UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2026

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

Commission File Number: 814-01843

Lord Abbett Private Credit Fund S

(Exact name of registrant as specified in its charter)

Delaware		99-5126353
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

30 Hudson Street Jersey City, New Jersey		07302
(Address of principal executive offices)		(Zip Code)

(888) 522-2388

(Registrant’s telephone number, including area code)

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

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

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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	☒	Smaller reporting company	☐

		Emerging growth company	☒

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

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

As of November 12, 2026, the registrant had 9,367,081 shares of common stock, $0.01 par value per share, outstanding.

Lord Abbett Private Credit Fund S

Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2026

Cautionary Statement Regarding Forward-Looking Statements

Part I. Financial Information		1

Item 1.	CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	1

	Consolidated Statements of Assets and Liabilities (Unaudited)	1

	Consolidated Statements of Operations (Unaudited)	2

	Consolidated Statements of Changes in Net Assets (Unaudited)	3

	Consolidated Statement of Cash Flows (Unaudited)	4

	Consolidated Schedule of Investments (Unaudited)	5

	Notes to the Consolidated Financial Statements (Unaudited)	20

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43

Item 3.	Quantitative and Qualitative Disclosures About Market Risks	52

Item 4.	Controls and Procedures	53

Part II. Other Information		53

Item 1.	Legal Proceedings	53

Item 1A.	Risk Factors	53

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54

Item 3.	Defaults Upon Senior Securities	54

Item 4.	Mine Safety Disclosures	54

Item 5.	Other Information	54

Item 6.	Exhibits	55

Signatures		56

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. We are externally managed by the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

risk associated with possible disruptions in our operations or the economy generally;

•

changes in the general interest rate environment;

•

general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•

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;

•

the ability of our portfolio companies to achieve their objectives;

•

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

•

the adequacy of our financing sources and working capital;

•

the timing and amount 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 as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

•

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

•

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

•

the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. This Quarterly Report on Form 10-Q contains forward-looking statements, which may relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those described or identified in the section entitled “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we may file with the SEC in the future, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Lord Abbett Private Credit Fund S

Consolidated Statements of Assets and Liabilities (Unaudited)

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

	September 30, 2026			December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost $458,881 and $299,161, respectively)	$	457,142		$	299,851
Controlled/affiliated investments (cost $25,908 and $18,756, respectively)		25,850			18,764
Total investments at fair value (cost of $484,789 and $317,917, respectively)	$	482,992		$	318,615
Cash and cash equivalents		14,996			19,201
Interest receivable from non-controlled/non-affiliated investments		3,535			1,208
Dividend receivable from controlled/affiliated investments		740			489
Due from affiliate		378			—
Receivable for investments sold		286			16
Foreign currencies (cost $3 and $46, respectively)		3			46
Other assets		2			2
Total assets	$	502,932		$	339,577

LIABILITIES
Debt (net of deferred financing costs $3,940 and $4,522, respectively) (Note 5)	$	264,529		$	191,005
Subscriptions received in advance (Note 9)		4,180			12,625
Interest payable		3,085			2,065
Distribution payable		1,746			964
Professional fees payable		1,152			395
Income incentive fees payable (Note 3)		759			429
Due to affiliate		205			1,161
Management fees payable (Note 3)		188			106
Distribution and shareholder servicing fees payable (Note 3)		160			90
Accrued expenses and other liabilities		107			173
Administration fees payable (Note 3)		47			27
Payables for investment purchased		—			3,032
Capital gains incentive fees payable (Note 3)		—			85
Total liabilities	$	276,158		$	212,157
Total net assets	$	226,774		$	127,420
Commitments and contingencies (Note 6)
NET ASSETS
Common shares, $0.01 par value (9,187,784 and 5,073,629 shares issued and outstanding, respectively, unlimited number of authorized shares)	$	92		$	51
Paid in capital in excess of par value		229,153			126,935
Total distributable earnings (accumulated loss)		(2,471	)		434
Total net assets	$	226,774		$	127,420
Total liabilities and net assets	$	502,932		$	339,577
Net asset value per share	$	24.68		$	25.11

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund S

Consolidated Statements of Operations (Unaudited)

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

	For the three months ended September 30, 2026			For the three months ended September 30, 2025			For the nine months ended September 30, 2026			For the nine months ended September 30, 2025
Investment income
Non-controlled/non-affiliated investments:
Interest income	$	9,551		$	5,431		$	25,410		$	11,385
Payment-in-kind interest income		129			—			381			—
Fee income		409			161			930			399
Controlled/affiliated investments:
Dividend income		740			425			1,909			562
Total investment income	$	10,829		$	6,017		$	28,630		$	12,346

Expenses
Interest expense	$	3,843		$	2,652		$	10,385		$	5,569
Income incentive fees (Note 3)		759			369			1,976			652
Professional fees		630			363			1,270			753
Management fees (Note 3)		538			273			1,434			457
Distribution and shareholder servicing fees (Note 3)		457			232			1,219			348
Other general & administrative		140			19			303			101
Administration fees (Note 3)		134			68			358			114
Organizational costs		—			—			—			180
Capital gains incentive fees (Note 3)		—			28			(85	)		63
Total expenses	$	6,501		$	4,004		$	16,860		$	8,237
Expense reimbursement (Note 3)	$	(525	)	$	(310	)	$	(923	)	$	(1,039	)
Management fees waived (Note 3)		—			—			—			(48	)
Net expenses	$	5,976		$	3,694		$	15,937		$	7,150
Net investment income (loss)	$	4,853		$	2,323		$	12,693		$	5,196

Net realized gain (loss) and change in unrealized appreciation (depreciation)
Non-controlled/non-affiliated investments	$	—		$	—		$	87		$	—
Net realized gain (loss)	$	—		$	—		$	87		$	—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	$	(137	)	$	138		$	(2,403	)	$	499
Controlled/Affiliated investments		71			87			(66	)		87
Net change in unrealized appreciation (depreciation)	$	(66	)	$	225		$	(2,469	)	$	586
Net realized gain (loss) and change in unrealized appreciation (depreciation)	$	(66	)	$	225		$	(2,382	)	$	586
Net increase (decrease) in net assets resulting from operations	$	4,787		$	2,548		$	10,311		$	5,782

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund S

Consolidated Statements of Changes in Net Assets (Unaudited)

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

	For the three months ended September 30, 2026			For the three months ended September 30, 2025			For the nine months ended September 30, 2026			For the nine months ended September 30, 2025
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	4,853		$	2,323		$	12,693		$	5,196
Net realized gain (loss)		—			—			87			—
Net change in unrealized appreciation (depreciation)		(66	)		225			(2,469	)		586
Net increase (decrease) in net assets resulting from operations	$	4,787		$	2,548		$	10,311		$	5,782

Distributions to common shareholders:
Distributions from net investment income	$	(4,977	)	$	(2,711	)	$	(13,218	)	$	(5,544	)
Net decrease in net assets resulting from distributions	$	(4,977	)	$	(2,711	)	$	(13,218	)	$	(5,544	)

Capital share transactions:
Proceeds from capital contributions/shares sold	$	25,612		$	13,003		$	101,138		$	94,803
Distributions reinvested		620			—			1,123			—
Net increase (decrease) from capital share transactions	$	26,232		$	13,003		$	102,261		$	94,803
Total increase (decrease) in net assets	$	26,042		$	12,840		$	99,354		$	95,041
Net assets, beginning of period	$	200,732		$	102,401		$	127,420		$	20,200
Net assets, end of period	$	226,774		$	115,241		$	226,774		$	115,241

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund S

Consolidated Statements of Cash Flows (Unaudited)

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

	For the nine months ended September 30, 2026			For the nine months ended September 30, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	10,311		$	5,782
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss		(87	)		—
Net change in unrealized (appreciation) depreciation		2,469			(586	)
Purchases of investments		(290,851	)		(226,452	)
Payment-in-kind interest income capitalized		(381	)		—
Proceeds from sales and principal repayments		125,535			20,628
Net amortization (accretion) on investments		(1,087	)		(376	)
Amortization of deferred financing costs		764			469
Changes in operating assets and liabilities:
Interest receivable from non-controlled/non-affiliated investments		(2,327	)		(1,139	)
Dividend receivable from controlled/affiliated investments		(251	)		(425	)
Due from affiliate		(378	)		23
Receivable for investments sold		(270	)		(31	)
Other assets		—			(5	)
Interest payable		1,020			1,393
Income incentive fees payable		330			369
Professional fees payable		757			153
Due to affiliate		(956	)		—
Management fees payable		82			96
Administration fees payable		20			24
Accrued expenses and other liabilities		(66	)		366
Payables for investment purchased		(3,032	)		—
Capital gains incentive fees payable		(85	)		63
Distribution and shareholder servicing fees payable		70			82
Net cash provided by (used in) operating activities	$	(158,413	)	$	(199,566	)

Cash flows from financing activities:
Borrowings of debt		323,350			413,939
Repayments of debt		(250,382	)		(299,639	)
Subscriptions received in advance		4,180			—
Proceeds from shares sold		88,513			94,803
Income distributions to common shareholders, net of distributions payable and reinvested		(11,313	)		(4,823	)
Deferred financing costs paid		(183	)		(4,453	)
Net cash provided by (used in) financing activities	$	154,165		$	199,827
Net increase (decrease) in cash, cash equivalents and foreign currencies		(4,248	)		261
Cash, cash equivalents and foreign currencies at beginning of period		19,247			3,855
Cash, cash equivalents, and foreign currencies at end of period	$	14,999		$	4,116

Supplemental cash flow information
Interest paid during the period	$	8,601		$	3,707
Reinvestment of distributions during the period	$	1,123		$	—
Payment-in-kind interest income	$	381		$	—

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund S

Consolidated Schedule of Investments (Unaudited)
September 30, 2026
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾			Fair Value			% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Secured Debt^{(4) (5)}
Aerospace & Defense
AA&D Midco Inc (Revolver)⁽⁶⁾	3M S + 4.25%	8.32%	11/29/2030	$	84	$	65		$	84			0.04	%
AA&D Midco Inc (Term Loan)	3M S + 4.25%	8.32%	11/29/2030		22,848		22,643			22,848			10.08
Accel International Holdings Inc (Term Loan)	1M S + 4.25%	8.15%	4/26/2032		568		565			568			0.25
Accel International Holdings Inc (Revolver)⁽⁶⁾	1M S + 4.25%	N/A	4/26/2032		—		(9	)		—			—
Advanced Integration Technology LP (Term Loan)	1M S + 5.75%	9.65%	6/1/2033		19,526		19,338			19,331			8.52
Electro Methods (Term Loan)	3M S + 4.50%	8.26%	2/23/2032		10,644		10,514			10,631			4.69
Electro Methods (Revolver)⁽⁶⁾	3M S + 4.50%	N/A	2/23/2032		—		(30	)		(3	)		—
International Aerospace Coatings Holdings LP (Term Loan)⁽⁷⁾	3M S + 5.25%	8.89%	5/14/2032		10,314		10,160			10,185			4.49
International Aerospace Coatings Holdings LP (Delayed Draw)^{(6) (7)}	3M S + 5.25%	9.01%	5/14/2032		459		448			440			0.19
							63,694			64,084			28.26
Air Freight & Logistics
Auctane, Inc. (6th Amendment Incremental Term Loan 2026)	3M S + 5.75%	9.51%	6/1/2033		7,218		7,113			7,127			3.14
eShipping LLC (Term Loan)	3M S + 4.25%	8.32%	12/23/2032		5,244		5,220			5,244			2.31
eShipping LLC (Delayed Draw)⁽⁶⁾	3M S + 4.25%	N/A	12/23/2032		—		(4	)		—			—
eShipping LLC (Revolver)⁽⁶⁾	3M S + 4.25%	N/A	12/23/2032		—		(4	)		—			—
ICAT Intermediate Holdings LLC (Term Loan)	1M S + 6.25%	10.15%	3/1/2029		4,100		4,054			4,018			1.77
ICAT Intermediate Holdings LLC (Delayed Draw)	1M S + 6.25%	10.15%	3/1/2029		2,065		2,043			2,024			0.89
ICAT Intermediate Holdings LLC (Revolver)⁽⁶⁾	1M S + 6.25%	N/A	3/1/2029		—		(5	)		(8	)		—
ICAT Intermediate Holdings LLC (Delayed Draw 2026 5th Amendment)	1M S + 6.25%	10.01%	3/1/2029		1,029		1,016			1,009			0.45
ICAT Intermediate Holdings LLC (Term Loan 2026)	1M S + 6.25%	10.01%	3/1/2029		1,480		1,452			1,451			0.64
ICAT Intermediate Holdings LLC (Delayed Draw 2026 Term Loan A)	1M S + 6.25%	10.15%	3/1/2029		395		388			387			0.17
ICAT Intermediate Holdings LLC (Delayed Draw 2026 Term Loan B)	1M S + 6.25%	10.07%	3/1/2029		213		207			209			0.09
RJW Logistics Group, Inc (Delayed Draw 2024)⁽⁶⁾	3M S + 5.00%	8.76%	11/26/2031		1,750		1,739			1,733			0.76
RJW Logistics Group, Inc (Term Loan)	3M S + 5.00%	9.07%	11/26/2031		27,715		27,497			27,473			12.12
							50,716			50,667			22.34
Building Materials
CP Atlas Buyer, Inc. (Term Loan)⁽⁸⁾	1M S + 5.25%	9.15%	7/8/2030		3,564		3,452			2,941			1.30
							3,452			2,941			1.30
Commercial Services & Supplies
Ambient Enterprises Holdco LLC, (Term Loan 2025 2nd Amendment)	3M S + 5.50%	9.57%	6/28/2030		380		375			375			0.17
Ambient Enterprises Holdco LLC, (Delayed Draw 2024)	3M S + 5.50%	9.57%	6/28/2030		421		418			415			0.18
Ambient Enterprises Holdco LLC, (Term Loan 2025 3rd Amendment)	3M S + 5.50%	9.57%	6/28/2030		309		304			304			0.13
Ambient Enterprises Holdco LLC, (Delayed Draw 2025 Term Loan C)	3M S + 5.50%	9.57%	6/28/2030		518		514			511			0.22
Ambient Enterprises Holdco LLC, (Delayed Draw 2025 Term Loan B)	3M S + 5.50%	9.57%	6/28/2030		650		646			641			0.28
Ambient Enterprises Holdco LLC, (Term Loan 2024)	3M S + 5.50%	9.57%	6/28/2030		6,891		6,838			6,797			3.00
Ambient Enterprises Holdco LLC, (Delayed Draw 2026 Term Loan D)⁽⁶⁾	3M S + 5.50%	9.57%	6/28/2030		134		130			131			0.06
Ambient Enterprises Holdco LLC, (Term Loan 2026 5th Amendment)	3M S + 5.50%	9.57%	6/28/2030		1,543		1,517			1,522			0.67
Cards-Live Oak Holdings, Inc. (Term Loan)	3M S + 4.75%	8.82%	10/21/2032		3,995		3,977			3,960			1.75
Cards-Live Oak Holdings, Inc. (Revolver)⁽⁶⁾	3M S + 4.75%	8.82%	10/21/2032		674		671			667			0.29
Cards-Live Oak Holdings, Inc. (Delayed Draw)⁽⁶⁾	3M S + 4.75%	8.82%	10/21/2032		1,245		1,236			1,231			0.54
JFL-Atomic AcquisitionCo, Inc. (Term Loan)	3M S + 4.75%	8.48%	2/20/2031		17,224		17,018			16,965			7.48
JFL-Atomic AcquisitionCo, Inc. (Delayed Draw)⁽⁶⁾	3M S + 4.75%	8.59%	2/20/2031		6,931		6,845			6,818			3.01

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund S
Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2026
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾			Fair Value			% of Net Assets
JFL-Atomic AcquisitionCo, Inc. (Revolver)⁽⁶⁾	1M S + 4.75%	8.65%	2/20/2031	$	478	$	454		$	443			0.19	%
Meridian Waste Acquisitions, LLC (Revolver)⁽⁶⁾	3M S + 3.38%	7.25%	8/30/2029		454		450			454			0.20
Meridian Waste Acquisitions, LLC (Term Loan)	3M S + 3.88%	7.84%	8/30/2029		3,452		3,439			3,452			1.52
Meridian Waste Acquisitions, LLC (Delayed Draw 2026 Term Loan)⁽⁶⁾	3M S + 3.88%	7.61%	8/30/2029		239		239			239			0.11
Pearl Acquisition Buyer, Inc. (Revolver)⁽⁶⁾	3M S + 4.50%	8.57%	12/31/2032		245		243			242			0.11
Pearl Acquisition Buyer, Inc. (Delayed Draw)⁽⁶⁾	3M S + 4.50%	N/A	12/31/2032		—		(3	)		(7	)		—
Pearl Acquisition Buyer, Inc. (Term Loan)	3M S + 4.50%	8.57%	12/31/2032		4,695		4,674			4,672			2.06
							49,985			49,832			21.97
Construction & Engineering
Accelevation LLC (4th Amendment Term Loan 2026)	1M S + 5.25%	9.15%	1/2/2031		2,579		2,542			2,579			1.14
NDT Global Holding Inc. (Delayed Draw)^{(6) (7)}	1M S + 4.50%	N/A	6/4/2032		—		(59	)		(41	)		(0.02	)
							2,483			2,538			1.12
Containers & Packaging
Schoeneck Containers, LLC (Revolver)⁽⁶⁾	1M S + 4.10%	8.12%	5/7/2028		716		711			716			0.32
							711			716			0.32
Diversified Telecommunication Services
Spectrotel MidCo II LLC (Delayed Draw)⁽⁶⁾	3M S + 5.25%	N/A	9/30/2033		—		(2	)		(2	)		—
Spectrotel MidCo II LLC (Revolver)⁽⁶⁾	3M S + 5.25%	N/A	9/30/2033		—		(7	)		(7	)		(0.01	)
Spectrotel MidCo II LLC (Term Loan)	3M S + 5.25%	9.32%	9/30/2033		3,005		2,967			2,967			1.31
							2,958			2,958			1.30
Electrical Equipment
AMP Purchaser, LLC (Term Loan)	1M S + 4.50%	8.40%	4/1/2033		8,226		8,188			8,216			3.62
AMP Purchaser, LLC (Revolver)⁽⁶⁾	1M S + 4.50%	N/A	4/1/2033		—		(5	)		(1	)		—
Centaur Holdings III LLC (Term Loan)	3M S + 4.50%	8.57%	9/5/2031		5,052		5,009			5,052			2.23
Centaur Holdings III LLC (Revolver)⁽⁶⁾	3M S + 4.50%	8.57%	9/5/2031		360		355			360			0.16
Centaur Holdings III LLC (Delayed Draw)⁽⁶⁾	3M S + 4.50%	8.57%	9/5/2031		312		307			312			0.14
Cowboys Acquisition Inc. (Term Loan)⁽⁶⁾	3M S + 4.75%	8.85%	9/28/2033		1,552		1,537			1,537			0.68
Cowboys Acquisition Inc. (Delayed Draw)⁽⁶⁾	3M S + 4.75%	N/A	9/28/2033		—		(5	)		(5	)		—
Livewire Acquisition, Inc. (1st Amendment Incremental Term Loan)	1M S + 4.75%	8.65%	12/31/2032		11,786		11,670			11,670			5.15
Livewire Acquisition, Inc. (Revolver)⁽⁶⁾	1M S + 4.75%	N/A	12/31/2032		—		(39	)		(39	)		(0.02	)
Maverick Power, LLC (Term Loan)	3M S + 5.00%	8.75%	5/4/2031		3,055		3,015			3,116			1.37
							30,032			30,218			13.33
Financial Services
Empower Payments Investor, LLC (Term Loan)	3M S + 4.75%	8.57%	3/12/2031		4,764		4,729			4,764			2.10
Empower Payments Investor, LLC (Delayed Draw)⁽⁶⁾	3M S + 4.75%	N/A	3/12/2031		—		(27	)		—			—
Forge Borrower, LLC (Revolver)⁽⁶⁾	3M S + 4.25%	N/A	1/31/2033		—		(5	)		—			—
Forge Borrower, LLC (Delayed Draw)⁽⁶⁾	3M S + 4.25%	N/A	1/31/2033		—		(11	)		—			—
MAI Capital Management Intermediate LLC (Revolver)⁽⁶⁾	3M S + 4.75%	N/A	8/29/2031		—		(1	)		(5	)		—
MAI Capital Management Intermediate LLC (Delayed Draw)⁽⁶⁾	3M S + 4.75%	N/A	8/29/2031		—		(19	)		(15	)		(0.01	)
							4,666			4,744			2.09
Food Products
Frozen Garlic Bread Holdings Inc (Delayed Draw)^{(6) (7)}	3M S + 4.75%	N/A	2/6/2032		—		(11	)		(74	)		(0.03	)
Frozen Garlic Bread Holdings Inc (Term Loan)⁽⁷⁾	3M S + 4.75%	8.82%	2/6/2032		12,809		12,751			12,425			5.48
Frozen Garlic Bread Holdings Inc (Revolver)^{(6) (7)}	3M S + 4.75%	8.82%	2/6/2032		644		636			594			0.26
							13,376			12,945			5.71
Health Care Equipment & Supplies
MGS MFG. Group, Inc. (Delayed Draw)	1M S + 4.50%	8.50%	12/31/2028		5,572		5,567			5,517			2.43
MGS MFG. Group, Inc. (Revolver)⁽⁶⁾	1M P + 3.50%	10.50%	12/31/2028		1,883		1,874			1,838			0.81
MGS MFG. Group, Inc. (Term Loan)	1M S + 4.50%	8.50%	12/31/2028		6,659		6,619			6,593			2.91
MGS MFG. Group, Inc. (2026 1st Amendment Delayed Draw Term Loan)⁽⁶⁾	1M S + 4.50%	8.50%	12/31/2028		1,052		1,039			1,029			0.45

The accompanying notes are an integral part of these Consolidated Financial Statements.

