UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

[X]

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

For the quarterly period ended June 30, 2026

[ ]

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

For the transition period from ________ to ________

Commission File No. 000-56792

PARTNERS GROUP LENDING FUND, LLC

(Exact Name of Registrant as Specified in Its Charter)

Delaware	88-3153051
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

1114 Avenue of the Americas, 37^th Floor, New York, NY	10036
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (215) 454-5500

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	N/A	N/A

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

Indicate by checkmark 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 [X] 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [ ]

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

Large accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer [X]	Smaller Reporting Company [ ]
	Emerging Growth Company [X]

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 Act). Yes [ ] No [X]

As of August 14, 2026, the registrant had the following common units outstanding (excluding August 2026 subscriptions, as the issuance price is not yet finalized at this time):

Class I units	211,076,548
Class M units	377,418
Class A units	-
Class S units	-

TABLE OF CONTENTS

Cautionary Note Regarding Forward-Looking Statements	1
PART I: FINANCIAL INFORMATION	2
Item 1. Consolidated Financial Statements	2
Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and December 31, 2025
Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited)
Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and 2025 (Unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)
Consolidated Schedules of Investments as of June 30, 2026 (Unaudited) and December 31, 2025
Notes to the Consolidated Financial Statements (Unaudited)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	63
Item 3. Quantitative and Qualitative Disclosures about Market Risk	77
Item 4. Controls and Procedures	78
PART II: OTHER INFORMATION	79
Item 1. Legal Proceedings	79
Item 1A. Risk Factors	79
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	79
Item 3. Defaults Upon Senior Securities	79
Item 4. Mine Safety Disclosures	79
Item 5. Other Information	79
Item 6. Exhibits	79
SIGNATURES	80

Glossary of Terms

In this Quarterly Report on Form 10-Q, unless otherwise specified, the terms:

	●	“1940 Act” refers to the Investment Company Act of 1940, as amended;
	●	The “Fund,” “Company,” “we,” “us,” and “our” refer to Partners Group Lending Fund, LLC, a Delaware limited liability company;
	●	“Administrator” refers to State Street Bank and Trust Company;
	●	“Master Administrative Services Agreement” refers to the Master Administrative Services Agreement between the Fund and the Administrator;
	●	“Adviser” refers to Partners Group (USA) Inc., a Delaware corporation;
	●	“Partners Group” refers to Partners Group AG, a corporation organized in Switzerland;
	●	“Board” and “Directors” refer to the Fund’s board of managers and the members thereof, appointed with effect from the date of the Fund’s BDC election;
	●	“Common Units” refers collectively to the Fund’s Class A, Class S, Class I, and Class M common units;
	●	“LLC Agreement” refers to the Fund’s amended and restated limited liability company agreement;
	●	“Investment Advisory Agreement” refers to the Amended and Restated Investment Advisory Agreement between the Fund and the Adviser;
	●	“BDC” means a Business Development Company under the 1940 Act;
	●	“RIC” means a regulated investment company under the Code;
	●	“Code” means the Internal Revenue Code of 1986, as amended;
	●	“NAV” means net asset value.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (“Report”) contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby, about our business, including, in particular, statements about our plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “project,” “estimate,” “believe,” “continue” or the negatives thereof or other similar words. These statements include our plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, our future operating results; our business prospects and the prospects of our Portfolio Companies (as defined below); changes in the economy; risk associated with possible disruptions in our operations or the economy generally; the impact of global health epidemics on our and our Portfolio Companies’ business and the global economy; the impact of treaties, tariffs and import/export policies on global trade; the effect of investments that we expect to make; our contractual arrangements and relationships with third parties; actual and potential conflicts of interest with our Adviser and its affiliates; the dependence of our future success on the general economy and its effect on the industries in which we invest, including as a result of inflation; the ability of our Portfolio Companies to achieve their objectives; the use of borrowed money to finance a portion of our investments, including the consequences of interest rate increases; the adequacy of our financing sources and working capital; the timing of cash flows, if any, from the operations of our Portfolio Companies; the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments; the ability of our Adviser and its affiliates to attract and retain highly talented professionals; our ability to qualify and maintain our qualification as a BDC; and the effect of changes in laws or regulations affecting our operations or to tax legislation and its tax position, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from those expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.

These and other important factors, including those discussed in this Report and in our Annual Report on Form 10-K for the year ended December 31, 2025 under “Risk Factors” and in any subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this Report are made only as of the date hereof, and unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Partners Group Lending Fund, LLC

Consolidated Statements of Assets and Liabilities

(in thousands, except unit and per unit amounts)


	As of June 30, 2026 (Unaudited)			As of December 31, 2025
ASSETS
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $524,345 and $456,637 at June 30, 2026 and December 31, 2025, respectively)	$	520,571		$	458,346
Total investments, at fair value (cost of $524,345 and $456,637 at June 30, 2026 and December 31, 2025, respectively)		520,571			458,346
Cash		5,744			6,124
Cash equivalents		8,209			65,588
Cash denominated in foreign currencies (cost of $159 and $1,625 at June 30, 2026 and December 31, 2025, respectively)		157			1,641
Receivable for investments sold		104			112
Interest receivable		3,168			2,935
Deferred financing costs		1,239			968
Other assets		—			315
Total assets	$	539,192		$	536,029

LIABILITIES
Debt	$	214,000		$	226,000
Payable for investments purchased		1,146			—
Interest and borrowing expenses payable		2,181			2,509
Incentive fee payable		—			1,377
Management fees payable		791			690
Distribution payable		5,008			25,503
Administrator and custodian fees payable		55			45
Professional fees payable		172			209
Current income tax liability		—			4,568
Deferred income tax liability		—			265
Accrued expenses and other liabilities		231			20
Total liabilities	$	223,584		$	261,186

Commitments and Contingencies (Note 7)

NET ASSETS

Common units, $0.01 par value (211,322,722 and 180,615,551 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively)⁽¹⁾	$	2,113		$	1,806
Additional paid in capital		318,881			273,194
Distributable earnings (loss)		(5,386	)		(157	)
Total net assets	$	315,608		$	274,843
Total liabilities and net assets	$	539,192		$	536,029

NET ASSET VALUE PER UNIT
Class I units (Note 9):
Net assets	$	315,240		$	274,843
Common units outstanding ($0.01 par value, unlimited units authorized)⁽¹⁾		211,076,548			180,615,551
Net asset value per unit⁽¹⁾	$	1.49		$	1.52

Class M units (Note 9):
Net assets	$	368		$	—
Common units outstanding ($0.01 par value, unlimited units authorized)⁽¹⁾		246,174			—
Net asset value per unit⁽¹⁾	$	1.49		$	—

(1)

The Fund completed a 5-for-1 stock split effective February 27, 2026, the common units and net asset value per unit have been adjusted retroactively to reflect the split for all periods presented.

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Statements of Operations

(in thousands, except unit and per unit amounts)

(Unaudited)


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income:
From non-controlled/non-affiliated investments:
Interest income	$	11,581		$	10,039		$	22,558		$	18,433
Other income		132			127			355			585
Total investment income		11,713			10,166			22,913			19,018

Expenses:
Interest and borrowing expenses		3,334			3,628			6,861			6,968
Management fees		791			543			1,474			981
Incentive fee		—			(16	)		—			336
Professional fees		378			181			491			292
Administration and custodian fees		5			5			10			10
Board of Directors’ fees		63			—			117			—
Current tax expense		1,926			1,054			1,926			1,997
Other expenses		160			39			267			89
Total expenses		6,657			5,434			11,146			10,673
Net investment income		5,056			4,732			11,767			8,345

Net realized and change in unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		27			16			71			55
Foreign currency transactions		(1	)		1			32			1
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(708	)		(462	)		(5,483	)		(576	)
Foreign currency		13			(204	)		21			(199	)
Net realized and change in unrealized gains (losses) on investment transactions		(669	)		(649	)		(5,359	)		(719	)
Net increase (decrease) in net assets resulting from operations	$	4,387		$	4,083		$	6,408		$	7,626

Per unit information - basic and diluted
Net investment income per unit (basic and diluted)⁽¹⁾	$	0.02		$	0.04		$	0.06		$	0.07
Increase in net assets resulting from operations per unit (basic and diluted)⁽¹⁾	$	0.02		$	0.03		$	0.03		$	0.06
Weighted average units outstanding (basic and diluted)⁽¹⁾		211,166,532			128,781,225			196,440,916			119,532,470

(1)

The Fund completed a 5-for-1 stock split effective February 27, 2026, the weighted average units outstanding and per unit values have been adjusted retroactively to reflect the split for all periods presented.

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Statements of Changes in Net Assets

(in thousands)

(Unaudited)


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025

Net increase (decrease) in net assets resulting from operations:
Net investment income	$	5,056		$	4,732		$	11,767		$	8,345
Net realized gain (loss)		26			17			103			56
Net change in unrealized appreciation (depreciation)		(695	)		(666	)		(5,462	)		(775	)
Net increase (decrease) in net assets resulting from operations	$	4,387		$	4,083		$	6,408		$	7,626

Distributions to unitholders
Class I units (Note 9)	$	(5,002	)	$	—		$	(11,627	)	$	—
Class M units (Note 9)		(6	)		—			(10	)		—
Total distributions to unitholders	$	(5,008	)	$	—		$	(11,637	)	$	—

Net increase (decrease) in net assets resulting from Unit transactions:
Class I units (Note 9):
Proceeds from units issued	$	42,877		$	40,000		$	43,377		$	40,000
Repurchase of units		—			—			—			—
Reinvestment of units		621			—			2,244			—
Net increase (decrease) in net assets from Unit transactions	$	43,498		$	40,000		$	45,621		$	40,000

Class M units (Note 9):
Proceeds from units issued	$	203		$	—		$	373		$	—
Repurchase of units		—			—			—			—
Reinvestment of units		—			—			—			—
Net increase (decrease) in net assets from Unit transactions	$	203		$	—		$	373		$	—
Total increase (decrease) in net assets	$	43,080		$	44,083		$	40,765		$	47,626
Net Assets, beginning of period		272,528			172,810			274,843			169,267
Net Assets, end of period	$	315,608		$	216,893		$	315,608		$	216,893

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	For the Six Months Ended June 30,
	2026			2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	6,408		$	7,626
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments		(87,557	)		(91,553	)
Payment-in-kind interest capitalized		(665	)		(211	)
Proceeds from sales of investments and principal repayments		21,162			17,648
Net realized (gain) loss on investments		(71	)		(55	)
Net realized (gain) loss on foreign currency transactions		(32	)		(1	)
Net change in unrealized (appreciation) depreciation on investments		5,483			576
Net change in unrealized (appreciation) depreciation on foreign currency		(21	)		199
Amortization of premium and accretion of discount, net		(577	)		(687	)
Amortization of deferred financing costs		154			177
Change in operating assets and liabilities:
Receivable for investments sold		8			419
Interest receivable		(233	)		(267	)
Other assets		315			—
Deposit for investment		—			(7,650	)
Interest and borrowing expenses payable		(328	)		74
Incentive fee payable		(1,377	)		(759	)
Management fees payable		101			113
Payable for investments purchased		1,146			4,368
Administrator and custodian fees payable		10			10
Professional fees payable		(37	)		169
Current income tax liability		(4,568	)		(28	)
Deferred income tax liability		(265	)		—
Accrued expenses and other liabilities		211			275
Net cash provided by (used in) operating activities		(60,733	)		(69,557	)

Cash flows from financing activities
Distributions paid		(29,888	)		—
Proceeds from issuance of common units		43,750			40,000
Payments of financing costs		(425	)		(511	)
Borrowings of debt		22,000			34,000
Repayments of debt		(34,000	)		—
Net cash provided by (used in) financing activities		1,437			73,489
Net increase (decrease) in cash and cash equivalents		(59,296	)		3,932
Effect of foreign exchange rate changes on cash and cash equivalents		53			(198	)
Cash and cash equivalents and cash denominated in foreign currencies at beginning of period		73,353			14,444
Cash and cash equivalents and cash denominated in foreign currencies, end of period⁽¹⁾	$	14,110		$	18,178

Supplemental and non-cash activities
Cash paid during the period for interest	$	7,189		$	6,717
Accrued but unpaid distributions	$	5,008		$	—
Reinvestment of distributions	$	2,244		$	—
Tax paid during the period	$	6,759		$	2,025
Non-cash investment restructures	$	—		$	1,772

(1)

As of June 30, 2026, the balance includes $5,744 in cash, $8,209 in cash equivalents, and $157 in cash denominated in foreign currencies. As of June 30, 2025, the balance includes $4,382 in cash, $13,671 in cash equivalents, and $125 in cash denominated in foreign currencies.

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments

June 30, 2026

(in thousands)

(Unaudited)


Investments-non-controlled/non-affiliated ⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾			Fair Value			% of Net Assets
Direct Investments
Asset Backed Securities
North America
Industrial Conglomerates
Basswood Park CLO Ltd ^{(5) (6) (7)}	S + 1.03%		4.71	%	1/5/2026	4/20/2034	$	5,500	$	5,508		$	5,554			1.76	%
Cifc Funding 2014-IV-R Ltd ^{(5) (6) (7)}	S + 0.99%		4.67	%	12/19/2025	1/17/2035		5,000		5,005			5,049			1.60
Cifc Funding 2022-I Ltd ^{(5) (6) (7)}	S + 1.32%		5.00	%	2/17/2026	4/17/2035		5,000		5,007			5,060			1.60
Elmwood CLO 15 Ltd ^{(5) (6) (7)}	S + 1.15%		4.81	%	2/20/2026	4/22/2035		5,000		5,014			5,048			1.60
Octagon Investment Partners 40 Ltd ^{(5) (6) (7)}	S + 1.04%		4.72	%	12/19/2025	1/20/2035		5,000		5,002			5,049			1.60
Total North America										25,536			25,760			8.16
Total Asset Backed Securities									$	25,536		$	25,760			8.16	%

Senior Secured Debt
North America
Automobile Components
High Bar Brands Operating, LLC ^{(5) (6) (7)}	S + 5.25%		8.98	%	12/19/2023	12/19/2029		536		529			522			0.16
High Bar Brands Operating, LLC ^{(5) (6) (7)}	S + 5.25%		8.98	%	12/19/2023	12/19/2029		3,039		3,002			2,963			0.94
High Bar Brands Operating, LLC ^{(5) (6) (7)}	S + 5.25%		8.98	%	12/19/2023	12/19/2029		633		625			617			0.20
High Bar Brands Operating, LLC ^{(4) (5) (6) (7)}	S + 5.25%		8.99	%	12/19/2023	12/19/2029		649		174			172			0.05
										4,330			4,274			1.35
Building Products
LHS Borrower, LLC ^{(5) (6)}	S + 5.25%		8.89	%	9/4/2025	9/4/2031		10,181		10,045			9,977			3.16
LHS Borrower, LLC ^{(4) (5) (6)}	S + 5.25%		8.89	%	9/3/2025	9/4/2031		811		211			200			0.06
										10,256			10,177			3.22
Capital Markets
Cerity Partners Equity Holding LLC ^{(4) (5) (6)}	S + 4.50%		8.24	%	12/19/2025	7/28/2031		363		195			195			0.06
Cerity Partners Equity Holding LLC ^{(4) (5) (6)}	S + 4.50%				12/19/2025	7/28/2031		3,544		(8	)		(8	)		—
PMA Parent Holdings, LLC ^{(4) (5) (6)}	S + 4.75%				10/15/2024	1/31/2031		2,823		(11	)		(11	)		—
PMA Parent Holdings, LLC ^{(5) (6)}	S + 4.75%		8.48	%	10/15/2024	1/31/2031		17,848		17,676			17,731			5.62
Rialto Management Group, LLC ^{(5) (6) (7)}	S + 5.00%		8.64	%	12/5/2024	12/5/2030		5,990		5,943			5,942			1.88
Rialto Management Group, LLC ^{(4) (5) (6) (7)}	S + 5.00%				12/5/2024	12/5/2030		224		(2	)		(2	)		—
										23,793			23,847			7.56
Commercial Services & Supplies
Cobalt Service Partners, LLC ^{(4) (5) (6)}	S + 4.75%		8.45	%	6/23/2026	10/13/2031		13,693		47			47			0.02
Cobalt Service Partners, LLC ^{(4) (5) (6)}	S + 4.75%		8.48	%	10/11/2024	10/13/2031		3,865		3,098			3,107			0.98
Cobalt Service Partners, LLC ^{(5) (6)}	S + 4.75%		8.48	%	10/11/2024	10/13/2031		2,222		2,204			2,220			0.70
Cobalt Service Partners, LLC ^{(4) (5) (6)}	S + 4.75%		8.39	%	10/11/2024	10/13/2031		465		43			43			0.01
Hobbs & Associates, LLC ^{(5) (6)}	S + 2.75%		6.39	%	2/27/2026	7/23/2031		1,492		1,478			1,492			0.47
Propio LS, LLC ^{(5) (6)}	S + 4.75%		8.48	%	5/12/2025	5/10/2030		10,418		10,334			10,190			3.23
Propio LS, LLC ^{(4) (5) (6)}	S + 4.75%		8.48	%	5/12/2025	5/10/2030		284		63			62			0.02
Thompson Safety LLC ^{(4) (5) (6)}	S + 5.00%		8.66	%	6/25/2025	6/25/2032		6,739		961			961			0.31
Thompson Safety LLC ^{(4) (5) (6)}	P + 4.00%		10.75	%	6/25/2025	6/25/2032		675		95			95			0.03
										18,323			18,217			5.77
Construction & Engineering
Qinetic, Inc. ^{(5) (6)}	S + 4.75%		8.41	%	4/30/2026	5/2/2033		6,527		6,463			6,467			2.04
Qinetic, Inc. ^{(4) (5) (6)}	S + 4.75%				4/30/2026	5/2/2033		932		(9	)		(9	)		—
Qinetic, Inc. ^{(4) (5) (6)}	S + 4.75%				4/30/2026	5/2/2033		1,865		(9	)		(9	)		—
										6,445			6,449			2.04
Containers & Packaging
Nelipak Holding Company ^{(4) (5) (6) (7)}	S + 5.50%		9.23	%	3/26/2024	3/26/2031		813		494			497			0.16
Nelipak Holding Company ^{(4) (5) (6) (7)}	S + 5.50%				3/26/2024	3/26/2031		879		(9	)		(9	)		—

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

June 30, 2026

(in thousands)

(Unaudited)

Investments-non-controlled/non-affiliated ⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾			Fair Value			% of Net Assets
Direct Investments (continued)
Senior Secured Debt (continued)
Containers & Packaging (continued)
Nelipak Holding Company ^{(5) (6) (7)}	S + 5.50%		11.28	%	3/26/2024	3/26/2031	$	2,070	$	2,047		$	2,060			0.65	%
Nelipak Holding Company ^{(5) (6) (7)}	S + 5.50%		9.23	%	4/28/2026	3/26/2031		131		129			130			0.04
										2,661			2,678			0.85
Diversified Consumer Services
Club Car Wash Operating, LLC ^{(5) (6)}	S + 5.50%		9.38	%	7/1/2025	6/16/2027		2,589		2,589			2,569			0.82
Club Car Wash Operating, LLC ^{(5) (6)}	S + 5.50%		10.38	%	7/31/2024	6/16/2027		2,969		2,959			2,947			0.93
Owl Acquisition, LLC ^{(5) (6)}	S + 4.75%		8.43	%	4/17/2025	4/19/2032		6,521		6,450			6,405			2.03
Owl Acquisition, LLC ^{(4) (5) (6)}	S + 4.75%		8.43	%	4/17/2025	4/19/2032		597		103			102			0.03
Owl Acquisition, LLC ^{(4) (5) (6)}	S + 4.75%		8.48	%	4/17/2025	4/19/2032		1,296		236			234			0.07
										12,337			12,257			3.88
Electrical Equipment
Dwyer Instruments, LLC ^{(5) (6)}	S + 4.75%		8.48	%	12/22/2023	7/20/2029		6,550		6,470			6,547			2.07
Dwyer Instruments, LLC ^{(5) (6)}	S + 4.75%		8.48	%	12/22/2023	7/20/2029		7,675		7,585			7,671			2.43
Dwyer Instruments, LLC ^{(5) (6)}	S + 4.75%		8.44	%	6/1/2026	7/20/2029		6,556		6,492			6,553			2.08
										20,547			20,771			6.58
Electronic Equipment, Instruments & Components
Mobile Communications America, Inc. ^{(5) (6)}	S + 4.75%		8.43	%	10/19/2023	10/16/2029		1,058		1,053			1,063			0.34
Mobile Communications America, Inc. ^{(5) (6)}	S + 4.75%		8.42	%	10/19/2023	10/16/2029		4,494		4,455			4,517			1.42
Mobile Communications America, Inc. ^{(4) (5) (6)}	S + 4.75%				10/19/2023	10/16/2029		743		(6	)		(6	)		—
Mobile Communications America, Inc. ^{(4) (5) (6)}	S + 4.75%		8.49	%	6/23/2025	10/16/2029		2,763		591			596			0.19
										6,093			6,170			1.95
Financial Services
Eclipse Buyer, Inc. ^{(4) (5) (6)}	S + 4.50%				9/5/2024	9/8/2031		879		(7	)		(7	)		—
Eclipse Buyer, Inc. ^{(5) (6)}	S + 4.50%		8.15	%	9/5/2024	9/8/2031		5,187		5,145			5,160			1.64
Ultra Holdco Parent, LLC ^{(5) (6)}	S + 4.50%		8.23	%	7/1/2025	7/1/2032		5,767		5,715			5,753			1.82
Ultra Holdco Parent, LLC ^{(4) (5) (6)}	S + 4.50%				7/1/2025	7/1/2032		1,932		(17	)		(17	)		(0.01	)
Ultra Holdco Parent, LLC ^{(4) (5) (6)}	S + 4.50%				7/1/2025	7/1/2032		724		(6	)		(6	)		—
										10,830			10,883			3.45
Health Care Equipment & Supplies
YI, LLC ^{(5) (6)}	S + 5.75%		9.39	%	12/1/2023	12/3/2029		8,788		8,675			8,607			2.73
YI, LLC ^{(4) (5) (6)}	S + 5.75%				12/1/2023	12/3/2029		1,408		(16	)		(16	)		(0.01	)
										8,659			8,591			2.72
Health Care Providers & Services
AAH Topco, LLC ^{(5) (6)}	S + 5.25%		8.99	%	11/1/2023	12/22/2027		8,159		8,096			8,078			2.56
AAH Topco, LLC ^{(4) (5) (6)}	S + 5.00%		8.74	%	3/31/2025	12/22/2027		2,395		1,505			1,501			0.47
Maple Acquisition, LLC ^{(4) (5) (6)}	S + 4.75%				5/30/2024	5/30/2030		895		(9	)		(9	)		—
Maple Acquisition, LLC ^{(5) (6)}	S + 4.75%		8.60	%	5/30/2024	5/30/2031		4,772		4,718			4,768			1.51
Maple Acquisition, LLC ^{(5) (6)}	S + 4.75%		8.48	%	5/30/2024	5/30/2031		1,190		1,177			1,189			0.38
Phynet Dermatology LLC ^{(5) (6)}	S + 6.50%		10.18	%	10/20/2023	10/20/2029		11,408		11,272			10,692			3.39
Phynet Dermatology LLC ^{(4) (5) (6)}	S + 6.50%		10.16	%	10/20/2023	10/20/2029		696		665			631			0.20
Premier Care Dental Management, LLC ^{(4) (5) (6)}	S + 5.00%				5/29/2024	5/5/2028		1,150		(5	)		(5	)		—
Premier Care Dental Management, LLC ^{(5) (6)}	S + 5.00%		8.64	%	5/31/2024	8/7/2028		5,698		5,667			5,624			1.78
Premier Care Dental Management, LLC ^{(4) (5) (6)}	S + 5.00%		8.64	%	7/16/2025	8/7/2028		1,584		1,276			1,264			0.40
RCP Nats Purchaser, LLC ^{(5) (6)}	S + 5.00%		8.70	%	3/20/2026	3/19/2032		784		777			776			0.25

