10-Q

PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Fidelity Private Credit Company LLC

Consolidated Statements of Assets and Liabilities


	September 30, 2026			December 31, 2025
	(unaudited)
Assets
Investments at fair value
Non-controlled / non-affiliate investments (amortized cost $1,663,788,955 and $1,677,854,551 as of September 30, 2026 and December 31, 2025, respectively)	$	1,653,180,268		$	1,639,681,521
Non-controlled / affiliate investments (amortized cost $32,490,647 and $0 as of September 30, 2026 and December 31, 2025, respectively)		33,593,532			—
Cash		25,572,168			34,121,577
Foreign cash (cost $9,086 and $9,485 as of September 30, 2026 and December 31, 2025, respectively)		8,876			9,557
Deferred financing costs		9,861,686			9,740,241
Receivables from sales and paydowns of investments		732,725			1,561,250
Interest receivable		11,179,970			13,682,396
Dividend receivable		49,869			—
Prepaid expenses and other assets		5,966			59,662
Total Assets	$	1,734,185,060		$	1,698,856,204
Liabilities
Debt		903,327,443			893,353,357
Payable for purchases of investments		—			217,916
Payable for capital units repurchased		5,768,312			6,368,624
Distribution payable		9,085,486			—
Interest payable		9,776,311			14,124,305
Management fee payable		846,957			815,967
Due to affiliates, net		185,059			63,719
Other accounts payable and accrued liabilities		1,205,371			1,198,351
Total Liabilities	$	930,194,939		$	916,142,239
Commitments and Contingencies (Note 7)
Net Assets
Paid-in-capital in excess of par value		850,151,434			821,416,367
Total distributable earnings (loss)		(46,161,313	)		(38,702,402	)
Total Net Assets	$	803,990,121		$	782,713,965
Total Liabilities and Net Assets	$	1,734,185,060		$	1,698,856,204
Net Asset Value per unit (78,442,332 and 75,666,226 units issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)	$	10.25		$	10.34

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

Fidelity Private Credit Company LLC

Consolidated Statements of Operations

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Investment Income
From non-controlled / non-affiliate investments
Interest income	$	39,280,637		$	47,176,402		$	121,740,190		$	134,916,615
Dividend income		249,749			50,442			649,052			714,486
Other income		542,623			521,137			1,848,072			1,704,781
From non-controlled / affiliate investments
Interest income		166,170			—			166,170			—
Total Investment Income		40,239,179			47,747,981			124,403,484			137,335,882
Expenses
Interest expense		15,517,728			15,657,834			46,070,195			46,775,144
Management fees		2,532,526			2,522,056			7,514,438			7,429,497
Administration fees		509,449			504,533			1,505,824			1,485,808
Custodian fees		1,674			623			10,407			2,849
Board of Directors’ fees		51,290			77,354			164,868			252,043
Professional fees		377,583			517,647			1,394,689			1,247,587
Registration fees		3,482			—			3,482			—
Other general and administrative expenses		602,525			230,192			1,084,418			679,059
Total Expenses Before Reductions		19,596,257			19,510,239			57,748,321			57,871,987
Expense reimbursement (support)		(126,540	)		(299,545	)		(760,450	)		(676,409	)
Net Expenses		19,469,717			19,210,694			56,987,871			57,195,578
Net Investment Income (Loss) Before Taxes		20,769,462			28,537,287			67,415,613			80,140,304
Net change in provision (benefit) for income and excise taxes		3,205			2,700			108,393			140,424
Net Investment Income (Loss) After Taxes		20,766,257			28,534,587			67,307,220			79,999,880
Net Realized and Change in Unrealized Gains (Losses)
Net realized gain (loss) on non-controlled / non-affiliate investments		(34,948,755	)		1,978,660			(34,502,390	)		2,740,198
Net realized gain (loss) on foreign currency transactions		2			(39	)		(288	)		145
Benefit (provision) for taxes on realized gain on investments		—			(3	)		—			(3	)
Net realized gain (loss)		(34,948,753	)		1,978,618			(34,502,678	)		2,740,340
Net change in unrealized appreciation (depreciation) on non-controlled / non-affiliate investments		33,036,767			(17,199,482	)		27,564,343			(29,557,904	)
Net change in unrealized appreciation (depreciation) on non-controlled / affiliate investments		1,102,885			—			1,102,885			—
Net change in unrealized appreciation (depreciation) on foreign currency translation		(4,614	)		282			(5,483	)		119
Net change in benefit (provision) for deferred taxes on unrealized appreciation (depreciation) on investments		(15,980	)		(156,375	)		257,548			(230,749	)
Net change in unrealized appreciation (depreciation)		34,119,058			(17,355,575	)		28,919,293			(29,788,534	)
Net Realized and Change in Unrealized Gains (Losses)		(829,695	)		(15,376,957	)		(5,583,385	)		(27,048,194	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	19,936,562		$	13,157,630		$	61,723,835		$	52,951,686

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

Fidelity Private Credit Company LLC

Consolidated Statements of Changes in Net Assets

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income (loss)	$	20,766,257		$	28,534,587		$	67,307,220		$	79,999,880
Net realized gain (loss)		(34,948,753	)		1,978,618			(34,502,678	)		2,740,340
Net change in unrealized appreciation (depreciation)		34,119,058			(17,355,575	)		28,919,293			(29,788,534	)
Net increase (decrease) in net assets resulting from operations		19,936,562			13,157,630			61,723,835			52,951,686
Capital Activity:
Capital contributions		1,030,338			—			1,030,338			50,286,000
Distributions to Unit Holders		(30,410,018	)		(25,448,852	)		(69,182,746	)		(68,071,913	)
Capital units repurchased		(5,768,312	)		(21,512,513	)		(5,768,312	)		(40,430,193	)
Reinvestment of distributions		12,005,329			13,236,804			33,473,041			34,775,775
Net increase (decrease) in net assets resulting from capital activity		(23,142,663	)		(33,724,561	)		(40,447,679	)		(23,440,331	)
Total increase (decrease) in net assets		(3,206,101	)		(20,566,931	)		21,276,156			29,511,355
Net assets, beginning of period		807,196,222			805,624,064			782,713,965			755,545,778
Net Assets, End of Period	$	803,990,121		$	785,057,133		$	803,990,121		$	785,057,133

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

Fidelity Private Credit Company LLC

Consolidated Statements of Cash Flows

(unaudited)


	Nine Months Ended September 30,
	2026			2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	61,723,835		$	52,951,686
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Payments for purchases of investments		(273,238,048	)		(306,442,327	)
Proceeds from sales of investments and principal repayments		226,465,020			334,953,871
Net proceeds (payments) from sales (purchases) of short-term securities		6,509,049			(5,590,144	)
Net realized (gain) loss on investments		34,502,390			(2,740,198	)
Net realized (gain) loss on foreign currency transactions		288			(145	)
Net change in unrealized (appreciation) depreciation on investments		(28,667,228	)		29,557,904
Net change in unrealized (appreciation) depreciation on foreign currency translation		5,483			(119	)
Payment-in-kind interest capitalized		(3,867,068	)		(4,833,253	)
Net accretion of discount and amortization of premium		(7,789,960	)		(7,425,334	)
Amortization of deferred financing costs		3,212,153			1,491,434
Changes in operating assets and liabilities
(Increase) decrease in receivables from sales and paydowns of investments		828,525			2,067,823
(Increase) decrease in interest receivable		2,526,200			(1,479,422	)
(Increase) decrease in dividend receivable		(49,869	)		—
(Increase) decrease in prepaid expenses and other assets		53,696			133,484
Increase (decrease) in due to custodian		—			(155,575	)
Increase (decrease) in payable for purchases of investments		(217,916	)		(25,254	)
Increase (decrease) in interest payable		(4,347,994	)		(2,326,909	)
Increase (decrease) in management fee payable		30,990			42,585
Increase (decrease) in due to affiliates, net		122,177			(55,464	)
Increase (decrease) in other accounts payable and accrued liabilities		6,313			(178,218	)
Net Cash Provided by (Used in) Operating Activities		17,808,036			89,946,425
Cash Flows from Financing Activities:
Payment of financing costs		(3,333,598	)		(5,307,664	)
Capital contributions		—			50,286,000
Repurchased units		(6,368,624	)		(18,917,680	)
Capital distributions		(26,624,219	)		(33,296,138	)
Proceeds from borrowings		390,000,000			150,400,000
Repayment of borrowings		(380,025,914	)		(223,408,946	)
Net Cash Provided by (Used in) Financing Activities		(26,352,355	)		(80,244,428	)
Net increase (decrease) in Cash and Foreign cash		(8,544,319	)		9,701,997
Effect of foreign currency exchange rates changes on cash		(5,771	)		264
Cash and Foreign cash, beginning of the period		34,131,134			33,818,898
Cash and Foreign cash, End of the Period	$	25,581,044		$	43,521,159
Supplemental Information and Non-Cash Financing Activities
Non-cash distributions	$	33,473,041		$	34,775,775
Reinvestment of distributions	$	(33,473,041	)	$	(34,775,775	)
Non-cash purchases of payment-in-kind securities	$	3,867,068		$	4,833,253
Non-cash interest income from payment-in-kind securities	$	(3,867,068	)	$	(4,833,253	)
Cash paid for state and federal taxes	$	401,150		$	514,600
Cash paid for interest expense	$	47,206,036		$	47,610,619
Net assets (exclusive of cash) acquired as a result of reorganization and merger	$	1,030,338		$	—
Non-cash exchanges of investments	$	30,231,576		$	—

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
First Lien Debt - non-controlled/ non-affiliate
Advertising
Penn Quarter Partners, LLC (i)(l)(q)	Term Loan	SOFR + 5.00%	9.07%	8/25/2031		3,703,502	$	3,663,722		$	3,673,875
Penn Quarter Partners, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.07%	8/25/2031		2,798,669		2,769,323			2,776,280
Penn Quarter Partners, LLC (f)(i)(q)	Revolving Credit Facility	-	-	8/25/2031		-		(14,384	)		(11,223	)
Penn Quarter Partners, LLC (i)(q)	Term Loan	SOFR + 5.00%	9.07%	8/25/2031		2,977,369		2,942,311			2,953,550
Penn Quarter Partners, LLC (i)(l)	Term Loan	SOFR + 5.00%	8.74%	8/25/2031		4,046,055		3,995,827			4,013,686
								13,356,799			13,406,168		1.68%
Aerospace & Defense
Aeron Buyer, LLC (i)(l)(q)	Term Loan	SOFR + 5.50%	9.57%	1/2/2032		4,135,417		4,088,508			4,069,250
Aeron Buyer, LLC (f)(i)(q)	Delayed Draw Term Loan	-	-	1/2/2032		-		(30,587	)		(54,167	)
Aeron Buyer, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.50%	9.57%	1/2/2032		833,333		802,488			788,889
Fmi Industries, Inc. (j)(l)	Term Loan	SOFR + 5.25%	9.32%	1/13/2031		8,589,583		8,548,621			8,547,494
Fmi Industries, Inc. (f)(j)	Delayed Draw Term Loan	-	-	1/13/2031		-		(10,044	)		-
Fmi Industries, Inc. (f)(j)	Revolving Credit Facility	SOFR + 5.25%	9.28%	1/13/2031		1,119,444		1,107,309			1,106,786
Kinetic Engines Systems Inc (i)(l)	Term Loan	SOFR + 4.75%	8.61%	5/3/2029		8,101,312		7,976,718			8,101,312
Kinetic Engines Systems Inc (f)(i)(q)	Revolving Credit Facility	SOFR + 4.75%	8.62%	5/3/2028		2,338,923		2,299,785			2,338,923
Prospect Mold & Die Company (i)(l)(q)	Term Loan	SOFR + 4.75%	8.82%	3/30/2032		5,499,564		5,434,953			5,472,066
Prospect Mold & Die Company (f)(i)(q)	Revolving Credit Facility	-	-	3/30/2032		-		(14,095	)		(6,114	)
Tighitco Inc (i)(l)(q)	Term Loan	SOFR + 6.00%	9.76%	2/28/2030		8,659,341		8,563,748			8,564,088
Tighitco Inc (i)(q)	Revolving Credit Facility	SOFR + 6.00%	9.93%	2/28/2030		2,572,920		2,540,637			2,544,618
Tighitco Inc (i)(q)	Term Loan	SOFR + 6.00%	9.76%	2/28/2030		3,517,166		3,468,430			3,478,477
								44,776,471			44,951,622		5.60%
Air Freight & Logistics
Dynamic Connections, Ltd (i)(m)(q)	Term Loan	SOFR + 5.50%	9.26%	11/27/2030		156,565		154,790			156,565

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Dynamic Connections, Ltd (i)(l)(m)(p)	Term Loan	CORRA + 5.50%	8.12%	11/27/2030		511,445	$	359,389		$	359,375
Dynamic Connections, Ltd (i)(m)(q)	Delayed Draw Term Loan	SOFR + 5.50%	9.32%	11/27/2030		344,804		341,076			344,804
Dynamic Connections, Ltd (f)(i)(m)(q)	Revolving Credit Facility	SOFR + 5.50%	9.26%	11/27/2030		11,547		10,335			11,547
Dynamic Connections, Ltd (f)(i)(m)(q)	Delayed Draw Term Loan	SOFR + 5.50%	9.43%	11/27/2030		3,840,000		3,778,073			3,840,000
Pla Buyer, LLC (i)(l)	Term Loan	SOFR + 7.00% (0.50% PIK)	10.76%	11/22/2029		16,612,959		16,383,639			16,181,022
Pla Buyer, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 7.00%	10.78%	11/22/2029		1,421,053		1,393,291			1,366,316
R1 Holdings, LLC (i)(l)	Term Loan	SOFR + 6.75%	10.57%	12/29/2028		21,304,938		21,012,758			20,644,484
R1 Holdings, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 6.75%	10.55%	12/29/2028		2,431,608		2,381,052			2,356,228
R1 Holdings, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 6.75%	10.48%	12/29/2028		3,950,226		3,888,838			3,798,733
								49,703,241			49,059,074		6.09%
Application Software
ACP Avenu Midco LLC (i)(l)	Term Loan	SOFR + 5.25%	8.98%	10/2/2029		18,234,375		17,944,223			18,161,438
ACP Avenu Midco LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.25%	8.98%	10/2/2029		1,488,803		1,395,486			1,462,107
ACP Avenu Midco LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	8.98%	10/2/2029		4,643,021		4,571,944			4,624,449
ACP Avenu Midco LLC (i)(q)	Term Loan	SOFR + 5.25%	8.98%	10/2/2029		460,989		457,655			459,145
ACP Avenu Midco LLC (f)(i)(q)	Delayed Draw Term Loan	-	-	10/2/2029		-		(1,349	)		-
ACP Avenu Midco LLC (i)(q)	Term Loan	SOFR + 5.25%	8.98%	10/2/2029		13,860,000		13,753,480			13,804,560
ACP Falcon Buyer Inc (i)(l)(q)	Term Loan	SOFR + 5.50%	9.23%	8/1/2029		23,122,593		22,737,849			23,122,593
ACP Falcon Buyer Inc (f)(i)(q)	Revolving Credit Facility	-	-	8/1/2029		-		(93,634	)		-
Atlas AU Bidco Pty Ltd / Atlas US Finco Inc (i)(m)(q)	Term Loan	SOFR + 5.00%	8.73%	12/9/2029		199,500		195,869			198,702
Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (i)(l)(q)	Term Loan	SOFR + 4.50%	8.23%	12/9/2029		30,842,497		30,333,642			30,287,332
Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (f)(i)(q)	Revolving Credit Facility	-	-	12/9/2028		-		(40,811	)		(78,086	)
Cytracom LLC (i)(l)(q)	Term Loan	SOFR + 6.00%	9.90%	7/1/2029		4,853,804		4,823,793			4,780,997
Cytracom LLC (f)(i)(q)	Revolving Credit Facility	-	-	7/1/2029		-		(3,118	)		(8,427	)
Cytracom LLC (f)(i)(q)	Delayed Draw Term Loan	-	-	7/1/2029		-		(17,449	)		(31,170	)

