Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

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.

Schedule of components of interest expense

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