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

June 30, 2026

(in thousands)

(Unaudited)

Investments-non-controlled/non-affiliated ⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾			Fair Value			% of Net Assets
Direct Investments (continued)
Senior Secured Debt (continued)
Health Care Providers & Services (continued)
RCP Nats Purchaser, LLC ^{(4) (5) (6)}	S + 5.00%		8.70	%	3/19/2025	3/19/2032	$	1,008	$	596		$	594			0.19	%
RCP Nats Purchaser, LLC ^{(5) (6)}	S + 5.00%		8.70	%	3/19/2025	3/19/2032		5,007		4,964			4,957			1.57
RCP Nats Purchaser, LLC ^{(4) (5) (6)}	S + 5.00%				3/19/2025	3/19/2032		708		(6	)		(6	)		—
Ruby Buyer, LLC ^{(4) (5) (6)}	S + 6.50%				12/21/2023	12/21/2029		1,544		(23	)		(23	)		(0.01	)
Ruby Buyer, LLC ^{(5) (6)}	S + 6.50%		10.14	%	12/21/2023	12/21/2029		14,340		14,106			14,340			4.54
										54,776			54,371			17.23
Health Care Technology
Datix Bidco Limited ^{(5) (6) (7)}	S + 5.00%		8.73	%	4/19/2024	4/30/2031		9,839		9,691			9,728			3.08
RLDatix Holdings (USA), Inc. ^{(4) (5) (6) (7)}	S + 5.00%				4/19/2024	4/30/2031		2,067		(29	)		(29	)		(0.01	)
										9,662			9,699			3.07
Hotels, Restaurants & Leisure
CorePower Yoga, LLC ^{(5) (6)}	S + 5.25%		8.98	%	4/3/2025	4/30/2031		5,865		5,791			5,857			1.85
CorePower Yoga, LLC ^{(4) (5) (6)}	S + 5.25%				4/3/2025	4/30/2031		370		(4	)		(4	)		—
CorePower Yoga, LLC ^{(4) (5) (6)}	S + 5.25%				4/3/2025	4/30/2031		370		(5	)		(5	)		—
CorePower Yoga, LLC ^{(5) (6)}	S + 5.25%		8.98	%	12/22/2025	4/30/2031		502		495			501			0.16
										6,277			6,349			2.01
Insurance
Galway Borrower LLC ^{(4) (5) (6)}	S + 4.50%		8.24	%	5/27/2026	9/29/2028		214		67			66			0.02
Galway Borrower LLC ^{(5) (6)}	S + 4.50%		8.23	%	5/27/2026	9/29/2028		45		45			45			0.01
Galway Borrower LLC ^{(5) (6)}	S + 4.50%		8.23	%	5/27/2026	9/29/2028		2,390		2,378			2,369			0.75
Galway Borrower LLC ^{(5) (6)}	S + 4.50%		8.23	%	5/27/2026	9/29/2028		60		60			59			0.02
										2,550			2,539			0.80
Interactive Media & Services
Oak-Eagle AcquireCo, Inc. ^{(5) (6) (7)}	S + 3.50%				3/24/2026	3/24/2033		800		788			803			0.25
										788			803			0.25
IT Services
DigiCert, Inc. ^{(4) (5) (6)}	S + 5.75%				7/30/2025	7/30/2030		1,285		(16	)		(16	)		(0.01	)
DigiCert, Inc. ^{(5) (6)}	S + 5.75%		9.39	%	9/12/2025	7/30/2030		18,174		17,942			17,901			5.67
Govcio Buyer Company ^{(5) (6)}	S + 4.75%		8.39	%	7/9/2024	7/9/2031		10,161		10,043			10,058			3.19
Govcio Buyer Company ^{(5) (6)}	S + 4.75%		8.39	%	8/29/2025	7/9/2031		4,161		4,106			4,119			1.31
Omega Systems Intermediate Holdings, Inc. ^{(5) (6)}	S + 5.00%		8.73	%	1/15/2025	1/15/2031		2,705		2,678			2,613			0.83
Omega Systems Intermediate Holdings, Inc. ^{(4) (5) (6)}	S + 5.00%		8.73	%	1/15/2025	1/15/2031		1,594		488			475			0.15
Omega Systems Intermediate Holdings, Inc. ^{(4) (5) (6)}	S + 5.00%		8.73	%	1/15/2025	1/15/2031		479		91			89			0.03
Redwood Services Group, LLC ^{(4) (5) (6)}	S + 5.25%		8.98	%	1/3/2025	6/15/2029		3,842		3,813			3,799			1.20
Redwood Services Group, LLC ^{(4) (5) (6)}	S + 4.75%		8.23	%	2/11/2026	6/15/2029		2,381		385			385			0.12
Redwood Services Group, LLC ^{(5) (6)}	S + 5.25%		8.99	%	1/3/2025	6/15/2029		2,996		2,975			2,964			0.94
										42,505			42,387			13.43
Machinery
CSAFE Acquisition Company, Inc. ^{(4) (5) (6)}	S + 5.75%		9.38	%	3/8/2024	3/8/2029		1,995		815			815			0.26
CSAFE Acquisition Company, Inc. ^{(5) (6)}	S + 5.75%		9.38	%	3/8/2024	12/14/2028		938		933			937			0.30
CSAFE Acquisition Company, Inc. ^{(5) (6)}	S + 5.75%		9.38	%	3/8/2024	12/14/2028		11,138		11,123			11,118			3.52
CSAFE Acquisition Company, Inc. ^{(5) (6)}	S + 5.75%		9.38	%	11/22/2024	12/14/2028		806		806			805			0.26
										13,677			13,675			4.34

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

June 30, 2026

(in thousands)

(Unaudited)

Investments-non-controlled/non-affiliated ⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾			Fair Value			% of Net Assets
Direct Investments (continued)
Senior Secured Debt (continued)
Personal Care Products
Salt & Stone, Inc. ^{(5) (6)}	S + 5.50%		9.23	%	4/8/2026	4/8/2032	$	2,499	$	2,462		$	2,465			0.78	%
Salt & Stone, Inc. ^{(4) (5) (6)}	S + 5.50%				4/8/2026	4/8/2032		999		(14	)		(14	)		—
										2,448			2,451			0.78
Professional Services
Ascend Partner Services LLC ^{(5) (6)}	S + 4.50%		8.13	%	8/9/2024	8/11/2031		3,352		3,340			3,339			1.06
Ascend Partner Services LLC ^{(5) (6)}	S + 4.50%		8.13	%	8/9/2024	8/11/2031		1,935		1,920			1,927			0.61
Ascend Partner Services LLC ^{(4) (5) (6)}	S + 4.50%				8/9/2024	8/11/2031		675		(5	)		(5	)		—
Ascend Partner Services LLC ^{(4) (5) (6)}	S + 4.50%		8.35	%	8/7/2025	8/11/2031		12,532		8,393			8,433			2.67
Denali Intermediate Holdings, Inc. ^{(5) (6)}	S + 5.50%		9.15	%	8/26/2025	8/26/2032		12,358		12,245			11,462			3.63
Denali Intermediate Holdings, Inc. ^{(4) (5) (6)}	S + 5.50%		9.12	%	8/26/2025	8/26/2032		1,242		213			199			0.06
Denali Topco LLC ^{(5) (6)}	S + 4.75%		8.41	%	8/26/2025	8/26/2032		7,673		7,593			7,616			2.41
Denali Topco LLC ^{(4) (5) (6)}	S + 4.75%				8/26/2025	8/26/2032		2,268		(20	)		(20	)		(0.01	)
Denali Topco LLC ^{(4) (5) (6)}	S + 4.75%				8/26/2025	8/26/2032		1,089		(10	)		(10	)		—
Foreside Financial Group, LLC ^{(4) (5) (6)}	S + 5.25%				6/26/2026	10/1/2029		1,897		(9	)		(9	)		—
Foreside Financial Group, LLC ^{(5) (6)}	S + 5.25%		9.14	%	6/26/2026	10/1/2029		5,531		5,476			5,476			1.74
Foreside Financial Group, LLC ^{(4) (5) (6)}	S + 5.25%		8.99	%	6/26/2026	10/1/2029		652		20			20			0.01
LegalX Holdings, LLC ^{(5) (6)}	S + 5.25%		8.89	%	2/26/2026	2/26/2032		5,008		4,946			4,924			1.56
LegalX Holdings, LLC ^{(4) (5) (6)}	S + 5.25%				2/26/2026	2/26/2032		1,236		(15	)		(15	)		—
People Corporation ^{(4) (5) (6) (7)}	C + 5.00%		7.62	%	12/18/2024	2/18/2031	CAD	5,613		2,867			2,886			0.91
Riverside Assessments, LLC ^{(5) (6)}	S + 5.25%		8.98	%	3/19/2024	3/19/2031		7,788		7,673			7,707			2.44
Riverside Assessments, LLC ^{(4) (5) (6)}	S + 5.25%		8.98	%	3/19/2024	3/19/2031		1,149		980			984			0.31
										55,607			54,914			17.40
Semiconductors & Semiconductor Equipment
Coreweave Financing DDTL V, LLC ^{(4) (5) (6) (7)}	S + 4.50%		8.12	%	5/6/2026	11/17/2031		600		207			214			0.07
										207			214			0.07
Software
Aptean Acquiror Inc. ^{(5) (6)}	S + 4.75%		8.42	%	1/30/2024	1/30/2031		12,233		12,183			12,176			3.86
Aptean Acquiror Inc. ^{(4) (5) (6)}	S + 4.75%		8.42	%	1/30/2024	1/30/2031		978		219			207			0.07
Bullhorn, Inc. ^{(5) (6)}	S + 5.00%		8.64	%	5/10/2024	10/1/2029		3,207		3,202			3,135			0.99
Bullhorn, Inc. ^{(4) (5) (6)}	S + 5.00%		8.64	%	5/10/2024	10/1/2029		517		67			65			0.02
Bullhorn, Inc. ^{(5) (6)}	S + 5.00%		8.64	%	7/9/2024	10/1/2029		7,711		7,711			7,537			2.39
Bullhorn, Inc. ^{(5) (6)}	S + 5.00%		8.64	%	7/30/2025	10/1/2029		890		890			870			0.28
Diligent Corporation ^{(4) (5) (6)}	S + 5.00%		8.67	%	4/23/2024	8/2/2030		1,748		682			644			0.20
Diligent Corporation (fka Diamond Merger Sub II, Corp.) ^{(5) (6)}	S + 5.00%		8.67	%	4/23/2024	8/2/2030		15,298		15,216			14,762			4.68
Diligent Corporation (fka Diamond Merger Sub II, Corp.) ^{(5) (6) (8)}	S + 5.00%		8.67	%	4/23/2024	8/2/2030		2,623		2,609			2,531			0.80
GS AcquisitionCo, Inc. ^{(5) (6)}	S + 5.25%		8.98	%	3/26/2024	5/25/2028		513		512			467			0.15
GS AcquisitionCo, Inc. ^{(5) (6)}	S + 5.25%		8.98	%	5/23/2024	5/25/2028		5,854		5,854			5,503			1.74
GS AcquisitionCo, Inc. ^{(5) (6)}	S + 5.25%		8.98	%	3/26/2024	5/25/2028		250		249			235			0.07
Innovative Systems LLC ^{(5) (6)}	S + 4.75%		8.48	%	8/20/2025	8/20/2032		7,871		7,800			7,772			2.46
Innovative Systems LLC ^{(4) (5) (6)}	S + 4.75%		8.48	%	8/20/2025	8/20/2032		3,373		645			642			0.20
Innovative Systems LLC ^{(4) (5) (6)}	S + 4.75%				8/20/2025	8/20/2032		1,124		(10	)		(10	)		—
IQN Holding Corp. ^{(4) (5) (6)}	S + 5.25%		8.98	%	10/30/2024	5/2/2028		285		171			168			0.05
IQN Holding Corp. ^{(5) (6)}	S + 5.25%		8.98	%	10/30/2024	5/2/2029		3,621		3,624			3,558			1.13
IQN Holding Corp. ^{(5) (6) (8)}	S + 5.25%		8.98	%	5/19/2025	5/2/2029		2,270		2,254			2,231			0.71
Kona Buyer, LLC ^{(4) (5) (6)}	S + 4.50%				6/27/2025	7/23/2031		3,468		(14	)		(14	)		—
Kona Buyer, LLC ^{(5) (6)}	S + 4.50%		8.16	%	6/27/2025	7/23/2031		2,294		2,285			2,275			0.72

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

June 30, 2026

(in thousands)

(Unaudited)

Investments-non-controlled/non-affiliated ⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾			Fair Value			% of Net Assets
Direct Investments (continued)
Senior Secured Debt (continued)
Software (continued)
Kona Buyer, LLC ^{(4) (5) (6)}	S + 4.50%		8.16	%	6/27/2025	7/23/2031	$	347	$	36		$	36			0.01	%
Kona Buyer, LLC ^{(5) (6)}	S + 4.50%		8.16	%	6/27/2025	7/23/2031		2,043		2,034			2,026			0.64
MRI Software LLC ^{(5) (6)}	S + 4.75%		8.48	%	5/23/2024	2/10/2028		10,830		10,830			10,627			3.37
MRI Software LLC ^{(4) (5) (6)}	S + 4.75%		8.48	%	12/21/2023	2/10/2028		1,272		330			316			0.10
MRI Software LLC ^{(5) (6)}	S + 4.75%		8.48	%	5/23/2024	2/10/2028		1,365		1,365			1,339			0.42
MRI Software LLC ^{(5) (6)}	S + 4.75%		8.48	%	9/4/2024	2/10/2028		1,543		1,543			1,514			0.48
Nexus BidCo Inc. ^{(5) (6) (7)}	C + 5.00%		9.97	%	1/8/2026	2/11/2031	CAD	1,104		792			769			0.24
Nexus BidCo Inc. ^{(4) (5) (6) (7)}	S + 4.75%		8.39	%	2/11/2025	2/11/2031		539		30			30			0.01
Nexus BidCo Inc. ^{(4) (5) (6) (7)}	S + 4.75%				2/11/2025	2/11/2031		788		(8	)		(8	)		—
Nexus BidCo Inc. ^{(5) (6) (7)}	S + 4.75%		8.39	%	2/11/2025	2/11/2031		4,182		4,140			4,149			1.31
Onward Acquireco, Inc. ^{(5) (6) (8)}	S + 2.38%		6.02	%	4/1/2026	4/1/2033		6,216		6,171			6,177			1.96
Onward Acquireco, Inc. ^{(4) (5) (6)}	S + 2.38%				4/1/2026	4/1/2033		1,102		(8	)		(8	)		—
Onward Acquireco, Inc. ^{(4) (5) (6)}	S + 2.38%				4/1/2026	4/1/2033		2,646		(10	)		(10	)		—
Optimizely North America Inc. ^{(4) (5) (6) (7)}	S + 3.00%				10/30/2024	10/30/2031		2,745		(21	)		(21	)		(0.01	)
Optimizely North America Inc. ^{(5) (6) (7) (8)}	S + 3.00%		6.64	%	10/30/2024	10/30/2031		15,483		15,357			14,862			4.71
PDI TA Holdings, Inc. ^{(5) (6) (8)}	S + 3.50%		7.16	%	2/6/2024	2/3/2031		11,175		11,158			10,660			3.38
PDI TA Holdings, Inc. ^{(5) (6)}	S + 5.50%		9.16	%	2/6/2024	2/3/2031		909		907			867			0.27
Severin Acquisition, LLC ^{(4) (5) (6) (8)}	S + 2.75%		6.39	%	10/1/2024	10/1/2031		616		154			154			0.05
Severin Acquisition, LLC ^{(5) (6) (8)}	S + 2.75%		6.39	%	10/1/2024	10/1/2031		3,003		2,980			2,988			0.95
Severin Acquisition, LLC ^{(4) (5) (6)}	S + 4.75%		8.39	%	10/1/2024	10/1/2031		370		182			181			0.06
Sonatype, Inc. ^{(5) (6)}	S + 4.75%		8.36	%	12/19/2024	1/19/2028		4,609		4,602			4,583			1.45
										128,713			125,985			39.92
Trading Companies & Distributors
Apex Service Partners, LLC ^{(4) (5) (6)}	S + 4.75%		8.48	%	11/21/2025	10/24/2030		4,120		1,574			1,562			0.50
Apex Service Partners, LLC ^{(5) (6)}	S + 5.00%		8.73	%	6/18/2026	10/24/2030		304		302			301			0.10
Apex Service Partners, LLC ^{(5) (6)}	S + 5.00%		8.73	%	6/18/2026	10/24/2029		13		13			13			—
NFO Orange Buyer, LLC ^{(5) (6)}	S + 4.50%		8.24	%	1/13/2026	1/13/2033		5,317		5,292			5,296			1.68
NFO Orange Buyer, LLC ^{(4) (5) (6)}	P + 3.50%		10.25	%	1/13/2026	1/13/2033		760		414			415			0.13
NFO Orange Buyer, LLC ^{(4) (5) (6)}	S + 4.50%				1/13/2026	1/13/2033		1,139		(5	)		(5	)		—
PT Intermediate Holdings III, LLC ^{(5) (6) (8)}	S + 4.75%		8.44	%	4/9/2024	4/9/2030		21,026		20,989			20,709			6.56
Radwell Parent, LLC ^{(4) (5) (6)}	S + 4.75%		8.48	%	3/2/2026	4/1/2030		69		18			18			0.01
Radwell Parent, LLC ^{(5) (6)}	S + 4.75%		8.48	%	3/2/2026	4/1/2030		4,897		4,886			4,888			1.55
Radwell Parent, LLC ^{(5) (6)}	S + 4.75%		8.48	%	3/2/2026	4/1/2030		965		962			963			0.31
Radwell Parent, LLC ^{(5) (6)}	S + 4.75%		8.48	%	3/2/2026	4/1/2030		96		96			96			0.03
Radwell Parent, LLC ^{(4) (5) (6)}	S + 4.75%		8.48	%	3/2/2026	4/1/2030		1,049		25			25			0.01
										34,566			34,281			10.88
Total North America									$	476,050		$	471,982			149.55	%

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

June 30, 2026

(in thousands)

(Unaudited)

Investments-non-controlled/non-affiliated ⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾		Fair Value		% of Net Assets
Direct Investments (continued)
Senior Secured Debt (continued)
Asia - Pacific
Diversified Consumer Services
XCL Education Holdings Pte Ltd ^{(5) (6) (7)}	S + 6.50%		10.17	%	4/29/2025	5/2/2030	$	12,285	$	12,136	$	12,285		3.88	%
XCL Education Holdings Pte Ltd ^{(5) (6) (7)}	S + 6.50%		10.16	%	3/9/2026	5/2/2030		2,289		2,257		2,289		0.73
										14,393		14,574		4.61
Total Asia - Pacific									$	14,393	$	14,574		4.61	%
Total Senior Secured Debt									$	490,443	$	486,556		154.16	%

Common Equity
North America
Personal Care Products
Leila Parent, LLC ^{(5) (6) (9) (10)}					4/8/2026			124,929	$	125	$	125		0.04	%
Total North America									$	125	$	125		0.04	%
Total Common Equity									$	125	$	125		0.04	%

Preferred Equity
North America
Financial Services
Eclipse Buyer, Inc. ^{(5) (6) (8) (9)}	N/A		12.50	%	9/5/2024		$	1,190	$	1,173	$	1,190		0.38	%
Total North America									$	1,173	$	1,190		0.38	%
Total Preferred Equity									$	1,173	$	1,190		0.38	%
Total Direct Investments									$	517,277	$	513,631		162.74	%

Partnership Investments
Partnership
North America
Financial Services
TPG Twin Brook Direct Lending Continuation Fund I, L.P. ^{(5) (6) (7) (9) (10)}					8/7/2025				$	7,068	$	6,940		2.20	%
Total North America									$	7,068	$	6,940		2.20	%
Total Partnership									$	7,068	$	6,940		2.20	%
Total Partnership Investments									$	7,068	$	6,940		2.20	%
Total Investments—non-controlled/non-affiliated									$	524,345	$	520,571		164.94	%
Total Portfolio Investments									$	524,345	$	520,571		164.94	%

Cash Equivalents
BlackRock Liquidity Funds - Treasury Trust Fund			3.83	%				8,209	$	8,209	$	8,209		2.60	%
Total Cash Equivalents									$	8,209	$	8,209		2.60	%
Total Portfolio Investments and Cash Equivalents									$	532,554	$	528,780		167.54	%

(1)

Unless otherwise indicated, investments held by the Fund (which such term “Fund” shall include the Fund’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S.dollars ("$" or "USD"). All investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount/units are presented for investments. Par amount is denominated in USD unless otherwise noted, Canadian Dollars (“CAD”).