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Lightspeed Solutions, LLC (j)(l)	Term Loan	SOFR + 5.75%	9.66%	3/1/2028		20,874,167	$	20,743,907		$	20,748,922
Lightspeed Solutions, LLC (j)(q)	Delayed Draw Term Loan	SOFR + 5.75%	9.66%	3/1/2028		1,376,764		1,376,027			1,368,504
Prism Parent Co Inc. (j)(q)	Delayed Draw Term Loan	SOFR + 5.00%	8.89%	9/16/2028		1,462,833		1,456,760			1,462,833
Prism Parent Co Inc. (j)(l)	Term Loan	SOFR + 5.00%	8.89%	9/16/2028		30,565,337		30,323,131			30,565,337
Routeware, Inc (i)(l)	Term Loan	SOFR + 5.25%	9.23%	9/18/2031		9,545,455		9,471,266			9,411,818
Routeware, Inc (i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.18%	9/18/2031		1,264,773		1,258,952			1,247,066
Routeware, Inc (f)(i)(q)	Delayed Draw Term Loan	-	-	9/18/2031		-		-			-
Routeware, Inc (f)(i)(q)	Revolving Credit Facility	-	-	9/18/2031		-		(7,398	)		(14,318	)
								160,680,225			161,573,802		20.10%
Automotive Parts & Equipment
Arrowhead Holdco Company (j)(l)	Term Loan	SOFR + 5.00%	9.22%	8/31/2028		26,420,214		26,219,219			21,373,953
Arrowhead Holdco Company (j)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.22%	8/31/2028		2,412,805		2,412,805			1,951,959
Automotive Keys Group LLC (i)(l)	Term Loan	SOFR + 6.00%	10.07%	6/1/2028		27,291,672		26,901,828			26,882,297
Automotive Keys Group LLC (f)(i)	Revolving Credit Facility	-	-	6/1/2028		-		(37,022	)		(39,247	)
								55,496,830			50,168,962		6.24%
Automotive Retail
Nitrofill, LLC (i)(l)	Term Loan	SOFR + 6.00%	9.76%	8/14/2029		8,810,824		8,683,439			8,678,662
Nitrofill, LLC (f)(i)	Revolving Credit Facility	-	-	8/14/2029		-		(18,730	)		(19,563	)
								8,664,709			8,659,099		1.08%
Building Products
Tgnl Purchaser LLC (i)(q)	Term Loan	SOFR + 4.50%	8.40%	6/25/2031		818,370		809,835			818,370
Tgnl Purchaser LLC (f)(i)(q)	Revolving Credit Facility	-	-	6/25/2031		-		(1,644	)		-
Vp Deliver Parent, Inc (i)(l)(q)	Term Loan	SOFR + 4.75%	8.82%	2/17/2031		4,513,845		4,462,912			4,428,082
Vp Deliver Parent, Inc (f)(i)(q)	Delayed Draw Term Loan	-	-	2/17/2031		-		(3,326	)		(7,712	)
Vp Deliver Parent, Inc (f)(i)(q)	Revolving Credit Facility	-	-	2/17/2031		-		(7,115	)		(12,313	)
								5,260,662			5,226,427		0.65%
Construction & Engineering

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
BPCP Craftsman Buyer, LLC (i)(q)	Term Loan	SOFR + 5.50%	9.57%	4/9/2030		352,402	$	348,404		$	332,667
BPCP Craftsman Buyer, LLC (f)(i)(q)	Delayed Draw Term Loan	-	-	4/9/2030		-		(2,515	)		(22,824	)
BPCP Craftsman Buyer, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.50%	9.40%	4/9/2030		54,902		53,225			46,118
								399,114			355,961		0.05%
Data Processing & Outsourced Services
Vrc Companies LLC (i)(l)	Term Loan	SOFR + 5.75%	9.65%	6/29/2027		33,684,627		33,589,540			33,684,627
								33,589,540			33,684,627		4.19%
Diversified Financial Services
Benefit Plan Administrators of Eau Claire, LLC (j)(l)	Term Loan	SOFR + 4.75%	8.52%	11/1/2030		7,131,048		7,064,935			7,123,917
Benefit Plan Administrators of Eau Claire, LLC (f)(j)(q)	Revolving Credit Facility	-	-	11/1/2030		-		(10,373	)		(1,210	)
Benefit Plan Administrators of Eau Claire, LLC (f)(j)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.57%	11/1/2030		1,705,403		1,680,444			1,703,698
Benefit Plan Administrators of Eau Claire, LLC (j)(q)	Term Loan	SOFR + 4.75%	8.52%	11/1/2030		985,000		975,476			984,015
								9,710,482			9,810,420		1.22%
Diversified Support Services
All-Lift Systems, LLC (i)(l)(q)	Term Loan	SOFR + 6.25%	10.01%	9/19/2028		12,612,329		12,525,126			12,473,593
All-Lift Systems, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 6.25%	10.01%	9/19/2028		924,658		910,901			902,055
American Trailer Rental Group, LLC (i)(l)	Term Loan	SOFR + 5.50%	9.72%	6/1/2027		15,336,946		15,262,101			14,109,991
American Trailer Rental Group, LLC (i)(l)(q)	Delayed Draw Term Loan	SOFR + 5.50%	9.72%	6/1/2027		14,516,664		14,514,768			13,355,331
American Trailer Rental Group, LLC (i)(l)	Delayed Draw Term Loan	SOFR + 5.75%	9.97%	6/1/2027		18,925,481		18,817,672			17,487,145
Eversmith Brands Intermediate Holding Company (i)(l)	Term Loan	SOFR + 5.00%	8.82%	6/17/2030		517,500		512,174			517,500
Eversmith Brands Intermediate Holding Company (i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.04%	6/17/2030		320,882		317,944			320,882
Eversmith Brands Intermediate Holding Company (f)(i)(q)	Revolving Credit Facility	-	-	6/17/2030		-		(965	)		-
Eversmith Brands Intermediate Holding Company (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	8.73%	6/17/2030		75,125		67,201			75,125
Hy-Tek Opco, LLC (i)(l)(q)	Term Loan	SOFR + 5.50%	9.57%	9/19/2028		16,670,627		16,555,710			16,603,944
Hy-Tek Opco, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.50%	9.57%	9/19/2028		794,293		773,232			781,585
Identiti Resources LLC (i)(l)	Term Loan	SOFR + 5.00%	8.90%	11/1/2029		12,249,942		12,126,100			12,225,442

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Identiti Resources LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	8.90%	11/1/2029		5,022,016	$	4,971,639		$	5,011,972
Identiti Resources LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.00%	8.89%	11/1/2029		530,337		513,725			526,801
Identiti Resources LLC (i)(q)	Term Loan	SOFR + 5.00%	8.90%	11/1/2029		322,885		319,156			322,239
Kinetic Infrastructure Group, Inc. (i)(l)(q)	Term Loan	SOFR + 5.25%	9.15%	3/13/2030		16,092,602		15,949,857			15,947,769
Kinetic Infrastructure Group, Inc. (f)(i)(q)	Delayed Draw Term Loan	-	-	3/13/2030		-		(8,290	)		(7,653	)
Kinetic Infrastructure Group, Inc. (f)(i)(q)	Revolving Credit Facility	-	-	3/13/2030		-		(16,548	)		(17,219	)
National Power, LLC (i)(l)	Term Loan	SOFR + 4.75%	8.65%	10/20/2029		1,351,482		1,342,411			1,320,398
National Power, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.57%	10/20/2029		187,811		185,188			178,199
National Power, LLC (f)(i)(q)	Revolving Credit Facility	-	-	10/20/2029		-		(2,336	)		(8,592	)
Perimeter Solutions Group, LLC (i)(l)	Term Loan	SOFR + 5.00%	9.07%	10/2/2030		11,855,866		11,747,861			11,689,884
Perimeter Solutions Group, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.07%	10/2/2030		3,307,357		3,274,739			3,255,488
Perimeter Solutions Group, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.00%	9.07%	10/2/2030		1,597,819		1,560,659			1,538,167
Perimeter Solutions Group, LLC (i)(q)	Term Loan	SOFR + 5.00%	9.07%	10/2/2030		2,788,600		2,758,486			2,749,559
Perimeter Solutions Group, LLC (f)(i)(q)	Delayed Draw Term Loan	-	-	10/2/2030		-		(9,426	)		(13,857	)
								134,969,085			131,345,748		16.32%
Education Services
Professional Education Holdco, LLC (i)(l)(q)	Term Loan	SOFR + 5.50%	9.40%	2/26/2032		11,104,253		10,975,388			11,015,419
Professional Education Holdco, LLC	Term Loan	16.00% (16.00% PIK)	16.00%	2/26/2032		2,132,494		2,094,292			2,083,447
Professional Education Holdco, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.50%	9.40%	2/26/2032		2,185,807		2,135,133			2,150,265
Professional Education Holdco, LLC (f)(i)(q)	Revolving Credit Facility	-	-	2/26/2032		-		(16,059	)		(11,373	)
								15,188,754			15,237,758		1.90%
Electrical Components & Equipment
Luminii LLC (i)(l)(q)	Term Loan	SOFR + 6.00%	10.07%	3/21/2030		6,602,747		6,528,486			6,602,747
Luminii LLC (i)(q)	Delayed Draw Term Loan	SOFR + 6.00%	10.07%	3/21/2030		2,186,181		2,162,475			2,186,181
Luminii LLC (f)(i)(q)	Revolving Credit Facility	-	-	3/21/2030		-		(11,523	)		-
Luminii LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 6.00%	10.07%	3/21/2030		1,380,000		1,371,632			1,380,000

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Principal Lighting Group, LLC (i)(l)(q)	Term Loan	SOFR + 5.25%	8.93%	11/4/2030		20,503,923	$	20,275,175		$	20,503,923
Principal Lighting Group, LLC (f)(i)(q)	Revolving Credit Facility	-	-	11/4/2030		-		(32,028	)		-
Warshaw Opco LLC (i)(q)	Term Loan	SOFR + 6.50% (0.50% PIK)	10.23%	3/27/2030		738,961		730,684			697,580
Warshaw Opco LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 6.50%	10.57%	3/27/2030		66,610		64,073			62,880
								31,088,974			31,433,311		3.91%
Electronic Components
Aep Passion Intermediate Holdings, Inc. (i)(l)	Term Loan	SOFR + 6.50%	10.41%	10/5/2027		24,982,057		24,792,610			24,982,057
Aep Passion Intermediate Holdings, Inc. (i)(q)	Delayed Draw Term Loan	SOFR + 6.50%	10.29%	10/5/2027		1,383,258		1,373,520			1,383,258
Aep Passion Intermediate Holdings, Inc. (f)(i)(q)	Revolving Credit Facility	-	-	10/5/2027		-		(12,277	)		-
								26,153,853			26,365,315		3.28%
Environmental & Facilities Services
Dragonfly Pond Works (i)(q)	Term Loan	SOFR + 5.00%	9.07%	8/16/2031		2,933,139		2,899,395			2,933,139
Dragonfly Pond Works (i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.07%	8/16/2031		3,467,831		3,439,977			3,467,831
Dragonfly Pond Works (f)(i)(q)	Revolving Credit Facility	SOFR + 5.00%	9.07%	8/16/2031		267,242		252,901			267,242
Dragonfly Pond Works (i)(l)	Term Loan	SOFR + 5.00%	9.07%	8/16/2031		3,908,637		3,864,492			3,908,637
Dragonfly Pond Works (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.07%	8/16/2031		899,170		868,732			899,170
Scp Mechanical Services Buyer, LLC (i)(q)	Term Loan	SOFR + 6.50% (2.50% PIK)	10.19%	8/20/2031		6,680,168		6,608,804			5,410,936
Scp Mechanical Services Buyer, LLC (f)(i)(q)	Revolving Credit Facility	-	-	8/20/2031		-		(14,812	)		(274,038	)
								17,919,489			16,612,917		2.06%
Food Distributors
Orchard Park Bidco, Inc. (i)(l)(q)	Term Loan	SOFR + 5.00%	9.07%	4/21/2033		3,818,902		3,783,159			3,818,902
Orchard Park Bidco, Inc. (f)(i)(q)	Delayed Draw Term Loan	-	-	4/21/2033		-		(5,012	)		-
Orchard Park Bidco, Inc. (f)(i)(q)	Revolving Credit Facility	-	-	4/21/2033		-		(14,497	)		-
								3,763,650			3,818,902		0.47%
Health Care Facilities
Infusion Services Management LLC (i)(l)	Term Loan	SOFR + 5.00%	9.07%	7/6/2029		18,472,000		18,168,857			18,287,280

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Infusion Services Management LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.07%	7/6/2029		6,979,477	$	6,898,897		$	6,909,682
Infusion Services Management LLC (f)(i)(q)	Revolving Credit Facility	Prime + 4.00%	11.00%	7/6/2029		587,994		545,043			555,654
Infusion Services Management LLC (i)(q)	Term Loan	SOFR + 5.00%	9.07%	7/6/2029		4,718,519		4,664,043			4,671,333
								30,276,840			30,423,949		3.78%
Health Care Services
Ab Centers Acquisition Corporation (j)(l)	Term Loan	SOFR + 5.25%	9.15%	7/2/2031		19,891,490		19,663,971			19,732,358
Ab Centers Acquisition Corporation (j)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.15%	7/2/2031		1,796,529		1,781,612			1,782,157
Ab Centers Acquisition Corporation (f)(j)(q)	Revolving Credit Facility	-	-	7/2/2031		-		(18,884	)		(14,724	)
Ab Centers Acquisition Corporation (j)(l)	Term Loan	SOFR + 5.25%	9.15%	7/2/2031		985,000		981,132			977,120
Align Enta Mso Holdings, LLC (i)(l)(q)	Term Loan	SOFR + 4.75%	8.65%	3/25/2032		8,042,779		7,969,780			7,994,522
Align Enta Mso Holdings, LLC (f)(i)(q)	Delayed Draw Term Loan	-	-	3/25/2032		-		(11,839	)		(2,580	)
Align Enta Mso Holdings, LLC (f)(i)(q)	Revolving Credit Facility	-	-	3/25/2032		-		(7,481	)		(4,901	)
Bebright Mso, LLC (i)(l)	Term Loan	SOFR + 5.75%	9.82%	6/3/2030		9,445,352		9,380,831			9,445,352
Bebright Mso, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.75%	9.82%	6/3/2030		7,582,226		7,531,055			7,582,226
Bebright Mso, LLC (f)(i)(q)	Revolving Credit Facility	-	-	6/3/2030		-		(12,589	)		-
Bebright Mso, LLC (i)(q)	Term Loan	SOFR + 5.25%	9.32%	6/3/2030		90,000		89,276			88,650
Bebright Mso, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.32%	6/3/2030		824,380		817,914			812,014
Bebright Mso, LLC (i)(q)	Term Loan	SOFR + 5.25%	9.32%	6/3/2030		843,067		835,655			830,421
Behavioral Framework LLC (i)(l)(q)	Term Loan	SOFR + 4.75%	8.51%	11/20/2031		11,195,560		11,095,786			11,195,560
Behavioral Framework LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.51%	11/20/2031		1,805,059		1,787,758			1,805,059
Behavioral Framework LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 4.75%	8.52%	11/20/2031		643,432		629,532			643,432
CareRing Health, LLC (j)(q)	Delayed Draw Term Loan	SOFR + 6.00%	9.76%	5/4/2028		6,468,485		6,459,780			6,468,485
CareRing Health, LLC (j)(l)	Term Loan	SOFR + 6.00%	9.76%	5/4/2028		27,806,897		27,586,602			27,806,897
Dpt Management, LLC (i)(l)	Term Loan	SOFR + 6.00% (0.50% PIK)	9.69%	12/18/2027		1,775,774		1,767,957			1,758,016
Dpt Management, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.50%	9.40%	12/18/2027		189,167		188,111			186,667
Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (j)(q)	Delayed Draw Term Loan	SOFR + 5.00%	8.80%	1/3/2029		8,795,455		8,696,033			8,795,455

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (f)(j)(q)	Revolving Credit Facility	-	-	1/3/2029		-	$	(26,097	)	$	-
Fertility (ITC) Investment Holdco, LLC/Fertility (ITC) Buyer, Inc. (j)(l)	Term Loan	SOFR + 5.00%	8.84%	1/3/2029		37,350,325		36,926,225			37,350,325
Future Care Associates LLC (i)(l)	Term Loan	SOFR + 5.25%	9.16%	1/27/2029		28,875,000		28,537,712			28,875,000
Future Care Associates LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.16%	1/27/2029		24,277,500		24,001,964			24,277,500
Future Care Associates LLC (i)(q)	Revolving Credit Facility	Prime + 4.25%	11.25%	1/27/2029		3,850,000		3,800,210			3,850,000
Future Care Associates LLC (i)(q)	Revolving Credit Facility	SOFR + 5.25%	9.16%	1/27/2029		1,150,000		1,150,000			1,150,000
Houseworks Holdings, LLC (i)(q)	Term Loan	SOFR + 5.50%	9.57%	12/15/2028		6,496,875		6,409,708			6,392,925
Houseworks Holdings, LLC (i)(l)(q)	Delayed Draw Term Loan	SOFR + 5.50%	9.57%	12/15/2028		24,125,000		23,805,503			23,739,000
Houseworks Holdings, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.50%	9.51%	12/15/2028		3,382,048		3,314,406			3,292,606
Houseworks Holdings, LLC (i)(l)	Term Loan	SOFR + 5.50%	9.57%	12/15/2028		42,855,493		42,253,277			42,169,805
Lifecare Intermediate II, LLC (i)(l)(q)	Term Loan	SOFR + 5.25%	9.33%	5/20/2030		2,977,500		2,952,088			2,950,703
Lifecare Intermediate II, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.32%	5/20/2030		657,350		646,987			646,068
Lifecare Intermediate II, LLC (i)(q)	Term Loan	SOFR + 5.25%	9.33%	5/20/2030		992,500		983,945			983,568
NE Ortho Management Services, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.07%	12/13/2030		6,445,880		6,375,356			6,349,192
NE Ortho Management Services, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.00%	9.07%	12/13/2030		196,845		186,773			182,082
NE Ortho Management Services, LLC (i)(l)	Term Loan	SOFR + 5.00%	9.07%	12/13/2030		5,171,648		5,112,795			5,094,073
NE Ortho Management Services, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.07%	12/13/2030		2,405,089		2,378,298			2,369,013
NE Ortho Management Services, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.04%	12/13/2030		908,824		893,006			876,062
Scp Personalized Medicine Management, LLC (f)(i)	Revolving Credit Facility	-	-	8/14/2032		-		(10,320	)		(10,541	)
Scp Personalized Medicine Management, LLC (i)	Term Loan	SOFR + 5.50%	9.57%	8/14/2032		3,851,350		3,803,903			3,803,208
Scp Personalized Medicine Management, LLC (f)(i)	Delayed Draw Term Loan	-	-	8/14/2032		-		(16,619	)		(16,951	)
The Smilist Dso, LLC (i)(l)	Term Loan	SOFR + 6.00%	10.07%	4/4/2029		20,770,042		20,502,876			20,770,042
The Smilist Dso, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 6.00%	9.90%	4/4/2029		1,016,023		1,002,727			1,016,023
The Smilist Dso, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 6.00%	10.07%	4/4/2029		4,509,645		4,452,925			4,509,645
The Smilist Dso, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 6.00%	10.07%	4/4/2029		5,615,276		5,543,749			5,615,276
The Smilist Dso, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.32%	4/4/2029		892,198		886,130			886,747

