, LLC Term Loan                                                                    | Accupac, LLC Term Loan                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2104425 | PA      | $2062967.23   | 1.81%             | 2029-12-31      | Floating      | 7.00%                 | No            |                  3 | On Loan: No      |
| Cleartelligence, LLC Term Loan                                                            | Cleartelligence, LLC Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2453851 | PA      | $2422386.32   | 2.13%             | 2029-07-10      | Floating      | 9.92%                 | No            |                  3 | On Loan: No      |
| Element Solutions Inc Term Loan B3                                                        | Element Solutions Inc Term Loan B3                                                        | CUSIP: N/A<br>LEI: 549300FLGN6P5CU20J91       | Long             | LON              | CORP              | US        |    301473 | PA      | $302853.86    | 0.27%             | 2030-12-18      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Global Precision Research, LLC Term Loan                                                  | Global Precision Research, LLC Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1542056 | PA      | $1518925.23   | 1.34%             | 2031-10-28      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| Hill Country Dairies, Inc. Term Loan                                                      | Hill Country Dairies, Inc. Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1537247 | PA      | $1539648.23   | 1.35%             | 2030-08-01      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| CEV Multimedia, LLC Term Loan                                                             | CEV Multimedia, LLC Term Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    240902 | PA      | $240901.66    | 0.21%             | 2027-12-27      | Floating      | 10.27%                | No            |                  3 | On Loan: No      |
| CompletePet Florida, LLC Term Loan                                                        | CompletePet Florida, LLC Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    598500 | PA      | $597020.84    | 0.53%             | 2030-02-06      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| KL Charlie Acquisition Corp Delayed Draw Term Loan                                        | KL Charlie Acquisition Corp Delayed Draw Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1075733 | PA      | $1081873.11   | 0.95%             | 2026-12-30      | Floating      | 9.02%                 | No            |                  3 | On Loan: No      |
| Douglas Holdings, Inc. Delayed Draw Term Loan                                             | Douglas Holdings, Inc. Delayed Draw Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     30848 | PA      | $31051.06     | 0.03%             | 2030-08-27      | Floating      | 9.11%                 | No            |                  3 | On Loan: No      |
| Alta Buyer LLC Delayed Draw Term Loan                                                     | Alta Buyer LLC Delayed Draw Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    272496 | PA      | $272495.84    | 0.24%             | 2027-12-21      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Orion Midco LLC Term Loan                                                                 | Orion Midco LLC Term Loan                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2081893 | PA      | $2086065.01   | 1.83%             | 2031-05-21      | Floating      | 9.12%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Principal Private Credit Fund

**Signature:** Megan Hoffmann

**Name of Signer:** /s/ Megan Hoffmann

**Title:** Vice President and Treasurer