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾			Fair Value			% of Net Assets
StateServ Acquisition, Inc. (Revolver)⁽⁶⁾	3M S + 4.50%	N/A	7/18/2033	$	—	$	(7	)	$	(7	)		—	%
StateServ Acquisition, Inc. (Delayed Draw)⁽⁶⁾	3M S + 4.50%	N/A	7/18/2033		—		(3	)		(3	)		—
							15,089			14,967			6.60
Health Care Providers & Services
Continental Buyer Inc (Revolver)⁽⁶⁾	1M S + 4.75%	N/A	4/2/2031		—		(18	)		(25	)		(0.01	)
Continental Buyer Inc (2025 Incremental Delayed Draw Term Loan)	1M S + 4.75%	8.65%	4/2/2031		12,609		12,563			12,546			5.53
Continental Buyer Inc (2 Incremental Term Loan 2025)	1M S + 4.75%	8.65%	4/2/2031		2,027		2,018			2,017			0.89
Continental Buyer Inc (Delayed Draw)⁽⁶⁾	1M S + 4.75%	8.65%	4/2/2031		116		115			114			0.05
Falcon Parent Holdings Inc (Term Loan)	3M S + 5.50% (Incl. 2.75% PIK)	9.26%	11/6/2031		18,377		18,208			18,055			7.96
Falcon Parent Holdings Inc (Revolver)⁽⁶⁾	3M S + 5.00%	8.75%	11/6/2031		227		207			195			0.09
Falcon Parent Holdings Inc (Delayed Draw)⁽⁶⁾	3M S + 5.50% (Incl. 2.75% PIK)	N/A	11/6/2031		—		(27	)		(21	)		(0.01	)
Genova Diagnostics, Inc. (Term Loan)	1M S + 6.75%	10.65%	12/23/2030		8,293		8,094			8,024			3.54
Genova Diagnostics, Inc. (Delayed Draw)	1M S + 6.75%	10.65%	12/23/2030		892		871			863			0.38
Genova Diagnostics, Inc. (Revolver)⁽⁶⁾	1M S + 6.75%	N/A	12/23/2030		—		(15	)		(21	)		(0.01	)
SCHP Purchaser, Inc. (Incremental Term Loan A 2026)	3M S + 5.00%	8.82%	10/22/2032		4,474		4,431			4,468			1.97
SMG Operating CO LLC (Term Loan)	1M S + 5.00%	8.69%	12/5/2030		5,274		5,205			5,161			2.28
SMG Operating CO LLC (Revolver)⁽⁶⁾	1M S + 5.00%	N/A	12/5/2030		—		(8	)		(13	)		(0.01	)
SMG Operating CO LLC (Delayed Draw)⁽⁶⁾	1M S + 5.00%	N/A	12/5/2030		—		(6	)		(19	)		(0.01	)
							51,638			51,344			22.64
Hotels, Restaurants & Leisure
Excursions Buyer, LLC (Term Loan)	3M S + 5.50%	9.27%	11/21/2031		2,601		2,578			2,581			1.14
							2,578			2,581			1.14
Insurance
World Insurance Associates, LLC (Delayed Draw 2025)	3M S + 5.00%	9.07%	4/3/2030		4,983		4,965			4,933			2.18
World Insurance Associates, LLC (Revolver)⁽⁶⁾	3M S + 5.00%	N/A	4/3/2030		—		(1	)		(3	)		—
World Insurance Associates, LLC (Tranche 2 Delayed Draw 2026)⁽⁶⁾	3M S + 5.00%	N/A	4/3/2030		—		(19	)		(41	)		(0.02	)
							4,945			4,889			2.16
IT Services
Association Resource Group, LLC (Delayed Draw)⁽⁶⁾	3M S + 4.75%	N/A	2/2/2033		—		(31	)		(59	)		(0.03	)
Association Resource Group, LLC (Term Loan)	3M S + 4.75%	8.48%	2/2/2033		8,291		8,214			8,219			3.62
Association Resource Group, LLC (Revolver)⁽⁶⁾	3M S + 4.75%	N/A	2/2/2033		—		(17	)		(17	)		(0.01	)
Bridgepointe Technologies, LLC (Term Loan)	3M S + 4.75%	8.82%	4/18/2033		12,273		12,157			12,197			5.38
Bridgepointe Technologies, LLC (Delayed Draw)⁽⁶⁾	3M S + 4.75%	8.82%	4/18/2033		863		836			833			0.37
Bridgepointe Technologies, LLC (Revolver)⁽⁶⁾	3M S + 4.75%	N/A	4/18/2033		—		(15	)		(10	)		—
Earth Resources Technology, LLC (Term Loan B)	3M S + 5.00%	8.74%	2/17/2033		15,529		15,222			15,222			6.71
Uptime Institute (Term Loan)	1M S + 5.00%	8.78%	1/12/2029		6,026		6,016			6,026			2.66
							42,382			42,411			18.70
Leisure Products
Reveal Midco, LLC (Term Loan)	3M S + 5.50%	9.48%	9/17/2032		3,238		3,173			3,173			1.40
Reveal Midco, LLC (Revolver)⁽⁶⁾	3M S + 5.50%	N/A	9/17/2031		—		(6	)		(6	)		—
							3,167			3,167			1.40
Machinery
Iris Acquisition, LLC (Revolver)⁽⁶⁾	1M S + 5.00%	8.77%	6/9/2033		1,964		1,936			1,935			0.85
Iris Acquisition, LLC (Delayed Draw)⁽⁶⁾	1M S + 5.00%	N/A	6/9/2033		—		(9	)		(18	)		(0.01	)
Komline-Sanderson Group, Inc. (Revolver)⁽⁶⁾	3M S + 5.75%	9.49%	9/6/2029		105		103			103			0.05
Komline-Sanderson Group, Inc. (Term Loan 2024)	3M S + 5.75%	9.70%	9/6/2029		1,170		1,158			1,158			0.51
Komline-Sanderson Group, Inc. (Term Loan 2025 1st Amendment)	1M S + 5.75%	9.65%	9/6/2029		532		526			526			0.23
Komline-Sanderson Group, Inc. (Term Loan 2026 2nd Amendment)⁽⁶⁾	3M S + 5.75%	9.79%	9/6/2029		472		456			456			0.20
LR Purchaser LLC (Revolver)⁽⁶⁾	1M S + 4.25%	N/A	3/19/2031		—		(33	)		(33	)		(0.01	)
Rental Equipment Investment Co. (Term Loan)	6M S + 5.00%	8.85%	10/8/2030		1,158		1,146			1,146			0.51

The accompanying notes are an integral part of these Consolidated Financial Statements.

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾			Fair Value			% of Net Assets
Rental Equipment Investment Co. (Revolver)⁽⁶⁾	6M S + 5.00%	9.26%	10/8/2030	$	1,080	$	1,066		$	1,067			0.47	%
Solve Industrial Motion Group LLC (Delayed Draw)⁽⁶⁾	1M S + 4.75%	8.53%	6/30/2027		3,191		3,172			3,184			1.40
Solve Industrial Motion Group LLC (Term Loan)	1M S + 4.50%	8.28%	6/30/2027		289		286			288			0.13
							9,807			9,812			4.33
Personal Care Products
Arkas Bidco Limited (Term Loan)⁽⁷⁾	3M S + 5.75%	9.48%	11/8/2032		3,558		3,493			3,522			1.55
							3,493			3,522			1.55
Pharmaceuticals
Meta Buyer LLC (Term Loan 2025 AUD)	3M B + 5.25%	9.76%	12/22/2031		2,757		1,806			1,900			0.84
Meta Buyer LLC (Term Loan 2025 USD)	3M S + 5.25%	9.00%	12/22/2031		1,965		1,948			1,951			0.86
Meta Buyer LLC (Term Loan 2025 EUR)	3M E + 5.25%	7.56%	12/22/2031		2,342		2,718			2,632			1.16
Meta Buyer LLC (Delayed Draw 2025 Term Loan USD)⁽⁶⁾	3M S + 5.25%	9.00%	12/22/2031		262		253			253			0.11
Meta Buyer LLC (Revolver)⁽⁶⁾	3M S + 5.25%	9.30%	12/22/2031		239		232			233			0.10
Meta Buyer LLC (Specified Delayed Draw 2025)	3M S + 5.25%	9.00%	12/22/2031		609		605			604			0.27
							7,562			7,573			3.34
Professional Services
Accordion Partners LLC (Revolver)⁽⁶⁾	3M S + 5.00%	N/A	11/17/2031		—		(2	)		(3	)		—
Accordion Partners LLC (Delayed Draw)⁽⁶⁾	3M S + 5.00%	9.07%	11/17/2031		721		713			706			0.31
Accordion Partners LLC (Term Loan)	3M S + 5.00%	8.98%	11/17/2031		4,074		4,065			4,054			1.79
Aprio Advisory Group, LLC (Revolver)⁽⁶⁾	3M S + 4.75%	N/A	8/1/2031		—		(5	)		(7	)		—
Aprio Advisory Group, LLC (Delayed Draw)⁽⁶⁾	3M S + 4.75%	8.82%	8/1/2031		553		523			469			0.21
Cherry Bekaert Advisory LLC (Revolver)⁽⁶⁾	3M S + 5.00%	N/A	6/28/2030		—		(2	)		(4	)		—
Cherry Bekaert Advisory LLC (Delayed Draw 2025 6th Amendment Term Loan)	3M S + 4.75%	8.82%	6/28/2030		168		166			165			0.07
Cherry Bekaert Advisory LLC (Term Loan)	3M S + 4.75%	8.82%	6/28/2030		419		413			411			0.18
Cherry Bekaert Advisory LLC (Delayed Draw)	3M S + 4.75%	8.82%	6/28/2030		173		170			170			0.07
Cherry Bekaert Advisory LLC (Delayed Draw 2023 1st Amendment Term Loan)	3M S + 4.75%	8.82%	6/28/2030		133		131			131			0.06
Cherry Bekaert Advisory LLC (1st Lien Incremental Term Loan 2023)	3M S + 4.75%	8.82%	6/28/2030		102		101			100			0.04
Cherry Bekaert Advisory LLC (Term Loan 2025 6th Amendment)	3M S + 4.75%	8.82%	6/28/2030		168		166			165			0.07
Cherry Bekaert Advisory LLC (Incremental Term Loan 2026 8th Amendment)	3M S + 5.00%	9.07%	6/28/2030		1,172		1,152			1,160			0.51
Cherry Bekaert Advisory LLC (Delayed Draw 2026 8th Amendment Term Loan)⁽⁶⁾	3M S + 5.00%	N/A	6/28/2030		—		(10	)		(12	)		(0.01	)
ComPsych Investment Corp. (Delayed Draw)⁽⁶⁾	3M S + 4.75%	N/A	7/22/2031		—		(4	)		(4	)		—
ComPsych Investment Corp. (Term Loan)	3M S + 4.75%	8.48%	7/22/2031		2,505		2,492			2,492			1.10
Investor Group Services LLC (Delayed Draw)⁽⁶⁾	1M S + 5.50%	N/A	9/25/2031		—		(13	)		(13	)		(0.01	)
Investor Group Services LLC (Revolver)⁽⁶⁾	1M S + 5.50%	9.40%	9/25/2031		842		829			829			0.37
Investor Group Services LLC (Term Loan)	1M S + 5.50%	9.40%	9/25/2031		4,874		4,825			4,825			2.13
Lighthouse Technologies Holding Corp (Revolver)⁽⁶⁾	3M S + 4.75%	N/A	12/31/2029		—		(1	)		(1	)		—
Lighthouse Technologies Holding Corp (Term Loan 2021)	3M S + 4.75%	8.82%	12/31/2029		1,118		1,118			1,112			0.49
Lighthouse Technologies Holding Corp (4th Amendment Term Loan 2025)	3M S + 4.75%	8.82%	12/31/2029		2,253		2,243			2,241			0.99
Pioneer Power Group LLC (Term Loan)	3M S + 4.75%	8.82%	9/27/2032		7,508		7,433			7,433			3.28
Pioneer Power Group LLC (Revolver)⁽⁶⁾	3M S + 4.75%	N/A	9/27/2032		—		(30	)		(30	)		(0.01	)
Pioneer Power Group LLC (Delayed Draw)⁽⁶⁾	3M S + 4.75%	N/A	9/27/2032		—		(37	)		(37	)		(0.02	)
							26,436			26,352			11.62
Real Estate Management & Development
Vacation Rental Brands, LLC (Term Loan 2025)	3M S + 4.75%	8.82%	5/6/2032		11,181		11,090			10,958			4.83
Vacation Rental Brands, LLC (Revolver)⁽⁶⁾	3M S + 4.75%	N/A	5/6/2032		—		(11	)		(18	)		(0.01	)

The accompanying notes are an integral part of these Consolidated Financial Statements.

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾			Fair Value			% of Net Assets
Vacation Rental Brands, LLC (Incremental Term Loan 2025)	3M S + 4.75%	8.82%	5/6/2032	$	712	$	706		$	698			0.31	%
Vacation Rental Brands, LLC (Delayed Draw)⁽⁶⁾	3M S + 4.75%	N/A	5/6/2032		—		(5	)		(10	)		—
							11,780			11,628			5.13
Software
Databricks Inc (Delayed Draw)⁽⁶⁾	1M S + 4.50%	N/A	1/5/2032		—		(9	)		—			—
Databricks Inc (Term Loan)	1M S + 4.50%	8.27%	1/5/2032		12,688		12,639			12,688			5.60
LeadVenture, Inc (Delayed Draw)⁽⁶⁾	3M S + 5.00%	9.07%	6/23/2032		773		761			733			0.32
LeadVenture, Inc (Term Loan)	3M S + 5.00%	9.07%	6/23/2032		8,333		8,226			8,125			3.58
LeadVenture, Inc (Revolver)⁽⁶⁾	3M S + 5.00%	9.07%	6/23/2032		187		177			167			0.07
							21,794			21,713			9.57
Specialty Retail
Spotless Brands, LLC (Delayed Draw)⁽⁶⁾	6M S + 5.00%	8.83%	7/25/2028		1,360		1,349			1,333			0.59
							1,349			1,333			0.59
Telecommunication Services
CCI Buyer, Inc. (Revolver)⁽⁶⁾	3M S + 5.00%	N/A	5/13/2032		—		(4	)		(1	)		—
CCI Buyer, Inc. (Term Loan)	3M S + 5.00%	9.07%	5/13/2032		7,401		7,339			7,382			3.25
							7,335			7,381			3.25
Textiles, Apparel & Luxury Goods
Colorescience Inc (Revolver)⁽⁶⁾	3M S + 4.25%	N/A	1/23/2032		—		(3	)		—			—
Kravet Inc. (Revolver)⁽⁶⁾	3M S + 5.00%	N/A	11/26/2030		—		(24	)		—			—
Kravet Inc. (Term Loan)	3M S + 5.00%	9.07%	11/26/2030		10,776		10,656			10,776			4.75
							10,629			10,776			4.75
Trading Companies and Distributors
PT Intermediate Holdings III, LLC (Term Loan)	3M S + 4.75%	8.82%	4/9/2030		2,959		2,932			2,944			1.30
Radwell Parent, LLC (Revolver)⁽⁶⁾	3M S + 4.75%	8.82%	4/1/2030		26		26			26			0.01
Radwell Parent, LLC (Term Loan 1st Amendment)	3M S + 4.75%	8.82%	4/1/2030		1,410		1,407			1,410			0.62
Radwell Parent, LLC (Term Loan)	3M S + 4.75%	8.82%	4/1/2030		3,155		3,148			3,155			1.39
Radwell Parent, LLC (Delayed Draw 2024 Term Loan)	3M S + 4.75%	8.82%	4/1/2030		317		317			317			0.14
Radwell Parent, LLC (Delayed Draw 2026 4th Amendment Term Loan)⁽⁶⁾	3M S + 4.75%	8.82%	4/1/2030		87		82			87			0.04
							7,912			7,939			3.50
Total First Lien Secured Debt						$	449,969		$	449,031			198.01	%
Second Lien Secured Debt^{(4) (5)}
Software
SolarWinds Holdings, Inc. (Term Loan)	3M S + 6.00%	9.95%	4/18/2033		9,000		8,718			7,898			3.48
							8,718			7,898			3.48
Total Second Lien Secured Debt						$	8,718		$	7,898			3.48	%
Equity⁽⁴⁾
Leisure Products
Tactacam ⁽⁹⁾	N/A	N/A	N/A		84		84			84			0.04
							84			84			0.04
Personal Care Products
Arkas Bidco Limited Equity ^{(7) (9) (10)}	N/A	N/A	N/A		110		110			129			0.05
							110			129			0.05
Total Equity						$	194		$	213			0.09	%

The accompanying notes are an integral part of these Consolidated Financial Statements.

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾		Fair Value		% of Net Assets
Investments-controlled/affiliated
Investments in Joint Venture^{(4) (5) (11)}
SBLA Private Credit II, LLC ⁽⁷⁾	N/A	N/A	N/A	$	25,908	$	25,908	$	25,850		11.40	%
Total Investments in Joint Venture						$	25,908	$	25,850		11.40	%
Total Investments⁽¹²⁾						$	484,789	$	482,992		212.98	%

⁽¹⁾

Unless otherwise indicated, debt investments held by the Company are denominated in U.S. dollars and are income producing.

⁽²⁾

Unless otherwise indicated, each loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S”), or an alternate base rate (commonly based on the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of September 30, 2026.

⁽³⁾

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

⁽⁴⁾

All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 - Investments”).

⁽⁵⁾

Unless otherwise indicated, issuers of debt held by the Company are domiciled in the United States.

⁽⁶⁾

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. See below for more information on the Company’s unfunded commitments:

Investments	Maturity Date	Unfunded
AA&D Midco Inc (Revolver)	11/29/2030	$	2,011
Accel International Holdings Inc (Revolver)	4/26/2032		2,162
Accordion Partners LLC (Delayed Draw)	11/17/2031		2,315
Accordion Partners LLC (Revolver)	11/17/2031		501
Ambient Enterprises Holdco LLC, (Delayed Draw 2026 Term Loan D)	6/28/2030		123
AMP Purchaser, LLC (Revolver)	4/1/2033		1,061
Aprio Advisory Group, LLC (Delayed Draw)	8/1/2031		6,125
Aprio Advisory Group, LLC (Revolver)	8/1/2031		542
Association Resource Group, LLC (Delayed Draw)	2/2/2033		6,697
Association Resource Group, LLC (Revolver)	2/2/2033		1,913
BCM One, Inc. (Revolver)	11/17/2027		510
Bridgepointe Technologies, LLC (Delayed Draw)	4/18/2033		3,940
Bridgepointe Technologies, LLC (Revolver)	4/18/2033		1,601
Cards-Live Oak Holdings, Inc. (Delayed Draw)	10/21/2032		348
Cards-Live Oak Holdings, Inc. (Revolver)	10/21/2032		93
CCI Buyer, Inc. (Revolver)	5/13/2032		437
Centaur Holdings III LLC (Delayed Draw)	9/5/2031		470
Centaur Holdings III LLC (Revolver)	9/5/2031		266
Cherry Bekaert Advisory LLC (Delayed Draw 2026 8th Amendment Term Loan)	6/28/2030		1,175
Cherry Bekaert Advisory LLC (Revolver)	6/28/2030		246
Colorescience Inc (Revolver)	1/23/2032		315
ComPsych Investment Corp. (Delayed Draw)	7/22/2031		730
Continental Buyer Inc (Delayed Draw)	4/2/2031		270
Continental Buyer Inc (Revolver)	4/2/2031		4,970
Cowboys Acquisition Inc. (Delayed Draw)	9/28/2033		913
Cowboys Acquisition Inc. (Revolver)	9/28/2033		639
Databricks Inc (Delayed Draw)	1/5/2032		2,000
Electro Methods (Revolver)	2/23/2032		2,587
Empower Payments Investor, LLC (Delayed Draw)	3/12/2031		5,972
eShipping LLC (Delayed Draw)	12/23/2032		1,989

The accompanying notes are an integral part of these Consolidated Financial Statements.