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Tiger Healthcare Buyer, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 6.50%	10.57%	2/27/2030		73,201	$	72,390		$	69,395
Tiger Healthcare Buyer, LLC (i)(l)	Term Loan	SOFR + 6.50%	10.57%	2/27/2030		2,441,162		2,405,639			2,314,221
Tiger Healthcare Buyer, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 6.50%	10.57%	2/27/2030		1,125,000		1,094,786			1,008,000
Together Womens Health, LLC (j)(l)(q)	Term Loan	SOFR + 4.50%	8.40%	8/26/2031		9,356,044		9,255,688			9,356,044
Together Womens Health, LLC (f)(j)(q)	Delayed Draw Term Loan	SOFR + 4.50%	8.40%	8/26/2031		1,196,703		1,144,357			1,196,703
Together Womens Health, LLC (f)(j)(q)	Revolving Credit Facility	-	-	8/26/2031		-		(16,910	)		-
VIP Medical US Buyer, LLC (i)(l)	Term Loan	SOFR + 5.25%	9.25%	12/12/2028		33,095,563		32,803,721			33,095,563
VIP Medical US Buyer, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.25%	9.25%	12/12/2028		5,000,000		4,941,470			5,000,000
VIP Medical US Buyer, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.25%	12/12/2028		7,925,750		7,861,493			7,925,750
VIP Medical US Buyer, LLC (i)(q)	Term Loan	SOFR + 5.25%	9.25%	12/12/2028		496,250		492,427			496,250
								393,134,580			395,465,483		49.15%
Health Care Supplies
C2dx, Inc (i)(l)(q)	Term Loan	SOFR + 5.50%	9.26%	3/19/2030		2,432,732		2,400,635			2,396,241
C2dx, Inc (f)(i)(q)	Revolving Credit Facility	-	-	3/19/2030		-		(1,207	)		(2,034	)
C2dx, Inc (i)(q)	Delayed Draw Term Loan	SOFR + 5.50%	9.26%	3/19/2030		330,915		327,848			325,952
Premier Dental Products Company LLC (i)(l)	Term Loan	SOFR + 4.75%	8.82%	1/31/2031		3,078,125		3,042,057			3,078,125
Premier Dental Products Company LLC (f)(i)(q)	Delayed Draw Term Loan	-	-	1/31/2031		-		(6,846	)		-
Premier Dental Products Company LLC (f)(i)(q)	Revolving Credit Facility	-	-	1/31/2031		-		(6,883	)		-
								5,755,604			5,798,284		0.72%
Health Care Technology
Andretti Buyer, LLC (j)(l)(q)	Term Loan	SOFR + 4.50%	8.57%	1/30/2033		10,660,714		10,561,231			10,500,804
Andretti Buyer, LLC (f)(j)(q)	Delayed Draw Term Loan	-	-	1/30/2033		-		(4,064	)		(8,929	)
Andretti Buyer, LLC (f)(j)(q)	Revolving Credit Facility	-	-	1/30/2033		-		(8,101	)		(13,393	)
Harmony Hit US Holdings Inc (i)(l)(q)	Term Loan	SOFR + 4.75%	8.65%	12/3/2030		16,109,413		15,957,921			16,028,866
Harmony Hit US Holdings Inc (f)(i)(q)	Delayed Draw Term Loan	-	-	12/3/2030		-		(15,803	)		-
Harmony Hit US Holdings Inc (f)(i)(q)	Revolving Credit Facility	-	-	12/3/2030		-		(26,458	)		(15,124	)

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Pcp Metis Bidco, Inc. (j)(l)	Term Loan	SOFR + 4.75%	8.82%	7/1/2033		7,919,325	$	7,841,693		$	7,840,132
Pcp Metis Bidco, Inc. (f)(j)	Revolving Credit Facility	-	-	7/1/2033		-		(37,694	)		(39,032	)
Pillr Health Intermediate II, LLC (f)(j)(q)	Revolving Credit Facility	-	-	12/31/2031		-		(33,540	)		-
Pillr Health Intermediate II, LLC (j)(l)(q)	Term Loan	SOFR + 4.50%	8.57%	12/31/2031		15,783,514		15,640,510			15,783,514
Pillr Health Intermediate II, LLC (f)(j)(q)	Delayed Draw Term Loan	SOFR + 4.50%	8.57%	12/31/2031		3,187,346		3,159,081			3,187,346
								53,034,776			53,264,184		6.64%
Industrial Machinery & Supplies & Components
Double E Company, LLC (i)(l)	Term Loan	SOFR + 6.75% (2.75% PIK)	10.63%	6/21/2028		16,392,210		16,323,506			14,851,342
Double E Company, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 6.75%	10.95%	6/21/2028		2,202,643		2,202,643			1,995,595
Double E Company, LLC (i)(q)	Term Loan	SOFR + 6.75% (2.75% PIK)	10.63%	6/21/2028		674,487		661,891			611,085
La-Co Industries, Inc (i)(l)	Term Loan	SOFR + 5.00%	9.07%	7/2/2030		8,961,597		8,868,324			8,961,597
La-Co Industries, Inc (f)(i)(q)	Revolving Credit Facility	-	-	7/2/2030		-		(7,233	)		-
Lake Air Products, LLC (i)(l)(q)	Term Loan	SOFR + 7.00%	11.22%	1/9/2029		35,377,878		34,965,030			35,342,500
Lake Air Products, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 7.00%	11.22%	1/9/2029		1,000,000		941,258			994,000
Precision I Buyer, LLC (i)(l)(q)	Term Loan	SOFR + 4.75%	8.61%	3/12/2032		4,264,286		4,224,596			4,230,171
Precision I Buyer, LLC (f)(i)(q)	Revolving Credit Facility	-	-	3/12/2032		-		(6,499	)		(5,714	)
								68,173,516			66,980,576		8.34%
Insurance Brokers
Knight AcquireCo, LLC (k)(l)(q)	Term Loan	SOFR + 4.50%	8.26%	11/7/2032		5,580,921		5,555,461			5,580,921
Knight AcquireCo, LLC (f)(k)(q)	Delayed Draw Term Loan	SOFR + 4.50%	8.34%	11/7/2032		248,664		243,952			248,664
								5,799,413			5,829,585		0.72%
IT Consulting & Other Services
Cait Intermediate, LLC (i)(l)(q)	Term Loan	SOFR + 4.50%	8.57%	10/8/2030		13,378,632		13,237,352			13,378,632
Cait Intermediate, LLC (f)(i)(q)	Revolving Credit Facility	-	-	10/8/2030		-		(15,341	)		-
Digital Experience Services, LLC (i)(q)	Term Loan	SOFR + 5.25%	9.20%	4/25/2030		1,139,423		1,126,383			1,060,803
Digital Experience Services, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	8.97%	4/25/2030		673,329		663,265			626,821

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Digital Experience Services, LLC (f)(i)(q)	Revolving Credit Facility	Prime + 4.25%	11.25%	4/25/2030		48,077	$	45,988		$	34,808
Insight Technology Operation LLC (i)(q)	Term Loan	SOFR + 5.25%	9.32%	3/31/2031		846,916		836,690			846,916
Insight Technology Operation LLC (f)(i)(q)	Revolving Credit Facility	-	-	3/31/2031		-		(1,414	)		-
								15,892,923			15,947,980		1.98%
Life Sciences Tools & Services
Ecir Intermediate II LLC (i)(l)(q)	Term Loan	SOFR + 5.00%	9.07%	9/26/2031		8,568,989		8,494,361			8,568,989
Ecir Intermediate II LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.07%	9/26/2031		4,121,688		4,083,814			4,121,688
Ecir Intermediate II LLC (f)(i)(q)	Revolving Credit Facility	-	-	9/26/2031		-		(8,598	)		-
Wci-Bxc Purchaser, LLC (f)(j)(q)	Revolving Credit Facility	-	-	11/6/2030		-		(88,459	)		(71,866	)
Wci-Bxc Purchaser, LLC (j)(l)(q)	Term Loan	SOFR + 4.75%	8.65%	11/6/2031		22,184,491		21,785,636			21,918,277
Woven Health Collective, LLC (i)(l)(q)	Term Loan	SOFR + 4.75%	8.82%	10/23/2028		13,793,721		13,743,155			13,738,546
Woven Health Collective, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.82%	10/23/2028		1,040,986		1,025,836			1,023,626
Woven Health Collective, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 4.75%	8.82%	10/23/2028		868,212		862,064			861,266
								49,897,809			50,160,526		6.25%
Office Services & Supplies
Mse Supplies, LLC (i)	Term Loan	SOFR + 6.00% (0.50% PIK)	9.76%	8/14/2030		5,662,349		5,591,928			5,248,997
Mse Supplies, LLC (f)(i)(q)	Revolving Credit Facility	-	-	8/14/2030		-		(14,692	)		(103,283	)
								5,577,236			5,145,714		0.64%
Packaged Foods & Meats
CCI Prime, LLC (i)(q)	Term Loan	SOFR + 7.25% (5.50% PIK)	10.98%	10/18/2029		1,006,001		991,880			864,155
CCI Prime, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 7.25% (5.50% PIK)	10.98%	10/18/2029		356,835		352,079			306,521
CCI Prime, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 7.25%	11.32%	10/18/2029		2,450,000		2,402,669			2,104,550
Midas Foods International LLC (i)(q)	Term Loan	SOFR + 6.25%	10.15%	4/30/2029		554,713		548,774			554,713
Midas Foods International LLC (i)(q)	Delayed Draw Term Loan	SOFR + 6.25%	10.15%	4/30/2029		483,688		478,169			483,688
Midas Foods International LLC (f)(i)(q)	Revolving Credit Facility	Prime + 5.25%	12.25%	4/30/2029		16,393		14,681			16,393
Midas Foods International LLC (f)(i)(q)	Delayed Draw Term Loan	-	-	4/30/2029		-		(6,716	)		-

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Nutrail Acquisitionco, LLC (i)(q)	Term Loan	SOFR + 6.75%	10.82%	5/23/2030		691,550	$	683,431		$	686,017
Nutrail Acquisitionco, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 6.75%	10.82%	5/23/2030		102,671		101,509			101,850
Nutrail Acquisitionco, LLC (f)(i)(q)	Revolving Credit Facility	-	-	5/23/2030		-		(1,923	)		(1,387	)
Nutrail Acquisitionco, LLC (i)(l)(q)	Term Loan	SOFR + 6.75%	10.82%	5/23/2030		4,647,589		4,584,247			4,610,408
Sabrosura Foods, LLC (i)(l)(q)	Term Loan	SOFR + 5.00%	8.82%	8/22/2029		32,529,908		32,218,359			32,302,198
Sabrosura Foods, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	8.74%	8/22/2029		3,169,481		3,116,740			3,147,294
Sabrosura Foods, LLC (f)(i)(q)	Revolving Credit Facility	-	-	8/22/2029		-		(72,324	)		(56,454	)
SCP Baked Goods Holdings, LLC (i)(q)	Term Loan	SOFR + 4.75%	8.82%	5/1/2031		634,821		628,358			631,013
SCP Baked Goods Holdings, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.82%	5/1/2031		267,857		264,890			266,250
SCP Baked Goods Holdings, LLC (f)(i)(q)	Revolving Credit Facility	-	-	5/1/2031		-		(858	)		(536	)
SCP Baked Goods Holdings, LLC (j)	Term Loan	SOFR + 4.75%	8.82%	5/1/2031		1,546,364		1,527,419			1,537,085
SCP Baked Goods Holdings, LLC (f)(j)	Delayed Draw Term Loan	-	-	5/1/2031		-		(94,198	)		-
Shf Holdings, Inc (i)(l)(q)	Term Loan	SOFR + 5.50%	9.57%	1/22/2030		15,348,337		15,183,159			15,348,337
Shf Holdings, Inc (f)(i)(q)	Revolving Credit Facility	SOFR + 5.50%	9.58%	1/22/2030		293,478		269,776			293,478
								63,190,121			63,195,573		7.86%
Paper & Plastic Packaging Products & Materials
ACP Packaging IntermediateCo, LLC (i)(l)(q)	Term Loan	SOFR + 5.50%	9.57%	10/22/2031		20,945,910		20,669,206			19,500,643
ACP Packaging IntermediateCo, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.50%	9.47%	10/22/2031		2,780,698		2,734,443			2,530,435
Bron Buyer, LLC (i)(l)(q)	Term Loan	SOFR + 5.75%	9.92%	1/13/2029		31,845,000		31,474,790			31,845,000
Bron Buyer, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.75%	9.82%	1/13/2029		500,000		451,332			500,000
Currier Plastics Acquisition, LLC (i)(l)(q)	Term Loan	SOFR + 4.75%	8.57%	9/19/2031		4,893,531		4,840,550			4,829,916
Currier Plastics Acquisition, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.65%	9/19/2031		1,348,080		1,321,369			1,314,378
Currier Plastics Acquisition, LLC (f)(i)(q)	Revolving Credit Facility	-	-	9/19/2031		-		(15,971	)		(19,916	)
Currier Plastics Acquisition, LLC (i)(q)	Term Loan	SOFR + 4.75%	8.57%	9/19/2031		4,947,221		4,891,953			4,882,907
Currier Plastics Acquisition, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.57%	9/19/2031		4,703,915		4,651,423			4,642,764
Firmapak Intermediary LLC (i)(q)	Term Loan	SOFR + 5.25%	9.15%	2/4/2031		574,583		568,963			569,412

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Firmapak Intermediary LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.25%	9.15%	2/4/2031		20,730	$	15,251		$	15,133
Firmapak Intermediary LLC (i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.15%	2/4/2031		274,813		272,173			272,339
Firmapak Intermediary LLC (i)(q)	Term Loan	SOFR + 5.25%	9.15%	2/4/2031		6,420,616		6,362,972			6,362,830
Firmapak Intermediary LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.15%	2/4/2031		772,800		760,495			761,208
Soteria Flexibles Corporation (i)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.82%	8/15/2029		7,159,566		7,112,703			7,087,970
Soteria Flexibles Corporation (i)(l)	Term Loan	SOFR + 4.75%	8.82%	8/15/2029		14,994,679		14,785,401			14,844,733
Soteria Flexibles Corporation (f)(i)(q)	Revolving Credit Facility	SOFR + 4.75%	8.82%	8/15/2029		627,662		555,362			568,588
Soteria Flexibles Corporation (i)(q)	Term Loan	SOFR + 4.75%	8.57%	8/15/2029		370,479		367,309			366,774
Soteria Flexibles Corporation (f)(i)(q)	Delayed Draw Term Loan	-	-	8/15/2029		-		(532	)		(638	)
								101,819,192			100,874,476		12.53%
Research & Consulting Services
NAM Acquisition Co LLC (j)(l)(q)	Term Loan	SOFR + 4.50%	8.57%	7/16/2030		3,986,435		3,945,946			3,986,435
NAM Acquisition Co LLC (f)(j)(q)	Delayed Draw Term Loan	SOFR + 4.50%	8.57%	7/16/2030		1,249,836		1,236,650			1,249,836
NAM Acquisition Co LLC (f)(j)(q)	Revolving Credit Facility	-	-	7/16/2030		-		(4,608	)		-
RPX Corporation (i)(q)	Term Loan	SOFR + 5.50%	9.39%	8/2/2030		9,000,000		8,904,322			9,000,000
RPX Corporation (f)(i)(q)	Revolving Credit Facility	-	-	8/2/2030		-		(7,900	)		-
RPX Corporation (i)(l)	Term Loan	SOFR + 5.50%	9.39%	8/2/2030		1,985,000		1,967,835			1,985,000
								16,042,245			16,221,271		2.03%
Soft Drinks & Non-alcoholic Beverages
Refresh Buyer LLC (f)(j)(q)	Revolving Credit Facility	SOFR + 4.75%	8.82%	12/23/2027		1,595,094		1,595,094			1,546,014
Refresh Buyer LLC (j)(l)	Term Loan	SOFR + 4.75%	8.82%	12/23/2028		14,061,350		13,995,104			13,836,368
Refresh Buyer LLC (j)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.82%	12/23/2028		2,120,245		2,120,245			2,086,321
Refresh Buyer LLC (j)(l)	Term Loan	SOFR + 4.75%	8.82%	12/23/2028		33,717,391		33,422,137			33,177,913
Refresh Buyer LLC (j)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.82%	12/23/2028		4,832,298		4,791,783			4,754,981
								55,924,363			55,401,597		6.89%
Specialized Consumer Services

