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Dso, LLC Type Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67% Maturity Date 04/04/20292025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Specialized Consumer Services Trutemp Acquisition LLC Type Revolving Credit Facility Maturity Date 8/26/20312026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Electrical Components & Equipment Luminii LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70% Maturity Date 3/21/20302026-03-3100018999962025-01-012025-03-310001899996us-gaap:UnfundedLoanCommitmentMember2026-03-310001899996ck0001899996:ResearchConsultingServiceMemberus-gaap:InvestmentsMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Application Software Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. 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non-controlled/ non-affiliate Equity Specialized Consumer Services Roofing Services Solutions Holdings, LLC Type Series A Preferred Units2025-12-310001899996ck0001899996:ProfessionalEducationHoldcoLLCMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Environmental & Facilities Services Dragonfly Pond Works Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 8.66% Maturity Date 8/16/20312026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Specialized Consumer Services USW Buyer, LLC Type Term Loan Reference Rate and Spread SOFR + 6.25% (5.00% PIK) Interest Rate 10.02% Maturity Date 11/03/20282025-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2026-03-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2026-03-310001899996ck0001899996:HealthCareFacilitiesMemberus-gaap:InvestmentsMember2026-03-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMembersrt:MinimumMemberck0001899996:MarketComparableMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Air Freight & Logistics STG Distribution LLC Type Term Loan Reference Rate and Spread 8.00% (8.00% PIK) Interest Rate 8.00% Maturity Date 7/13/2026 Two2026-03-310001899996ck0001899996:TgnlTopcoLPMemberus-gaap:RestrictedStockMember2025-01-012025-12-310001899996us-gaap:RestrictedStockMemberck0001899996:PillrHealthHoldingsLPOneMember2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Supplies C2dx, Inc Type Term Loan Reference Rate and Spread SOFR 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6/17/20302026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:EndurancePTTechnologyHoldingsLLCMembersrt:MaximumMember2025-01-012025-12-310001899996us-gaap:RevolvingCreditFacilityMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:R1HoldingsLLCMember2025-12-310001899996us-gaap:RevolvingCreditFacilityMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:TheSmilistDsoLlcMember2025-12-310001899996us-gaap:RestrictedStockMemberck0001899996:KlcFund1022LPMember2025-01-012025-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOfferedPriceMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:SeniorLienMember2025-12-310001899996country:US2025-12-310001899996us-gaap:RestrictedStockMembersrt:MinimumMemberck0001899996:MobotrexUltimateHoldingsLlcMember2025-01-012025-12-310001899996ck0001899996:WciBxcPurchaserLlcMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:UnfundedLoanCommitmentMember2026-03-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMemberck0001899996:DragonflyPondWorksMember2025-12-310001899996Investments 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1/30/20332026-03-310001899996ck0001899996:InvestmentAdvisoryAgreementMemberck0001899996:FidelityDiversifyingSolutionsLLCMembersrt:AffiliatedEntityMember2023-05-102023-05-100001899996us-gaap:RestrictedStockMemberck0001899996:BPCPCraftsmanHoldingsLLCMember2026-01-012026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:PerimeterSolutionsHoldingsLPMembersrt:MaximumMember2026-01-012026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:EtHarvestInvestmentAggregatorLPMember2025-01-012025-12-310001899996us-gaap:MutualFundMemberus-gaap:InvestmentsMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:MFIGroupHoldingsLLCMembersrt:MaximumMember2025-01-012025-12-310001899996ck0001899996:ElectricalComponentsEquipmentMemberus-gaap:SeniorLienMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Paper & Plastic Packaging Products & Materials Soteria Flexibles Corporation Type Delayed 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7/16/20302026-03-310001899996us-gaap:RevolvingCreditFacilityMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:TigerHealthcareBuyerLlcMember2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Specialized Consumer Services USW Buyer, LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.25% (5.00% PIK) Interest Rate 10.02% Maturity Date 11/03/20282025-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOfferedPriceMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMember2025-01-012025-12-310001899996ck0001899996:EducationServicesMemberus-gaap:EquityMember2026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:DoubleEEquityLPOneMember2025-12-310001899996ck0001899996:SpecializedFinanceMemberus-gaap:InvestmentsMember2025-12-310001899996us-gaap:SeniorLienMemberck0001899996:DiversifiedFinancialServicesMember2025-12-310001899996Investments -- non-controlled/ non-affiliate Equity Packaged Foods & Meats 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Services The Smilist Dso, LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70% Maturity Date 4/04/2029 One2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Packaged Foods & Meats Nutrail Acquisitionco, LLC Type Delayed Draw Term Loan Maturity Date 5/23/20302025-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMembersrt:MinimumMemberck0001899996:MarketComparableMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001899996us-gaap:RestrictedStockMembersrt:MinimumMemberck0001899996:FcaPartnersLlcOneMember2026-01-012026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:MustangProspectsHoldcoLLCMembersrt:MaximumMember2026-01-012026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:TrutempHoldingsLLCMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Supplies Premier Dental Products Company LLC Type Term Loan Reference Rate and Spread SOFR 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Lien Debt Application Software ACP Avenu Midco LLC Type Revolving Credit Facility Maturity Date 10/2/20292026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Education Services Professional Education Holdco, LLC Type Delayed Draw Term Loan Maturity Date 2/26/20322026-03-310001899996us-gaap:AdvertisingMemberus-gaap:InvestmentsMember2026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:SabrosuraSuperHoldingsLlcMember2025-01-012025-12-310001899996us-gaap:FairValueInputsLevel3Member2025-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Specialized Consumer Services Mustang Prospects Purchaser LLC Type Revolving Credit Facility Maturity Date 6/13/20312026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:CurrierPlasticsHoldingsLLCOneMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Specialized Consumer Services Solid Ground Solutions Acquisitions Inc Type Term Loan Reference Rate and 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Plastics Acquisition, LLC Type Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.48% Maturity Date 9/19/20312025-12-310001899996ck0001899996:NutrailAcquisitioncoLLCMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Diversified Support Services Hy-Tek Opco, LLC Type Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17% Maturity Date 9/19/20282025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Services Future Care Associates LLC Type Revolving Credit Facility Reference Rate and Spread SOFR + 5.25% Interest Rate 9.03% Maturity Date 12/30/20282026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Trading Companies & Distributors Belt Power Holdings LLC Type Revolving Credit Facility Reference Rate and Spread - Interest Rate - Maturity Date 8/22/20282026-03-310001899996Investments -- 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9/19/20312026-03-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMemberck0001899996:AbCentersAcquisitionCorporationMember2025-12-310001899996us-gaap:RestrictedStockMemberck0001899996:PillrHealthHoldingsLPOneMember2025-01-012025-12-310001899996ck0001899996:TransferAgentAgreementMember2025-01-012025-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Application Software ACP Avenu Midco LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 8.66% Maturity Date 10/2/20292026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Specialized Consumer Services Unified Service Partners, LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 8.00% (4.00% PIK) Interest Rate 11.60% Maturity Date 4/14/20302026-03-310001899996ck0001899996:JanuaryTwoThousandTwentyFiveMember2025-01-012025-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Trading Companies & 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12/22/20292025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Paper & Plastic Packaging Products & Material Bron Buyer, LLC Type Term Loan Reference Rate and Spread SOFR + 5.75% Interest Rate 9.55% Maturity Date 1/13/20292026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Research & Consulting Services NAM Acquisition Co LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17% Maturity Date 7/16/20302025-12-310001899996us-gaap:InvestmentsMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Services VIP Medical US Buyer, LLC Type Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 9.33% Maturity Date 12/12/20282025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Education Services Professional Education Holdco, LLC Type Revolving Credit Facility Maturity 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5/3/20282026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:WciBxcInvestmentHoldingsLpMember2026-01-012026-03-310001899996country:AU2026-03-310001899996ck0001899996:SpecializedConsumerServicesMemberus-gaap:SeniorLienMember2025-12-310001899996us-gaap:RestrictedStockMemberck0001899996:REPROCOINVESTIV-ALPMember2025-12-310001899996us-gaap:RestrictedStockMembersrt:MinimumMemberck0001899996:RoofingServicesSolutionsHoldingsLLCMember2025-01-012025-12-310001899996us-gaap:RestrictedStockMemberck0001899996:PillrHealthHoldingsLPMember2025-01-012025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt IT Consulting & Other Services Digital Experience Services, LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 8.74% Maturity Date 04/25/20302025-12-310001899996Investments -- non-controlled/ non-affiliate Equity Diversified Support Services Klc Fund 1022-Ci-A LP Type Equity Interest2025-12-310001899996Investments -- non-controlled/ non-affiliate Equity Air Freight & Logistics REP RO COINVEST IV-A, L.P. 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Rate and Spread SOFR + 5.25% Interest Rate 8.92% Maturity Date 6/3/20302025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Services Ab Centers Acquisition Corporation Type Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92% Maturity Date 7/02/2031 One2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Application Software Routeware, Inc Type Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 8.93% Maturity Date 9/18/20312026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:NamGroupHoldingsLlcMember2026-01-012026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:NEOrthoHoldingsLLCMembersrt:MaximumMember2026-01-012026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Environmental & Facilities Services Scp Mechanical Services Buyer, LLC Type Revolving Credit Facility Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% Maturity Date 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8/26/20312026-03-310001899996us-gaap:SeniorLienMemberck0001899996:HealthCareSuppliesMember2026-03-310001899996ck0001899996:FirmaPakIntermediaryLLCMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001899996us-gaap:RestrictedStockMemberck0001899996:WarshawHoldingsLLCMember2025-01-012025-12-310001899996us-gaap:RestrictedStockMemberck0001899996:ScpMechanicalServicesHoldcoLLCMember2025-12-310001899996us-gaap:RevolvingCreditFacilityMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:PentaFineIngredientsIncMember2025-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:SeniorLienMembersrt:MinimumMemberck0001899996:YieldMember2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Packaged Foods & Meats Sabrosura Foods, LLC Type Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67% Maturity Date 8/22/20292026-03-310001899996us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMembersrt:MinimumMemberck0001899996:YieldMember2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Electrical Components & Equipment Warshaw Opco LLC Type Revolving Credit Facility Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70% Maturity Date 3/27/20302026-03-310001899996ck0001899996:PillrHealthIntermediateIILLCMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorLienMember2024-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Industrial Machinery & Supplies & Components Double E Company, LLC Type Term Loan Reference Rate and Spread SOFR + 6.25% (2.25% PIK) Interest Rate 10.10% Maturity Date 6/21/20282026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Electronic Manufacturing Services Principal Lighting Group Holdings, LLC Type Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 8.94% Maturity Date 11/04/20302026-03-310001899996us-gaap:EquityMemberus-gaap:FairValueInputsLevel1Member2025-12-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MutualFundMember2026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:SabrosuraSuperHoldingsLlcMember2026-03-310001899996ck0001899996:HealthCareTechnologyMemberus-gaap:InvestmentsMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Services VIP Medical US Buyer, LLC Type Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 9.02% Maturity Date 12/12/2028 One2026-03-310001899996ck0001899996:FidelityDirectLendingFundIJspvLlcMember2026-01-012026-03-310001899996us-gaap:EquityMemberus-gaap:InvestmentsMemberck0001899996:SecuritiesInvestmentConcentrationRiskMember2026-03-310001899996ck0001899996:KineticInfrastructureGroupIncMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Air Freight & Logistics R1 Holdings, LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.25% Interest Rate 9.96% Maturity Date 12/29/20282025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Life Sciences Tools & Services Ecir Intermediate II LLC Type Delayed Draw Term Loan Maturity Date 9/26/20312026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Paper & Plastic Packaging Products & Materials Soteria Flexibles Corporation Type Revolving Credit Facility Reference Rate and Spread SOFR + 5.50% Interest Rate 9.19% Maturity Date 8/15/20292025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Application Software ACP Falcon Buyer Inc Type Revolving Credit Facility Maturity Date 8/1/20292025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Packaged Foods & Meats Midas Foods International LLC Type Delayed Draw Term Loan Maturity Date 4/30/20292025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Paper & Plastic Packaging Products & Material Firmapak Intermediary LLC Type Delayed Draw Term Loan Maturity Date 2/4/20312026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:PillrHealthHoldingsLPMember2026-01-012026-03-310001899996us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityMemberck0001899996:MeasurementInputNetAssetValueMember2025-01-012025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Services Dpt Management, LLC Type Revolving Credit Facility Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17% Maturity Date 12/18/20272026-03-310001899996ck0001899996:Hy-TekHoldingsLLCOneMemberus-gaap:RestrictedStockMember2026-03-310001899996us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001899996Investments -- non-controlled/ non-affiliate Equity Industrial Machinery & Supplies & Components Endurance PT Technology Holdings LLC Type Common Units2025-12-310001899996us-gaap:UnsecuredDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Diversified Support Services Perimeter Solutions Group, LLC Type Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% Maturity Date 10/2/20302025-12-310001899996Investments -- non-controlled/ non-affiliate Equity Industrial Machinery & Supplies & Components Lake Air Products Aggregator LLC Type Common Units2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Services Fertility (ITC) Investment Holdco, LLC/Fertility (ITC) Buyer, Inc. Type Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 8.57% Maturity Date 1/03/20292026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:BPCPCraftsmanHoldingsLLCMember2026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:DragonflyUltimateHoldingsLlcMember2025-12-310001899996ck0001899996:BehavioralFrameworkLLCMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:UnfundedLoanCommitmentMember2026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:ScpMechanicalServicesHoldcoLLCMember2026-01-012026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Diversified Support Services National Power, LLC Type Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17% Maturity Date 10/20/20292026-03-310001899996Investments -- non-controlled/ non-affiliate Equity Health Care Technology Pillr Health Holdings, LP Type Common Units2025-12-310001899996ck0001899996:NonQualifyingAssetsMember2025-12-310001899996ck0001899996:NutrailAcquisitioncoLLCMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Industrial Machinery & Supplies & Components Precision I Buyer, LLC Type Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% Maturity Date 3/12/20322026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Technology Harmony Hit US Holdings Inc Type Revolving Credit Facility Maturity Date 12/03/20302026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Technology Pillr Health Intermediate II, LLC Type Delayed Draw Term Loan Reference Rate and Spread Interest Rate - Maturity Date 12/31/20312025-12-310001899996Investments -- non-controlled/ non-affiliate Equity Diversified Support Services Identiti Holdings LLC Type Class A Units2026-03-310001899996ck0001899996:FidelityDirectLendingFundIJspvLlcMember2024-11-260001899996Investments -- non-controlled/ non-affiliate First Lien Debt Building Products Tgnl Purchaser LLC Type Term Loan Reference Rate and Spread SOFR + 4.50% Interest Rate 8.22% Maturity Date 6/25/20312025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Insurance Brokers Knight AcquireCo, LLC Type Delayed Draw Term Loan Maturity Date 11/07/20322025-12-310001899996us-gaap:EquityMemberus-gaap:FairValueInputsLevel1Member2026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:Hy-TekHoldingsLLCMember2026-01-012026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Air Freight & Logistics Pla Buyer, LLC Type Term Loan Reference Rate and Spread SOFR + 7.00% (0.50% PIK) Interest Rate 10.79% Maturity Date 11/22/20292025-12-310001899996ck0001899996:BenefitPlanAdministratorsOfEauClaireLLCMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001899996ck0001899996:NamAcquisitionCoLlcMemberus-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001899996ck0001899996:DiversifiedSupportServicesMemberus-gaap:EquityMember2026-03-310001899996ck0001899996:ElectricalComponentsEquipmentMemberus-gaap:InvestmentsMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Building Products Vp Deliver Parent, Inc Type Revolving Credit Facility Maturity Date 2/17/20312026-03-310001899996us-gaap:UnfundedLoanCommitmentMemberus-gaap:DelayedDrawTermLoanMemberck0001899996:SolidGroundSolutionsAcquisitionsIncMember2025-12-310001899996us-gaap:RestrictedStockMembersrt:MaximumMemberck0001899996:DragonflyUltimateHoldingsLlcMember2026-01-012026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt IT Consulting & Other Services Cait Intermediate, LLC Type Revolving Credit Facility Maturity Date 10/08/20302026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Trading Companies & Distributors Mobotrex, LLC Type Revolving Credit Facility Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70% Maturity Date 6/7/20312026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Specialized Consumer Services Mustang Prospects Purchaser LLC Type Term Loan Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67% Maturity Date 06/13/20312025-12-310001899996us-gaap:RevolvingCreditFacilityMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:WarshawOpcoLLCMember2025-12-310001899996ck0001899996:HealthCareFacilitiesMemberus-gaap:InvestmentsMember2025-12-310001899996us-gaap:RestrictedStockMemberck0001899996:SCP3PLTopcoLLCTwoMembersrt:MaximumMember2026-01-012026-03-310001899996ck0001899996:ResearchConsultingServiceMemberus-gaap:SeniorLienMember2025-12-310001899996ck0001899996:SpecializedConsumerServicesMemberus-gaap:UnsecuredDebtMember2025-12-310001899996us-gaap:UnfundedLoanCommitmentMemberck0001899996:DPTManagementLLCMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Specialized Consumer Services Roofing Services Solutions LLC Type Term Loan Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42% Maturity Date 11/27/20292026-03-310001899996us-gaap:SeniorLienMemberck0001899996:PharmaceuticalsMember2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Life Sciences Tools & Services Wci-Bxc Purchaser, LLC Type Revolving Credit Facility Maturity Date 11/06/20302025-12-310001899996us-gaap:RevolvingCreditFacilityMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:CaitIntermediateLLCMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Diversified Financial Services Cub Financing Intermediate, LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.45% Maturity Date 6/28/20302026-03-310001899996ck0001899996:SpecializedConsumerServicesMemberus-gaap:SeniorLienMember2026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Specialized Consumer Services Unified Service Partners, LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 8.00% (4.00% PIK) Interest Rate 11.60% Maturity Date 04/14/20302025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Research & Consulting Services RPX Corporation Type Term Loan Reference Rate and Spread SOFR + 5.50% Interest Rate 9.18% Maturity Date 8/2/20302026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:KlcFund1022LPMember2025-12-310001899996us-gaap:RevolvingCreditFacilityMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:FertilityItcInvestmentHoldcoLlcFertilityItcBuyerIncMember2026-03-310001899996Investments -- non-controlled/ non-affiliate Equity Environmental & Facilities Services Dragonfly Ultimate Holdings LLC Type Class A Units2026-03-310001899996us-gaap:RestrictedStockMemberck0001899996:BronHoldingsLLCMembersrt:MaximumMember2026-01-012026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Industrial Machinery & Supplies & Components Lake Air Products, LLC Type Term Loan Reference Rate and Spread SOFR + 7.00% Interest Rate 10.85% Maturity Date 1/09/20292026-03-310001899996ck0001899996:TruistSeniorSecuredRevolvingCreditFacilityMember2025-08-220001899996us-gaap:RestrictedStockMemberck0001899996:HITCOParentLLCMember2026-01-012026-03-310001899996us-gaap:RevolvingCreditFacilityMemberus-gaap:UnfundedLoanCommitmentMemberck0001899996:SolidGroundSolutionsAcquisitionsIncMember2025-12-310001899996us-gaap:RestrictedStockMemberck0001899996:MustangProspectsHoldcoLLCMember2025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Diversified Financial Services Benefit Plan Administrators of Eau Claire, LLC Type Delayed Draw Term Loan Maturity Date 11/1/20302025-12-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Services The Smilist Dso, LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70% Maturity Date 4/04/20292026-03-310001899996Investments -- non-controlled/ non-affiliate First Lien Debt Health Care Services VIP Medical US Buyer, LLC Type Delayed Draw Term Loan Reference Rate and Spread SOFR + 5.25% Interest Rate 9.08% Maturity Date 12/12/20282025-12-31iso4217:USDxbrli:sharesxbrli:purexbrli:sharesiso4217:CADiso4217:USD

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended March 31, 2026

OR

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

For the transition period from _____________________ to _____________________

Commission File Number 814-01645

 

Fidelity Private Credit Company LLC

(Exact name of Registrant as specified in its Charter)

 

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

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

 

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

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		None		None

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

Common Units

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

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

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

 

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

 

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

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

The number of units of Registrant’s Common Units, outstanding as of May 4, 2026 was 86,084,392

 

 

 

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Table of Contents

 

		Page
PART I.	FINANCIAL INFORMATION	2
Item 1.	Consolidated Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025	2
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)	3
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (unaudited)	4
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	5
	Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025	6
	Notes to Consolidated Financial Statements (unaudited)	49
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	75
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	88
Item 4.	Controls and Procedures	88
PART II.	OTHER INFORMATION	89
Item 1.	Legal Proceedings	89
Item 1A.	Risk Factors	89
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	89
Item 3.	Defaults Upon Senior Securities	89
Item 4.	Mine Safety Disclosures	89
Item 5.	Other Information	89
Item 6.	Exhibits	90
Signatures		91

 

 

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

our ability to raise capital;

•

geo-political conditions, including revolution, insurgency, terrorism or war;

•

the ability of our portfolio companies to achieve their objectives;

•

our current and expected financing arrangements and investments;

•

changes in the general interest rate environment;

•

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

•

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

•

our contractual arrangements and relationships with third parties;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

the tax status of the enterprises in which we may invest.

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

1

---

 

PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Fidelity Private Credit Company LLC

Consolidated Statements of Assets and Liabilities

 

		March 31, 2026				December 31, 2025
		(unaudited)
Assets
Investments at fair value
Non-controlled / non-affiliate investments (amortized cost $1,703,615,168 and $1,677,854,551 as of March 31, 2026 and December 31, 2025, respectively)		$	1,662,543,940			$	1,639,681,521
Cash			24,376,540				34,121,577
Foreign cash (cost $9,412 and $9,485 as of March 31, 2026 and December 31, 2025, respectively)			9,327				9,557
Deferred financing costs			9,055,236				9,740,241
Receivables from sales and paydowns of investments			1,355,745				1,561,250
Interest receivable			16,897,920				13,682,396
Prepaid expenses and other assets			41,764				59,662
Total Assets		$	1,714,280,472			$	1,698,856,204
Liabilities
Debt			901,344,332				893,353,357
Payable for purchases of investments			1,245,186				217,916
Payable for capital units repurchased			—				6,368,624
Interest payable			12,509,378				14,124,305
Management fee payable			832,491				815,967
Due to affiliates, net			148,199				63,719
Other accounts payable and accrued liabilities			896,286				1,198,351
Total Liabilities		$	916,975,872			$	916,142,239
Commitments and Contingencies (Note 7)
Net Assets
Paid-in-capital in excess of par value			829,692,097				821,416,367
Total distributable earnings (loss)			(32,387,497	)			(38,702,402	)
Total Net Assets		$	797,304,600			$	782,713,965
Total Liabilities and Net Assets		$	1,714,280,472			$	1,698,856,204
Net Asset Value per unit (85,190,976 and 84,305,051 units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)		$	9.36			$	9.28

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

2

---

 

Fidelity Private Credit Company LLC

Consolidated Statements of Operations

(unaudited)

		Three Months Ended March 31,
		2026				2025
Investment Income
From non-controlled / non-affiliate investments
Interest income		$	41,110,024			$	43,960,718
Dividend income			219,602				117,578
Other income			1,071,930				845,552
Total Investment Income			42,401,556				44,923,848
Expenses
Interest expense			15,287,596				15,485,031
Management fees			2,478,991				2,420,506
Administration fees			495,773				483,976
Custodian fees			5,046				1,398
Board of Directors’ fees			59,923				75,999
Professional fees			546,422				319,037
Other general and administrative expenses			250,084				222,605
Total Expenses Before Reductions			19,123,835				19,008,552
Expense support			(384,633	)			(149,187	)
Net Expenses			18,739,202				18,859,365
Net Investment Income (Loss) Before Taxes			23,662,354				26,064,483
Net change in provision (benefit) for income and excise taxes			17,490				140
Net Investment Income (Loss) After Taxes			23,644,864				26,064,343
Net Realized and Change in Unrealized Gains (Losses)
Net realized gain (loss) on non-controlled / non-affiliate investments			446,365				(12,596	)
Net realized gain (loss) on foreign currency transactions			(92	)			(176	)
Net realized gain (loss)			446,273				(12,772	)
Net change in unrealized appreciation (depreciation) on non-controlled / non-affiliate investments			(2,898,198	)			(9,754,350	)
Net change in unrealized appreciation (depreciation) on foreign currency translation			(316	)			205
Net change in benefit (provision) for deferred taxes on unrealized appreciation (depreciation) on investments			167,886				32,251
Net change in unrealized appreciation (depreciation)			(2,730,628	)			(9,721,894	)
Net Realized and Change in Unrealized Gains (Losses)			(2,284,355	)			(9,734,666	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	21,360,509			$	16,329,677

 

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

3

---

 

Fidelity Private Credit Company LLC

Consolidated Statements of Changes in Net Assets

(unaudited)

		Three Months Ended March 31,
		2026				2025
Net Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income (loss)		$	23,644,864			$	26,064,343
Net realized gain (loss)			446,273				(12,772	)
Net change in unrealized appreciation (depreciation)			(2,730,628	)			(9,721,894	)
Net increase (decrease) in net assets resulting from operations			21,360,509				16,329,677
Capital Activity:
Capital contributions			—				50,286,000
Distributions to Unit Holders			(15,045,604	)			(15,298,214	)
Capital units repurchased			—				(18,917,680	)
Reinvestment of distributions			8,275,730				7,554,676
Net increase (decrease) in net assets resulting from capital activity			(6,769,874	)			23,624,782
Total increase (decrease) in net assets			14,590,635				39,954,459
Net assets, beginning of period			782,713,965				755,545,778
Net Assets, End of Period		$	797,304,600			$	795,500,237

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

4

---

 

Fidelity Private Credit Company LLC

Consolidated Statements of Cash Flows

(unaudited)

		Three Months Ended March 31,
		2026				2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations		$	21,360,509			$	16,329,677
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Payments for purchases of investments			(123,171,218	)			(77,254,594	)
Proceeds from sales of investments and principal repayments			110,573,951				29,499,606
Net proceeds (payments) from sales (purchases) of short-term securities			(7,799,698	)			(25,073,884	)
Net realized (gain) loss on investments			(446,365	)			12,596
Net realized (gain) loss on foreign currency transactions			92				176
Net change in unrealized (appreciation) depreciation on investments			2,898,198				9,754,350
Net change in unrealized (appreciation) depreciation on foreign currency translation			316				(205	)
Payment-in-kind interest capitalized			(2,075,870	)			(1,601,959	)
Net accretion of discount and amortization of premium			(2,841,417	)			(2,020,261	)
Amortization of deferred financing costs			685,005				386,087
Changes in operating assets and liabilities
(Increase) decrease in receivables from sales and paydowns of investments			205,505				(4,182,589	)
(Increase) decrease in interest receivable			(3,215,524	)			(1,260,629	)
(Increase) decrease in prepaid expenses and other assets			17,898				86,775
Increase (decrease) in due to custodian			—				(155,575	)
Increase (decrease) in payable for purchases of investments			1,027,270				(66,034	)
Increase (decrease) in interest payable			(1,614,927	)			(57,849	)
Increase (decrease) in management fee payable			16,524				27,435
Increase (decrease) in due to affiliates, net			84,480				(8,905	)
Increase (decrease) in other accounts payable and accrued liabilities			(302,065	)			(157,393	)
Net Cash Provided by (Used in) Operating Activities			(4,597,336	)			(55,743,175	)
Cash Flows from Financing Activities:
Capital contributions			—				50,286,000
Repurchased units			(6,368,624	)			—
Capital distributions			(6,769,874	)			(7,743,538	)
Proceeds from borrowings			65,000,000				16,400,000
Repayment of borrowings			(57,009,025	)			—
Net Cash Provided by (Used in) Financing Activities			(5,147,523	)			58,942,462
Net increase (decrease) in Cash and Foreign cash			(9,744,859	)			3,199,287
Effect of foreign currency exchange rates changes on cash			(408	)			(373	)
Cash and Foreign cash, beginning of the period			34,131,134				33,818,898
Cash and Foreign cash, End of the Period		$	24,385,867			$	37,017,812
Supplemental Information and Non-Cash Financing Activities
Non-cash distributions		$	8,275,730			$	7,554,676
Reinvestment of distributions		$	(8,275,730	)		$	(7,554,676	)
Non-cash purchases of payment-in-kind securities		$	2,075,870			$	1,601,959
Non-cash interest income from payment-in-kind securities		$	(2,075,870	)		$	(1,601,959	)
Cash paid for interest expense		$	16,217,518			$	15,156,793

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

 