Investments	Maturity Date	Unfunded
eShipping LLC (Revolver)	12/23/2032	$	994
Falcon Parent Holdings Inc (Delayed Draw)	11/6/2031		1,225
Falcon Parent Holdings Inc (Revolver)	11/6/2031		1,588
Forge Borrower, LLC (Delayed Draw)	1/31/2033		2,500
Forge Borrower, LLC (Revolver)	1/31/2033		500
Frozen Garlic Bread Holdings Inc (Delayed Draw)	2/6/2032		2,476
Frozen Garlic Bread Holdings Inc (Revolver)	2/6/2032		1,007
Genova Diagnostics, Inc. (Revolver)	12/23/2030		645
ICAT Intermediate Holdings LLC (Revolver)	3/1/2029		405
International Aerospace Coatings Holdings LP (Delayed Draw)	5/14/2032		1,123
Investor Group Services LLC (Delayed Draw)	9/25/2031		2,611
Investor Group Services LLC (Revolver)	9/25/2031		464
Iris Acquisition, LLC (Delayed Draw)	6/9/2033		1,786
Iris Acquisition, LLC (Revolver)	6/9/2033		1,012
JFL-Atomic AcquisitionCo, Inc. (Delayed Draw)	2/20/2031		589
JFL-Atomic AcquisitionCo, Inc. (Revolver)	2/20/2031		1,879
Komline-Sanderson Group, Inc. (Revolver)	9/6/2029		102
Komline-Sanderson Group, Inc. (Term Loan 2026 2nd Amendment)	9/6/2029		1,821
Kravet Inc. (Revolver)	11/26/2030		2,292
LeadVenture, Inc (Delayed Draw)	6/23/2032		824
LeadVenture, Inc (Revolver)	6/23/2032		615
Lighthouse Technologies Holding Corp (Revolver)	12/31/2029		153
Livewire Acquisition, Inc. (Revolver)	12/31/2032		3,953
LR Purchaser LLC (Revolver)	3/19/2031		2,424
MAI Capital Management Intermediate LLC (Delayed Draw)	8/29/2031		4,000
MAI Capital Management Intermediate LLC (Revolver)	8/29/2031		1,440
Meridian Waste Acquisitions, LLC (Delayed Draw)	8/30/2029		36
Meridian Waste Acquisitions, LLC (Delayed Draw 2026 Term Loan)	8/30/2029		1,145
Meridian Waste Acquisitions, LLC (Revolver)	8/30/2029		239
Meta Buyer LLC (Delayed Draw 2025 Term Loan USD)	12/22/2031		961
Meta Buyer LLC (Revolver)	12/22/2031		562
MGS MFG. Group, Inc. (2026 1st Amendment Delayed Draw Term Loan)	12/31/2028		1,260
MGS MFG. Group, Inc. (Revolver)	12/31/2028		2,588
NDT Global Holding Inc. (Delayed Draw)	6/4/2032		10,846
Pearl Acquisition Buyer, Inc. (Delayed Draw)	12/31/2032		1,353
Pearl Acquisition Buyer, Inc. (Revolver)	12/31/2032		325
Pioneer Power Group LLC (Delayed Draw)	9/27/2032		7,500
Pioneer Power Group LLC (Revolver)	9/27/2032		3,000
Radwell Parent, LLC (Delayed Draw 2026 4th Amendment Term Loan)	4/1/2030		1,092
Radwell Parent, LLC (Revolver)	4/1/2030		235
Rental Equipment Investment Co. (Revolver)	10/8/2030		253
Reveal Midco, LLC (Revolver)	9/17/2031		294
RJW Logistics Group, Inc (Delayed Draw 2024)	11/26/2031		292
Schoeneck Containers, LLC (Revolver)	5/7/2028		420
SMG Operating CO LLC (Delayed Draw)	12/5/2030		900
SMG Operating CO LLC (Revolver)	12/5/2030		600
Solve Industrial Motion Group LLC (Delayed Draw)	6/30/2027		2,316
Spectrotel MidCo II LLC (Delayed Draw)	9/30/2033		385
Spectrotel MidCo II LLC (Revolver)	9/30/2033		578
Spotless Brands, LLC (Delayed Draw)	7/25/2028		1,786
StateServ Acquisition, Inc. (Delayed Draw)	7/18/2033		684
StateServ Acquisition, Inc. (Revolver)	7/18/2033		684
TransnetYX, Inc (Revolver)	4/13/2027		722
Uptime Institute (Revolver)	1/12/2029		938

The accompanying notes are an integral part of these Consolidated Financial Statements.

Investments	Maturity Date	Unfunded
Vacation Rental Brands, LLC (Delayed Draw)	5/6/2032	$	499
Vacation Rental Brands, LLC (Revolver)	5/6/2032		921
World Insurance Associates, LLC (Revolver)	4/3/2030		250
World Insurance Associates, LLC (Tranche 2 Delayed Draw 2026)	4/3/2030		4,051
Total		$	139,064

⁽⁷⁾

Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any nonqualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2026, non-qualifying assets represented approximately 11% of the total assets of the Company.

⁽⁸⁾

Investment is valued using quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices (Level 2), (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 - Investments”).

⁽⁹⁾

Non-income producing security.

⁽¹⁰⁾

The issuer of this investment is domiciled in the United Kingdom.

⁽¹¹⁾

Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or holds the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2026, the Company’s controlled/affiliated investments, and their related transactions, were as follows:

	Fair Value as of January 1, 2026		Gross Additions		Gross Reductions		Net Change in Unrealized appreciation/ (depreciation)			Net Realized Gain (Loss)		Fair Value as of September 30, 2026		Dividend Income
Controlled/Affiliated Investments
SBLA Private Credit II LLC	$	18,764	$	7,152	$	—	$	(66	)	$	—	$	25,850	$	1,909
Total	$	18,764	$	7,152	$	—	$	(66	)	$	—	$	25,850	$	1,909

⁽¹²⁾

Unless otherwise indicated, all securities are pledged as collateral to our ING Revolving Credit Facility (“ING Revolving Credit Facility”) or our ABL Credit Facility with BNP Paribas (“BNP Revolving Credit Facility”) as defined in “See Note 5 - Debt”. As such, these securities are not available as collateral to our general creditors.

The following shows the composition of the Company's portfolio at fair value by industry and geography as of September 30, 2026.

Industry	First Lien Secured Debt		Second Lien Secured Debt		Equity		Joint Venture		Total		Percentage of Total Investments at Fair Value
Aerospace & Defense	$	64,084	$	—	$	—	$	—	$	64,084		13.27	%
Air Freight & Logistics		50,667		—		—		—		50,667		10.49	%
Building Materials		2,941		—		—		—		2,941		0.61	%
Commercial Services & Supplies		49,832		—		—		—		49,832		10.32	%
Construction and Engineering		2,538		—		—		—		2,538		0.52	%
Containers & Packaging		716		—		—		—		716		0.15	%
Diversified Telecommunication Services		2,958		—		—		—		2,958		0.61	%
Electrical Equipment		30,218		—		—		—		30,218		6.26	%
Financial Services		4,744		—		—		—		4,744		0.98	%
Food Products		12,945		—		—		—		12,945		2.68	%
Health Care Equipment & Supplies		14,967		—		—		—		14,967		3.10	%
Health Care Providers & Services		51,344		—		—		—		51,344		10.63	%
Hotels, Restaurants & Leisure		2,581		—		—		—		2,581		0.53	%
Insurance		4,889		—		—		—		4,889		1.01	%
Investments in Joint Venture		—		—		—		25,850		25,850		5.35	%
IT Services		42,411		—		—		—		42,411		8.78	%
Leisure Products		3,167		—		84		—		3,251		0.68	%

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund S
Consolidated Schedule of Investments (Unaudited) (Concluded)
September 30, 2026
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Industry	First Lien Secured Debt		Second Lien Secured Debt		Equity		Joint Venture		Total		Percentage of Total Investments at Fair Value
Machinery	$	9,812	$	—	$	—	$	—	$	9,812		2.03	%
Personal Care Products		3,522		—		129		—		3,651		0.75	%
Pharmaceuticals		7,573		—		—		—		7,573		1.57	%
Professional Services		26,352		—		—		—		26,352		5.46	%
Real Estate Management & Development		11,628		—		—		—		11,628		2.41	%
Software		21,713		7,898		—		—		29,611		6.13	%
Specialty Retail		1,333		—		—		—		1,333		0.28	%
Telecommunication Services		7,381		—		—		—		7,381		1.53	%
Textiles, Apparel & Luxury Goods		10,776		—		—		—		10,776		2.23	%
Trading Companies and Distributors		7,939		—		—		—		7,939		1.64	%
Total	$	449,031	$	7,898	$	213	$	25,850	$	482,992		100.00	%

Geography	Fair Value		Percentage of Total Investments at Fair Value
United States	$	479,341		99.2	%
United Kingdom		3,651		0.8
Total	$	482,992		100.0	%

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund S
Consolidated Schedule of Investments (Unaudited)
December 31, 2025
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾			Fair Value			% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Secured Debt^{(4) (5)}
Aerospace & Defense
Accel International Holdings, Inc. (Term Loan)	3M S + 4.50%	8.22%	4/26/2032	$	12,568	$	12,506		$	12,568			9.86	%
Accel International Holdings, Inc. (Revolver)⁽⁶⁾	3M S + 4.50%	N/A	4/26/2032		—		(10	)		—			—
Electro Methods (Term Loan)	3M S + 4.75%	8.62%	2/23/2032		10,725		10,580			10,685			8.39
Electro Methods (Revolver)⁽⁶⁾	3M S + 4.75%	N/A	2/23/2032		—		(34	)		(10	)		(0.01	)
							23,042			23,243			18.24
Air Freight & Logistics
eShipping, LLC (Term Loan)	3M S + 4.50%	8.19%	12/23/2032		5,271		5,244			5,244			4.12
eShipping, LLC (Delayed Draw)⁽⁶⁾	3M S + 4.50%	N/A	12/23/2032		—		(5	)		(5	)		—
eShipping, LLC (Revolver)⁽⁶⁾	3M S + 4.50%	8.19%	12/23/2032		124		119			119			0.09
ICAT Intermediate Holdings, LLC (Term Loan)	1M S + 6.25%	9.97%	3/1/2029		4,131		4,073			4,068			3.19
ICAT Intermediate Holdings, LLC (Delayed Draw)⁽⁶⁾	1M S + 6.25%	9.97%	3/1/2029		518		500			487			0.38
ICAT Intermediate Holdings, LLC (Revolver)⁽⁶⁾	1M S + 6.25%	N/A	3/1/2029		—		(4	)		(5	)		—
RJW Logistics Group, Inc. (Term Loan)	3M S + 5.00%	8.67%	11/26/2031		27,715		27,472			27,472			21.56
RJW Logistics Group, Inc. (Delayed Draw)⁽⁶⁾	3M S + 5.00%	8.67%	11/26/2031		1,750		1,738			1,733			1.36
							39,137			39,113			30.70
Building Materials
CP Atlas Buyer, Inc. (Term Loan)^{(7) (11)}	1M S + 5.25%	8.97%	7/8/2030		3,591		3,460			3,483			2.73
							3,460			3,483			2.73
Commercial Services & Supplies
Alliance Technical Group (Term Loan)	3M S + 4.50%	8.17%	12/31/2032		4,536		4,513			4,513			3.54
Alliance Technical Group (Delayed Draw)⁽⁶⁾	3M S + 4.50%	N/A	12/31/2032		—		(4	)		(4	)		—
Alliance Technical Group (Revolver)⁽⁶⁾	3M S + 4.50%	8.17%	12/31/2032		43		40			40			0.03
Ambient Enterprises Holdco, LLC (2024 Term Loan)	3M S + 5.25%	8.92%	6/28/2030		6,948		6,887			6,887			5.41
Ambient Enterprises Holdco, LLC (2025 2nd Amendment Term Loan)	3M S + 5.25%	8.92%	6/28/2030		383		377			379			0.30
Ambient Enterprises Holdco, LLC (2025 3rd Amendment Term Loan)	3M S + 5.25%	8.92%	6/28/2030		312		306			309			0.24
Ambient Enterprises Holdco, LLC (2025 Delayed Draw Term Loan C)⁽⁶⁾	3M S + 5.25%	N/A	6/28/2030		—		(4	)		(5	)		—
Ambient Enterprises Holdco, LLC (2024 Delayed Draw Term Loan)⁽⁶⁾	3M S + 5.25%	8.92%	6/28/2030		424		421			420			0.33
Ambient Enterprises Holdco, LLC (2025 Delayed Draw Term Loan B)⁽⁶⁾	3M S + 5.25%	8.92%	6/28/2030		123		118			118			0.09
Cards Live Oak Holdings, Inc. (Term Loan)	3M S + 4.75%	8.42%	10/21/2032		4,025		4,005			4,006			3.14
Cards Live Oak Holdings, Inc. (Delayed Draw)⁽⁶⁾	3M S + 4.75%	N/A	10/21/2032		—		(4	)		(4	)		—
Cards Live Oak Holdings, Inc. (Revolver)⁽⁶⁾	3M S + 4.75%	8.42%	10/21/2032		256		252			252			0.20
JFL Atomic Acquisitionco, Inc. (Term Loan)	3M S + 4.75%	8.64%	2/20/2031		17,355		17,121			17,138			13.45
JFL Atomic Acquisitionco, Inc. (Delayed Draw)⁽⁶⁾	3M S + 4.75%	8.64%	2/20/2031		3,124		3,053			3,029			2.38
JFL Atomic Acquisitionco, Inc. (Revolver)⁽⁶⁾	3M S + 4.75%	N/A	2/20/2031		—		(29	)		(29	)		(0.02	)
Meridian Waste Acquisitions, LLC (Term Loan)	3M S + 3.38%	7.81%	8/30/2029		3,435		3,411			3,435			2.70
Meridian Waste Acquisitions, LLC (Delayed Draw)⁽⁶⁾	3M S + 3.38%	7.81%	8/30/2029		1,344		1,334			1,344			1.05
Meridian Waste Acquisitions, LLC (Revolver)⁽⁶⁾	3M S + 3.38%	7.81%	8/30/2029		429		424			429			0.34
							42,221			42,257			33.18
Consumer Discretionary
Spotless Brands, LLC (Delayed Draw)⁽⁶⁾	3M S + 5.00%	8.79%	7/25/2028		455		443			432			0.34
							443			432			0.34
Containers & Packaging
Schoeneck Containers, LLC (Term Loan)	1M S + 4.10%	7.93%	5/7/2028		3,041		3,021			3,041			2.39
Schoeneck Containers, LLC (Delayed Draw)	1M S + 4.10%	7.93%	5/7/2028		1,553		1,543			1,553			1.22
Schoeneck Containers, LLC (Revolver)⁽⁶⁾	1M S + 4.10%	N/A	5/7/2028		—		(7	)		—			—
							4,557			4,594			3.61
Electrical Equipment
Centaur Holdings III, LLC (Term Loan)⁽⁶⁾	3M S + 4.75%	8.42%	9/5/2031		5,090		5,041			5,039			3.95

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund S
Consolidated Schedule of Investments (Unaudited) (Continued)
December 31, 2025
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾			Fair Value			% of Net Assets
Centaur Holdings III, LLC (Delayed Draw)⁽⁶⁾	3M S + 4.75%	8.42%	9/5/2031	$	313	$	308		$	306			0.24	%
Centaur Holdings III, LLC (Revolver)	3M S + 4.75%	8.42%	9/5/2031		235		229			229			0.18
Maverick Power, LLC (Term Loan)	3M S + 5.00%	8.66%	5/4/2031		3,078		3,032			3,032			2.38
							8,610			8,606			6.75
Health Care Equipment & Supplies
MGS MFG. Group, Inc. (Delayed Draw)	1M S + 4.50%	8.32%	5/31/2027		5,797		5,784			5,797			4.55
MGS MFG. Group, Inc. (Revolver)⁽⁶⁾	1M S + 4.50%	8.32%	5/31/2027		1,069		1,062			1,070			0.84
							6,846			6,867			5.39
Health Care Providers & Services
Continental Buyer, Inc. (2025 2 Incremental Term Loan)	1M S + 4.50%	8.22%	4/2/2031		2,027		2,017			2,017			1.58
Continental Buyer, Inc. (2025 2 Incremental Delayed Draw Term Loan)⁽⁶⁾	1M S + 4.50%	N/A	4/2/2031		—		(1	)		(2	)		—
Continental Buyer, Inc. (2025 Incremental Delayed Draw Term Loan)⁽⁶⁾	1M S + 4.50%	8.22%	4/2/2031		12,734		12,681			12,670			9.94
Continental Buyer, Inc. (Revolver)⁽⁶⁾	1M S + 4.50%	N/A	4/2/2031		—		(21	)		(25	)		(0.02	)
Falcon Parent Holdings, Inc. (Term Loan)	3M S + 5.00%	8.89%	11/6/2031		18,135		17,944			17,840			14.00
Falcon Parent Holdings, Inc. (Delayed Draw)⁽⁶⁾	3M S + 5.00%	N/A	11/6/2031		—		(31	)		(20	)		(0.02	)
Falcon Parent Holdings, Inc. (Revolver)⁽⁶⁾	3M S + 5.00%	8.89%	11/6/2031		113		91			85			0.07
Genova Diagnostics, Inc. (Term Loan)	3M S + 6.75%	10.42%	12/23/2030		8,452		8,220			8,220			6.45
Genova Diagnostics, Inc. (Delayed Draw)⁽⁶⁾	3M S + 6.75%	N/A	12/23/2030		—		(12	)		(12	)		(0.01	)
Genova Diagnostics, Inc. (Revolver)⁽⁶⁾	3M S + 6.75%	N/A	12/23/2030		—		(18	)		(18	)		(0.01	)
SMG Operating Co, LLC (Term Loan)	1M S + 5.00%	8.78%	12/5/2030		5,300		5,221			5,221			4.10
SMG Operating Co, LLC (Delayed Draw)⁽⁶⁾	1M S + 5.00%	N/A	12/5/2030		—		(7	)		(7	)		(0.01	)
SMG Operating Co, LLC (Revolver)⁽⁶⁾	1M S + 5.00%	N/A	12/5/2030		—		(9	)		(9	)		(0.01	)
							46,075			45,960			36.06
Hotels, Restaurants & Leisure
Excursions Buyer, LLC (Term Loan)	3M S + 5.50%	9.17%	11/21/2031		2,614		2,588			2,588			2.03
							2,588			2,588			2.03
Insurance
World Insurance Associates, LLC (Delayed Draw)⁽⁶⁾	3M S + 5.00%	8.67%	4/3/2030		2,808		2,792			2,764			2.17
World Insurance Associates, LLC (Revolver)⁽⁶⁾	3M S + 5.00%	N/A	4/3/2030		—		(1	)		(2	)		—
							2,791			2,762			2.17
IT Services
Security 101 (Incremental Term Loan)	3M S + 5.00%	8.74%	4/11/2028		2,050		2,030			2,050			1.61
Security 101 (Term Loan)	3M S + 5.00%	8.67%	4/11/2028		19,990		19,834			19,990			15.69
Security 101 (Incremental Delayed Draw Term Loan)	3M S + 5.00%	8.67%	4/11/2028		3,083		3,052			3,083			2.42
Security 101 (Delayed Draw Term Loan)	3M S + 5.00%	8.67%	4/11/2028		1,537		1,523			1,537			1.21
Security 101 (Revolver)⁽⁶⁾	3M S + 5.00%	N/A	4/11/2028		—		(12	)		—			—
Uptime Institute (Term Loan)	1M S + 5.00%	8.55%	1/12/2027		6,821		6,778			6,795			5.33
Uptime Institute (Revolver)⁽⁶⁾	1M S + 5.00%	N/A	1/12/2027		—		—			(3	)		—
							33,205			33,452			26.26
Machinery
Rental Equipment Investment Co (Term Loan)	3M S + 4.50%	8.17%	10/8/2030		1,167		1,153			1,152			0.90
Rental Equipment Investment Co (Revolver)⁽⁶⁾	3M S + 4.50%	8.17%	10/8/2030		453		437			437			0.34
Solve Industrial Mo Group, LLC (Term Loan)	1M S + 4.50%	8.34%	6/30/2027		291		287			287			0.23
Solve Industrial Mo Group, LLC (Delayed Draw)⁽⁶⁾	1M S + 4.75%	8.51%	6/30/2027		3,199		3,173			3,173			2.49
							5,050			5,049			3.96
Personal Care Products
Arkas Bidco Limited (Term Loan)^{(7) (12)}	3M S + 6.00%	9.87%	9/4/2032		3,585		3,514			3,514			2.76
							3,514			3,514			2.76
Pharmaceuticals
Meta Buyer, LLC (2025 AUD Term Loan)	3M S + 5.25%	9.02%	12/22/2031		2,778		1,818			1,835			1.44
Meta Buyer, LLC (2025 EUR Term Loan)	3M S + 5.25%	7.29%	12/22/2031		2,360		2,735			2,745			2.15
Meta Buyer, LLC (2025 USD Term Loan)	3M S + 5.25%	8.95%	12/22/2031		1,980		1,961			1,961			1.54

The accompanying notes are an integral part of these Consolidated Financial Statements.