(2)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C"), SOFR ("S") or an alternate base rate (commonly based on the U.S. Prime Rate ("P"), each of which generally resets periodically. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2026. As of June 30, 2026, the reference rates for our variable rate loans were the 3-month C at 2.29%, 1-month S at 3.65%, 3-month S at 3.73%, 6-month S at 3.85%, and the P at 6.75%.

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

June 30, 2026

(in thousands)

(Unaudited)

(3)

The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(4)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 “Commitments & Contingencies”.

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded		Total Commitment Fair Value
AAH Topco, LLC	Delayed Draw Term Loan	12/22/2027	$	877	$	(7	)
Apex Service Partners, LLC	Delayed Draw Term Loan	10/24/2030		2,528		(19	)
Aptean Acquiror Inc.	Revolver	1/30/2031		754		(13	)
Ascend Partner Services LLC	Revolver	8/11/2031		675		(5	)
Ascend Partner Services LLC	Delayed Draw Term Loan	8/11/2031		4,031		(22	)
Bullhorn, Inc.	Revolver	10/1/2029		448		(4	)
Cerity Partners Equity Holding LLC	Revolver	7/28/2031		166		(1	)
Cerity Partners Equity Holding LLC	Delayed Draw Term Loan	7/28/2031		3,544		(8	)
Cobalt Service Partners, LLC	Revolver	10/13/2031		419		(3	)
Cobalt Service Partners, LLC	Delayed Draw Term Loan	10/13/2031		13,544		(101	)
Cobalt Service Partners, LLC	Delayed Draw Term Loan	10/13/2031		753		(1	)
CorePower Yoga, LLC	Revolver	4/30/2031		370		(4	)
CorePower Yoga, LLC	Delayed Draw Term Loan	4/30/2031		371		(5	)
Coreweave Financing DDTL V, LLC	Delayed Draw Term Loan	11/17/2031		387		1
CSAFE Acquisition Company, Inc.	Revolver	3/8/2029		1,177		(2	)
Denali Intermediate Holdings, Inc.	Revolver	8/26/2032		1,018		(20	)
Denali Topco LLC	Revolver	8/26/2032		1,089		(10	)
Denali Topco LLC	Delayed Draw Term Loan	8/26/2032		2,268		(20	)
DigiCert, Inc.	Revolver	7/30/2030		1,286		(16	)
Diligent Corporation	Revolver	8/2/2030		1,058		(28	)
Eclipse Buyer, Inc.	Delayed Draw Term Loan	9/8/2031		879		(7	)
Foreside Financial Group, LLC	Revolver	10/1/2029		626		(6	)
Foreside Financial Group, LLC	Delayed Draw Term Loan	10/1/2029		1,897		(9	)
Galway Borrower LLC	Revolver	9/29/2028		146		(1	)
High Bar Brands Operating, LLC	Revolver	12/19/2029		468		(7	)

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

June 30, 2026

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded		Total Commitment Fair Value
Innovative Systems LLC	Revolver	8/20/2032		1,124		(10	)
Innovative Systems LLC	Delayed Draw Term Loan	8/20/2032		2,698		(26	)
IQN Holding Corp.	Revolver	5/2/2028		114		(1	)
Kona Buyer, LLC	Revolver	7/23/2031		310		(1	)
Kona Buyer, LLC	Delayed Draw Term Loan	7/23/2031		3,468		(14	)
LegalX Holdings, LLC	Revolver	2/26/2032		1,236		(15	)
LHS Borrower, LLC	Revolver	9/4/2031		600		(8	)
Maple Acquisition, LLC	Revolver	5/30/2030		895		(9	)
Mobile Communications America, Inc.	Revolver	10/16/2029		743		(6	)
Mobile Communications America, Inc.	Delayed Draw Term Loan	10/16/2029		2,163		(3	)
MRI Software LLC	Revolver	2/10/2028		939		(13	)
Nelipak Holding Company	Revolver	3/26/2031		879		(9	)
Nelipak Holding Company	Delayed Draw Term Loan	3/26/2031		310		(2	)
Nexus BidCo Inc.	Revolver	2/11/2031		788		(8	)
Nexus BidCo Inc.	Delayed Draw Term Loan	2/11/2031		503		(5	)
NFO Orange Buyer, LLC	Revolver	1/13/2033		342		(1	)
NFO Orange Buyer, LLC	Delayed Draw Term Loan	1/13/2033		1,139		(5	)
Omega Systems Intermediate Holdings, Inc.	Revolver	1/15/2031		383		(6	)
Omega Systems Intermediate Holdings, Inc.	Delayed Draw Term Loan	1/15/2031		1,091		(19	)
Onward Acquireco, Inc.	Revolver	4/1/2033		1,102		(8	)
Onward Acquireco, Inc.	Delayed Draw Term Loan	4/1/2033		2,646		(10	)
Optimizely North America Inc.	Revolver	10/30/2031		2,745		(21	)
Owl Acquisition, LLC	Revolver	4/19/2032		1,047		(12	)
Owl Acquisition, LLC	Delayed Draw Term Loan	4/19/2032		488		(6	)
People Corporation	Delayed Draw Term Loan	2/18/2031		1,021		(310	)
Phynet Dermatology LLC	Revolver	10/20/2029		22		(1	)
PMA Parent Holdings, LLC	Revolver	1/31/2031		2,823		(11	)
Premier Care Dental Management, LLC	Revolver	5/5/2028		1,150		(5	)
Premier Care Dental Management, LLC	Delayed Draw Term Loan	8/7/2028		302		(3	)

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

June 30, 2026

(in thousands)

(Unaudited)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded		Total Commitment Fair Value
Propio LS, LLC	Revolver	5/10/2030	$	219	$	(2	)
Qinetic, Inc.	Revolver	5/2/2033		932		(9	)
Qinetic, Inc.	Delayed Draw Term Loan	5/2/2033		1,865		(9	)
Radwell Parent, LLC	Revolver	4/1/2030		51		(1	)
Radwell Parent, LLC	Delayed Draw Term Loan	4/1/2030		1,019		(5	)
RCP Nats Purchaser, LLC	Revolver	3/19/2032		708		(6	)
RCP Nats Purchaser, LLC	Delayed Draw Term Loan	3/19/2032		405		(4	)
Redwood Services Group, LLC	Delayed Draw Term Loan	6/15/2029		3		—
Redwood Services Group, LLC	Delayed Draw Term Loan	6/15/2029		1,991		(4	)
Rialto Management Group, LLC	Revolver	12/5/2030		224		(2	)
Riverside Assessments, LLC	Revolver	3/19/2031		153		(2	)
RLDatix Holdings (USA), Inc.	Term Loan	4/30/2031		2,067		(29	)
Ruby Buyer, LLC	Revolver	12/21/2029		1,544		(23	)
Salt & Stone, Inc.	Delayed Draw Term Loan	4/8/2032		999		(14	)
Severin Acquisition, LLC	Revolver	10/1/2031		185		(2	)
Severin Acquisition, LLC	Delayed Draw Term Loan	10/1/2031		458		(3	)
Thompson Safety LLC	Revolver	6/25/2032		573		(5	)
Thompson Safety LLC	Delayed Draw Term Loan	6/25/2032		5,721		(49	)
Ultra Holdco Parent, LLC	Revolver	7/1/2032		724		(6	)
Ultra Holdco Parent, LLC	Delayed Draw Term Loan	7/1/2032		1,932		(17	)
YI, LLC	Revolver	12/3/2029		1,408		(16	)
			$	97,031	$	(1,074	)

(5)	Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of June 30, 2026, the aggregate fair value of these securities is $520,571 or 164.94% of the Fund’s net assets. See Note 2 “Significant Accounting Policies.”
(6)	The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.
(7)	The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. 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 June 30, 2026, non-qualifying assets totaled 17.35% of the Fund’s total assets.
(8)	All or a portion of the interest on this position is paid-in-kind (PIK). See Note 2 “Significant Accounting Policies.”
(9)	The investment is ongoing in nature with no contractual maturity date.

(10)	Non-income producing.

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments

December 31, 2025

(in thousands)

Investments-non-controlled/non-affiliated⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾			Fair Value			% of Net Assets
Direct Investments
Asset Backed Securities
North America
Industrial Conglomerates
Cifc Funding 2014-IV-R Ltd ^{(5) (6) (7)}	S + 0.99%		4.87	%	12/19/2025	1/17/2035	$	5,000	$	5,005		$	5,049			1.84	%
Octagon Investment Partners 40 Ltd ^{(5) (6) (7)}	S + 1.04%		4.92	%	12/19/2025	1/20/2035		5,000		5,003			4,998			1.82
Total North America									$	10,008		$	10,047			3.66	%
Total Asset Backed Securities									$	10,008		$	10,047			3.66	%

Senior Secured Debt
North America
Automobile Components
High Bar Brands Operating, LLC ^{(5) (6) (7)}	S + 5.25%		8.92	%	12/19/2023	12/19/2029		540		521			522			0.19
High Bar Brands Operating, LLC ^{(5) (6) (7)}	S + 5.25%		8.92	%	12/19/2023	12/19/2029		3,054		3,012			3,018			1.10
High Bar Brands Operating, LLC ^{(5) (6) (7)}	S + 5.25%		8.92	%	12/19/2023	12/19/2029		636		628			629			0.23
High Bar Brands Operating, LLC ^{(4) (5) (6) (7)}	S + 5.25%				12/19/2023	12/19/2029		649		(9	)		(9	)		—
										4,152			4,160			1.52
Building Products
LHS Borrower, LLC ^{(5) (6)}	S + 5.25%		8.97	%	9/4/2025	9/4/2031		10,258		10,111			10,053			3.66
LHS Borrower, LLC ^{(4) (5) (6)}	P + 4.25%		11.00	%	9/3/2025	9/4/2031		811		97			92			0.03
										10,208			10,145			3.69
Capital Markets
Cerity Partners Equity Holding LLC ^{(4) (5) (6)}	S + 4.50%		8.17	%	12/19/2025	7/28/2031		319		49			50			0.02
Cerity Partners Equity Holding LLC ^{(4) (5) (6)}	S + 4.50%				12/19/2025	7/28/2031		3,544		(9	)		(9	)		—
PMA Parent Holdings, LLC ^{(5) (6)}	S + 4.75%		8.42	%	10/15/2024	1/31/2031		17,848		17,663			17,686			6.43
PMA Parent Holdings, LLC ^{(4) (5) (6)}	S + 4.75%				10/15/2024	1/31/2031		2,823		(13	)		(13	)		—
Rialto Management Group, LLC ^{(5) (6) (7)}	S + 5.00%		8.72	%	12/5/2024	12/5/2030		5,990		5,939			5,978			2.17
Rialto Management Group, LLC ^{(4) (5) (6) (7)}	S + 5.00%				12/5/2024	12/5/2030		224		(2	)		(2	)		—
										23,627			23,690			8.62
Commercial Services & Supplies
Cobalt Service Partners, LLC ^{(4) (5) (6)}	S + 4.75%		8.42	%	10/11/2024	10/13/2031		3,874		1,875			1,879			0.68
Cobalt Service Partners, LLC ^{(5) (6)}	S + 4.75%		8.42	%	10/11/2024	10/13/2031		2,233		2,214			2,229			0.81
Cobalt Service Partners, LLC ^{(4) (5) (6)}	S + 4.75%				10/11/2024	10/13/2031		465		(4	)		(4	)		—
Propio LS, LLC ^{(5) (6) (11)}	S + 4.75%		8.47	%	5/12/2025	5/10/2030		10,470		10,377			10,426			3.79
Propio LS, LLC ^{(4) (5) (6) (11)}	S + 4.75%		8.42	%	5/12/2025	5/10/2030		284		123			123			0.04
Thompson Safety LLC ^{(4) (5) (6)}	S + 5.00%				6/25/2025	6/25/2032		675		(6	)		(6	)		—
Thompson Safety LLC ^{(4) (5) (6)}	S + 5.00%		8.86	%	6/25/2025	6/25/2032		6,745		657			662			0.24
										15,236			15,309			5.56
Containers & Packaging
Nelipak Holding Company ^{(4) (5) (6) (7)}	S + 5.50%		9.17	%	3/26/2024	3/26/2031		785		477			480			0.17
Nelipak Holding Company ^{(4) (5) (6) (7)}	S + 5.50%		9.23	%	3/26/2024	3/26/2031		879		122			123			0.04
Nelipak Holding Company ^{(5) (6) (7)}	S + 5.50%		9.17	%	3/26/2024	3/26/2031		2,002		1,978			1,992			0.72
										2,577			2,595			0.93
Diversified Consumer Services
Club Car Wash Operating, LLC ^{(5) (6)}	S + 5.50%		9.32	%	7/31/2024	6/16/2027		3,205		3,187			3,205			1.17
Club Car Wash Operating, LLC ^{(4) (5) (6)}	S + 6.00%		9.82	%	7/1/2025	6/16/2027		2,769		1,796			1,796			0.65

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

December 31, 2025

(in thousands)

Investments-non-controlled/non-affiliated⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾			Fair Value			% of Net Assets
Direct Investments (continued)
Senior Secured Debt (continued)
Diversified Consumer Services (continued)
Owl Acquisition, LLC ^{(5) (6)}	S + 4.75%		8.63	%	4/17/2025	4/19/2032	$	6,553	$	6,478		$	6,518			2.37	%
Owl Acquisition, LLC ^{(4) (5) (6)}	S + 4.75%		8.69	%	4/17/2025	4/19/2032		598		103			103			0.04
Owl Acquisition, LLC ^{(4) (5) (6)}	S + 4.75%				4/17/2025	4/19/2032		1,296		(15	)		(15	)		(0.01	)
										11,549			11,607			4.22
Electrical Equipment
Dwyer Instruments, LLC ^{(5) (6)}	S + 4.75%		8.42	%	12/22/2023	7/20/2029		6,584		6,492			6,577			2.39
Dwyer Instruments, LLC ^{(5) (6)}	S + 4.75%		8.42	%	12/22/2023	7/20/2029		7,714		7,610			7,705			2.81
										14,102			14,282			5.20
Electronic Equipment, Instruments & Components
Mobile Communications America, Inc. ^{(5) (6)}	S + 4.75%		8.74	%	10/19/2023	10/16/2029		1,064		1,059			1,060			0.39
Mobile Communications America, Inc. ^{(5) (6)}	S + 4.75%		8.69	%	10/19/2023	10/16/2029		4,517		4,473			4,499			1.64
Mobile Communications America, Inc. ^{(4) (5) (6)}	S + 4.75%		8.54	%	10/19/2023	10/16/2029		743		141			143			0.05
Mobile Communications America, Inc. ^{(4) (5) (6)}	S + 4.75%		8.59	%	6/23/2025	10/16/2029		2,765		339			343			0.13
S101 Acquisition, Inc. ^{(5) (6)}	S + 5.00%		8.76	%	10/1/2025	4/11/2028		857		849			856			0.31
S101 Acquisition, Inc. ^{(5) (6)}	S + 5.00%		8.67	%	9/30/2025	4/11/2028		514		510			514			0.19
S101 Acquisition, Inc. ^{(5) (6)}	S + 5.00%		8.67	%	12/8/2025	4/11/2028		968		959			968			0.35
S101 Acquisition, Inc. ^{(5) (6)}	S + 5.00%		8.74	%	12/8/2025	4/11/2028		644		633			644			0.23
S101 Acquisition, Inc. ^{(4) (5) (6)}	S + 5.00%				4/11/2025	4/11/2028		859		(7	)		(7	)		—
S101 Acquisition, Inc. ^{(5) (6)}	S + 5.00%		8.67	%	4/11/2025	4/11/2028		10,622		10,539			10,620			3.86
										19,495			19,640			7.15
Financial Services
Eclipse Buyer, Inc. ^{(4) (5) (6)}	S + 4.50%				9/5/2024	9/8/2031		879		(7	)		(7	)		—
Eclipse Buyer, Inc. ^{(5) (6)}	S + 4.50%		8.25	%	9/5/2024	9/8/2031		5,187		5,142			5,148			1.87
Ultra Holdco Parent, LLC ^{(5) (6) (11)}	S + 4.75%		8.42	%	7/1/2025	7/1/2032		5,796		5,741			5,778			2.10
Ultra Holdco Parent, LLC ^{(4) (5) (6) (11)}	S + 4.75%				7/1/2025	7/1/2032		1,932		(18	)		(18	)		(0.01	)
Ultra Holdco Parent, LLC ^{(4) (5) (6) (11)}	S + 4.75%				7/1/2025	7/1/2032		724		(7	)		(7	)		—
										10,851			10,894			3.96
Health Care Equipment & Supplies
YI, LLC ^{(5) (6)}	S + 5.75%		9.49	%	12/1/2023	12/3/2029		8,833		8,706			8,618			3.14
YI, LLC ^{(4) (5) (6)}	S + 5.75%				12/1/2023	12/3/2029		1,408		(18	)		(18	)		(0.01	)
										8,688			8,600			3.13
Health Care Providers & Services
AAH Topco, LLC ^{(5) (6)}	S + 5.25%		9.07	%	11/1/2023	12/22/2027		8,200		8,117			8,143			2.96
AAH Topco, LLC ^{(4) (5) (6)}	S + 5.00%		8.82	%	3/31/2025	12/22/2027		2,399		669			668			0.24
Maple Acquisition, LLC ^{(4) (5) (6)}	S + 4.75%				5/30/2024	5/30/2030		895		(10	)		(10	)		—
Maple Acquisition, LLC ^{(5) (6)}	S + 4.75%		8.62	%	5/30/2024	5/30/2031		5,369		5,303			5,348			1.95
Maple Acquisition, LLC ^{(4) (5) (6)}	S + 4.75%				5/30/2024	5/30/2031		1,193		(14	)		(14	)		(0.01	)
Phynet Dermatology LLC ^{(5) (6)}	S + 6.50%		10.38	%	10/20/2023	10/20/2029		11,466		11,313			10,950			3.98
Phynet Dermatology LLC ^{(4) (5) (6)}	S + 6.50%		10.34	%	10/20/2023	10/20/2029		670		638			618			0.22
Premier Care Dental Management, LLC ^{(4) (5) (6)}	S + 5.00%		8.73	%	5/29/2024	5/5/2028		1,150		108			107			0.04
Premier Care Dental Management, LLC ^{(5) (6)}	S + 5.00%		8.72	%	5/31/2024	8/7/2028		5,727		5,689			5,658			2.06
Premier Care Dental Management, LLC ^{(4) (5) (6)}	S + 5.00%		8.72	%	7/16/2025	8/7/2028		1,588		737			732			0.27
RCP Nats Purchaser, LLC ^{(5) (6)}	S + 5.00%		8.69	%	3/19/2025	3/19/2032		5,045		4,999			5,045			1.84
RCP Nats Purchaser, LLC ^{(4) (5) (6)}	S + 5.00%				3/19/2025	3/19/2032		1,011		(9	)		(9	)		—
RCP Nats Purchaser, LLC ^{(4) (5) (6)}	S + 5.00%				3/19/2025	3/19/2032		708		(6	)		(6	)		—
Ruby Buyer, LLC ^{(4) (5) (6)}	S + 6.50%				12/21/2023	12/21/2029		1,544		(26	)		(26	)		(0.01	)

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

December 31, 2025

(in thousands)