5

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Investments -- non-controlled/ non-affiliate
First Lien Debt
Advertising
Penn Quarter Partners, LLC (i)(l)(q)		Term Loan		SOFR + 5.00%		8.70%		8/25/2031			3,722,206			$	3,679,267			$	3,722,206
Penn Quarter Partners, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		8/25/2031			-				(15,832	)			-
Penn Quarter Partners, LLC (f)(i)(q)		Revolving Credit Facility		-		-		8/25/2031			-				(15,814	)			-
															3,647,621				3,722,206			0.47%
Aerospace & Defense
Aeron Buyer, LLC (i)(l)(q)		Term Loan		SOFR + 5.25%		8.95%		1/2/2032			4,156,250				4,105,925				4,156,250
Aeron Buyer, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		1/2/2032			-				(33,337	)			-
Aeron Buyer, LLC (f)(i)(q)		Revolving Credit Facility		Prime + 4.25%		11.00%		1/2/2032			185,185				151,844				185,185
Kinetic Engines Systems Inc (i)(l)		Term Loan		SOFR + 4.75%		8.52%		5/3/2029			8,143,179				7,997,693				8,143,179
Kinetic Engines Systems Inc (f)(i)(q)		Revolving Credit Facility		SOFR + 4.75%		8.52%		5/3/2028			2,151,809				2,101,367				2,151,809
Prospect Mold & Die Company (i)(l)(q)		Term Loan		SOFR + 5.00%		8.70%		3/30/2032			5,527,200				5,458,157				5,458,110
Prospect Mold & Die Company (f)(i)(q)		Revolving Credit Facility		Prime + 4.00%		10.75%		3/30/2032			209,623				194,351				194,338
Tex-Tech Industries Inc (j)(l)		Term Loan		SOFR + 4.75%		8.41%		1/13/2031			707,143				701,210				707,143
Tex-Tech Industries Inc (f)(j)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.41%		1/13/2031			95,238				94,404				95,238
Tex-Tech Industries Inc (f)(j)(q)		Revolving Credit Facility		SOFR + 4.75%		8.42%		1/13/2031			66,667				65,636				66,667
Tighitco Inc (i)(l)(q)		Term Loan		SOFR + 6.00%		9.67%		2/28/2030			8,703,297				8,595,697				8,668,484
Tighitco Inc (f)(i)(q)		Revolving Credit Facility		SOFR + 6.00%		9.68%		2/28/2030			879,121				865,805				874,725
															30,298,752				30,701,128			3.84%
Air Freight & Logistics
Dynamic Connections, Ltd (i)(m)(q)		Term Loan		SOFR + 5.50%		9.17%		11/27/2030			157,361				155,415				155,945
Dynamic Connections, Ltd (i)(l)(m)(p)		Term Loan		CORRA + 5.50%		8.49%		11/27/2030			514,047				362,060				367,678
Dynamic Connections, Ltd (f)(i)(m)(q)		Delayed Draw Term Loan		SOFR + 5.50%		9.17%		11/27/2030			323,326				319,236				320,208
Dynamic Connections, Ltd (f)(i)(m)(q)		Revolving Credit Facility		SOFR + 5.50%		9.17%		11/27/2030			11,547				10,194				10,508

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

6

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Dynamic Connections, Ltd (f)(i)(m)(q)		Delayed Draw Term Loan		-		-		11/27/2030			-			$	(42,254	)		$	(63,000	)
Pla Buyer, LLC (i)(l)		Term Loan		SOFR + 7.00% (0.50% PIK)		10.67%		11/22/2029			16,654,937				16,395,171				16,088,669
Pla Buyer, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 7.00%		10.67%		11/22/2029			1,105,263				1,073,730				1,033,684
R1 Holdings, LLC (i)(l)		Term Loan		SOFR + 6.75%		10.45%		12/29/2028			21,415,613				21,067,025				20,794,560
R1 Holdings, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.75%		10.46%		12/29/2028			2,443,811				2,383,471				2,372,941
R1 Holdings, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.75%		10.43%		12/29/2028			4,855,204				4,775,068				4,697,738
STG Distribution LLC (h)(m)(q)(r)		Term Loan		SOFR + 8.25% (7.25% PIK)		-		10/3/2029			7,070,904				6,710,921				7,070,904
STG Distribution LLC (h)(m)(q)(r)		Term Loan		SOFR + 7.50% (6.50% PIK)		-		10/3/2029			38,409,862				38,409,862				422,509
STG Distribution LLC (m)(q)		Delayed Draw Term Loan		8.00% (8.00% PIK)		8.00%		7/13/2026			8,847,093				8,075,909				8,847,093
STG Distribution LLC (m)(q)		Term Loan		8.00% (8.00% PIK)		8.00%		7/13/2026			11,384,421				11,384,421				11,384,421
STG Distribution LLC (m)(q)		Term Loan		8.00% (8.00% PIK)		8.00%		7/13/2026			904,391				904,391				904,391
															111,984,620				74,408,249			9.34%
Application Software
ACP Avenu Midco LLC (i)(l)		Term Loan		SOFR + 5.00%		8.66%		10/2/2029			18,328,125				17,996,398				18,328,125
ACP Avenu Midco LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/2/2029			-				(108,091	)			-
ACP Avenu Midco LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.66%		10/2/2029			4,666,593				4,609,660				4,666,593
ACP Avenu Midco LLC (i)(q)		Term Loan		SOFR + 5.00%		8.66%		10/2/2029			463,323				459,525				463,323
ACP Avenu Midco LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		10/2/2029			-				(1,563	)			-
ACP Avenu Midco LLC (i)(q)		Term Loan		SOFR + 5.00%		8.66%		10/2/2029			13,930,000				13,809,322				13,930,000
ACP Falcon Buyer Inc (i)(l)(q)		Term Loan		SOFR + 5.50%		9.16%		8/1/2029			23,241,475				22,798,751				23,241,475
ACP Falcon Buyer Inc (f)(i)(q)		Revolving Credit Facility		-		-		8/1/2029			-				(109,739	)			-
Alegeus Technologies Holdings Corp (i)(l)(q)		Term Loan		SOFR + 6.50%		10.17%		11/5/2029			26,611,370				26,097,537				26,531,535
Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (i)(l)(q)		Term Loan		SOFR + 4.75%		8.42%		12/9/2029			30,999,856				30,420,755				30,813,857
Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (f)(i)(q)		Revolving Credit Facility		-		-		12/9/2028			-				(49,957	)			(26,029	)
Cytracom LLC (i)(l)(q)		Term Loan		SOFR + 6.00%		9.67%		6/28/2027			4,853,804				4,830,467				4,761,581
Cytracom LLC (f)(i)(q)		Revolving Credit Facility		-		-		6/28/2027			-				(2,344	)			(10,674	)

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

7

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Cytracom LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		7/1/2029			-			$	(20,523	)		$	(39,482	)
Lightspeed Solutions, LLC (j)(l)		Term Loan		SOFR + 6.00%		9.67%		3/1/2028			20,874,167				20,701,834				20,707,174
Lightspeed Solutions, LLC (j)(q)		Term Loan		SOFR + 6.00%		9.67%		3/1/2028			1,376,764				1,375,780				1,365,750
Prism Parent Co Inc. (f)(j)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.68%		9/16/2028			1,470,278				1,451,354				1,470,278
Prism Parent Co Inc. (j)(l)		Term Loan		SOFR + 5.00%		8.68%		9/16/2028			30,724,532				30,425,941				30,724,532
Routeware, Inc (i)(l)		Term Loan		SOFR + 5.25%		8.94%		9/18/2031			9,545,455				9,465,836				9,411,818
Routeware, Inc (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.93%		9/18/2031			1,039,773				1,018,815				994,687
Routeware, Inc (f)(i)(q)		Revolving Credit Facility		SOFR + 5.25%		8.92%		9/18/2031			204,545				196,468				190,227
															185,366,226				187,524,770			23.52%
Automotive Parts & Equipment
Arrowhead Holdco Company (j)(l)		Term Loan		SOFR + 5.25% (2.75% PIK)		9.09%		8/31/2028			26,547,048				26,292,329				20,759,791
Arrowhead Holdco Company (j)(q)		Delayed Draw Term Loan		SOFR + 5.25% (2.75% PIK)		9.09%		8/31/2028			2,424,388				2,424,388				1,895,872
															28,716,717				22,655,663			2.84%
Building Products
Tgnl Purchaser LLC (i)(q)		Term Loan		SOFR + 4.50%		8.17%		6/25/2031			822,514				813,262				822,514
Tgnl Purchaser LLC (f)(i)(q)		Revolving Credit Facility		-		-		6/25/2031			-				(1,811	)			-
Vp Deliver Parent, Inc (i)(l)(q)		Term Loan		SOFR + 4.75%		8.45%		2/17/2031			4,536,528				4,480,909				4,479,821
Vp Deliver Parent, Inc (f)(i)(q)		Delayed Draw Term Loan		-		-		2/17/2031			-				(3,691	)			(3,780	)
Vp Deliver Parent, Inc (f)(i)(q)		Revolving Credit Facility		-		-		2/17/2031			-				(7,909	)			(8,101	)
															5,280,760				5,290,454			0.66%
Construction & Engineering
BPCP Craftsman Buyer, LLC (i)(q)		Term Loan		SOFR + 5.50%		9.20%		4/9/2030			354,186				349,725				342,498
BPCP Craftsman Buyer, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		4/9/2030			-				(2,855	)			(12,000	)
BPCP Craftsman Buyer, LLC (f)(i)(q)		Revolving Credit Facility		-		-		4/9/2030			-				(1,903	)			(5,176	)
															344,967				325,322			0.04%
Data Processing & Outsourced Services

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

8

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Vrc Companies LLC (i)(l)		Term Loan		SOFR + 5.50%		9.19%		6/29/2027			33,859,627			$	33,705,667			$	33,859,627
															33,705,667				33,859,627			4.25%
Diversified Financial Services
Benefit Plan Administrators of Eau Claire, LLC (j)(l)		Term Loan		SOFR + 4.75%		8.42%		11/1/2030			7,167,339				7,094,662				7,138,669
Benefit Plan Administrators of Eau Claire, LLC (f)(j)(q)		Revolving Credit Facility		-		-		11/1/2030			-				(11,607	)			(4,839	)
Benefit Plan Administrators of Eau Claire, LLC (f)(j)(q)		Delayed Draw Term Loan		-		-		11/1/2030			-				(19,381	)			-
Benefit Plan Administrators of Eau Claire, LLC (j)(q)		Term Loan		SOFR + 4.75%		8.42%		11/1/2030			990,000				979,529				986,040
Cub Financing Intermediate, LLC (k)(l)		Term Loan		SOFR + 4.75%		8.45%		6/28/2030			5,061,806				5,023,118				5,061,806
Cub Financing Intermediate, LLC (k)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.45%		6/28/2030			2,352,778				2,327,067				2,352,778
															15,393,388				15,534,454			1.95%
Diversified Support Services
All-Lift Systems, LLC (i)(l)(q)		Term Loan		SOFR + 6.25%		9.92%		9/19/2028			12,676,027				12,568,988				12,676,027
All-Lift Systems, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.25%		9.92%		9/19/2028			308,219				291,217				308,219
American Trailer Rental Group, LLC (i)(l)		Term Loan		SOFR + 5.50%		9.35%		6/1/2027			15,378,500				15,251,290				13,994,435
American Trailer Rental Group, LLC (i)(l)(q)		Delayed Draw Term Loan		SOFR + 5.50%		9.35%		6/1/2027			14,552,284				14,549,789				13,242,578
American Trailer Rental Group, LLC (i)(l)		Delayed Draw Term Loan		SOFR + 5.75%		9.60%		6/1/2027			18,975,542				18,791,969				17,362,621
Eversmith Brands Intermediate Holding Company (i)(l)		Term Loan		SOFR + 5.00%		8.67%		6/17/2030			520,147				514,224				520,147
Eversmith Brands Intermediate Holding Company (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.67%		6/17/2030			322,500				318,783				322,500
Eversmith Brands Intermediate Holding Company (f)(i)(q)		Revolving Credit Facility		-		-		6/17/2030			-				(1,092	)			-
Eversmith Brands Intermediate Holding Company (f)(i)(q)		Delayed Draw Term Loan		-		-		6/17/2030			-				(8,701	)			-
Hy-Tek Opco, LLC (i)(l)(q)		Term Loan		SOFR + 5.50%		9.20%		9/19/2028			16,754,822				16,613,601				16,687,802
Hy-Tek Opco, LLC (f)(i)(q)		Revolving Credit Facility		-		-		9/19/2028			-				(26,189	)			(12,709	)
Identiti Resources LLC (i)(l)		Term Loan		SOFR + 4.75%		8.42%		11/1/2029			12,312,283				12,171,377				12,312,283
Identiti Resources LLC (i)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.42%		11/1/2029			5,047,509				4,990,192				5,047,509
Identiti Resources LLC (f)(i)(q)		Revolving Credit Facility		-		-		11/1/2029			-				(19,253	)			-
Identiti Resources LLC (i)(q)		Term Loan		SOFR + 4.75%		8.42%		11/1/2029			324,515				320,290				324,515

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

9

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Kinetic Infrastructure Group, Inc. (i)(l)(q)		Term Loan		SOFR + 5.50%		9.17%		3/13/2030			16,173,469			$	16,013,853			$	16,011,735
Kinetic Infrastructure Group, Inc. (f)(i)(q)		Delayed Draw Term Loan		-		-		3/13/2030			-				(9,441	)			(9,566	)
Kinetic Infrastructure Group, Inc. (f)(i)(q)		Revolving Credit Facility		SOFR + 5.50%		9.17%		3/13/2030			350,765				331,883				331,633
National Power, LLC (i)(l)		Term Loan		SOFR + 4.50%		8.17%		10/20/2029			1,358,430				1,348,110				1,348,921
National Power, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		10/20/2029			-				(3,015	)			(2,929	)
National Power, LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/20/2029			-				(2,694	)			(2,615	)
Perimeter Solutions Group, LLC (i)(l)		Term Loan		SOFR + 4.75%		8.45%		10/2/2030			11,916,201				11,797,327				11,797,039
Perimeter Solutions Group, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.45%		10/2/2030			3,324,122				3,288,166				3,288,178
Perimeter Solutions Group, LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/2/2030			-				(41,696	)			(42,608	)
Perimeter Solutions Group, LLC (i)(q)		Term Loan		SOFR + 4.75%		8.45%		10/2/2030			2,802,648				2,769,259				2,774,622
Perimeter Solutions Group, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		10/2/2030			-				(10,549	)			(6,705	)
															131,807,688				128,273,632			16.08%
Education Services
Professional Education Holdco, LLC (i)(l)(q)		Term Loan		SOFR + 5.50%		9.17%		2/26/2032			11,160,053				11,022,196				11,020,552
Professional Education Holdco, LLC (i)(q)		Term Loan		16.00% (16.00% PIK)		16.00%		2/26/2032			2,487,910				2,438,626				2,438,152
Professional Education Holdco, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		2/26/2032			-				(54,691	)			(55,534	)
Professional Education Holdco, LLC (f)(i)(q)		Revolving Credit Facility		-		-		2/26/2032			-				(17,497	)			(17,771	)
															13,388,634				13,385,399			1.68%
Electrical Components & Equipment
Luminii LLC (i)(l)(q)		Term Loan		SOFR + 6.00%		9.70%		3/21/2030			6,636,264				6,553,257				6,636,264
Luminii LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.70%		3/21/2030			1,633,929				1,607,410				1,633,929
Luminii LLC (f)(i)(q)		Revolving Credit Facility		-		-		3/21/2030			-				(13,141	)			-
Luminii LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		3/21/2030			-				(9,338	)			-
Warshaw Opco LLC (i)(q)		Term Loan		SOFR + 6.00%		9.70%		3/27/2030			739,578				730,304				680,412
Warshaw Opco LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.00%		9.70%		3/27/2030			66,610				63,744				47,723
															8,932,236				8,998,328			1.13%

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

10

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Electronic Components
Aep Passion Intermediate Holdings, Inc. (i)(l)		Term Loan		SOFR + 6.50% (4.75% PIK)		10.32%		10/5/2027			25,318,056			$	25,037,394			$	23,849,609
Aep Passion Intermediate Holdings, Inc. (i)(q)		Delayed Draw Term Loan		SOFR + 6.50% (4.75% PIK)		10.32%		10/5/2027			1,402,008				1,387,565				1,320,692
Aep Passion Intermediate Holdings, Inc. (f)(i)(q)		Revolving Credit Facility		SOFR + 6.50% (4.75% PIK)		10.32%		10/5/2027			602,127				583,392				500,357
Eds Buyer, LLC (i)(l)		Term Loan		SOFR + 4.50%		8.20%		1/10/2029			896,482				885,014				896,482
Eds Buyer, LLC (f)(i)(q)		Revolving Credit Facility		-		-		1/10/2029			-				(999	)			-
															27,892,366				26,567,140			3.33%
Electronic Manufacturing Services
Principal Lighting Group Holdings, LLC (i)(l)(q)		Term Loan		SOFR + 5.25%		8.94%		11/4/2030			21,686,103				21,421,081				21,686,103
Principal Lighting Group Holdings, LLC (f)(i)(q)		Revolving Credit Facility		-		-		11/4/2030			-				(35,872	)			-
															21,385,209				21,686,103			2.72%
Environmental & Facilities Services
Dragonfly Pond Works (i)(q)		Term Loan		SOFR + 5.00%		8.70%		8/16/2031			2,948,104				2,911,671				2,948,104
Dragonfly Pond Works (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.70%		8/16/2031			3,485,334				3,455,324				3,485,334
Dragonfly Pond Works (f)(i)(q)		Revolving Credit Facility		-		-		8/16/2031			-				(15,686	)			-
Dragonfly Pond Works (i)(l)		Term Loan		SOFR + 5.00%		8.70%		8/16/2031			3,928,279				3,880,604				3,928,279
Dragonfly Pond Works (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.66%		8/16/2031			903,689				870,456				903,689
Scp Mechanical Services Buyer, LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.42%		8/20/2031			6,697,115				6,620,098				6,080,981
Scp Mechanical Services Buyer, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 4.75%		8.42%		8/20/2031			192,308				176,090				59,615
Scp Mechanical Services Buyer, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		8/20/2031			-				(37,870	)			(577,163	)
															17,860,687				16,828,839			2.11%
Health Care Facilities
Infusion Services Management LLC (i)(l)		Term Loan		SOFR + 5.00%		8.70%		7/6/2029			18,567,216				18,216,856				18,437,246
Infusion Services Management LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.70%		7/6/2029			7,014,952				6,921,969				6,965,847
Infusion Services Management LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.00%		8.69%		7/6/2029			3,231,007				3,180,926				3,208,369
Infusion Services Management LLC (i)(q)		Term Loan		SOFR + 5.00%		8.70%		7/6/2029			4,742,593				4,679,725				4,709,394

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

11

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
														$	32,999,476			$	33,320,856			4.17%
Health Care Services
Ab Centers Acquisition Corporation (j)(l)		Term Loan		SOFR + 5.25%		8.92%		7/2/2031			19,992,719				19,746,721				19,792,792
Ab Centers Acquisition Corporation (f)(j)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.92%		7/2/2031			1,805,644				1,772,854				1,782,925
Ab Centers Acquisition Corporation (f)(j)(q)		Revolving Credit Facility		-		-		7/2/2031			-				(22,383	)			(18,405	)
Ab Centers Acquisition Corporation (j)(l)		Term Loan		SOFR + 5.25%		8.92%		7/2/2031			990,000				985,860				980,100
Align Enta Mso Holdings, LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.43%		3/25/2032			8,062,936				7,982,505				7,982,307
Align Enta Mso Holdings, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		3/25/2032			-				(12,860	)			(12,901	)
Align Enta Mso Holdings, LLC (f)(i)(q)		Revolving Credit Facility		-		-		3/25/2032			-				(8,143	)			(8,169	)
Align Enta Mso Holdings, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		3/25/2032			-				(6,430	)			(6,450	)
Bebright Mso, LLC (i)(l)		Term Loan		SOFR + 5.75%		9.45%		6/3/2030			9,493,666				9,421,754				9,493,666
Bebright Mso, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.75%		9.45%		6/3/2030			7,620,877				7,563,846				7,620,877
Bebright Mso, LLC (f)(i)(q)		Revolving Credit Facility		-		-		6/3/2030			-				(14,237	)			-
Bebright Mso, LLC (i)(q)		Term Loan		SOFR + 5.25%		8.95%		6/3/2030			90,455				89,647				89,731
Bebright Mso, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		6/3/2030			-				(3,602	)			(2,479	)
Behavioral Framework LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.41%		11/20/2031			11,251,960				11,144,727				11,251,960
Behavioral Framework LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.42%		11/20/2031			1,814,153				1,795,536				1,814,153
Behavioral Framework LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 4.75%		8.40%		11/20/2031			402,145				387,002				402,145
CareRing Health, LLC (j)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.67%		5/4/2028			6,484,697				6,473,978				6,426,335
CareRing Health, LLC (j)(l)		Term Loan		SOFR + 6.00%		9.67%		5/4/2028			27,879,310				27,598,017				27,628,397
Dpt Management, LLC (i)(l)		Term Loan		SOFR + 5.50%		9.17%		12/18/2027			1,777,500				1,766,724				1,697,513
Dpt Management, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		12/18/2027			-				(2,398	)			(18,750	)
Dpt Management, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.50%		9.17%		12/18/2027			189,167				187,713				177,917
Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (j)(q)		Delayed Draw Term Loan		SOFR + 5.00%		9.23%		1/3/2029			8,840,909				8,722,036				8,823,227
Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (f)(j)(q)		Revolving Credit Facility		-		-		1/3/2029			-				(31,796	)			(5,455	)
Fertility (ITC) Investment Holdco, LLC/Fertility (ITC) Buyer, Inc. (j)(l)		Term Loan		SOFR + 5.00%		8.57%		1/3/2029			37,543,850				37,036,256				37,468,762

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

12

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Future Care Associates LLC (i)(l)		Term Loan		SOFR + 5.25%		9.02%		12/30/2028			29,025,000			$	28,629,234			$	29,025,000
Future Care Associates LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		9.02%		12/30/2028			24,402,500				24,079,252				24,402,500
Future Care Associates LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.25%		9.03%		12/30/2028			1,500,000				1,441,218				1,500,000
Houseworks Holdings, LLC (i)(q)		Term Loan		SOFR + 5.50%		9.20%		12/15/2028			6,530,625				6,425,745				6,426,135
Houseworks Holdings, LLC (i)(l)(q)		Delayed Draw Term Loan		SOFR + 5.50%		9.20%		12/15/2028			24,250,000				23,865,578				23,862,000
Houseworks Holdings, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.50%		9.19%		12/15/2028			3,382,048				3,300,496				3,292,606
Houseworks Holdings, LLC (i)(l)		Term Loan		SOFR + 5.50%		9.20%		12/15/2028			43,077,542				42,353,671				42,388,302
Lifecare Intermediate II, LLC (i)(l)(q)		Term Loan		SOFR + 5.25%		8.95%		5/20/2030			2,992,500				2,964,000				2,962,575
Lifecare Intermediate II, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.95%		5/20/2030			199,500				190,063				188,503
Lifecare Intermediate II, LLC (i)(q)		Term Loan		SOFR + 5.25%		8.95%		5/20/2030			997,500				988,001				987,525
NE Ortho Management Services, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.70%		12/13/2030			6,462,036				6,384,882				6,397,415
NE Ortho Management Services, LLC (f)(i)(q)		Revolving Credit Facility		-		-		12/13/2030			-				(11,220	)			(9,842	)
NE Ortho Management Services, LLC (i)(l)		Term Loan		SOFR + 5.00%		8.70%		12/13/2030			5,197,900				5,133,340				5,145,921
NE Ortho Management Services, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.70%		12/13/2030			2,417,205				2,387,820				2,393,033
NE Ortho Management Services, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.70%		12/13/2030			705,882				689,019				688,235
The Smilist Dso, LLC (i)(l)		Term Loan		SOFR + 6.00%		9.70%		4/4/2029			20,876,283				20,563,747				20,876,283
The Smilist Dso, LLC (f)(i)(q)		Revolving Credit Facility		-		-		4/4/2029			-				(15,696	)			-
The Smilist Dso, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.70%		4/4/2029			4,532,616				4,466,271				4,532,616
The Smilist Dso, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.70%		4/4/2029			5,643,990				5,560,319				5,643,990
The Smilist Dso, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.95%		4/4/2029			896,707				889,611				889,238
Tiger Healthcare Buyer, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.70%		2/27/2030			73,574				72,666				69,528
Tiger Healthcare Buyer, LLC (i)(l)		Term Loan		SOFR + 6.00%		9.70%		2/27/2030			2,453,662				2,413,805				2,318,710
Tiger Healthcare Buyer, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.00%		9.70%		2/27/2030			1,125,000				1,090,932				1,001,250
Together Womens Health, LLC (j)(l)(q)		Term Loan		SOFR + 4.50%		8.20%		8/26/2031			9,403,297				9,294,926				9,403,297
Together Womens Health, LLC (f)(j)(q)		Delayed Draw Term Loan		SOFR + 4.50%		8.20%		8/26/2031			1,202,747				1,145,570				1,202,747
Together Womens Health, LLC (f)(j)(q)		Revolving Credit Facility		-		-		8/26/2031			-				(18,587	)			-

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

13

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
VIP Medical US Buyer, LLC (i)(l)		Term Loan		SOFR + 5.25%		9.02%		12/12/2028			33,267,488			$	32,915,832			$	33,267,488
VIP Medical US Buyer, LLC (f)(i)(q)		Revolving Credit Facility		-		-		12/12/2028			-				(70,851	)			-
VIP Medical US Buyer, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		9.02%		12/12/2028			7,966,250				7,888,346				7,966,250
VIP Medical US Buyer, LLC (i)(q)		Term Loan		SOFR + 5.25%		9.02%		12/12/2028			498,750				494,145				498,750
															378,085,462				380,680,253			47.75%
Health Care Supplies
C2dx, Inc (i)(l)		Term Loan		SOFR + 5.75%		9.42%		3/19/2030			514,915				509,305				508,736
C2dx, Inc (f)(i)(q)		Revolving Credit Facility		SOFR + 5.75%		9.42%		3/19/2030			33,898				32,523				32,271
C2dx, Inc (i)(q)		Delayed Draw Term Loan		SOFR + 5.75%		9.42%		3/19/2030			332,593				329,109				328,602
Premier Dental Products Company LLC (i)(l)		Term Loan		SOFR + 5.00%		8.70%		1/31/2031			3,093,750				3,054,448				3,093,750
Premier Dental Products Company LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		1/31/2031			-				(7,601	)			-
Premier Dental Products Company LLC (f)(i)(q)		Revolving Credit Facility		-		-		1/31/2031			-				(7,662	)			-
															3,910,122				3,963,359			0.49%
Health Care Technology
Andretti Buyer, LLC (j)(l)(q)		Term Loan		SOFR + 4.50%		8.20%		1/30/2033			10,714,286				10,609,070				10,607,143
Andretti Buyer, LLC (f)(j)(q)		Delayed Draw Term Loan		-		-		1/30/2033			-				(4,360	)			(4,464	)
Andretti Buyer, LLC (f)(j)(q)		Revolving Credit Facility		-		-		1/30/2033			-				(8,717	)			(8,929	)
Harmony Hit US Holdings Inc (i)(l)(q)		Term Loan		SOFR + 5.00%		8.67%		12/3/2030			17,008,860				16,833,656				16,923,816
Harmony Hit US Holdings Inc (f)(i)(q)		Delayed Draw Term Loan		-		-		12/3/2030			-				(17,635	)			-
Harmony Hit US Holdings Inc (f)(i)(q)		Revolving Credit Facility		-		-		12/3/2030			-				(29,576	)			(15,124	)
Pillr Health Intermediate II, LLC (f)(j)(q)		Revolving Credit Facility		SOFR + 4.75%		8.45%		12/31/2031			380,958				344,400				342,862
Pillr Health Intermediate II, LLC (j)(l)(q)		Term Loan		SOFR + 4.75%		8.45%		12/31/2031			15,862,828				15,709,370				15,704,199
Pillr Health Intermediate II, LLC (f)(j)(q)		Delayed Draw Term Loan		-		-		12/31/2031			-				(30,450	)			(31,746	)
															43,405,758				43,517,757			5.46%
Industrial Machinery & Supplies & Components
Double E Company, LLC (i)(l)		Term Loan		SOFR + 6.25% (2.25% PIK)		10.10%		6/21/2028			16,237,169				16,150,856				15,003,145

