v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt

Note 6. Debt

 

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

 

                
   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:

 

                    
   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:

 

          
   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:

 

          
   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.