Investments-non-controlled/non-affiliated⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾			Fair Value			% of Net Assets
Direct Investments (continued)
Senior Secured Debt (continued)
Health Care Providers & Services (continued)
Ruby Buyer, LLC ^{(5) (6)}	S + 6.50%		10.11	%	12/21/2023	12/21/2029	$	14,413	$	14,150		$	14,413			5.24	%
										51,658			51,617			18.78
Health Care Technology
Datix Bidco Limited ^{(5) (6) (7)}	S + 5.00%		8.73	%	4/19/2024	4/30/2031		9,839		9,679			9,831			3.58
RLDatix Holdings (USA), Inc. ^{(4) (5) (6) (7)}	S + 5.00%				4/19/2024	4/30/2031		2,067		(32	)		(32	)		(0.01	)
										9,647			9,799			3.57
Hotels, Restaurants & Leisure
CorePower Yoga, LLC ^{(5) (6)}	S + 5.25%		8.92	%	12/22/2025	4/30/2031		505		497			503			0.18
CorePower Yoga, LLC ^{(5) (6)}	S + 5.25%		8.92	%	4/3/2025	4/30/2031		5,895		5,814			5,879			2.14
CorePower Yoga, LLC ^{(4) (5) (6)}	S + 5.25%				4/3/2025	4/30/2031		370		(5	)		(5	)		—
CorePower Yoga, LLC ^{(4) (5) (6)}	S + 5.25%				4/3/2025	4/30/2031		370		(5	)		(5	)		—
										6,301			6,372			2.32
IT Services
DigiCert, Inc. ^{(4) (5) (6)}	S + 5.75%				7/30/2025	7/10/2030		1,285		(18	)		(18	)		(0.01	)
DigiCert, Inc. ^{(5) (6)}	S + 5.75%		9.47	%	9/12/2025	7/10/2030		18,266		18,011			18,337			6.67
Govcio Buyer Company ^{(5) (6) (11)}	S + 5.25%		8.92	%	7/9/2024	7/9/2031		10,208		10,080			10,201			3.71
Govcio Buyer Company ^{(5) (6) (11)}	S + 5.25%		8.92	%	8/29/2025	7/9/2031		4,296		4,234			4,293			1.56
Omega Systems Intermediate Holdings, Inc. ^{(5) (6)}	S + 4.75%		8.42	%	1/15/2025	1/15/2031		2,712		2,682			2,712			0.99
Omega Systems Intermediate Holdings, Inc. ^{(4) (5) (6)}	S + 4.75%		8.42	%	1/15/2025	1/15/2031		1,595		487			493			0.18
Omega Systems Intermediate Holdings, Inc. ^{(4) (5) (6)}	S + 4.75%		8.44	%	1/15/2025	1/15/2031		479		59			59			0.02
Redwood Services Group, LLC ^{(4) (5) (6)}	S + 5.25%		8.93	%	1/3/2025	6/15/2029		3,853		3,117			3,146			1.15
Redwood Services Group, LLC ^{(5) (6)}	S + 5.25%		8.93	%	1/3/2025	6/15/2029		3,004		2,979			3,008			1.10
										41,631			42,231			15.37
Machinery
CSAFE Acquisition Company, Inc. ^{(4) (5) (6)}	S + 5.75%		9.95	%	3/8/2024	3/8/2029		1,995		396			395			0.14
CSAFE Acquisition Company, Inc. ^{(5) (6)}	S + 5.75%		9.95	%	3/8/2024	12/14/2028		943		936			939			0.34
CSAFE Acquisition Company, Inc. ^{(5) (6)}	S + 5.75%		9.95	%	3/8/2024	12/14/2028		11,195		11,174			11,150			4.06
CSAFE Acquisition Company, Inc. ^{(5) (6)}	S + 5.75%		9.95	%	11/22/2024	12/14/2028		810		810			807			0.30
										13,316			13,291			4.84
Professional Services
Ascend Partner Services LLC ^{(4) (5) (6) (11)}	S + 4.50%		8.54	%	8/9/2024	8/11/2031		3,361		3,246			3,259			1.19
Ascend Partner Services LLC ^{(5) (6) (11)}	S + 4.50%		8.54	%	8/9/2024	8/11/2031		1,945		1,928			1,945			0.71
Ascend Partner Services LLC ^{(4) (5) (6) (11)}	S + 4.50%				8/9/2024	8/11/2031		675		(5	)		(5	)		—
Ascend Partner Services LLC ^{(4) (5) (6) (11)}	S + 4.50%		8.12	%	8/7/2025	8/11/2031		12,551		4,942			4,990			1.82
Denali Intermediate Holdings, Inc. ^{(5) (6)}	S + 5.50%		9.23	%	8/26/2025	8/26/2032		12,420		12,300			12,591			4.58
Denali Intermediate Holdings, Inc. ^{(4) (5) (6)}	S + 5.50%				8/26/2025	8/26/2032		1,242		(12	)		(12	)		—
Denali Topco LLC ^{(5) (6)}	S + 4.75%		8.59	%	8/26/2025	8/26/2032		7,711		7,626			7,685			2.80
Denali Topco LLC ^{(4) (5) (6)}	S + 4.75%				8/26/2025	8/26/2032		2,268		(22	)		(22	)		(0.01	)
Denali Topco LLC ^{(4) (5) (6)}	S + 4.75%				8/26/2025	8/26/2032		1,089		(10	)		(10	)		—
People Corporation ^{(4) (5) (6) (7)}	C + 5.00%		7.58	%	12/18/2024	2/18/2028	CAD	5,633		2,278			2,465			0.90
Riverside Assessments, LLC ^{(5) (6)}	S + 5.25%		8.85	%	3/19/2024	3/19/2031		7,828		7,703			7,786			2.83
Riverside Assessments, LLC ^{(4) (5) (6)}	S + 5.25%		8.92	%	3/19/2024	3/19/2031		1,149		251			253			0.09
										40,225			40,925			14.91

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

December 31, 2025

(in thousands)

Investments-non-controlled/non-affiliated⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾			Fair Value			% of Net Assets
Direct Investments (continued)
Senior Secured Debt (continued)
Software
Aptean Acquiror Inc. ^{(5) (6)}	S + 4.75%		8.57	%	1/30/2024	1/30/2031	$	12,295	$	12,239		$	12,295			4.47	%
Aptean Acquiror Inc. ^{(4) (5) (6)}	S + 4.75%		8.47	%	1/30/2024	1/30/2031		978		274			269			0.10
Bullhorn, Inc. ^{(5) (6)}	S + 5.00%		8.72	%	5/10/2024	10/1/2029		3,207		3,201			3,199			1.16
Bullhorn, Inc. ^{(4) (5) (6)}	S + 5.00%		8.72	%	5/10/2024	10/1/2029		517		67			65			0.02
Bullhorn, Inc. ^{(4) (5) (6)}	S + 5.00%				5/10/2024	10/1/2029		714		(1	)		(1	)		—
Bullhorn, Inc. ^{(5) (6)}	S + 5.00%		8.72	%	7/9/2024	10/1/2029		7,711		7,711			7,672			2.79
Bullhorn, Inc. ^{(5) (6)}	S + 5.00%		8.72	%	7/30/2025	10/1/2029		890		890			886			0.32
Diligent Corporation ^{(4) (5) (6) (11)}	S + 5.00%				4/23/2024	8/2/2030		2,623		(14	)		(15	)		(0.01	)
Diligent Corporation ^{(4) (5) (6) (11)}	S + 5.00%		8.70	%	4/23/2024	8/2/2030		1,748		401			391			0.14
Diligent Corporation (fka Diamond Merger Sub II, Corp.) ^{(5) (6) (11)}	S + 5.00%		8.82	%	4/23/2024	8/2/2030		15,298		15,208			15,222			5.54
Diligent Corporation (fka Diamond Merger Sub II, Corp.) ^{(5) (6) (11)}	S + 5.00%		8.82	%	4/23/2024	8/2/2030		2,623		2,607			2,603			0.95
GS AcquisitionCo, Inc. ^{(5) (6)}	S + 5.25%		8.92	%	5/23/2024	5/25/2028		5,885		5,885			5,738			2.09
GS AcquisitionCo, Inc. ^{(4) (5) (6)}	S + 5.25%		8.92	%	3/26/2024	5/25/2028		675		250			248			0.09
GS AcquisitionCo, Inc. ^{(4) (5) (6)}	S + 5.25%		8.92	%	3/26/2024	5/25/2028		513		189			184			0.07
Innovative Systems LLC ^{(5) (6)}	S + 4.75%		8.42	%	8/20/2025	8/20/2032		7,871		7,795			7,795			2.84
Innovative Systems LLC ^{(4) (5) (6)}	S + 4.75%				8/20/2025	8/20/2032		3,373		(32	)		(32	)		(0.01	)
Innovative Systems LLC ^{(4) (5) (6)}	S + 4.75%				8/20/2025	8/20/2032		1,124		(11	)		(11	)		—
IQN Holding Corp. ^{(4) (5) (6)}	S + 5.25%		8.92	%	10/30/2024	5/2/2028		285		186			183			0.07
IQN Holding Corp. ^{(5) (6)}	S + 2.63%		6.30	%	10/30/2024	5/2/2029		3,564		3,567			3,524			1.28
IQN Holding Corp. ^{(5) (6) (9)}	S + 2.63%		6.30	%	5/19/2025	5/2/2029		2,241		2,222			2,216			0.81
Kona Buyer, LLC ^{(4) (5) (6)}	S + 4.50%				6/27/2025	7/23/2031		3,468		(16	)		(16	)		(0.01	)
Kona Buyer, LLC ^{(4) (5) (6)}	S + 4.50%				6/27/2025	7/23/2031		2,300		(11	)		(11	)		—
Kona Buyer, LLC ^{(4) (5) (6)}	S + 4.50%				6/27/2025	7/23/2031		347		(2	)		(2	)		—
Kona Buyer, LLC ^{(4) (5) (6)}	S + 4.50%				6/27/2025	7/23/2031		2,048		(9	)		(9	)		—
MRI Software LLC ^{(5) (6)}	S + 4.75%		8.42	%	5/23/2024	2/10/2028		10,888		10,888			10,888			3.96
MRI Software LLC ^{(4) (5) (6)}	S + 4.75%		8.44	%	12/21/2023	2/10/2028		1,332		262			256			0.09
MRI Software LLC ^{(5) (6)}	S + 4.75%		8.42	%	5/23/2024	2/10/2028		1,372		1,372			1,372			0.50
MRI Software LLC ^{(5) (6)}	S + 4.75%		8.42	%	9/4/2024	2/10/2028		1,551		1,551			1,551			0.56
Nexus BidCo Inc. ^{(4) (5) (6) (7)}	S + 5.00%		8.84	%	2/11/2025	2/11/2031		1,342		21			21			0.01
Nexus BidCo Inc. ^{(4) (5) (6) (7)}	S + 5.00%				2/11/2025	2/11/2031		788		(8	)		(8	)		—
Nexus BidCo Inc. ^{(5) (6) (7)}	S + 5.00%		8.84	%	2/11/2025	2/11/2031		4,203		4,157			4,179			1.52
Optimizely North America Inc. ^{(4) (5) (6) (7)}	S + 5.00%				10/30/2024	10/30/2031		2,745		(23	)		(23	)		(0.01	)
Optimizely North America Inc. ^{(5) (6) (7)}	S + 5.00%		8.72	%	10/30/2024	10/30/2031		15,495		15,330			15,426			5.60
PDI TA Holdings, Inc. ^{(5) (6)}	S + 5.50%		9.34	%	2/6/2024	2/3/2031		11,231		11,213			11,085			4.03
PDI TA Holdings, Inc. ^{(4) (5) (6)}	S + 5.50%		9.34	%	2/6/2024	2/3/2031		909		664			658			0.24
Severin Acquisition, LLC ^{(4) (5) (6) (9)}	S + 2.50%		6.22	%	10/1/2024	10/1/2031		617		125			121			0.04
Severin Acquisition, LLC ^{(5) (6) (9)}	S + 2.50%		6.22	%	10/1/2024	10/1/2031		2,984		2,959			2,863			1.04
Severin Acquisition, LLC ^{(4) (5) (6)}	S + 4.50%				10/1/2024	10/1/2031		370		(3	)		(3	)		—
Sonatype, Inc. ^{(5) (6)}	S + 4.75%		8.57	%	12/27/2024	1/19/2028		4,609		4,601			4,590			1.67
										115,705			115,369			41.96

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

December 31, 2025

(in thousands)

Investments-non-controlled/non-affiliated⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾			Acquisition Date	Maturity Date	Par Amount/ Units⁽¹⁾		Cost⁽³⁾			Fair Value			% of Net Assets
Direct Investments (continued)
Senior Secured Debt (continued)
Trading Companies & Distributors
Apex Service Partners, LLC ^{(4) (5) (6)}	S + 4.75%				11/21/2025	10/24/2030	$	4,120	$	(20	)	$	(20	)		(0.01	)%
PT Intermediate Holdings III, LLC ^{(4) (5) (6)}	S + 5.00%				4/9/2024	4/9/2030		1,162		(2	)		(2	)		—
PT Intermediate Holdings III, LLC ^{(5) (6) (9)}	S + 3.25%		6.92	%	4/9/2024	4/9/2030		20,934		20,894			20,881			7.60
										20,872			20,859			7.59
Total North America									$	419,840		$	421,385			153.32	%

Asia - Pacific
Diversified Consumer Services
XCL Education Holdings Pte Ltd ^{(5) (6) (7)}	S + 6.50%		10.23	%	4/29/2025	5/2/2030	$	12,285	$	12,120		$	12,182			4.43	%
										12,120			12,182			4.43
Total Asia - Pacific									$	12,120		$	12,182			4.43	%
Total Senior Secured Debt									$	431,960		$	433,567			157.75	%

Preferred Equity
North America
Capital Markets
Activant Capital Fund VI Warehouse Financing ^{(5) (6) (7) (9) (10)}	N/A		13.00	%	10/10/2025		$	5,675	$	5,675		$	5,745			2.09	%
										5,675			5,745			2.09
Financial Services
Eclipse Buyer, Inc. ^{(5) (6) (9) (10)}	N/A		12.50	%	9/5/2024			1,623		1,595			1,623			0.59
										1,595			1,623			0.59
Total North America									$	7,270		$	7,368			2.68	%
Total Preferred Equity									$	7,270		$	7,368			2.68	%
Total Direct Investments									$	449,238		$	450,982			164.09	%

Partnership Investments
Partnership
North America
Financial Services
TPG Twin Brook Direct Lending Continuation Fund I, L.P. ^{(5) (6) (7) (8)}					8/7/2025				$	7,399		$	7,364			2.68	%
										7,399			7,364			2.68
Total North America									$	7,399		$	7,364			2.68	%
Total Partnership									$	7,399		$	7,364			2.68	%
Total Partnership Investments									$	7,399		$	7,364			2.68	%
Total Investments—non-controlled/non-affiliated									$	456,637		$	458,346			166.77	%
Total Portfolio Investments									$	456,637		$	458,346			166.77	%

Cash Equivalents
BlackRock Liquidity Funds - Treasury Trust Fund			4.16	%				65,588		65,588			65,588			23.86
Total Cash Equivalents									$	65,588		$	65,588			23.86	%
Total Portfolio Investments and Cash Equivalents									$	522,225		$	523,934			190.63	%

(1)

Unless otherwise indicated, investments held by the Fund (which such term “Fund” shall include the Fund’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars ("$" or "USD"). All investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount/units are presented for investments. Par amount is denominated in USD unless otherwise noted, Canadian Dollars (“CAD”).

(2)	Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C"), SOFR ("S") or an alternate base rate (commonly based on the U.S. Prime Rate ("P"), each of which generally resets periodically. 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. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025. As of December 31, 2025, the reference rates for our variable rate loans were the 3-month C at 2.26%, 1-month S at 3.69%, 3-month S at 3.65%, 6-month S at 3.57%, and the P at 6.75%.
(3)	The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
(4)	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 “Commitments & Contingencies”.

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

December 31, 2025

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded		Total Commitment Fair Value
AAH Topco, LLC	Delayed Draw Term Loan	12/22/2027	$	1,713	$	(13	)
Apex Service Partners, LLC	Delayed Draw Term Loan	10/24/2030		4,120		(20	)
Aptean Acquiror Inc.	Revolver	1/30/2031		699		(7	)
Ascend Partner Services LLC	Delayed Draw Term Loan	8/11/2031		7,491		(42	)
Ascend Partner Services LLC	Delayed Draw Term Loan	8/11/2031		101		-
Ascend Partner Services LLC	Revolver	8/11/2031		675		(5	)
Bullhorn, Inc.	Delayed Draw Term Loan	10/1/2029		714		(1	)
Bullhorn, Inc.	Revolver	10/1/2029		449		(3	)
Cerity Partners Equity Holding LLC	Delayed Draw Term Loan	7/28/2031		3,544		(9	)
Cerity Partners Equity Holding LLC	Revolver	7/28/2031		268		(1	)
Club Car Wash Operating, LLC	Delayed Draw Term Loan	6/16/2027		973		-
Cobalt Service Partners, LLC	Delayed Draw Term Loan	10/13/2031		1,982		(6	)
Cobalt Service Partners, LLC	Revolver	10/13/2031		466		(4	)
CorePower Yoga, LLC	Delayed Draw Term Loan	4/30/2031		370		(5	)
CorePower Yoga, LLC	Revolver	4/30/2031		370		(5	)
CSAFE Acquisition Company, Inc.	Revolver	3/8/2029		1,596		(3	)
Denali Intermediate Holdings, Inc.	Revolver	8/26/2032		1,242		(12	)
Denali Topco LLC	Delayed Draw Term Loan	8/26/2032		2,268		(21	)
Denali Topco LLC	Revolver	8/26/2032		1,089		(10	)
DigiCert, Inc.	Revolver	7/10/2030		1,285		(18	)
Diligent Corporation	Delayed Draw Term Loan	8/2/2030		2,623		(14	)
Diligent Corporation	Revolver	8/2/2030		1,338		(15	)
Eclipse Buyer, Inc.	Delayed Draw Term Loan	9/8/2031		879		(7	)
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	5/25/2028		424		(2	)
GS AcquisitionCo, Inc.	Revolver	5/25/2028		323		(4	)
High Bar Brands Operating, LLC	Revolver	12/19/2029		649		(9	)
Innovative Systems LLC	Delayed Draw Term Loan	8/20/2032		3,373		(32	)
Innovative Systems LLC	Revolver	8/20/2032		1,124		(11	)
IQN Holding Corp.	Revolver	5/2/2028		100		(1	)
Kona Buyer, LLC	Delayed Draw Term Loan	7/23/2031		2,048		(9	)
Kona Buyer, LLC	Delayed Draw Term Loan	7/23/2031		2,300		(11	)
Kona Buyer, LLC	Delayed Draw Term Loan	7/23/2031		3,468		(16	)
Kona Buyer, LLC	Revolver	7/23/2031		347		(2	)
LHS Borrower, LLC	Revolver	9/4/2031		713		(4	)
Maple Acquisition, LLC	Delayed Draw Term Loan	5/30/2031		1,193		(14	)
Maple Acquisition, LLC	Revolver	5/30/2030		895		(10	)
Mobile Communications America, Inc.	Delayed Draw Term Loan	10/16/2029		2,415		(366	)
Mobile Communications America, Inc.	Revolver	10/16/2029		595		(5	)
MRI Software LLC	Revolver	2/10/2028		1,065		(9	)
Nelipak Holding Company	Delayed Draw Term Loan	3/26/2031		299		(2	)
Nelipak Holding Company	Revolver	3/26/2031		747		(8	)
Nexus BidCo Inc.	Delayed Draw Term Loan	2/11/2031		1,307		(14	)
Nexus BidCo Inc.	Revolver	2/11/2031		788		(8	)
Omega Systems Intermediate Holdings, Inc.	Delayed Draw Term Loan	1/15/2031		1,091		(8	)
Omega Systems Intermediate Holdings, Inc.	Revolver	1/15/2031		415		(4	)
Optimizely North America Inc.	Revolver	10/30/2031		2,745		(23	)
Owl Acquisition, LLC	Delayed Draw Term Loan	4/19/2032		488		(5	)

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Consolidated Schedules of Investments (continued)

December 31, 2025

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded		Total Commitment Fair Value
Owl Acquisition, LLC	Revolver	4/19/2032	$	1,296	$	(15	)
PDI TA Holdings, Inc.	Revolver	2/3/2031		242		(2	)
People Corporation	Delayed Draw Term Loan	2/18/2028		1,628		(445	)
Phynet Dermatology LLC	Revolver	10/20/2029		22		(1	)
PMA Parent Holdings, LLC	Revolver	1/31/2031		2,823		(13	)
Premier Care Dental Management, LLC	Delayed Draw Term Loan	8/7/2028		843		(7	)
Premier Care Dental Management, LLC	Revolver	5/5/2028		1,035		(7	)
Propio LS, LLC	Revolver	5/10/2030		159		(1	)
PT Intermediate Holdings III, LLC	Delayed Draw Term Loan	4/9/2030		1,162		(2	)
RCP Nats Purchaser, LLC	Delayed Draw Term Loan	3/19/2032		1,012		(9	)
RCP Nats Purchaser, LLC	Revolver	3/19/2032		708		(6	)
Redwood Services Group, LLC	Delayed Draw Term Loan	6/15/2029		706		-
Rialto Management Group, LLC	Revolver	12/5/2030		224		(2	)
Riverside Assessments, LLC	Revolver	3/19/2031		881		(11	)
RLDatix Holdings (USA), Inc.	Delayed Draw Term Loan	4/30/2031		2,067		(32	)
Ruby Buyer, LLC	Revolver	12/21/2029		1,544		(26	)
S101 Acquisition, Inc.	Revolver	4/11/2028		859		(7	)
Severin Acquisition, LLC	Delayed Draw Term Loan	10/1/2031		487		(7	)
Severin Acquisition, LLC	Revolver	10/1/2031		370		(3	)
Thompson Safety LLC	Delayed Draw Term Loan	6/25/2032		6,025		(52	)
Thompson Safety LLC	Revolver	6/25/2032		675		(6	)
Ultra Holdco Parent, LLC	Delayed Draw Term Loan	7/1/2032		1,932		(18	)
Ultra Holdco Parent, LLC	Revolver	7/1/2032		725		(7	)
YI, LLC	Revolver	12/3/2029		1,408		(19	)
			$	94,000	$	(1,496	)

(5)	Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of December 31, 2025, the aggregate fair value of these securities is $458,346 or 166.77% of the Fund’s net assets. See Note 2 “Significant Accounting Policies.”
(6)	The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.
(7)	The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. 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 totaled 14.92% of the Fund’s total assets.
(8)	Non-income producing.
(9)	All or a portion of the interest on this position is paid-in-kind (PIK).
(10)	The investment is ongoing in nature with no contractual maturity date.
(11)	During the current period, the Fund updated the industry classification of these investments to better reflect their current business activities. Industry classifications presented for prior periods have not been revised.

See accompanying notes to these unaudited consolidated financial statements.

Partners Group Lending Fund, LLC

Notes to Consolidated Financial Statements

June 30, 2026

(in thousands, except unit and per share amounts)

(Unaudited)

Note 1. Organization

Partners Group Lending Fund, LLC, was initially formed on June 16, 2022 as a Delaware corporation and subsequently converted into a Delaware limited liability company on July 12, 2023. Partners Group Lending Fund, LLC consists of Partners Group Lending Fund, LLC and its wholly-owned subsidiaries: Partners Group BDC Finance I, LLC, Partners Group BDC Finance II, LLC and Partners Group Revolver Pooling BDC, LLC (collectively, the "Fund"). The Fund commenced operations on September 1, 2023 (commencement of operations) and its fiscal year ends on December 31.