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

14

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Double E Company, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.25%		10.10%		6/21/2028			1,497,797			$	1,497,797			$	1,317,004
Double E Company, LLC (i)(q)		Term Loan		SOFR + 6.25% (2.25% PIK)		10.10%		6/21/2028			668,148				652,291				617,369
La-Co Industries, Inc (i)(l)		Term Loan		SOFR + 5.00%		8.70%		7/2/2030			9,007,319				8,903,969				9,007,319
La-Co Industries, Inc (f)(i)(q)		Revolving Credit Facility		Prime + 4.00%		10.75%		7/2/2030			38,023				29,858				38,023
Lake Air Products, LLC (i)(l)(q)		Term Loan		SOFR + 7.00%		10.85%		1/9/2029			35,574,508				35,082,823				35,574,508
Lake Air Products, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 7.00%		10.85%		1/9/2029			1,000,000				928,984				1,000,000
Precision I Buyer, LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.42%		3/12/2032			4,285,714				4,243,161				4,242,857
Precision I Buyer, LLC (f)(i)(q)		Revolving Credit Facility		-		-		3/12/2032			-				(7,078	)			(7,143	)
															67,482,661				66,793,082			8.38%
Insurance Brokers
Knight AcquireCo, LLC (k)(l)(q)		Term Loan		SOFR + 4.50%		8.16%		11/7/2032			5,608,966				5,582,126				5,580,921
Knight AcquireCo, LLC (f)(k)(q)		Delayed Draw Term Loan		-		-		11/7/2032			-				(4,408	)			(4,674	)
															5,577,718				5,576,247			0.70%
IT Consulting & Other Services
Cait Intermediate, LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.45%		10/8/2030			13,446,030				13,291,107				13,446,030
Cait Intermediate, LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/8/2030			-				(17,206	)			-
Digital Experience Services, LLC (i)(q)		Term Loan		SOFR + 5.00%		8.63%		4/25/2030			1,145,192				1,130,649				1,113,127
Digital Experience Services, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.64%		4/25/2030			676,719				665,440				648,010
Digital Experience Services, LLC (f)(i)(q)		Revolving Credit Facility		Prime + 4.00%		10.75%		4/25/2030			14,423				12,068				9,038
Insight Technology Operation LLC (i)(q)		Term Loan		SOFR + 5.25%		8.95%		3/31/2031			851,215				840,091				851,215
Insight Technology Operation LLC (f)(i)(q)		Revolving Credit Facility		-		-		3/31/2031			-				(1,566	)			-
															15,920,583				16,067,420			2.02%
Life Sciences Tools & Services
Ecir Intermediate II LLC (i)(l)(q)		Term Loan		SOFR + 5.00%		8.70%		9/26/2031			8,612,267				8,531,882				8,526,144
Ecir Intermediate II LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		9/26/2031			-				(18,896	)			(20,608	)
Ecir Intermediate II LLC (f)(i)(q)		Revolving Credit Facility		-		-		9/26/2031			-				(9,438	)			(10,304	)

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

15

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Wci-Bxc Purchaser, LLC (f)(j)(q)		Revolving Credit Facility		-		-		11/6/2030			-			$	(98,939	)		$	(65,877	)
Wci-Bxc Purchaser, LLC (j)(l)(q)		Term Loan		SOFR + 4.75%		8.42%		11/6/2031			22,983,384				22,540,274				22,730,567
Woven Health Collective, LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.42%		10/23/2028			13,858,837				13,798,600				13,803,401
Woven Health Collective, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		10/23/2028			-				(18,567	)			(17,364	)
Woven Health Collective, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 4.75%		8.42%		10/23/2028			694,570				687,124				687,624
															45,412,040				45,633,583			5.73%
Office Services & Supplies
Mse Supplies, LLC (i)(l)		Term Loan		SOFR + 5.50%		9.17%		8/14/2030			5,682,692				5,604,867				5,301,952
Mse Supplies, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.50%		9.17%		8/14/2030			663,462				644,716				566,827
															6,249,583				5,868,779			0.73%
Packaged Foods & Meats
CCI Prime, LLC (i)(q)		Term Loan		SOFR + 7.25% (5.50% PIK)		10.95%		10/18/2029			983,246				967,216				840,676
CCI Prime, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 7.25% (5.50% PIK)		10.95%		10/18/2029			348,746				343,349				298,178
CCI Prime, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 7.25%		10.95%		10/18/2029			2,450,000				2,396,223				1,942,500
Midas Foods International LLC (i)(q)		Term Loan		SOFR + 6.25%		9.92%		4/30/2029			557,536				550,636				557,536
Midas Foods International LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.25%		9.92%		4/30/2029			486,147				479,732				486,147
Midas Foods International LLC (f)(i)(q)		Revolving Credit Facility		-		-		4/30/2029			-				(2,036	)			-
Midas Foods International LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		4/30/2029			-				(7,971	)			-
Nutrail Acquisitionco, LLC (i)(q)		Term Loan		SOFR + 6.00%		9.70%		5/23/2030			701,022				691,942				699,620
Nutrail Acquisitionco, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		5/23/2030			-				(1,286	)			(206	)
Nutrail Acquisitionco, LLC (f)(i)(q)		Revolving Credit Facility		-		-		5/23/2030			-				(2,162	)			(347	)
Sabrosura Foods, LLC (i)(l)(q)		Term Loan		SOFR + 5.00%		8.67%		8/22/2029			32,695,877				32,338,773				32,401,614
Sabrosura Foods, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.67%		8/22/2029			154,422				130,664				146,562
Sabrosura Foods, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.00%		8.67%		8/22/2029			537,653				453,255				465,070
SCP Baked Goods Holdings, LLC (i)(q)		Term Loan		SOFR + 4.75%		8.45%		5/1/2031			638,036				631,021				638,036
SCP Baked Goods Holdings, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		5/1/2031			-				(1,425	)			-

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

16

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
SCP Baked Goods Holdings, LLC (f)(i)(q)		Revolving Credit Facility		-		-		5/1/2031			-			$	(948	)		$	-
Shf Holdings, Inc (i)(l)(q)		Term Loan		SOFR + 5.50%		9.20%		1/22/2030			17,431,522				17,221,207				17,431,522
Shf Holdings, Inc (f)(i)(q)		Revolving Credit Facility		-		-		1/22/2030			-				(27,215	)			-
															56,160,975				55,906,908			7.02%
Paper & Plastic Packaging Products & Materials
ACP Packaging IntermediateCo, LLC (i)(l)(q)		Term Loan		SOFR + 5.25%		8.95%		10/22/2031			21,051,698				20,753,738				20,799,077
ACP Packaging IntermediateCo, LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/22/2031			-				(50,472	)			(43,524	)
Bron Buyer, LLC (i)(l)(q)		Term Loan		SOFR + 5.75%		9.55%		1/13/2029			32,010,000				31,568,634				32,010,000
Bron Buyer, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.75%		9.55%		1/13/2029			400,000				341,025				400,000
Currier Plastics Acquisition, LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.42%		9/19/2031			4,918,246				4,861,012				4,908,410
Currier Plastics Acquisition, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		9/19/2031			-				(21,389	)			-
Currier Plastics Acquisition, LLC (f)(i)(q)		Revolving Credit Facility		-		-		9/19/2031			-				(17,541	)			(3,064	)
Currier Plastics Acquisition, LLC (i)(q)		Term Loan		SOFR + 4.75%		8.42%		9/19/2031			4,972,144				4,912,424				4,962,199
Currier Plastics Acquisition, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.42%		9/19/2031			4,727,612				4,670,892				4,718,157
Firmapak Intermediary LLC (i)(q)		Term Loan		SOFR + 5.25%		8.92%		2/4/2031			577,500				571,365				571,725
Firmapak Intermediary LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.25%		8.92%		2/4/2031			62,189				56,100				55,970
Firmapak Intermediary LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.92%		2/4/2031			276,201				273,321				273,439
Firmapak Intermediary LLC (i)(q)		Term Loan		SOFR + 5.25%		8.92%		2/4/2031			6,452,880				6,390,003				6,388,352
Firmapak Intermediary LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		2/4/2031			-				(9,358	)			(9,660	)
Soteria Flexibles Corporation (i)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.45%		8/15/2029			7,196,001				7,142,336				7,138,433
Soteria Flexibles Corporation (i)(l)		Term Loan		SOFR + 4.75%		8.45%		8/15/2029			15,071,972				14,831,310				14,951,396
Soteria Flexibles Corporation (f)(i)(q)		Revolving Credit Facility		SOFR + 4.75%		8.45%		8/15/2029			923,032				838,806				875,773
Soteria Flexibles Corporation (i)(q)		Term Loan		SOFR + 4.75%		8.42%		8/15/2029			372,340				368,702				369,362
Soteria Flexibles Corporation (f)(i)(q)		Delayed Draw Term Loan		-		-		8/15/2029			-				(621	)			(383	)
															97,480,287				98,365,662			12.34%
Pharmaceuticals

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

17

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Alcami Corporation (i)(l)		Term Loan		SOFR + 7.00%		10.82%		12/21/2028			43,603,767			$	42,344,950			$	43,603,767
Alcami Corporation (i)(q)		Delayed Draw Term Loan		SOFR + 7.00%		10.77%		12/21/2028			3,921,611				3,814,031				3,921,611
Alcami Corporation (f)(i)(q)		Revolving Credit Facility		SOFR + 7.00%		10.78%		12/21/2028			2,294,521				2,114,578				2,294,521
															48,273,559				49,819,899			6.25%
Research & Consulting Services
NAM Acquisition Co LLC (j)(l)(q)		Term Loan		SOFR + 4.50%		8.20%		7/16/2030			4,006,758				3,961,893				4,006,758
NAM Acquisition Co LLC (f)(j)(q)		Delayed Draw Term Loan		SOFR + 4.50%		8.20%		7/16/2030			959,036				944,438				959,036
NAM Acquisition Co LLC (f)(j)(q)		Revolving Credit Facility		-		-		7/16/2030			-				(5,200	)			-
RPX Corporation (i)(q)		Term Loan		SOFR + 5.50%		9.18%		8/2/2030			9,045,918				8,940,223				9,045,918
RPX Corporation (f)(i)(q)		Revolving Credit Facility		-		-		8/2/2030			-				(8,901	)			-
RPX Corporation (i)(l)		Term Loan		SOFR + 5.50%		9.18%		8/2/2030			1,995,000				1,976,057				1,995,000
															15,808,510				16,006,712			2.00%
Soft Drinks & Non-alcoholic Beverages
Refresh Buyer LLC (f)(j)(q)		Revolving Credit Facility		SOFR + 4.75%		8.48%		12/23/2027			1,963,190				1,963,190				1,935,583
Refresh Buyer LLC (j)(l)		Term Loan		SOFR + 4.75%		8.35%		12/23/2028			14,171,779				14,092,377				14,044,233
Refresh Buyer LLC (j)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.35%		12/23/2028			2,094,479				2,094,479				2,075,628
Refresh Buyer LLC (j)(l)		Term Loan		SOFR + 4.75%		8.35%		12/23/2028			33,892,547				33,538,230				33,587,514
Refresh Buyer LLC (j)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.35%		12/23/2028			4,857,143				4,808,533				4,813,429
															56,496,809				56,456,387			7.07%
Specialized Consumer Services
Mustang Prospects Purchaser LLC (j)(l)		Term Loan		SOFR + 5.25%		8.95%		6/13/2031			16,104,607				15,975,400				15,927,456
Mustang Prospects Purchaser LLC (j)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.67%		6/13/2031			3,789,319				3,753,776				3,747,637
Mustang Prospects Purchaser LLC (f)(j)(q)		Revolving Credit Facility		-		-		6/13/2031			-				(17,780	)			(26,052	)
Mustang Prospects Purchaser LLC (j)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.87%		6/13/2031			1,002,715				995,006				993,239
Quick Roofing Acquisition, LLC (i)(l)		Term Loan		SOFR + 5.75%		9.55%		12/22/2029			8,012,295				7,873,279				7,852,049
Quick Roofing Acquisition, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.75%		9.55%		12/22/2029			2,975,000				2,839,395				2,805,000

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

 

18

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Quick Roofing Acquisition, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.75%		9.55%		12/22/2029			2,933,010			$	2,883,581			$	2,874,350
Quick Roofing Acquisition, LLC (i)(q)		Term Loan		SOFR + 5.75%		9.55%		12/22/2029			488,763				483,029				478,987
Quick Roofing Acquisition, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.75%		9.55%		12/22/2029			20,101				16,211				12,426
Roofing Services Solutions LLC (i)(l)		Term Loan		SOFR + 5.75%		9.42%		11/27/2029			10,286,458				10,166,464				10,029,297
Roofing Services Solutions LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.25% (0.50% PIK)		9.95%		11/27/2029			6,191,803				6,120,228				6,037,008
Roofing Services Solutions LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.75%		9.44%		11/27/2029			1,875,000				1,839,769				1,796,875
Scp Wqs Buyer, LLC (i)(l)		Term Loan		SOFR + 5.25%		8.95%		10/2/2029			4,263,564				4,200,430				4,263,564
Scp Wqs Buyer, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.95%		10/2/2029			7,982,253				7,862,175				7,982,253
Scp Wqs Buyer, LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/2/2029			-				(53,365	)			-
Solid Ground Solutions Acquisitions Inc (i)(l)		Term Loan		SOFR + 5.00%		8.60%		5/6/2029			1,871,429				1,849,313				1,854,586
Solid Ground Solutions Acquisitions Inc (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.60%		5/6/2029			2,364,881				2,338,039				2,343,597
Solid Ground Solutions Acquisitions Inc (f)(i)(q)		Revolving Credit Facility		-		-		5/6/2029			-				(6,512	)			(5,357	)
Solid Ground Solutions Acquisitions Inc (i)(q)		Term Loan		SOFR + 5.00%		8.63%		5/6/2029			995,000				984,354				986,045
Solid Ground Solutions Acquisitions Inc (f)(i)(q)		Delayed Draw Term Loan		-		-		5/6/2029			-				(33,547	)			(15,968	)
Solid Ground Solutions Acquisitions Inc (i)(q)		Term Loan		SOFR + 5.00%		8.62%		5/6/2029			193,065				190,812				191,327
Trutemp Acquisition LLC (i)(l)(q)		Term Loan		SOFR + 5.00%		8.67%		8/26/2031			3,588,585				3,538,907				3,559,876
Trutemp Acquisition LLC (f)(i)(q)		Revolving Credit Facility		-		-		8/26/2031			-				(19,567	)			(11,570	)
Trutemp Acquisition LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		8/26/2031			-				(48,971	)			(3,616	)
Unified Service Partners, LLC (i)(q)		Term Loan		SOFR + 8.00% (4.00% PIK)		11.60%		4/14/2030			360,745				356,251				288,596
Unified Service Partners, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 8.00% (4.00% PIK)		11.60%		4/14/2030			307,408				303,629				245,926
Unified Service Partners, LLC (i)(q)		Revolving Credit Facility		SOFR + 8.00%		11.65%		4/14/2030			89,286				88,174				71,429
															74,478,480				74,278,960			9.31%
Specialty Chemicals
Penta Fine Ingredients, Inc. (f)(i)(q)		Revolving Credit Facility		-		-		4/4/2031			-				(1,551	)			-
Penta Fine Ingredients, Inc. (i)(q)		Term Loan		SOFR + 5.00%		8.67%		4/4/2031			851,481				840,361				851,481
															838,810				851,481			0.11%

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

19

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Trading Companies & Distributors
All States Ag Parts LLC (i)(l)(q)		Term Loan		SOFR + 6.50% (0.50% PIK)		10.46%		9/1/2026			23,824,350			$	23,742,623			$	22,490,186
Belt Power Holdings LLC (i)(l)		Term Loan		SOFR + 5.00%		8.85%		8/22/2028			26,347,912				26,097,446				26,347,912
Belt Power Holdings LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.85%		8/22/2028			6,113,213				6,071,247				6,113,213
Belt Power Holdings LLC (f)(i)(q)		Revolving Credit Facility		-		-		8/22/2028			-				(28,560	)			-
Erosion Intermediate Holdings LLC (i)(l)		Term Loan		SOFR + 5.25%		8.95%		9/30/2029			1,978,795				1,956,538				1,966,922
Erosion Intermediate Holdings LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.94%		9/30/2029			4,002,121				3,958,964				3,978,108
Erosion Intermediate Holdings LLC (f)(i)(q)		Revolving Credit Facility		-		-		9/30/2029			-				(14,136	)			(8,036	)
Erosion Intermediate Holdings LLC (i)(q)		Term Loan		SOFR + 5.25%		8.89%		9/30/2029			1,994,913				1,970,753				1,982,944
Mobotrex, LLC (i)(l)(q)		Term Loan		SOFR + 5.00%		8.70%		6/7/2031			7,407,920				7,311,379				7,393,104
Mobotrex, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.00%		8.70%		6/7/2031			131,393				114,981				128,766
Mobotrex, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.70%		6/7/2031			555,977				533,150				554,865
															71,714,385				70,947,984			8.91%
Total First Lien Debt															1,656,300,756				1,613,816,643			202.43%
Unsecured Debt
Health Care Services
Personal Care (Itc) Intermediate Holdings, LLC (i)		Term Loan		SOFR + 10.00% (10.00% PIK)		13.67%		3/17/2029			500,000				493,900				491,250
															493,900				491,250			0.06%
Specialized Consumer Services
Usw Holdings, LLC (m)		Convertible Promissory Note		18.00% (18.00% PIK)		18.00%		12/31/2029			106,949				106,949				106,949
															106,949				106,949			0.01%
Total Unsecured Debt															600,849				598,199			0.07%
Equity
Aerospace & Defense
Hitco Parent LLC (o)		Class A Units									8,723				109,890				131,104
															109,890				131,104			0.02%

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

20

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Air Freight & Logistics
REP RO COINVEST IV-A, L.P. (m)(o)		Equity Units									800,000			$	800,000			$	136,000
Scp 3pl Topco, LLC (m)(o)		Common Units									92				461				-
Scp 3pl Topco, LLC (m)(o)		Class B Units									7				6,580				7,537
Scp 3pl Topco, LLC (m)(o)		Class B Units									2				2,184				2,215
															809,225				145,752			0.02%
Building Products
Tgnl Topco LP (o)		Common Units									5,525				5,525				9,392
															5,525				9,392			0.00%
Construction & Engineering
BPCP Craftsman Holdings, LLC (o)		Class A Units									16				15,686				6,738
															15,686				6,738			0.00%
Diversified Support Services
Hy-Tek Holdings, LLC (o)		Common Units									61				147,217				163,888
Hy-Tek Holdings, LLC (o)		Series A Preferred Units									61				61,287				61,287
Identiti Holdings LLC (o)		Class A Units									115,875				115,875				338,355
Klc Fund 1022-Ci-A LP (m)(o)		Equity Interest													752,670				1,170,600
Perimeter Solutions Holdings, LP (o)		Common Units									133,274				139,672				138,605
															1,216,721				1,872,735			0.24%
Education Services
Axcel Holdings, LP (m)(o)		Class A Common Units									4,877				487,678				456,223
															487,678				456,223			0.06%
Electrical Components & Equipment
Warshaw Holdings, LLC (o)		Common Units									17				8,432				-
Warshaw Holdings, LLC (o)		Series A Preferred Units									17				8,432				6,559
															16,864				6,559			0.00%

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

21

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Electronic Components
AdvancedPCB Parent, L.P. (o)		Class A Units									1,500			$	1,500,000			$	230,025
AdvancedPCB Parent, L.P. (o)		Class C Units									76				38,419				62,210
AdvancedPCB Parent, L.P. (o)		Class C Units									213				76,841				119,124
AdvancedPCB Parent, L.P. (o)		Class C Units									217				78,115				113,124
															1,693,375				524,483			0.06%
Environmental & Facilities Services
Dragonfly Ultimate Holdings LLC (o)		Class A Units									187,221				209,601				305,170
Erosion Holdings, LLC (o)		Class A Units									134				133,930				128,310
															343,531				433,480			0.06%
Health Care Services
Dpt Management, LLC (o)		Preferred Units									10,753				33,333				17,742
NE Ortho Holdings, LLC (o)		Class B Membership Units									133				132,518				158,173
Personal Care (Itc) Holdings, LLC (o)		Class A Units									187,961				1,879,621				1,018,749
Tiger Healthcare Holdings, LLC (o)		Class A Interest									97,500				125,000				1
VIP Medical Holdings, LLC (o)		Class A Units									1,000,000				10				3,160,000
VIP Medical Holdings, LLC (o)		Series A Preferred Units									455,593				455,593				469,260
															2,626,075				4,823,925			0.61%
Health Care Technology
Pillr Health Holdings, LP (m)(o)		Class B Preferred Units									128				127,712				130,191
Pillr Health Holdings, LP (m)(o)		Common Units									12,771				-				4,342
															127,712				134,533			0.02%
Human Resource & Employment Services
Fca Partners LLC (m)(o)		Common Units									839,085				4				8
Fca Partners LLC (m)(o)		Class A Preferred Units									839,085				839,085				495,060
															839,089				495,068			0.06%

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

22

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Industrial Machinery & Supplies & Components
Double E Equity, L.P. (m)(o)		Class A Common Units									1,000			$	1,000,000			$	216,230
Double E Equity, L.P. (m)(o)		Class A Preferred Units									124				124,465				141,551
Endurance PT Technology Holdings LLC (o)		Common Units									611				61,117				265,468
Endurance PT Technology Holdings LLC (o)		Preferred Units									550				550,052				590,248
Lake Air Products Aggregator LLC (m)(o)		Common Units									1,000,000				1,000,000				850,000
															2,735,634				2,063,497			0.26%
Insurance Brokers
Knight Holdings, LP (m)(o)		Class A-1 Units									16,204				162,037				155,555
															162,037				155,555			0.02%
IT Consulting & Other Services
Insight Technology Enterprises LLC (o)		Preferred Units									9,657				15,576				16,802
															15,576				16,802			0.00%
Life Sciences Tools & Services
Gauge Ecir Blocker LLC (m)(o)		Class A-1 Units									243,103				274,779				274,706
Wci-Bxc Investment Holdings LP (m)(o)		Equity Interest													608,645				626,351
															883,424				901,057			0.11%
Office Services & Supplies
Mse Acquisitions Inc (o)		Series A Preferred Stock									288				288,462				111,871
															288,462				111,871			0.01%
Packaged Foods & Meats
CCI Prime Holdings, LLC (o)		Series A Preferred Units									92				92,025				-
CCI Prime Holdings, LLC (m)(o)		Series AA Preferred Units									8				7,636				3,118
Et-Harvest Investment Aggregator, LP (o)		Class A Units									17,341				17,341				22,890
Mfi Group Holdings LLC (o)		Class A Units									19				19,393				21,752
Sabrosura Super Holdings LLC (o)		Class A Interests									323,750				388,500				323,750

 

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

23

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Vp Deliver Holdings, LP (m)(o)		Class A LP Units									210,526			$	210,526			$	164,211
															735,421				535,721			0.06%
Paper & Plastic Packaging Products & Materials
Acp Flexibles I LP (m)(o)		Equity Interest													191,571				164,751
Bron Holdings, LLC (o)		Class A Units									1,227				1,227,273				1,167,796
Currier Plastics Holdings, LLC (o)		Class B Units									273,422				3				49,216
Currier Plastics Holdings, LLC (m)(o)		Class A Units									273,422				273,422				287,093
Scp Rigid Packaging Holdco, LLC (m)(o)		Common Units									331				6,613				-
Scp Rigid Packaging Holdco, LLC (m)(o)		Class B Units									126				125,507				127,486
															1,824,389				1,796,342			0.24%
Specialized Consumer Services
Acp Roofing Holdings, LLC (o)		Common Units									17,857				17,857				-
Mustang Prospects Holdco, LLC (o)		Class A Units									1,177				1,177,239				1,628,123
Mustang Prospects Holdco, LLC (o)		Class B Units									1,177,238				107,607				329,627
NAM Group Holdings LLC (o)		Class A Units									84,337				84,337				135,783
Quick Roofing Topco, LLC (o)		Class A Interest									327,869				327,869				731,148
Roofing Services Solutions Holdings, LLC (o)		Common Units									196				20,256				-
Roofing Services Solutions Holdings, LLC (o)		Series A Preferred Units									196				228,590				248,894
Scp Mechanical Services Holdco, LLC (o)		Common Units									962				4,808				-
Scp Mechanical Services Holdco, LLC (o)		Class B Units									91				91,350				42,686
Solid Ground Solutions Investment LLC (o)		Class A Units									171,827				171,827				156,362
Trutemp Holdings LLC (o)		Class A Interest									206,612				206,612				192,149
Usw Holdings, LLC (o)		Class A-1 Units									694				718,048				458,094
															3,156,400				3,922,866			0.49%
Specialized Finance
Lift Solutions Holdings LLC (o)		Common Units									143				-				40,685

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

24

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

March 31, 2026

(unaudited)

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Lift Solutions Holdings LLC (o)		Series A Preferred Units									143			$	205,491			$	205,491
															205,491				246,176			0.04%
Specialty Chemicals
Penta Fine Ingredients Parent, LLC (o)		Class A Common Units									26				26				-
Penta Fine Ingredients Parent, LLC (o)		Preferred Units									16				16,435				16,709
															16,461				16,709			0.00%
Trading Companies & Distributors
Belt Power Parent, LLC (o)		Class A Units									1,271,725				1,395,332				2,250,953
Mobotrex Ultimate Holdings, LLC (o)		Class A-2 Units									112,338				116,243				184,235
															1,511,575				2,435,188			0.30%
Total Equity															19,826,241				21,241,776			2.68%
Money Market Mutual Funds
Mutual Funds
State Street Institutional Treasury Plus Money Market Fund - 3.52% (g)(n)		Investor Class Units									26,887,322				26,887,322				26,887,322
															26,887,322				26,887,322			3.37%
Total Money Market Mutual Funds															26,887,322				26,887,322			3.37%
Total Investments -- non-controlled/ non-affiliate															1,703,615,168				1,662,543,940			208.55%
Total Investment Portfolio														$	1,703,615,168			$	1,662,543,940			208.55%

 

 

(a)

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

(b)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Secured Overnight Funds Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA) and Prime Rate (Prime) which reset daily, monthly, quarterly, or semi-annually. If applicable, the interest rate includes a credit spread adjustment, which is charged in addition to the reference rate and spread. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026.

(c)

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

(d)

All debt investments are shown at amortized cost.

(e)

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

(f)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused and/or letter of credit commitment fees. Negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Negative fair value is the result of the unfunded commitment being valued below par and/or the capitalized discount on the loan. The unfunded loan commitment may be subject to a commitment termination date and may expire prior to the maturity date stated. See Notes to Consolidated Financial Statements for more information on the Fund's unfunded commitments.

(g)

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

(h)

The interest rate floor on these investments as of March 31, 2026 was 1.50%.

(i)

The interest rate floor on these investments as of March 31, 2026 was 1.00%.

(j)

The interest rate floor on these investments as of March 31, 2026 was 0.75%.

(k)

The interest rate floor on these investments as of March 31, 2026 was 0.50%.

(l)

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

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

 

25

---

 

(m)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of March 31, 2026, non-qualifying assets amounted to $34,940,834 which represents 2.0% of total assets as calculated in accordance with regulatory requirements.

(n)

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

(o)

Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,241,776 or 2.7% of net assets.