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾			Fair Value			% of Net Assets
Meta Buyer, LLC (Delayed Draw)⁽⁶⁾	3M S + 5.25%	N/A	12/22/2031	$	—	$	(9	)	$	(9	)		(0.01	)%
Meta Buyer, LLC (Revolver)⁽⁶⁾	3M S + 5.25%	N/A	12/22/2031		—		(8	)		(8	)		(0.01	)
							6,497			6,524			5.11
Professional Services
Accordion Partners, LLC (Term Loan)	3M S + 5.00%	8.70%	11/17/2031		4,095		4,084			4,084			3.21
Accordion Partners, LLC (Delayed Draw)⁽⁶⁾	3M S + 5.00%	N/A	11/17/2031		—		(8	)		(8	)		(0.01	)
Accordion Partners, LLC (Revolver)⁽⁶⁾	3M S + 5.00%	N/A	11/17/2031		—		(2	)		(2	)		—
Aprio Advisory Group, LLC (Delayed Draw)⁽⁶⁾	3M S + 4.75%	N/A	8/1/2031		—		(33	)		(33	)		(0.03	)
Aprio Advisory Group, LLC (Revolver)⁽⁶⁾	3M S + 4.75%	N/A	8/1/2031		—		(5	)		(5	)		—
Lighthouse Technologies Holding Corp (2021 Term Loan)	1M S + 5.00%	8.72%	12/31/2029		1,118		1,118			1,118			0.88
Lighthouse Technologies Holding Corp (2025 Term Loan)	1M S + 5.00%	8.72%	12/31/2029		2,253		2,241			2,241			1.76
Lighthouse Technologies Holding Corp (Revolver)⁽⁶⁾	1M S + 5.00%	N/A	12/31/2029		—		(1	)		—			—
							7,394			7,395			5.81
Real Estate Management & Development
Vacation Rental Brands, LLC (2025 Term Loan)	3M S + 5.25%	8.92%	5/6/2032		9,585		9,499			9,490			7.45
Vacation Rental Brands, LLC (2025 Incremental Term Loan)	3M S + 5.25%	8.92%	5/6/2032		718		711			711			0.56
Vacation Rental Brands, LLC (2025 2nd Amend Delayed Draw Term Loan)⁽⁶⁾	3M S + 5.25%	N/A	5/6/2032		—		(9	)		(19	)		(0.01	)
Vacation Rental Brands, LLC (2025 Delayed Draw Term Loan)⁽⁶⁾	3M S + 5.25%	N/A	5/6/2032		—		(3	)		(3	)		—
Vacation Rental Brands, LLC (Revolver)⁽⁶⁾	3M S + 5.25%	N/A	5/6/2032		—		(12	)		(9	)		(0.01	)
							10,186			10,170			7.99
Software
Databricks, Inc. (Term Loan)	1M S + 4.50%	8.27%	1/3/2031		12,188		12,136			12,188			9.56
Databricks, Inc. (Delayed Draw)⁽⁶⁾	1M S + 4.50%	N/A	1/3/2031		—		—			—			—
LeadVenture, Inc. (Term Loan)	3M S + 5.25%	8.92%	6/23/2032		8,397		8,278			8,313			6.52
LeadVenture, Inc. (Delayed Draw)⁽⁶⁾	3M S + 5.25%	8.92%	6/23/2032		528		517			512			0.40
LeadVenture, Inc. (Revolver)⁽⁶⁾	3M S + 5.25%	8.92%	6/23/2032		160		149			152			0.12
							21,080			21,165			16.60
Telecommunication Services
CCI Buyer, Inc. (Term Loan)	3M S + 5.00%	8.92%	5/13/2032		7,457		7,388			7,457			5.85
CCI Buyer, Inc. (Revolver)⁽⁶⁾	3M S + 5.00%	N/A	5/13/2032		—		(4	)		—			—
Clearwave Fiber (Revolver)⁽⁶⁾	3M S + 4.00%	7.82%	12/13/2029		5,108		5,028			5,078			3.99
							12,412			12,535			9.84
Textiles, Apparel & Luxury Goods
Kravet, Inc. (Term Loan)	3M S + 5.00%	8.67%	11/26/2030		11,423		11,276			11,322			8.89
Kravet, Inc. (Revolver)⁽⁶⁾	3M S + 5.00%	N/A	11/26/2030		—		(28	)		(20	)		(0.02	)
							11,248			11,302			8.87
Total First Lien Secured Debt						$	290,356		$	291,011			228.40	%
Second Lien Secured Debt^{(4) (5)}
Software
Solarwinds Holdings, Inc. (Term Loan)	3M S + 6.00%	9.70%	4/18/2033		9,000		8,695			8,730			6.85
Total Second Lien Secured Debt						$	8,695		$	8,730			6.85	%
Equity⁽⁵⁾
Personal Care Products
Arkas Bidco Limited Equity^{(7) (10) (12)}	N/A	N/A	N/A		110		110			110			0.09
							110			110			0.09
Total Equity						$	110		$	110			0.09	%

The accompanying notes are an integral part of these Consolidated Financial Statements.

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾		Fair Value		% of Net Assets
Investments in Joint Ventures^{(4) (5) (8)}
SBLA Private Credit II, LLC⁽⁷⁾	N/A	N/A	N/A		18,756	$	18,756	$	18,764		14.73
Total Investments in Joint Ventures						$	18,756	$	18,764		14.73	%
Total Investments at Fair Value⁽⁹⁾						$	317,917	$	318,615		250.07	%

⁽¹⁾	Unless otherwise indicated, debt investments held by the Company are denominated in USD and are income producing.
⁽²⁾	Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S”), or an alternate base rate (commonly based on the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of December 31, 2025.
⁽³⁾	The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
⁽⁴⁾	Unless otherwise indicated, issuers of debt held by the Company are domiciled in the United States.
⁽⁵⁾	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 -Investments”).
⁽⁶⁾	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. See below for more information on the Company’s unfunded commitments:

Investments	Maturity Date	Unfunded
Accel International Holdings, Inc. (Revolver)	4/26/2032	$	2,162
Accordion Partners, LLC (Revolver)	11/17/2031		501
Accordion Partners, LLC (Delayed Draw)	11/17/2031		3,039
Alliance Technical Group (Revolver)	12/31/2032		528
Alliance Technical Group (Delayed Draw)	12/31/2032		1,512
Ambient Enterprises Holdco, LLC (2025 Delayed Draw Term Loan C)	6/28/2030		520
Ambient Enterprises Holdco, LLC (2025 Delayed Draw Term Loan B)	6/28/2030		531
Aprio Advisory Group, LLC (Delayed Draw)	8/1/2031		6,678
Aprio Advisory Group, LLC (Revolver)	8/1/2031		542
BCM One, Inc. (Revolver)	11/17/2027		510
Cards Live Oak Holdings, Inc. (Delayed Draw)	10/21/2032		1,597
Cards Live Oak Holdings, Inc. (Revolver)	10/21/2032		511
CCI Buyer, Inc. (Revolver)	5/13/2032		437
Centaur Holdings III, LLC (Delayed Draw)	9/5/2031		470
Centaur Holdings III, LLC (Revolver)	9/5/2031		392
Clearwave Fiber (Revolver)	12/13/2029		2,892
Continental Buyer, Inc. (2025 2 Incremental Delayed Draw Term Loan)	4/2/2031		386
Continental Buyer, Inc. (Revolver)	4/2/2031		4,970
Databricks, Inc. (Delayed Draw)	1/3/2031		2,813
Electro Methods (Revolver)	2/23/2032		2,587
eShipping, LLC (Delayed Draw)	12/23/2032		1,989
eShipping, LLC (Revolver)	12/23/2032		870
Falcon Parent Holdings, Inc. (Delayed Draw)	11/6/2031		1,225
Falcon Parent Holdings, Inc. (Revolver)	11/6/2031		1,702
Genova Diagnostics, Inc. (Delayed Draw)	12/23/2030		903
Genova Diagnostics, Inc. (Revolver)	12/23/2030		645
ICAT Intermediate Holdings, LLC (Delayed Draw)	3/1/2029		1,554
ICAT Intermediate Holdings, LLC (Revolver)	3/1/2029		315
JFL Atomic Acquisitionco, Inc. (Delayed Draw)	2/20/2031		4,417
JFL Atomic Acquisitionco, Inc. (Revolver)	2/20/2031		2,357
Kravet, Inc. (Revolver)	11/26/2030		2,292
LeadVenture, Inc. (Delayed Draw)	6/23/2032		1,074

The accompanying notes are an integral part of these Consolidated Financial Statements.

Investments	Maturity Date	Unfunded
LeadVenture, Inc. (Revolver)	6/23/2032	$	641
Lighthouse Technologies Holding Corp (Revolver)	12/31/2029		153
Meridian Waste Acquisitions, LLC (Revolver)	8/30/2029		263
Meridian Waste Acquisitions, LLC (Delayed Draw)	8/30/2029		178
Meta Buyer, LLC (Delayed Draw)	12/22/2031		1,836
Meta Buyer, LLC (Revolver)	12/22/2031		801
MGS MFG. Group, Inc. (Revolver)	5/31/2027		2,406
Rental Equipment Investment Co (Revolver)	10/8/2030		880
RJW Logistics Group, Inc. (Delayed Draw)	11/26/2031		292
Schoeneck Containers, LLC (Revolver)	5/7/2028		1,136
Security 101 (Revolver)	4/11/2028		1,542
SMG Operating Co, LLC (Delayed Draw)	12/5/2030		900
SMG Operating Co, LLC (Revolver)	12/5/2030		600
Solve Industrial Mo Group, LLC (Delayed Draw)	6/30/2027		2,316
Spotless Brands, LLC (Delayed Draw)	7/25/2028		2,696
Transnetyx Inc. (Revolver)	4/13/2027		722
Uptime Institute (Revolver)	1/12/2027		938
Vacation Rental Brands, LLC (2025 Delayed Draw Term Loan)	5/6/2032		297
Vacation Rental Brands, LLC (2025 2nd Amend Delayed Draw Term Loan)	5/6/2032		1,871
Vacation Rental Brands, LLC (Revolver)	5/6/2032		921
World Insurance Associates, LLC (Delayed Draw)	4/3/2030		2,192
World Insurance Associates, LLC (Revolver)	4/3/2030		250
Total		$	76,752

⁽⁷⁾

Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2025, non-qualifying assets represented approximately 7% of the total assets of the Company.

⁽⁸⁾

	Fair Value as of January 1, 2025		Gross Additions		Gross Reductions		Net Change in Unrealized Appreciation/ (Depreciation)		Net Realized Gain (Loss)		Fair Value as of December 31, 2025		Dividend Income
Controlled/Affiliated Investments
SBLA Private Credit II LLC	$	—	$	18,756	$	—	$	8	$	—	$	18,764	$	1,047
Total	$	—	$	18,756	$	—	$	8	$	—	$	18,764	$	1,047

⁽⁹⁾	Unless otherwise indicated, all securities are pledged as collateral to our ING Revolving Credit Facility (“ING Revolving Credit Facility”) or our ABL Credit Facility with BNP Paribas (“BNP Revolving Credit Facility”) as defined in “Note 5 - Debt”. As such, these securities are not available as collateral to our general creditors.
⁽¹⁰⁾	Non-income producing security.
⁽¹¹⁾	Investment is valued using quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices (Level 2), (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 - Investments”).
⁽¹²⁾	The issuer of this investment is domiciled in the United Kingdom.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund S
Consolidated Schedule of Investments (Unaudited) (Concluded)
December 31, 2025
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

The following shows the composition of the Company’s portfolio at fair value by industry and geography as of December 31, 2025.

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Equity		Investments in Joint Venture		Total		Percentage of Total Portfolio
Aerospace & Defense	$	23,243	$	—	$	—	$	—	$	23,243		7.30	%
Air Freight & Logistics		39,113		—		—		—		39,113		12.28	%
Building Materials		3,483		—		—		—		3,483		1.09	%
Commercial Services & Supplies		42,257		—		—		—		42,257		13.26	%
Consumer Discretionary		432		—		—		—		432		0.14	%
Containers & Packaging		4,594		—		—		—		4,594		1.44	%
Electrical Equipment		8,606		—		—		—		8,606		2.70	%
Health Care Equipment & Supplies		6,867		—		—		—		6,867		2.16	%
Health Care Providers & Services		45,960		—		—		—		45,960		14.42	%
Hotels, Restaurants & Leisure		2,588		—		—		—		2,588		0.81	%
Insurance		2,762		—		—		—		2,762		0.87	%
Investments in Joint Venture		—		—		—		18,764		18,764		5.89	%
IT Services		33,452		—		—		—		33,452		10.50	%
Machinery		5,049		—		—		—		5,049		1.58	%
Personal Care Products		3,514		—		110		—		3,624		1.14	%
Pharmaceuticals		6,524		—		—		—		6,524		2.05	%
Professional Services		7,395		—		—		—		7,395		2.32	%
Real Estate Management & Development		10,170		—		—		—		10,170		3.19	%
Software		21,165		8,730		—		—		29,895		9.38	%
Telecommunication Services		12,535		—		—		—		12,535		3.93	%
Textiles, Apparel & Luxury Goods		11,302		—		—		—		11,302		3.55	%
Total	$	291,011	$	8,730	$	110	$	18,764	$	318,615		100.00	%

Geography	Fair Value		Percentage of Total Investments at Fair Value
United States	$	314,991		98.9	%
United Kingdom		3,624		1.1
Total	$	318,615		100.0	%

The accompanying notes are an integral part of these Consolidated Financial Statements.

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited)
September 30, 2026
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

(1) ORGANIZATION

Lord Abbett Private Credit Fund S (the “Company”, “we”, “us” or “our”) is a closed-end, non-diversified management investment company organized under the laws of the State of Delaware. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) on April 1, 2025 (the “BDC Election Date”). The Company also elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company was formed on September 26, 2024 as Lord Abbett Private Credit Fund A, LP and commenced investment operations on November 4, 2024. Lord Abbett Private Credit Advisor LLC is the investment adviser to the Company (the “Adviser”). The Adviser is a wholly-owned subsidiary of Lord, Abbett & Co. LLC. The Adviser provides the Company with investment advisory services pursuant to the terms of an investment advisory agreement (the “Advisory Agreement”). Lord, Abbett & Co. LLC, the “Administrator” or “Lord Abbett” performs, or oversees the performance of, the Company’s corporate operations and required administrative services pursuant to an administration agreement (the “Administration Agreement”).

The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company invests in loans targeted at (i) private U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and (ii) U.S. operating companies whose securities are listed on a national securities exchange that have a market capitalization of less than $250 million.

On October 9, 2024, the Company established Lord Abbett Private Credit Funding A, LLC (“Lord Abbett PCF A LLC”), a wholly-owned subsidiary of the Company and a Delaware limited liability company that is a disregarded entity for tax purposes, to acquire investments in the State of California.

On March 31, 2025 (the “Conversion Date”), Lord Abbett Private Credit Fund A, LP filed a certificate of conversion with the state of Delaware to convert from a limited partnership to a Delaware statutory trust and changed its name to Lord Abbett Private Credit Fund S. Effective March 31, 2025, all limited partnership interests were converted into common shares, formalizing the unitization of Lord Abbett Private Credit Fund S. On this date 2,280,000 shares were issued and outstanding at a par value of $0.01.

On May 13, 2025, the Company established Lord Abbett PCF Financing S LLC, a wholly-owned subsidiary of the Company and a Delaware limited liability company that is a disregarded entity for tax purposes, to hold investment collateral in connection with a credit facility.

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting and reporting policies used in preparing the Consolidated Financial Statements.

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 and pursuant to Regulation S-X. The functional currency is the U.S. dollar (“USD”) and these Consolidated Financial Statements have been prepared in that currency.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, and any other parameters used in determining these estimates could cause actual results to differ.

Consolidation

As provided under Regulation S-X and ASC 946, the Company will 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 Company.

Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries in the Consolidated Financial Statements. All intercompany balances and transactions have been eliminated in consolidation.

The Company does not consolidate SBLA Private Credit II LLC (the “SBLA II JV”). See “Note 4 - Investments” for further description of the joint venture.

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity and that they present insignificant risk of changes in value because of changes in interest rates. Foreign currencies are deposits with the custodian that are maintained in a currency other than USD. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost, which approximates fair value. The cash and cash equivalents balance as of September 30, 2026 and December 31, 2025 was $14,996 and $19,201, respectively. The foreign currencies balance as of September 30, 2026 and December 31, 2025 was $3 and $46, respectively.

Investment Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments derecognized or recognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. In addition, changes to an input may significantly impact the fair value measurement. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the Consolidated Financial Statements may differ materially from the values that would be received upon an actual disposition of such investments.

On May 6, 2025, the Company entered into a joint venture with Stifel Bank & Trust (the “JV partner”). The joint venture is called SBLA Private Credit II LLC, or SBLA II JV. In accordance with ASC 820, our investment in SBLA II JV is measured using the net asset value (“NAV”) or its equivalent as a practical expedient for fair value, and has not been classified in the fair value hierarchy.

Investment Valuation Process

Pursuant to Rule 2a-5 of the 1940 Act, the Company’s Board of Trustees (the “Board”) has designated the Adviser as the valuation designee responsible for valuing all of the Company’s investments, including making fair valuation determinations as needed. The Adviser has established a fair value committee (the “Fair Value Committee”) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Fair Value Committee and the performance of functions required to determine the fair value of a fund’s investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations,

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used.

In accordance with the Adviser’s policies and procedures, investments, including debt securities, that are publicly traded but for which no readily available market quotations exist, are generally valued on the basis of information furnished by an independent third-party pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Fair Value Committee regularly performs price verification procedures on behalf of the Adviser and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations or prices received from third-party pricing services are not reflective of the fair value of an investment. Investments that are not publicly traded or whose current market prices or quotations are not readily available, as will be the case for a substantial portion of the Company’s investments, are valued at fair value as determined by the Adviser in good faith pursuant to the Adviser’s Board-approved policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Company’s loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities and factors such as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business and other relevant factors.

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

Valuation techniques used to value the Company’s investments by major category are as follows:

•	Investments, including private placements, for which observable inputs are not available are generally valued using one or more valuation methods including the market approach, and the income approach. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The Company may use amortized cost as a pricing technique for investments that have recently transacted.

•	Equity securities and other investments, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) as reported by a third-party pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American depositary receipts (ADRs), futures contracts, exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used.

•	Debt securities that are publicly traded, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services.

•	Investments in open-end investment companies are valued at their closing net asset value.

Realized Gains or Losses

Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Investment Income 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. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

Payment-in-Kind (“PIK”) Income

The Company may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal (and therefore the Company’s exposure) on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Company’s Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even if the Company has not yet collected cash. During the three and nine months ended September 30, 2026, PIK income earned was $129 and $381, respectively. For the three and nine months ended September 30, 2025, there was no PIK income.

Dividend Income

Dividend income on preferred equity securities and the Company’s equity interests in joint ventures is recognized on an accrual basis to the extent such amounts are payable by the respective portfolio company or joint venture and are expected to be collected. Dividend income on common equity securities is recognized on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

Fee Income

The Company may receive various fees in the ordinary course of business, including structuring, consent, waiver, amendment, syndication, ticking, break-up or termination fees, and other miscellaneous fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Investments

Loans are generally placed on non-accrual status when, in management’s judgment, there is sufficient doubt that all or a portion of principal or interest will be collected. 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. As of September 30, 2026 and December 31, 2025, there were no loans on non-accrual status.