The Fund is an externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Fund has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Pursuant to an investment advisory agreement between the Fund and the Adviser (the "Investment Advisory Agreement"), the Fund is managed by Partners Group (USA) Inc. (the "Adviser"). The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). The Board of Managers of the Fund (collectively, the “Board” and each member thereof a “Manager”) has oversight responsibility for the management and supervision of the business operations of the Fund. As permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, a committee of the Board, or the Adviser, as it did in causing the Fund to enter into the Investment Advisory Agreement.

The investment objective of the Fund is to generate attractive risk-adjusted returns and current income by primarily investing in a geographically and industrially well-balanced and broadly distributed portfolio of primarily senior secured loans, which will typically pay interest composed of SOFR, plus a margin, of private middle market U.S. companies.

The Fund currently offers two classes of Units designated as “Class I Units” and “Class M Units”. In the future, the Fund may offer additional classes of Units. The Class I Units and Class M Units have, and each additional class of Units issued by the Fund, if any, will have different characteristics, particularly regarding the sales charges that purchasers of Units of such class may bear, and the distribution and service fees, if any, and other class specific expenses, if any, that are charged to holders of Units of such class. The Fund has received an exemptive order from the SEC with respect to the Fund’s multi-class structure.

Although Units of each class represent pro rata interests in the Fund, each class votes separately on class-specific matters. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of Units based on the relative net assets of each class to the total net assets of the Fund.

Note 2. Significant Accounting Policies

Basis of Presentation

The Fund’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies ("ASC 946"). The books and records of the Fund are maintained in U.S. Dollars.

Consolidation

As provided under ASC 946, the Fund does not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund.

The Fund consolidated the results of its wholly-owned subsidiaries: Partners Group BDC Finance I, LLC, Partners Group BDC Finance II, LLC and Partners Group Revolver Pooling BDC, LLC. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of gain and loss contingencies at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Actual results may ultimately differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Fund deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

The fair value of the Cash Equivalents is measured under Level 1 under ASC 820-10.

Investment Related Transactions, Revenue Recognition and Expenses

The Fund invests primarily in private illiquid debt, loans and other assets for which no (or only a limited) liquid market exists or that are subject to legal or other restrictions on transfer and are difficult to sell in a secondary market. These securities are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities”. Investment transactions in restricted securities are recorded on a trade-date basis. Restricted securities are valued in accordance with the investment valuation policies discussed below.

Investment transactions are recorded on a trade-date basis. Realized gains (losses) on investments sold are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

In the general course of its business, the Fund receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

Certain investments may have contractual payment-in-kind (“PIK”) interest. PIK interest is added to the principal amount of the investment on the interest payment date rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK interest is recorded as interest income.

Expenses are recorded on an accrual basis.

Non-Accrual Investments

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Fund may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of June 30, 2026, and December 31, 2025, there were no loans placed on non-accrual status.

Valuation of Investments

The Fund is required to report its investments, including those for which current market values are not readily available, at fair value. Investments held by the Fund include senior secured debt, common equity, preferred equity, and asset-backed securities (collectively, "Direct Investments”) and partnership investments ("Partnership Investments").

The Fund’s investments are measured at fair value in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act (“Rule 2a-5”). Pursuant to Rule 2a-5, the Board designated the Adviser as "valuation designee" to perform fair value determinations and approved amended Valuation Procedures.

Fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5, a market quotation is “readily available” only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

The Adviser, as “valuation designee” under Rule 2a-5, determines the fair value of the Fund’s investments in conformity with U.S. GAAP, Rule 2a-5, and the Fund’s Valuation Procedures. As permitted by the Valuation Procedures, the Adviser values the Fund's non-traded Investments in consultation with persons who are employees of the Adviser's parent company or one of its subsidiaries. The Valuation Procedures require evaluation of all relevant factors reasonably available to the Adviser and its affiliates at the time the Fund’s non-traded Investments are valued.

Direct Investments

In assessing the fair value of the Fund’s non-traded senior secured debt and preferred equity investments in accordance with the Valuation Procedures, the Adviser uses a variety of methods such as earnings multiples, discounted cash flow and market data from third party pricing services. The Adviser makes valuation assumptions based on market conditions existing at the end of each reporting period. Quoted market prices or dealer quotes for certain similar instruments are used for debt investments where appropriate. Other techniques, such as option pricing models and estimated discounted value of future cash flows, are used to determine fair value for the remaining financial instruments. The fair values of asset-backed securities are determined by price quotations from unaffiliated market makers, financial institutions that regularly trade similar investments or independent valuation agents using industry standard valuation models.

Partnership Investments

The fair values of partnership investments determined by the Adviser in accordance with the Valuation Procedures are estimates. These estimates are net of management and performance incentive fees or allocations payable pursuant to the respective organizational documents of the partnership investments. Ordinarily, the fair value of a partnership investment is based on the net asset value of that partnership reported by its investment manager. If the Adviser determines that the most recent net asset value reported by the investment manager of a partnership investment does not represent fair value or if the manager of a partnership investment fails to report a net asset value to the Fund, a fair value determination is made by the Adviser in accordance with the Valuation Procedures. In making that determination, the Adviser will consider whether it is appropriate, considering all relevant circumstances, to value such partnership investment at the net asset value last reported by its investment manager, or whether to adjust such value by a premium or discount.

Because of the inherent uncertainty of estimates, fair value determinations based on estimates may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material. For each of the Fund’s partnership investment(s) (for the purposes of this paragraph, an “Investee”), the Fund has no right to cause the Investee or any third party to purchase the Fund’s investment in the Investee, at the end of the term of such investment, or any other time. Accordingly, in a typical partnership investment, the Fund expects to realize the value remaining in its investment at the end of the investment’s term through distributions resulting from the liquidation of the remaining assets of the Investee.

The Valuation Procedures are implemented by the Adviser and State Street Bank and Trust Company, as the Fund’s administrator (the “Administrator”). Both the Adviser and the Administrator are subject to the oversight of, and report to, the Board. The Adviser and the Administrator monitor and review the methodologies of the various third-party pricing services that are employed by the Fund.

The Adviser and certain of its affiliates act as investment advisers to clients other than the Fund. However, the valuation attributed to a non-traded Investment held by the Fund and to the same non-traded Investment held by another client, one of the Adviser's affiliates, or by a client of one of its affiliates might differ due to differences in accounting, regulatory or other factors applicable to the Fund, to such other client or the Adviser's affiliate.

ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

The Fund applies ASC 820, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. The Fund discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

●

Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

●

Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

●

Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument’s level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Fund evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Fund considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. However, the determination of what constitutes “observable” requires significant judgment.

The Valuation Designee generally uses the income approach to determine fair value for loans where market quotations are not readily available, as long as it is appropriate. If there is deterioration in credit quality or a debt investment is in workout status, the Valuation Designee may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. This liquidation analysis may also include probability weighting of alternative outcomes. The Valuation Designee generally considers our debt to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner, the loan is in covenant compliance and the loan is otherwise not deemed to be impaired. In determining the fair value of the performing debt, the Valuation Designee considers fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative. In the event that a debt instrument is not performing, as defined above, the Valuation Designee will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the debt instrument.

Under the income approach, discounted cash flow models are utilized to determine the present value of the future cash flow streams of our debt investments, based on future interest and principal payments as set forth in the associated loan agreements. In determining fair value under the income approach, the Valuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, credit quality, prepayment penalties, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made.

Under the market approach, the enterprise value methodology is typically utilized to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. Typically, the enterprise values of private companies are based on multiples of earnings before interest, income taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value.

Receivables/Payables From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Fund for transactions that have not settled at the reporting date. As of June 30, 2026, and December 31, 2025, the Fund had $104 thousand and $112 thousand of receivables for investments sold respectively. As of June 30, 2026, and December 31, 2025, the Fund had $1,146 thousand and $0 of payables for investments purchased respectively.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Fund includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in foreign currency and other transactions, if any, in the Consolidated Statements of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Organization Expenses

Costs associated with the organization of the Fund are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Fund.

Credit Facility Related Costs, Expenses and Deferred Financing Costs

The Credit Facility (as defined in Note 6) is recorded at carrying value, which approximates fair value. Interest expense and unused commitment fees on the Credit Facility are recorded on an accrual basis. Unused commitment fees are included in interest and borrowing expenses in the Consolidated Statements of Operations. Deferred financing costs include capitalized expenses related to the closing of the Credit Facility. Amortization of deferred financing costs is computed on the straight-line basis over the stated term of the line of credit. The amortization of such costs is included in interest and borrowing expenses in the Consolidated Statements of Operations, with any unamortized amounts included in Deferred financing costs on the Consolidated Statements of Assets and Liabilities.

Income Taxes

The Fund recognizes tax positions in its consolidated financial statements only when it is more likely than not that the relevant taxing authority will, upon examination, sustain the position based on its merits. A position that meets this standard is measured at the maximum benefit that will more likely than not be realized upon settlement. The Fund classifies any interest expense related to income taxes in income tax expense, and any income tax penalties under expenses in the Consolidated Statements of Operations. For the three and six months ended June 30, 2026, and June 30, 2025, the Fund did not incur any interest or penalties.

State and federal deferred income tax assets or liabilities are computed based on the difference between the consolidated financial statement and income tax bases of assets and liabilities, using the enacted statutory tax rate. Deferred income tax expenses or benefits are based on the changes in the assets and liabilities from period to period.

The Fund’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction. Based on this review, the Fund has concluded that the Fund’s net deferred tax liability at June 30, 2026, was $0 and December 31, 2025, was $265 thousand. This deferred tax liability primarily represents the estimated future tax liability that would be due if the unrealized gains were realized as of the balance sheet date. The Fund is subject to potential examination by certain taxing authorities in various jurisdictions. The Fund’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

The Fund will file tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, The Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable. As of June 30, 2026, the tax years from the initial period forward remain subject to examination by the major tax jurisdictions under the statute of limitations.

The Fund elected to be regulated as a BDC under the 1940 Act on December 19, 2025. In addition, for U.S. federal income tax purposes, the Fund has elected to be treated as a RIC under Subchapter M of the Code. The Fund intends to qualify each taxable year hereafter, as a RIC under Subchapter M of the Code, beginning with its fiscal year ending December 31, 2026. 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 shareholders as distributions. 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 in the consolidated financial statements of the Fund. Income earned or loss incurred by the Fund prior to qualifying as a RIC is not attributable to the shareholders of the RIC. As such, income or loss from this period is excluded from the RIC's taxable income calculation.

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 shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a non deductible 4% U.S. federal excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending December 31 of the calendar year and (iii) any ordinary income and capital gains for previous years that were not distributed during those years. For these purposes, the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal income tax.

Distributions and Distribution Reinvestment Plan

Distributions to members will be recorded on the record date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations that may differ in various (or significant) respects from GAAP. Certain capital accounts in the consolidated financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. The Fund has adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared on behalf of members who do not elect to receive their distributions in cash. As a result, if a cash distribution or other distribution is authorized and declared, then members who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional units, rather than receiving the cash distribution or other distribution. Distributions on fractional units will be credited to each participating member’s account to three decimal places.

Recent Accounting Pronouncements

The Fund considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. ASUs not listed were assessed by the Fund and either determined to be not applicable or not expected to have a material effect on the accompanying consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the quarter ended September 30, 2025. The Fund has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance impacted the notes to the consolidated financial statements only and did not affect the Fund’s financial position or the results of its operations. See Note 8 for more information on the effects of the adoption of ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")," which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The adoption of this ASU did not have a material impact to the Fund's consolidated financial statements.

Note 3. Fees, Expenses, Agreements and Related Party Transactions

Investment Advisory Agreement

On August 31, 2023, the Fund entered into the Investment Advisory Agreement, pursuant to which the Adviser manages the Fund on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Fund’s investments and monitoring its investments and portfolio companies on an ongoing basis.

The Investment Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Fund’s outstanding voting securities and, in each case, a majority of the independent trustees. The Fund may terminate the Investment Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

The Fund pays the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the members.

Base Management Fee

The base management fee will be payable quarterly in arrears at an annual rate of 1.00% of the value of the Fund’s adjusted net assets as of the end of the most recently completed calendar quarter. For purposes of the Investment Advisory Agreement, adjusted net assets means the Fund’s total net assets less any base management fees and incentive fees incurred by the Fund with respect to such calendar quarter end. The base management fee calculation will be prorated for any partial quarters.

For the three and six months ended June 30, 2026, the Fund incurred base management fees of $791 thousand and $1,474 thousand of which $0 and $0 was waived, respectively. For the three and six months ended June 30, 2025, the Fund incurred base management fees of $543 thousand and $981 thousand of which $0 and $0 was waived, respectively.

Incentive Fee

The Fund will pay to the Adviser an income-based incentive fee at the close of each fiscal year in which the Hurdle Rate (defined below) is exceeded, of 10% of the excess, if any, of (i) the Pre-Incentive Fee Net Gains (as defined below) of the Fund over (ii) the then balance, if any, of the respective Loss Recovery Account (as defined below) for the Units (each expressed as a percentage of the Fund’s fiscal year-end net asset value) before deduction of the Incentive Fee.

●

No Incentive Fee will be payable to the Adviser if, at the close of a fiscal year, the excess, if any, of (i) the Pre-Incentive Fee Net Gains of the Fund, attributable to the Units (based on the net asset value of the Fund’s assets) over (ii) the then balance, if any, of the Loss Recovery Account for the Units (expressed as a percentage of the Fund’s net asset value) does not exceed 6.00% of the monthly average of the Fund’s net asset value attributable to the Units (based on the net asset value of the Fund’s assets) before deduction of the Incentive Fee for that fiscal year (the “Hurdle Rate”).

●

The Incentive Fee will be subject to a catch-up intended to allocate all excess Pre-Incentive Fee Net Gains, attributable to the Units, to the Adviser once the Hurdle Rate has been achieved until the Adviser has been allocated its 10% Incentive Fee on all Pre-Incentive Fee Net Gains for the relevant period.

●

“Pre-Incentive Fee Net Gains” means the amount by which any interest income, dividend income, realized and unrealized gains, and any other income accrued on investments of the Fund during the fiscal year (“Gains”) exceeds all operating expenses for the Fund and realized and unrealized losses for the fiscal year (including costs related to hedging, as well as the Base Management Fee, but excluding the Incentive Fee) (“Losses”). For this purpose, net losses shall mean the amount by which Losses exceed Gains (“Net Losses”).

●

After the close of the fiscal year, the Adviser or an affiliate thereof may withdraw up to 100% of the Incentive Fee (computed on the basis of unaudited data) that was credited to the incentive fee account and debited from that Unit’s account with respect to such fiscal year.

●

The Fund will maintain a memorandum account for the Units (each a “Loss Recovery Account”), which will have an initial balance of zero and will be (i) increased upon the close of each fiscal year of the Fund by the amount of the Net Losses of the Fund for the fiscal year (based on the net asset value of the Fund’s assets), and (ii) decreased (but not below zero) upon the close of each fiscal year of the Fund by the amount of the Pre-Incentive Fee Net Gains of the Fund for the fiscal year.

On July 1, 2025, the Fund entered into the Amended and Restated Investment Advisory Agreement. The Amended and Restated Investment Advisory Agreement limits the portion of the Incentive Fee sourced from capital gains such that it will not exceed 20.0% of the Fund’s realized capital gains on a cumulative basis from inception, calculated as of the end of each fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees sourced from capital gains previously paid. The Amended and Restated Investment Advisory Agreement also removed unrealized gains from the definition of Pre-Incentive Fee Net Gains.

For the three and six months ended June 30, 2026, the Fund incurred incentive fees of $0 and $0 of which $0 and $0 was waived, respectively. For the three and six months ended June 30, 2025, the Fund incurred incentive fees of $(16) thousand and $336 thousand of which $0 and $0 was waived, respectively.

Expense Support and Conditional Reimbursement Agreement

On April 1, 2026, the Fund and the Adviser entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (the “Amended Expense Agreement”), which amended certain provisions of the Expense Support Agreement.

Under the Expense Support Agreement, the Adviser waived the Base Management Fee, paid and/or absorbed a portion of the Fund’s Other Operating Expenses in order that such expenses do not exceed 1.00% (on an annualized basis) of the Fund’s Aggregate Capital Commitments (as such terms were defined in the Expense Support Agreement, and, such limit, the “Expense Limitation”).

On August 31, 2023, the Fund entered into an expense support and conditional reimbursement agreement with the Adviser (the “Expense Support Agreement”). Under the terms of the Expense Support Agreement, the Adviser (i) shall pay a portion of the Fund’s Other Operating Expenses (as defined below) to the effect that such expenses do not exceed 1.00% (on annualized basis) of the Fund’s Aggregate Capital Commitments, and (ii) may elect to pay an additional portion of the Fund’s expenses from time to time, which the Fund will be obligated to reimburse to the Adviser at a later date if certain conditions are met. "Aggregate Capital Commitments" means the sum of all capital commitments made pursuant to subscription agreements between investors and the Fund, and all amounts paid to the Fund by upfront cash payments in connection with investors purchase of the Fund's units. “Other Operating Expenses” means the Fund’s organization and offering expenses, professional fees, directors fees, administration fees, and other general and administrative expenses, but excluding the Base Management Fee, taxes, interest expense, brokerage commissions, transaction-related expenses arising out of investments made by the Fund, credit facility arrangement fees, servicing fees and the Incentive Fees.

In addition, the Adviser agrees to waive the Base Management Fee payable to it (excluding the Incentive Fee) by the Fund and/or to pay or absorb expenses of the Fund (collectively, a “Waiver”) so that the Other Operating Expenses of the Fund will not exceed 1.00% (on annualized basis) of the Fund’s Aggregate Capital Commitments (the “Expense Limitation”).

The Fund agrees to carry forward, for a period not to exceed (3) three years from the date on which a Waiver is made by the Adviser, all fees and expenses in excess of the Expense Limitation that have been waived, paid or absorbed by the Adviser, and to repay the Adviser such amounts, provided the Fund is able to effect such repayment and remain in compliance with the Expense Limitation. To the extent that such repayment is due, it shall be made as promptly as possible, in conjunction with the next succeeding payment of the Base Management Fee to the Adviser. To the extent that the full amount of such waived amount or expense paid cannot be repaid as provided in the previous sentence within such applicable three-year period, such repayment obligation shall be extinguished.

For the three and six months ended June 30, 2026, and June 30, 2025, the Adviser made no support payments on behalf of the Fund. For the three and six months ended June 30, 2026, and June 30, 2025, the Fund made no reimbursement payments to the Adviser.

As of June 30, 2026, and December 31, 2025, the Fund had a receivable from the Adviser for expense support payments of $0 and $0, respectively.

Board of Directors' Fees

Each Independent Director is paid an annual fee equal to $50 thousand, payable by the Fund quarterly in arrears. The Fund also reimburses the expenses of the Independent Directors incurred in connection with their services as Independent Directors. The Independent Directors do not receive any pension or retirement benefits from the Fund.