Additional information on each restricted holding is as follows:

Investment		Type		Acquisition Date		Acquisition Cost ($)
Acp Flexibles I LP		Equity Interest		10/22/2025			191,571
Acp Roofing Holdings, LLC		Common Units		4/14/2025			17,857
AdvancedPCB Parent, L.P.		Class A Units		2/14/2023			1,500,000
AdvancedPCB Parent, L.P.		Class C Units		2/7/2025			76,841
AdvancedPCB Parent, L.P.		Class C Units		8/9/2024			38,419
AdvancedPCB Parent, L.P.		Class C Units		10/9/2025			78,115
Axcel Holdings, LP		Class A Common Units		2/26/2026			487,678
Belt Power Parent, LLC		Class A Units		10/7/2022 - 3/31/2025			1,395,332
BPCP Craftsman Holdings, LLC		Class A Units		4/9/2025			15,686
Bron Holdings, LLC		Class A Units		1/13/2023 - 7/31/2025			1,227,273
CCI Prime Holdings, LLC		Series A Preferred Units		10/18/2023			92,025
CCI Prime Holdings, LLC		Series AA Preferred Units		12/8/2025			7,636
Currier Plastics Holdings, LLC		Class A Units		9/19/2025 - 12/18/2025			273,422
Currier Plastics Holdings, LLC		Class B Units		9/19/2025 - 12/18/2025			3
Double E Equity, L.P.		Class A Common Units		6/21/2022			1,000,000
Double E Equity, L.P.		Class A Preferred Units		5/7/2024 - 9/5/2025			124,465
Dpt Management, LLC		Preferred Units		12/18/2024			33,333
Dragonfly Ultimate Holdings LLC		Class A Units		8/16/2024 - 1/16/2026			209,601
Endurance PT Technology Holdings LLC		Common Units		2/29/2024 - 10/28/2025			61,117
Endurance PT Technology Holdings LLC		Preferred Units		2/29/2024 - 10/28/2025			550,052
Erosion Holdings, LLC		Class A Units		9/30/2024			133,930
Et-Harvest Investment Aggregator, LP		Class A Units		5/23/2025			17,341
Fca Partners LLC		Class A Preferred Units		4/17/2023 - 6/7/2024			839,085
Fca Partners LLC		Common Units		4/17/2023 - 6/7/2024			4
Gauge Ecir Blocker LLC		Class A-1 Units		9/26/2025			274,779
Hitco Parent LLC		Class A Units		2/28/2025			109,890
Hy-Tek Holdings, LLC		Series A Preferred Units		9/19/2025			61,287
Hy-Tek Holdings, LLC		Common Units		9/19/2025			147,217
Identiti Holdings LLC		Class A Units		11/1/2024			115,875
Insight Technology Enterprises LLC		Preferred Units		3/31/2025			15,576
Klc Fund 1022-Ci-A LP		Equity Interest		12/1/2022			750,000
Knight Holdings, LP		Class A-1 Units		11/7/2025			162,037
Lake Air Products Aggregator LLC		Common Units		1/9/2023			1,000,000
Lift Solutions Holdings LLC		Common Units		9/19/2025		-
Lift Solutions Holdings LLC		Series A Preferred Units		9/19/2025			205,491

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

26

---

 

Investment		Type		Acquisition Date		Acquisition Cost ($)
Mfi Group Holdings LLC		Class A Units		4/30/2024 - 11/15/2024			19,393
Mobotrex Ultimate Holdings, LLC		Class A-2 Units		6/7/2024 - 11/6/2025			116,243
Mse Acquisitions Inc		Series A Preferred Stock		8/14/2024			288,462
Mustang Prospects Holdco, LLC		Class A Units		12/15/2022 - 9/30/2025			1,177,239
Mustang Prospects Holdco, LLC		Class B Units		12/15/2022 - 9/30/2025			107,607
NAM Group Holdings LLC		Class A Units		7/16/2024			84,337
NE Ortho Holdings, LLC		Class B Membership Units		12/13/2024 - 1/6/2026			132,518
Penta Fine Ingredients Parent, LLC		Class A Common Units		4/4/2025			26
Penta Fine Ingredients Parent, LLC		Preferred Units		4/4/2025			16,435
Perimeter Solutions Holdings, LP		Common Units		10/2/2024 - 07/31/2025			139,672
Personal Care (Itc) Holdings, LLC		Class A Units		2/14/2023 - 10/18/2023			1,879,621
Pillr Health Holdings, LP		Class B Preferred Units		12/31/2025			127,712
Pillr Health Holdings, LP		Common Units		12/31/2025			-
Quick Roofing Topco, LLC		Class A Interest		12/22/2023			327,869
REP RO COINVEST IV-A, L.P.		Equity Units		12/29/2022			800,000
Roofing Services Solutions Holdings, LLC		Common Units		11/27/2024 - 9/30/2025			20,256
Roofing Services Solutions Holdings, LLC		Series A Preferred Units		11/27/2024 - 9/30/2025			228,590
Sabrosura Super Holdings LLC		Class A Interests		8/22/2024			388,500
Scp 3pl Topco, LLC		Class B Units		1/30/2026			2,184
Scp 3pl Topco, LLC		Class B Units		11/27/2024			6,580
Scp 3pl Topco, LLC		Common Units		11/27/2024 - 1/30/2026			461
Scp Mechanical Services Holdco, LLC		Class B Units		8/20/2025			91,350
Scp Mechanical Services Holdco, LLC		Common Units		8/20/2025			4,808
Scp Rigid Packaging Holdco, LLC		Class B Units		2/2/2026			125,507
Scp Rigid Packaging Holdco, LLC		Common Units		2/2/2026			6,613
Solid Ground Solutions Investment LLC		Class A Units		5/6/2024 - 9/5/2025			171,827
Tgnl Topco LP		Common Units		6/25/2025			5,525
Tiger Healthcare Holdings, LLC		Class A Interest		2/27/2024			125,000
Trutemp Holdings LLC		Class A Interest		8/26/2025			206,612
Usw Holdings, LLC		Class A-1 Units		11/3/2022 - 1/14/2025			718,048
VIP Medical Holdings, LLC		Class A Units		12/12/2022			10
VIP Medical Holdings, LLC		Series A Preferred Units		12/12/2022 - 12/29/2025			455,593
Vp Deliver Holdings, LP		Class A LP Units		2/17/2026			210,526
Warshaw Holdings, LLC		Common Units		3/27/2025			8,432
Warshaw Holdings, LLC		Series A Preferred Units		3/27/2025			8,432
Wci-Bxc Investment Holdings LP		Equity Interest		11/6/2023			608,108

(p)

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

(q)

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

(r)

The investment was on non-accrual status as of March 31, 2026.

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

27

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Investments -- non-controlled/ non-affiliate
First Lien Debt
Advertising
Penn Quarter Partners, LLC (i)(l)(q)		Term Loan		SOFR + 5.00%		8.82%		8/25/2031			3,731,558			$	3,686,985			$	3,684,914
Penn Quarter Partners, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		8/25/2031			-				(16,543	)			(17,536	)
Penn Quarter Partners, LLC (f)(i)(q)		Revolving Credit Facility		-		-		8/25/2031			-				(16,531	)			(17,536	)
															3,653,911				3,649,842			0.47%
Aerospace & Defense
Cadence - Southwick, Inc. (i)(l)		Term Loan		SOFR + 4.75%		8.74%		5/3/2029			8,164,113				8,008,154				8,164,113
Cadence - Southwick, Inc. (f)(i)(q)		Revolving Credit Facility		SOFR + 4.75%		8.60%		5/3/2028			2,058,252				2,002,109				2,058,252
Tex-Tech Industries Inc (j)(l)		Term Loan		SOFR + 4.75%		8.48%		1/13/2031			708,929				702,732				708,929
Tex-Tech Industries Inc (f)(j)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.48%		1/13/2031			95,238				94,366				95,238
Tex-Tech Industries Inc (f)(j)(q)		Revolving Credit Facility		SOFR + 4.75%		8.48%		1/13/2031			36,508				35,429				36,508
Tighitco Inc (i)(l)(q)		Term Loan		SOFR + 6.00%		10.04%		2/28/2030			8,725,275				8,611,882				8,672,923
Tighitco Inc (f)(i)(q)		Revolving Credit Facility		SOFR + 6.00%		9.94%		2/28/2030			714,286				700,240				707,692
															20,154,912				20,443,655			2.60%
Air Freight & Logistics
Dynamic Connections, Ltd (i)(m)(q)		Term Loan		SOFR + 5.75%		9.57%		11/27/2030			157,760				155,726				154,605
Dynamic Connections, Ltd (i)(l)(m)(p)		Term Loan		CORRA + 5.75%		8.30%		11/27/2030			515,349				362,777				368,710
Dynamic Connections, Ltd (f)(i)(m)(q)		Delayed Draw Term Loan		-		-		11/27/2030			-				(4,277	)			(6,928	)
Dynamic Connections, Ltd (f)(i)(m)(q)		Revolving Credit Facility		-		-		11/27/2030			-				(1,425	)			(2,309	)
Echo Global Logistics Inc (k)(l)		Term Loan		SOFR + 4.75%		8.57%		11/23/2028			15,093,000				14,791,792				15,093,000
Pla Buyer, LLC (i)(l)		Term Loan		SOFR + 7.00% (0.50% PIK)		10.79%		11/22/2029			16,676,000				16,401,276				15,725,468
Pla Buyer, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 7.00%		10.79%		11/22/2029			1,000,000				966,550				880,000
R1 Holdings, LLC (i)(l)		Term Loan		SOFR + 6.25%		9.95%		12/29/2028			21,470,950				21,094,396				21,063,002
R1 Holdings, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.25%		9.96%		12/29/2028			2,449,936				2,384,786				2,403,388

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

28

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
R1 Holdings, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.25%		10.02%		12/29/2028			4,855,204			$	4,768,761			$	4,752,036
STG Distribution LLC (h)(m)(q)		Term Loan		SOFR + 8.40% (7.25% PIK)		12.34%		10/3/2029			17,953,124				17,189,262				16,642,546
STG Distribution LLC (h)(m)(q)		Term Loan		SOFR + 7.65% (6.50% PIK)		11.59%		10/3/2029			38,664,397				38,664,397				4,446,406
															116,774,021				81,519,924			10.42%
Application Software
ACP Avenu Midco LLC (i)(l)		Term Loan		SOFR + 4.75%		8.74%		10/2/2029			18,375,000				18,022,459				18,375,000
ACP Avenu Midco LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/2/2029			-				(115,665	)			-
ACP Avenu Midco LLC (i)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.74%		10/2/2029			4,678,379				4,617,862				4,678,379
ACP Avenu Midco LLC (i)(q)		Term Loan		SOFR + 4.75%		8.74%		10/2/2029			464,491				460,452				464,491
ACP Avenu Midco LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		10/2/2029			-				(1,673	)			-
ACP Avenu Midco LLC (i)(q)		Term Loan		SOFR + 4.75%		8.74%		10/2/2029			13,965,000				13,836,720				13,965,000
ACP Falcon Buyer Inc (i)(l)(q)		Term Loan		SOFR + 5.50%		9.49%		8/1/2029			23,300,916				22,829,209				23,300,916
ACP Falcon Buyer Inc (f)(i)(q)		Revolving Credit Facility		-		-		8/1/2029			-				(117,821	)			-
Alegeus Technologies Holdings Corp (i)(l)(q)		Term Loan		SOFR + 6.50%		10.34%		11/5/2029			26,953,418				26,403,723				26,791,698
Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (i)(l)(q)		Term Loan		SOFR + 4.75%		8.61%		12/9/2029			31,078,536				30,465,125				31,078,536
Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (f)(i)(q)		Revolving Credit Facility		-		-		12/9/2028			-				(54,508	)			-
Cytracom LLC (i)(l)		Term Loan		SOFR + 6.00%		9.72%		6/28/2027			3,426,966				3,408,536				3,406,404
Cytracom LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.72%		6/28/2027			659,213				654,942				654,906
Cytracom LLC (f)(i)(q)		Revolving Credit Facility		-		-		6/28/2027			-				(2,814	)			(3,371	)
Lightspeed Solutions, LLC (j)(l)		Term Loan		SOFR + 6.00%		9.72%		3/1/2028			20,874,167				20,681,696				20,686,300
Lightspeed Solutions, LLC (j)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.72%		3/1/2028			1,376,764				1,375,664				1,364,373
Prism Parent Co Inc. (f)(j)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.73%		9/16/2028			1,474,000				1,453,241				1,474,000
Prism Parent Co Inc. (j)(l)		Term Loan		SOFR + 5.00%		8.73%		9/16/2028			30,804,129				30,477,893				30,804,129
Routeware, Inc (i)(l)		Term Loan		SOFR + 5.25%		8.95%		9/18/2031			9,545,455				9,463,052				9,497,727
Routeware, Inc (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		9.06%		9/18/2031			579,545				557,687				576,648
Routeware, Inc (f)(i)(q)		Revolving Credit Facility		SOFR + 5.25%		8.98%		9/18/2031			204,545				196,122				199,432

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

29

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Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
														$	184,611,902			$	187,314,568			23.92%
Automotive Parts & Equipment
Arrowhead Holdco Company (j)(l)		Term Loan		SOFR + 5.25% (2.75% PIK)		9.09%		8/31/2028			26,426,762				26,148,354				21,194,263
Arrowhead Holdco Company (j)(q)		Delayed Draw Term Loan		SOFR + 5.25% (2.75% PIK)		9.09%		8/31/2028			2,413,403				2,413,403				1,935,549
															28,561,757				23,129,812			2.96%
Building Products
Tgnl Purchaser LLC (i)(q)		Term Loan		SOFR + 4.50%		8.22%		6/25/2031			824,586				814,961				824,586
Tgnl Purchaser LLC (f)(i)(q)		Revolving Credit Facility		-		-		6/25/2031			-				(1,896	)			-
															813,065				824,586			0.11%
Construction & Engineering
BPCP Craftsman Buyer, LLC (i)(q)		Term Loan		SOFR + 5.50%		9.17%		4/9/2030			355,078				350,380				334,484
BPCP Craftsman Buyer, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		4/9/2030			-				(3,028	)			(23,765	)
BPCP Craftsman Buyer, LLC (f)(i)(q)		Revolving Credit Facility		-		-		4/9/2030			-				(2,019	)			(9,098	)
															345,333				301,621			0.04%
Data Processing & Outsourced Services
Vrc Companies LLC (i)(l)		Term Loan		SOFR + 5.50%		9.19%		6/29/2027			33,947,127				33,764,002				33,947,127
															33,764,002				33,947,127			4.34%
Diversified Financial Services
Benefit Plan Administrators of Eau Claire, LLC (j)(l)		Term Loan		SOFR + 4.75%		8.57%		11/1/2030			7,185,484				7,109,425				7,142,371
Benefit Plan Administrators of Eau Claire, LLC (f)(j)(q)		Revolving Credit Facility		-		-		11/1/2030			-				(12,228	)			(7,258	)
Benefit Plan Administrators of Eau Claire, LLC (f)(j)(q)		Delayed Draw Term Loan		-		-		11/1/2030			-				(20,410	)			-
Benefit Plan Administrators of Eau Claire, LLC (j)(q)		Term Loan		SOFR + 4.75%		8.57%		11/1/2030			992,500				981,542				986,545
Cub Financing Intermediate, LLC (k)(l)		Term Loan		SOFR + 4.75%		8.42%		6/28/2030			5,074,653				5,033,991				5,074,653
Cub Financing Intermediate, LLC (k)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.54%		6/28/2030			2,358,681				2,331,663				2,358,681
															15,423,983				15,554,992			1.99%
Diversified Support Services

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

30

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Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
All-Lift Systems, LLC (i)(l)(q)		Term Loan		SOFR + 6.25%		10.07%		9/19/2028			12,707,877			$	12,591,139			$	12,580,798
All-Lift Systems, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.25%		10.07%		9/19/2028			308,219				289,546				287,671
American Trailer Rental Group, LLC (i)(l)		Term Loan		SOFR + 5.50%		9.32%		6/1/2027			15,458,500				15,305,774				14,561,907
American Trailer Rental Group, LLC (i)(l)(q)		Delayed Draw Term Loan		SOFR + 5.50%		9.32%		6/1/2027			14,588,284				14,585,576				13,742,163
American Trailer Rental Group, LLC (i)(l)		Delayed Draw Term Loan		SOFR + 5.75%		9.57%		6/1/2027			19,024,292				18,804,353				17,977,956
Eversmith Brands Intermediate Holding Company (i)(l)		Term Loan		SOFR + 5.00%		8.84%		6/17/2030			521,471				515,245				521,471
Eversmith Brands Intermediate Holding Company (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.73%		6/17/2030			323,309				319,399				323,309
Eversmith Brands Intermediate Holding Company (f)(i)(q)		Revolving Credit Facility		-		-		6/17/2030			-				(1,155	)			-
Eversmith Brands Intermediate Holding Company (f)(i)(q)		Delayed Draw Term Loan		-		-		6/17/2030			-				(9,205	)			-
Hy-Tek Opco, LLC (i)(l)(q)		Term Loan		SOFR + 5.50%		9.17%		9/19/2028			16,796,919				16,642,757				16,326,606
Hy-Tek Opco, LLC (f)(i)(q)		Revolving Credit Facility		-		-		9/19/2028			-				(28,812	)			(88,961	)
Identiti Resources LLC (i)(l)		Term Loan		SOFR + 5.00%		8.72%		11/1/2029			12,343,453				12,193,915				12,306,423
Identiti Resources LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.82%		11/1/2029			5,060,255				4,999,432				5,045,074
Identiti Resources LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.00%		8.72%		11/1/2029			229,813				209,254				224,509
Identiti Resources LLC (i)(q)		Term Loan		SOFR + 5.00%		8.72%		11/1/2029			325,331				320,846				324,355
Mri Acquisitions, Inc (i)(l)(q)		Term Loan		SOFR + 6.25%		10.07%		7/1/2026			32,479,999				32,378,322				31,050,879
Mri Acquisitions, Inc (f)(i)(q)		Revolving Credit Facility		SOFR + 6.25%		10.07%		7/1/2026			666,667				659,453				556,667
National Power, LLC (i)(l)		Term Loan		SOFR + 4.75%		8.47%		10/20/2029			1,361,904				1,350,940				1,356,457
National Power, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		10/20/2029			-				(3,223	)			(1,674	)
National Power, LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/20/2029			-				(2,881	)			(1,494	)
Perimeter Solutions Group, LLC (i)(l)		Term Loan		SOFR + 4.75%		8.42%		10/2/2030			11,946,369				11,821,834				11,826,905
Perimeter Solutions Group, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.43%		10/2/2030			3,332,505				3,294,799				3,296,486
Perimeter Solutions Group, LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/2/2030			-				(43,972	)			(42,608	)
Perimeter Solutions Group, LLC (i)(q)		Term Loan		SOFR + 4.75%		8.44%		10/2/2030			2,809,672				2,774,697				2,781,576
Perimeter Solutions Group, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		10/2/2030			-				(11,119	)			(6,705	)
															148,956,914				144,949,770			18.52%

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

31

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Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Electrical Components & Equipment
Luminii LLC (i)(l)(q)		Term Loan		SOFR + 6.00%		9.67%		3/21/2030			6,653,022			$	6,565,585			$	6,633,063
Luminii LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.67%		3/21/2030			1,373,626				1,345,637				1,367,033
Luminii LLC (f)(i)(q)		Revolving Credit Facility		-		-		3/21/2030			-				(13,954	)			(3,297	)
Luminii LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		3/21/2030			-				(9,913	)			-
Warshaw Opco LLC (i)(q)		Term Loan		SOFR + 6.00%		9.67%		3/27/2030			741,446				731,683				680,647
Warshaw Opco LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.00%		9.67%		3/27/2030			66,610				63,577				47,251
															8,682,615				8,724,697			1.12%
Electronic Components
Aep Passion Intermediate Holdings, Inc. (i)(l)		Term Loan		SOFR + 6.50% (4.75% PIK)		10.49%		10/5/2027			25,072,305				24,748,731				23,292,171
Aep Passion Intermediate Holdings, Inc. (i)(q)		Delayed Draw Term Loan		SOFR + 6.50% (4.75% PIK)		10.49%		10/5/2027			1,388,388				1,371,739				1,289,813
Aep Passion Intermediate Holdings, Inc. (f)(i)(q)		Revolving Credit Facility		SOFR + 6.50% (4.75% PIK)		10.49%		10/5/2027			593,537				571,808				469,588
Eds Buyer, LLC (i)(l)		Term Loan		SOFR + 4.50%		8.17%		1/10/2029			898,784				886,379				898,784
Eds Buyer, LLC (f)(i)(q)		Revolving Credit Facility		-		-		1/10/2029			-				(1,088	)			-
															27,577,569				25,950,356			3.31%
Electronic Manufacturing Services
Principal Lighting Group Holdings, LLC (i)(l)(q)		Term Loan		SOFR + 5.25%		8.96%		11/4/2030			22,183,120				21,900,417				22,116,570
Principal Lighting Group Holdings, LLC (f)(i)(q)		Revolving Credit Facility		-		-		11/4/2030			-				(37,769	)			(9,319	)
															21,862,648				22,107,251			2.83%
Environmental & Facilities Services
Dragonfly Pond Works (i)(q)		Term Loan		SOFR + 5.25%		8.92%		8/16/2030			2,955,586				2,919,250				2,955,586
Dragonfly Pond Works (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.99%		8/16/2030			3,195,792				3,167,651				3,195,792
Dragonfly Pond Works (f)(i)(q)		Revolving Credit Facility		-		-		8/16/2030			-				(10,165	)			-
Scp Mechanical Services Buyer, LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.57%		8/20/2031			6,713,942				6,633,951				6,713,942
Scp Mechanical Services Buyer, LLC (f)(i)(q)		Revolving Credit Facility		-		-		8/20/2031			-				(16,948	)			-
Scp Mechanical Services Buyer, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		8/20/2031			-				(39,574	)			-

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

32

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
														$	12,654,165			$	12,865,320			1.65%
Health Care Facilities
Infusion Services Management LLC (i)(l)		Term Loan		SOFR + 6.50%		10.37%		7/7/2028			18,614,825				18,292,653				18,614,825
Infusion Services Management LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.50%		10.35%		7/7/2028			7,032,689				6,947,342				7,032,689
Infusion Services Management LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.50%		10.30%		7/7/2028			1,674,554				1,632,051				1,674,554
Infusion Services Management LLC (i)(q)		Term Loan		SOFR + 6.00%		9.87%		7/7/2028			4,754,630				4,690,375				4,754,630
															31,562,421				32,076,698			4.10%
Health Care Services
Ab Centers Acquisition Corporation (j)(l)		Term Loan		SOFR + 5.25%		8.97%		7/2/2031			20,043,334				19,787,667				20,003,247
Ab Centers Acquisition Corporation (f)(j)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.97%		7/2/2031			1,314,486				1,283,383				1,311,857
Ab Centers Acquisition Corporation (f)(j)(q)		Revolving Credit Facility		-		-		7/2/2031			-				(23,427	)			(3,681	)
Ab Centers Acquisition Corporation (j)(l)		Term Loan		SOFR + 5.25%		8.97%		7/2/2031			992,500				988,197				990,515
Bebright Mso, LLC (i)(l)		Term Loan		SOFR + 5.75%		9.42%		6/3/2030			9,517,823				9,442,254				9,517,823
Bebright Mso, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.75%		9.42%		6/3/2030			7,640,203				7,580,272				7,640,203
Bebright Mso, LLC (f)(i)(q)		Revolving Credit Facility		-		-		6/3/2030			-				(15,077	)			-
Bebright Mso, LLC (i)(q)		Term Loan		SOFR + 5.25%		8.92%		6/3/2030			90,682				89,833				90,500
Bebright Mso, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		6/3/2030			-				(3,813	)			-
Behavioral Framework LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.64%		11/20/2031			11,280,161				11,168,999				11,167,359
Behavioral Framework LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.47%		11/20/2031			1,818,700				1,799,385				1,799,050
Behavioral Framework LLC (f)(i)(q)		Revolving Credit Facility		-		-		11/20/2031			-				(15,786	)			(16,086	)
CareRing Health, LLC (j)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.82%		5/4/2028			6,500,949				6,489,059				6,312,422
CareRing Health, LLC (j)(l)		Term Loan		SOFR + 6.00%		9.82%		5/4/2028			27,951,724				27,639,822				27,141,124
Dpt Management, LLC (i)(l)		Term Loan		SOFR + 5.50%		9.22%		12/18/2027			1,782,000				1,769,760				1,694,682
Dpt Management, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		12/18/2027			-				(2,744	)			(20,417	)
Dpt Management, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.50%		9.22%		12/18/2027			189,167				187,516				176,917
Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.91%		1/3/2029			8,886,364				8,757,463				8,886,364

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

33

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (f)(i)(q)		Revolving Credit Facility		-		-		1/3/2029			-			$	(34,642	)		$	-
Fertility (ITC) Investment Holdco, LLC/Fertility (ITC) Buyer, Inc. (i)(l)		Term Loan		SOFR + 5.00%		9.12%		1/3/2029			37,640,612				37,091,946				37,640,612
Future Care Associates LLC (i)(l)		Term Loan		SOFR + 5.25%		9.07%		12/30/2028			29,100,000				28,671,948				29,100,000
Future Care Associates LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		9.07%		12/30/2028			24,465,000				24,115,384				24,465,000
Future Care Associates LLC (f)(i)(q)		Revolving Credit Facility		-		-		12/30/2028			-				(64,045	)			-
Houseworks Holdings, LLC (i)(q)		Term Loan		SOFR + 5.50%		9.17%		12/15/2028			6,547,500				6,433,953				6,423,098
Houseworks Holdings, LLC (i)(l)(q)		Delayed Draw Term Loan		SOFR + 5.50%		9.17%		12/15/2028			24,312,500				23,896,311				23,850,563
Houseworks Holdings, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.50%		9.20%		12/15/2028			3,214,343				3,125,923				3,108,130
Houseworks Holdings, LLC (i)(l)		Term Loan		SOFR + 5.50%		9.17%		12/15/2028			43,188,567				42,404,925				42,367,984
Lifecare Intermediate II, LLC (i)(l)(m)(q)		Term Loan		SOFR + 5.00%		8.86%		5/20/2030			3,000,000				2,970,015				2,970,000
Lifecare Intermediate II, LLC (f)(i)(m)(q)		Delayed Draw Term Loan		-		-		5/20/2030			-				(9,994	)			(10,000	)
Lifecare Intermediate II, LLC (i)(m)(q)		Term Loan		SOFR + 5.00%		8.67%		5/20/2030			1,000,000				990,005				990,000
NE Ortho Management Services, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		12/13/2030			-				(40,206	)			(48,465	)
NE Ortho Management Services, LLC (f)(i)(q)		Revolving Credit Facility		Prime + 4.00%		10.75%		12/13/2030			484,653				474,620				472,536
NE Ortho Management Services, LLC (i)(l)		Term Loan		SOFR + 5.00%		8.67%		12/13/2030			5,211,026				5,143,559				5,132,860
NE Ortho Management Services, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.67%		12/13/2030			2,423,263				2,392,556				2,386,914
The Smilist Dso, LLC (i)(l)		Term Loan		SOFR + 6.00%		9.67%		4/4/2029			20,929,403				20,594,098				20,929,403
The Smilist Dso, LLC (f)(i)(q)		Revolving Credit Facility		-		-		4/4/2029			-				(16,979	)			-
The Smilist Dso, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.67%		4/4/2029			4,544,101				4,472,923				4,544,101
The Smilist Dso, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.00%		9.67%		4/4/2029			5,658,347				5,568,580				5,658,347
The Smilist Dso, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.93%		4/4/2029			831,878				824,248				827,719
Tiger Healthcare Buyer, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 6.50% (0.50% PIK)		10.17%		2/27/2030			73,761				72,144				67,498
Tiger Healthcare Buyer, LLC (i)(l)		Term Loan		SOFR + 6.50% (0.50% PIK)		10.17%		2/27/2030			2,459,912				2,417,910				2,324,616
Tiger Healthcare Buyer, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.50%		10.17%		2/27/2030			1,125,000				1,089,014				1,001,250
Together Womens Health, LLC (j)(l)(q)		Term Loan		SOFR + 4.75%		8.42%		8/26/2031			9,426,923				9,314,362				9,309,087
Together Womens Health, LLC (f)(j)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.42%		8/26/2031			1,205,769				1,146,081				1,142,620

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

34

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Together Womens Health, LLC (f)(j)(q)		Revolving Credit Facility		-		-		8/26/2031			-			$	(19,427	)		$	(20,604	)
VIP Medical US Buyer, LLC (i)(l)		Term Loan		SOFR + 5.25%		9.07%		12/12/2028			33,353,450				32,972,540				33,353,450
VIP Medical US Buyer, LLC (f)(i)(q)		Revolving Credit Facility		-		-		12/12/2028			-				(77,339	)			-
VIP Medical US Buyer, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		9.08%		12/12/2028			7,986,500				7,902,011				7,986,500
VIP Medical US Buyer, LLC (i)(q)		Term Loan		SOFR + 5.50%		9.33%		12/12/2028			500,000				495,012				500,000
															361,240,199				363,165,098			46.44%
Health Care Supplies
C2dx, Inc (i)(l)		Term Loan		SOFR + 5.50%		9.32%		3/19/2030			516,229				510,316				509,002
C2dx, Inc (f)(i)(q)		Revolving Credit Facility		SOFR + 5.50%		9.32%		3/19/2030			33,898				32,442				32,000
C2dx, Inc (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.50%		9.32%		3/19/2030			333,432				329,724				328,717
Premier Dental Products Company LLC (i)(l)		Term Loan		SOFR + 5.00%		8.67%		1/31/2031			3,101,563				3,060,559				3,008,516
Premier Dental Products Company LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		1/31/2031			-				(7,981	)			(28,125	)
Premier Dental Products Company LLC (f)(i)(q)		Revolving Credit Facility		-		-		1/31/2031			-				(8,048	)			(18,750	)
															3,917,012				3,831,360			0.49%
Health Care Technology
Harmony Hit US Holdings Inc (i)(l)(q)		Term Loan		SOFR + 5.00%		8.72%		12/3/2030			17,278,695				17,093,109				17,157,744
Harmony Hit US Holdings Inc (f)(i)(q)		Delayed Draw Term Loan		-		-		12/3/2030			-				(18,552	)			(2,698	)
Harmony Hit US Holdings Inc (f)(i)(q)		Revolving Credit Facility		-		-		12/3/2030			-				(31,131	)			(21,174	)
Pillr Health Intermediate II, LLC (f)(j)(q)		Revolving Credit Facility		SOFR + 4.75%		8.42%		12/31/2031			380,958				342,879				342,862
Pillr Health Intermediate II, LLC (j)(l)(q)		Term Loan		SOFR + 4.75%		8.42%		12/31/2031			15,862,828				15,704,256				15,704,199
Pillr Health Intermediate II, LLC (f)(j)(q)		Delayed Draw Term Loan		-		-		12/31/2031			-				(31,732	)			(31,746	)
															33,058,829				33,149,187			4.24%
Industrial Machinery & Supplies & Components
Double E Company, LLC (i)(l)		Term Loan		SOFR + 6.25% (2.25% PIK)		10.07%		6/21/2028			16,185,772				16,090,689				14,907,096
Double E Company, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.25%		10.07%		6/21/2028			1,321,586				1,321,586				1,133,656
Double E Company, LLC (i)(q)		Term Loan		SOFR + 6.25% (2.25% PIK)		10.07%		6/21/2028			666,202				648,707				613,572