Organizational and Offering Costs

Organizational costs consist of costs incurred to establish the entity as a Delaware statutory trust and subsequent conversion to a BDC. Organizational costs are expensed as incurred. The Company has incurred $180 in organizational expenses since inception. Offering costs consist of costs incurred in connection with the offering of interests in Lord Abbett Private Credit Fund A, LP and subsequently the Company after the BDC Election Date. Offering costs are capitalized as a deferred charge and will be amortized to expense on a straight-line basis over twelve months. Certain of the Company’s expenses are capped pursuant to the Amended and Restated Expense Support and Conditional Reimbursement Agreement, including the Company’s organizational and offering costs. The Amended and Restated Expense Support and Conditional Reimbursement Agreement is discussed in “Note 3 - Related Party Transactions” below.

Deferred Financing Costs

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability. These expenses are deferred and amortized

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, Modification and Extinguishments. For extinguishments of our debt, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment. “See Note 5 — Debt” for further information on deferred financing costs.

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Income Taxes

The Company recognizes tax benefits from uncertain tax positions only when those positions are “more likely than not” to be sustained upon examination by tax authorities. The Company evaluates tax positions in its major tax jurisdictions to identify uncertain positions requiring recognition in the financial statements. Based on this review, the Company identified its major tax jurisdictions as those where it is organized, invests, and is located. No reserves for uncertain tax positions were recorded as of September 30, 2026, or December 31, 2025. The Company is unaware of any tax positions for which total unrecognized tax benefits could reasonably change materially within the next twelve months. Accordingly, no tax liability or expense, including interest and penalties, has been recorded in the Consolidated Financial Statements. Under applicable statutes of limitations, the Company’s U.S. federal, state, and local tax returns generally remain open for examination for three to five years after filing.

The Company elected to be treated as a RIC under Subchapter M of the Code beginning with its initial taxable year ending December 31, 2025. While it maintains RIC status, the Company generally will not pay corporate U.S. federal income taxes on ordinary income or capital gains distributed to shareholders at least annually.

To qualify and remain qualified as a RIC, the Company must meet certain source-of-income and asset diversification requirements, among other conditions. To receive RIC tax treatment, it must also distribute to shareholders at least 90% of its “investment company taxable income” for each taxable year. This generally consists of ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses.

The Company will also be subject to a 4% nondeductible federal excise tax on undistributed income unless it makes timely distributions each taxable year totaling at least the sum of (1) 98% of ordinary net income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 of that calendar year, and (3) any ordinary income or capital gain net income realized but not distributed in prior years. For this purpose, income and gains on which the Company paid U.S. federal income tax are deemed distributed.

Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

Segment Reporting

An operating segment is defined in ASC Topic 280 - Segment Reporting, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Company is Lord Abbett through its Investment Committee, which is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Company has a single operating segment based on the fact that the CODM monitors the operating results of the Company as a whole and that the Company’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Company’s portfolio managers as a

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Company’s Consolidated Schedule of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Financial Highlights.

(3) RELATED PARTY TRANSACTIONS

Expense Support and Conditional Reimbursement Agreement

On March 11, 2025, the Company entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, effective as of November 4, 2024 and pursuant to which the Adviser is able to elect to pay certain expenses of the Company on the Company’s behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay shareholders servicing and/or distribution fees of the Company. Any Expense Payment that the Adviser committed to pay is to be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates no later than forty-five (45) days after such obligation was incurred.

Pursuant to the Expense Support Agreement, the Company has entered into with the Adviser, the Adviser is obligated to advance all of the Company’s Other Operating Expenses (each, a “Required Expense Payment”) to the effect that such expenses do not exceed 0.70% (on an annualized basis) of the Company’s NAV. Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates. “Other Operating Expenses” means the Company’s organizational and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement), excluding the Company’s base management and incentive fees owed to the Adviser, financing fees and costs (other than upfront fees on the Company’s initial credit facility), brokerage commissions, placement agent fees, costs and expenses of distributing and placing the Company’s common shares (“Common Shares”), extraordinary expenses and any interest expenses owed by the Company, all as determined in accordance with U.S. GAAP.

The Adviser may elect to pay, at such times as the Adviser determines, certain expenses on the Company’s behalf (each, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”), provided that no portion of the payment will be used to pay shareholder servicing and/or distribution fees, if any, of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any month in which Other Operating Expenses are below 0.70% (on an annualized basis) of the Company’s NAV (the “Expense Cap”), the Adviser may be reimbursed (a “Required Reimbursement Payment”) for any Required Expense Payment to the extent that (i) the Other Operating Expenses, inclusive of such Required Reimbursement Payment, remain at or below the Expense Cap and (ii) the applicable Required Expense Payment was made no more than three (3) years prior to the Required Reimbursement Payment.

Following any calendar month in which Available Operating Funds exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), we shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Voluntary Expense Payments made by the Adviser to the Company within three (3) years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company with respect to Voluntary Expense Payments shall be referred to herein as a “Voluntary Reimbursement Payment”, and together with the Required Reimbursement Payments, the “Reimbursement Payments”. “Available Operating Funds” means the sum of (i) our net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) our net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to us on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Voluntary Reimbursement Payment for any calendar month shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Company at the time of such Voluntary Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Voluntary Reimbursement Payment relates, (2) the Company’s Operating Expense Ratio at the time of such Voluntary Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Voluntary Reimbursement Payment relates, or (3) the Company’s Other Operating Expenses at the time of such Voluntary Reimbursement Payment exceed 0.70% of the Company’s NAV. “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365-day year) of regular cash distributions per share exclusive of returns of capital and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, if any, and interest expense, by the Company’s net assets. “Operating Expenses” means all of the Company’s operating costs and expenses incurred, as determined in accordance with U.S. GAAP for investment companies.

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

The Expense Support Agreement is effective until April 1, 2027 and will renew automatically for successive one-year terms thereafter unless either the Company or the Adviser determines to terminate it and so notifies the other party. Either the Company or the Adviser may terminate the Expense Support Agreement at any time, with or without notice, without the payment of any penalty, provided that any Expense Payments that have not been reimbursed by the Company to the Adviser will remain the obligation of the Company following any such termination, subject to the terms of the Expense Support Agreement.

Based on the terms described above, the Company may be obligated to make Reimbursement Payments to the Adviser in accordance with the Expense Support Agreement.

The following table presents a cumulative summary of the expense payments and reimbursement payments as of September 30, 2026.

For the Quarter Ended	Required Expense Payments by Adviser		Required Reimbursement Payments to Adviser			Unreimbursed Expense Payments		Reimbursement Eligibility Expiration
December 31, 2024	$	95	$	(39	)	$	56	December 31, 2027
March 31, 2025		413		—			413	March 31, 2028
June 30, 2025		316		—			316	June 30, 2028
September 30, 2025		310		—			310	September 30, 2028
December 31, 2025		639		—			639	December 31, 2028
March 31, 2026		203		—			203	March 31, 2029
June 30, 2026		195		—			195	June 30, 2029
September 30, 2026		525		—			525	September 30, 2029
Total	$	2,696	$	(39	)	$	2,657

Due to / Due From Affiliate

During the three and nine months ended September 30, 2026, the Investment Adviser provided $525 and $923, respectively, of expense support, in accordance with the Expense Support Agreement. During the three and nine months ended September 30, 2025, the Investment Adviser provided $310 and $1,039, respectively, of expense support, in accordance with the Expense Support Agreement. As of September 30, 2026 and December 31, 2025, $378 and $0, respectively, remains receivable from the Adviser and are included in Due from affiliate on the Consolidated Statements of Assets and Liabilities.

Management Fee

Prior to the BDC Election Date, the Company did not incur management fees. Following the BDC Election Date, the Company began to accrue management fees. The management fee is payable monthly in arrears at an annual rate of 1.00% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month, adjusted for any share issuances or repurchases during the applicable month. For purposes of the Advisory Agreement, net assets mean the Company’s total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP. For the three and nine months ended September 30, 2026, the Company recognized $538 and $1,434, respectively, in management fees and the three and nine months ended September 30, 2025, the Company recognized $273 and $409, respectively, in management fees, net of voluntary management fees waived. As of September 30, 2026 and December 31, 2025, $188 and $106 of management fees, respectively, were unpaid and are included in management fees payable on the Consolidated Statements of Assets and Liabilities.

Incentive Fees

The incentive fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

Incentive Fee Based on Income

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns attributable to our Common Shares. “Pre-Incentive Fee Net Investment Income Returns” means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayment premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Advisory Agreement and an Administration Agreement with our Administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred stock, but excluding the Incentive Fee and shareholder servicing and/or distribution fees, if any). Shareholders may be charged a

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

fee on an income amount that is higher than the income shareholders may ultimately receive. Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses, or unrealized gain (loss).

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediate preceding quarter, adjusted for any share issuances or repurchases during the applicable quarter in which the Incentive Fee is calculated, is compared to a “hurdle rate” of return of 1.50% per quarter (6.00% annualized).

We will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•	No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6.00% annualized);

•	100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.71% (6.84% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.71%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.71% in any calendar quarter; and

•	12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.71% (6.84% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are pro-rated for any period of less than three (3) months and adjusted for any share issuances or repurchases during the relevant quarter.

Incentive Fee Based on Capital Gains

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals:

•

12.5% of cumulative realized capital gains from the BDC Election Date through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fee on capital gains as calculated in accordance with U.S. GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

For purposes of computing the Company’s incentive fee on income and the incentive fee on capital gains, the calculation methodology will look through derivative financial instruments or swaps as if we owned the reference assets directly. The fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated.

Prior to the BDC Election Date, the Company did not incur incentive fees. Following the BDC Election Date, the Company began to accrue incentive fees. For the three and nine months ended September 30, 2026, accrued capital gains based incentive fees were $0 and $(85), respectively. For the three and nine months ended September 30, 2025, accrued capital gains based incentive fees were $28 and $63, respectively. The accrual for any capital gains incentive fees under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual. As of September 30, 2026 and December 31, 2025, $0 and $85, respectively, were accrued for capital gains incentive fees and included in capital gains incentive fees payable on the Consolidated Statements of Assets and Liabilities.

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Administration Fees

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. Unless such expenses are specifically assumed by the Adviser, Administrator or their affiliates under the Advisory Agreement or Administration Agreement, as applicable, the Company will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Company’s behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. As of September 30, 2026 and December 31, 2025, the Company owed the Adviser, $205 and $1,161, respectively, for reimbursements under the terms of the Administration Agreement, which are included in Due to affiliate on the Consolidated Statements of Assets and Liabilities.

The Company will pay the Administrator a fee payable monthly in arrears at an annual rate of 0.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month, adjusted for any share issuances or repurchases during the applicable month.

Prior to the BDC Election Date, the Company did not incur administration fees. Following the BDC Election Date, the Company began to accrue administration fees. For the three and nine months ended September 30, 2026, the Company recognized $134 and $358, respectively, of administration fees. For the three and nine months ended September 30, 2025, the Company recognized $68 and $114, respectively, of administration fees. As of September 30, 2026 and as of December 31, 2025, $47 and $27, respectively, of administration fees were unpaid and are included in administration fees payable on the Consolidated Statements of Assets and Liabilities.

Distribution Fee, Shareholder Servicing Fee and Other Distribution Expenses

The Company may pay to any distributor, in its capacity as principal underwriter (or placement agent) of the Shares (the “Distributor”), with respect to and at the expense of Common shares (which may be amended from time to time), a fee for (i) distribution and sales support services (the “Distribution Fee”), as applicable, and/or (ii) shareholder services (the “Servicing Fee”), and each as more fully described below (together, the “Shareholder Servicing and/or Distribution Fee”). The Distribution Fee under the Plan will be used primarily to compensate a Distributor for such services provided in connection with the offering and sale of shares of the Common shares, and to reimburse the Distributor for related expenses incurred, including payments by the Distributor to compensate or reimburse brokers, other financial institutions or other industry professionals (collectively, “Selling Agents”), for distribution services and sales support services provided and related expenses incurred by such Selling Agents. All payments made hereunder pursuant to the Plan shall be in accordance with the terms and limitations of the Financial Industry Regulatory Authority (“FINRA”) Conduct Rules. The Company may pay for expenses related to its distribution out of its own assets, including but not limited to, expenses associated with advertising, compensation of underwriters, dealers, and sales personnel, the printing and mailing of prospectuses to other than current shareholders, and the printing and mailing of sales literature, each as may be determined to be in the best interests of the Company.

Subject to any applicable Financial Industry Regulatory Authority, Inc., or FINRA, limitations on underwriting compensation, the Company will pay the Placement Agent a shareholder servicing and/or Distribution Fee, or the Distribution/Servicing Fees, for Common shares equal to 0.85% per annum of the aggregate NAV, as of the beginning of the first calendar day of the applicable month, for the Common shares. The annual Distribution/Servicing Fees are paid by the Company to the Placement Agent pursuant to the Company’s distribution and servicing plan, or the Distribution and Servicing Plan. The Distribution and Service Fees are accrued and payable monthly. For the three and nine months ended September 30, 2026, Distribution and Shareholder Servicing Fees incurred were $457 and $1,219, respectively. For the three and nine months ended September 30, 2025, Distribution and Shareholder Servicing Fees incurred were $232 and $348, respectively. As of September 30, 2026 and December 31, 2025, $160 and $90, respectively, of Distribution and Shareholder Servicing Fees were unpaid and are included in Distribution and Shareholder Servicing Fees payable on the Consolidated Statements of Assets and Liabilities.

The Board, including a majority of the members of the Board who are not “interested persons” (as defined in the 1940 Act) of the Company, or the Independent Trustees, have reviewed and approved the Placement Agency Agreement in accordance with Section 15(c) of the 1940 Act, and will annually review the Placement Agency Agreement and Distribution/Servicing Fees to determine that the provisions of the Placement Agency Agreement are carried out satisfactorily and to determine, among other things, whether the fees payable under such agreements are reasonable in light of the services provided and that there is a reasonable likelihood that the continuation of the plan for the Distribution/Servicing Fees will benefit the Company and its shareholders. The Board assesses the reasonableness of such fees based on the breadth, depth and quality of the distribution services to be provided to the Company, and reviews other information relating to the Placement Agent, such as their relationships with financial intermediaries and the adequacy of their compliance program.

Controlled/Affiliated Companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying Consolidated Financial Statements, including the

Lord Abbett Private Credit Fund S
Notes to the Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Consolidated Schedule of Investments. The Company has made investments in a joint venture that is considered a controlled/affiliated company. For further information, see “Note 4 - Investments”.

(4) INVESTMENTS

Fair Value Measurement and Disclosures

The following table shows the composition of the Company’s investment portfolio as of September 30, 2026, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value⁽¹⁾
First Lien Secured Debt	$	449,969	$	449,031	$	—	$	2,941	$	446,090	$	—
Second Lien Secured Debt		8,718		7,898		—		—		7,898		—
Equity		194		213		—		—		213		—
Investment in Joint Ventures		25,908		25,850		—		—		—		25,850
Total Investments	$	484,789	$	482,992	$	—	$	2,941	$	454,201	$	25,850

⁽¹⁾	In accordance with ASC 820, the Company’s investment in JV is measured using the net asset value (or its equivalent) as a practical expedient for fair value and has not been classified in the fair value hierarchy.

The following table shows the composition of the Company’s investment portfolio as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value⁽¹⁾
First Lien Secured Debt	$	290,356	$	291,011	$	—	$	3,483	$	287,528	$	—
Second Lien Secured Debt		8,695		8,730		—		—		8,730		—
Equity		110		110		—		—		110		—
Investments in Joint Venture		18,756		18,764		—		—		—		18,764
Total Investments	$	317,917	$	318,615	$	—	$	3,483	$	296,368	$	18,764

⁽¹⁾	In accordance with ASC 820, the Company’s investment in SBLA II JV is measured using the net asset value (or its equivalent) as a practical expedient for fair value and has not been classified in the fair value hierarchy.

The following table presents changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2026:

	For the nine months ended September 30, 2026
	First Lien Secured Debt			Second Lien Secured Debt			Equity
Fair value, beginning of period	$	287,528		$	8,730		$	110
Purchases		283,616			—			84
Payment-in-kind interest income capitalized		381			—			—
Sales and repayments		(125,506	)		—			—
Net (amortization) accretion on investments		1,046			22			—
Net realized gains (losses) on investments		85			—			—
Net change in unrealized gains (losses) on investments		(1,060	)		(854	)		19

	For the nine months ended September 30, 2026
	First Lien Secured Debt			Second Lien Secured Debt			Equity
Transfers out of Level 3⁽¹⁾	$	—		$	—		$	—
Transfers into Level 3⁽¹⁾		—			—			—
Fair value, end of period	$	446,090		$	7,898		$	213
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2026	$	(747	)	$	(855	)	$	19

⁽¹⁾	For the nine months ended September 30, 2026 there were no transfers out of/into Level 3.

The following table presents changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2025:

	For the nine months ended September 30, 2025
	First Lien Secured Debt			Second Lien Secured Debt
Fair value, beginning of period	$	43,714		$	—
Purchases, including capitalized PIK		195,549			8,685
Sales and repayments		(20,626	)		—
Net (amortization) accretion on investments		370			3
Net realized gains (losses)		—			—
Net change in unrealized gains (losses)		425			—
Transfers out of Level 3⁽¹⁾		—			—
Transfers into Level 3⁽¹⁾		—			—
Fair value, end of period	$	219,432		$	8,688
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	502		$	—

⁽¹⁾	For the nine months ended September 30, 2025 there were no transfers out of/into Level 3.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2026, were as follows:

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

Fair Value

Valuation
Techniques/
Methodologies

Unobservable
Input

Range

Weighted
Average⁽¹⁾

First Lien Secured Debt

390,645

Income Approach

Discount Rate

8.03% - 12.85%

9.97%

First Lien Secured Debt

55,445

Market Approach

Transaction Price

n/a

Second Lien Secured Debt

7,898

Income Approach

Discount Rate

13.18% - 14.18%

13.68%

Equity

129

Market Approach

EBITDA Multiple

10.5x - 12.5x

11.5x

Equity

Market Approach

Transaction Price

n/a

Total Level 3 Investments

454,201

⁽¹⁾	Weighted averages are calculated based on fair value of investments.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2025, were as follows:

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

Fair Value

Valuation
Techniques/
Methodologies

Unobservable
Input

Range

Weighted

Average⁽¹⁾

First Lien Secured Debt

233,458

Income Approach

Discount Rate

6.65% - 10.41%

8.46%

First Lien Secured Debt

54,070

Market Approach

Transaction Price

N/A

Second Lien Secured Debt

8,730

Income Approach

Discount Rate

9.94% - 10.44%

10.19%

Equity

110

Market Approach

Transaction Price

N/A

Total Level 3 Investments

296,368

⁽¹⁾	Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the market approach is the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction. The significant unobservable inputs used in the income approach is the discount rate. The discount rate is used to discount the estimated future cash flows, which include both future principal and interest payments expected to be received from the underlying investment. An increase/decrease in the discount rate would result in a decrease/ increase, respectively, in the fair value. There have been no material changes to the valuation approaches utilized during the nine months ended September 30, 2026 or the year ended December 31, 2025.

Joint Venture

On May 6, 2025, the Company entered into a joint venture with Stifel Bank & Trust. The joint venture is called SBLA Private Credit II LLC. On March 11, 2025, the SBLA II JV established SBLA Private Credit II Funding, LLC, a wholly-owned subsidiary of the SBLA II JV and a Delaware limited liability company that is a disregarded entity for tax purposes, to hold investment collateral in connection with a credit facility.

The Company and the JV partner have $60 million and $8.6 million, respectively, in total commitments to SBLA II JV, with targeted member ownership interests of approximately 87.5% and 12.5%, respectively. The Company and the JV partner have equal voting rights with respect to the SBLA II JV and the SBLA II JV’s general partner. The SBLA II JV will not be consolidated in the Company’s Consolidated Financial Statements. As of September 30, 2026 and as of December 31, 2025, the Company had commitments of $60 million and $60 million to the SBLA II JV, respectively, of which $34 million and $41 million, respectively, were unfunded.

The following table presents the consolidated schedule of investments of the SBLA II JV as of September 30, 2026.