Note 4. Investments

The composition of the Fund's investment portfolio (excluding cash equivalents) at cost and fair value as of June 30, 2026, and December 31, 2025 was as follows:

Schedule of investment portfolio at cost
	June 30, 2026
Investment Type	Cost		Fair Value		% of Total Investments at Fair Value
Asset Backed Securities	$	25,536	$	25,760		4.95	%
Senior Secured Debt		490,443		486,556		93.47
Common Equity		125		125		0.02
Preferred Equity		1,173		1,190		0.23
Partnership		7,068		6,940		1.33
Total investments	$	524,345	$	520,571		100.00	%

	December 31, 2025
Investment Type	Cost		Fair Value		% of Total Investments at Fair Value
Asset Backed Securities	$	10,008	$	10,047		2.19	%
Senior Secured Debt		431,960		433,567		94.59
Preferred Equity		7,270		7,368		1.61
Partnership		7,399		7,364		1.61
Total investments	$	456,637	$	458,346		100.00	%

The industry composition of investments (excluding cash equivalents) based on fair value as of June 30, 2026, and December 31, 2025 was as follows:

Schedule of industry composition of investments based on fair value
	June 30, 2026
Software		24.20	%
Professional Services		10.55
Health Care Providers & Services		10.44
IT Services		8.14
Trading Companies & Distributors		6.59
Diversified Consumer Services		5.15
Industrial Conglomerates		4.95
Capital Markets		4.58
Electrical Equipment		3.99
Financial Services		3.65
Commercial Services & Supplies		3.50
Machinery		2.63
Building Products		1.95
Health Care Technology		1.86
Health Care Equipment & Supplies		1.65
Construction & Engineering		1.24
Hotels, Restaurants & Leisure		1.22
Electronic Equipment, Instruments & Components		1.19
Automobile Components		0.82
Containers & Packaging		0.51
Insurance		0.50
Personal Care Products		0.50
Interactive Media & Services		0.15
Semiconductors & Semiconductor Equipment		0.04
Total		100.00	%

	December 31, 2025
Software		25.17	%
Health Care Providers & Services		11.26
IT Services		9.21
Professional Services		8.93
Capital Markets		6.42
Diversified Consumer Services		5.19
Trading Companies & Distributors		4.55
Financial Services		4.34
Electronic Equipment, Instruments & Components		4.28
Commercial Services & Supplies		3.34
Electrical Equipment		3.12
Machinery		2.90
Building Products		2.21
Industrial Conglomerates		2.19
Health Care Technology		2.14
Health Care Equipment & Supplies		1.88
Hotels, Restaurants & Leisure		1.39
Automobile Components		0.91
Containers & Packaging		0.57
Total		100.00	%

The geographic composition of investments (excluding cash equivalents) at cost and fair value as of June 30, 2026, and December 31, 2025 was as follows:

Schedule of geographic composition of investments at cost and fair value
	June 30, 2026
Geographic	Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
North America	$	509,952	$	505,997		97.20	%		160.33	%
Asia - Pacific		14,393		14,574		2.80			4.61
Total	$	524,345	$	520,571		100.00	%		164.94	%

	December 31, 2025
Geographic	Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
North America	$	444,517	$	446,164		97.34	%		162.34	%
Asia - Pacific		12,120		12,182		2.66			4.43
Total	$	456,637	$	458,346		100.00	%		166.77	%

Note 5. Fair Value Measurement

The following tables present the fair value hierarchy of investments (excluding cash equivalents) as of June 30, 2026, and December 31, 2025, categorized by the ASC 820 valuation hierarchy, as previously described:

Schedule of fair value hierarchy of investments
	June 30, 2026
	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	—	$	25,760	$	25,760
Senior Secured Debt		—		—		486,556		486,556
Common Equity		—		—		125		125
Preferred Equity		—		—		1,190		1,190
Partnership		—		—		6,940		6,940
Total	$	—	$	—	$	520,571	$	520,571

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	—	$	10,047	$	10,047
Senior Secured Debt		—		—		433,567		433,567
Preferred Equity		—		—		7,368		7,368
Partnership		—		—		7,364		7,364
Total	$	—	$	—	$	458,346	$	458,346

The following tables present the change in the fair value of financial instruments for the three and six months ended June 30, 2026, and June 30, 2025, for which Level 3 inputs were used to determine the fair value:

Schedule of fair value of financial instrunments
For the Three Months Ended June 30, 2026	Asset Backed Securities			Senior Secured Debt			Preferred Equity			Common Equity		Partnership			Total Investments
Fair value, beginning of period	$	25,715		$	443,011		$	7,554		$	—	$	7,003		$	483,283
Purchases, including capitalized PIK		—			39,774			142			125		—			40,041
Proceeds from sales of investments and principal repayments		—			4,191			(6,435	)		—		(63	)		(2,307	)
Accretion of discount/amortization of premium		(1	)		236			—			—		—			235
Net realized gain (loss)		—			17			10			—		—			27
Net change in unrealized appreciation (depreciation)		46			(673	)		(81	)		—		—			(708	)
Transfers into Level 3 ⁽¹⁾		—			—			—			—		—			—
Transfers out of Level 3 ⁽¹⁾		—			—			—			—		—			—
Fair value, end of period	$	25,760		$	486,556		$	1,190		$	125	$	6,940		$	520,571
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2026	$	46		$	(562	)	$	(11	)	$	—	$	—		$	(527	)


For the Six Months Ended June 30, 2026	Asset Backed Securities			Senior Secured Debt			Preferred Equity			Common Equity		Partnership			Total Investments
Fair value, beginning of period	$	10,047		$	433,567		$	7,368		$	—	$	7,364		$	458,346
Purchases, including capitalized PIK		18,861			68,908			328			125		—			88,222
Proceeds from sales of investments and principal repayments		(3,328	)		(11,069	)		(6,435	)		—		(330	)		(21,162	)
Accretion of discount/amortization of premium		(2	)		579			—			—		—			577
Net realized gain (loss)		(3	)		64			10			—		—			71
Net change in unrealized appreciation (depreciation)		185			(5,493	)		(81	)		—		(94	)		(5,483	)
Transfers into Level 3 ⁽¹⁾		—			—			—			—		—			—
Transfers out of Level 3 ⁽¹⁾		—			—			—			—		—			—
Fair value, end of period	$	25,760		$	486,556		$	1,190		$	125	$	6,940		$	520,571
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2026	$	185		$	(5,270	)	$	(11	)	$	—	$	(94	)	$	(5,190	)

⁽¹⁾

For the three and six months ended June 30, 2026, there were no transfers into or out of Level 3.


For the Three Months Ended June 30, 2025	Senior Secured Debt			Preferred Equity			Total Investments
Fair value, beginning of period	$	341,545		$	1,371		$	342,916
Purchases, including capitalized PIK		62,148			144			62,292
Proceeds from sales of investments and principal repayments		(2,233	)		—			(2,233	)
Accretion of discount/amortization of premium		218			—			218
Net realized gain (loss)		16			—			16
Net change in unrealized appreciation (depreciation)		(461	)		(1	)		(462	)
Transfers into Level 3 ⁽¹⁾		—			—			—
Transfers out of Level 3 ⁽¹⁾		—			—			—
Fair value, end of period	$	401,233		$	1,514		$	402,747
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025	$	(461	)	$	(1	)	$	(462	)


For the Six Months Ended June 30, 2025	Senior Secured Debt			Preferred Equity		Total Investments
Fair value, beginning of period	$	327,122		$	1,343	$	328,465
Purchases, including capitalized PIK		91,620			144		91,764
Proceeds from sales of investments and principal repayments		(17,648	)		—		(17,648	)
Accretion of discount/amortization of premium		687			—		687
Net realized gain (loss)		55			—		55
Net change in unrealized appreciation (depreciation)		(603	)		27		(576	)
Transfers into Level 3 ⁽¹⁾		—			—		—
Transfers out of Level 3 ⁽¹⁾		—			—		—
Fair value, end of period	$	401,233		$	1,514	$	402,747
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025	$	(603	)	$	27	$	(576	)

⁽¹⁾

For the three and six months ended June 30, 2025, there were no transfers into or out of Level 3.

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Fund’s Level 3 investments as of June 30, 2026, and December 31, 2025. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Fund’s determination of fair value.

June 30, 2026

Fair Value

Valuation Technique

Unobservable

Input

Range from

Range to

Weighted Average⁽¹⁾

Asset Backed Securities

25,760

Reported fair value

N/A

Senior Secured Debt

341,917

Discounted cash flow

Discount factor

8.32

20.57

10.24

(17

)

Market comparable companies

Enterprise value to EBITDA multiple

17.30

138,844

Broker Quotes

Indicative quotes for an inactive market

N/A

5,812

Recent financing/transaction

Recent transaction price

N/A

Common Equity

125

Recent financing/transaction

Recent transaction price

N/A

Preferred Equity

1,190

Discounted cash flow

Discount factor

13.19

Partnership

6,940

Adjusted reported net asset value

Reported net asset value

N/A

Total

520,571

December 31, 2025

Fair Value

Valuation Technique

Unobservable

Input

Range from

Range to

Weighted Average⁽¹⁾

Asset Backed Securities

10,047

Reported fair value

N/A

Senior Secured Debt

315,113

Discounted cash flow

Discount factor

7.87

14.56

9.35

118,296

Broker Quotes

Indicative quotes for an inactive market

N/A

158

Recent financing/transaction

Recent transaction price

N/A

Preferred Equity

7,368

Discounted cash flow

Discount factor

12.52

13.76

13.48

Partnership

7,364

Adjusted reported net asset value

Reported net asset value

N/A

Total

458,346

⁽¹⁾

Weighted averages are calculated based on fair value of investments.

The Fund used the income approach to determine the fair value of certain Level 3 assets as of June 30, 2026, and December 31, 2025. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate is used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

Financial Instruments Disclosed, But Not Carried, At Fair Value

The carrying values of the debt obligations (Note 6) generally approximate their respective fair values due to their variable interest rates. The fair value of these debt obligations would be categorized as Level 2 under the ASC 820 hierarchy. The carrying value of other financial assets and liabilities approximates their fair value based on the short-term nature of these items.

Note 6. Debt

The following tables present the Fund’s outstanding debt as of June 30, 2026, and December 31, 2025:

Schedule of outstanding debt
	As of June 30, 2026
	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value ⁽¹⁾		Fair Value ⁽²⁾
NatWest Credit Facility	$	275,000	$	214,000	$	214,000	$	214,000
Total Debt	$	275,000	$	214,000	$	214,000	$	214,000

	As of December 31, 2025
	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value ⁽¹⁾		Fair Value ⁽²⁾
NatWest Credit Facility	$	275,000	$	226,000	$	226,000	$	226,000
Total Debt	$	275,000	$	226,000	$	226,000	$	226,000

⁽¹⁾

Carrying value of these debt obligations generally approximate fair value due to their variable interest rates.

⁽²⁾

The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

A summary of contractual maturities of our debt obligations was as follows as of June 30, 2026, and December 31, 2025:

Schedule of contractual maturities
	As of June 30, 2026
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
NatWest Credit Facility	$	214,000	$	214,000	$	—	$	—	$	—
Total Debt Obligations	$	214,000	$	214,000	$	—	$	—	$	—

	As of December 31, 2025
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
NatWest Credit Facility	$	226,000	$	226,000	$	—	$	—	$	—
Total Debt Obligations	$	226,000	$	226,000	$	—	$	—	$	—

NatWest Credit Facility

The following wholly-owned subsidiaries of Partners Group Lending Fund, LLC have entered into secured financing facilities as of June 30, 2026: Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC each, a special purpose vehicle (“SPV”) and collectively, the (“SPVs”).

On February 14, 2024, the (“SPVs”) entered into a senior secured revolving credit agreement (as amended, the “NatWest Credit Agreement” or “NatWest Credit Facility”) as Borrowers, with Partners Group Lending Fund, LLC, as Parent, State Street Bank and Trust Company (“State Street”), as Facility Agent and Collateral Agent, and NatWest Markets Plc ("NatWest") as Arranger and Lender. The original facility amount under the NatWest Credit Agreement was $175.0 million. On May 7, 2024, the Fund entered into Amendment No.1 to the NatWest Credit Agreement. Under Amendment No. 1 the total facility amount under the NatWest Credit Facility was increased to $275 million. On January 14, 2025, the Fund entered into Amendment No. 2 to the NatWest Credit Agreement, to, among other things, amend the applicable margins of (1) EUR borrowings from 2.55% to 2.30% per annum, (2) GBP borrowings from 2.65% to 2.30% per annum, (3) USD borrowings from 2.85% to 2.40% per annum, (4) CAD borrowings from 3.15% to 2.70% per annum, and (5) AUD borrowings from 3.00% to 2.70% per annum. On November 26, 2025, the Fund entered into Amendment No. 3 to the NatWest Credit Agreement, to, among other things, amend the applicable margins of (1) EUR borrowings from 2.30% to 2.10% per annum, (2) GBP borrowings from 2.30% to 2.10% per annum, (3) USD borrowings from 2.40% to 2.10% per annum, (4) CAD borrowings from 2.70% to 2.10% per annum, and (5) AUD borrowings from 2.70% to 2.10% per annum. The NatWest Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of June 30, 2026 and December 31, 2025, the Fund was in compliance with all covenants and other requirements of the NatWest Credit Facility.

Advances under the NatWest Credit Facility bear interest at a per annum rate equal to, in the case of U.S. Dollar advances, SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for the currency plus an applicable margin of 2.10%. The Fund pays an unused commitment fee of 80 basis points (0.80%) per annum if the unused amount is greater than 50% of the facility amount, 70 basis points (0.70%) per annum if the unused amount is between 30% and 50% of the facility amount, and 65 basis points (0.65%) per annum if the unused amount is less than or equal to 30% of the facility amount. The stated maturity date is November 26, 2036.

As of June 30, 2026, and December 31, 2025, there were $214 million and $226 million of borrowings outstanding under the NatWest Credit Facility, respectively. The components of interest expense related to the NatWest Credit Facility was as follows:

Schedule of interest expense related
	For the three months ended June 30, 2026		For the six months ended June 30, 2026
Borrowing interest expense	$	3,139	$	6,486
Commitment and Facility fees		123		221
Amortization of deferred financing costs		72		154
Total interest and debt financing expense	$	3,334	$	6,861

	For the three months ended June 30, 2025		For the six months ended June 30, 2025
Borrowing interest expense	$	3,388	$	6,446
Commitment and Facility fees		151		345
Amortization of deferred financing costs		89		177
Total interest and debt financing expense	$	3,628	$	6,968

For the three and six months ended June 30, 2026, the Fund had total average debt of $215 million and $223 million at a weighted average interest rate of 5.85% and 5.88%, respectively. For the three and six months ended June 30, 2025, the Fund had total average debt of $200.6 million and $189.6 million at a weighted average interest rate of 6.78% and 6.86%, respectively.

MUFG Credit Facility

On September 22, 2023, the Fund entered into credit facility agreement (the "MUFG Credit Facility") as Borrower, with Standard Chartered Bank, as Agent, Partners Group Access Finance Limited, as Obligors' Agent, and MUFG Bank Ltd., as Lender. The facility amount under the MUFG Credit Facility is $80.0 million. The MUFG Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

Advances under the MUFG Credit Facility bear interest at a per annum rate equal to 2.05%. The Fund pays commitment fee of 30 basis points (0.30%) per annum. The stated maturity date is September 20, 2024. In September 2024, the MUFG Credit Facility was repaid in full using available cash at the Fund and through drawdowns on the available Capital Commitments of the Fund. On May 21, 2025, the MUFG Credit Facility was terminated in full.

As of June 30, 2026 and December 31, 2025, there were $0 and $0 of borrowings outstanding under the MUFG Credit Facility, respectively. The components of interest expense related to the MUFG Credit Facility was as follows:

Schedule of interest expense related
	For the three months ended June 30, 2026		For the six months ended June 30, 2026
Borrowing interest expense	$	—	$	—
Commitment and Facility fees		—		—
Amortization of deferred financing costs		—		—
Total interest and debt financing expense	$	—	$	—

	For the three months ended June 30, 2025		For the six months ended June 30, 2025
Borrowing interest expense	$	—	$	—
Commitment and Facility fees		—		—
Amortization of deferred financing costs		—		—
Total interest and debt financing expense	$	—	$	—

For the three and six months ended June 30, 2026, the Fund had total average debt of $0 million and $0 million at a weighted average interest rate of 0% and 0%, respectively. For the three and six months ended June 30, 2025, the Fund had total average debt of $0 million and $0 at a weighted average interest rate of 0% and 0%, respectively.

Note 7. Commitments & 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.

The Fund's investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require the Fund to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2026, and December 31, 2025, the Fund had the following unfunded delayed draw term loans and revolvers:

Schedule of commitments & contingencies
	Par Value as of June 30, 2026
Unfunded delayed draw commitments	$	61,301
Unfunded revolving commitments		33,663
Unfunded term loans		2,067
Total unfunded commitments	$	97,031

	Par Value as of December 31, 2025
Unfunded delayed draw commitments	$	61,048
Unfunded revolving commitments		32,952
Total unfunded commitments	$	94,000

The Fund's investment portfolio may also contain Partnership Investments which require the Fund to provide capital when called from the portfolio companies in accordance with the underlying partnership agreements. As of June 30, 2026, the Fund had funded $7.4 million or 93.0% of the $8.0 million total commitments to Partnership Investments. As of December 31, 2025, the Fund had funded $7.4 million or 93.0% of the $8.0 million total commitments to Partnership Investments.

From time to time, the Fund may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2026, and December 31, 2025, management is not aware of any pending or threatened material litigation.

Note 8. Segment Reporting

The Fund operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and preferred equity. The chief operating decision maker ("CODM") is comprised of the Fund's lead portfolio managers and the Fund's President and Chief Financial Officer. The Fund represents a single operating segment, as the CODM monitors and assesses the operating results of the Fund as a whole, based on a defined investment objective of the Fund. The Fund’s portfolio composition, total returns, expense ratios and changes in net assets, as stated in the consolidated financial statements, are used by the CODM to assess segment performance and allocate resources. The accompanying consolidated financial statements detail the Fund's segment assets, liabilities, revenues, and expenses.

Note 9. Net Assets

On December 17, 2025, the Fund adopted the Multiple Class Plan which established four classes of units known as Class I Units, Class M Units, Class A Units, and Class S Units, authorized to be issued. Containing the same rights and features as the new Class I Units, previously issued common units were transferred to Class I Units once established. As of June 30, 2026, there were no Class A, or Class S units outstanding.

Equity Issuance

During the six months ended June 30, 2026, the Fund received $43.4 million in proceeds relating to the issuance of Class I units for subscriptions.

During the six months ended June 30, 2026, the Fund received $0.4 million in proceeds relating to the issuance of Class M units for subscriptions.

During the year ended December 31, 2025, the Fund received $114.0 million in proceeds relating to the issuance of common units for subscriptions. $10.4 million of the $114.0 million in proceeds were contributed by Partners Group Finance USD IC Limited, a related party of the Adviser and the Fund.

Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase units up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw-down notice. The Adviser, however, may waive the minimum Capital Commitment at its discretion. As of December 31, 2025, the Fund had total Capital Commitments of $275.0 million, of which 0.0% or $0 million is unfunded.

The following table summarizes the total units issued and amount received related to the offer and sale of units made pursuant to Section 4(a)(2) of the “Securities Act, Regulation D promulgated thereunder and other available exemptions from the registration requirements of the Securities Act to investors who are “accredited investors” within the meaning of Regulation D under the Securities Act during the six months ended June 30, 2026:

Schedule of net assets
	For the six months ended June 30, 2026
	Units ⁽¹⁾		Amount
Class I		28,979,760	$	43,377
Class M		246,174		373
Total subscriptions		29,225,934	$	43,750

(1)

The Fund completed a 5-for-1 stock split effective February 27, 2026, the units issued have been adjusted retroactively to reflect the split for all periods presented.

The following table summarizes the total units issued and amount received related to capital drawdowns delivered pursuant to the subscription agreements during the six months ended June 30, 2025:

	For the six months ended June 30, 2025
	Units ⁽¹⁾		Amount
Common Units		25,256,220	$	40,000
Total capital drawdowns		25,256,220	$	40,000

(1)

The Fund completed a 5-for-1 stock split effective February 27, 2026, the units issued have been adjusted retroactively to reflect the split for all periods presented.

Distributions

The following table summarizes distributions declared during the six months ended June 30, 2026:

Schedule of distributions declared
			Class I
Date Declared	Record Date	Payment Date	Distributions per Share		Total Distributions
March 27, 2026	March 26, 2026	April 30, 2026	$	0.0364	$	6,625
June 26, 2026	June 25, 2026	July 30, 2026		0.0237		5,002
Total			$	0.0601	$	11,627

			Class M
Date Declared	Record Date	Payment Date	Distributions per Share		Total Distributions
March 27, 2026	March 26, 2026	April 30, 2026	$	0.0364	$	4
June 26, 2026	June 25, 2026	July 30, 2026		0.0237		6
Total			$	0.0601	$	10

For the six months ended June 30, 2025, the Fund did not make any distributions.

Distribution Reinvestment

The following table summarizes distribution reinvestment during the six months ended June 30, 2026:

Schedule of distributions reinvestment
	For the six months ended June 30, 2026
	Units ⁽¹⁾		Amount
Class I		1,481,237	$	2,244
Class M		—		—
Total distribution reinvestment		1,481,237	$	2,244

(1)

The Fund completed a 5-for-1 stock split effective February 27, 2026, the units issued have been adjusted retroactively to reflect the split for all periods presented.

For the six months ended June 30, 2025, the Fund did not make any Distribution Reinvestment.

Note 10. Earnings per unit

The following table sets forth the computation of basic and diluted earnings per unit for the three and six months ended June 30, 2026, and June 30, 2025:

Schedule of earnings per unit
	For the three months ended June 30, 2026
	Class I		Class M
Net increase (decrease) in net assets resulting from operations	$	4,383	$	4
Weighted average units outstanding (basic and diluted) ⁽¹⁾		210,939,992		226,540
Increase in net assets resulting from operations per unit (basic and diluted) ⁽¹⁾	$	0.02	$	0.02


	For the six months ended June 30, 2026
	Class I		Class M
Net increase (decrease) in net assets resulting from operations	$	6,403	$	5
Weighted average units outstanding (basic and diluted) ⁽¹⁾		196,298,638		142,278
Increase in net assets resulting from operations per unit (basic and diluted) ⁽¹⁾	$	0.03	$	0.03


	For the three months ended June 30, 2025		For the six months ended June 30, 2025
	Common units		Common units
Net increase (decrease) in net assets resulting from operations	$	4,083	$	7,626
Weighted average units outstanding (basic and diluted) ⁽¹⁾		128,781,225		119,532,470
Increase in net assets resulting from operations per unit (basic and diluted) ⁽¹⁾	$	0.03	$	0.06

(1)

Note 11. Tax Information

The Fund elected to be regulated as a BDC under the 1940 Act on December 19, 2025. In addition, the Fund has elected to be treated as a RIC under Subchapter M of the Code. The Fund intends to qualify each taxable year hereafter as a RIC under Subchapter M of the Code, beginning with its fiscal year ending December 31, 2026. Income or loss earned by the Fund prior to the period in which it elected to be treated as a RIC is not attributable to the shareholders of the RIC.

Prior to the period in which the Fund elected to be treated as a RIC, Partners Group Lending Fund, LLC was classified as an association taxable as a Corporation for U.S. federal tax purposes. Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC are treated as disregarded entities and, as such, all activities at these entities shall be reported and taxed on Partners Group Lending Fund, LLC’s U.S. federal tax return. For the tax year ended December 31, 2025, in accordance with U.S. federal tax laws, Partners Group Lending Fund, LLC’s taxable income is subject to federal taxes at a 21% rate and state taxes at a 0% rate.

ASC Topic 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Adviser has concluded that the Fund does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

As of June 30, 2026, and the year ended December 31, 2025, for U.S. federal income tax purposes, the Fund’s aggregate unrealized appreciation and depreciation on its investments based on cost was as follows:

Schedule of unrealized appreciation and depreciation on its investments
	June 30, 2026			December 31, 2025
Tax Cost	$	525,753		$	456,637
Gross unrealized appreciation		713			2,886
Gross unrealized depreciation		(5,895	)		(1,177	)
Net unrealized investment appreciation	$	(5,182	)	$	1,709

The tax cost of the Fund’s investments as of December 31, 2025, approximates their amortized cost. The tax cost of the Fund's investments as of June 30, 2026 is inclusive of the step-up in basis due to the deemed sale election made by the Fund in conjunction with its intent to elect to be treated as a RIC under the Code.