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

35

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
La-Co Industries, Inc (i)(l)		Term Loan		SOFR + 5.00%		8.67%		7/2/2030			9,030,181			$	8,921,611			$	9,012,120
La-Co Industries, Inc (f)(i)(q)		Revolving Credit Facility		-		-		7/2/2030			-				(8,635	)			(1,521	)
Lake Air Products, LLC (i)(l)(q)		Term Loan		SOFR + 7.00%		10.82%		1/9/2029			35,672,824				35,142,424				35,672,824
Lake Air Products, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 7.00%		10.82%		1/9/2029			1,000,000				922,830				1,000,000
															63,039,212				62,337,747			7.95%
Insurance Brokers
Knight AcquireCo, LLC (k)(l)(q)		Term Loan		SOFR + 4.50%		8.37%		11/7/2032			5,608,966				5,581,369				5,580,921
Knight AcquireCo, LLC (f)(k)(q)		Delayed Draw Term Loan		-		-		11/7/2032			-				(4,573	)			(4,674	)
															5,576,796				5,576,247			0.71%
IT Consulting & Other Services
Cait Intermediate, LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.42%		10/8/2030			13,479,730				13,317,468				13,311,233
Cait Intermediate, LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/8/2030			-				(18,141	)			(19,003	)
Digital Experience Services, LLC (i)(q)		Term Loan		SOFR + 5.00%		9.20%		4/25/2030			1,150,962				1,135,610				1,144,056
Digital Experience Services, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.74%		4/25/2030			466,346				455,808				463,548
Digital Experience Services, LLC (f)(i)(q)		Revolving Credit Facility		-		-		4/25/2030			-				(2,497	)			(1,154	)
Insight Technology Operation LLC (i)(q)		Term Loan		SOFR + 5.50%		9.17%		3/31/2031			853,364				841,780				853,364
Insight Technology Operation LLC (f)(i)(q)		Revolving Credit Facility		-		-		3/31/2031			-				(1,643	)			-
															15,728,385				15,752,044			2.02%
Life Sciences Tools & Services
Ecir Intermediate II LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.42%		9/26/2031			8,633,906				8,550,475				8,547,567
Ecir Intermediate II LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		9/26/2031			-				(19,731	)			(20,608	)
Ecir Intermediate II LLC (f)(i)(q)		Revolving Credit Facility		-		-		9/26/2031			-				(9,860	)			(10,304	)
Wci-Bxc Purchaser, LLC (f)(j)(q)		Revolving Credit Facility		-		-		11/6/2030			-				(96,582	)			(53,899	)
Wci-Bxc Purchaser, LLC (j)(l)(q)		Term Loan		SOFR + 4.75%		8.62%		11/6/2031			23,041,132				22,581,742				22,833,761
Woven Health Collective, LLC (i)(l)(q)		Term Loan		SOFR + 5.00%		8.86%		10/23/2028			13,891,395				13,825,810				13,821,938
Woven Health Collective, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		10/23/2028			-				(20,352	)			(21,705	)

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

36

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Woven Health Collective, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.00%		8.73%		10/23/2028			260,464			$	252,318			$	251,782
															45,063,820				45,348,532			5.79%
Office Services & Supplies
Mse Supplies, LLC (i)(l)		Term Loan		SOFR + 5.25%		9.07%		8/14/2030			5,697,115				5,615,509				5,492,019
Mse Supplies, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.25%		9.08%		8/14/2030			663,462				643,755				611,538
															6,259,264				6,103,557			0.78%
Packaged Foods & Meats
CCI Prime, LLC (i)(l)(q)		Term Loan		SOFR + 7.25% (5.50% PIK)		11.12%		10/18/2029			972,323				955,354				819,666
CCI Prime, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 7.25% (5.50% PIK)		11.12%		10/18/2029			344,863				339,148				290,720
CCI Prime, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 7.25%		11.12%		10/18/2029			2,450,000				2,392,999				1,900,500
Midas Foods International LLC (i)(q)		Term Loan		SOFR + 6.25%		9.97%		4/30/2029			558,948				551,560				553,918
Midas Foods International LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.25%		9.97%		4/30/2029			487,377				480,508				482,990
Midas Foods International LLC (f)(i)(q)		Revolving Credit Facility		-		-		4/30/2029			-				(2,199	)			(1,475	)
Midas Foods International LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		4/30/2029			-				(8,603	)			(6,870	)
Nutrail Acquisitionco, LLC (i)(q)		Term Loan		SOFR + 6.00%		9.67%		5/23/2030			702,788				693,246				702,788
Nutrail Acquisitionco, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		5/23/2030			-				(1,361	)			-
Nutrail Acquisitionco, LLC (f)(i)(q)		Revolving Credit Facility		-		-		5/23/2030			-				(2,290	)			-
Sabrosura Foods, LLC (i)(l)(q)		Term Loan		SOFR + 5.00%		8.84%		8/22/2029			32,778,861				32,398,523				32,221,621
Sabrosura Foods, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.84%		8/22/2029			154,813				129,346				111,222
Sabrosura Foods, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.00%		8.84%		8/22/2029			4,139,931				4,049,556				4,002,829
SCP Baked Goods Holdings, LLC (i)(q)		Term Loan		SOFR + 4.75%		8.42%		5/1/2031			639,643				632,338				639,003
SCP Baked Goods Holdings, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		5/1/2031			-				(1,493	)			-
SCP Baked Goods Holdings, LLC (f)(i)(q)		Revolving Credit Facility		-		-		5/1/2031			-				(994	)			(89	)
Shf Holdings, Inc (i)(l)(q)		Term Loan		SOFR + 5.50%		9.17%		1/22/2030			17,475,652				17,253,440				17,475,652
Shf Holdings, Inc (f)(i)(q)		Revolving Credit Facility		-		-		1/22/2030			-				(28,972	)			-
															59,830,106				59,192,475			7.54%

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

37

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Paper & Plastic Packaging Products & Materials
ACP Packaging IntermediateCo, LLC (i)(l)(q)		Term Loan		SOFR + 5.25%		8.92%		10/22/2031			21,104,592			$	20,795,690			$	20,788,023
ACP Packaging IntermediateCo, LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/22/2031			-				(52,693	)			(54,405	)
Bron Buyer, LLC (i)(l)(q)		Term Loan		SOFR + 6.00%		9.77%		1/13/2029			32,092,500				31,616,028				32,092,500
Bron Buyer, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.00%		9.70%		1/13/2029			750,000				685,884				750,000
Currier Plastics Acquisition, LLC (i)(l)(q)		Term Loan		SOFR + 4.75%		8.47%		9/19/2031			6,187,500				6,112,945				6,110,156
Currier Plastics Acquisition, LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		9/19/2031			-				(28,030	)			(29,370	)
Currier Plastics Acquisition, LLC (f)(i)(q)		Revolving Credit Facility		-		-		9/19/2031			-				(23,068	)			(23,923	)
Currier Plastics Acquisition, LLC (i)(q)		Term Loan		SOFR + 4.75%		8.48%		9/19/2031			6,149,194				6,072,722				6,072,329
Currier Plastics Acquisition, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.47%		9/19/2031			5,846,774				5,810,459				5,773,690
Firmapak Intermediary LLC (i)(q)		Term Loan		SOFR + 5.50%		9.22%		2/4/2031			578,958				572,559				578,958
Firmapak Intermediary LLC (f)(i)(q)		Revolving Credit Facility		-		-		2/4/2031			-				(1,482	)			-
Firmapak Intermediary LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.50%		9.22%		2/4/2031			232,340				229,336				232,340
Soteria Flexibles Corporation (i)(q)		Delayed Draw Term Loan		SOFR + 5.50%		9.17%		8/15/2029			7,214,219				7,157,044				7,214,219
Soteria Flexibles Corporation (i)(l)		Term Loan		SOFR + 5.50%		9.17%		8/15/2029			15,110,618				14,854,292				15,110,618
Soteria Flexibles Corporation (f)(i)(q)		Revolving Credit Facility		SOFR + 5.50%		9.19%		8/15/2029			923,032				832,810				923,032
															94,634,496				95,538,167			12.21%
Pharmaceuticals
Alcami Corporation (i)(l)		Term Loan		SOFR + 7.00%		10.97%		12/21/2028			43,716,438				42,357,741				43,716,438
Alcami Corporation (i)(q)		Delayed Draw Term Loan		SOFR + 7.00%		10.83%		12/21/2028			3,931,615				3,815,556				3,931,615
Alcami Corporation (f)(i)(q)		Revolving Credit Facility		SOFR + 7.00%		10.83%		12/21/2028			1,560,274				1,364,605				1,560,274
															47,537,902				49,208,327			6.28%
Research & Consulting Services
NAM Acquisition Co LLC (j)(l)(q)		Term Loan		SOFR + 4.50%		8.17%		7/16/2030			4,016,920				3,969,786				4,016,920
NAM Acquisition Co LLC (f)(j)(q)		Delayed Draw Term Loan		SOFR + 4.50%		8.17%		7/16/2030			963,855				948,473				963,855
NAM Acquisition Co LLC (f)(j)(q)		Revolving Credit Facility		-		-		7/16/2030			-				(5,497	)			-

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

38

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
RPX Corporation (i)(q)		Term Loan		SOFR + 5.50%		9.25%		8/2/2030			9,068,878			$	8,958,023			$	9,068,878
RPX Corporation (f)(i)(q)		Revolving Credit Facility		-		-		8/2/2030			-				(9,405	)			-
RPX Corporation (i)(l)		Term Loan		SOFR + 5.50%		9.23%		8/2/2030			2,000,000				1,980,132				2,000,000
															15,841,512				16,049,653			2.05%
Soft Drinks & Non-alcoholic Beverages
Refresh Buyer LLC (f)(j)(q)		Revolving Credit Facility		SOFR + 4.75%		8.35%		12/23/2027			1,472,393				1,472,393				1,441,718
Refresh Buyer LLC (j)(l)		Term Loan		SOFR + 4.75%		8.35%		12/23/2028			14,171,779				14,085,986				14,030,061
Refresh Buyer LLC (j)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.35%		12/23/2028			2,136,810				2,136,810				2,115,442
Refresh Buyer LLC (j)(l)		Term Loan		SOFR + 4.75%		8.35%		12/23/2028			33,980,124				33,596,328				33,640,323
Refresh Buyer LLC (j)(q)		Delayed Draw Term Loan		SOFR + 4.75%		8.35%		12/23/2028			4,869,565				4,816,912				4,820,870
															56,108,429				56,048,414			7.15%
Specialized Consumer Services
Mustang Prospects Purchaser LLC (j)(l)		Term Loan		SOFR + 5.00%		8.67%		6/13/2031			16,104,607				15,970,551				15,943,561
Mustang Prospects Purchaser LLC (j)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.72%		6/13/2031			3,789,319				3,752,543				3,751,426
Mustang Prospects Purchaser LLC (f)(j)(q)		Revolving Credit Facility		SOFR + 5.00%		8.72%		6/13/2031			473,665				455,093				449,982
Mustang Prospects Purchaser LLC (f)(j)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.72%		6/13/2031			558,178				549,272				550,374
Quick Roofing Acquisition, LLC (i)(l)		Term Loan		SOFR + 5.50%		9.27%		12/22/2029			8,032,787				7,885,785				8,032,787
Quick Roofing Acquisition, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.50%		9.27%		12/22/2029			1,700,000				1,555,949				1,700,000
Quick Roofing Acquisition, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.50%		9.27%		12/22/2029			2,940,449				2,888,180				2,940,449
Quick Roofing Acquisition, LLC (i)(q)		Term Loan		SOFR + 5.50%		9.27%		12/22/2029			490,000				483,935				490,000
Quick Roofing Acquisition, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.50%		9.27%		12/22/2029			20,152				16,008				20,152
Roofing Services Solutions LLC (i)(l)		Term Loan		SOFR + 5.75%		9.57%		11/27/2029			10,312,500				10,185,444				10,065,000
Roofing Services Solutions LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.75%		9.42%		11/27/2029			6,207,083				6,131,288				6,058,113
Roofing Services Solutions LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.75%		9.46%		11/27/2029			2,229,167				2,191,865				2,154,167
Scp Wqs Buyer, LLC (i)(l)		Term Loan		SOFR + 5.25%		8.92%		10/2/2029			4,274,468				4,207,397				4,274,468
Scp Wqs Buyer, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.25%		8.92%		10/2/2029			8,002,435				7,874,875				8,002,435

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

39

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Scp Wqs Buyer, LLC (f)(i)(q)		Revolving Credit Facility		-		-		10/2/2029			-			$	(57,112	)		$	-
Solid Ground Solutions Acquisitions Inc (i)(l)		Term Loan		SOFR + 5.00%		8.60%		5/6/2029			1,876,190				1,852,467				1,853,676
Solid Ground Solutions Acquisitions Inc (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.60%		5/6/2029			2,370,833				2,342,054				2,342,383
Solid Ground Solutions Acquisitions Inc (f)(i)(q)		Revolving Credit Facility		-		-		5/6/2029			-				(7,030	)			(7,143	)
Solid Ground Solutions Acquisitions Inc (i)(q)		Term Loan		SOFR + 5.00%		9.04%		5/6/2029			997,500				986,099				985,530
Solid Ground Solutions Acquisitions Inc (f)(i)(q)		Delayed Draw Term Loan		-		-		5/6/2029			-				(36,202	)			(33,387	)
Solid Ground Solutions Acquisitions Inc (i)(q)		Term Loan		SOFR + 5.00%		8.62%		5/6/2029			193,548				191,134				191,226
Trutemp Acquisition LLC (i)(l)(q)		Term Loan		SOFR + 5.00%		8.82%		8/26/2031			3,597,624				3,546,051				3,543,660
Trutemp Acquisition LLC (f)(i)(q)		Revolving Credit Facility		-		-		8/26/2031			-				(20,453	)			(21,694	)
Trutemp Acquisition LLC (f)(i)(q)		Delayed Draw Term Loan		-		-		8/26/2031			-				(51,166	)			(54,236	)
Unified Service Partners, LLC (i)(q)		Term Loan		SOFR + 8.00% (4.00% PIK)		11.60%		4/14/2030			358,057				353,337				297,188
Unified Service Partners, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 8.00% (4.00% PIK)		11.60%		4/14/2030			305,115				301,147				253,246
Unified Service Partners, LLC (i)(q)		Revolving Credit Facility		SOFR + 8.00%		11.60%		4/14/2030			89,286				88,116				74,107
USW Buyer, LLC (i)(q)		Term Loan		SOFR + 6.25% (5.00% PIK)		10.02%		11/3/2028			15,553,849				15,384,374				14,978,356
USW Buyer, LLC (i)(q)		Delayed Draw Term Loan		SOFR + 6.25% (5.00% PIK)		10.02%		11/3/2028			14,701,870				14,547,573				14,157,901
USW Buyer, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 6.25%		10.02%		11/3/2028			3,030,000				2,979,105				2,845,000
															106,547,679				105,838,727			13.53%
Specialty Chemicals
Penta Fine Ingredients, Inc. (f)(i)(q)		Revolving Credit Facility		-		-		4/4/2031			-				(1,627	)			-
Penta Fine Ingredients, Inc. (i)(q)		Term Loan		SOFR + 5.00%		8.72%		4/4/2031			853,632				842,050				853,632
															840,423				853,632			0.11%
Trading Companies & Distributors
All States Ag Parts LLC (i)(l)(q)		Term Loan		SOFR + 6.50% (0.50% PIK)		10.43%		9/1/2026			23,857,570				23,728,445				23,094,128
Belt Power Holdings LLC (i)(l)		Term Loan		SOFR + 5.00%		8.82%		8/22/2028			26,625,134				26,348,616				26,625,134
Belt Power Holdings LLC (i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.82%		8/22/2028			6,177,533				6,131,196				6,177,533
Belt Power Holdings LLC (f)(i)(q)		Revolving Credit Facility		-		-		8/22/2028			-				(31,515	)			-

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

 

40

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Erosion Intermediate Holdings LLC (i)(l)		Term Loan		SOFR + 5.75%		9.42%		9/30/2029			1,983,817			$	1,960,173			$	1,983,817
Erosion Intermediate Holdings LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.75%		9.43%		9/30/2029			3,072,321				3,026,456				3,072,321
Erosion Intermediate Holdings LLC (f)(i)(q)		Revolving Credit Facility		-		-		9/30/2029			-				(15,132	)			-
Mobotrex, LLC (i)(l)(q)		Term Loan		SOFR + 5.00%		8.67%		6/7/2031			7,413,510				7,313,269				7,331,961
Mobotrex, LLC (f)(i)(q)		Revolving Credit Facility		SOFR + 5.00%		8.68%		6/7/2031			175,191				158,011				160,738
Mobotrex, LLC (f)(i)(q)		Delayed Draw Term Loan		SOFR + 5.00%		8.67%		6/7/2031			557,371				533,503				537,911
															69,153,022				68,983,543			8.80%
Total First Lien Debt															1,639,776,304				1,600,336,929			204.59%
Unsecured Debt
Specialized Consumer Services
Usw Holdings, LLC (m)		Convertible Promissory Note		18.00% (18.00% PIK)		18.00%		5/3/2029			53,475				53,475				45,079
Usw Holdings, LLC (m)		Convertible Promissory Note		18.00% (18.00% PIK)		18.00%		12/31/2029			32,085				32,085				25,706
Usw Holdings, LLC (m)		Convertible Promissory Note		18.00% (18.00% PIK)		18.00%		12/31/2029			42,780				42,780				32,846
															128,340				103,631			0.01%
Total Unsecured Debt															128,340				103,631			0.01%
Equity
Aerospace & Defense
Hitco Parent LLC (o)		Class A Units									8,723				109,890				129,883
															109,890				129,883			0.02%
Air Freight & Logistics
REP RO COINVEST IV-A, L.P. (m)(o)		Equity Units									800,000				800,000				240,000
Scp 3pl Topco, LLC (m)(o)		Common Units									69				346				-
Scp 3pl Topco, LLC (m)(o)		Class B Units									7				6,580				4,778
															806,926				244,778			0.03%
Building Products
Tgnl Topco LP (o)		Common Units									5,525				5,525				7,403

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

41

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Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
														$	5,525			$	7,403			0.00%
Construction & Engineering
BPCP Craftsman Holdings, LLC (o)		Class A Units									16				15,686				5,746
															15,686				5,746			0.00%
Diversified Support Services
Hy-Tek Holdings, LLC (o)		Common Units									61				147,217				120,181
Hy-Tek Holdings, LLC (o)		Series A Preferred Units									61				61,287				61,287
Identiti Holdings LLC (o)		Class A Units									115,875				115,875				253,766
Klc Fund 1022-Ci-A LP (m)(o)		Equity Interest													752,670				1,208,250
Perimeter Solutions Holdings, LP (o)		Common Units									133,274				139,672				151,932
															1,216,721				1,795,416			0.23%
Electrical Components & Equipment
Warshaw Holdings, LLC (o)		Common Units									17				8,432				-
Warshaw Holdings, LLC (o)		Series A Preferred Units									17				8,432				7,661
															16,864				7,661			0.00%
Electronic Components
AdvancedPCB Parent, L.P. (o)		Class A Units									1,500				1,500,000				-
AdvancedPCB Parent, L.P. (o)		Class C Units									76				38,419				-
AdvancedPCB Parent, L.P. (o)		Class C Units									430				154,957				-
															1,693,376				-			0.00%
Environmental & Facilities Services
Dragonfly Ultimate Holdings LLC (o)		Class A Units									131,272				131,272				202,159
Erosion Holdings, LLC (o)		Class A Units									134				133,930				88,241
															265,202				290,400			0.04%
Health Care Services
Dpt Management, LLC (o)		Preferred Units									10,753				33,333				19,140

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

42

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Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
NE Ortho Holdings, LLC (o)		Class B Membership Units									80			$	79,511			$	205,086
Personal Care (Itc) Holdings, LLC (o)		Class A Units									187,961				1,879,621				1,253,700
Tiger Healthcare Holdings, LLC (o)		Class A Interest									97,500				125,000				1
VIP Medical Holdings, LLC (o)		Class A Units									1,000,000				10				2,030,000
VIP Medical Holdings, LLC (o)		Series A Preferred Units									455,593				455,593				455,593
															2,573,068				3,963,520			0.51%
Health Care Technology
Pillr Health Holdings, LP (m)(o)		Class B Preferred Units									128				127,712				127,710
Pillr Health Holdings, LP (m)(o)		Common Units									12,771				-				-
															127,712				127,710			0.02%
Human Resource & Employment Services
Fca Partners LLC (m)(o)		Common Units									839,085				4				8
Fca Partners LLC (m)(o)		Class A Preferred Units									839,085				839,085				436,324
															839,089				436,332			0.06%
Industrial Machinery & Supplies & Components
Double E Equity, L.P. (m)(o)		Class A Common Units									1,000				1,000,000				265,030
Double E Equity, L.P. (m)(o)		Class A Preferred Units									124				124,465				136,690
Endurance PT Technology Holdings LLC (o)		Common Units									611				61,117				299,363
Endurance PT Technology Holdings LLC (o)		Preferred Units									550				550,052				579,005
Lake Air Products Aggregator LLC (m)(o)		Common Units									1,000,000				1,000,000				970,000
															2,735,634				2,250,088			0.28%
Insurance Brokers
Knight Holdings, LP (m)(o)		Class A-1 Units									16,204				162,037				162,037
															162,037				162,037			0.02%
IT Consulting & Other Services
Insight Technology Enterprises LLC (o)		Preferred Units									9,657				15,576				15,837

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

43

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
														$	15,576			$	15,837			0.00%
Life Sciences Tools & Services
Gauge Ecir Blocker LLC (m)(o)		Class A-1 Units									243,103				274,779				294,154
Wci-Bxc Investment Holdings LP (m)(o)		Equity Interest													608,645				650,676
															883,424				944,830			0.12%
Office Services & Supplies
Mse Acquisitions Inc (o)		Series A Preferred Stock									288				288,462				172,286
															288,462				172,286			0.02%
Packaged Foods & Meats
Cci Prime Holdings, LLC (o)		Series A Preferred Units									92				92,025				-
Cci Prime Holdings, LLC (m)(o)		Series AA Preferred Units									8				7,636				6,414
Et-Harvest Investment Aggregator, LP (o)		Class A Units									17,341				17,341				22,543
Mfi Group Holdings LLC (o)		Class A Units									19				19,393				19,678
Sabrosura Super Holdings LLC (o)		Class A Interests									323,750				388,500				265,475
															524,895				314,110			0.03%
Paper & Plastic Packaging Products & Materials
Acp Flexibles I LP (m)(o)		Equity Interest													191,571				145,594
Bron Holdings, LLC (o)		Class A Units									1,227				1,227,273				1,232,609
Currier Plastics Holdings, LLC (o)		Class B Units									273,422				3				49,216
Currier Plastics Holdings, LLC (m)(o)		Class A Units									273,422				273,422				278,890
															1,692,269				1,706,309			0.23%
Specialized Consumer Services
Acp Roofing Holdings, LLC (o)		Common Units									17,857				17,857				-
Mustang Prospects Holdco, LLC (o)		Class A Units									1,177				1,177,239				1,596,208
Mustang Prospects Holdco, LLC (o)		Class B Units									1,177,238				107,607				341,399
NAM Group Holdings LLC (o)		Class A Units									84,337				84,337				131,566

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

44

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Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)				Cost (d)				Fair Value (e)				Percentage of Net Assets
Quick Roofing Topco, LLC (o)		Class A Interest									327,869			$	327,869			$	1,111,475
Roofing Services Solutions Holdings, LLC (o)		Common Units									196				20,256				12,812
Roofing Services Solutions Holdings, LLC (o)		Series A Preferred Units									196				228,590				248,894
Scp Mechanical Services Holdco, LLC (o)		Common Units									962				4,808				4,029
Scp Mechanical Services Holdco, LLC (o)		Class B Units									91				91,350				94,574
Solid Ground Solutions Investment LLC (o)		Class A Units									171,827				171,827				151,208
Trutemp Holdings LLC (o)		Class A Interest									206,612				206,612				206,612
Usw Holdings, LLC (o)		Class A-1 Units									694				718,048				714,061
															3,156,400				4,612,838			0.58%
Specialized Finance
Lift Solutions Holdings LLC (o)		Common Units									143				-				1,589
Lift Solutions Holdings LLC (o)		Series A Preferred Units									143				205,491				205,491
															205,491				207,080			0.03%
Specialty Chemicals
Penta Fine Ingredients Parent, LLC (o)		Class A Common Units									26				26				668
Penta Fine Ingredients Parent, LLC (o)		Preferred Units									16				16,435				17,644
															16,461				18,312			0.00%
Trading Companies & Distributors
Belt Power Parent, LLC (o)		Class A Units									1,271,725				1,395,332				2,568,884
Mobotrex Ultimate Holdings, LLC (o)		Class A-2 Units									112,338				116,243				171,877
															1,511,575				2,740,761			0.35%
Total Equity															18,862,283				20,153,337			2.57%
Money Market Mutual Funds
Mutual Funds
State Street Institutional Treasury Plus Money Market Fund - 3.66% (g)(n)		Investor Class Units									19,087,624				19,087,624				19,087,624
															19,087,624				19,087,624			2.44%

 

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

45

---

 

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025

Investments (a)		Type		Reference Rate and Spread (b)		Interest Rate (b)		Maturity Date		Par Amount/Units (c)		Cost (d)				Fair Value (e)				Percentage of Net Assets
Total Money Market Mutual Funds												$	19,087,624			$	19,087,624			2.44%
Total Investments -- non-controlled/ non-affiliate													1,677,854,551				1,639,681,521			209.61%
Total Investment Portfolio												$	1,677,854,551			$	1,639,681,521			209.61%

 

(a)

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

(b)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Secured Overnight Funds Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA) and Prime Rate (Prime) which reset daily, monthly, quarterly, or semi-annually. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025.

(c)

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

(d)

All debt investments are shown at amortized cost.

(e)

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

(f)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused and/or letter of credit commitment fees. Negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Negative fair value is the result of the unfunded commitment being valued below par and/or the capitalized discount on the loan. The unfunded loan commitment may be subject to a commitment termination date and may expire prior to the maturity date stated. See Notes to Consolidated Financial Statements for more information on the Fund's unfunded commitments.

(g)

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

(h)

The interest rate floor on these investments as of December 31, 2025 was 1.50%.

(i)

The interest rate floor on these investments as of December 31, 2025 was 1.00%.

(j)

The interest rate floor on these investments as of December 31, 2025 was 0.75%.

(k)

The interest rate floor on these investments as of December 31, 2025 was 0.50%.

(l)

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

(m)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of December 31, 2025, non-qualifying assets amounted to $30,583,216 which represents 1.8% of total assets as calculated in accordance with regulatory requirements.

(n)

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

(o)

Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $20,153,337 or 2.6% of net assets.