SBLA Private Credit II LLC
Consolidated Schedule of Investments
September 30, 2026
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Units		Cost⁽³⁾		Fair Value		% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Secured Debt^{(4) (5)}
Aerospace & Defense
Accel International Holdings Inc (Term Loan)	1M S + 4.25%	8.15%	4/26/2032	$	12,000	$	12,000	$	12,000	40.62	%
							12,000		12,000	40.62
Automobile Components
ATCDT Corp (Term Loan)	1M S + 3.25%	7.25%	1/25/2028		5,581		5,551		5,581	18.89
							5,551		5,581	18.89
Chemicals
Lenticular Holdings Inc (Term Loan)	3M S + 4.75%	8.79%	9/19/2033		5,089		5,038		5,038	17.05
							5,038		5,038	17.05
Commercial Services & Supplies
KDV Label (Term Loan)	1M S + 3.85%	7.53%	4/30/2029		3,398		3,398		3,372	11.41

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Units		Cost⁽³⁾			Fair Value			% of Net Assets
KDV Label (Delayed Draw)⁽⁶⁾	1M S + 3.85%	7.53%	4/30/2029	$	232	$	232		$	221			0.75	%
Meridian Waste Acquisitions, LLC (Revolver)⁽⁶⁾	3M S + 3.38%	7.25%	8/30/2029		1,003		1,003			1,003			3.40
Meridian Waste Acquisitions, LLC (Term Loan)	3M S + 3.88%	7.84%	8/30/2029		7,637		7,637			7,637			25.85
Meridian Waste Acquisitions, LLC (Delayed Draw 2026 Term Loan)⁽⁶⁾	3M S + 3.88%	7.61%	8/30/2029		530		530			530			1.79
							12,800			12,763			43.20
Containers & Packaging
Accord Buyer LLC (Term Loan)	1M S + 4.50%	8.50%	5/19/2028		3,423		3,404			3,354			11.35
Accord Buyer LLC (Term Loan B)⁽⁶⁾	1M S + 4.50%	8.50%	5/19/2028		568		568			548			1.86
Schoeneck Containers, LLC (Term Loan)	1M S + 4.10%	8.12%	5/7/2028		3,015		3,015			3,015			10.21
Schoeneck Containers, LLC (Delayed Draw)	1M S + 4.10%	8.12%	5/7/2028		1,540		1,540			1,540			5.21
							8,527			8,457			28.63
Financial Services
Forge Borrower, LLC (Term Loan)	3M S + 4.25%	8.32%	1/31/2033		1,750		1,734			1,750			5.93
MAI Capital Management Intermediate LLC (Term Loan)	3M S + 4.75%	8.82%	8/29/2031		4,759		4,757			4,741			16.05
Trimont Holdings LLC (Term Loan)	3M S + 2.50%	6.32%	2/28/2030		10,200		10,163			10,149			34.35
							16,654			16,640			56.33
Health Care Equipment & Supplies
StateServ Acquisition, Inc. (Term Loan)	3M S + 4.50%	8.25%	7/18/2033		5,749		5,693			5,693			19.27
							5,693			5,693			19.27
Machinery
Iris Acquisition, LLC (Term Loan)	1M S + 5.00%	8.77%	6/9/2033		12,500		12,378			12,375			41.89
LR Purchaser LLC (Term Loan)	1M S + 4.25%	7.93%	3/19/2031		10,841		10,693			10,692			36.19
Rental Equipment Investment Co. (Term Loan)	6M S + 5.00%	8.85%	10/8/2030		12,406		12,277			12,282			41.57
							35,348			35,349			119.65
Pharmaceuticals
MRO Maryruth LLC (Term Loan A 1st Amendment)	3M S + 3.75%	7.80%	9/30/2030		4,174		4,153			4,153			14.06
							4,153			4,153			14.06
Real Estate Management & Development
Royal Property Company Borrower LLC (Term Loan A)	1M S + 3.75%	7.65%	5/1/2030		5,914		5,883			5,899			19.97
Royal Property Company Borrower LLC (Term Loan B)	1M S + 5.25%	9.15%	5/1/2031		1,534		1,521			1,520			5.14
Royal Property Company Borrower LLC (Delayed Draw)⁽⁶⁾	1M S + 3.75%	N/A	5/1/2031		—		(10	)		(19	)		(0.06	)
							7,394			7,400			25.05
Specialty Retail
Alliance Mobile Inc (Revolver)⁽⁶⁾	3M S + 3.50%	N/A	8/17/2031		—		(2	)		—			—
Alliance Mobile Inc (Term Loan 2026 6th Amendment)	3M S + 3.50%	7.24%	8/17/2031		8,680		8,680			8,680			29.38
							8,678			8,680			29.38
Textiles, Apparel & Luxury Goods
Colorescience Inc (Term Loan)	3M S + 4.25%	8.32%	1/23/2032		1,581		1,566			1,581			5.35
							1,566			1,581			5.35
Total First Lien Secured Debt						$	123,402		$	123,335			417.48	%
Total Investments at fair value						$	123,402		$	123,335			417.48	%

⁽¹⁾	Unless otherwise indicated, debt investments held by the SBLA II JV are denominated in U.S. dollars and are income producing. All investments are pledged as collateral under a credit facility, unless otherwise indicated.

⁽²⁾	Unless otherwise indicated, each loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each loan, the SBLA II JV has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of September 30, 2026.

⁽³⁾	The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with U.S. GAAP.

⁽⁴⁾	Unless otherwise indicated, issuers of debt held by the SBLA II JV are domiciled in the United States.

⁽⁵⁾	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 - Investments”).

⁽⁶⁾	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. As of September 30, 2026, the total unfunded loan commitment was approximately $9.8 million.

The following table presents the consolidated schedule of investments of the SBLA II JV as of December 31, 2025.

SBLA Private Credit II LLC
Schedule of Investments
December 31, 2025

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾			Fair Value			% of Net Assets
Investments—non-controlled/non-affiliated
First Lien Secured Debt^{(4) (5)}
Aerospace & Defense
Unical Aviation Inc (Term Loan)	1M S + 3.75%	7.47%	10/31/2029	$	3,404	$	3,373		$	3,385			15.78	%
							3,373			3,385			15.78
Automobile Components
ATCDT Corp (Term Loan)	1M S + 3.50%	7.32%	1/25/2028		5,924		5,875			5,895			27.49
							5,875			5,895			27.49
Beverages
King Juice (Term Loan)	1M S + 4.35%	7.22%	3/25/2027		694		690			694			3.24
King Juice (Revolver)⁽⁶⁾	1M S + 4.35%	7.22%	3/25/2027		27		20			27			0.13
							710			721			3.37
Commercial Services & Supplies
KDV Label (Term Loan)	1M S + 3.85%	8.04%	4/30/2029		3,578		3,565			3,555			16.58
KDV Label (Delayed Draw)⁽⁶⁾	1M S + 3.85%	N/A	4/30/2029		—		(2	)		(9	)		(0.05	)
Meridian Waste Acquisitions, LLC (Term Loan)	3M S + 3.38%	7.81%	8/30/2029		7,598		7,598			7,598			35.43
Meridian Waste Acquisitions, LLC (Delayed Draw)⁽⁶⁾	3M S + 3.88%	7.88%	8/30/2029		3,081		3,081			3,081			14.37
Meridian Waste Acquisitions, LLC (Revolver)⁽⁶⁾	3M P + 2.25%	9.00%	8/30/2029		842		842			842			3.93
							15,084			15,067			70.26
Construction & Engineering
Discovery Marketing And Distributing, LLC (Term Loan)	3M S + 4.00%	7.91%	8/10/2027		7,368		7,313			7,340			34.23
							7,313			7,340			34.23
Containers & Packaging
Accord Buyer LLC (Term Loan)	1M S + 4.50%	8.32%	5/19/2028		3,738		3,708			3,645			17.00
Accord Buyer LLC (Term Loan)⁽⁶⁾	1M S + 4.50%	8.32%	5/19/2028		590		590			564			2.63
							4,298			4,209			19.63
Financial Services
Trimont Holdings LLC (Term Loan)	1M S + 2.75%	6.47%	3/1/2030		11,100		11,017			10,988			51.24
							11,017			10,988			51.24
Industrials
Fairbank Equipment (Term Loan)	3M S + 3.90%	7.72%	12/23/2026		3,883		3,849			3,854			17.97
Madison Safety & Flow LLC (Revolver)⁽⁶⁾	3M S + 2.75%	N/A	9/26/2029		—		—			—			—
							3,849			3,854			17.97
Leisure Products
Buffalo Games LLC (Term Loan)	1M S + 2.50%	6.32%	8/31/2027		1,146		1,137			1,146			5.34
							1,137			1,146			5.34
Machinery
Rental Equipment Investment Co. (Term Loan)	3M S + 4.50%	8.17%	10/8/2030		12,500		12,350			12,344			57.56
Seakeeper Technologies LLC (Term Loan)	3M S + 3.25%	7.09%	7/19/2027		7,702		7,645			7,673			35.78
							19,995			20,017			93.34

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾		Fair Value		% of Net Assets
Professional Services
Investor Group Services LLC (Term Loan)	1M S + 3.25%	7.04%	10/21/2027	$	5,108	$	5,067	$	5,064		23.61
							5,067		5,064		23.61
Real Estate Management & Development
Royal Property Company Borrower LLC (Term Loan)	1M S + 3.75%	7.47%	2/2/2028		6,033		5,984		6,018		28.06
							5,984		6,018		28.06
Specialty Retail
Alliance Mobile Inc (Term Loan)	3M S + 3.50%	7.32%	8/1/2028		6,410		6,375		6,378		29.74
Alliance Mobile Inc (Term Loan)	3M S + 3.50%	7.32%	8/1/2028		965		957		960		4.48
Alliance Mobile Inc (Delayed Draw)	3M S + 3.50%	7.32%	8/1/2028		598		598		595		2.77
M&M Thrift Management Company LLC (Term Loan)	3M S + 2.25%	6.02%	12/1/2026		4,392		4,366		4,370		20.38
							12,296		12,303		57.37
Total First Lien Secured Debt						$	95,998	$	96,007		447.69	%
Total Investments at Fair Value						$	95,998	$	96,007		447.69	%

⁽¹⁾	Unless otherwise indicated, debt investments held by the SBLA II JV are denominated in USD and are income producing. All investments are pledged as collateral under a credit facility, unless otherwise indicated.

⁽²⁾	Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each loan, the SBLA II JV has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of December 31, 2025.

⁽³⁾	The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with U.S. GAAP.

⁽⁴⁾	Unless otherwise indicated, issuers of debt held by the SBLA II JV are domiciled in the United States.

⁽⁵⁾	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 - Investments”).

⁽⁶⁾	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. As of December 31, 2025, the total unfunded loan commitment was approximately $7.2 million.

The following table presents the selected statements of assets and liabilities information of the SBLA II JV as of September 30, 2026 and December 31, 2025.

SBLA Private Credit II LLC
Consolidated Financial Statements
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

	September 30, 2026		December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost $123,402 and $95,998, respectively)	$	123,335	$	96,007
Cash and cash equivalents		4,125		6,099
Interest receivable from non-controlled/non-affiliated investments		968		410
Receivable for investments sold		76		—
Total assets	$	128,504	$	102,516

LIABILITIES
Debt (net of deferred financing costs $1,013 and $1,181, respectively)	$	96,237	$	78,919
Interest payable		1,537		1,361
Distribution payable		846		559
Professional fees payable		189		123
Due to affiliate		90		72

	September 30, 2026		December 31, 2025
Administration fees payable	$	47	$	37
Accrued expenses and other liabilities		15		—
Total liabilities	$	98,961	$	81,071
MEMBERS’ EQUITY
Members’ equity	$	29,543	$	21,445
Total members’ equity	$	29,543	$	21,445
Total liabilities and members’ equity	$	128,504	$	102,516

SBLA Private Credit II LLC
Consolidated Financial Statements
(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

The following table presents the selected consolidated statements of operations information of the SBLA II JV for the three and nine months ended September 30, 2026, as well as the three months ended September 30, 2025, and the period from May 6, 2025 (commencement of operations) to September 30, 2025:

	For the three months ended September 30, 2026		For the three months ended September 30, 2025		For the nine months ended September 30, 2026			For the period from May 06, 2025 (commencement of operations) to September 30, 2025
Investment income
Non-controlled/non-affiliated investments:
Interest income	$	2,550	$	1,902	$	6,924		$	2,536
Fee income		53		27		109			14
Total investment income	$	2,603	$	1,929	$	7,033		$	2,550

Expenses
Interest expense	$	1,608	$	1,378	$	4,459		$	1,799
Professional fees		74		37		166			71
Administration fees		47		31		127			41
Other general & administrative		30		—		100			—
Total expenses	$	1,759	$	1,446	$	4,852		$	1,911
Net expenses	$	1,759	$	1,446	$	4,852		$	1,911
Net investment income (loss)	$	844	$	483	$	2,181		$	639

Net realized gain (loss) and change in unrealized appreciation (depreciation)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	$	80	$	98	$	(76	)	$	98
Net change in unrealized appreciation (depreciation)	$	80	$	98	$	(76	)	$	98
Net realized gain (loss) and change in unrealized appreciation (depreciation)	$	80	$	98	$	(76	)	$	98
Net increase (decrease) in net assets resulting from operations	$	924	$	581	$	2,105		$	737

(5) DEBT

Credit Facility with Bank of America

On October 30, 2024, the Company entered into a Revolving Credit Agreement (the “Credit Facility”), with the Company as borrower, and Bank of America, N.A. as administrative agent, the letter of credit issuer and a lender. The maximum commitment amount of the Credit Facility as of the closing date is $100 million, which can be drawn in multiple currencies subject to certain conditions as mentioned in the Credit Facility. Amounts drawn under the Credit Facility will bear interest at a rate per annum equal to: (i) with respect to Term SOFR Loans, Term SOFR for the applicable

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

interest period plus 2.15%; (ii) with respect to Daily Simple SOFR Loans, Daily Simple SOFR in effect from day to day plus 2.15%; (iii) with respect to Alternative Currency Daily Rate Loans, the applicable Alternative Currency Daily Rate plus 2.15%; (iv) with respect to Alternative Currency Term Rate Loans, the applicable Alternative Currency Term Rate for the applicable Interest Period plus 2.15%; and (v) with respect to Reference Rate Loans, the Reference Rate as defined in the Credit Facility, in effect from day to day. On May 1, 2025, the Company entered into an amendment to the Credit Facility. The amendment, among other things, (i) increased the available borrowing capacity of the Credit Facility to $150 million, and (ii) extended the maturity date of the Credit Facility to July 30, 2025.

In connection with the Credit Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. In addition, the Company shall not incur aggregate indebtedness in an amount (a) in excess of that permitted under the constituent documents and (b) in excess of $5 billion. The Credit Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, lender may terminate the commitments and declare the outstanding advances and all other obligations under the Credit Facility immediately due and payable. On July 30, 2025, the Company terminated its BofA Credit Facility with Bank of America and repaid all outstanding principal and interest balances.

Revolving Credit Facility with ING Capital

On June 3, 2025, the Company entered into a revolving credit facility (the “ING Revolving Credit Facility”) pursuant to a Senior Secured Credit Agreement (the “Credit Agreement”), by and among the Company, as borrower, ING Capital LLC (“ING”), as administrative agent (in such capacity, the “Administrative Agent”), each of the lenders and issuing banks party thereto, and ING, as lead arranger, as sole book runner and as a syndication agent. The ING Revolving Credit Facility provides for, among other things, borrowings in U.S. dollars or certain other permitted currencies in an initial aggregate amount of up to $100 million subject to availability under the borrowing base, with an option for the Company to elect at one or more times, subject to certain conditions, to increase the maximum committed amount up to $500 million.

The revolving period during which the Company is permitted to borrow, repay and re-borrow advances will terminate on June 4, 2029 (the “Commitment Termination Date”). Any amounts borrowed under the ING Revolving Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on June 3, 2030 (the “Maturity Date”). During the period from the Commitment Termination Date to the Maturity Date, the Company will be obligated to make mandatory prepayments under the ING Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the ING Revolving Credit Facility accrue interest at a rate per annum equal to the relevant rate plus an applicable margin of (a) with respect to any ABR Loan, (i) 0.875% per annum if the Gross Borrowing Base is less than 1.60x the Combined Debt Amount or (ii) 0.75% per annum if the Gross Borrowing Base is greater than or equal to 1.60x the Combined Debt Amount; (b) with respect to any Term Benchmark Loan, (i) 1.875% per annum if the Gross Borrowing Base is less than 1.60x the Combined Debt Amount or (ii) 1.75% per annum if the Gross Borrowing Base is greater than or equal to 1.60x the Combined Debt Amount, and (c) with respect to any RFR Loans, (i) 1.875% per annum if the Gross Borrowing Base is less than 1.60x the Combined Debt Amount or (ii) 1.75% per annum if the Gross Borrowing Base is greater than or equal to 1.60x the Combined Debt Amount. In addition, the Company will pay a non-usage fee of 0.375% on the average daily unused amount of the revolving commitments under the ING Revolving Credit Facility. Capitalized terms are as defined in the Credit Agreement. On October 17, 2025, the Company increased the available borrowing capacity of the ING Revolving Credit Facility to $125 million. As of September 30, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the ING Revolving Credit Facility.

ABL Credit Facility with BNP Paribas

On July 25, 2025 (the “Closing Date”), Lord Abbett PCF Financing S LLC (“Borrower”), entered into a revolving credit facility (the “BNP ABL Credit Facility”) pursuant to Revolving Credit and Security Agreement (the “BNP Credit Agreement”), by and among the Borrower, BNP Paribas (“BNP”), as administrative agent (the “BNP Administrative Agent”), the Company, as equity holder and collateral manager, State Street Bank and Trust Company, as collateral administrator and as collateral agent and each of the lenders from time to time party thereto. Capitalized terms used and not otherwise defined herein shall have the meanings specified in the BNP Credit Agreement. The BNP ABL Credit Facility provides for, among other things, borrowings in U.S. dollars or certain other permitted currencies in an initial aggregate amount of up to $250 million, subject to availability under the Borrowing Base, with an option for the Borrower to elect at one or more times, subject to certain conditions, to terminate or reduce the unused amount of the facility by at least $500,000 or by the remaining unused portion.

The revolving period during which the Borrower is permitted to borrow, repay and re-borrow advances will terminate on the last day of the Reinvestment Period, which terminates on the earlier of the date of the 36-month anniversary of the Closing Date or termination of commitments resulting from an event of default (the “Facility Termination Date”). Any amounts borrowed under the BNP ABL Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable 24 months after the Facility Termination Date. Following the Facility Termination Date, the Borrower will be required to pay principal and interest amounts in accordance with the two-year schedule provided for in the BNP Credit Agreement.

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

The Borrower may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the BNP ABL Credit Facility accrue interest at a rate per annum equal to the Base Rate plus an applicable margin of 2.00% during the Reinvestment Period and 2.50% following the Reinvestment Period. In addition, the Borrower will pay a non-usage fee that is determined based on the percentage of the Maximum Facility Amount that remains unused, as follows: any Unused Amount during the nine months following the Closing Date, the applicable non-usage fee is 0.50%; any Unused Amount following the nine-month anniversary of the Closing date, (i) if the Unused Amount is greater than or equal to 75% of the Maximum Facility Amount, the non-usage fee shall equal the Applicable Margin; (ii) if the Unused Amount is less than 75% but greater than or equal to 50% of the Maximum Facility Amount, the non-usage fee shall be 1.25%; (iii) if the Unused Amount is less than 50% but greater than or equal to 25% of the Maximum Facility Amount, the non-usage fee shall be 0.75%; and (iv) if the Unused Amount is less than 25% of the Maximum Facility Amount, the non-usage fee shall be 0.00%. As of September 30, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the BNP ABL Credit Facility.

On March 27, 2026, Computershare Trust Company, N.A. (“Computershare”) was appointed to succeed State Street Bank and Trust Company (“State Street”) as collateral administrator and collateral agent in connection with the BNP Credit Agreement. Computershare assumed the role as collateral administrator and collateral agent, as well as custodian and securities intermediary, under and in connection with the BNP Credit Agreement pursuant to the Resignation, Appointment, Assignment and First Amendment to the Credit Agreement (the “First Amendment to the Credit Agreement”) by and among Computershare, the Borrower, BNP, the Company and State Street.

The Company’s outstanding debt obligations were as follows:

	As of September 30, 2026
	Aggregate Borrowing Capacity		Outstanding Principal		Less Unamortized Deferred Financing Costs		Carrying Value per Consolidated Statement of Assets and Liabilities
BNP ABL Credit Facility	$	250,000	$	195,240	$	2,494	$	192,746
ING Revolving Credit Facility		125,000		73,229		1,446		71,783	⁽¹⁾
Total	$	375,000	$	268,469	$	3,940	$	264,529

(1)	Net of ($2) in unrealized depreciation related to foreign currency translations.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2026.