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Mustang Prospects Purchaser LLC (j)(l)	Term Loan	SOFR + 5.25%	9.32%	6/13/2031		16,024,084	$	15,904,889		$	16,024,084
Mustang Prospects Purchaser LLC (j)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.15%	6/13/2031		3,770,373		3,737,600			3,770,373
Mustang Prospects Purchaser LLC (f)(j)(q)	Revolving Credit Facility	SOFR + 5.25%	9.15%	6/13/2031		473,665		457,510			473,665
Mustang Prospects Purchaser LLC (j)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.32%	6/13/2031		997,701		991,290			997,701
Quick Roofing Acquisition, LLC (i)(l)	Term Loan	SOFR + 6.00%	10.17%	12/22/2029		7,971,311		7,848,294			7,389,406
Quick Roofing Acquisition, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 6.00%	10.17%	12/22/2029		4,675,000		4,555,661			4,054,500
Quick Roofing Acquisition, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 6.00%	10.17%	12/22/2029		2,918,133		2,874,388			2,705,109
Quick Roofing Acquisition, LLC (i)(q)	Term Loan	SOFR + 6.00%	10.17%	12/22/2029		486,288		481,213			450,789
Quick Roofing Acquisition, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 6.00%	10.17%	12/22/2029		20,000		16,614			18,540
Roofing Services Solutions LLC (i)	Term Loan	SOFR + 6.25% (0.50% PIK)	10.01%	11/27/2029		10,535,536		10,429,309			8,544,320
Roofing Services Solutions LLC (i)(q)	Delayed Draw Term Loan	SOFR + 6.25% (6.25% PIK)	9.98%	11/27/2029		6,341,759		6,278,397			5,143,166
Roofing Services Solutions LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 6.25% (6.25% PIK)	9.98%	11/27/2029		2,342,909		2,311,831			1,742,599
Solid Ground Solutions Acquisitions Inc (i)(l)	Term Loan	SOFR + 5.25%	9.15%	5/6/2029		1,861,905		1,842,905			1,772,533
Solid Ground Solutions Acquisitions Inc (i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.15%	5/6/2029		2,352,976		2,329,908			2,240,033
Solid Ground Solutions Acquisitions Inc (i)(q)	Revolving Credit Facility	SOFR + 5.25%	9.16%	5/6/2029		595,238		589,686			566,667
Solid Ground Solutions Acquisitions Inc (i)(q)	Term Loan	SOFR + 5.25%	9.15%	5/6/2029		990,000		980,867			942,480
Solid Ground Solutions Acquisitions Inc (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.25%	9.15%	5/6/2029		559,887		528,742			533,013
Solid Ground Solutions Acquisitions Inc (i)(q)	Term Loan	SOFR + 5.25%	9.15%	5/6/2029		192,097		190,162			182,876
Trutemp Acquisition LLC (i)(l)(q)	Term Loan	SOFR + 5.00%	8.76%	8/26/2031		3,570,506		3,524,492			3,538,372
Trutemp Acquisition LLC (f)(i)(q)	Revolving Credit Facility	-	-	8/26/2031		-		(17,807	)		(13,017	)
Trutemp Acquisition LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	8.95%	8/26/2031		1,900,826		1,847,972			1,875,723
Unified Service Partners, LLC (i)(q)	Term Loan	SOFR + 8.00% (4.00% PIK)	11.73%	4/14/2030		363,500		359,441			256,994
Unified Service Partners, LLC (i)(q)	Delayed Draw Term Loan	SOFR + 8.00% (4.00% PIK)	11.73%	4/14/2030		309,757		306,345			218,998
Unified Service Partners, LLC (i)(q)	Revolving Credit Facility	SOFR + 8.00%	11.74%	4/14/2030		89,286		88,279			63,125
								68,457,988			63,492,049		7.90%
Specialty Chemicals

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)			Fair Value (e)			Percentage of Net Assets
Penta Fine Ingredients, Inc. (f)(i)(q)	Revolving Credit Facility	-	-	4/4/2031		-	$	(1,401	)	$	-
Penta Fine Ingredients, Inc. (i)(q)	Term Loan	SOFR + 5.00%	8.90%	4/4/2031		847,181		836,922			847,181
Penta Fine Ingredients, Inc. (i)	Term Loan	SOFR + 5.00%	8.90%	4/4/2031		1,047,375		1,031,777			1,047,375
								1,867,298			1,894,556		0.24%
Technology Hardware, Storage & Peripherals
Repairify, Inc. (i)(l)	Term Loan	SOFR + 5.50%	9.76%	7/2/2031		6,706,017		6,608,894			6,605,426
Repairify, Inc. (f)(i)	Revolving Credit Facility	SOFR + 5.50%	9.76%	7/2/2031		138,947		127,575			127,037
								6,736,469			6,732,463		0.84%
Trading Companies & Distributors
All States Ag Parts LLC (i)(l)(q)	Term Loan	SOFR + 6.50% (0.50% PIK)	10.49%	9/1/2027		23,234,189		23,220,344			22,351,289
Belt Power Holdings LLC (i)(l)	Term Loan	SOFR + 4.75%	8.97%	8/22/2028		25,054,211		24,860,259			25,054,211
Belt Power Holdings LLC (i)(q)	Delayed Draw Term Loan	SOFR + 4.75%	8.97%	8/22/2028		5,813,050		5,780,484			5,813,050
Belt Power Holdings LLC (f)(i)(q)	Revolving Credit Facility	-	-	8/22/2028		-		(22,693	)		-
Erosion Intermediate Holdings LLC (i)(l)	Term Loan	SOFR + 6.00%	10.07%	9/30/2029		1,968,750		1,949,223			1,968,750
Erosion Intermediate Holdings LLC (i)(q)	Delayed Draw Term Loan	SOFR + 6.00%	10.00%	9/30/2029		3,982,031		3,944,158			3,982,031
Erosion Intermediate Holdings LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 6.00%	10.07%	9/30/2029		133,929		121,673			133,929
Erosion Intermediate Holdings LLC (i)(q)	Term Loan	SOFR + 6.00%	9.76%	9/30/2029		1,984,739		1,963,552			1,984,739
Mobotrex, LLC (i)(l)(q)	Term Loan	SOFR + 5.00%	9.07%	6/7/2031		7,370,759		7,282,011			7,326,534
Mobotrex, LLC (f)(i)(q)	Revolving Credit Facility	SOFR + 5.00%	9.03%	6/7/2031		523,384		508,435			515,500
Mobotrex, LLC (f)(i)(q)	Delayed Draw Term Loan	SOFR + 5.00%	9.07%	6/7/2031		553,190		532,435			549,871
Tsss Purchaser LLC (i)	Term Loan	SOFR + 5.25%	9.07%	7/1/2032		6,821,155		6,721,632			6,718,838
Tsss Purchaser LLC (f)(i)	Delayed Draw Term Loan	-	-	7/1/2032		-		(12,326	)		(12,822	)
Tsss Purchaser LLC (f)(i)	Revolving Credit Facility	SOFR + 5.25%	9.07%	7/1/2032		492,450		456,886			455,516
								77,306,073			76,841,436		9.57%
Total First Lien Debt - non-controlled/ non-affiliate								1,629,608,324			1,615,379,815		200.96%
First Lien Debt - non-controlled/ affiliate
Air Freight & Logistics
STG Topco LLC (i)(m)(u)	Term Loan	SOFR + 6.90% (5.75% PIK)	10.63%	7/8/2031		6,825,663		6,505,131			6,825,663
								6,505,131			6,825,663		0.85%
Total First Lien Debt - non-controlled/ affiliate								6,505,131			6,825,663		0.85%
Total First Lien Debt								1,636,113,455			1,622,205,478		201.81%
Unsecured Debt - non-controlled/ non-affiliate
Health Care Services

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)		Fair Value (e)		Percentage of Net Assets
Personal Care (Itc) Intermediate Holdings, LLC (i)(m)	Term Loan	SOFR + 10.00% (10.00% PIK)	13.76%	3/17/2029		535,739	$	530,506	$	526,631
								530,506		526,631	0.07%
Specialized Consumer Services
Usw Holdings, LLC (m)	Convertible Promissory Note	18.00% (18.00% PIK)	18.00%	12/31/2029		119,244		119,244		119,244
								119,244		119,244	0.01%
Total Unsecured Debt - non-controlled/ non-affiliate								649,750		645,875	0.08%
Total Unsecured Debt								649,750		645,875	0.08%
Equity - non-controlled/ non-affiliate
Aerospace & Defense
Hitco Parent LLC (o)	Class A Units					8,723		109,890		110,780
								109,890		110,780	0.01%
Air Freight & Logistics
REP RO COINVEST IV-A, L.P. (m)(o)	Equity Units					800,000		800,000		72,000
Scp 3pl Topco, LLC (m)(o)	Common Units					102		509		-
Scp 3pl Topco, LLC (m)(o)	Class B Units					7		6,580		7,842
Scp 3pl Topco, LLC (m)(o)	Class B Units					2		2,184		2,323
Scp 3pl Topco, LLC (m)(o)	Class B Units					1		911		910
								810,184		83,075	0.01%
Automotive Retail
Vss Investors 2026, LLC (o)	Preferred Units					192,499		192,499		194,424
Vss Investors 2026, LLC (o)	Class A Common Units					192,499		-		2
								192,499		194,426	0.02%
Building Products
Tgnl Topco LP (o)(t)	Common Units					5,525		5,525		9,834
								5,525		9,834	0.00%
Construction & Engineering

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)		Fair Value (e)		Percentage of Net Assets
BPCP Craftsman Holdings, LLC (o)	Class A Units					16	$	15,686	$	4,313
								15,686		4,313	0.00%
Diversified Support Services
Hy-Tek Holdings, LLC (o)	Common Units					61		147,217		149,156
Hy-Tek Holdings, LLC (o)	Series A Preferred Units					61		61,287		61,300
Identiti Holdings LLC (o)(t)	Class A Units					115,875		115,875		249,131
Klc Fund 1022-Ci-A LP (m)(o)	Equity Interest							752,670		1,321,575
Perimeter Solutions Holdings, LP (o)	Common Units					133,274		139,672		114,616
								1,216,721		1,895,778	0.23%
Education Services
Axcel Holdings, LP (o)	Class A Common Units					4,877		487,678		400,335
								487,678		400,335	0.05%
Electrical Components & Equipment
Warshaw Holdings, LLC (o)	Common Units					17		8,432		-
Warshaw Holdings, LLC (o)	Series A Preferred Units					17		8,432		7,694
								16,864		7,694	0.00%
Electronic Components
AdvancedPCB Parent, L.P. (o)	Class A Units					1,500		1,500,000		1,633,605
AdvancedPCB Parent, L.P. (o)	Class C Units					76		38,419		158,981
AdvancedPCB Parent, L.P. (o)	Class C Units					213		76,841		312,354
AdvancedPCB Parent, L.P. (o)	Class C Units					217		78,115		311,546
								1,693,375		2,416,486	0.30%
Environmental & Facilities Services

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)		Fair Value (e)		Percentage of Net Assets
Dragonfly Ultimate Holdings LLC (o)	Class A Units					187,221	$	209,601	$	293,937
Erosion Holdings, LLC (o)(t)	Class A Units					141		145,149		108,275
								354,750		402,212	0.05%
Health Care Services
Dpt Management, LLC (o)	Preferred Units					10,753		33,333		25,269
NE Ortho Holdings, LLC (o)	Class B Membership Units					133		132,518		136,162
Personal Care (Itc) Holdings, LLC (o)	Class A Units					187,961		1,879,621		1,197,312
Scp Personalized Medicine, LLC (o)	Common Units					932		4,658		2,385
Scp Personalized Medicine, LLC (o)	Class B Units					89		88,503		89,584
Tiger Healthcare Holdings, LLC (o)	Class A Interest					97,500		125,000		1
VIP Medical Holdings, LLC (o)	Class A Units					1,000,000		10		4,320,000
VIP Medical Holdings, LLC (o)	Series A Preferred Units					455,593		455,593		496,596
								2,719,236		6,267,309	0.78%
Health Care Technology
Pillr Health Holdings, LP (o)	Class B Preferred Units					128		127,712		135,299
Pillr Health Holdings, LP (o)	Common Units					12,771		-		76,116
								127,712		211,415	0.03%
Human Resource & Employment Services
Fca Partners LLC (m)(o)	Common Units					839,085		4		8
Fca Partners LLC (m)(o)	Class A Preferred Units					839,085		839,085		486,669
								839,089		486,677	0.06%
Industrial Machinery & Supplies & Components
Double E Equity, L.P. (m)(o)	Class A Common Units					1,000		1,000,000		-
Double E Equity, L.P. (m)(o)	Class A Preferred Units					124		124,465		52,452
Endurance PT Technology Holdings LLC (o)	Common Units					611		61,117		329,677
Endurance PT Technology Holdings LLC (o)	Preferred Units					550		550,052		613,388

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)		Fair Value (e)		Percentage of Net Assets
Lake Air Products Aggregator LLC (m)(o)	Common Units					1,000,000	$	1,000,000	$	890,000
								2,735,634		1,885,517	0.24%
Insurance Brokers
Knight Holdings, LP (m)(o)	Class A-1 Units					16,204		162,037		160,416
								162,037		160,416	0.02%
IT Consulting & Other Services
Insight Technology Enterprises LLC (o)(t)	Preferred Units					9,657		15,576		17,575
								15,576		17,575	0.00%
Life Sciences Tools & Services
Gauge Ecir Blocker LLC (m)(o)	Class A-1 Units					243,103		274,779		318,465
Mse Acquisitions Inc (o)	Series A Preferred Stock					288		288,462		54,127
Mse Acquisitions Inc (o)	Series B Preferred Stock					23		15,174		45,533
Wci-Bxc Investment Holdings LP (m)(o)	Equity Interest							608,645		541,216
								1,187,060		959,341	0.13%
Packaged Foods & Meats
CCI Prime Holdings, LLC (o)	Series A Preferred Units					92		92,025		-
CCI Prime Holdings, LLC (o)	Series AA Preferred Units					17		17,059		-
Et-Nutrail Investment Aggregator, LP (o)	Class A Units					18,613		18,613		18,613
Mfi Group Holdings LLC (o)(t)	Class A Units					19		19,393		20,951
Sabrosura Super Holdings LLC (o)	Class A Interests					323,750		388,500		349,650
Vp Deliver Holdings, LP (o)	Class A LP Units					210,526		210,526		126,316
								746,116		515,530	0.06%
Paper & Plastic Packaging Products & Materials
Acp Flexibles I LP (m)(o)	Equity Interest							191,571		67,050
Bron Holdings, LLC (o)	Class A Units					1,227		1,227,273		1,320,898
Currier Plastics Holdings, LLC (o)	Class B Units					273,422		3		5,468

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)		Fair Value (e)		Percentage of Net Assets
Currier Plastics Holdings, LLC (m)(o)	Class A Units					273,422	$	273,422	$	300,764
Scp Rigid Packaging Holdco, LLC (o)	Common Units					331		6,613		13,126
Scp Rigid Packaging Holdco, LLC (o)	Class B Units					126		125,507		138,656
								1,824,389		1,845,962	0.23%
Specialized Consumer Services
Acp Roofing Holdings, LLC (o)	Common Units					17,857		17,857		-
Mustang Prospects Holdco, LLC (o)	Class A Units					1,199		1,198,619		1,725,198
Mustang Prospects Holdco, LLC (o)	Class B Units					1,198,621		116,588		275,683
NAM Group Holdings LLC (o)	Class A Units					84,337		84,337		154,337
Quick Roofing Topco, LLC (o)	Class A Interest					327,869		327,869		304,918
Roofing Services Solutions Holdings, LLC (o)	Common Units					196		20,256		-
Roofing Services Solutions Holdings, LLC (o)	Series A Preferred Units					196		228,590		-
Scp Mechanical Services Holdco, LLC (o)	Common Units					1,025		5,126		-
Scp Mechanical Services Holdco, LLC (o)	Class B Units					97		97,397		-
Solid Ground Solutions Investment LLC (o)	Class A Units					177,453		178,578		69,207
Trutemp Holdings LLC (o)	Class A Interest					206,612		206,612		206,612
Usw Holdings, LLC (o)	Class A-1 Units					694		718,048		490,827
								3,199,877		3,226,782	0.40%
Specialized Finance
Lift Solutions Holdings LLC (o)	Common Units					143		-		-
Lift Solutions Holdings LLC (o)	Series A Preferred Units					143		205,491		203,868
Pcp Metis Holdings, LP (m)(o)	Common Units					177,515		177,515		154,438
								383,006		358,306	0.05%
Specialty Chemicals
Penta Fine Ingredients Parent, LLC (o)	Class A Common Units					27		27		778
Penta Fine Ingredients Parent, LLC (o)	Preferred Units					17		17,441		19,953