The Fund’s income tax provision consists of the following for the six months ended June 30, 2026, and June 30, 2025:

Schedule of provision for income tax
	June 30, 2026		June 30, 2025
Current Tax Expense (Benefit)
Federal	$	167	$	1,997
State		1,759		—
Total Current Tax Expense (Benefit)	$	1,926	$	1,997

Deferred Tax Expense (Benefit)
Federal	$	—	$	—
State		—		—
Total Deferred Tax Expense (Benefit)	$	—	$	—

Components of the Fund's Deferred Tax Benefits and Expense as of June 30, 2026, and the year ended December 31, 2025 was as follows:


	June 30, 2026		December 31, 2025
Deferred Income Tax Liabilities:
Unrealized Gain on Investments	$	—	$	(357	)
Subtotal Deferred Income Tax Liabilities	$	—	$	(357	)

Deferred Income Tax Assets:
Capitalized Organization Costs	$	—	$	92
Subtotal Deferred Income Tax Assets	$	—	$	92

Total Net Deferred Income Tax Asset (Liability)	$	—	$	(265	)

The Fund's reported income taxes approximate the expected amount based on federal statutory rates for the six months ended June 30, 2026, and June 30, 2025:

Schedule of federal statutory rates
	June 30, 2026
	Amount		Percent
U.S. Federal Income Tax Expense At Statutory Rate	$	—		—%
U.S. state income taxes ⁽¹⁾		—		—
Non-Taxable Or Non-Deductible Items
Other		1,926		31%
Total Current Tax Expense (Benefit)	$	1,926		31%

	June 30, 2025
	Amount		Percent
U.S. Federal Income Tax Expense At Statutory Rate	$	1,997		21%
U.S. state income taxes ⁽¹⁾		—		—
Non-Taxable Or Non-Deductible Items
Other		—		—%
Total Current Tax Expense (Benefit)	$	1,997		21%

Income Tax Paid By Jurisdiction


	June 30, 2026		June 30, 2025
U.S. Federal	$	5,000	$	2,025
U.S. State⁽¹⁾		1,759		—
Total Income Taxes Paid	$	6,759	$	2,025

⁽¹⁾

State cash tax paid is not applicable as there are no state filing requirements for the Fund as of June 30, 2026, nor were any state filing requirements identified as of June 30, 2025. The above amount represents the state extensions paid in anticipation of tax year 2025 filing requirements for the Fund.

For the tax period ended June 30, 2026, the Fund had $11.6 million in distributions declared of which $10.0 million is characterized as qualified interest income and $1.6 million is, characterized as ordinary dividends. Due to the Fund's intention to elect and qualify as a RIC under the Code, beginning with its fiscal year ending December 31, 2026, the Fund did not have any distributable earnings on a tax basis as of June 30, 2026.

Note 12. Consolidated Financial Highlights

Below is the schedule of financial highlights of the Fund for the six months ended June 30, 2026, and June 30, 2025:

Schedule of financial highlights
	For the six months ended June 30, 2026			For the six months ended June 30, 2025
Class I
Per Unit Data: ⁽¹⁾
Net asset value, beginning of period ⁽¹⁾	$	1.52		$	1.54
Issuance of units ⁽¹⁾		—			—
Income from investment operations:
Net investment income (loss)⁽²⁾ ⁽¹⁾⁽²⁾		0.06			0.07
Net realized and unrealized gains (losses) on investments⁽²⁾⁽³⁾^(1)(2)(3)		(0.03	)		(0.01	)
Net increase (decrease) in net assets resulting from operations ⁽¹⁾		0.03			0.06
Distributions to members⁽⁴⁾ ⁽¹⁾⁽⁴⁾		(0.06	)		—
Total increase (decrease) in net assets ⁽¹⁾		(0.03	)		0.06
Net asset value, end of period ⁽¹⁾	$	1.49		$	1.60
Units outstanding, end of period⁽¹⁾ ⁽¹⁾		211,076,548			135,437,175
Total return based on NAV ⁽⁵⁾⁽⁶⁾ ^(1)(2)(5)(6)		2.13	%		3.64	%

Ratio/Supplemental Data:
Net assets, end of period ⁽¹⁾	$	315,240		$	216,893
Ratio of total expenses before incentive fees to average net assets⁽⁷⁾ ⁽¹⁾⁽⁷⁾		7.65	%		11.09	%
Ratio of total expenses after incentive fees to average net assets⁽⁷⁾ ⁽¹⁾⁽⁷⁾		7.65	%		11.27	%
Ratio of net investment income (loss) before waivers to average net assets⁽⁷⁾⁽¹⁾⁽⁷⁾		8.08	%		9.13	%
Ratio of net investment income (loss) after waivers to average net assets⁽⁷⁾ ⁽¹⁾⁽⁷⁾		8.08	%		9.13	%
Ratio of incentive fees to average net assets⁽⁶⁾ ⁽¹⁾⁽⁶⁾		—	%		0.18	%
Portfolio turnover rate⁽⁶⁾ ⁽¹⁾⁽⁶⁾		4.32	%		5.39	%
Asset coverage ratio⁽⁸⁾ ⁽¹⁾⁽⁸⁾		247.48	%		205.29	%

(1)	The Fund completed a 5-for-1 stock split effective February 27, 2026, the per unit data and units outstanding have been adjusted retroactively to reflect the split for all periods presented.
(2)	The per unit data was derived by using the weighted average units outstanding during the applicable period.
(3)	Net realized and unrealized gains and losses per unit in this caption are balancing amounts necessary to reconcile the change in net asset value (“NAV”) per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statements of Operations due to unit transactions during the period.
(4)	The per unit data for distributions is the actual amount of distributions paid or payable per common unit outstanding during the entire period.
(5)	Total return based on NAV is calculated as the change in NAV per unit during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund’s dividend reinvestment plan.
(6)	Not annualized.
(7)	Annualized, except for incentive fees.
(8)	Asset coverage ratio is equal to (i) total assets, less liabilities excluding indebtedness represented by senior securities, divided by (ii) the aggregate amount of senior securities representing indebtedness at the end of the period.

	For the period from January 1, 2026⁽⁹⁾ to June 30, 2026
Class M
Per Unit Data: ⁽¹⁾
Net asset value, beginning of period ⁽¹⁾	$	—
Issuance of units ⁽¹⁾		1.52
Income from investment operations:		—
Net investment income (loss)⁽²⁾ ⁽¹⁾⁽²⁾		0.05
Net realized and unrealized gains (losses) on investments⁽²⁾⁽³⁾^(1)(2)(3)		(0.02	)
Net increase (decrease) in net assets resulting from operations ⁽¹⁾		0.03
Distributions to members⁽⁴⁾ ⁽¹⁾⁽⁴⁾		(0.06	)
Total increase (decrease) in net assets ⁽¹⁾		(0.03	)
Net asset value, end of period ⁽¹⁾	$	1.49
Units outstanding, end of period⁽¹⁾ ⁽¹⁾		246,174
Total return based on NAV ⁽⁵⁾⁽⁶⁾ ^(1)(5)(6)		2.13	%

Ratio/Supplemental Data:
Net assets, end of period ⁽¹⁾	$	368
Ratio of total expenses before incentive fees to average net assets⁽⁷⁾ ⁽¹⁾⁽⁷⁾		8.10	%
Ratio of total expenses after incentive fees to average net assets⁽⁷⁾ ⁽¹⁾⁽⁷⁾		8.10	%
Ratio of net investment income (loss) before waivers to average net assets⁽⁷⁾ ⁽¹⁾⁽⁷⁾		7.11	%
Ratio of net investment income (loss) after waivers to average net assets⁽⁷⁾ ⁽¹⁾⁽⁷⁾		7.11	%
Ratio of incentive fees to average net assets⁽⁶⁾ ⁽¹⁾⁽⁶⁾		—	%
Portfolio turnover rate⁽⁶⁾ ⁽¹⁾⁽⁶⁾		4.32	%
Asset coverage ratio⁽⁸⁾ ⁽¹⁾⁽⁸⁾		247.48	%

(1)	The Fund completed a 5-for-1 stock split effective February 27, 2026, the per unit data and units outstanding have been adjusted retroactively to reflect the split for all periods presented.
(2)	The per unit data was derived by using the weighted average units outstanding during the applicable period.
(3)	Net realized and unrealized gains and losses per unit in this caption are balancing amounts necessary to reconcile the change in net asset value (“NAV”) per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statements of Operations due to unit transactions during the period.
(4)	The per unit data for distributions is the actual amount of distributions paid or payable per common unit outstanding during the entire period.
(5)	Total return based on NAV is calculated as the change in NAV per unit during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund’s dividend reinvestment plan.
(6)	Not annualized.
(7)	Annualized, except for incentive fees.
(8)	Asset coverage ratio is equal to (i) total assets, less liabilities excluding indebtedness represented by senior securities, divided by (ii) the aggregate amount of senior securities representing indebtedness at the end of the period.
(9)	Commencement of operations.

Note 13. Subsequent Events

The Fund’s management evaluated subsequent events through the date of issuance of these consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below.

Subscriptions

As of July 1, 2026, the Fund sold its Class M and Class I units (the “Units”) as listed in the table below. The number of Units to be issued was finalized on July 24, 2026. The offer and sale of the Units was made pursuant to Section 4(a)(2) of the Securities Act, Regulation D promulgated thereunder and other available exemptions from the registration requirements of the Securities Act to investors who are “accredited investors” within the meaning of Regulation D under the Securities Act.

Schedule of subscriptions
Unit Class	Units		Amount
Class I		—	$	—
Class M		131,244		196
		131,244	$	196

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

Overview

We are an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. We initially incorporated as a Delaware corporation on June 16, 2022, and we filed a certificate of conversion with the Delaware Secretary of State to convert into a Delaware limited liability company on July 12, 2023. We are externally managed by the Adviser, which manages our day-to-day operations and provides us with investment advisory services pursuant to the terms of the Amended and Restated Investment Advisory Agreement. The Adviser is registered as an investment adviser with the SEC. We have elected to be treated, and intend to qualify each taxable year hereafter as a RIC under Subchapter M of the Code.

The Adviser oversees (subject to the oversight of the members of the Board, a majority of whom are not “interested persons” of either the Fund or the Adviser, as that term is defined in Section 2(a)(19) of the 1940 Act) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Amended and Restated Investment Advisory Agreement. Under the Amended and Restated Investment Advisory Agreement, we have agreed to pay the Adviser the Base Management Fee as well as the Incentive Fee based on our investment performance.

Key components of our results of operations

Investments

Our investment objectives are to generate attractive risk-adjusted returns and current income by primarily investing in a geographically and industrially well-balanced and broadly distributed portfolio of primarily senior secured loans, which will typically pay interest composed of SOFR/EURIBOR/CORRA/other base rates, plus a margin, to private middle market U.S. companies. As part of our strategy to achieve our investment objective, we will directly or indirectly originate Senior Secured Direct Private Credit investments. We also expect to invest in Senior Secured Broadly Syndicated Loans. Senior secured loans represent the most senior tranche in the capital structure of the relevant borrowers and often have lien security over the assets of the borrowers. In addition, to a lesser extent, our assets may include Opportunistic Credit, which may appear attractive on a relative value basis. Our Opportunistic Credit investments may also include CLO Equity issued by a CLO. We believe that the Partners Group investment platform offers strategic access to the wider private equity sponsor and borrower community and provides the Fund a significant advantage in sourcing, analyzing and executing attractive credit investments.

The Adviser expects to employ a range of techniques that seek to reduce the risk associated with our investment strategy. These techniques may include, without limitation: (i) selecting investments and commitments across a broad range of geographies, industries, sectors, and maturity dates; (ii) tracking operating performance of underlying companies and their compliance with financial covenants; and (iii) actively managing cash and liquid assets.

Revenues

We generate revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our Portfolio Companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

We do not currently have any employees and do not expect to have any employees. Our day-to-day investment operations are managed by the Adviser, pursuant to the terms of the Amended and Restated Investment Advisory Agreement. The services necessary for our business, including the origination and administration of our investment portfolio, will be provided by individuals who are employees of Partners Group, pursuant to the terms of the Amended and Restated Investment Advisory Agreement, and our Administrator, pursuant to the terms of the Master Administrative Services Agreement. All investment professionals of the Adviser, when and to the extent engaged in providing investment advisory and management services under the Amended and Restated Investment Advisory Agreement, and the compensation and routine compensation-related overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Fund. We will bear all other costs and expenses of the Fund’s operations and transactions, including those listed in our Registration Statement on Form 10, as amended.

From time to time, the Adviser or its affiliates may pay third-party providers of goods or services. We will reimburse the Adviser or such affiliates thereof for any such amounts paid on our behalf. All of the foregoing expenses will ultimately be borne by our unitholders.

Portfolio And Investment Activity

As of June 30, 2026, we had investments in 62 Portfolio Companies across 23 industries, excluding CLO debt tranches. As of December 31, 2025, we had investments in 54 Portfolio Companies across 18 industries, excluding CLO debt tranches.

Based on fair value as of June 30, 2026, 93.2% of our portfolio is composed of senior secured direct private credit investments, followed by 4.9% of CLO debt tranches, 1.4% of opportunistic credit and 0.5% of broadly syndicated loans. 99.8% of our direct private credit investments were invested in debt bearing a floating interest rate, which primarily are subject to interest rate floors.

As of June 30, 2026, our weighted average total yield of debt securities at amortized cost was 9.20%. As of December 31, 2025, our weighted average total yield of debt securities at amortized cost was 9.12%.

Weighted average yield includes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2026 and December 31, 2025, respectively.

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

	For the Three Months Ended
	June 30, 2026			June 30, 2025
Total investments, at fair value, beginning of period	$	483,283		$	342,916
Purchases of investments, including capitalized PIK		40,041			62,292
Proceeds from principal repayments and sales of investments		(2,307	)		(2,233	)
Net accretion of discount on investments		235			218
Net realized gain (loss) on investments		27			16
Net change in unrealized appreciation (depreciation)		(708	)		(462	)
Total investments, at fair value, end of period	$	520,571		$	402,747

	For the Six Months Ended
	June 30, 2026			June 30, 2025
Total investments, at fair value, beginning of period	$	458,346		$	328,465
Purchases of investments, including capitalized PIK		88,222			91,764
Proceeds from principal repayments and sales of investments		(21,162	)		(17,648	)
Net accretion of discount on investments		577			687
Net realized gain (loss) on investments		71			55
Net change in unrealized appreciation (depreciation)		(5,483	)		(576	)
Total investments, at fair value, end of period	$	520,571		$	402,747

The following table presents certain selected information regarding our investment portfolio:

	As of
	June 30, 2026			December 31, 2025
Weighted average yield on debt and income producing investments, at amortized cost ⁽¹⁾		9.20	%		9.12	%
Weighted average yield on debt and income producing investments, at fair value ⁽¹⁾		9.27	%		9.09	%
Number of Portfolio Companies, excluding CLO debt tranches		62			54
Median LTM EBITDA (at entry) ⁽²⁾⁽³⁾	$	101.7	M	$	94.20	M
Weighted average net senior leverage (at entry) ⁽²⁾⁽⁴⁾		5.89	x		5.83	x
Weighted average loan-to-value (“LTV”) (at entry) ⁽²⁾⁽⁵⁾		40	%		41	%
Percentage of debt investments bearing a floating rate, at fair value⁽⁶⁾		99.8	%		99.6	%
Percentage of debt investments bearing a fixed rate, at fair value⁽⁶⁾		0.2	%		0.4	%

(1)

Computed based on the stated interest rate or yield as of June 30, 2026 and December 31, 2025, respectively, and weighted based on the total debt investments (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above. Weighted average yield includes the effect of accretion of discounts and amortization of premiums.

(2)

Includes all private loan investments for which fair value is determined by the Adviser at least quarterly (with assistance, as applicable, from a third-party valuation firm, and subject to oversight by the Board). Figures are derived from the consolidated financial statements most recently obtained by the Adviser.

(3)

LTM EBITDA is a non-GAAP measure that refers to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) in accordance with the underlying governing documents, over the last twelve months as reported by respective borrowers or portfolio companies. Excludes investments with no reported EBITDA or where EBITDA, in the Adviser’s judgment, was not a material component of the investment thesis, such as annual recurring revenue loans, or investments with negative EBITDA. Currency fluctuations may have an adverse effect on the value, price or income and costs of our Portfolio Companies and investments which may increase or decrease as a result of changes in exchange rates.

(4)

Net senior leverage is the ratio of total debt minus unrestricted cash divided by LTM EBITDA and taking into account leverage through the tranche in which the Fund holds an investment, excluding recurring revenue loans. Weighted average net senior leverage is weighted based on the funded commitment of total applicable private loans.

(5)

LTV is calculated as net debt through each respective investment tranche in which the Fund holds an investment divided by estimated enterprise value or value of the underlying collateral of the portfolio company. Weighted average LTV is weighted based on the funded commitment of the total applicable private loans.

(6)

Calculated as a percentage of direct private credit investments.

The composition of our investment portfolio at cost and fair value was as follows (dollar amounts in thousands):

	June 30, 2026
	Amortized Cost		Fair Value		% of Total Investments at Fair Value
Asset Backed Securities	$	25,536	$	25,760		4.95	%
Secured Debt		490,443		486,556		93.47	%
Unsecured Debt		-		-		-	%
Common Equity		125		125		0.02	%
Preferred Equity		1,173		1,190		0.23	%
Partnership		7,068		6,940		1.33	%
Total Investments	$	524,345	$	520,571		100.00	%

	December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value
Asset Backed Securities	$	10,008	$	10,047		2.19	%
Secured Debt		431,960		433,567		94.59	%
Unsecured Debt		-		-		-	%
Common Equity		-		-		-	%
Preferred Equity		7,270		7,368		1.61	%
Partnership		7,399		7,364		1.61	%
Total Investments	$	456,637	$	458,346		100.00	%

The tables below describes investments by industry composition based on fair value:

	June 30, 2026
Software		24.20	%
Professional Services		10.55	%
Health Care Providers & Services		10.44	%
IT Services		8.14	%
Trading Companies & Distributors		6.59	%
Diversified Consumer Services		5.15	%
Industrial Conglomerates		4.95	%
Capital Markets		4.58	%
Electrical Equipment		3.99	%
Financial Services		3.65	%
Commercial Services & Supplies		3.50	%
Machinery		2.63	%
Building Products		1.95	%
Health Care Technology		1.86	%
Health Care Equipment & Supplies		1.65	%
Construction & Engineering		1.24	%
Hotels, Restaurants & Leisure		1.22	%
Electronic Equipment, Instruments & Components		1.19	%
Automobile Components		0.82	%
Containers & Packaging		0.51	%
Personal Care Products		0.50	%
Insurance		0.50	%
Interactive Media & Services		0.15	%
Semiconductors & Semiconductor Equipment		0.04	%
Total		100.00	%

	December 31, 2025
Software		25.17	%
Health Care Providers & Services		11.26	%
IT Services		9.21	%
Professional Services		8.93	%
Capital Markets		6.42	%
Diversified Consumer Services		5.19	%
Trading Companies & Distributors		4.55	%
Financial Services		4.34	%
Electronic Equipment, Instruments & Components		4.28	%
Commercial Services & Supplies		3.34	%
Electrical Equipment		3.12	%
Machinery		2.90	%
Building Products		2.21	%
Industrial Conglomerates		2.19	%
Health Care Technology		2.14	%
Health Care Equipment & Supplies		1.88	%
Hotels, Restaurants & Leisure		1.39	%
Automobile Components		0.91	%
Containers & Packaging		0.57	%
Total		100.00	%

As of June 30, 2026 and December 31, 2025 the Fund had no Portfolio Companies on non-accrual status, respectively. The following table shows the fair value of our performing debt and other income producing securities, and non-accrual investments as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands):

	June 30, 2026					December 31, 2025
	Fair Value		Percentage			Fair Value		Percentage
Performing debt and income producing investments		513,506		98.64	%		450,982		98.39	%
Non-accrual⁽¹⁾		-		-			-		-
Total		513,506		98.64	%		450,982		98.39	%

(1)

Investments on non-accrual represented 0% and 0% of amortized cost of total debt and income producing investments as of June 30, 2026 or December 31, 2025, respectively.

Results of Operations

The following table represents our operating results (dollar amounts in thousands):

	For the Three Months Ended
	June 30, 2026			June 30, 2025
Total investment income	$	11,713		$	10,166
Total Expenses		6,657			5,434
Net investment income		5,056			4,732
Net realized gain (loss)		26			17
Net change in unrealized appreciation (depreciation)		(695	)		(666	)
Net increase (decrease) in net assets resulting from operations	$	4,387		$	4,083

	For the Six Months Ended
	June 30, 2026			June 30, 2025
Total investment income	$	22,913		$	19,018
Total Expenses		11,146			10,673
Net investment income		11,767			8,345
Net realized gain (loss)		103			56
Net change in unrealized appreciation (depreciation)		(5,462	)		(775	)
Net increase (decrease) in net assets resulting from operations	$	6,408		$	7,626

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.

Investment Income

Investment income was as follows (dollar amounts in thousands):

	For the Three Months Ended
	June 30, 2026		June 30, 2025
Interest income	$	11,228	$	9,932
Payment-in-kind interest income		353		107
Dividend Income		-		-
Other income		132		127
Total investment income	$	11,713	$	10,166

	For the Six Months Ended
	June 30, 2026		June 30, 2025
Interest income	$	21,893	$	18,222
Payment-in-kind interest income		665		211
Dividend Income		-		-
Other income		355		585
Total investment income	$	22,913	$	19,018

Total investment income increased to $11.7 million for the three months ended June 30, 2026 from $10.2 million for the three months ended June 30, 2025 primarily driven by increased portfolio size of the private credit investment portfolio.

For the three months ended June 30, 2026, PIK income represented 3.0% of total investment income. For the three months ended June 30, 2025 PIK income represented 1.1% of total investment income.

Total investment income increased to $22.9 million for the six months ended June 30, 2026 from $19.0 million for the six months ended June 30, 2025 primarily driven by increased portfolio size of the private credit investment portfolio.

For the six months ended June 30, 2026, PIK income represented 2.9% of total investment income. For the six months ended June 30, 2025 PIK income represented 1.1% of total investment income.