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

 

 

 

 

46

---

 

Additional information on each restricted holding is as follows:

Investment		Type		Acquisition Date		Acquisition Cost ($)
Acp Flexibles I LP		Equity Interest		10/22/2025			191,571
Acp Roofing Holdings, LLC		Common Units		4/14/2025			17,857
AdvancedPCB Parent, L.P.		Class A Units		2/14/2023			1,500,000
AdvancedPCB Parent, L.P.		Class C Units		8/9/2024			38,419
AdvancedPCB Parent, L.P.		Class C Units		2/7/2025 - 10/9/2025			154,957
Belt Power Parent, LLC		Class A Units		10/7/2022 - 3/31/2025			1,395,332
BPCP Craftsman Holdings, LLC		Class A Units		4/9/2025			15,686
Bron Holdings, LLC		Class A Units		1/13/2023 - 7/31/2025			1,227,273
Cci Prime Holdings, LLC		Series A Preferred Units		10/18/2023			92,025
Cci Prime Holdings, LLC		Series AA Preferred Units		12/8/2025			7,636
Currier Plastics Holdings, LLC		Class A Units		9/19/2025 - 12/18/2025			273,422
Currier Plastics Holdings, LLC		Class B Units		9/19/2025 - 12/18/2025			3
Double E Equity, L.P.		Class A Common Units		6/21/2022			1,000,000
Double E Equity, L.P.		Class A Preferred Units		5/7/2024 - 9/5/2025			124,465
Dpt Management, LLC		Preferred Units		12/18/2024			33,333
Dragonfly Ultimate Holdings LLC		Class A Units		8/16/2024			131,272
Endurance PT Technology Holdings LLC		Common Units		2/29/2024 - 10/28/2025			61,117
Endurance PT Technology Holdings LLC		Preferred Units		2/29/2024 - 10/28/2025			550,052
Erosion Holdings, LLC		Class A Units		9/30/2024			133,930
Et-Harvest Investment Aggregator, LP		Class A Units		5/23/2025			17,341
Fca Partners LLC		Class A Preferred Units		4/17/2023 - 6/7/2024			839,085
Fca Partners LLC		Common Units		4/17/2023 - 6/7/2024			4
Gauge Ecir Blocker LLC		Class A-1 Units		9/26/2025			274,779
Hitco Parent LLC		Class A Units		2/28/2025			109,890
Hy-Tek Holdings, LLC		Common Units		9/19/2025			147,217
Hy-Tek Holdings, LLC		Series A Preferred Units		9/19/2025			61,287
Identiti Holdings LLC		Class A Units		11/1/2024			115,875
Insight Technology Enterprises LLC		Preferred Units		3/31/2025			15,576
Klc Fund 1022-Ci-A LP		Equity Interest		12/1/2022			750,000
Knight Holdings, LP		Class A-1 Units		11/7/2025			162,037
Lake Air Products Aggregator LLC		Common Units		1/9/2023			1,000,000
Lift Solutions Holdings LLC		Common Units		9/19/2025			-
Lift Solutions Holdings LLC		Series A Preferred Units		9/19/2025			205,491
Mfi Group Holdings LLC		Class A Units		4/30/2024 - 11/15/2024			19,393
Mobotrex Ultimate Holdings, LLC		Class A-2 Units		6/7/2024 - 11/6/2025			116,243

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

47

---

 

Investment		Type		Acquisition Date		Acquisition Cost ($)
Mse Acquisitions Inc		Series A Preferred Stock		8/14/2024			288,462
Mustang Prospects Holdco, LLC		Class A Units		12/15/2022 - 9/30/2025			1,177,239
Mustang Prospects Holdco, LLC		Class B Units		12/15/2022 - 9/30/2025			107,607
NAM Group Holdings LLC		Class A Units		7/16/2024			84,337
NE Ortho Holdings, LLC		Class B Membership Units		12/13/2024 - 7/10/2025			79,511
Penta Fine Ingredients Parent, LLC		Class A Common Units		4/4/2025			26
Penta Fine Ingredients Parent, LLC		Preferred Units		4/4/2025			16,435
Perimeter Solutions Holdings, LP		Common Units		10/2/2024 - 7/31/2025			139,672
Personal Care (Itc) Holdings, LLC		Class A Units		2/14/2023 - 10/18/2023			1,879,621
Pillr Health Holdings, LP		Class B Preferred Units		12/31/2025			127,712
Pillr Health Holdings, LP		Common Units		12/31/2025			-
Quick Roofing Topco, LLC		Class A Interest		12/22/2023			327,869
REP RO COINVEST IV-A, L.P.		Equity Units		12/29/2022			800,000
Roofing Services Solutions Holdings, LLC		Common Units		11/27/2024 - 9/30/2025			20,256
Roofing Services Solutions Holdings, LLC		Series A Preferred Units		11/27/2024 - 9/30/2025			228,590
Sabrosura Super Holdings LLC		Class A Interests		8/22/2024			388,500
Scp 3pl Topco, LLC		Class B Units		11/27/2024			6,580
Scp 3pl Topco, LLC		Common Units		11/27/2024			346
Scp Mechanical Services Holdco, LLC		Class B Units		8/20/2025			91,350
Scp Mechanical Services Holdco, LLC		Common Units		8/20/2025			4,808
Solid Ground Solutions Investment LLC		Class A Units		5/6/2024 - 9/5/2025			171,827
Tgnl Topco LP		Common Units		6/25/2025			5,525
Tiger Healthcare Holdings, LLC		Class A Interest		2/27/2024			125,000
Trutemp Holdings LLC		Class A Interest		8/26/2025			206,612
Usw Holdings, LLC		Class A-1 Units		11/3/2022 - 1/14/2025			718,048
VIP Medical Holdings, LLC		Class A Units		12/12/2022			10
VIP Medical Holdings, LLC		Series A Preferred Units		12/12/2022 - 12/29/2025			455,593
Warshaw Holdings, LLC		Common Units		3/27/2025			8,432
Warshaw Holdings, LLC		Series A Preferred Units		3/27/2025			8,432
Wci-Bxc Investment Holdings LP		Equity Interest		11/6/2023			608,108

(p)

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

(q)

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

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

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Fidelity Private Credit Company LLC

Notes to Consolidated Financial Statements

(unaudited)

Note 1. Organization

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

Effective January 31, 2023, the General Partner and the Limited Partners became unit holders of the Fund (“Unit Holder”) and the interests in the Limited Partnership were converted into Common Units (“Units”) of the Fund. Within these consolidated financial statements and notes to consolidated financial statements all references to Unit Holder and net assets prior to January 31, 2023 are referring to Partners and Partners’ Capital, respectively.

On June 1, 2023, the Fund elected to be regulated, and intends to qualify annually, as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). On June 6, 2023, the Fund elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Board of Directors (the “Board”) of the Fund approved an Agreement and Plan of Merger (the “Merger Agreement”) between the Fund and Fidelity Private Credit Company II LLC, a Delaware limited liability company. The Merger Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding units of Fidelity Private Credit Company II LLC equal in value to the net assets of the Fund on the day the reorganization is effective.

The reorganization is expected to occur during July 2026. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their unit holders.

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

The Fund will invest at least 70% of its total assets in investments that meet regulatory requirements of the BDC structure, which will generally include investments in companies that are private and may be backed by a sponsor but may also include investments in small capitalization public companies or companies that are non-sponsors. The majority of the Fund’s investments will be loans targeted at private U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and public U.S. operating companies having a market capitalization of less than $250.0 million. The Fund may also invest to a lesser degree in non-U.S. companies.

 

49

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Note 2. Significant Accounting Policies

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

Basis of Presentation

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

Consolidation

The Fund will generally consolidate any wholly-owned, or substantially wholly-owned, subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, as of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025, the Fund consolidated the financial position and results of its wholly-owned subsidiaries on its consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Fund is an investment company, portfolio investments held by the Fund are not consolidated into the consolidated financial statements. The portfolio investments held by the Fund (including investments held by consolidated subsidiaries) are included on the consolidated statements of assets and liabilities as investments at fair value.

Use of Estimates

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

Income Taxes

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

Effective June 6, 2023, the Fund elected to be classified as a corporation for U.S. federal income tax purposes and to be treated as a RIC under the Code for its taxable period starting June 6, 2023 and ended December 31, 2023 and intends to qualify annually thereafter. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unit Holders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund’s investors and would not be reflected on the consolidated financial statements of the Fund.

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

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

As of March 31, 2026 and December 31, 2025, the Fund, through wholly-owned subsidiaries, recorded tax liabilities of approximately $0.5 million and $0.7 million, respectively, which are included in other accounts payable and accrued liabilities on the consolidated statements of assets and liabilities.

For the three months ended March 31, 2026, the Fund, through wholly-owned subsidiaries, recognized a total benefit for taxes of approximately $0.2 million, which was comprised of a provision for taxes of approximately $0.02 million related to income, and net change in benefit for deferred tax expense related to unrealized appreciation on investments of approximately $0.2 million. For the three months ended March 31, 2025, the Fund, through wholly-owned subsidiaries, recognized a total tax benefit of approximately $0.03 million, which was comprised of provision for taxes of a nominal amount related to income, and net change in benefit for deferred tax expense related to unrealized gains on investments of approximately $0.03 million. The Fund did not incur an excise tax for the three months ended March 31, 2026 and 2025.

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

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

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

Deferred Financing Costs

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

Investment Valuation

The Fund values its investments, upon which its net asset value (“NAV”) is based, in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value and prescribes disclosure requirements for fair value measurements.

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

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

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

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

Investment Transactions

For financial reporting purposes, the Fund’s investment holdings include trades executed through the end of the last business day of the period. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method and is recorded within net realized gain (loss) on investments on the consolidated statements of operations.

Interest Income

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

Dividend Income

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

PIK Income

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount (if debt) or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income and capitalized to the cost basis of the related instrument.

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Fee Income

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

Non-Accrual Policy

Debt investments may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income. For further information regarding the non-accrual status of investments, refer to “Note 5. Investments.”

Cash

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

Expenses

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

Foreign Currency

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

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

Note 3. Unit Holder Transactions

Effective January 31, 2023, the Fund has the authority to issue an unlimited number of units. Units have no par value. The following table summarizes unit transaction activity for the three months ended March 31, 2026 and 2025:

			Three Months Ended March 31,
			2026				2025
			Units				Units
Units issued - contributions during the period				—				5,152,230
Units repurchased				—				(1,952,289	)
Distributions reinvested				885,925				778,204
Net increase (decrease)				885,925				3,978,145

 

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

		March 31, 2026
		Capital Commitments				Unfunded Capital Commitments				% Unfunded Capital Commitments
Common Units		$	765,510,000			$	76,549,966				10.0	%
Total		$	765,510,000			$	76,549,966				10.0	%

 

		December 31, 2025
		Capital Commitments				Unfunded Capital Commitments				% Unfunded Capital Commitments
Common Units		$	765,510,000			$	76,549,966				10.0	%
Total		$	765,510,000			$	76,549,966				10.0	%

There were no Units issued related to capital drawdowns during the three months ended March 31, 2026. The following table summarizes the total Units issued and proceeds related to capital drawdowns during the three months ended March 31, 2025:

 

Unit Issue Date		Units Issued				Proceeds Received
For the Three Months Ended March 31, 2025
February 24, 2025			2,588,127			$	25,286,000
March 28, 2025			2,564,103				25,000,000
Total capital drawdowns			5,152,230			$	50,286,000

The following tables summarize distributions declared for the three months ended March 31, 2026 and 2025:

Month			Distribution per unit				Gross Distributions				Reinvestment of Distributions
January 2026			$	—			$	—			$	—
February 2026				0.09				7,418,845				4,071,940
March 2026				0.09				7,626,759				4,203,790
			$	0.18			$	15,045,604			$	8,275,730

 

Month			Distribution per unit				Gross Distributions				Reinvestment of Distributions
January 2025			$	—			$	—			$	—
February 2025				0.09				6,872,061				3,343,410
March 2025				0.10				8,426,153				4,211,266
			$	0.19			$	15,298,214			$	7,554,676

 

The Private Offering

Prior to the BDC Conversion (as defined below), the Fund entered into separate subscription agreements (each, a “Subscription Agreement”) with investors who were admitted as limited partners. “BDC Conversion” refers to the conversion by operation of law of Fidelity Direct Lending Fund, LP to Fidelity Private Credit Central Fund LLC by the filing of a Certificate of Conversion to a limited liability company on January 31, 2023, and the Fund’s subsequent election to be regulated as a BDC. Following the BDC Conversion, the Fund continues to enter into separate Subscription Agreements with a number of investors who will be admitted as Unit Holders providing for the private placement of the Fund’s Units. Each subscriber makes a capital commitment (“Capital Commitment”) to purchase Units of the Fund pursuant to the Subscription Agreement. Subscribers are required to make capital contributions (“Capital Contributions”) to purchase Units of the Fund each time the Fund delivers a drawdown notice.

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

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

Effective March 11, 2024, the Board approved the Fund entering into the First Amended and Restated Limited Liability Company Agreement which made eligible to invest any “accredited investor” (as enumerated in Rule 502 under Regulation D of the Securities Act of 1933 (the “Securities Act”)) who has committed to a strategic relationship with Fidelity. In addition, the Board approved the Fund entering into a Placement Agent Agreement with Fidelity Distributors Company LLC, with respect to the private placement of its Units as described in “Note 4. Expenses and Transactions with Affiliates.”

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

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

Distribution Reinvestment Plan

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

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

Repurchase Program

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

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

•

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

•

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

•

the investment plans and working capital and reserve requirements of the Fund;

•

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

•

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

•

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

•

the recommendations of the Adviser.

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

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

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

During the three months ended March 31, 2026, there were no repurchases of Units.

The following table summarizes the Unit repurchases completed during the three months ended March 31, 2025:

Repurchase deadline request

Percentage of Outstanding Units the Company Offered to Repurchase

Price Paid Per Unit

Repurchase Pricing Date

Amount Repurchased

Number of Units Repurchased

Percentage of Outstanding Units Repurchased

March 27, 2025

2.50%

$

9.69

March 31, 2025

$

18,917,680

1,952,289

2.50% ⁽¹⁾

(1)

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

Note 4. Expenses and Transactions with Affiliates

Investment Advisory Agreement

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

For the three months ended March 31, 2026 and 2025, management fees were approximately $2.5 million and $2.4 million, respectively. As of March 31, 2026 and December 31, 2025, approximately $0.8 million, as of each period presented, was payable to the Adviser for management fees in management fee payable on the consolidated statements of assets and liabilities.

Administration Agreement

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

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

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

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

For the three months ended March 31, 2026 and 2025, the Fund incurred $0.5 million, for each period presented, in expenses under the Administration Agreement, which were recorded as administration fees on the consolidated statements of operations.

Transfer Agent Agreement

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

For the three months ended March 31, 2026 and 2025, the Fund recorded $0.2 million, for each period presented, in transfer agent fees, which are included in other general and administrative expenses on the consolidated statements of operations.

Expense Limitation Agreement

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

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

In consideration of the Adviser’s agreement to make Expense Payments, at any time during a fiscal year and, to the extent that expenses fall below the Expense Limitation, the Adviser reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the fiscal year up to, but not in excess of, the Expense Limitation (an “Adviser Reimbursement”). For the three months ended March 31, 2026, and 2025, there was no recoupment of reimbursed expenses by the Adviser.

This Expense Limitation Agreement renewed as of January 1, 2026 and shall renew automatically for successive one-year terms. The Adviser may not terminate this Expense Limitation Agreement before a term’s expiration date without the approval of the Fund’s Board.

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

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Upon the termination of Adviser’s obligation to make Required Expense Payments, the Adviser had an option to elect to pay, at such times as the Adviser determined, certain expenses on the Fund’s behalf, provided that no portion of the payment was used to pay any interest expense or Unit Holder servicing fees of the Fund (referred to as a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”). Any Expense Payments that the Adviser committed to pay had to be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

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

For the three months ended March 31, 2026 and 2025, approximately $0.4 million and $0.1 million, respectively, was recognized and recorded in expense support on the consolidated statements of operations.

Administrative Agent Expense Allocation Agreement

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

Affiliated Investments

There were no affiliated holdings as of March 31, 2026 and December 31, 2025.

Affiliated Unit Holder Investments

FIAM Institutional Funds Manager, LLC (“FIAMIFM”), as the former General Partner, owned 1,731.84 Units and 1,699.30 Units of net assets as of March 31, 2026 and December 31, 2025, respectively.

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

Affiliated Investment Company		March 31, 2026 % Net Assets				December 31, 2025 % Net Assets
Fidelity Capital and Income Fund			45	%			45	%
Fidelity Advisor Floating Rate High Income Fund			16	%			16	%

Investment companies managed by an affiliate, in aggregate, were owners of record of 100% of the Units as of each period presented.

Placement Agent Agreement

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

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Co-Investment Relief

The Fund and the Adviser have received an exemptive order from the SEC that permits the Fund, among other things, to co-invest with certain other persons in negotiated transactions, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. The Fund may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Fund (e.g., based on investment strategy). The co-investment would generally be allocated to the Fund and the other affiliated funds that target similar assets in accordance with the Adviser’s allocation policies and procedures. If the Adviser determines that such investment is not appropriate for the Fund, the investment will not be allocated to the Fund.

Note 5. Investments

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

		March 31, 2026												December 31, 2025
		Cost				Fair Value				% of Total Investments at Fair Value				Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt		$	1,656,300,756			$	1,613,816,643				97.1	%		$	1,639,776,304			$	1,600,336,929				97.6	%
Unsecured Debt			600,849				598,199				0.0	%			128,340				103,631				0.0	%
Equity			19,826,241				21,241,776				1.3	%			18,862,283				20,153,337				1.2	%
Mutual Funds			26,887,322				26,887,322				1.6	%			19,087,624				19,087,624				1.2	%
Total Investments		$	1,703,615,168			$	1,662,543,940				100.0	%		$	1,677,854,551			$	1,639,681,521				100.0	%

 

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

		March 31, 2026				December 31, 2025
Health Care Services			23.3	%			22.5	%
Application Software			11.3	%			11.5	%
Diversified Support Services			7.9	%			8.9	%
Paper & Plastic Packaging Products & Materials			6.1	%			5.9	%
Specialized Consumer Services			4.7	%			6.7	%
Air Freight & Logistics			4.5	%			5.0	%
Trading Companies & Distributors			4.4	%			4.4	%
Industrial Machinery & Supplies & Components			4.1	%			3.9	%
Soft Drinks & Non-alcoholic Beverages			3.4	%			3.4	%
Packaged Foods & Meats			3.4	%			3.6	%
Pharmaceuticals			3.0	%			3.0	%
Life Sciences Tools & Services			2.8	%			2.8	%
Health Care Technology			2.6	%			2.0	%
Data Processing & Outsourced Services			2.0	%			2.1	%
Health Care Facilities			2.0	%			2.0	%
Aerospace & Defense			1.9	%			1.3	%
Electronic Components			1.6	%			1.6	%
Mutual Funds			1.6	%			1.2	%
Automotive Parts & Equipment			1.4	%			1.4	%
Electronic Manufacturing Services			1.3	%			1.3	%
Environmental & Facilities Services			1.0	%			0.8	%
IT Consulting & Other Services			1.0	%			1.0	%
Research & Consulting Services			1.0	%			1.0	%
Diversified Financial Services			0.9	%			0.9	%
Education Services			0.8	%			0.0	%
Electrical Components & Equipment			0.5	%			0.5	%
Office Services & Supplies			0.4	%			0.4	%
Insurance Brokers			0.3	%			0.3	%
Building Products			0.3	%			0.1	%
Health Care Supplies			0.2	%			0.2	%
Advertising			0.2	%			0.2	%
Specialty Chemicals			0.1	%			0.1	%
Human Resource & Employment Services			0.0	%			0.0	%
Construction & Engineering			0.0	%			0.0	%
Specialized Finance			0.0	%			0.0	%
Total			100.0	%			100.0	%

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

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

		March 31, 2026												December 31, 2025
		Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets				Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets
United States		$	1,630,955,021				98.1	%			204.6	%		$	1,608,084,129				98.1	%			205.5	%
Australia			30,787,828				1.9	%			3.9	%			31,078,536				1.9	%			4.0	%
Canada			801,091				0.0	%			0.1	%			518,856				0.0	%			0.1	%
Total		$	1,662,543,940				100.0	%			208.6	%		$	1,639,681,521				100.0	%			209.6	%

As of March 31, 2026 and December 31, 2025, on a fair value basis, 98.5% and 100.0% of debt investments bore interest at a floating rate, respectively, and 1.5% and 0.0% of debt investments bore interest at a fixed rate, respectively. As of March 31, 2026, two investments across one broadly syndicated loan borrower were on non-accrual status. As of December 31, 2025, there were no investments on non-accrual status.

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Note 6. Fair Value Measurements

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

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

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

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

The following is a summary of the inputs used, as of March 31, 2026 and December 31, 2025, involving the Fund’s assets carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

	March 31, 2026
		Level 1				Level 2				Level 3				Total
First Lien Debt		$	—			$	—			$	1,613,816,643			$	1,613,816,643
Unsecured Debt			—				—				598,199				598,199
Equity			—				—				21,241,776				21,241,776
Mutual Funds			26,887,322				—				—				26,887,322
Total Investments		$	26,887,322			$	—			$	1,635,656,618			$	1,662,543,940

 

	December 31, 2025
		Level 1				Level 2				Level 3				Total
First Lien Debt		$	—			$	—			$	1,600,336,929			$	1,600,336,929
Unsecured Debt			—				—				103,631				103,631
Equity			—				—				20,153,337				20,153,337
Mutual Funds			19,087,624				—				—				19,087,624
Total Investments		$	19,087,624			$	—			$	1,620,593,897			$	1,639,681,521

The following tables provide a reconciliation of the beginning and ending balances for investments for which fair value was determined using Level 3 inputs for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31, 2026
		First Lien Debt				Unsecured Debt				Equity				Total Investments
Fair value, beginning of period		$	1,600,336,929			$	103,631			$	20,153,337			$	1,620,593,897
Purchases of investments			123,708,372				600,699				938,017				125,247,088
Proceeds from principal repayments and sales of investments			(110,445,611	)			(128,340	)			—				(110,573,951	)
Accretion of discount/ amortization of premium			2,841,267				150				—				2,841,417
Net realized gain (loss)			420,424				—				25,941				446,365
Net change in unrealized appreciation (depreciation)			(3,044,738	)			22,059				124,481				(2,898,198	)
Fair value, end of period		$	1,613,816,643			$	598,199			$	21,241,776			$	1,635,656,618
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2026		$	(5,103,589	)		$	(2,650	)		$	124,481			$	(4,981,758	)

 

 

 

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	Three Months Ended March 31, 2025
		First Lien Debt				Second Lien Debt				Equity				Total Investments
Fair value, beginning of period		$	1,525,175,632			$	37,433,922			$	18,047,546			$	1,580,657,100
Purchases of investments			77,649,013				590,949				616,591				78,856,553
Proceeds from principal repayments and sales of investments			(19,499,606	)			(10,000,000	)			—				(29,499,606	)
Accretion of discount/ amortization of premium			1,735,149				285,112				—				2,020,261
Net realized gain (loss)			(12,596	)			—				—				(12,596	)
Net change in unrealized appreciation (depreciation)			(6,057,264	)			(2,551,511	)			(1,145,575	)			(9,754,350	)
Fair value, end of period		$	1,578,990,328			$	25,758,472			$	17,518,562			$	1,622,267,362
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2025		$	(6,057,804	)		$	(2,266,399	)		$	(1,145,575	)		$	(9,469,778	)

The information used in the above reconciliation represents period to date activity for any investments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any security or instrument where a change in the pricing level occurred from the beginning to the end of the period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund’s consolidated statements of operations.

The following provides information on Level 3 securities held by the Fund that were valued as of March 31, 2026 and December 31, 2025 based on unobservable inputs:

		March 31, 2026
										Range
		Fair Value				Valuation Technique		Unobservable Input		Low				High				Weighted Average				Impact to Valuation from an Increase in Input*
First Lien Debt		$	1,613,816,643			Market approach		Transaction price		$	98.00			$	99.75			$	98.95			Increase
						Market comparable		Enterprise value/Revenue multiple (EV/R)			0.3				0.6				0.3			Increase
						Discounted cash flow		Yield			8.2	%			22.5	%			10.2	%		Decrease
Unsecured Debt			598,199			Market comparable		Enterprise value/Revenue multiple (EV/R)			1.3				1.3				1.3			Increase
						Discounted cash flow		Yield			15.2	%			15.2	%			15.2	%		Decrease
Equity			21,241,776			Market comparable		Enterprise value/Revenue multiple (EV/R)			0.6				1.3				1.3			Increase
						Market comparable		Enterprise value/EBITDA multiple (EV/EBITDA)			5.3				17.3				10.8			Increase
						Book value		Discount rate			4.3	%			4.3	%			4.3	%		Decrease
						Book value		Book value multiple			1.0				1.0				1.0			Increase
Total		$	1,635,656,618

 

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		December 31, 2025
										Range
		Fair Value				Valuation Technique		Unobservable Input		Low				High				Weighted Average				Impact to Valuation from an Increase in Input*
First Lien Debt		$	1,600,336,929			Market approach		Transaction price		$	99.00			$	99.50			$	99.00			Increase
						Market comparable		Enterprise value/Revenue multiple (EV/R)			0.3				1.2				1.1			Increase
						Discounted cash flow		Yield			7.9	%			19.5	%			10.1	%		Decrease
Unsecured Debt			103,631			Market comparable		Enterprise value/Revenue multiple (EV/R)			1.2				1.2				1.2			Increase
Equity			20,153,337			Market approach		Transaction price		$	—			$	1,000.00			$	1,000.00			Increase
						Market approach		Discount rate			40.0	%			40.0	%			40.0	%		Decrease
						Market approach		Net Asset Value		$	1,223.00			$	1,223.00			$	1,223.00			Increase
						Market comparable		Enterprise value/Revenue multiple (EV/R)			1.2				1.2				1.2			Increase
						Market comparable		Enterprise value/EBITDA multiple (EV/EBITDA)			5.3				17.5				11.0			Increase
Total		$	1,620,593,897

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

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

Financial Instruments Not Carried at Fair Value

Debt

The carrying value of the Fund’s debt, which would be categorized as Level 3 within the fair value hierarchy, as of March 31, 2026 and December 31, 2025, approximates fair value.