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

September 30, 2026

(unaudited)


Investments (a)	Type	Reference Rate and Spread (b)	Interest Rate (b)	Maturity Date	Par Amount/Units (c)		Cost (d)		Fair Value (e)		Percentage of Net Assets
							$	17,468	$	20,731	0.00%
Technology Hardware, Storage & Peripherals
Repairify Holdings, LLC (o)	Class A Common Units					10,643		321,514		271,184
								321,514		271,184	0.03%
Trading Companies & Distributors
Belt Power Parent, LLC (o)	Class A Units					1,271,725		1,395,332		2,390,842
Mobotrex Ultimate Holdings, LLC (o)(t)	Class A-2 Units					112,338		116,243		184,235
Tsss Investment LLC (m)(o)	Units					239,936		239,936		230,339
								1,751,511		2,805,416	0.35%
Total Equity - non-controlled/ non-affiliate								20,933,397		24,557,094	3.05%
Equity - non-controlled/ affiliate
Diversified Financial Services
STG Parent Topco, LLC (m)(u)	Class A Common Units					4,143,633		25,985,516		26,767,869
								25,985,516		26,767,869	3.33%
Total Equity - non-controlled/ affiliate								25,985,516		26,767,869	3.33%
Total Equity								46,918,913		51,324,963	6.38%
Money Market Mutual Funds - non-controlled/ non-affiliate
Mutual Funds
State Street Institutional Treasury Plus Money Market Fund - 3.72% (g)(n)(s)	Investor Class Units					12,597,484		12,597,484		12,597,484
								12,597,484		12,597,484	1.57%
Total Money Market Mutual Funds - non-controlled/ non-affiliate								12,597,484		12,597,484	1.57%
Total Money Market Mutual Funds								12,597,484		12,597,484	1.57%
Total Investments - non-controlled/ non-affiliate								1,663,788,955		1,653,180,268	205.66%
Total Investments - non-controlled/ affiliate								32,490,647		33,593,532	4.18%
Total Investment Portfolio							$	1,696,279,602	$	1,686,773,800	209.84%

(a)

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

(b)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to Secured Overnight Financing Rate (SOFR), Canadian Overnight Repo Rate Average (CORRA) or Prime Rate (Prime) which reset monthly, quarterly, or semi-annually. If applicable, the interest rate includes a credit spread adjustment, which is charged in addition to the reference rate and spread. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2026.

(c)

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

(d)

All debt investments are shown at amortized cost.

(e)

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

(f)

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

(g)

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

(h)

Tickmark not used.

(i)

The interest rate floor on these investments as of September 30, 2026 was 1.00%.

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

(j)

The interest rate floor on these investments as of September 30, 2026 was 0.75%.

(k)

The interest rate floor on these investments as of September 30, 2026 was 0.50%.

(l)

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

(m)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of September 30, 2026, non-qualifying assets amounted to $43,756,867 which represents 2.5% of total assets as calculated in accordance with regulatory requirements.

(n)

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

(o)

Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $24,557,094 or 3.1% of net assets.

Additional information on each restricted holding is as follows:


Investment	Type	Acquisition Date	Acquisition Cost ($)
Acp Flexibles I LP	Equity Interest	10/22/2025		191,571
Acp Roofing Holdings, LLC	Common Units	4/14/2025		17,857
AdvancedPCB Parent, L.P.	Class A Units	2/14/2023		1,500,000
AdvancedPCB Parent, L.P.	Class C Units	8/9/2024		38,419
AdvancedPCB Parent, L.P.	Class C Units	2/7/2025		76,841
AdvancedPCB Parent, L.P.	Class C Units	10/9/2025		78,115
Axcel Holdings, LP	Class A Common Units	2/26/2026		487,678
Belt Power Parent, LLC	Class A Units	10/7/2022 - 3/31/2025		1,395,332
BPCP Craftsman Holdings, LLC	Class A Units	4/9/2025		15,686
Bron Holdings, LLC	Class A Units	1/13/2023 - 7/31/2025		1,227,273
CCI Prime Holdings, LLC	Series A Preferred Units	10/18/2023		92,025
CCI Prime Holdings, LLC	Series AA Preferred Units	12/8/2025 - 9/30/2026		17,059
Currier Plastics Holdings, LLC	Class A Units	9/19/2025 - 12/18/2025		273,422
Currier Plastics Holdings, LLC	Class B Units	9/19/2025 - 12/18/2025		3
Double E Equity, L.P.	Class A Common Units	6/21/2022		1,000,000
Double E Equity, L.P.	Class A Preferred Units	5/7/2024 - 9/5/2025		124,465
Dpt Management, LLC	Preferred Units	12/18/2024		33,333
Dragonfly Ultimate Holdings LLC	Class A Units	8/16/2024 - 1/16/2026		209,601
Endurance PT Technology Holdings LLC	Common Units	2/29/2024 - 10/28/2025		61,117
Endurance PT Technology Holdings LLC	Preferred Units	2/29/2024 - 10/28/2025		550,052
Erosion Holdings, LLC	Class A Units	9/30/2024 - 7/14/2026		145,149
Et-Nutrail Investment Aggregator, LP	Class A Units	5/23/2025 - 4/7/2026		18,613
Fca Partners LLC	Class A Preferred Units	4/17/2023 - 6/7/2024		839,085
Fca Partners LLC	Common Units	4/17/2023 - 6/7/2024		4
Gauge Ecir Blocker LLC	Class A-1 Units	9/26/2025		274,779
Hitco Parent LLC	Class A Units	2/28/2025		109,890
Hy-Tek Holdings, LLC	Common Units	9/19/2025		147,217
Hy-Tek Holdings, LLC	Series A Preferred Units	9/19/2025		61,287
Identiti Holdings LLC	Class A Units	11/1/2024		115,875
Insight Technology Enterprises LLC	Preferred Units	3/31/2025		15,576

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


Investment	Type	Acquisition Date	Acquisition Cost ($)
Klc Fund 1022-Ci-A LP	Equity Interest	12/1/2022		752,670
Knight Holdings, LP	Class A-1 Units	11/7/2025		162,037
Lake Air Products Aggregator LLC	Common Units	1/9/2023		1,000,000
Lift Solutions Holdings LLC	Common Units	9/19/2025		—
Lift Solutions Holdings LLC	Series A Preferred Units	9/19/2025		205,491
Mfi Group Holdings LLC	Class A Units	4/30/2024 - 11/15/2024		19,393
Mobotrex Ultimate Holdings, LLC	Class A-2 Units	6/7/2024 - 11/6/2025		116,243
Mse Acquisitions Inc	Series A Preferred Stock	8/14/2024		288,462
Mse Acquisitions Inc	Series B Preferred Stock	9/4/2026		15,174
Mustang Prospects Holdco, LLC	Class A Units	12/15/2022 - 4/24/2026		1,198,619
Mustang Prospects Holdco, LLC	Class B Units	12/15/2022 - 4/24/2026		116,588
NAM Group Holdings LLC	Class A Units	7/16/2024		84,337
NE Ortho Holdings, LLC	Class B Membership Units	12/13/2024 - 1/6/2026		132,518
Pcp Metis Holdings, LP	Common Units	7/1/2026		177,515
Penta Fine Ingredients Parent, LLC	Class A Common Units	4/4/2025 - 9/1/2026		27
Penta Fine Ingredients Parent, LLC	Preferred Units	4/4/2025 - 9/1/2026		17,441
Perimeter Solutions Holdings, LP	Common Units	10/2/2024 - 7/31/2025		139,672
Personal Care (Itc) Holdings, LLC	Class A Units	2/14/2023 - 10/18/2023		1,879,621
Pillr Health Holdings, LP	Class B Preferred Units	12/31/2025		127,712
Pillr Health Holdings, LP	Common Units	12/31/2025		—
Quick Roofing Topco, LLC	Class A Interest	12/22/2023		327,869
REP RO COINVEST IV-A, L.P.	Equity Units	12/29/2022		800,000
Repairify Holdings, LLC	Class A Common Units	7/14/2026		321,514
Roofing Services Solutions Holdings, LLC	Common Units	11/27/2024 - 9/30/2025		20,256
Roofing Services Solutions Holdings, LLC	Series A Preferred Units	11/27/2024 - 9/30/2025		228,590
Sabrosura Super Holdings LLC	Class A Interests	8/22/2024		388,500
Scp 3pl Topco, LLC	Class B Units	9/22/2026		911
Scp 3pl Topco, LLC	Class B Units	11/27/2024		6,580
Scp 3pl Topco, LLC	Class B Units	1/30/2026		2,184
Scp 3pl Topco, LLC	Common Units	11/27/2024 - 9/22/2026		509

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


Investment	Type	Acquisition Date	Acquisition Cost ($)
Scp Mechanical Services Holdco, LLC	Class B Units	8/20/2025 - 9/4/2026		97,397
Scp Mechanical Services Holdco, LLC	Common Units	8/20/2025 - 9/4/2026		5,126
Scp Personalized Medicine, LLC	Class B Units	8/14/2026		88,503
Scp Personalized Medicine, LLC	Common Units	8/14/2026		4,658
Scp Rigid Packaging Holdco, LLC	Class B Units	2/2/2026		125,507
Scp Rigid Packaging Holdco, LLC	Common Units	2/2/2026		6,613
Solid Ground Solutions Investment LLC	Class A Units	5/6/2024 - 6/1/2026		178,578
Tgnl Topco LP	Common Units	6/25/2025		5,525
Tiger Healthcare Holdings, LLC	Class A Interest	2/27/2024		125,000
Trutemp Holdings LLC	Class A Interest	8/26/2025		206,612
Tsss Investment LLC	Units	7/1/2026		239,936
Usw Holdings, LLC	Class A-1 Units	11/3/2022 - 1/14/2025		718,048
VIP Medical Holdings, LLC	Class A Units	12/12/2022		10
VIP Medical Holdings, LLC	Series A Preferred Units	12/12/2022		455,593
Vp Deliver Holdings, LP	Class A LP Units	2/17/2026		210,526
Vss Investors 2026, LLC	Preferred Units	8/14/2026		192,499
Vss Investors 2026, LLC	Class A Common Units	8/14/2026		—
Warshaw Holdings, LLC	Common Units	3/27/2025		8,432
Warshaw Holdings, LLC	Series A Preferred Units	3/27/2025		8,432
Wci-Bxc Investment Holdings LP	Equity Interest	11/6/2023		608,645

(p)

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

(q)

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

(r)

Tickmark not used.

(s)

Security is classified as a short-term security.

(t)

Income producing.

(u)

Under the 1940 Act, the Fund is generally deemed to “control” a portfolio company if the Fund owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Fund is generally deemed an “affiliated person” of a portfolio company if the Fund owns 5% or more of the portfolio company’s outstanding voting securities.

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

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

Fidelity Private Credit Company LLC

Consolidated Schedule of Investments

December 31, 2025


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

(a)

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

(b)

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

(c)

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

(d)

All debt investments are shown at amortized cost.

(e)

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

(f)

(g)

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

(h)

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

(i)

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

(j)

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

(k)

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

(l)

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

(m)

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

(n)

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

(o)

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

Additional information on each restricted holding is as follows:


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

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


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

(p)

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

(q)

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

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

Fidelity Private Credit Company LLC

Notes to Consolidated Financial Statements

(unaudited)

Note 1. Organization

The name of the issuer is Fidelity Private Credit Company LLC (f/k/a Fidelity Private Credit Company II LLC) (the “Fund”). The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). On July 31, 2026, Fidelity Private Credit Company LLC (prior to the Merger (as defined below), the “Acquired Fund”) merged with and into the Fund, with the Fund continuing as the surviving company, and the Fund changed its name from Fidelity Private Credit Company II LLC to Fidelity Private Credit Company LLC. At the effective time of the merger, each outstanding unit of beneficial interest of the Acquired Fund was converted into the right to receive a number of newly issued units of the Fund equal to an exchange ratio as set forth in the underlying merger agreement (the “Merger” or the “Reorganization”). As a BDC, the Fund intends to elect to be treated for U.S. federal income tax purposes and intends to qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). In connection with the Reorganization, the Acquired Fund was determined to be the accounting survivor and the Fund as legal survivor. Accordingly, the financial statements reflect the financial position, results of operations, and cash flows, along with the accompanying notes to financial statements of the Acquired Fund through July 31, 2026. Net asset value (“NAV”) per Unit and Class I Common Units (referred to herein as “Common Units” or “Units”) presented in the Consolidated Statements of Assets and Liabilities, and distribution per Unit disclosed in the notes to these consolidated financial statements for the current fiscal period prior to the Reorganization, has been retrospectively adjusted to reflect the Fund's capital structure resulting from the Reorganization.

As a result of the Reorganization, the legal counterparty to certain of the Acquired Fund’s existing agreements has changed to the Fund (other than the Acquired Fund’s investment advisory agreement and administration agreement, each dated May 10, 2023, which terminated automatically at the effective time of the Merger pursuant to the Merger Agreement). The Reorganization did not result in any substantive changes to the terms, economics, or obligations of such agreements, unless otherwise noted. All rights and responsibilities under the agreements remain in effect as originally executed. Accordingly, references in these financial statements to counterparties under existing agreements should be read as referring to the Fund following the Merger, unless otherwise noted. For further information regarding aforementioned agreements and the Reorganization, refer to “Note 4. Expenses and Transactions with Affiliates.” and “Note 10. Reorganization.”

The Fund has entered into an Investment Advisory Agreement with Fidelity Diversifying Solutions LLC (“FDS” or the “Adviser”), a Delaware limited liability company. FDS is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) and is an affiliate of FMR LLC (“FMR”) and its subsidiaries.

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

Effective January 31, 2023, the General Partner and the Limited Partners became unit holders of the Acquired Fund (“Unit Holders”) and the interests in the Limited Partnership were converted into Units of the Acquired Fund. Within these consolidated financial statements and notes to consolidated financial statements, all references to Unit Holder and net assets prior to January 31, 2023 are referring to Partners and Partners’ Capital, respectively. On June 1, 2023, the Acquired Fund elected to be regulated as a BDC, and elected to be treated for U.S. federal income tax purposes, with intent to qualify annually, as a RIC on June 6, 2023.

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

The Fund will invest at least 70% of its total assets in investments that meet regulatory requirements of the BDC structure, which will generally include investments in companies that are private and may be backed by a sponsor but may also include investments in small capitalization public companies or companies that are non-sponsors. The Fund invests in loans targeted at private U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and public U.S. operating companies having a market capitalization of less than $250 million. The Fund may also invest to a lesser degree in non-U.S. companies.

Note 2. Significant Accounting Policies

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

Basis of Presentation

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

Consolidation

The Fund will generally consolidate any wholly-owned, or substantially wholly-owned, subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, as of September 30, 2026 and December 31, 2025, and for the three and nine months ended September 30, 2026 and 2025, the Fund consolidated the financial position and results of its wholly-owned subsidiaries on its consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Fund is an investment company, portfolio investments held by the Fund are not consolidated into the consolidated financial statements. The portfolio investments held by the Fund (including investments held by consolidated subsidiaries) are included on the consolidated statements of assets and liabilities as investments at fair value.

Use of Estimates

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

Income Taxes

The Fund was formerly classified as a partnership for U.S. federal income tax purposes. While the Fund was classified as a partnership no provisions for income taxes were recorded on the consolidated financial statements since the Fund was not subject to income tax. Tax obligations relating to the Fund’s activities were the responsibility of the Unit Holders. The Fund intends to elect to be classified as a corporation for U.S. federal income tax purposes and to be treated as a RIC under the Code for its taxable period starting July 24, 2026 and ending December 31, 2026 and intends to qualify annually thereafter. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unit Holders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund’s investors and would not be reflected on the consolidated financial statements of the Fund.

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

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

As of September 30, 2026 and December 31, 2025, the Fund, through wholly-owned subsidiaries, recorded tax liabilities of approximately $0.1 million and $0.7 million, respectively, which are included in other accounts payable and accrued liabilities on the consolidated statements of assets and liabilities.