	As of December 31, 2025
	Aggregate Borrowing Capacity		Outstanding Principal		Less Unamortized Deferred Financing Costs		Carrying Value per Consolidated Statement of Assets and Liabilities
BNP ABL Credit Facility	$	250,000	$	113,200	$	2,831	$	110,369
ING Revolving Credit Facility		125,000		82,327		1,691		80,636	⁽¹⁾
Total	$	375,000	$	195,527	$	4,522	$	191,005

(1)	Net of ($28) in unrealized depreciation related to foreign currency translations.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2025.

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

The components of interest expense were as follows for the three and nine months ended September 30, 2026, and September 30, 2025:

	For the three months ended September 30, 2026		For the three months ended September 30, 2025		For the nine months ended September 30, 2026		For the nine months ended September 30, 2025
Borrowing interest expense	$	3,515	$	2,186	$	9,200	$	4,774
Facility unused fee		75		229		421		326
Amortization of deferred financing costs		253		237		764		469
Total	$	3,843	$	2,652	$	10,385	$	5,569

The following table summarizes the average debt outstanding and the weighted average interest cost:

	For the three months ended September 30, 2026		For the three months ended September 30, 2025		For the nine months ended September 30, 2026		For the nine months ended September 30, 2025
Weighted average interest rate ⁽¹⁾		5.92%		6.42%		5.83%		6.53%
Weighted average debt outstanding	$	238,307	$	136,503	$	211,790	$	98,115

(1)	Excludes facility unused fees and amortization of deferred financing costs.

Promissory Notes

On August 1, 2025, the Company closed on an offering of 110 promissory notes due August 1, 2055 (the “Promissory Notes”) in a private offering, with each Promissory Note being issued in connection with the issuance of one common share of the Company (the “Promissory Notes Offering”) to accredited investors (as that term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (“Securities Act”)). The aggregate principal amount of the Promissory Notes is $110 less the value of 110 common shares at issuance. The Company will pay interest totaling $0.12 per year on each outstanding Promissory Note, with such interest to be paid semi-annually on or before June 30 and December 31 each year. The Promissory Notes are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “Accrued expenses and other liabilities”.

The Promissory Notes are general unsecured senior obligations of the Company and rank equally with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. The Promissory Notes are subject to prepayment, in whole or in part, at any time on or following the date on which the Company has repurchased the common share issued in connection with the Promissory Note. If the Company elects to prepay the Promissory Notes, the Company will pay the principal as of the prepayment date plus all accrued, unpaid, and past due interest, and if the prepayment occurs within 24 months of the issue date, the Company will pay a one-time prepayment premium. The Promissory Notes are also subject to certain customary events of default with cure periods, as applicable. The Promissory Notes are also subject to certain restrictions necessary to protect the Company’s status as a business development company under the 1940 Act.

The Promissory Notes are issued in reliance on Regulation D under the Securities Act. The Promissory Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable. The Company intends to use the net proceeds from the Promissory Note Offering for general corporate purposes.

(6) COMMITMENTS AND CONTINGENCIES

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

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2026 and December 31, 2025, the Company had $139,064 and $76,752, respectively, of unfunded commitments to fund delayed draw and revolving senior secured loans.

As of September 30, 2026 and December 31, 2025, $34 million and $41 million, respectively, of capital committed remained uncalled from the Company in relation to capital commitments to the SBLA II JV.

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

(7) SHAREHOLDERS’ CAPITAL

The following table summarizes the total Common Shares issued and proceeds received from the closings of the Company’s continuous private offerings that occurred for the nine months ended September 30, 2026.

Date Received	Shares Issued			Proceeds Received
January 2, 2026		502,788		$	12,625
February 2, 2026		760,191			19,058
March 2, 2026		1,149,666			28,592
April 1, 2026		377,517			9,336
May 1, 2026		102,024			2,520
June 1, 2026		137,784			3,395
July 1, 2026		263,174			6,503
August 3, 2026		209,520			5,163
September 1, 2026		565,990			13,946
Total		4,068,654		$	101,138

The following table summarizes the total Common Shares issued and proceeds received from the closings of the Company’s continuous private offerings that occurred for the nine months ended September 30, 2025.

Date Received	Shares Issued			Proceeds Received
February 12, 2025		N/A	⁽¹⁾	$	7,500
February 27, 2025		N/A	⁽¹⁾		14,300
March 28, 2025		N/A	⁽¹⁾		15,000
April 30, 2025		1,000,801			25,000
June 30, 2025		796,178			20,000
August 1, 2025		318,835			8,003
September 2, 2025		199,203			5,000
Total		2,315,017		$	94,803

(1)	Prior to the Conversion Date, the Company did not issue shares.

As of September 30, 2026 and as of December 31, 2025, Lord Abbett and certain registered investment companies and other pooled vehicles advised by Lord Abbett collectively own approximately 60% and 100%, respectively, of the Company.

Distribution Reinvestment Plan

Shareholders whose Common Shares are registered with State Street Bank and Trust Company (the “Agent”) will automatically be enrolled (the “Participants”) in the Company’s Dividend Reinvestment Plan (the “DRIP”). The Company will declare its income dividends or capital gains or other distributions (“Distributions”) payable in Common Shares, or, at the option of shareholders, in cash. Therefore, each Participant will have all Distributions, net of any applicable U.S. withholding taxes, on his or her Common Shares automatically reinvested (net of applicable withholding tax) in additional Common Shares, unless such Participant elects to receive such Distributions in cash by contacting the Agent. An election to receive cash may be revoked or reinstated at the election of the shareholders. On the payment date for a Distribution, the Agent shall receive newly issued Common Shares (“Additional Shares”), including fractions, from the Company for each Participant’s account.The number of Additional Shares to be credited shall be determined by dividing the dollar amount of the Distribution by the net asset value per Common Share on the payment date. The net asset value per Common Share on a particular date shall be the amount calculated on that date (or if not calculated on such date, the amount most recently calculated) by or on behalf of the Company in accordance with the Company’s current private placement memorandum. It is contemplated that the Company will pay dividends at least quarterly. If, for any reason beyond the control of the Agent, reinvestment of the Distributions cannot be completed within thirty (30) days after the applicable payment date for such Distribution, funds held by the Agent on behalf of a Participant will be distributed to that Participant.

The following table summarizes the Company’s distributions declared, paid and payable for the nine months ended September 30, 2026:

Date Declared

Record Date

Payment Date

Per Share

Total Amount

January 23, 2026

January 31, 2026

February 25, 2026

0.19

1,060

February 24, 2026

February 28, 2026

March 26, 2026

0.19

1,203

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

Date Declared	Record Date	Payment Date	Per Share		Total Amount
March 23, 2026	March 31, 2026	April 29, 2026	$	0.19	$	1,423
April 20, 2026	April 30, 2026	May 29, 2026		0.19		1,495
May 26, 2026	May 31, 2026	June 26, 2026		0.19		1,516
June 23, 2026	June 30, 2026	July 28, 2026		0.19		1,544
July 21, 2026	July 31, 2026	August 27, 2026		0.19		1,595
August 24, 2026	August 31, 2026	September 28, 2026		0.19		1,636
September 21, 2026	September 30, 2026	October 29, 2026		0.19		1,746
Total					$	13,218

The following table summarizes the amounts received and Common Shares issued to shareholders who have participated in the DRIP for the nine months ended September 30, 2026:

Payment Date	DRIP Shares Issued		Amount per Share		DRIP Shares Value
February 25, 2026		189	$	25.07	$	5
March 26, 2026		1,588		24.87		39
April 29, 2026		4,807		24.73		119
May 29, 2026		6,677		24.70		165
June 26, 2026		7,017		24.64		175
July 28, 2026		7,548		24.71		186
August 27, 2026		8,488		24.64		209
September 28, 2026		9,186		24.64		225
Total		45,500			$	1,123

The following table summarizes the Company’s distributions declared and paid for the nine months ended September 30, 2025:

Date Declared

Record Date

Payment Date

Per Share

Total Amount

March 28, 2025

N/A⁽¹⁾

984

June 30, 2025

July 10, 2025

0.45

1,850

July 24, 2025

July 31, 2025

August 27, 2025

0.21

914

August 25, 2025

August 31, 2025

September 26, 2025

0.21

923

September 23, 2025

September 30, 2025

October 28, 2025

0.19

873

Total

5,544

(1)	Prior to the Conversion Date, the Company had no shares outstanding.

Share Repurchase Program

The Company commenced a share repurchase program in which it intends to repurchase up to 5% of the Common Shares outstanding as of the close of the previous calendar quarter, at the discretion of the Board. The Board may amend, suspend or terminate the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board suspend the share repurchase program, the Board will consider whether the continued suspension of the program is in the best interests of the Company and its shareholders on a quarterly basis. However, the Board is not required to authorize the recommencement of the share repurchase program within any specified period of time. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

On April 30, 2026, under the Company’s share repurchase program, the Company made a tender offer to purchase up to 316,839.86 Common Shares, which represents approximately 5% of the Company’s outstanding shares as of February 28, 2026. The tender offer was for cash at a price equal to the net asset value per share as of June 30, 2026. The offer expired at 11:59 P.M., Eastern Time, on May 29, 2026. No shares were validly tendered prior to the expiration of the offer.

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

On July 30, 2026, under the Company’s share repurchase program, the Company made a tender offer to purchase up to 398,953.88 Common Shares, which represents approximately 5% of the Company’s outstanding shares as of May 31, 2026. The tender offer was for cash at a price equal to the net asset value per share as of September 30, 2026. The offer expired at 11:59 P.M., Eastern Time, on August 27, 2026. No shares were validly tendered prior to the expiration of the offer.

(8) CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the consolidated financial highlights for the nine months ended September 30, 2026:

	For the nine months ended September 30, 2026
Per Share Data
Net asset value, beginning of period	$	25.11
Net investment income (loss)⁽¹⁾		1.64
Net realized and unrealized gain (loss)⁽²⁾		(0.36	)
Net increase (decrease) in net assets resulting from operations		1.28
Distributions declared from net investment income⁽³⁾		(1.71	)
Total increase (decrease) in net assets		(0.43	)
Net asset value, end of period		24.68
Common Shares outstanding at end of period		9,187,784
Total return based on net asset value⁽⁴⁾		5.3	%
Ratio/Supplemental Data:
Net assets at end of period	$	226,774
Ratio of expenses before expense reimbursement to average net asset value⁽⁵⁾		11.8	%
Ratio of net expenses to average net asset value⁽⁵⁾		11.2	%
Ratio of net investment income to average net asset value⁽⁵⁾		8.9	%
Asset coverage ratio		184	%
Portfolio turnover		31	%

(1)	Per share data has been derived based on the weighted average number of shares outstanding for the nine months ended September 30, 2026.
(2)	Net unrealized and realized gain (loss) per share may not correlate to the aggregate of the net realized and unrealized gain (loss) in the Consolidated Statement of Operations, primarily due to the timing of the issuance of the Company’s Common Shares.
(3)	The tax character of distributions is determined based on the total amount of taxable income for the full tax year and cannot be confirmed until after the close of the tax year. Accordingly, the tax character of the Company’s distributions as denoted herein may be re-characterized later based on taxable income for the full tax year.
(4)	Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any. Total returns for periods of less than 1 year are not annualized.
(5)	Annualized for the nine months ended September 30, 2026.

The following are the Consolidated financial highlights for the nine months ended September 30, 2025:

	For the nine months ended September 30, 2025
Per Share Data
Net asset value, at March 31, 2025	$	25.06
Net investment income (loss)⁽¹⁾		1.13
Net realized and unrealized gain (loss) ⁽²⁾		(0.05	)
Net increase (decrease) in net assets resulting from operations		1.08
Distributions Declared ⁽⁶⁾		(1.06	)
Total increase (decrease) in net assets		0.02
Net asset value, end of period		25.08
Common Shares outstanding at end of period		4,595,017
Total return Based on net asset value ⁽⁴⁾		7.75	%

Lord Abbett Private Credit Fund S

Notes to the Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2026

(in thousands, except share amounts, per share data, percentages, and as otherwise noted)

	For the nine months ended September 30, 2025
Ratio/Supplemental Data:
Net assets at end of period	$	115,241
Ratio of expenses before expense reimbursement to average net asset value ⁽⁵⁾		15.30	%
Ratio of net expenses to average net asset value ⁽⁵⁾		13.36	%
Ratio of net investment income to average net asset value ⁽⁵⁾		9.71	%
Asset coverage ratio		178	%
Portfolio Turnover		12	%

(1) Prior to the Conversion Date, the Company had no shares outstanding. Per share data has been derived based on the weighted average number of shares outstanding for the period from April 1, 2025 to September 30, 2025.

(2) Net realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain(loss) in the Statement of Operations, primarily due to the timing of the issuance of the Company’s common shares.

(3) Not utilized.

(4) Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any. Total returns for periods of less than 1 year are not annualized.

(5) Annualized for the nine months ended September 30, 2025, except for organizational costs.

(6) The tax character of distributions is determined based on the total amount of taxable income for the full tax year and cannot be confirmed until after the close of the tax year. Accordingly, the tax character of the Company’s distributions as denoted herein may be re-characterized later based on taxable income for the full tax year.

(9) SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the Consolidated Financial Statements were issued. There have been no subsequent events that require recognition or disclosure through the date the Consolidated Financial Statements were issued, except as disclosed below.

Distributions

On October 19, 2026, the Company declared a distribution of approximately $0.19 per share to shareholders of record as of October 31, 2026 to be paid on or about November 24, 2026.

October and November Subscriptions

The Company received $9.7 million ($4.2 million of which was received prior to or on September 30, 2026 and is recorded in Subscriptions received in advance in our Consolidated Statements of Assets and Liabilities) of proceeds relating to the issuance of Common Shares for subscriptions effective October 1, 2026 and November 2, 2026.

Share Repurchases

On October 29, 2026, under the Company’s share repurchase program, the Company made a tender offer to purchase up to 430,630.38 Common Shares, which represents approximately 5% of the Company’s outstanding shares as of August 31, 2026. The tender offer was for cash at a price equal to the net asset value per share as of December 31, 2026. The offer will expire at 11:59 P.M., Eastern Time, on November 30, 2026.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except share amounts, per share data, percentages, and as otherwise noted)

The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to “we,” “us,” “our,” or the “Company” refer to Lord Abbett Private Credit Fund S.

OVERVIEW

We were formed on September 26, 2024, as a Delaware limited partnership named Lord Abbett Private Credit Fund A, LP. On March 31, 2025, we converted to a Delaware statutory trust and were renamed Lord Abbett Private Credit Fund S. We are a non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. 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 Advisory Agreement. The Adviser is registered as an investment adviser with the SEC. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Adviser oversees (subject to the oversight of the Board, a majority of whom are Independent Trustees) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Advisory Agreement. Under the Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to pay Lord, Abbett & Co. LLC (the “Administrator”) an administration fee on a monthly basis.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation, by primarily focusing on directly originated, senior secured loans to U.S. middle-market companies.

As a BDC, we may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. “Qualifying assets” are generally privately offered securities issued by U.S. private companies or thinly traded public companies. We may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies, joint ventures or other interests that are non-qualifying. The Adviser directly originates credit opportunities from a large universe of private equity sponsors, strategic sourcing relationships, intermediaries and other direct lenders, as well as internal Lord Abbett resources.

We generally intend to distribute substantially all of our available earnings annually by paying distributions on a monthly basis, as determined by our Board, in its discretion.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

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 in the form of commitment and other fees in connection with transactions. 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. In addition, we generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees.

Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Administrator or its affiliates will bear all fees, costs, and expenses incurred that are not assumed by the Company. We will bear the following costs and expenses of our operations, administration and transactions, including, but not limited to (1) investment advisory fees, including the Base Management Fee and Incentive Fee, to the Adviser, pursuant to the Advisory Agreement; (2) Administration fee (“Administration Fee”) to the Administrator, pursuant to the Administration Agreement; and (3) other expenses of the Company’s operations and transactions listed in “Item 1. Business – Expenses” in our Form 10-K filing.

Expense Support and Conditional Reimbursement Agreement

Pursuant to the Expense Support Agreement that we have entered into with the Adviser, the Adviser is obligated to advance all of our Other Operating Expenses (each, a “Required Expense Payment”) to the effect that such expenses do not exceed 0.70% (on an annualized basis) of the Company’s NAV. Any Required Expense Payment must be paid by the Adviser to us in any combination of cash or other immediately available funds and/or offset against amounts due from us to the Adviser or its affiliates. “Other Operating Expenses” means the Company’s organizational and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, excluding the Company’s base management and incentive fees owed to the Adviser, financing fees and costs (other than upfront fees on the Company’s initial credit facility), brokerage commissions, placement agent fees, costs and expenses of distributing and placing the Common Shares, extraordinary expenses and any interest expenses owed by the Company, all as determined in accordance with GAAP.

The Adviser may elect to pay, at such times as the Adviser determines, certain expenses on our behalf (each, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”), provided that no portion of the payment will be used to pay shareholder servicing and/or distribution fees, if any, of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to us in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates.

Following any month in which Other Operating Expenses are below the Expense Cap on an annualized basis, the Adviser may be reimbursed (a “Required Reimbursement Payment”) for any Required Expense Payment to the extent that (i) the Other Operating Expenses, inclusive of such Required Reimbursement Payment, remain at or below the Expense Cap and (ii) the applicable Required Expense Payment was made no more than three (3) years prior to the Required Reimbursement Payment.

The Expense Support Agreement is effective until April 1, 2027 and shall renew automatically for successive one-year terms thereafter unless either the Company or the Adviser determines to terminate it and so notifies the other party. Either the Company or the Adviser may terminate the Expense Support Agreement at any time, with or without notice, without the payment of any penalty, provided that any Expense Payments that have not been reimbursed by the Company to the Adviser will remain the obligation of the Company following any such termination, subject to the terms of the Expense Support Agreement.

The following table presents a cumulative summary of the expense payments and reimbursement payments since the Company’s commencement of operations:

For the Quarter Ended	Required Expense Payments by Adviser		Required Reimbursement Payments to Adviser		Unreimbursed Expense Payments		Reimbursement Eligibility Expiration
December 31, 2024	$	95	$	(39)	$	56	December 31, 2027
March 31, 2025		413		—		413	March 31, 2028
June 30, 2025		316		—		316	June 30, 2028
September 30, 2025		310		—		310	September 30, 2028
December 31, 2025		639		—		639	December 31, 2028
March 31, 2026		203		—		203	March 31, 2029
June 30, 2026		195		—		195	June 30, 2029
September 30, 2026		525		—		525	September 30, 2029
Total	$	2,696	$	(39)	$	2,657

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio is presented below:

	As of September 30, 2026						As of December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Secured Debt	$	449,969	$	449,031		93%	$	290,356	$	291,011		91%
Second Lien Secured Debt		8,718		7,898		2		8,695		8,730		3
Equity		194		213		—^(a)		110		110		—^(a)
Investments in Joint Venture		25,908		25,850		5		18,756		18,764		6
Total Investments at Fair value	$	484,789	$	482,992		100%	$	317,917	$	318,615		100%

^(a)	Amount is less than 1%

Our debt portfolio displayed the following characteristics of each of our investments:

	September 30, 2026		December 31, 2025
Number of portfolio companies		68		40
Percentage of performing debt bearing a floating rate		100%		100%
Percentage of performing debt bearing a fixed rate		0%		0%
Percentage of our total portfolio on non-accrual		0%		0%

The following table presents information concerning portfolio companies to which the Company has made loans:

Portfolio Company Metrics⁽¹⁾:
Median 12-month EBITDA:		$96 million⁽²⁾⁽⁷⁾
Weighted average net leverage:		4.8x⁽²⁾⁽³⁾
Weighted average loan to value:		41%⁽²⁾⁽⁴⁾
Weighted average interest coverage:		2.4x⁽²⁾⁽⁵⁾
Weighted average yield on debt investments, at cost:		9.5%⁽⁶⁾

⁽¹⁾	Amounts were derived from the most recently available financial statements provided by portfolio companies which have not been independently verified by us and may reflect a normalized or adjusted amount. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.

⁽²⁾	Metrics exclude one liquid loan. Metrics also exclude one recurring revenue investment, which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Weighted average metrics are calculated as a percentage of funded par value of debt investments.

⁽³⁾	Net leverage is the ratio of total senior debt minus cash divided by EBITDA and taking into account leverage through the tranche to which the Company is a lender.

⁽⁴⁾	Calculated using total senior debt minus cash divided by total enterprise value estimated by the private equity sponsor or market comparables and taking into account leverage through the tranche to which the Company is a lender.

⁽⁵⁾	Interest coverage for a particular portfolio company is calculated by taking EBITDA and dividing by annualized latest reported interest expense.