Note 7. Commitments and Contingencies

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

Commitments

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

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The following table details the unfunded loan commitments as of March 31, 2026:

Investments - non-controlled / non-affiliate		Commitment Type		Commitment Maturity Date		Unfunded Commitment ($)
Ab Centers Acquisition Corporation		Delayed Draw Term Loan		7/2/2031		$	1,858,088
Ab Centers Acquisition Corporation		Revolving Credit Facility		7/2/2031			1,840,527
ACP Avenu Midco LLC		Revolving Credit Facility		10/2/2029			6,673,945
ACP Avenu Midco LLC		Delayed Draw Term Loan		10/2/2029			394,945
ACP Falcon Buyer Inc		Revolving Credit Facility		8/1/2029			6,500,000
ACP Packaging IntermediateCo, LLC		Revolving Credit Facility		10/22/2031			3,626,997
Aep Passion Intermediate Holdings, Inc.		Revolving Credit Facility		10/5/2027			1,152,533
Aeron Buyer, LLC		Delayed Draw Term Loan		1/2/2032			5,555,556
Aeron Buyer, LLC		Revolving Credit Facility		1/2/2032			2,592,593
Alcami Corporation		Revolving Credit Facility		12/21/2028			5,047,945
Align Enta Mso Holdings, LLC		Delayed Draw Term Loan		3/25/2032			2,580,140
Align Enta Mso Holdings, LLC		Delayed Draw Term Loan		3/25/2032			1,290,070
Align Enta Mso Holdings, LLC		Revolving Credit Facility		3/25/2032			816,855
All-Lift Systems, LLC		Revolving Credit Facility		9/19/2028			1,746,575
Andretti Buyer, LLC		Revolving Credit Facility		1/30/2033			892,857
Andretti Buyer, LLC		Delayed Draw Term Loan		1/30/2033			892,857
Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc.		Revolving Credit Facility		12/9/2028			4,338,106
Bebright Mso, LLC		Revolving Credit Facility		6/3/2030			2,015,197
Bebright Mso, LLC		Delayed Draw Term Loan		6/3/2030			826,446
Behavioral Framework LLC		Revolving Credit Facility		11/20/2031			1,206,434
Behavioral Framework LLC		Delayed Draw Term Loan		11/20/2031			292,560
Belt Power Holdings LLC		Revolving Credit Facility		8/22/2028			3,418,803
Benefit Plan Administrators of Eau Claire, LLC		Delayed Draw Term Loan		11/1/2030			4,032,258
Benefit Plan Administrators of Eau Claire, LLC		Revolving Credit Facility		11/1/2030			1,209,677
BPCP Craftsman Buyer, LLC		Delayed Draw Term Loan		4/9/2030			470,588
BPCP Craftsman Buyer, LLC		Revolving Credit Facility		4/9/2030			156,863
Bron Buyer, LLC		Revolving Credit Facility		1/13/2029			4,600,000
C2dx, Inc		Revolving Credit Facility		3/19/2030			101,695
Cait Intermediate, LLC		Revolving Credit Facility		10/8/2030			1,520,270
CCI Prime, LLC		Revolving Credit Facility		10/18/2029			1,050,000
Currier Plastics Acquisition, LLC		Delayed Draw Term Loan		9/19/2031			3,744,667
Currier Plastics Acquisition, LLC		Revolving Credit Facility		9/19/2031			1,531,974
Cytracom LLC		Delayed Draw Term Loan		7/1/2029			2,078,008
Cytracom LLC		Revolving Credit Facility		6/28/2027			561,798
Digital Experience Services, LLC		Delayed Draw Term Loan		4/25/2030			475,962
Digital Experience Services, LLC		Revolving Credit Facility		4/25/2030			177,885
Double E Company, LLC		Revolving Credit Facility		6/21/2028			881,057
Dpt Management, LLC		Delayed Draw Term Loan		12/18/2027			416,667
Dpt Management, LLC		Revolving Credit Facility		12/18/2027			60,833
Dragonfly Pond Works		Delayed Draw Term Loan		8/16/2031			3,706,967

 

64

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As of March 31, 2026 (continued):

Investments - non-controlled / non-affiliate		Commitment Type		Commitment Maturity Date		Unfunded Commitment ($)
Dragonfly Pond Works		Revolving Credit Facility		8/16/2031		$	1,336,211
Dynamic Connections, Ltd		Delayed Draw Term Loan		11/27/2030			7,000,000
Dynamic Connections, Ltd		Revolving Credit Facility		11/27/2030			103,926
Dynamic Connections, Ltd		Delayed Draw Term Loan		11/27/2030			23,095
Ecir Intermediate II LLC		Delayed Draw Term Loan		9/26/2031			4,121,688
Ecir Intermediate II LLC		Revolving Credit Facility		9/26/2031			1,030,422
Eds Buyer, LLC		Revolving Credit Facility		1/10/2029			85,106
Erosion Intermediate Holdings LLC		Revolving Credit Facility		9/30/2029			1,339,286
Eversmith Brands Intermediate Holding Company		Delayed Draw Term Loan		6/17/2030			1,878,123
Eversmith Brands Intermediate Holding Company		Revolving Credit Facility		6/17/2030			102,941
Eversmith Brands Intermediate Holding Company		Delayed Draw Term Loan		6/17/2030			44,118
Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc.		Revolving Credit Facility		1/3/2029			2,727,273
Firmapak Intermediary LLC		Delayed Draw Term Loan		2/4/2031			1,932,000
Firmapak Intermediary LLC		Revolving Credit Facility		2/4/2031			559,700
Future Care Associates LLC		Revolving Credit Facility		12/30/2028			3,500,000
Harmony Hit US Holdings Inc		Delayed Draw Term Loan		12/3/2030			3,597,789
Harmony Hit US Holdings Inc		Revolving Credit Facility		12/3/2030			3,024,817
Houseworks Holdings, LLC		Revolving Credit Facility		12/15/2028			2,208,114
Hy-Tek Opco, LLC		Revolving Credit Facility		9/19/2028			3,177,173
Identiti Resources LLC		Revolving Credit Facility		11/1/2029			1,767,789
Infusion Services Management LLC		Revolving Credit Facility		7/6/2029			2,958
Insight Technology Operation LLC		Revolving Credit Facility		3/31/2031			124,611
Kinetic Engines Systems Inc		Revolving Credit Facility		5/3/2028			2,058,252
Kinetic Infrastructure Group, Inc.		Delayed Draw Term Loan		3/13/2030			1,913,265
Kinetic Infrastructure Group, Inc.		Revolving Credit Facility		3/13/2030			1,562,500
Knight AcquireCo, LLC		Delayed Draw Term Loan		11/7/2032			1,869,655
La-Co Industries, Inc		Revolving Credit Facility		7/2/2030			722,433
Lake Air Products, LLC		Revolving Credit Facility		1/9/2029			5,000,000
Lifecare Intermediate II, LLC		Delayed Draw Term Loan		5/20/2030			1,800,000
Luminii LLC		Delayed Draw Term Loan		3/21/2030			2,000,000
Luminii LLC		Revolving Credit Facility		3/21/2030			1,098,901
Luminii LLC		Delayed Draw Term Loan		3/21/2030			560,440
Midas Foods International LLC		Delayed Draw Term Loan		4/30/2029			763,359
Midas Foods International LLC		Revolving Credit Facility		4/30/2029			163,934
Mobotrex, LLC		Delayed Draw Term Loan		6/7/2031			2,806,072
Mobotrex, LLC		Revolving Credit Facility		6/7/2031			1,182,540
Mse Supplies, LLC		Revolving Credit Facility		8/14/2030			778,846
Mustang Prospects Purchaser LLC		Revolving Credit Facility		6/13/2031			2,368,325
NAM Acquisition Co LLC		Delayed Draw Term Loan		7/16/2030			591,901
NAM Acquisition Co LLC		Revolving Credit Facility		7/16/2030			481,928

 

65

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As of March 31, 2026 (continued):

Investments - non-controlled / non-affiliate		Commitment Type		Commitment Maturity Date		Unfunded Commitment ($)
National Power, LLC		Delayed Draw Term Loan		10/20/2029		$	418,404
National Power, LLC		Revolving Credit Facility		10/20/2029			373,575
NE Ortho Management Services, LLC		Delayed Draw Term Loan		12/13/2030			2,117,647
NE Ortho Management Services, LLC		Revolving Credit Facility		12/13/2030			984,225
Nutrail Acquisitionco, LLC		Revolving Credit Facility		5/23/2030			173,410
Nutrail Acquisitionco, LLC		Delayed Draw Term Loan		5/23/2030			102,929
Penn Quarter Partners, LLC		Delayed Draw Term Loan		8/25/2031			2,805,683
Penn Quarter Partners, LLC		Revolving Credit Facility		8/25/2031			1,402,842
Penta Fine Ingredients, Inc.		Revolving Credit Facility		4/4/2031			123,457
Perimeter Solutions Group, LLC		Revolving Credit Facility		10/2/2030			4,260,850
Perimeter Solutions Group, LLC		Delayed Draw Term Loan		10/2/2030			1,787,973
Perimeter Solutions Group, LLC		Delayed Draw Term Loan		10/2/2030			718,185
Pillr Health Intermediate II, LLC		Delayed Draw Term Loan		12/31/2031			6,349,295
Pillr Health Intermediate II, LLC		Revolving Credit Facility		12/31/2031			3,428,619
Pla Buyer, LLC		Revolving Credit Facility		11/22/2029			1,000,000
Precision I Buyer, LLC		Revolving Credit Facility		3/12/2032			714,286
Premier Dental Products Company LLC		Delayed Draw Term Loan		1/31/2031			1,250,000
Premier Dental Products Company LLC		Revolving Credit Facility		1/31/2031			625,000
Principal Lighting Group Holdings, LLC		Revolving Credit Facility		11/4/2030			3,106,357
Prism Parent Co Inc.		Delayed Draw Term Loan		9/16/2028			2,214,815
Professional Education Holdco, LLC		Delayed Draw Term Loan		2/26/2032			4,442,696
Professional Education Holdco, LLC		Revolving Credit Facility		2/26/2032			1,421,663
Prospect Mold & Die Company		Revolving Credit Facility		3/30/2032			1,013,178
Quick Roofing Acquisition, LLC		Revolving Credit Facility		12/22/2029			5,525,000
Quick Roofing Acquisition, LLC		Delayed Draw Term Loan		12/22/2029			484,848
R1 Holdings, LLC		Revolving Credit Facility		12/29/2028			574,661
Refresh Buyer LLC		Revolving Credit Facility		12/23/2027			1,104,294
Roofing Services Solutions LLC		Revolving Credit Facility		11/27/2029			1,250,000
Routeware, Inc		Delayed Draw Term Loan		9/18/2031			3,392,045
Routeware, Inc		Revolving Credit Facility		9/18/2031			818,182
RPX Corporation		Revolving Credit Facility		8/2/2030			816,327
Sabrosura Foods, LLC		Revolving Credit Facility		8/22/2029			7,527,147
Sabrosura Foods, LLC		Delayed Draw Term Loan		8/22/2029			4,311,535
SCP Baked Goods Holdings, LLC		Delayed Draw Term Loan		5/1/2031			267,857
SCP Baked Goods Holdings, LLC		Revolving Credit Facility		5/1/2031			89,286
Scp Mechanical Services Buyer, LLC		Delayed Draw Term Loan		8/20/2031			6,730,769
Scp Mechanical Services Buyer, LLC		Revolving Credit Facility		8/20/2031			1,250,000
Scp Wqs Buyer, LLC		Revolving Credit Facility		10/2/2029			4,258,004
Shf Holdings, Inc		Revolving Credit Facility		1/22/2030			2,347,826
Solid Ground Solutions Acquisitions Inc		Delayed Draw Term Loan		5/6/2029			5,806,452

 

66

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As of March 31, 2026 (continued):

Investments - non-controlled / non-affiliate		Commitment Type		Commitment Maturity Date		Unfunded Commitment ($)
Solid Ground Solutions Acquisitions Inc		Revolving Credit Facility		5/6/2029			595,238
Soteria Flexibles Corporation		Revolving Credit Facility		8/15/2029			4,984,375
Soteria Flexibles Corporation		Delayed Draw Term Loan		8/15/2029			127,660
Tex-Tech Industries Inc		Delayed Draw Term Loan		1/13/2031			63,492
Tex-Tech Industries Inc		Revolving Credit Facility		1/13/2031			60,317
Tgnl Purchaser LLC		Revolving Credit Facility		6/25/2031			165,746
The Smilist Dso, LLC		Revolving Credit Facility		4/4/2029			1,148,547
The Smilist Dso, LLC		Delayed Draw Term Loan		4/4/2029			98,132
Tiger Healthcare Buyer, LLC		Revolving Credit Facility		2/27/2030			1,125,000
Tighitco Inc		Revolving Credit Facility		2/28/2030			219,780
Together Womens Health, LLC		Delayed Draw Term Loan		8/26/2031			7,692,308
Together Womens Health, LLC		Revolving Credit Facility		8/26/2031			1,648,352
Trutemp Acquisition LLC		Delayed Draw Term Loan		8/26/2031			7,231,405
Trutemp Acquisition LLC		Revolving Credit Facility		8/26/2031			1,446,281
VIP Medical US Buyer, LLC		Revolving Credit Facility		12/12/2028			7,500,000
Vp Deliver Parent, Inc		Revolving Credit Facility		2/17/2031			648,075
Vp Deliver Parent, Inc		Delayed Draw Term Loan		2/17/2031			604,870
Warshaw Opco LLC		Revolving Credit Facility		3/27/2030			169,477
Wci-Bxc Purchaser, LLC		Revolving Credit Facility		11/6/2030			5,988,807
Woven Health Collective, LLC		Delayed Draw Term Loan		10/23/2028			4,341,061
Woven Health Collective, LLC		Revolving Credit Facility		10/23/2028			1,041,855
Total Unfunded Commitments						$	284,036,789

 

67

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The following table details the unfunded loan commitments as of December 31, 2025:

Investments - non-controlled/ non-affiliate		Commitment Type		Commitment Maturity Date		Unfunded Commitment ($)
Ab Centers Acquisition Corporation		Delayed Draw Term Loan		7/2/2031		$	2,353,804
Ab Centers Acquisition Corporation		Revolving Credit Facility		7/2/2031			1,840,527
ACP Avenu Midco LLC		Revolving Credit Facility		10/2/2029			6,673,945
ACP Avenu Midco LLC		Delayed Draw Term Loan		10/2/2029			394,945
ACP Falcon Buyer Inc		Revolving Credit Facility		8/1/2029			6,500,000
ACP Packaging IntermediateCo, LLC		Revolving Credit Facility		10/22/2031			3,626,997
Aep Passion Intermediate Holdings, Inc.		Revolving Credit Facility		10/5/2027			1,152,223
Alcami Corporation		Revolving Credit Facility		12/21/2028			5,782,192
All-Lift Systems, LLC		Revolving Credit Facility		9/19/2028			1,746,575
Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc.		Revolving Credit Facility		12/9/2028			4,338,106
Bebright Mso, LLC		Revolving Credit Facility		6/3/2030			2,015,197
Bebright Mso, LLC		Delayed Draw Term Loan		6/3/2030			826,446
Behavioral Framework LLC		Revolving Credit Facility		11/20/2031			1,608,579
Behavioral Framework LLC		Delayed Draw Term Loan		11/20/2031			292,560
Belt Power Holdings LLC		Revolving Credit Facility		8/22/2028			3,418,803
Benefit Plan Administrators of Eau Claire, LLC		Delayed Draw Term Loan		11/1/2030			4,032,258
Benefit Plan Administrators of Eau Claire, LLC		Revolving Credit Facility		11/1/2030			1,209,677
BPCP Craftsman Buyer, LLC		Delayed Draw Term Loan		4/9/2030			470,588
BPCP Craftsman Buyer, LLC		Revolving Credit Facility		4/9/2030			156,863
Bron Buyer, LLC		Revolving Credit Facility		1/13/2029			4,250,000
C2dx, Inc		Revolving Credit Facility		3/19/2030			101,695
C2dx, Inc		Delayed Draw Term Loan		3/19/2030			3,390
Cadence - Southwick, Inc.		Revolving Credit Facility		5/3/2028			2,151,809
Cait Intermediate, LLC		Revolving Credit Facility		10/8/2030			1,520,270
CCI Prime, LLC		Revolving Credit Facility		10/18/2029			1,050,000
Currier Plastics Acquisition, LLC		Delayed Draw Term Loan		9/19/2031			4,699,248
Currier Plastics Acquisition, LLC		Revolving Credit Facility		9/19/2031			1,913,807
Cytracom LLC		Revolving Credit Facility		6/28/2027			561,798
Cytracom LLC		Delayed Draw Term Loan		6/28/2027			352,022
Digital Experience Services, LLC		Delayed Draw Term Loan		4/25/2030			687,500
Digital Experience Services, LLC		Revolving Credit Facility		4/25/2030			192,308
Double E Company, LLC		Revolving Credit Facility		6/21/2028			1,057,269
Dpt Management, LLC		Delayed Draw Term Loan		12/18/2027			416,667
Dpt Management, LLC		Revolving Credit Facility		12/18/2027			60,833
Dragonfly Pond Works		Revolving Credit Facility		8/16/2030			875,146
Dragonfly Pond Works		Delayed Draw Term Loan		8/16/2030			297,550
Dynamic Connections, Ltd		Delayed Draw Term Loan		11/27/2030			346,420
Dynamic Connections, Ltd		Revolving Credit Facility		11/27/2030			115,473
Ecir Intermediate II LLC		Delayed Draw Term Loan		9/26/2031			4,121,688
Ecir Intermediate II LLC		Revolving Credit Facility		9/26/2031			1,030,422

 

68

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As of December 31, 2025 (continued):

Investments - non-controlled/ non-affiliate		Commitment Type		Commitment Maturity Date		Unfunded Commitment ($)
Eds Buyer, LLC		Revolving Credit Facility		1/10/2029		$	85,106
Erosion Intermediate Holdings LLC		Revolving Credit Facility		9/30/2029			1,339,286
Erosion Intermediate Holdings LLC		Delayed Draw Term Loan		9/30/2029			937,500
Eversmith Brands Intermediate Holding Company		Delayed Draw Term Loan		6/17/2030			1,878,123
Eversmith Brands Intermediate Holding Company		Revolving Credit Facility		6/17/2030			102,941
Eversmith Brands Intermediate Holding Company		Delayed Draw Term Loan		6/17/2030			44,118
Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc.		Revolving Credit Facility		1/3/2029			2,727,273
Firmapak Intermediary LLC		Revolving Credit Facility		2/4/2031			138,889
Firmapak Intermediary LLC		Delayed Draw Term Loan		2/4/2031			44,444
Future Care Associates LLC		Revolving Credit Facility		12/30/2028			5,000,000
Harmony Hit US Holdings Inc		Delayed Draw Term Loan		12/3/2030			3,597,789
Harmony Hit US Holdings Inc		Revolving Credit Facility		12/3/2030			3,024,817
Houseworks Holdings, LLC		Revolving Credit Facility		12/15/2028			2,375,819
Hy-Tek Opco, LLC		Revolving Credit Facility		9/19/2028			3,177,173
Identiti Resources LLC		Revolving Credit Facility		11/1/2029			1,537,976
Infusion Services Management LLC		Revolving Credit Facility		7/7/2028			1,059,412
Insight Technology Operation LLC		Revolving Credit Facility		3/31/2031			124,611
Knight AcquireCo, LLC		Delayed Draw Term Loan		11/7/2032			1,869,655
La-Co Industries, Inc		Revolving Credit Facility		7/2/2030			760,456
Lake Air Products, LLC		Revolving Credit Facility		1/9/2029			5,000,000
Lifecare Intermediate II, LLC		Delayed Draw Term Loan		5/20/2030			2,000,000
Luminii LLC		Delayed Draw Term Loan		3/21/2030			2,000,000
Luminii LLC		Revolving Credit Facility		3/21/2030			1,098,901
Luminii LLC		Delayed Draw Term Loan		3/21/2030			824,176
Midas Foods International LLC		Delayed Draw Term Loan		4/30/2029			763,359
Midas Foods International LLC		Revolving Credit Facility		4/30/2029			163,934
Mobotrex, LLC		Delayed Draw Term Loan		6/7/2031			2,806,072
Mobotrex, LLC		Revolving Credit Facility		6/7/2031			1,138,743
Mri Acquisitions, Inc		Revolving Credit Facility		7/1/2026			1,833,333
Mse Supplies, LLC		Revolving Credit Facility		8/14/2030			778,846
Mustang Prospects Purchaser LLC		Revolving Credit Facility		6/13/2031			1,894,660
Mustang Prospects Purchaser LLC		Delayed Draw Term Loan		6/13/2031			444,537
NAM Acquisition Co LLC		Delayed Draw Term Loan		7/16/2030			591,901
NAM Acquisition Co LLC		Revolving Credit Facility		7/16/2030			481,928
National Power, LLC		Delayed Draw Term Loan		10/20/2029			418,404
National Power, LLC		Revolving Credit Facility		10/20/2029			373,575
NE Ortho Management Services, LLC		Delayed Draw Term Loan		12/13/2030			6,462,036
NE Ortho Management Services, LLC		Revolving Credit Facility		12/13/2030			323,102
Nutrail Acquisitionco, LLC		Revolving Credit Facility		5/23/2030			173,410
Nutrail Acquisitionco, LLC		Delayed Draw Term Loan		5/23/2030			102,929

 

69

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As of December 31, 2025 (continued):

Investments - non-controlled/ non-affiliate		Commitment Type		Commitment Maturity Date		Unfunded Commitment ($)
Penn Quarter Partners, LLC		Delayed Draw Term Loan		8/25/2031		$	2,805,683
Penn Quarter Partners, LLC		Revolving Credit Facility		8/25/2031			1,402,842
Penta Fine Ingredients, Inc.		Revolving Credit Facility		4/4/2031			123,457
Perimeter Solutions Group, LLC		Revolving Credit Facility		10/2/2030			4,260,850
Perimeter Solutions Group, LLC		Delayed Draw Term Loan		10/2/2030			1,787,973
Perimeter Solutions Group, LLC		Delayed Draw Term Loan		10/2/2030			718,185
Pillr Health Intermediate II, LLC		Delayed Draw Term Loan		12/31/2031			6,349,295
Pillr Health Intermediate II, LLC		Revolving Credit Facility		12/31/2031			3,428,619
Pla Buyer, LLC		Revolving Credit Facility		11/22/2029			1,105,263
Premier Dental Products Company LLC		Delayed Draw Term Loan		1/31/2031			1,250,000
Premier Dental Products Company LLC		Revolving Credit Facility		1/31/2031			625,000
Principal Lighting Group Holdings, LLC		Revolving Credit Facility		11/4/2030			3,106,357
Prism Parent Co Inc.		Delayed Draw Term Loan		9/16/2028			2,214,815
Quick Roofing Acquisition, LLC		Revolving Credit Facility		12/22/2029			6,800,000
Quick Roofing Acquisition, LLC		Delayed Draw Term Loan		12/22/2029			484,848
R1 Holdings, LLC		Revolving Credit Facility		12/29/2028			574,661
Refresh Buyer LLC		Revolving Credit Facility		12/23/2027			1,595,092
Roofing Services Solutions LLC		Revolving Credit Facility		11/27/2029			895,833
Routeware, Inc		Delayed Draw Term Loan		9/18/2031			3,852,273
Routeware, Inc		Revolving Credit Facility		9/18/2031			818,182
RPX Corporation		Revolving Credit Facility		8/2/2030			816,327
Sabrosura Foods, LLC		Delayed Draw Term Loan		8/22/2029			4,311,535
Sabrosura Foods, LLC		Revolving Credit Facility		8/22/2029			3,924,869
SCP Baked Goods Holdings, LLC		Delayed Draw Term Loan		5/1/2031			267,857
SCP Baked Goods Holdings, LLC		Revolving Credit Facility		5/1/2031			89,286
Scp Mechanical Services Buyer, LLC		Delayed Draw Term Loan		8/20/2031			6,730,769
Scp Mechanical Services Buyer, LLC		Revolving Credit Facility		8/20/2031			1,442,308
Scp Wqs Buyer, LLC		Revolving Credit Facility		10/2/2029			4,258,004
Shf Holdings, Inc		Revolving Credit Facility		1/22/2030			2,347,826
Solid Ground Solutions Acquisitions Inc		Delayed Draw Term Loan		5/6/2029			5,806,452
Solid Ground Solutions Acquisitions Inc		Revolving Credit Facility		5/6/2029			595,238
Soteria Flexibles Corporation		Revolving Credit Facility		8/15/2029			4,984,375
Tex-Tech Industries Inc		Revolving Credit Facility		1/13/2031			90,476
Tex-Tech Industries Inc		Delayed Draw Term Loan		1/13/2031			63,492
Tgnl Purchaser LLC		Revolving Credit Facility		6/25/2031			165,746
The Smilist Dso, LLC		Revolving Credit Facility		4/4/2029			1,148,547
The Smilist Dso, LLC		Delayed Draw Term Loan		4/4/2029			165,048
Tiger Healthcare Buyer, LLC		Revolving Credit Facility		2/27/2030			1,125,000
Tiger Healthcare Buyer, LLC		Delayed Draw Term Loan		2/27/2030			50,417
Tighitco Inc		Revolving Credit Facility		2/28/2030			384,615
Together Womens Health, LLC		Delayed Draw Term Loan		8/26/2031			7,692,308
Together Womens Health, LLC		Revolving Credit Facility		8/26/2031			1,648,352
Trutemp Acquisition LLC		Delayed Draw Term Loan		8/26/2031			7,231,405
Trutemp Acquisition LLC		Revolving Credit Facility		8/26/2031			1,446,281
USW Buyer, LLC		Revolving Credit Facility		11/3/2028			1,970,000
VIP Medical US Buyer, LLC		Revolving Credit Facility		12/12/2028			7,500,000
Warshaw Opco LLC		Revolving Credit Facility		3/27/2030			169,477
Wci-Bxc Purchaser, LLC		Revolving Credit Facility		11/6/2030			5,988,807
Woven Health Collective, LLC		Delayed Draw Term Loan		10/23/2028			4,341,061
Woven Health Collective, LLC		Revolving Credit Facility		10/23/2028			1,475,961
Total Unfunded Commitments						$	256,175,901

 

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In addition, as of March 31, 2026, the Fund was party to subscription agreements to fund equity investment commitments as follows:

Investment to be acquired		Investment Type		Commitment Amount				Unrealized Appreciation (Depreciation)
Acp Flexibles I LP		Equity Interest		$	23,946			$	—
CCI Prime Holdings, LLC		Series AA Preferred Units			11,698				—
Total Unfunded Equity Commitments				$	35,644			$	—

As of December 31, 2025, the Fund was party to subscription agreements to fund equity investment commitments as follows:

Investment to be acquired		Investment Type		Commitment Amount				Unrealized Appreciation (Depreciation)
Acp Flexibles I LP		Equity Interest		$	23,946			$	—
CCI Prime Holdings, LLC		Series AA Preferred Units			11,698				—
Total Unfunded Equity Commitments				$	35,644			$	—

 

Note 8. Borrowings

In accordance with the 1940 Act, with certain limitations, the Fund is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, the Fund’s asset coverage was 188%, as of each period presented.

The Fund’s average outstanding debt and weighted average interest rate paid for the three months ended March 31, 2026 and 2025 were $893.7 million and 5.82% and $876.9 million and 6.51%, respectively. The Fund’s weighted average interest rate paid as of March 31, 2026 and December 31, 2025 was 5.80% and 6.09%, respectively.

The Fund’s outstanding borrowings as of March 31, 2026 and December 31, 2025 were as follows:

		March 31, 2026
		Aggregate Principal Committed				Outstanding Principal				Carrying Value
Fidelity Direct Lending Fund I JSPV LLC Facility⁽¹⁾		$	1,000,000,000			$	650,344,332			$	650,344,332
Truist Senior Secured Revolving Credit Facility			430,000,000				251,000,000				251,000,000
Total		$	1,430,000,000			$	901,344,332			$	901,344,332

(1)

Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of March 31, 2026, the Fund had borrowings denominated in Canadian Dollars (“CAD”) of 0.5 million, translated to USD of $0.3 million.

		December 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Carrying Value
Fidelity Direct Lending Fund I JSPV LLC Facility ⁽¹⁾		$	1,000,000,000			$	680,353,357			$	680,353,357
Truist Senior Secured Revolving Credit Facility			430,000,000				213,000,000				213,000,000
Total		$	1,430,000,000			$	893,353,357			$	893,353,357

(1)

Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of December 31, 2025, the Fund had borrowings denominated in Canadian Dollars (“CAD”) of 0.5 million, translated to USD of $0.4 million.

For the three months ended March 31, 2026 and 2025, the components of interest expense were as follows:

		Three Months Ended March 31,
		2026				2025
Borrowing interest expense		$	14,115,943			$	14,937,346
Facility unused fees			486,648				161,598
Amortization of deferred financing costs			685,005				386,087
Total Interest Expense		$	15,287,596			$	15,485,031

 

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Fidelity Direct Lending Fund I JSPV LLC

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

The initial commitment amount under the Fidelity Direct Lending Fund I JSPV LLC Facility was $500 million. On January 24, 2023, June 6, 2023, and November 26, 2024 this was increased to $750 million, $950 million, and $1 billion, respectively. On August 6, 2025, the SPV entered into the fourth amendment to the Agreement. The amendment provides for an increase in the maximum facility amount permitted under an accordion provision to $1.5 billion. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by the SPV and to make advances under delayed draw term loans where the SPV is a lender. On September 12, 2024, the Fidelity Direct Lending Fund I JSPV LLC Facility entered into the third amendment to the Agreement. The amendment extends the last day of the revolving period to August 25, 2027, and the stated maturity date to February 25, 2029. Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. Advances under the Fidelity Direct Lending Fund I JSPV LLC Facility currently bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is Term SOFR in the case of U.S. dollar advances), plus an applicable margin of 2.20% per annum except for borrowings denominated in British pounds, for which the applicable margin is 2.3193% per annum. Prior to September 12, 2024, the applicable margins were 2.97% per annum for certain advances in British pounds and 2.85% per annum for other advances. The SPV currently pays a commitment fee of 0.525% per annum of the unused facility amount, based on the average daily unused amount of the financing commitments, subject to minimum utilization amounts.

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

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

Truist Senior Secured Revolving Credit Facility

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

The Fund may borrow amounts in USD or certain agreed foreign currencies under the Truist Facility. Borrowings made under the Truist Facility will have a per annum rate equal to 0.75% or 0.875% plus an “alternate base rate” (as described in the Truist Agreement) in the case of any ABR Loan. In the case of any other loan, borrowings will have a per annum rate equal to 1.75% or 1.875% plus the Adjusted Term SOFR Rate or, for foreign denominated loans, the relevant rate for such currency, in each case, depending on the Fund’s rate option election and borrowing base. The Fund will also pay a fee of 0.375% on average daily undrawn amounts under the Truist Facility.

The initial principal amount of the Truist Facility was $300 million. On August 22, 2025, the Fund entered into a commitment increase agreement, which provided for an increase in the principal commitment amount to $400 million. On November 26, 2025, the Fund entered into a second commitment increase agreement under Truist Facility, with Canadian Imperial Bank of Commerce as an assuming lender, for an increase in the principal commitment amount from $400 million to $430 million, subject to availability under the borrowing base, which is based on the Fund’s portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $750 million, subject to the satisfaction of certain conditions. In addition, the Truist Facility includes a $60 million limit for swingline loans.