For the three and nine months ended September 30, 2026, the Fund, through wholly-owned subsidiaries, recognized a total provision for taxes of approximately $0.02 million and benefit of approximately $0.2 million, respectively, which was comprised of a provision for taxes of a nominal amount and approximately $0.1 million, respectively, related to income, and provision for deferred tax expense related to unrealized gains on investments of approximately $0.02 million and benefit for deferred tax expense related to unrealized losses on investments of approximately $0.3 million, respectively. For the three and nine months ended September 30, 2025, the Fund, through wholly-owned subsidiaries, recognized a total provision for taxes of approximately $0.2 million and $0.4 million respectively, which was comprised of a nominal provision for taxes and a provision for taxes of approximately $0.1 million, for each period respectively, related to income, and provision for deferred tax expense related to unrealized gains on investments of approximately $0.2 million for each period presented. The Fund did not incur an excise tax for the three and nine months ended September 30, 2026 and 2025.

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

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

In addition, based on the excise tax distribution requirements, the Fund will be subject to a 4% nondeductible U.S. federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years on which the Fund paid no U.S. federal income tax. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax is considered to have been distributed.

Deferred Financing Costs

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

Investment Valuation

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

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

In accordance with the Adviser’s policies and procedures, which have been approved by the Board, investments, including debt securities, that are publicly traded but for which no readily available market quotations exist are generally valued on the basis of information furnished by an independent third-party pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures, engages in oversight activities with respect to third-party pricing sources used and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations or prices received from third-party pricing services are not reflective of the fair value of an investment. During the period, the Fund adopted Accounting Standards Update No. 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions, as described below under New Accounting Pronouncement. The adoption of this guidance resulted in a change to the Fund’s fair value measurement methodology for equity securities subject to contractual sale restrictions. Prior to adoption, the Fund valued these restricted securities based on their unadjusted market quotations. In accordance with the new guidance, the Fund now applies a discount for lack of marketability to the market quotations to reflect the impact of the contractual sale restrictions.

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

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

Investment Transactions

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

Interest Income

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

Dividend Income

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

PIK Income

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

Fee Income

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

Non-Accrual Policy

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

Cash

Cash represents deposits maintained with the Fund’s custodian bank. Foreign cash are deposits with the custodian or sub-custodian that are maintained in a currency other than USD. At times, deposits may be in excess of federally insured limits. The Fund has not experienced any losses and does not believe it is exposed to any significant credit risk on such deposits.

Expenses

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

Foreign Currency

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

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

New Accounting Pronouncement

In September 2026, the FASB issued Accounting Standards Update No. 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions (“ASU 2026-03”). The amendments in ASU 2026-03 provide an exception to Topic 820 requiring that a contractual restriction on the sale of an equity security be considered in measuring the fair value of the equity security. The amendments also require that investment companies within the scope of Topic 946 disclose the amount of the discount attributable to the contractual sale restriction. The amendments in ASU 2026-03 are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with an early adoption permitted. The Fund elected to early adopt ASU 2026-03 effective as of the current reporting period. Adoption of ASU 2026-03 did not have a material impact on the Fund’s consolidated financial statements.

Note 3. Unit Holder Transactions

The Fund has the authority to issue an unlimited number of units. Units have no par value. The following table summarizes unit transaction activity for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,							Nine Months Ended September 30,
	2026				2025			2026				2025
	Units				Units			Units				Units
Units issued - contributions during the period		100,000		⁽²⁾		—			100,000		⁽²⁾		5,152,230
Adjustment of Units to reflect the Merger exchange ratio		(8,969,550	)	⁽¹⁾		—			(8,969,550	)	⁽¹⁾		—
Units repurchased		(562,000	)			(2,270,785	)		(562,000	)			(4,223,074	)
Distributions reinvested		1,259,994				1,390,086			3,568,832				3,633,043
Net increase (decrease)		(8,171,556	)			(880,699	)		(5,862,718	)			4,562,199

(1)

For the three and nine months ended September 30, 2026, net of 78,562,994 Units issued of the Fund and 87,532,544 Units retired of the Acquired Fund related to the Merger. For further details refer to “Note 1. Organization.” and “Note 10. Reorganization.”

(2)

Represents Units of the legal survivor related to the Merger.

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


	September 30, 2026
	Capital Commitments		Unfunded Capital Commitments		% Unfunded Capital Commitments
Common Units	$	802,510,000	$	112,549,966		14.0	%
Total	$	802,510,000	$	112,549,966		14.0	%


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

There were no Units issued related to capital drawdowns during the nine months ended September 30, 2026. The following tables summarize the total Units issued and proceeds related to capital drawdowns during the nine months ended September 30, 2025:


Unit Issue Date	Units Issued		Proceeds Received
For the Nine Months Ended September 30, 2025
February 24, 2025		2,588,127	$	25,286,000
March 28, 2025		2,564,103		25,000,000
Total capital drawdowns		5,152,230	$	50,286,000

The following tables summarize distributions declared for the nine months ended September 30, 2026 and 2025:


Month	Distribution per Unit		Gross Distributions		Reinvestment of Distributions
January 2026	$	—	$	—	$	—
February 2026		0.10		7,418,845		4,071,940
March 2026		0.10		7,626,759		4,203,790
April 2026		0.08		6,389,323		3,536,848
May 2026		0.11		8,557,193		4,753,892
June 2026		0.11		8,780,608		4,901,242
July 2026		0.10		15,110,155		8,492,413
August 2026		0.08		6,214,377		3,512,916
September 2026		0.12		9,085,486		—
	$	0.80	$	69,182,746	$	33,473,041


Month	Distribution per Unit		Gross Distributions		Reinvestment of Distributions
January 2025	$	—	$	—	$	—
February 2025		0.09		6,872,061		3,343,410
March 2025		0.10		8,426,153		4,211,266
April 2025		0.11		8,781,463		4,468,957
May 2025		0.10		8,583,617		4,392,023
June 2025		0.12		9,959,767		5,123,315
July 2025		0.09		7,351,036		3,804,303
August 2025		0.10		8,309,181		4,319,107
September 2025		0.12		9,788,635		5,113,394
	$	0.83	$	68,071,913	$	34,775,775

The Private Offering

Pursuant to subscription agreements, investors make commitments to purchase Units of the Fund (“Capital Commitments”). The subscription agreements provide that investors are required to fund drawdowns on Capital Commitments each time the Fund delivers a drawdown notice. In connection with each drawdown, investors will receive a number of Units corresponding to the drawdown, with such Units issued at a per-share price that will be determined prior to the issuance of such Units and in accordance with the 1940 Act, subject to a determination by the Board (including any committee thereof) or the officers of the Fund that such offer price is not below the Fund’s then current NAV per Unit of the Fund as required pursuant to the 1940 Act. Capital Commitments will generally be drawn from investors by the Fund as needed, upon 10 business days’ prior written notice, in such amounts as will be required by the Fund in its sole discretion.

Prior to the Reorganization, effective March 11, 2024, the Board approved the Fund entering into the First Amended and Restated Limited Liability Company Agreement which made eligible to invest any “accredited investor” (as enumerated in Rule 502 under Regulation D of the Securities Act of 1933) (the “Securities Act”) who has committed to a strategic relationship with Fidelity. In addition, the Board approved the Fund entering into a Placement Agent Agreement with Fidelity Distributors Company LLC, with respect to the private placement of its Units as described in “Note 4. Expenses and Transactions with Affiliates.” Effective March 19, 2025, the Fund entered into the Second Amended and Restated Limited Liability Company Agreement to reflect the Adviser’s authority to forgive the Unit Holder’s unfunded Capital Commitments, in whole or in part, for the Fund.

On April 1, 2025, the Acquired Fund released unfunded Capital Commitments from a Unit Holder of $12.3 million.

The Fund’s Amended and Restated Limited Liability Company Agreement, dated as of March 18, 2026, continued as the limited liability company agreement of the Fund as the surviving company in the Merger, with the Fund’s name changed to Fidelity Private Credit Company LLC, and was further amended on July 31, 2026. As a result, the Fund expects to cease drawing down Capital Commitments from each subscriber once the Fund has drawn 90% of the Capital Commitment(s) of such subscriber, however, the Fund may draw down additional Capital Commitments as necessary in its sole discretion.

Distribution Reinvestment Plan

The Fund has adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, if the Fund declares a cash dividend or other distribution, Unit Holders will have their cash dividends or distributions automatically reinvested in additional Units, rather than receiving cash, unless they “opt out.” Unit Holders who make an affirmative election to “opt out” will receive their dividend or other distributions in cash. Units issued pursuant to the DRIP will not reduce a Unit Holder’s Capital Commitments to the Fund. The Fund may terminate the DRIP upon notice in writing to each participant at least 30 days prior to any record date for the payment of any distribution by the Fund.

Repurchase Program

Subject to market conditions and the approval of the Board, the Fund has initiated a repurchase program (“Repurchase Program”) pursuant to which it will repurchase Units on a quarterly basis pursuant to written tenders by Unit Holders. The Fund currently expects to make tender offers of up to 10% per year. With respect to any such repurchase offer, Unit Holders tendering Units must do so by a date specified in the notice describing the terms of the repurchase offer. No Unit Holder or other person holding Units acquired from a Unit Holder has the right to require the Fund to repurchase any Units.

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

•

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

•

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

•

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

•

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

•

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

•

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

•

the recommendations of the Adviser.

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

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

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

The following tables summarize the Unit repurchases completed during nine months ended September 30, 2026 and 2025:

         Repurchase deadline request

         Percentage of Outstanding Units the Fund Offered to Repurchase

         Average Price Paid Per Unit

         Repurchase Pricing Date

         Amount Repurchased

         Number of Units
Repurchased

         Percentage of Outstanding
Units Repurchased

September 28, 2026

2.50%

10.26

September 30, 2026

5,768,312

562,000

0.71% ⁽¹⁾

(1)

Percentage is based on total Outstanding Units as of the date on which the Tender Offer was first published. The Fund accepted for purchase 100.0% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the offer as permitted by Rule 13e-4(f)(1).


Repurchase deadline request	Percentage of Outstanding Units the Fund Offered to Repurchase	Average Price Paid Per Unit		Repurchase Pricing Date	Amount Repurchased		Number of Units Repurchased		Percentage of Outstanding Units Repurchased
March 27, 2025	2.50%	$	9.69	March 31, 2025	$	18,917,680		1,952,289	2.50% ⁽¹⁾
September 26, 2025	2.50%	$	9.47	September 30, 2025	$	21,512,513		2,270,785	2.72% ⁽²⁾

(1)

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

(2)

Percentage is based on total Units as of the close of the previous calendar quarter. The Fund accepted for purchase 100.0% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1). In accordance with rules promulgated by the U.S. Securities and Exchange Commission, the Fund determined to accept for purchase Units in excess of the Tender Cap of 2.5% of the Fund’s outstanding Units by up to, but not more than, 2.0% of the outstanding Units without amending or extending the Offer.

Note 4. Expenses and Transactions with Affiliates

Investment Advisory Agreement

Prior to the Reorganization, the Acquired Fund operated under an Investment Advisory Agreement with FDS, dated May 10, 2023 (the “Prior Advisory Agreement”), pursuant to which FDS provided investment advisory services to the Acquired Fund. As compensation for such services, the Acquired Fund paid an advisory fee (the “Management Fee”) monthly in arrears at an annual rate of 1.25% of the Acquired Fund’s average daily net assets throughout the month.

The Reorganization did not result in a change to the nature or scope of the investment advisory and management services provided by FDS. The Prior Advisory Agreement terminated automatically at the effective time of the Merger pursuant to the Merger Agreement. The Fund is party to its own Investment Advisory Agreement with FDS, effective March 18, 2026 (the “Advisory Agreement”), under which FDS provides investment advisory and management services to the Fund. Under the Advisory Agreement, which has governed the Management Fee since the Merger, the Management Fee is calculated based on the Fund’s net assets as of the beginning of the first business day of each month, rather than on average daily net assets throughout the month as under the Prior Advisory Agreement, at the same annual rate of 1.25%, payable monthly in arrears.

For the three and nine months ended September 30, 2026, management fees were approximately $2.5 million and $7.5 million, respectively. For the three and nine months ended September 30, 2025, management fees were approximately $2.5 million and $7.4 million, respectively. As of September 30, 2026 and December 31, 2025, approximately $0.8 million, as of each period presented, was payable to the Adviser for management fees in management fee payable on the consolidated statements of assets and liabilities.

Administration Agreement

Prior to the Reorganization, the Acquired Fund operated under an Administration Agreement with FDS, dated May 10, 2023 (the “Prior Administration Agreement”). As compensation for the services of and expenses borne by FDS in its capacity as the Acquired Fund’s Administrator, the Acquired Fund paid an administration fee to FDS monthly in arrears at an annual rate of 0.25% of the average daily net assets throughout the month.

The Reorganization did not result in a change to the nature or scope of the administrative services provided by FDS. The Prior Administration Agreement terminated automatically at the effective time of the Merger pursuant to the Merger Agreement. The Fund is party to its own Administration Agreement with FDS, effective March 18, 2026 (the “Administration Agreement”). Under the Administration Agreement, FDS continues to provide, or oversee the performance of, administrative and compliance services necessary for the Fund’s operations, including maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Fund’s other service providers), preparing reports to Unit Holders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. Under the Administration Agreement, which has governed administrative services since the Merger, the annual administration fee rate is unchanged at 0.25%; however, the fee under the Administration Agreement is now calculated based on the Fund’s month-end net asset value rather than average daily net assets throughout the month as under the Prior Administration Agreement, and is payable monthly in arrears.

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

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

For the three and nine months ended September 30, 2026, the Fund incurred approximately $0.5 million and $1.5 million, respectively, in expenses under the Administration Agreement, which were recorded as administration fees on the consolidated statements of operations. For the three and nine months ended September 30, 2025, the Fund incurred approximately $0.5 million and $1.5 million respectively, in expenses under the Administration Agreement, which were recorded as administration fees on the consolidated statements of operations.

Transfer Agent Agreement

Prior to the Reorganization, the Acquired Fund operated under a transfer agent agreement, effective April 1, 2024, with Fidelity Investments Institutional Operations Company LLC (“FIIOC”), an affiliate of the Adviser, pursuant to which FIIOC served as the Acquired Fund’s transfer agent, distribution paying agent and registrar and received an asset-based fee with respect to Units.

The Reorganization did not result in a change to the nature or scope of the transfer agency services provided by FIIOC. In connection with the Reorganization, the Fund became a party to the transfer agent agreement effective March 18, 2026. Under the agreement, FIIOC continues to serve as the Fund’s transfer agent, distribution paying agent and registrar. The Fund pays a fee for transfer agent services equal to 0.00833% (0.10% on an annualized basis) of the Fund’s net assets as of the end of the last business day of each month. Such fees are payable monthly in arrears.

For the three and nine months ended September 30, 2026, the Fund recorded approximately $0.2 million and $0.6 million, respectively, in transfer agent fees, which are included in other general and administrative expenses on the consolidated statements of operations. For the three and nine months ended September 30, 2025, the Fund recorded approximately $0.2 million and $0.6 million, respectively, in transfer agent fees, which are included in other general and administrative expenses on the consolidated statements of operations.

Expense Limitation Agreement

Prior to the Reorganization, effective January 1, 2025, which automatically renewed on January 1, 2026, the Acquired Fund operated under an expense limitation agreement with the Adviser pursuant to which the Adviser agreed to reimburse certain Fund expenses in excess of specified limits. The Reorganization did not result in a substantive change to the expense limitation arrangements between the Fund and the Adviser. In connection with the Reorganization, the Fund became a party to the expense limitation agreement (the “Expense Limitation Agreement”) effective March 18, 2026, and in continuation under this agreement, the Adviser agrees to pay on a monthly basis Other Operating Expenses of the Fund on the Fund’s behalf (each such payment, an “Expense Payment”) such that Other Operating Expenses of the Fund do not exceed 0.50% (on annualized basis) of the Fund’s average net assets (“Expense Limitation”). “Other Operating Expenses” means the Fund’s professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees, third party valuation agent fees, insurance costs, director fees, administration fee, and other related costs or expenses, but excluding the following: (a) management fees and any incentive fees, if applicable; (b) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, prime broker fees and expenses, fees and expenses associated with the Fund’s securities lending program, and dividend expenses related to short sales); (c) interest, financing and structuring costs and other related expenses for borrowings and line(s) of credit; (d) taxes; (e) the Fund’s proportional share of expenses related to co-investments; (f) acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary); (g) Rule 12b-1 fees, if any; (h) expenses of printing and mailing proxy materials to Unit Holders of the Fund; (i) all other expenses incidental to holding meetings of the Fund’s Unit Holders, including proxy solicitations therefor; and (j) such non-recurring and/or extraordinary as may arise, including actions, suits or proceedings to which the Fund is or is threatened to be a party and the legal obligation that the Fund may have to indemnify the Fund’s directors and officers with respect thereto.

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

In consideration of the Adviser’s agreement to make Expense Payments at any time during a fiscal year and, to the extent that expenses fall below the Expense Limitation, the Adviser reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the fiscal year up to, but not in excess of, the Expense Limitation.