⁽⁶⁾	Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, plus the annual unused fees, as applicable on debt securities divided by (b) total debt investments at cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

⁽⁷⁾	For the portfolio companies included in the calculation above, median 12-month EBITDA at the time of the Company’s initial investment was $82 million.

Investment Activity

Our investment activity is presented below:

	For the nine months ended September 30, 2026		For the nine months ended September 30, 2025
Investment Activity
Investments, beginning of period	$	318,615	$	43,714
New investments purchased		290,851		226,452
Payment-in-kind interest income capitalized		381		—
Investments sold or repaid		(125,535)		(20,628)
Net accretion of discount on investments		1,087		376
Net realized gain (loss) on investments		87		—
Net change in unrealized appreciation (depreciation)		(2,494)		586
Investments, end of period	$	482,992	$	250,500

Portfolio Companies
Portfolio Companies Beginning Period		40		5
Number of new investment commitments in portfolio companies		34		22
Number of investment commitments exited or fully repaid		6		1
Number of Portfolio Companies at period end		68		26
Count of industries		26		16

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

	For the three months ended September 30, 2026		For the three months ended September 30, 2025
Total investment income	$	10,829	$	6,017
Less: Net expenses		5,976		3,694
Net investment income before taxes		4,853		2,323
Net investment income after taxes		4,853		2,323
Net change in unrealized appreciation (depreciation)		(66)		225
Net realized gain (loss)		—		—
Net increase (decrease) in net assets resulting from operations	$	4,787	$	2,548

	For the nine months ended September 30, 2026		For the nine months ended September 30, 2025
Total investment income	$	28,630	$	12,346
Less: Net expenses		15,937		7,150
Net investment income before taxes		12,693		5,196
Net investment income after taxes		12,693		5,196
Net change in unrealized appreciation (depreciation)		(2,469)		586
Net realized gain (loss)		87		—
Net increase (decrease) in net assets resulting from operations	$	10,311	$	5,782

Investment Income

For the three months ended September 30, 2026, total investment income increased by $4.8 million to $10.8 million, compared to $6.0 million for the corresponding period in 2025. The increase was primarily attributable to continued capital deployment and the resulting growth in our investment portfolio, which contributed to higher interest income. The fair value of our investment portfolio increased to $483 million as of September 30, 2026, compared to $251 million as of September 30, 2025. We expect investment income to fluctuate based on several factors, including the pace of new investment originations, repayments, changes in portfolio composition and prevailing interest rates. The composition of our investment income for the three and nine months ended September 30, 2026 and for the three and nine months ended September 30, 2025 was as follows (dollars in thousands):

	For the three months ended September 30, 2026		For the three months ended September 30, 2025
Investment income:
Non-controlled/non-affiliated investments:
Interest income	$	9,551	$	5,431
Payment-in-kind interest income		129		—
Fee income		409		161
Controlled/affiliated investments:
Dividend income		740		425
Total Investment Income	$	10,829	$	6,017

	For the nine months ended September 30, 2026		For the nine months ended September 30, 2025
Investment income:
Non-controlled/non-affiliated investments:
Interest income	$	25,410	$	11,385
Payment-in-kind interest income		381		—
Fee income		930		399
Controlled/affiliated investments:
Dividend income		1,909		562
Total Investment Income	$	28,630	$	12,346

Expenses:

Expenses were as follows:

	For the three months ended September 30, 2026		For the three months ended September 30, 2025
Expenses:
Interest expense	$	3,843	$	2,652
Income incentive fees		759		369
Professional fees		630		363
Management fees		538		273
Distribution and shareholder servicing fees		457		232
Other general & administrative		140		19
Administration fees		134		68
Organizational costs		—		—
Capital gains incentive fees		—		28
Total expenses	$	6,501	$	4,004
Expense reimbursement		(525)		(310)
Management fees waived		—		—
Net expenses	$	5,976	$	3,694

	For the nine months ended September 30, 2026		For the nine months ended September 30, 2025
Expenses:
Interest expense	$	10,385	$	5,569
Income incentive fees		1,976		652
Professional fees		1,270		753
Management fees		1,434		457
Distribution and shareholder servicing fees		1,219		348
Other general & administrative		303		101
Administration fees		358		114
Organizational costs		—		180
Capital gains incentive fees		(85)		63
Total expenses	$	16,860	$	8,237
Expense reimbursement		(923)		(1,039)
Management fees waived		—		(48)
Net expenses	$	15,937	$	7,150

Total expenses before expense support for the three and nine months ended September 30, 2026, consisted primarily of interest and debt financing expenses, management fees, income based incentive fees, and professional fees, including accounting, reporting and legal expenses. Total expenses before expense support increased for the three and nine months ended September 30, 2026, compared to the corresponding periods in 2025, primarily due to higher interest and debt financing expenses resulting from increased borrowings to support portfolio growth, higher management fees attributable to an increase in the Company’s average net assets, and higher income-based incentive fees resulting from increased investment income. We expect total expenses to increase as we continue to deploy capital and utilize borrowings to support the growth of our investment portfolio.

Interest and Other Financing Expenses

Interest expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs for the three and nine months ended September 30, 2026 were $3,843 and $10,385, respectively. Total interest expense (including unused commitment fees, amortization of debt issuance costs and deferred financing costs) for the three and nine months ended September 30, 2025, was approximately $2,652 and $5,569, respectively. The increase in total interest expense was primarily attributable to the growth of our investment portfolio and the corresponding increase in borrowings under our credit facilities to finance additional investment activity. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three and nine months ended September 30, 2026, was 5.92% and 5.83%, respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three and nine months ended September 30, 2025, was 6.42% and 6.53%, respectively.

Net realized gain (loss) and change in unrealized appreciation (depreciation)

Net realized gain (loss) and change in unrealized appreciation (depreciation) were as follows:

	For the three months ended September 30, 2026		For the three months ended September 30, 2025
Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	—	$	—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(137)		138
Controlled/affiliated investments		71		87
Net realized gain (loss) and change in unrealized appreciation (depreciation)	$	(66)	$	225

	For the nine months ended September 30, 2026		For the nine months ended September 30, 2025
Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	87	$	—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(2,403)		499
Controlled/affiliated investments		(66)		87
Net realized gain (loss) and change in unrealized appreciation (depreciation)	$	(2,382)	$	586

For the three and nine months ended September 30, 2026, net realized gain (loss) and change in unrealized appreciation (depreciation) were $(66) and $(2,382), respectively, which were primarily the result of the changes in spreads in the primary and secondary markets.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Common Shares, net borrowings from our credit facilities and unsecured debt, and cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of any closing of our continuous private offering of our Common Shares.

Our primary use of cash is investments in portfolio companies, payments of our expenses, funding repurchases under our share repurchase program and payment of cash distributions to our shareholders. Details of our credit facilities are described in “Item 1: Consolidated Financial Statements --Notes to Consolidated Financial Statements --Note 5. Debt.” The average debt-to-equity leverage ratio for the three months ended September 30, 2026 was approximately 1.09x. We may also, from time to time, enter into new credit facilities, increase the size of existing credit facilities or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

Unregistered Sales of Equity Securities

Date Received	Shares Issued		Proceeds Received
January 2, 2026		502,788	$	12,625
February 2, 2026		760,191		19,058
March 2, 2026		1,149,666		28,592
April 1, 2026		377,517		9,336
May 1, 2026		102,024		2,520
June 1, 2026		137,784		3,395
July 1, 2026		263,174		6,503
August 3, 2026		209,520		5,163
September 1, 2026		565,990		13,946
Total		4,068,654	$	101,138

Date Received	Shares Issued		Proceeds Received
February 12, 2025		N/A⁽¹⁾	$	7,500
February 27, 2025		N/A⁽¹⁾		14,300
March 28, 2025		N/A⁽¹⁾		15,000
April 30, 2025		1,000,801		25,000
June 30, 2025		796,178		20,000
August 1, 2025		318,835		8,003
September 2, 2025		199,203		5,000
Total		2,315,017	$	94,803

⁽¹⁾	Prior to the Conversion Date, the Company did not issue shares.

Distributions

The following table summarizes the Company’s distributions declared, paid and payable for the nine months ended September 30, 2026:

Date Declared

Record Date

Payment Date

Per Share

Total Amount

January 23, 2026

January 31, 2026

February 25, 2026

0.19

1,060

February 24, 2026

February 28, 2026

March 26, 2026

0.19

1,203

March 23, 2026

March 31, 2026

April 29, 2026

0.19

1,423

April 20, 2026

April 30, 2026

May 29, 2026

0.19

1,495

May 26, 2026

May 31, 2026

June 26, 2026

0.19

1,516

June 23, 2026

June 30, 2026

July 28, 2026

0.19

1,544

July 21, 2026

July 31, 2026

August 27, 2026

0.19

1,595

August 24, 2026

August 31, 2026

September 28, 2026

0.19

1,636

September 21, 2026

September 30, 2026

October 29, 2026

0.19

1,746

Total

13,218

The following table summarizes the Company’s distributions declared, paid and payable for the nine months ended September 30, 2025:

Date Declared

Record Date

Payment Date

Per Share

Total Amount

March 28, 2025

N/A⁽¹⁾

984

June 30, 2025

July 10, 2025

0.45

1,850

July 24, 2025

July 31, 2025

August 27, 2025

0.21

914

August 25, 2025

August 31, 2025

September 26, 2025

0.21

923

September 23, 2025

September 30, 2025

October 28, 2025

0.19

873

Total

5,544

⁽¹⁾	Prior to the Conversion Date, the Company had no shares outstanding

Dividend Reinvestment Plan

Shareholders whose Common Shares are registered with State Street Bank and Trust Company (the “Agent”), will automatically be enrolled (the “Participants”) in the Company’s Dividend Reinvestment Plan (the “DRIP”). The Company will declare its income dividends or capital gains or other distributions (“Distributions”) payable in Common Shares, or, at the option of shareholders, in cash. Therefore, each Participant will have all Distributions, net of any applicable U.S. withholding taxes, on his or her Common Shares automatically reinvested (net of applicable withholding tax) in additional Common Shares, unless such Participant elects to receive such Distributions in cash by contacting the Agent. An election to receive cash may be revoked or reinstated at the election of the shareholders. On the payment date for a Distribution, the Agent shall receive newly issued Common Shares (“Additional Shares”), including fractions, from the Company for each Participant’s account. The number of Additional Shares to be credited shall be determined by dividing the dollar amount of the Distribution by the net asset value per Common Share on the payment date. The net asset value per Common Share on a particular date shall be the amount calculated on that date (or if not calculated on such date, the amount most recently calculated) by or on behalf of the Company in accordance with the Company’s current private placement memorandum. It is contemplated that the Company will pay dividends at least quarterly. If, for any reason beyond the control of the Agent, reinvestment of the Distributions cannot be completed within thirty (30) days after the applicable payment date for such Distribution, funds held by the Agent on behalf of a Participant will be distributed to that Participant.

The following table summarizes the amounts received and Common Shares issued to shareholders who have participated in the DRIP for the nine months ended September 30, 2026:

Payment Date	DRIP Shares Issued		Amount per Share		DRIP Shares Value
February 25, 2026		189	$	25.07	$	5
March 26, 2026		1,588		24.87		39
April 29, 2026		4,807		24.73		119
May 29, 2026		6,677		24.70		165
June 26, 2026		7,017		24.64		175
July 28, 2026		7,548		24.71		186
August 27, 2026		8,488		24.64		209
September 28, 2026		9,186		24.64		225
Total		45,500			$	1,123

Share Repurchase Program

The Company commenced a share repurchase program in which it intends to repurchase up to 5% of the Company’s Common Shares outstanding as of the close of the previous calendar quarter, at the discretion of the Board. The Board may amend, suspend or terminate the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board suspend the share repurchase program, the Board will consider whether the continued suspension of the program is in the best interests of the Company and its shareholders on a quarterly basis. However, the Board is not required to authorize the recommencement of the share repurchase program within any specified period of time. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Debt

The Company’s outstanding debt obligations were as follows:

	As of September 30, 2026
	Aggregate Borrowing Capacity		Outstanding Principal			Less Unamortized Deferred Financing Costs		Carrying Value per Consolidated Statement of Assets and Liabilities
BNP ABL Credit Facility	$	250,000	$	195,240		$	2,494	$	192,746
ING Revolving Credit Facility		125,000		73,229	⁽¹⁾		1,446		71,783
Total	$	375,000	$	268,469		$	3,940	$	264,529

⁽¹⁾	Net of ($2) in unrealized depreciation related to foreign currency translations

	As of December 31, 2025
	Aggregate Borrowing Capacity		Outstanding Principal			Less Unamortized Deferred Financing Costs		Carrying Value per Consolidated Statement of Assets and Liabilities
BNP ABL Credit Facility	$	250,000	$	113,200		$	2,831	$	110,369
ING Revolving Credit Facility		125,000		82,327	⁽¹⁾		1,691		80,636
Total	$	375,000	$	195,527		$	4,522	$	191,005

⁽¹⁾	Net of ($28) in unrealized depreciation related to foreign currency translations

RECENT DEVELOPMENTS

Refer to Note 9 – Subsequent Events to our Consolidated Financial Statements included in this Report.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Management’s discussion and analysis is based on our Consolidated Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Our significant accounting policies are described in Note 2 to the Consolidated Financial Statements.

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with Rule 2a-5 under the 1940 Act and 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. 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. See “Item 1. Business – Determination of Net Asset Value” in our Form 10-K for more information on how we value our investments.

RELATED PARTY TRANSACTIONS

See Note 3 to the Consolidated Financial Statements for information on the Company’s related party transactions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including portfolio valuation risk, market risk and risk related to interest rates.

Portfolio Valuation Risk

The Adviser, subject to the oversight of the Board, will determine the valuation of the Company’s investments. It is expected that most of the Company’s investments will not have readily available market quotations, which will require the Adviser to estimate, in accordance with the Adviser’s valuation policies, the fair value of such investments on the valuation date. Fair value pricing is based on subjective judgments, and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold. Absent bad faith or manifest error, valuation determinations of the Adviser will be conclusive and binding on the Company’s investors.

In addition, the Company may rely on third-party valuation services to verify the value of certain investments. An investment may not have a readily ascertainable market value and accordingly, could potentially make it difficult to determine a fair value of an investment and may yield an inaccurate valuation. Further, because of the Adviser’s knowledge of the investment, the valuation services may defer to the Adviser’s valuation even where such valuation may not be accurate or the determination thereof involved a conflict of interest. Additionally, the Company may also choose to discontinue the use of any third-party valuation services at any time, which could create a conflict of interest and impair the third-party valuation service’s independence. An inaccurate valuation of an investment could have a substantial impact on the Company.

Market Risk

The success of the Company’s activities will be affected by general economic and market conditions, such as interest rates, inflation rates, industry conditions, competition, technological developments, tax laws, availability of credit, economic uncertainty, changes in laws (including laws relating to taxation of the Company’s investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may affect, among other things, the level and volatility of securities’ prices, the liquidity of the Company’s investments and the availability of certain securities and investments. Volatility or illiquidity could impair the Company’s profitability or result in losses. The Company may maintain substantial trading positions that can be materially adversely affected by the level of volatility in the financial markets—the larger the positions, the greater the potential for loss. Global markets have recently experienced unprecedented volatility and losses. The effects thereof are continuing and there can be no assurance that the Company will not be materially adversely affected. Furthermore, none of these conditions is within the control of the Adviser.

Payment-in-Kind Interest Risk

Certain of the Company’s debt investments contain provisions providing for the payment of payment-in-kind (“PIK”) interest. PIK instruments generally represent a significantly higher credit risk than non-PIK instruments. The interest rate on PIK instruments is often relatively higher than non-PIK instruments, which reflect the payment deferral and increased credit risk associated with these instruments. In addition, PIK instruments may have unreliable valuations because the accruals require judgments about collectability of the deferred payments and the value of any associated collateral. Further, even if the conditions for income accrual under U.S. GAAP are satisfied, a borrower could default when actual payment is due upon the maturity of the loan. Receipt of PIK interest also increases the Company’s exposure to the issuer and its associated risks, including credit risk.

Risk Related to Interest Rates

Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the ability of the Company to control or to forecast. Debt securities have varying levels of sensitivity to changes in interest rates. When the Company chooses to borrow money to make investments, the Company’s net investment income will depend, in part, upon the difference between the rate at which the Company borrows funds and the rate at which the Company invests those funds. As a result, the Company can offer no assurance that a significant change in market interest rates would not have a material adverse effect on its net investment income in the event the Company uses debt to finance its investments. In periods of rising interest rates, the Company’s cost of funds would increase, which could reduce its net investment income. The Company may use interest rate risk management techniques in an effort to limit its exposure to interest rate fluctuations. In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to the Company’s debt investments.

As of September 30, 2026, approximately 100.0% of our debt investments were at floating rates. Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2026, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of September 30, 2026):

	Interest Income			Interest Expense			Net Income
Up 100 basis points		4,722			2,684			2,038
Up 50 basis points		2,361			1,342			1,019
Down 50 basis points		(2,361	)		(1,342	)		(1,019	)
Down 100 basis points		(4,722	)		(2,684	)		(2,038	)
Down 200 basis points		(9,444	)		(5,368	)		(4,076	)

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2026, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2026 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, the Company, the Adviser, and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Adviser, and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors previously disclosed under Item 1A of our Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results. During the fiscal quarter ended September 30, 2026, there have been no material changes to the risk factors set forth in our Form 10-K except for the following:

Illiquid Investments and Restrictions on Withdrawal. An investment in the Company is suitable only for certain sophisticated investors that have no need for immediate liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments.

Our Common Shares are illiquid investments for which there is not and will likely not be a secondary market. Liquidity for our Common Shares will be limited to participation in our share repurchase program, which we have no obligation to maintain. When we make quarterly repurchase offers pursuant to the share repurchase program, we will offer to repurchase Common Shares at a price that is estimated by our internal valuation processes to be equal to our NAV per share on the last day of such quarter, which may be lower than the price that you paid for our Common Shares. As a result, to the extent you paid a price that includes the related sales load or asset prices have declined and to the extent you have the ability to sell your Common Shares pursuant to our share repurchase program, the price at which you may sell Common Shares may be lower than the amount you paid in connection with the purchase of Common Shares in the offering.

Economic or other external events may also result in a significant volume of repurchase requests in a given period or on a sustained basis across periods. Most of our assets consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. If we determine to sell assets to satisfy repurchase requests, we may not be able to realize the return on such assets that we may have been able to achieve had we sold at a more favorable time or held such assets to their maturity, and our results of operations and financial condition could be materially adversely affected.

Repurchase Program Risk. Our Board has adopted a share repurchase program, and may amend, suspend or terminate the share repurchase program at any time in its discretion. You may not be able to sell your Common Shares at all in the event our Board amends, suspends or terminates the share repurchase program. We will notify you of such developments in our quarterly reports or other filings. If less than the full amount of Common Shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Common Shares being repurchased without regard to class. The presence of large shareholders or platform concentrations may increase the likelihood of oversubscription in future repurchase offers, further constraining liquidity available to other shareholders. The share repurchase program has many limitations and should not be relied upon as a method to sell Common Shares promptly or at a desired price. Shareholders seeking liquidity may experience delays in fully liquidating their investments and will remain subject to NAV fluctuations during such periods. Significant repurchase requests, whether for a single period or for a sustained period, could also adversely affect our ability to conduct our investment program, strain our capacity to source investment opportunities and/or deploy capital promptly on attractive terms and/or increase operational complexity and/or expenses.

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

Sales of Unregistered Securities

Refer to “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 7 - Shareholders’ Capital” in this Report for the issuance of Common Shares for the three months ended September 30, 2026. Such issuances were part of our continuous private offering and were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2026, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits and Financial Statement Schedules

(a) Exhibits

The following exhibits are filed as part of this Report or hereby incorporated by reference to exhibits previously filed with the SEC:

Exhibit	Description
3.1*	Certificate of Trust
3.2*	Amended and Restated Declaration of Trust
3.3*	Bylaws
31.1****	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2****	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
32.1*****	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*****	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS****	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH****	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104****	Cover Page Interactive Data File (embedded within the Inline XBRL document)
*	Incorporated by reference to Amendment No. 1 to the Company’s Registration Statement on Form 10 (File No. 000-56724) filed on April 1, 2025.
****	Filed herewith
*****	Furnished herewith

SIGNATURES

Pursuant to the requirements 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.

	Lord Abbett Private Credit Fund S

Date: November 12, 2026	/s/ Stephan Kuppenheimer
	Stephan Kuppenheimer
	Chief Executive Officer
	(Principal Executive Officer)

Date: November 12, 2026	/s/ Salvatore Dona
	Salvatore Dona
	Chief Financial Officer and Treasurer
	(Principal Financial Officer)