 

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

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

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

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

On March 24, 2026, the Fund entered into a Limited Consent and First Amendment to the Truist Agreement (the “Limited Consent and Amendment”) to provide for, among other things, (i) the consent by the Lenders to the entry by the Fund into the Merger Agreement with the conditions that at the effective time of the merger, the Fund will merge with and into Fidelity Private Credit Company II LLC, with Fidelity Private Credit Company II LLC continuing as the surviving company (the ”Merger”) and the consummation by the Fund of the Merger and (ii) certain amendments as amended by the Limited Consent and Amendment to reflect the assumption by Fidelity Private Credit Company II LLC of all obligations of the borrower thereunder upon the consummation of the Merger.

 

Note 9. Financial Highlights

The financial highlights for the three months ended March 31, 2026 and 2025 are as follows:

		Three Months Ended March 31,
		2026				2025
Per Unit Data
Net asset value per unit, beginning of period		$	9.28			$	9.68
Net investment income (loss) A			0.28				0.33
Net realized and change in unrealized gain (loss)			(0.02	)			(0.13	)
Net increase (decrease) in net assets resulting from operations			0.26				0.20
Distributions			(0.18	)			(0.19	)
Net asset value per unit, end of period		$	9.36			$	9.69
Total return E			2.72	%			2.09	%

 

		Three Months Ended March 31,
		2026				2025
Ratios:
Net investment income (loss) to average net assets B			12.09	%			13.66	%
Expenses to average net assets, before reductions B,C			9.79	%			9.96	%
Expenses to average net assets, after reductions B,C			9.59	%			9.88	%
Portfolio turnover rate D			6.78	%			1.84	%
Supplemental Data:
Ratio of expenses to average net assets, before reductions, excluding income and excise tax expense and interest expense B,C			1.96	%			1.85	%
Ratio of expenses to average net assets, after reductions, excluding income and excise tax expense and interest expense B,C			1.77	%			1.77	%

 

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

B. Annualized.

C. Expense ratios reflect operating expenses of the Fund.

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

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

Note 10. Subsequent Events

In preparation of these consolidated financial statements, management has evaluated the events and transactions subsequent to March 31, 2026, through the date when the consolidated financial statements were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures on the Fund’s consolidated financial statements.

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

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

Overview

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

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

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

Key Components of the Fund’s Results of Operations

Investments

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

Revenues

The Fund generates revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from its equity investments in its portfolio companies. The Fund’s senior and subordinated debt investments bear interest predominantly at a floating rate. Interest on debt securities is generally payable monthly, quarterly or semiannually. In some cases, the Fund’s investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, the Fund may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts (“OIDs”) and market discounts or premiums will be capitalized, and the Fund will accrete or amortize such amounts as interest income. The Fund will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that the Fund expects to collect such amounts.

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Expenses

The Adviser and/or its affiliates paid, directly or through reimbursement of the Fund, for all costs and expenses incurred in connection with the organization of the Fund, including, without limitation, the following: (i) the offering and sale of the Common Units (“Units”) of the Fund, (ii) the BDC Conversion (as defined below) and the organization of the Fund, (iii) the election to be treated as a BDC under the 1940 Act, and (iv) the negotiation, execution and delivery of the LLC Agreement, the Investment Advisory Agreement, Administration Agreement, and any related or similar documents, including, without limitation, any related legal and accounting fees and expenses, printing costs, travel and out-of-pocket expenses and filing fees. “BDC Conversion” refers to the conversion by operation of law of Fidelity Direct Lending Fund, LP to Fidelity Private Credit Central Fund LLC by the filing of a Certificate of Conversion to a limited liability company on January 31, 2023, and the Fund’s subsequent election to be regulated as a BDC.

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

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

Expense Limitation Agreement

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

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Portfolio and Investment Activity

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

		Three Months Ended March 31,
		2026				2025
Investments:
Total investments, beginning of period		$	1,677,854,551			$	1,590,134,722
New investments purchased			123,171,218				77,254,594
Payment-in-kind interest capitalized			2,075,870				1,601,959
Net purchases (sales) of short-term securities			7,799,698				25,073,884
Net accretion of discount on investments			2,841,417				2,020,261
Net realized gain (loss) on investments			446,365				(12,596	)
Investments sold or repaid			(110,573,951	)			(29,499,606	)
Total Investments, End of Period		$	1,703,615,168			$	1,666,573,218
Number of portfolio companies			103				84
Weighted average yield on debt, at amortized cost(1)			9.16	%			10.10	%
Weighted average yield on debt, at fair value(2)			9.16	%			10.08	%
Percentage of debt investments bearing a floating rate, at fair value			98.5	%			100.0	%
Percentage of debt investments bearing a fixed rate, at fair value			1.5	%			0.0	%

(1)

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

(2)

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

Our investments consisted of the following:

		March 31, 2026												December 31, 2025
		Cost				Fair Value				% of Total Investments at Fair Value				Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt		$	1,656,300,756			$	1,613,816,643				97.1	%		$	1,639,776,304			$	1,600,336,929				97.6	%
Unsecured Debt			600,849				598,199				0.0	%			128,340				103,631				0.0	%
Equity			19,826,241				21,241,776				1.3	%			18,862,283				20,153,337				1.2	%
Mutual Funds			26,887,322				26,887,322				1.6	%			19,087,624				19,087,624				1.2	%
Total Investments		$	1,703,615,168			$	1,662,543,940				100.0	%		$	1,677,854,551			$	1,639,681,521				100.0	%

As of March 31, 2026, two investments across one broadly syndicated loan borrower were on non-accrual status. As of December 31, 2025, there were no investments on non-accrual status.

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

		March 31, 2026				December 31, 2025
Health Care Services			23.3	%			22.5	%
Application Software			11.3	%			11.5	%
Diversified Support Services			7.9	%			8.9	%
Paper & Plastic Packaging Products & Materials			6.1	%			5.9	%
Specialized Consumer Services			4.7	%			6.7	%
Air Freight & Logistics			4.5	%			5.0	%
Trading Companies & Distributors			4.4	%			4.4	%
Industrial Machinery & Supplies & Components			4.1	%			3.9	%
Soft Drinks & Non-alcoholic Beverages			3.4	%			3.4	%
Packaged Foods & Meats			3.4	%			3.6	%
Pharmaceuticals			3.0	%			3.0	%
Life Sciences Tools & Services			2.8	%			2.8	%
Health Care Technology			2.6	%			2.0	%
Data Processing & Outsourced Services			2.0	%			2.1	%
Health Care Facilities			2.0	%			2.0	%
Aerospace & Defense			1.9	%			1.3	%
Electronic Components			1.6	%			1.6	%
Mutual Funds			1.6	%			1.2	%
Automotive Parts & Equipment			1.4	%			1.4	%
Electronic Manufacturing Services			1.3	%			1.3	%
Environmental & Facilities Services			1.0	%			0.8	%
IT Consulting & Other Services			1.0	%			1.0	%
Research & Consulting Services			1.0	%			1.0	%
Diversified Financial Services			0.9	%			0.9	%
Education Services			0.8	%			0.0	%
Electrical Components & Equipment			0.5	%			0.5	%
Office Services & Supplies			0.4	%			0.4	%
Insurance Brokers			0.3	%			0.3	%
Building Products			0.3	%			0.1	%
Health Care Supplies			0.2	%			0.2	%
Advertising			0.2	%			0.2	%
Specialty Chemicals			0.1	%			0.1	%
Human Resource & Employment Services			0.0	%			0.0	%
Construction & Engineering			0.0	%			0.0	%
Specialized Finance			0.0	%			0.0	%
Total			100.0	%			100.0	%

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

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

		March 31, 2026												December 31, 2025
		Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets				Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets
United States		$	1,630,955,021				98.1	%			204.6	%		$	1,608,084,129				98.1	%			205.5	%
Australia			30,787,828				1.9	%			3.9	%			31,078,536				1.9	%			4.0	%
Canada			801,091				0.0	%			0.1	%			518,856				0.0	%			0.1	%
Total		$	1,662,543,940				100.0	%			208.6	%		$	1,639,681,521				100.0	%			209.6	%

 

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

•

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

•

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

•

comparisons to other companies in the portfolio company’s industry; and

•

review of monthly or quarterly financial statements and financial projections for portfolio companies.

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

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

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

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

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

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

The following table shows the composition of our debt portfolio on the 1 to 5 rating scale as of March 31, 2026 and December 31, 2025:

		March 31, 2026				December 31, 2025
Rating		Fair Value				Fair Value
1		$	—			$	—
2			1,448,079,998				1,432,513,559
3			137,705,526				146,838,049
4			—				21,088,952
5			28,629,318				—
Total		$	1,614,414,842			$	1,600,440,560

 

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Results of Operations

The following table represents the Fund’s operating results:

		Three Months Ended March 31,
		2026				2025
Total investment income		$	42,401,556			$	44,923,848
Net expenses			18,739,202				18,859,365
Net investment income (loss) before taxes			23,662,354				26,064,483
Net change in provision (benefit) for income and excise taxes			17,490				140
Net investment income (loss) after taxes			23,644,864				26,064,343
Net realized gain (loss)			446,273				(12,772	)
Net change in unrealized appreciation (depreciation)			(2,730,628	)			(9,721,894	)
Net increase (decrease) in net assets resulting from operations		$	21,360,509			$	16,329,677

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

Investment Income

Investment income was as follows:

		Three Months Ended March 31,
		2026				2025
Interest income		$	41,110,024			$	43,960,718
Dividend income			219,602				117,578
Other income			1,071,930				845,552
Total Investment Income		$	42,401,556			$	44,923,848

For the three months ended March 31, 2026, total investment income was $42.4 million, as additional fees earned by the Fund offset declining base rates and a stable investment portfolio at fair value. The size of the Fund’s investment portfolio at fair value was approximately $1.7 billion as of March 31, 2026 and its weighted average yield on debt and income producing investments, at fair value, was 9.16%. For the three months ended March 31, 2025, total investment income was $44.9 million, primarily driven by the continued capital deployment of the Fund’s investment portfolio. The size of the Fund’s investment portfolio at fair value was $1.7 billion as of March 31, 2025 and its weighted average yield on debt and income producing investments, at fair value, was 10.08%. The year over year decline in the weighted average yield on debt and income producing investments is primarily attributable to the decline in the Secured Overnight Financing Rate (“SOFR”) given the floating rate nature of the Fund’s investment portfolio.

The interest rate for most of the 2025 held steady with the SOFR rate at approximately 4.30% before declining to approximately 3.90% at the end of 2025. During the first quarter of 2026 SOFR was at approximately 3.70%, compared to approximately 4.30% during the first quarter of 2025. Spreads in the traditional middle market, the Fund's primary area of focus, remained modestly compressed in the first quarter of 2026.

While interest rates are considered when determining appropriate capital structures of our borrowers, future interest rate increases may result in a higher cost of capital for our borrowers. This could in turn negatively impact the free cash flow of certain borrowers, impacting their ability to service their debt. Additionally, if higher interest rates persist during a slowdown in growth or period of economic weakness, our borrowers’ and potentially the Fund’s portfolio performance may be negatively impacted. Alternatively, if interest rates decline, our investment income on the existing investment portfolio could be negatively impacted. The portfolio management team strives to structure each loan for the current market conditions while building in sufficient cushions to account for unexpected changes in rates over the terms of the loans.

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Expenses

Expenses were as follows:

		Three Months Ended March 31,
		2026				2025
Interest expense		$	15,287,596			$	15,485,031
Management fees			2,478,991				2,420,506
Administration fees			495,773				483,976
Custodian fees			5,046				1,398
Board of Directors' fees			59,923				75,999
Professional fees			546,422				319,037
Other general and administrative expenses			250,084				222,605
Total Expenses Before Reductions			19,123,835				19,008,552
Expense support			(384,633	)			(149,187	)
Net Expenses			18,739,202				18,859,365
Net change in provision (benefit) for income and excise taxes			17,490				140
Net Expenses Including Taxes		$	18,756,692			$	18,859,505

Interest Expense

Total interest expense (including unused fees and amortization of deferred financing costs) for the three months ended March 31, 2026 and 2025 was approximately $15.3 million and $15.5 million, respectively. The decrease in interest expense was primarily driven by lower interest rates, partially offset by greater borrowings under the Fund’s credit facilities as the Fund continues to grow the portfolio. The weighted average interest rate paid decreased to 5.82%, for the three months ended March 31, 2026, compared to 6.51%, for the three months ended March 31, 2025. The average principal balance outstanding increased to $893.7 million, for the three months ended March 31, 2026, compared to $876.9 million, for the three months ended March 31, 2025.

Management Fees

For the three months ended March 31, 2026 and 2025, management fees were $2.5 million and $2.4 million, respectively. The increase in management fees was due to increase in the average daily net assets, compared to the three months ended March 31, 2025. Management fees are payable monthly in arrears at an annual rate of 1.25% of the average daily net assets of the Fund throughout the month.

Other Expenses

For the three months ended March 31, 2026 and 2025, total other expenses were $1.4 million and $1.1 million, respectively. The increase in total other expenses was primarily driven by an increase in professional fees and other general and administrative expenses driven by the larger portfolio and associated costs with managing the Fund.

Income Taxes, Including Excise Taxes

The Fund elected to be treated, and intends to qualify annually as, a RIC as defined under Subchapter M of the Code. For all periods prior to June 6, 2023, the Fund was treated as a partnership for tax purposes and was not subject to U.S. federal income tax. To qualify for tax treatment as a RIC, the Fund must, among other things, distribute to its Unit Holders in each taxable year generally at least 90% of the sum of its investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain its tax treatment as a RIC, the Fund, among other things, intends to make the requisite distributions to its Unit Holders, which generally relieve it from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, the Fund may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Fund determines that its estimated current year annual required distributable amount of income will be in excess of estimated current year dividend distributions from such income, the Fund will accrue excise tax on estimated excess taxable income.

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

As of March 31, 2026 and December 31, 2025, the Fund, through wholly-owned subsidiaries, recorded tax liabilities of approximately $0.5 million and $0.7 million, respectively, which are included in other accounts payable and accrued liabilities on the consolidated statements of assets and liabilities.

For the three months ended March 31, 2026, the Fund, through wholly-owned subsidiaries, recognized a total benefit for taxes of approximately $0.2 million, which was comprised of a provision for taxes of approximately $0.02 million related to income, and net change in benefit for deferred tax expense related to unrealized appreciation on investments of approximately $0.2 million. For the three months ended March 31, 2025, the Fund, through wholly-owned subsidiaries, recognized a total benefit for taxes of approximately $0.03 million, which was comprised of provision for taxes of a nominal amount related to income, and net change in benefit for deferred tax expense related to unrealized gains on investments of approximately $0.03 million. The Fund did not incur an excise tax for the three months ended March 31, 2026 and 2025.

Net Realized Gain (Loss)

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

		Three Months Ended March 31,
		2026				2025
Net realized gain (loss) on non-controlled / non-affiliate investments		$	446,365			$	(12,596	)
Net realized gain (loss) on foreign currency transactions			(92	)			(176	)
Net Realized Gain (Loss)		$	446,273			$	(12,772	)

For the three months ended March 31, 2026, the Fund generated approximately $0.4 million of net realized gain on investments, primarily from the sale of investments. For the three months ended March 31, 2025, the Fund generated approximately $0.01 million of net realized loss on investments, primarily from the sale of investments.

Net Change in Unrealized Appreciation (Depreciation)

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

		Three Months Ended March 31,
		2026				2025
Net change in unrealized appreciation (depreciation) on non-controlled / non-affiliate investments		$	(2,898,198	)		$	(9,754,350	)
Net change in unrealized appreciation (depreciation) on foreign currency translation			(316	)			205
Net change in benefit (provision) for deferred taxes on unrealized appreciation (depreciation) on investments			167,886				32,251
Net change in unrealized appreciation (depreciation)		$	(2,730,628	)		$	(9,721,894	)

For the three months ended March 31, 2026, the Fund recorded a decrease in the net change in unrealized depreciation during the period, primarily attributable to the performance of a small subset of underlying portfolio investments. Furthermore, the Fund recorded a tax benefit of approximately $0.2 million, for certain depreciated investments held in a subsidiary that is treated as a corporation for tax purposes, which partially offset the decrease in net change in unrealized depreciation during the quarter ended March 31, 2026.

For the three months ended March 31, 2025, the Fund recorded a decrease in the net change in unrealized appreciation (depreciation) primarily due to the performance of a small sub-set of underlying assets due to market volatility driving spread widening. Furthermore, the Fund recorded a tax accrual for certain appreciated investments held in a subsidiary that is treated as a corporate for tax purposes, which further reduced the net change in unrealized depreciation for the first quarter of fiscal 2025.

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Financial Condition, Liquidity and Capital Resources

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

As of March 31, 2026 and December 31, 2025, the Fund had one asset-based leverage facility and one revolving credit facility.

In order to finance certain investment transactions, the Fund may, from time to time, enter into short-term borrowing arrangements. Such short-term borrowing arrangements include reverse repurchase agreements, whereby the Fund sells an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon purchase price at a future date. During the three months ended March 31, 2026 and 2025, there were no short-term borrowings.

The Fund may, from time to time, enter into additional credit facilities, increase the size of the Fund’s existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt or other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions and may be denominated in currencies other than the U.S. dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, the Fund’s liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, the Fund is only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2026 and December 31, 2025, the Fund had an aggregate amount of $901.3 million and $893.4 million of debt outstanding, respectively, and the Fund’s asset coverage ratio was 188%, as of each period presented.

Cash as of March 31, 2026, taken together with the Fund’s $528.7 million of available capacity under its credit facilities (subject to borrowing base availability), proceeds from new or amended financing arrangements and proceeds from calling capital from unfunded commitments is expected to be sufficient for the Fund’s investing activities and to conduct the Fund’s operations in the near term. This determination is based in part on the Fund’s expectations for the timing of funding investment purchases and the use of existing and future financing arrangements.

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

As of March 31, 2026, the Fund had $24.4 million in cash and $26.9 million in short-term liquid investments. During the three months ended March 31, 2026, cash used by operating activities was $4.6 million, primarily as a result of funding portfolio investments, partially offset by sales of investments and principal repayments. Cash used in financing activities was $5.1 million during the period, primarily as a result of distributions to investors and repurchased units, partially offset by net proceeds from borrowings.

As of March 31, 2025, the Fund had $37.0 million in cash and $28.3 million in short-term liquid investments. During the three months ended March 31, 2025, cash used in operating activities was $55.7 million, primarily as a result of funding portfolio investments, partially offset by sale of investments and principal repayments. Cash provided by financing activities was $58.9 million during the period, primarily as a result of capital called from investors and net borrowings, partially offset by distributions to investors.

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Equity

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

Effective March 11, 2024, the Board approved the Fund entering into the First Amended and Restated Limited Liability Company Agreement which made eligible to invest any “accredited investor” (as enumerated in Rule 502 under Regulation D of the Securities Act of 1933 (“Securities Act”)) who has committed to a strategic relationship with Fidelity. In addition, the Board approved the Fund entering into a Placement Agent Agreement with Fidelity Distributors Company LLC, with respect to the private placement of its Units.

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

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

Investment companies managed by an affiliate, in aggregate, were owners of record of 100% of the total units as of March 31, 2026 and December 31, 2025.

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

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

		March 31, 2026
		Capital Commitments				Unfunded Capital Commitments				% Unfunded Capital Commitments
Common Units		$	765,510,000			$	76,549,966				10.0	%
Total		$	765,510,000			$	76,549,966				10.0	%

 

		December 31, 2025
		Capital Commitments				Unfunded Capital Commitments				% Unfunded Capital Commitments
Common Units		$	765,510,000			$	76,549,966				10.0	%
Total		$	765,510,000			$	76,549,966				10.0	%

 

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During the three months ended March 31, 2026 there were no Units issued related to capital drawdowns. The following table summarizes total units issued and proceeds related to capital drawdowns for the three months ended March 31, 2025:

Unit Issue Date		Units Issued				Proceeds Received
For the Three Months Ended March 31, 2025
February 24, 2025			2,588,127			$	25,286,000
March 28, 2025			2,564,103				25,000,000
Total capital drawdowns			5,152,230			$	50,286,000

Distributions

The following tables summarize distributions declared for the three months ended March 31, 2026 and 2025:

Month			Distribution per unit				Gross Distributions				Reinvestment of Distributions
January 2026			$	—			$	—			$	—
February 2026				0.09				7,418,845				4,071,940
March 2026				0.09				7,626,759				4,203,790
			$	0.18			$	15,045,604			$	8,275,730

 

Month			Distribution per unit				Gross Distributions				Reinvestment of Distributions
January 2025			$	—			$	—			$	—
February 2025				0.09				6,872,061				3,343,410
March 2025				0.10				8,426,153				4,211,266
			$	0.19			$	15,298,214			$	7,554,676

Unit Repurchase Program

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

During the three months ended March 31, 2026, there were no repurchases of Units.

The following table summarizes the Unit repurchases completed during the three months ended March 31, 2025:

Repurchase deadline request

Percentage of Outstanding Units the Company Offered to Repurchase

Price Paid Per Unit

Repurchase Pricing Date

Amount Repurchased

Number of Units Repurchased

Percentage of Outstanding Units Repurchased

March 27, 2025

2.50%

$

9.69

March 31, 2025

$

18,917,680

1,952,289

2.50% ⁽¹⁾

(1)

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

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Borrowings

The Fund’s average outstanding debt and weighted average interest rate paid for the three months ended March 31, 2026 and 2025, was $893.7 million and 5.82% and $876.9 million and 6.51%, respectively. The Fund’s weighted average interest rate paid as of March 31, 2026 and December 31, 2025 was 5.80% and 6.09%, respectively.

The Fund’s outstanding debt obligations were as follows:

		March 31, 2026
		Aggregate Principal Committed				Outstanding Principal				Carrying Value
Fidelity Direct Lending Fund I JSPV LLC Facility⁽¹⁾		$	1,000,000,000			$	650,344,332			$	650,344,332
Truist Senior Secured Revolving Credit Facility			430,000,000				251,000,000				251,000,000
Total		$	1,430,000,000			$	901,344,332			$	901,344,332

(1)

Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of March 31, 2026, the Fund had borrowings denominated in Canadian Dollars (“CAD”) of 0.5 million, translated to USD of $0.3 million.

		December 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Carrying Value
Fidelity Direct Lending Fund I JSPV LLC Facility ⁽¹⁾		$	1,000,000,000			$	680,353,357			$	680,353,357
Truist Senior Secured Revolving Credit Facility			430,000,000				213,000,000				213,000,000
Total		$	1,430,000,000			$	893,353,357			$	893,353,357

(1)

Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of December 31, 2025, the Fund had borrowings denominated in Canadian Dollars (“CAD”) of 0.5 million, translated to USD of $0.4 million.

For additional information on the Fund’s borrowings, refer to “Item 1. Consolidated Financial Statements. Notes to Consolidated Financial Statements. Note 8. Borrowings.”

Off-Balance Sheet Arrangements

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

The Fund’s investment portfolio contains and is expected to continue to contain debt investments in the form of lines of credit, revolving credit facilities and delayed draw commitments which require the Fund to provide funding when requested by portfolio companies in accordance with the underlying loan agreements. As of March 31, 2026 and December 31, 2025, the Fund had unfunded commitments to borrowers in the aggregate principal amount of $284.0 million and $256.2 million, respectively.

In addition, the Fund was party to subscription agreements to fund equity investment commitments. As of March 31, 2026 and December 31, 2025, the Fund had unfunded equity investment commitments of approximately $0.04 million, as of each period presented.

From time to time, the Fund may become party to certain legal proceedings in the ordinary course of business. As of March 31, 2026, management is not aware of any pending or threatened material litigation.

Related-Party Transactions

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

•

Investment Advisory Agreement;

•

Administration Agreement;

•

Transfer Agent Agreement;

•

Expense Limitation Agreement;

•

Administrative Agent Expense Allocation Agreement;

•

Affiliated investments;

•

Affiliated Unit Holder Investments; and

•

Placement Agent Agreement

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

Recent Developments

See “Item 1. Consolidated Financial Statements. Notes to Consolidated Financial Statements. Note 10. Subsequent Events.” for a summary of recent developments.

Critical Accounting Estimates

The preparation of the consolidated financial statements requires the Fund to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. A critical accounting estimate made in accordance with GAAP involves a significant level of estimation uncertainty and has, or is likely to have, a material impact on the financial condition or results of operations of the Fund.

Fair Value Measurements

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

The fair value measurement of an investment that is not publicly traded or that lacks readily available market prices or quotations involves a significant level of estimation uncertainty when the determination of fair value requires subjective judgements or the use of unobservable inputs. Subjective judgments include determining the appropriate valuation method (market, income, or cost approach) and associated technique and, as applicable, selecting market or investment specific events, transaction data, estimated cash flows, or market observation comparable investments. Subjective judgements for loan investments and illiquid debt securities may include selecting publicly-traded securities to compare factors such as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, and the markets in which the portfolio company does business to estimate a fair value. While the valuation method and technique selected seeks to maximize the use of observable inputs developed using market data and minimize the use of unobservable inputs for which market data is not available, many required inputs are often unobservable. Unobservable inputs are developed using the best available information when the valuation recommendation is prepared.

As the fair value measurement for substantially all of the Fund's investments is determined using subjective judgements and unobservable inputs, changes to the assumptions and estimates underlying the fair value measurements are reasonably likely to have a material impact on the financial condition and results of operations of the Fund. Information on valuation techniques and unobservable inputs used, including the impact to the valuation from a change in the input, for the fair value measurements of investments categorized as Level 3 in the fair value hierarchy is included in “Item 1. Consolidated Financial Statements. Notes to Consolidated Financial Statements. Note 6. Fair Value Measurements.”

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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

Valuation Risk

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

Interest Rate Risk

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

As of March 31, 2026, 98.5% of the Fund’s debt investments at fair value were at floating rates. Based on the Fund’s consolidated statements of assets and liabilities as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments assuming no changes in the Fund’s investment and borrowing structure):

		Interest Income				Interest Expense				Net Income
Up 300 basis points		$	49,703,237		$		27,040,330			$	22,662,907
Up 200 basis points			33,135,492				18,026,887				15,108,605
Up 100 basis points			16,567,746				9,013,443				7,554,303
Down 100 basis points			(16,567,746	)			(9,013,443	)			(7,554,303	)
Down 200 basis points			(33,135,420	)			(18,026,887	)			(15,108,533	)
Down 300 basis points			(45,971,944	)			(27,040,330	)			(18,931,614	)

 

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

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

(b) Changes in Internal Controls Over Financial Reporting

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

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PART II

Item 1. Legal Proceedings.

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

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed on our annual report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 23, 2026.

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

Capital Drawdowns

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

Dividend Reinvestment Plan

During the three months ended March 31, 2026, the Fund issued 885,925 Common Units (“Units”) in connection with reinvestment of distributions. These issuances were not subject to the registration requirements of the Securities Act. The aggregate value of the Fund’s Units issued for reinvestment of distributions was approximately $8.3 million.

Unit Repurchases

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

During the three months ended March 31, 2026, there were no repurchases of Units.

 

For additional information, see “Item 1. Consolidated Financial Statements. Notes to Consolidated Financial Statements. Note 3. Unit Holder Transactions.”

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

None.

 

89

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Item 6. Exhibits.

Exhibit Number		Description
2.1		Agreement and Plan of Merger, by and among Fidelity Private Credit Company LLC, Fidelity Private Credit Company II LLC, and Fidelity Diversifying Solutions LLC, dated as of March 25, 2026.(3)
3.1		First Amended and Restated Limited Liability Company Agreement of the Fund.(1)
3.2		Second Amended and Restated Limited Liability Company Agreement of the Fund.(2)
10.1		Limited Consent and First Amendment to Senior Secured Revolving Credit Agreement, by and among Fidelity Private Credit Company LLC, Fidelity Private Credit Company II LLC, Truist Bank, as administrative agent, the lenders and issuing banks party thereto, and the subsidiary guarantors party thereto, dated as of March 24, 2026.(4)
31.1		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

* Filed herewith.

(1)

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

(2)

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

(3)

Previously filed as Exhibit 2.1 to the Fund’s Current Report on Form 8-K (File No. 814-01645), filed on March 27, 2026.

(4)

Previously filed as Exhibit 10.1 to the Fund’s Current Report on Form 8-K (File No. 814-01645), filed on March 27, 2026.

90

 

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SIGNATURES

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

 

 

	FIDELITY PRIVATE CREDIT COMPANY LLC
Date: May 8, 2026	By:		/s/ Heather Bonner
	Name:		Heather Bonner
	Title:		President and Treasurer (Principal Executive Officer)

 

	FIDELITY PRIVATE CREDIT COMPANY LLC
Date: May 8, 2026	By:		/s/ Stephanie Caron
	Name:		Stephanie Caron
	Title:		Chief Financial Officer (Principal Financial Officer)

 

 

91

1.9916999.101

FDLA-10Q1-0526

 

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