The Expense Limitation Agreement will continue in force until November 30, 2026 (the “Initial Term”) and shall renew automatically for successive one-year terms after the Initial Term. The Adviser may not terminate this Expense Limitation Agreement before a term’s expiration date without the approval of the Fund’s Board. This Expense Limitation Agreement may be terminated without the payment of any penalty, by the Fund’s Board at any time.

In addition, the Adviser has contractually agreed to reimburse the Fund to the extent that total expenses as a percentage of its average net assets, including management fee and Other Operating Expenses exceed 0.00% (the “Expense Cap”) with respect to such expenses incurred prior to the effective date of the Reorganization. The Expense Cap excludes interest and other expenses with respect to borrowings by the Fund, certain taxes, such non-recurring and/or extraordinary expenses, if any, as well as non-operating expenses such as Rule 12b-1 fees, if any.

In consideration of the Adviser’s agreement to make Expense Payments, at any time during a fiscal year and, to the extent that expenses fall below the Expense Limitation, the Adviser reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the fiscal year up to, but not in excess of, the Expense Limitation (an “Adviser Reimbursement”). For the three and nine months ended September 30, 2026, and 2025, there was no recoupment of reimbursed expenses by the Adviser.

For the three and nine months ended September 30, 2026, approximately $0.1 million and $0.8 million, respectively, was recognized and recorded in expense support on the consolidated statements of operations. For the three and nine months ended September 30, 2025, approximately $0.3 million and $0.7 million, respectively, was recognized and recorded in expense support on the consolidated statements of operations.

Administrative Agent Expense Allocation Agreement

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

Affiliated Investments

The table below presents the Fund’s affiliated investments as of September 30, 2026:


	Fair Value as of December 31, 2025		Gross Additions		Gross Reductions		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gains (Losses)		Fair Value as of September 30, 2026		Dividend and Interest Income
Non-controlled/ Affiliate Investments
STG Parent Topco, LLC	$	—	$	25,985,516	$	—	$	782,353	$	—	$	26,767,869	$	—
STG Topco LLC		—		6,505,131		—		320,532		—		6,825,663		166,170
Total	$	—	$	32,490,647	$	—	$	1,102,885	$	—	$	33,593,532	$	166,170

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

Affiliated Unit Holder Investments

FIAMIFM, the former general partner of the Acquired Fund, owned 1,644 Units and 1,699 Units of net assets as of September 30, 2026 and December 31, 2025, respectively.

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


Affiliated Investment Company	September 30, 2026 % Net Assets			December 31, 2025 % Net Assets
Fidelity Capital and Income Fund		44	%		45	%
Fidelity Advisor Floating Rate High Income Fund		17	%		16	%

Affiliates, in aggregate, were owners of record of 100% of the Units as of each period presented.

Placement Agent Agreement

Prior to the Reorganization, the Acquired Fund operated under a placement agent agreement with Fidelity Distributors Company LLC (“FDC”), an affiliate of the Adviser, pursuant to which FDC acted as placement agent in connection with the Fund's private placement offering of Units.

The Reorganization did not result in any change to the placement agent, the services provided by FDC, or the economic terms of the arrangement. FDC continues to act as placement agent for the Fund in connection with the private placement offering of Units.

Co-Investment Relief

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

Note 5. Investments

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


	September 30, 2026							December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,636,113,455	$	1,622,205,478		96.3	%	$	1,639,776,304	$	1,600,336,929		97.6	%
Unsecured Debt		649,750		645,875		0.0	%		128,340		103,631		0.0	%
Equity		46,918,913		51,324,963		3.0	%		18,862,283		20,153,337		1.2	%
Mutual Funds		12,597,484		12,597,484		0.7	%		19,087,624		19,087,624		1.2	%
Total Investments	$	1,696,279,602	$	1,686,773,800		100.0	%	$	1,677,854,551	$	1,639,681,521		100.0	%

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


	September 30, 2026			December 31, 2025
Health Care Services		23.9	%		22.5	%
Application Software		9.6	%		11.5	%
Diversified Support Services		7.9	%		8.9	%
Paper & Plastic Packaging Products & Materials		6.1	%		5.9	%
Trading Companies & Distributors		4.7	%		4.4	%
Industrial Machinery & Supplies & Components		4.1	%		3.9	%
Specialized Consumer Services		4.0	%		6.7	%
Packaged Foods & Meats		3.8	%		3.6	%
Air Freight & Logistics		3.3	%		5.0	%
Soft Drinks & Non-alcoholic Beverages		3.3	%		3.4	%
Health Care Technology		3.2	%		2.0	%
Life Sciences Tools & Services		3.0	%		2.8	%
Automotive Parts & Equipment		3.0	%		1.4	%
Aerospace & Defense		2.7	%		1.3	%
Diversified Financial Services		2.2	%		0.9	%
Data Processing & Outsourced Services		2.0	%		2.1	%
Electrical Components & Equipment		1.9	%		0.5	%
Health Care Facilities		1.8	%		2.0	%
Electronic Components		1.7	%		1.6	%
Environmental & Facilities Services		1.0	%		0.8	%
Research & Consulting Services		1.0	%		1.0	%
IT Consulting & Other Services		0.9	%		1.0	%
Education Services		0.9	%		0.0	%
Advertising		0.8	%		0.2	%
Mutual Funds		0.7	%		1.2	%
Automotive Retail		0.5	%		0.0	%
Technology Hardware, Storage & Peripherals		0.4	%		0.0	%
Insurance Brokers		0.4	%		0.3	%
Health Care Supplies		0.3	%		0.2	%
Building Products		0.3	%		0.1	%
Office Services & Supplies		0.3	%		0.4	%
Food Distributors		0.2	%		0.0	%
Specialty Chemicals		0.1	%		0.1	%
Human Resource & Employment Services		0.0	%		0.0	%
Construction & Engineering		0.0	%		0.0	%
Specialized Finance		0.0	%		0.0	%
Pharmaceuticals		0.0	%		3.0	%
Electronic Manufacturing Services		0.0	%		1.3	%
Total		100.0	%		100.0	%

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

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


	September 30, 2026								December 31, 2025
	Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets			Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	1,651,642,486		97.9	%		205.4	%	$	1,608,084,129		98.1	%		205.5	%
Australia		30,407,948		1.8	%		3.8	%		31,078,536		1.9	%		4.0	%
Canada		4,723,366		0.3	%		0.6	%		518,856		0.0	%		0.1	%
Total	$	1,686,773,800		100.0	%		209.8	%	$	1,639,681,521		100.0	%		209.6	%

As of September 30, 2026 and December 31, 2025, on a fair value basis, 99.9% and 100.0% of debt investments bore interest at a floating rate, respectively, and 0.1% and 0.0% of debt investments bore interest at a fixed rate, respectively. As of September 30, 2026 and December 31, 2025, there were no investments or private credit borrowers on non-accrual status.

Note 6. Fair Value Measurements

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

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

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

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

The following is a summary of the inputs used, as of September 30, 2026 and December 31, 2025, involving the Fund’s assets carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


	September 30, 2026
		Level 1		Level 2		Level 3		Total
First Lien Debt		$	—	$	—	$	1,622,205,478	$	1,622,205,478
Unsecured Debt			—		—		645,875		645,875
Equity			—		—		51,324,963		51,324,963
Mutual Funds			12,597,484		—		—		12,597,484
Total Investments		$	12,597,484	$	—	$	1,674,176,316	$	1,686,773,800


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

The following tables provide a reconciliation of the beginning and ending balances for investments for which fair value was determined using Level 3 inputs for the nine months ended September 30, 2026 and 2025:


	Nine Months Ended September 30, 2026
		First Lien Debt				Unsecured Debt			Equity		Total Investments
Fair value, beginning of period		$	1,600,336,929			$	103,631		$	20,153,337	$	1,620,593,897
Purchases of investments			279,649,476		⁽¹⁾		648,731			28,026,009		308,324,216
Proceeds from principal repayments and sales of investments			(256,568,256	)			(128,339	)		—		(256,696,595	)
Accretion of discount/ amortization of premium			7,788,942				1,018			—		7,789,960
Net realized gain (loss)			(34,533,011	)			—			30,621		(34,502,390	)
Net change in unrealized appreciation (depreciation)			25,531,398				20,834			3,114,996		28,667,228
Fair value, end of period		$	1,622,205,478			$	645,875		$	51,324,963	$	1,674,176,316
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2026		$	(8,870,796	)		$	(3,875	)	$	3,114,994	$	(5,759,677	)

(1)

Amount includes the value of security transferred in-kind as part of the Merger.


	Nine Months Ended September 30, 2025
		First Lien Debt			Second Lien Debt			Unsecured Debt			Equity			Total Investments
Fair value, beginning of period		$	1,525,175,632		$	37,433,922		$	—		$	18,047,546		$	1,580,657,100
Purchases of investments			308,647,320			—			85,560			2,542,700			311,275,580
Proceeds from principal repayments and sales of investments			(321,710,829	)		(9,718,142	)		—			(3,524,900	)		(334,953,871	)
Accretion of discount/ amortization of premium			7,422,080			3,254			—			—			7,425,334
Net realized gain (loss)			715,298			—			—			2,024,900			2,740,198
Transfers into Level 3			27,433,922			—			—			—			27,433,922
Transfers out of Level 3			—			(27,433,922	)		—			—			(27,433,922	)
Net change in unrealized appreciation (depreciation)			(30,520,833	)		(285,112	)		(85,560	)		1,333,601			(29,557,904	)
Fair value, end of period		$	1,517,162,590		$	—		$	—		$	20,423,847		$	1,537,586,437
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025		$	(27,862,190	)	$	—		$	(85,560	)	$	865,598		$	(27,082,152	)

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

The following provides information on Level 3 securities held by the Fund that were valued as of September 30, 2026 and December 31, 2025 based on unobservable inputs:


	September 30, 2026
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low			High			Weighted Average			Impact to Valuation from an Increase in Input*
First Lien Debt	$	1,622,205,478	Market approach	Transaction price	$	98.50		$	100.00		$	98.71		Increase
			Market comparable	Enterprise value/Revenue multiple (EV/R)		0.4			0.6			0.4		Increase
			Discounted cash flow	Yield		9.2	%		24.5	%		11.4	%	Decrease
Unsecured Debt		645,875	Market comparable	Enterprise value/Revenue multiple (EV/R)		1.3			1.3			1.3		Increase
			Discounted cash flow	Yield		16.5	%		16.5	%		16.5	%	Decrease
Equity		51,324,963	Market approach	Transaction price	$	999.99		$	999.99		$	999.99		Increase
			Market comparable	Enterprise value/Revenue multiple (EV/R)		0.4			1.3			0.4		Increase
			Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)		7.0			17.0			10.8		Increase
			Book Value	Book value multiple		1.0			1.0			1.0		Increase
			Book Value	Discount rate		4.9	%		4.9	%		4.9	%	Decrease
Total	$	1,674,176,316


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

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

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

Financial Instruments Not Carried at Fair Value

Debt

The carrying value of the Fund’s debt, which would be categorized as Level 3 within the fair value hierarchy, as of September 30, 2026 and December 31, 2025, approximates fair value.

Note 7. Commitments and Contingencies

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

Commitments

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

The following table details the unfunded loan commitments as of September 30, 2026:


Investments - non-controlled/ non-affiliate	Commitment Type	Commitment Maturity Date	Unfunded Commitment ($)
Ab Centers Acquisition Corporation	Revolving Credit Facility	7/2/2031	$	1,840,527
ACP Avenu Midco LLC	Delayed Draw Term Loan	10/2/2029		394,945
ACP Avenu Midco LLC	Revolving Credit Facility	10/2/2029		5,185,142
ACP Falcon Buyer Inc	Revolving Credit Facility	8/1/2029		6,500,000
ACP Packaging IntermediateCo, LLC	Revolving Credit Facility	10/22/2031		846,299
Aep Passion Intermediate Holdings, Inc.	Revolving Credit Facility	10/5/2027		1,707,456
Aeron Buyer, LLC	Revolving Credit Facility	1/2/2032		1,944,444
Aeron Buyer, LLC	Delayed Draw Term Loan	1/2/2032		5,555,556
Align Enta Mso Holdings, LLC	Revolving Credit Facility	3/25/2032		816,855
Align Enta Mso Holdings, LLC	Delayed Draw Term Loan	3/25/2032		2,580,140
All-Lift Systems, LLC	Revolving Credit Facility	9/19/2028		1,130,137
Andretti Buyer, LLC	Delayed Draw Term Loan	1/30/2033		892,857
Andretti Buyer, LLC	Revolving Credit Facility	1/30/2033		892,857
Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc.	Revolving Credit Facility	12/9/2028		4,338,106
Automotive Keys Group LLC	Revolving Credit Facility	6/1/2028		2,616,461
Bebright Mso, LLC	Revolving Credit Facility	6/3/2030		2,015,197
Behavioral Framework LLC	Delayed Draw Term Loan	11/20/2031		292,560
Behavioral Framework LLC	Revolving Credit Facility	11/20/2031		965,147
Belt Power Holdings LLC	Revolving Credit Facility	8/22/2028		3,418,803
Benefit Plan Administrators of Eau Claire, LLC	Revolving Credit Facility	11/1/2030		1,209,677
Benefit Plan Administrators of Eau Claire, LLC	Delayed Draw Term Loan	11/1/2030		2,322,581
BPCP Craftsman Buyer, LLC	Revolving Credit Facility	4/9/2030		101,961
BPCP Craftsman Buyer, LLC	Delayed Draw Term Loan	4/9/2030		470,588
Bron Buyer, LLC	Revolving Credit Facility	1/13/2029		4,500,000
C2dx, Inc	Revolving Credit Facility	3/19/2030		135,593
Cait Intermediate, LLC	Revolving Credit Facility	10/8/2030		1,520,270
CCI Prime, LLC	Revolving Credit Facility	10/18/2029		1,050,000
Currier Plastics Acquisition, LLC	Revolving Credit Facility	9/19/2031		1,531,974
Currier Plastics Acquisition, LLC	Delayed Draw Term Loan	9/19/2031		2,396,587
Cytracom LLC	Revolving Credit Facility	7/1/2029		561,798
Cytracom LLC	Delayed Draw Term Loan	7/1/2029		2,078,008
Digital Experience Services, LLC	Revolving Credit Facility	4/25/2030		144,231
Digital Experience Services, LLC	Delayed Draw Term Loan	4/25/2030		475,962
Double E Company, LLC	Revolving Credit Facility	6/21/2028		176,211
Dpt Management, LLC	Revolving Credit Facility	12/18/2027		60,833
Dragonfly Pond Works	Revolving Credit Facility	8/16/2031		1,068,969
Dragonfly Pond Works	Delayed Draw Term Loan	8/16/2031		3,706,967
Dynamic Connections, Ltd	Revolving Credit Facility	11/27/2030		103,926
Dynamic Connections, Ltd	Delayed Draw Term Loan	11/27/2030		3,160,000
Ecir Intermediate II LLC	Revolving Credit Facility	9/26/2031		1,030,422

As of September 30, 2026 (continued):


Investments - non-controlled/ non-affiliate	Commitment Type	Commitment Maturity Date	Unfunded Commitment ($)
Erosion Intermediate Holdings LLC	Revolving Credit Facility	9/30/2029	$	1,205,357
Eversmith Brands Intermediate Holding Company	Revolving Credit Facility	6/17/2030		102,941
Eversmith Brands Intermediate Holding Company	Delayed Draw Term Loan	6/17/2030		1,802,998
Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc.	Revolving Credit Facility	1/3/2029		2,727,273
Firmapak Intermediary LLC	Revolving Credit Facility	2/4/2031		601,159
Firmapak Intermediary LLC	Delayed Draw Term Loan	2/4/2031		1,159,200
Fmi Industries, Inc.	Revolving Credit Facility	1/13/2031		1,463,889
Fmi Industries, Inc.	Delayed Draw Term Loan	1/13/2031		4,305,556
Harmony Hit US Holdings Inc	Revolving Credit Facility	12/3/2030		3,024,817
Harmony Hit US Holdings Inc	Delayed Draw Term Loan	12/3/2030		3,597,789
Houseworks Holdings, LLC	Revolving Credit Facility	12/15/2028		2,208,114
Hy-Tek Opco, LLC	Revolving Credit Facility	9/19/2028		2,382,880
Identiti Resources LLC	Revolving Credit Facility	11/1/2029		1,237,452
Infusion Services Management LLC	Revolving Credit Facility	7/6/2029		2,645,972
Insight Technology Operation LLC	Revolving Credit Facility	3/31/2031		124,611
Kinetic Engines Systems Inc	Revolving Credit Facility	5/3/2028		1,871,139
Kinetic Infrastructure Group, Inc.	Delayed Draw Term Loan	3/13/2030		1,913,265
Kinetic Infrastructure Group, Inc.	Revolving Credit Facility	3/13/2030		1,913,265
Knight AcquireCo, LLC	Delayed Draw Term Loan	11/7/2032		1,620,368
La-Co Industries, Inc	Revolving Credit Facility	7/2/2030		760,456
Lake Air Products, LLC	Revolving Credit Facility	1/9/2029		5,000,000
Lifecare Intermediate II, LLC	Delayed Draw Term Loan	5/20/2030		1,340,000
Luminii LLC	Delayed Draw Term Loan	3/21/2030		620,000
Luminii LLC	Revolving Credit Facility	3/21/2030		1,098,901
Midas Foods International LLC	Revolving Credit Facility	4/30/2029		147,541
Midas Foods International LLC	Delayed Draw Term Loan	4/30/2029		763,359
Mobotrex, LLC	Revolving Credit Facility	6/7/2031		790,550
Mobotrex, LLC	Delayed Draw Term Loan	6/7/2031		2,806,072
Mse Supplies, LLC	Revolving Credit Facility	8/14/2030		1,442,308
Mustang Prospects Purchaser LLC	Revolving Credit Facility	6/13/2031		1,894,660
NAM Acquisition Co LLC	Delayed Draw Term Loan	7/16/2030		295,950
NAM Acquisition Co LLC	Revolving Credit Facility	7/16/2030		481,928
National Power, LLC	Delayed Draw Term Loan	10/20/2029		230,122
National Power, LLC	Revolving Credit Facility	10/20/2029		373,575
NE Ortho Management Services, LLC	Revolving Credit Facility	12/13/2030		787,380
NE Ortho Management Services, LLC	Delayed Draw Term Loan	12/13/2030		1,912,941
Nitrofill, LLC	Revolving Credit Facility	8/14/2029		1,304,177
Nutrail Acquisitionco, LLC	Revolving Credit Facility	5/23/2030		173,410
Orchard Park Bidco, Inc.	Revolving Credit Facility	4/21/2033		1,544,598
Orchard Park Bidco, Inc.	Delayed Draw Term Loan	4/21/2033		2,126,929