Expenses were as follows (dollar amounts in thousands):

	For the Three Months Ended
	June 30, 2026		June 30, 2025
Interest and borrowing expenses	$	3,334	$	3,628
Management fees		791		543
Incentive fee		-		(16	)
Organization expenses		-		-
Professional fees		378		181
Board of Directors' fees		63		-
Administration, custodian and transfer agent fees		5		5
Other general & administrative		-		-
Current Tax Expense		1,926		1,054
Other expenses		160		39
Total expenses (including current tax expense)		6,657		5,434
Expense support		-		-
Recoupment of expense support		-		-
Reimbursable expenses previously borne by Adviser		-		-
Management fees waived		-		-
Incentive fees waived		-		-
Net expenses (including current tax expense)		6,657		5,434

	For the Six Months Ended
	June 30, 2026		June 30, 2025
Interest and borrowing expenses	$	6,861	$	6,968
Management fees		1,474		981
Incentive fee		-		336
Organization expenses		-		-
Professional fees		491		292
Board of Directors' fees		117		-
Administration, custodian and transfer agent fees		10		10
Other general & administrative		-		-
Current Tax Expense		1,926		1,997
Other expenses		267		89
Total expenses (including current tax expense)		11,146		10,673
Expense support		-		-
Recoupment of expense support		-		-
Reimbursable expenses previously borne by Adviser		-		-
Management fees waived		-		-
Incentive fees waived		-		-
Net expenses (including current tax expense)		11,146		10,673

Interest Expense

Total interest expense (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) decreased to $3.3 million for the three months ended June 30, 2026 from $3.6 million for the three months ended June 30, 2025, primarily driven by a decrease in the weighted average interest rate on borrowings relative to the prior year period.

Total interest expense (including unused fees, amortization of deferred financing costs, debt issuance costs and original issue discounts) decreased to $6.9 million for the six months ended June 30, 2026 from $7.0 million for the six months ended June 30, 2025, primarily driven by a decrease in the weighted average interest rate on borrowings relative to the prior year period.

As of June 30, 2026, there was $214 million of debt outstanding under the NatWest Credit Facility (as defined below under “Borrowings”). For the three and six months ended June 30, 2026, the Fund had total average debt of $215 million and $223 million at a weighted average interest rate of 5.85% and 5.88%, respectively,

As of June 30, 2025, there was $206 million of debt outstanding under the NatWest Credit Facility. For the three and six months ended June 30, 2025, the Fund had total average debt of $200.6 million and $189.6 million at a weighted average interest rate of 6.78% and 6.86%, respectively.

Base Management Fees

Management fees increased to $0.8 million for the three months ended June 30, 2026, from $0.5 million for the three months ended June 30, 2025 primarily due to an increase in net assets.

Management fees increased to $1.5 million for the six months ended June 30, 2026, from $1.0 million for the six months ended June 30, 2025 primarily due to an increase in net assets.

Management fees are payable quarterly in arrears at an annual rate of 1.00% of the value of our Adjusted Net Assets (as defined below) as of the beginning of the first calendar day of the applicable quarter. For purposes of the Amended and Restated Investment Advisory Agreement, “Adjusted Net Assets,” as of any calendar quarter end, means the sum of (i) the Fund’s total net assets less any liabilities other than the Base Management Fee and Incentive Fee expenses incurred by the Fund with respect to such calendar quarter end.

Incentive Fee

For the six months ended June 30, 2026, incentive fees totaled $0. Incentive fees decreased to $0 for the six months ended June 30, 2026 from $336 thousand for the six months ended June 30, 2025 primarily due to pre-incentive fee net income not exceeding the 6.00% hurdle rate.

Other Expenses

Organization costs and offering costs include expenses incurred in our initial formation and our continuous offering. Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Fund. Administrative service expenses represent fees paid to the Administrator in accordance with the Master Administrative Services Agreement. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.

Total other expenses increased to $2.5 million for the three months ended June 30, 2026 from $1.3 million for the three months ended June 30, 2025, primarily driven by updated estimates to state taxes which relate to prior period activity and an increase of professional fees as the portfolio continues to grow.

Total other expenses increased to $2.8 million for the six months ended June 30, 2026 from $2.4 million for the six months ended June 30, 2025, primarily driven by an increase of Board of Directors' fees and professional fees as the portfolio continues to grow.

For the three months ended June 30, 2026 and 2025, our Administrator charged $5 thousand and $5 thousand, respectively, for certain costs and expenses allocable to the Fund under the terms of the Master Administrative Services Agreement.

For the six months ended June 30, 2026 and 2025, our Administrator charged $10 thousand and $10 thousand, respectively, for certain costs and expenses allocable to the Fund under the terms of the Master Administrative Services Agreement.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code.

We intend to qualify each taxable year hereafter as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to qualify each taxable year for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our unitholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income (if any) for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our unitholders, which generally relieve us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year 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 we determine that our estimated current year annual taxable income will be in excess of estimated current year distributions from such income, we will accrue excise tax on estimated excess taxable income.

Net Realized Gain (Loss)

Net realized gains and losses were comprised of the following (dollar amounts in thousands):

	For the Three Months Ended
	June 30, 2026			June 30, 2025
Non-controlled/non-affiliated investments	$	27		$	16
Non-controlled/affiliated investments		-			-
Foreign currency forward contracts		-			-
Foreign currency transactions		(1	)		1
Net realized gain (loss)	$	26		$	17

	For the Six Months Ended
	June 30, 2026		June 30, 2025
Non-controlled/non-affiliated investments	$	71	$	55
Non-controlled/affiliated investments		-		-
Foreign currency forward contracts		-		-
Foreign currency transactions		32		1
Net realized gain (loss)	$	103	$	56

For the three months ended June 30, 2026, we generated net realized gains of $26 thousand, which was comprised of $1 thousand in realized loss from foreign currency transactions and $27 thousand in realized gains from the sale or early paydowns on non-controlled/non-affiliated investments.

For the three months ended June 30, 2025, we generated net realized gains of $17 thousand, which was comprised of $1 thousand from foreign currency transactions and $16 thousand from the sale or early paydowns on non-controlled/non-affiliated investments.

For the six months ended June 30, 2026, we generated net realized gains of $103 thousand, which was comprised of $32 thousand from foreign currency transactions and $71 thousand from the sale or early paydowns on non-controlled/non-affiliated investments.

For the six months ended June 30, 2025, we generated net realized gains of $56 thousand, which was comprised of $1 thousand from foreign currency transactions and $55 thousand from the sale or early paydowns on non-controlled/non-affiliated investments.

Net Change in Unrealized Appreciation (Depreciation)

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

	For the Three Months Ended
	June 30, 2026			June 30, 2025
Non-controlled/non-affiliated investments	$	(708	)	$	(462	)
Non-controlled/affiliated investments		-			-
Controlled/affiliated investments		-			-
Foreign currency forward contracts		13			(204	)
Deferred tax expense		-			-
Translation of assets and liabilities in foreign currencies		-			-
Net change in unrealized appreciation (depreciation)	$	(695	)	$	(666	)

	For the Six Months Ended
	June 30, 2026			June 30, 2025
Non-controlled/non-affiliated investments	$	(5,483	)	$	(576	)
Non-controlled/affiliated investments		-			-
Controlled/affiliated investments		-			-
Foreign currency forward contracts		21			(199	)
Deferred tax expense		-			-
Translation of assets and liabilities in foreign currencies		-			-
Net change in unrealized appreciation (depreciation)	$	(5,462	)	$	(775	)

For the three months ended June 30, 2026 unrealized appreciation (depreciation) on investments decreased $695 thousand due to decreased market value of the positions.

For the three months ended June 30, 2025, the unrealized appreciation (depreciation) on investments decreased $666 thousand due to increased market value of the positions.

For the six months ended June 30, 2026 unrealized appreciation (depreciation) on investments decreased $5.5 million due to decreased market value of the positions.

For the six months ended June 30, 2025, the unrealized appreciation (depreciation) on investments decreased $775 thousand due to increased market value of the positions.

Financial Condition, Liquidity and Capital Resources

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

As of June 30, 2026, we had one asset-based leverage facility, the NatWest Facility. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facility and/or issue debt securities, including unsecured notes and debt securitizations. In accordance with the 1940 Act, with certain limited exceptions, we are 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 June 30, 2026, we had an aggregate amount of $214 million of principal debt outstanding and our asset coverage ratio was 247.48%. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage.

As of June 30, 2026 and December 31, 2025, we had $14.1 million and $73.4 million in cash and cash equivalents, respectively. Cash and cash equivalents as of June 30, 2026, taken together with our $61 million of available capacity under our credit facility (subject to borrowing base availability) and the continuous offering of our Common Units is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Units and the use of existing and future financing arrangements.

Although we were able to close on the NatWest Facility and certain amendments thereto, any disruption in the financial markets or any other negative economic development could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we could have obtained in the past. These factors may limit our ability to make new investments and adversely impact our results of operations.

Equity

The following table summarizes transactions in Class I and Class M units during the six months ended June 30, 2026 (dollar amounts in thousands):

	Class I Units⁽¹⁾		Amount		Class M Units⁽¹⁾		Amount
Subscriptions		28,979,760	$	43,377		246,174	$	373
Distributions reinvested		1,481,237		2,244		-		-
Unit repurchases		-		-		-		-
Net increase (decrease)		30,460,997	$	45,621		246,174	$	373

⁽¹⁾

The Fund completed a 5-for-1 stock split effective February 27, 2026, the units issued have been adjusted retroactively to reflect the split for all periods presented

Distributions and Distribution Reinvestment

During the six months ended June 30, 2026, the Fund declared the following distributions, which paid in cash or reinvested in additional units of the Fund for unitholders participating in the Fund’s distribution reinvestment plan.

			Class I
Date Declared	Record Date	Payment Date	Distributions per Share		Total Distributions
March 27, 2026	March 26, 2026	April 30, 2026	$	0.0364	$	6,625
June 26, 2026	June 25, 2026	July 30, 2026		0.0237		5,002
Total			$	0.0601	$	11,627

			Class M
Date Declared	Record Date	Payment Date	Distributions per Share		Total Distributions
March 27, 2026	March 26, 2026	April 30, 2026	$	0.0364	$	4
June 26, 2026	June 25, 2026	July 30, 2026		0.0237		6
Total			$	0.0601	$	10

Unit Repurchase Program

At the discretion of the Board, we intend to commence a unit repurchase program, no later than one year after the date that we made our BDC election, in which we may repurchase, in each quarter, up to 5% of the NAV of our Common Units outstanding (by number of units) as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the unit repurchase program if it deems such action to be in the best interest of unitholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole that would outweigh the benefit of the repurchase offer. As a result, unit repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All units purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued units.

Under the unit repurchase program, to the extent we offer to repurchase units in any particular quarter, it is expected to repurchase units pursuant to tender offers using a purchase price equal to the NAV per unit as of the last calendar day of the applicable quarter, except that units that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Fee”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Fee may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Fee will be retained by us for the benefit of remaining unitholders.

Borrowings

Our outstanding debt obligations were as follows (dollar amounts in thousands):

	As of June 30, 2026
	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value ⁽¹⁾		Fair Value ⁽²⁾
NatWest Credit Facility	$	275,000	$	214,000	$	214,000	$	214,000
Total Debt	$	275,000	$	214,000	$	214,000	$	214,000

	As of December 31, 2025
	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value ⁽¹⁾		Fair Value ⁽²⁾
NatWest Credit Facility	$	275,000	$	226,000	$	226,000	$	226,000
Total Debt	$	275,000	$	226,000	$	226,000	$	226,000

⁽¹⁾

Carrying value of these debt obligations generally approximate fair value due to their variable interest rates.

⁽²⁾

The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

The NatWest Facility

On February 14, 2024, each of Partners Group BDC Finance I, LLC and Partners Group Revolver Pooling BDC, LLC, as borrowers (the “SPVs”), and the Fund, as parent, entered into a secured financing agreement with State Street Bank and Trust Company, as facility agent, collateral agent, account bank, custodian and collateral administrator, NatWest Markets PLC, as arranger and lead bank, and the financial institutions listed therein (the “NatWest Facility”). The NatWest Facility was most recently amended on November 26, 2025.

Proceeds from the NatWest Facility will be used to finance the origination and acquisition of eligible assets by the SPVs and other permitted uses under the NatWest Facility. The maximum principal amount of the NatWest Facility is $275 million. The availability of this amount is subject to a borrowing base test (which is based on the value and type of the assets held by the SPVs from time to time, an advance rate and other factors, as more fully described in the NatWest Facility documents) and satisfaction of certain conditions, including portfolio profile tests.

The SPVs may borrow amounts in U.S. dollars or certain other permitted currencies under the NatWest Facility. The NatWest Facility provides for the ability to draw and redraw on a revolving basis for a period of up to three years after the closing date (the “Investment Period”) unless the Investment Period is terminated sooner as provided in the NatWest Facility. The facility will be a term facility during the period beginning from the end of the Investment Period to the Facility Maturity Date (as defined below). On and after the date which is seven years from the closing date, any lender can request prepayment of any of the advances. Unless otherwise terminated or prepaid, the NatWest Facility will mature in November 2036 (the “Facility Maturity Date”). Prior to the Facility Maturity Date, proceeds received by SPVs from principal, interest or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Fund, subject to certain conditions. On the Facility Maturity Date, the SPVs must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Fund. The credit facility may be permanently reduced, in whole or in part, at the option of the SPVs, subject to a prepayment fee.

Amounts drawn on term rate advances bear interest at (i) an applicable margin (1) for EUR borrowings at 2.10% per annum, (2) for GBP borrowings at 2.10% per annum, (3) for USD borrowings at 2.10% per annum, (4) for CAD borrowings at 2.10 % per annum, and (5) AUD borrowings at 2.10% per annum, plus (ii) the term reference rate (as determined under the terms of the NatWest Facility). Term rate advances may be switched to compounded rate advances under the terms of the NatWest Facility; amounts drawn on compounded rate advances will be determined under the terms of the NatWest Facility and any supplements entered into in connection with compounded rate advances. The NatWest Facility contains customary covenants, including certain maintenance covenants and customary events of default. The NatWest Facility is secured by a perfected security interest in the assets of each of the SPVs and on any payments received by each of the SPVs in respect of such assets. Assets pledged under the NatWest Facility will not be available to pay the debts of the Fund.

Related-Party Transactions

We entered into a number of business relationships with affiliated or related parties, including the Amended and Restated Investment Advisory Agreement and the Expense Limitation Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have received exemptive relief from the SEC which permits the Fund to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Critical Accounting Policies

This discussion of our expected operating plans is based upon our expected consolidated financial statements, which will be prepared in accordance with GAAP. The preparation of these consolidated financial statements will require our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, we will describe our critical accounting policies in the notes to our future consolidated financial statements.

Investments and Fair Value Measurements

The Fund is required to report its investments, including those for which current market values are not readily available, at fair value.

The Fund’s investments are measured at fair value in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as “valuation designee” to perform fair value determinations and approved amended valuation procedures (the “Valuation Procedures”).

Fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the 1940 Act, a market quotation is “readily available” only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

The Adviser, as “valuation designee” under Rule 2a-5 of the 1940 Act, determines the fair value of the Fund’s investments in conformity with GAAP, Rule 2a-5 of the 1940 Act, and the Fund’s Valuation Procedures. As permitted by the Valuation Procedures, the Adviser values the Fund’s non-traded investments in consultation with persons who are employees of the Adviser’s parent company or one of its subsidiaries. The Valuation Procedures require evaluation of all relevant factors reasonably available to the Adviser and its affiliates at the time the Fund’s non-traded investments are valued.

In assessing the fair value of the Fund’s non-traded investments in accordance with the Valuation Procedures, the Adviser uses a variety of methods such as discounted cash flow and market data from third party pricing services. The Adviser makes valuation assumptions based on market conditions existing at the end of each reporting period. Quoted market prices or dealer quotes for certain similar instruments are used for investments where appropriate. Other techniques, such as option pricing models and estimated discounted value of future cash flows, are used to determine fair value for the remaining financial instruments.

The Valuation Procedures are implemented by the Adviser and State Street Bank and Trust Company, as the Fund’s Administrator. Both the Adviser and the Administrator are subject to the oversight of, and report to, the Board. The Adviser and the Administrator monitor and review the methodologies of the various third-party pricing services that are employed by the Fund.

The Adviser and certain of its affiliates act as investment advisers to clients other than the Fund. However, the valuation attributed to a non-traded investment held by the Fund and to the same non-traded investment held by another client, one of the Adviser’s affiliates, or by a client of one of its affiliates might differ due to differences in accounting, regulatory or other factors applicable to the Fund, to such other client or the Adviser’s affiliate.

The Fund applies ASC 820, which establishes a framework for measuring fair value in accordance with GAAP and required disclosures of fair value measurements. The Fund discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

●

Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

●

Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

●

Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument’s level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Fund evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Fund considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. The criteria considered include the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment.

The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of an investment may differ from the value that would have been used had a ready market for the investment existed, and the difference could be material.

Under the market approach, the enterprise value methodology is typically utilized to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. Typically, the enterprise values of private companies are based on multiples of EBITDA, cash flows, net income, revenues, or in limited cases, book value.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized fees and unamortized discounts are recorded as interest income.

Certain investments may have contractual PIK interest. PIK represents accrued interest that is added to the principal amount of the investment on the interest payment date 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 income.

Dividend Income

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the Portfolio Company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private Portfolio Companies or on the ex-dividend date for publicly-traded Portfolio Companies.

Fee Income

In the general course of its business, the Fund receives certain fees from Portfolio Companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver amendment fees, and commitment fees, and are recorded as other income in investment income when earned.

Non-Accrual Income

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

Distributions

To the extent that the Fund has taxable income available, the Fund intends to make quarterly distributions to its unitholders. Distributions to unitholders are recorded on the record date. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

Income Taxes

The Fund has elected to be treated as a BDC under the 1940 Act. The Fund has elected to be treated, and intends qualify each taxable year hereafter, as a RIC under Subchapter M of the Code. 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 unitholders 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 in 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 are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

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 unitholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), 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 and (ii) its net tax-exempt income.

In addition, pursuant to the excise tax distribution requirements, the Fund is subject to a 4% nondeductible 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 December 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.

Contractual Obligations

We have entered into the Amended and Restated Investment Advisory Agreement with Partners Group (USA), Inc. to provide us with investment advisory services and the Master Administrative Services Agreement with State Street Bank and Trust Company to provide us with administrative services. Payments for investment advisory services under the Amended and Restated Investment Advisory Agreement and fees under the Master Administrative Services Agreement are described in “Item 1. Business —Investment Advisory Agreement and Master Administrative Services Agreement.”

We have established and may in the future establish one or more credit facilities or enter into other financing arrangements from time to time to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR (or other applicable reference rate). We cannot assure unitholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities. From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2026, management is not aware of any material pending or threatened litigation.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including valuation risk and interest rate risk as described below.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Valuation Designee, based on, among other things, the input of independent third-party valuation firms retained by the Fund, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure unitholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

Based on our Consolidated Statements of Assets and Liabilities as of June 30, 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) and assuming no changes in our investment and borrowing structure (dollar amounts in thousands):

	Interest Income			Interest Expense			Net Income
Up 300 basis points	$	14,535		$	(6,420	)	$	8,115
Up 200 basis points	$	9,646		$	(4,280	)	$	5,366
Up 100 basis points	$	4,823		$	(2,140	)	$	2,683
Down 100 basis points	$	(4,646	)	$	2,140		$	(2,506	)
Down 200 basis points	$	(9,292	)	$	4,280		$	(5,012	)
Down 300 basis points	$	(12,985	)	$	6,420		$	(6,565	)

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions, such as interest rate swap agreements, may limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

Item 4. Controls and Procedures

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”), we, under the supervision and with the participation of our President and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report and determined that our disclosure controls and procedures are effective as of the end of the period covered by this Quarterly Report.

Changes in Internal Control Over Financial Reporting

Management has not identified any changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II: OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, in the normal course of business, we and our Adviser may be party to certain lawsuits. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our Portfolio Companies. We, the Adviser, and our wholly owned subsidiaries are not currently subject to any material litigation.

Item 1A. Risk Factors

There have been no material changes during the six months ended June 30, 2026 to our risk factors as previously reported in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

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

Except as previously reported by the Company on its current reports on Form 8-K, the Company did not sell any securities during the period covered by this Report that were not registered under the 1933 Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended June 30, 2026, none of our directors or executive officers (as such term is defined in Rule 16a-1(f) promulgated under the Exchange Act) adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as each term is defined in Item 408 of Regulation S-K).

Item 6. Exhibits

The following exhibits are filed as part of this Quarterly Report on Form 10-Q.

Exhibit Number	Description

3.1	Certificate of Incorporation incorporated by reference to Exhibit 3.1 of the Company’s Form 10-12G (file no. 000-56792) filed on October 21, 2025.

3.2	Certificate of Conversion incorporated by reference to Exhibit 3.2 of the Company’s Form 10-12G (file no. 000-56792) filed on October 21, 2025.

3.3	Amended and Restated Limited Liability Agreement incorporated by reference to Exhibit 3.3 of the Company’s Form 10-12G (file no. 000-56792) filed on October 21, 2025.

10.1	Amended and Restated Expense Support and Conditional Reimbursement Agreement incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K (file no. 814-01941) filed on April 7, 2026.

31.1*	Rule 13a-14(a)/15d-14(a) Certification of the Company’s Principal Executive Officer.

31.2*	Rule 13a-14(a)/15d-14(a) Certification of the Company’s Principal Financial Officer.

32.1**	Section 1350 Certification of the Company’s Principal Executive Officer.

32.2**	Section 1350 Certification of the Company’s Principal Financial Officer.

101.INS*	Inline XBRL Instance Document

101.SCH*	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

Filed herewith

Furnished herewith

SIGNATURES

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

	PARTNERS GROUP LENDING FUND, LLC

August 14, 2026	By:	/s/ Robert Collins
		Robert Collins
		President (Principal Executive Officer)

August 14, 2026	By:	/s/ Brian Igoe
		Brian Igoe
		(Principal Financial and Accounting Officer)