As of September 30, 2026 (continued):


Investments - non-controlled/ non-affiliate	Commitment Type	Commitment Maturity Date	Unfunded Commitment ($)
Pcp Metis Bidco, Inc.	Revolving Credit Facility	7/1/2033	$	3,903,160
Penn Quarter Partners, LLC	Revolving Credit Facility	8/25/2031		1,402,842
Penta Fine Ingredients, Inc.	Revolving Credit Facility	4/4/2031		123,457
Perimeter Solutions Group, LLC	Delayed Draw Term Loan	10/2/2030		718,185
Perimeter Solutions Group, LLC	Delayed Draw Term Loan	10/2/2030		1,787,973
Perimeter Solutions Group, LLC	Revolving Credit Facility	10/2/2030		2,663,031
Pillr Health Intermediate II, LLC	Delayed Draw Term Loan	12/31/2031		3,161,949
Pillr Health Intermediate II, LLC	Revolving Credit Facility	12/31/2031		3,809,577
Pla Buyer, LLC	Revolving Credit Facility	11/22/2029		684,211
Precision I Buyer, LLC	Revolving Credit Facility	3/12/2032		714,286
Premier Dental Products Company LLC	Revolving Credit Facility	1/31/2031		625,000
Premier Dental Products Company LLC	Delayed Draw Term Loan	1/31/2031		1,250,000
Principal Lighting Group, LLC	Revolving Credit Facility	11/4/2030		3,106,357
Professional Education Holdco, LLC	Revolving Credit Facility	2/26/2032		1,421,663
Professional Education Holdco, LLC	Delayed Draw Term Loan	2/26/2032		2,256,890
Prospect Mold & Die Company	Revolving Credit Facility	3/30/2032		1,222,800
Quick Roofing Acquisition, LLC	Delayed Draw Term Loan	12/22/2029		484,848
Quick Roofing Acquisition, LLC	Revolving Credit Facility	12/22/2029		3,825,000
R1 Holdings, LLC	Revolving Credit Facility	12/29/2028		936,652
Refresh Buyer LLC	Revolving Credit Facility	12/23/2027		1,472,391
Repairify, Inc.	Revolving Credit Facility	7/2/2031		655,036
Roofing Services Solutions LLC	Revolving Credit Facility	11/27/2029		833,333
Routeware Inc	Delayed Draw Term Loan	9/18/2031		3,167,045
Routeware, Inc	Revolving Credit Facility	9/18/2031		1,022,727
RPX Corporation	Revolving Credit Facility	8/2/2030		816,327
Sabrosura Foods, LLC	Delayed Draw Term Loan	8/22/2029		1,295,694
Sabrosura Foods, LLC	Revolving Credit Facility	8/22/2029		8,064,800
SCP Baked Goods Holdings, LLC	Revolving Credit Facility	5/1/2031		89,286
SCP Baked Goods Holdings, LLC	Delayed Draw Term Loan	5/1/2031		15,463,636
Scp Mechanical Services Buyer, LLC	Revolving Credit Facility	8/20/2031		1,442,308
Scp Personalized Medicine Management, LLC	Revolving Credit Facility	8/14/2032		843,271
Scp Personalized Medicine Management, LLC	Delayed Draw Term Loan	8/14/2032		2,712,218
Shf Holdings, Inc	Revolving Credit Facility	1/22/2030		2,054,348
Solid Ground Solutions Acquisitions Inc	Delayed Draw Term Loan	5/6/2029		5,245,161
Soteria Flexibles Corporation	Delayed Draw Term Loan	8/15/2029		127,660
Soteria Flexibles Corporation	Revolving Credit Facility	8/15/2029		5,279,745
Tgnl Purchaser LLC	Revolving Credit Facility	6/25/2031		165,746
The Smilist Dso, LLC	Delayed Draw Term Loan	4/4/2029		98,132
The Smilist Dso, LLC	Revolving Credit Facility	4/4/2029		132,525
Tiger Healthcare Buyer, LLC	Revolving Credit Facility	2/27/2030		1,125,000

As of September 30, 2026 (continued):


Investments - non-controlled/ non-affiliate	Commitment Type	Commitment Maturity Date	Unfunded Commitment ($)
Together Womens Health, LLC	Revolving Credit Facility	8/26/2031	$	1,648,352
Together Womens Health, LLC	Delayed Draw Term Loan	8/26/2031		7,692,308
Trutemp Acquisition LLC	Revolving Credit Facility	8/26/2031		1,446,281
Trutemp Acquisition LLC	Delayed Draw Term Loan	8/26/2031		5,330,579
Tsss Purchaser LLC	Delayed Draw Term Loan	7/1/2032		1,709,563
Tsss Purchaser LLC	Revolving Credit Facility	7/1/2032		1,969,801
VIP Medical US Buyer, LLC	Revolving Credit Facility	12/12/2028		2,500,000
Vp Deliver Parent, Inc	Delayed Draw Term Loan	2/17/2031		604,870
Vp Deliver Parent, Inc	Revolving Credit Facility	2/17/2031		648,075
Warshaw Opco LLC	Revolving Credit Facility	3/27/2030		169,477
Wci-Bxc Purchaser, LLC	Revolving Credit Facility	11/6/2030		5,988,807
Woven Health Collective, LLC	Revolving Credit Facility	10/23/2028		868,212
Woven Health Collective, LLC	Delayed Draw Term Loan	10/23/2028		3,299,206
Total Unfunded Commitments			$	253,622,750

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


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

As of December 31, 2025 (continued):


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

As of December 31, 2025 (continued):


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

In addition, as of September 30, 2026 the Fund was party to subscription agreements to fund equity investment commitments as follows:


Investment to be acquired	Investment Type	Commitment Amount		Unrealized Appreciation (Depreciation)
Acp Flexibles I LP	Equity Interest	$	23,946	$	—
Total Unfunded Equity Commitments		$	23,946	$	—

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


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

Note 8. Borrowings

In accordance with the 1940 Act, with certain limitations, the Fund is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On March 18, 2026, the Fund’s initial Unit Holder and the Board, including a “required majority” (as defined in Section 57(o) of the 1940 Act), approved the application to the Fund of the reduced asset coverage requirements in Section 61(a)(2) of the 1940 Act. As of September 30, 2026 and December 31, 2025, the Fund’s asset coverage was 189% and 188%, respectively.

The Fund’s average outstanding debt and weighted average interest rate paid for the three and nine months ended September 30, 2026 were $872.2 million and 5.83%, respectively, and $878.2 million and 5.82%, respectively. The Fund’s average outstanding debt and weighted average interest rate paid for the three and nine months ended September 30, 2025 were $835.3 million and 6.46%, respectively, and $863.4 million and 6.49%, respectively. The Fund’s weighted average interest rate paid as of September 30, 2026 and December 31, 2025 was 5.89% and 6.09%, respectively.

The Fund’s outstanding borrowings as of September 30, 2026 and December 31, 2025 were as follows:


	September 30, 2026
	Aggregate Principal Committed		Outstanding Principal		Carrying Value
Fidelity Direct Lending Fund I JSPV LLC Facility ⁽¹⁾	$	700,000,000	$	560,327,443	$	560,327,443
Truist Senior Secured Revolving Credit Facility		600,000,000		343,000,000		343,000,000
Total	$	1,300,000,000	$	903,327,443	$	903,327,443

(1)

Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of September 30, 2026, the Fund had borrowings denominated in Canadian Dollars (“CAD”) of 0.5 million, translated to USD of $0.3 million.


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

(1)

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

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


	Three Months Ended September 30,
		2026		2025
Borrowing interest expense		$	13,308,706	$	14,381,783
Facility unused fees			374,491		600,337
Amortization of deferred financing costs			1,834,531		675,714
Total Interest Expense		$	15,517,728	$	15,657,834


	Nine Months Ended September 30,
	2026		2025
Borrowing interest expense	$	41,572,886	$	44,310,034
Facility unused fees		1,285,156		973,676
Amortization of deferred financing costs		3,212,153		1,491,434
Total Interest Expense	$	46,070,195	$	46,775,144

Fidelity Direct Lending Fund I JSPV LLC Facility

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

The initial commitment amount under the Fidelity Direct Lending Fund I JSPV LLC Facility was $500 million. On January 24, 2023, June 6, 2023, and November 26, 2024 this was increased to $750 million, $950 million, and $1 billion, respectively. On August 6, 2025, the SPV entered into the fourth amendment to the JSPV Agreement, which provides for an increase in the maximum facility amount permitted under an accordion provision to $1.5 billion. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by the SPV and to make advances under delayed draw term loans where the SPV is a lender. Further, as a result of the fourth amendment State Street Bank and Trust Company began serving as collateral agent.

On September 12, 2024, the Fidelity Direct Lending Fund I JSPV LLC Facility entered into the third amendment to the JSPV Agreement. The amendment extends the last day of the revolving period to August 25, 2027, and the stated maturity date to February 25, 2029. Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. Advances under the Fidelity Direct Lending Fund I JSPV LLC Facility currently bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is Term SOFR in the case of USD advances), plus an applicable margin of 2.20% per annum except for borrowings denominated in British pounds, for which the applicable margin is 2.3193% per annum. Prior to September 12, 2024, the applicable margins were 2.97% per annum for certain advances in British pounds and 2.85% per annum for other advances. The SPV currently pays a commitment fee of 0.525% per annum of the unused facility amount, based on the average daily unused amount of the financing commitments, subject to minimum utilization amounts.

On July 9, 2026 the SPV entered into the consent and fifth amendment to the JSPV Agreement (the “Fifth Amendment”). In connection with the Merger, the Fifth Amendment provided for, among other things, (i) the consent by the administrative agent and the lenders to the entry by the Acquired Fund into the merger and the consummation of the merger by the Acquired Fund into the Fund, with the Fund continuing as the surviving company, (ii) certain amendments to the JSPV Agreement to reflect the assumption by the Fund of all obligations of the Acquired Fund as a result of the Merger, (iii) the conversion of the tranche B financing commitments from term loan commitments to revolving loan commitments in an aggregate principal amount of $200 million, available in USD and which may be borrowed, repaid and re-borrowed by the SPV at any time during the reinvestment period, and (iv) the reduction of the aggregate principal amount of the tranche A financing commitments from $800 million to $500 million. As a result of the Fifth Amendment, total commitments were reduced from $1 billion to $700 million.

Effective upon the completion of the Merger on July 31, 2026, as a result of the Merger, the Fund assumed all of the Acquired Fund’s obligations under the JSPV Agreement, as amended by the Fifth Amendment.

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

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

Truist Senior Secured Revolving Credit Facility

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

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

On March 24, 2026, the Acquired Fund entered into a limited consent and first amendment to the Truist Senior Secured Revolving Credit Facility (the “First Amendment”). In connection with the Merger, the First Amendment provides for, among other things, (i) the consent by the lenders to the entry by the Acquired Fund into the Merger Agreement and consummation by the Acquired Fund of the Merger and (ii) certain amendments to the Truist Agreement to reflect the assumption by the Fund of all obligations of the borrower thereunder upon the consummation of the Merger.

Effective upon the completion of the Merger on July 31, 2026, as a result of the Merger, the Fund assumed all of the Acquired Fund’s obligations under the Truist Senior Secured Revolving Credit Facility, as amended by the First Amendment.

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

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

On August 25, 2026, the Fund, as borrower, entered into the second amendment to the Truist Senior Secured Revolving Credit Facility (the “Second Amendment”). The Second Amendment provides for, among other things, (i) the increase of the aggregate commitments of the lenders from $430 million to $600 million, (ii) the extension of the Maturity Date from June 14, 2030 to August 25, 2031, (iii) the extension of the Commitment Termination Date from June 15, 2029 to August 23, 2030, (iv) the increase of the accordion provision to permit increases to a total facility amount up to $900 million and (v) the elimination of the credit spread adjustments applicable to any loans denominated in USD or any agreed foreign currency.

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

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

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

Note 9. Financial Highlights

The financial highlights for the nine months ended September 30, 2026 and 2025 are as follows:


	Nine Months Ended September 30,
	2026				2025
Per Unit Data
Net asset value per unit, beginning of period	$	10.34		F	$	9.68
Net investment income (loss) A		0.87		F		0.97
Net realized and change in unrealized gain (loss)		(0.16	)			(0.32	)
Net increase (decrease) in net assets resulting from operations		0.71				0.65
Distributions		(0.80	)	F		(0.83	)
Net asset value per unit, end of period	$	10.25			$	9.50
Total return E		8.03	%			6.91	%
Ratios:
Net investment income (loss) to average net assets B		11.25	%			13.51	%
Expenses to average net assets, before reductions B,C		9.67	%			9.79	%
Expenses to average net assets, after reductions B,C		9.54	%			9.68	%
Portfolio turnover rate D		15.74	%			19.58	%
Supplemental Data:
Ratio of expenses to average net assets, before reductions, excluding income and excise tax expense and interest expense B,C		1.95	%			1.87	%
Ratio of expenses to average net assets, after reductions, excluding income and excise tax expense and interest expense B,C		1.82	%			1.76	%

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

B. Annualized.

C. Expense ratios reflect operating expenses of the Fund. Fees and expenses of any underlying mutual funds or exchange-traded funds (“ETFs”) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses

D. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities year to date divided by the average fair value of the portfolio securities, excluding short-term securities. Amount does not include the portfolio activity of any underlying mutual funds or ETFs, derivatives or securities that mature within one year from acquisition.

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

F. Refer to “Note 10 Reorganization.”, for additional information regarding the Merger. Amounts have been adjusted to reflect the resulting capital structure change. Information presented for periods prior to the Merger reflects the historical results of the Acquired Fund.

Note 10. Reorganization

On July 31, 2026, the Acquired Fund merged with and into the Fund, with the Fund continuing as the surviving entity, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) approved by the Board of Directors of each fund, including, in each case, the directors who are not “interested persons” (as defined in the 1940 Act).

Under the terms of the Merger Agreement, all assets of the Acquired Fund were transferred to the Fund and, the Fund assumed all liabilities of the Acquired Fund by operation of law, and Unit Holders of the Acquired Fund received Units of beneficial interest in the Fund in exchange for their interests in the Acquired Fund. The primary purpose of the Reorganization was to consolidate the operations of the Acquired Fund and the Fund into a single BDC structure.

The exchange was effected based on the relative NAV per Unit of each fund as of the close of business on July 31, 2026, with Unit Holders of the Acquired Fund receiving Units of the Fund with an aggregate value equal to the NAV of their holdings immediately prior to the Merger.

For financial reporting purposes, the Merger was accounted for as a reverse asset acquisition in accordance with ASC 805, Business Combinations, with the Acquired Fund determined to be the accounting survivor. Accordingly, the accompanying financial statements reflect the historical financial position and results of operations of the Acquired Fund for periods prior to July 31, 2026, and include the results of operations of the Fund commencing August 1, 2026.

The Merger was treated as a recapitalization of the Acquired Fund combined with the net assets of the Fund. As both entities are investment companies and the assets acquired consist substantially of investment securities measured at fair value, no goodwill or identifiable intangible assets were recorded.

The assets and liabilities of the Acquired Fund and Units issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund’s ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to unitholders for tax purposes. The Merger qualified as a tax-free reorganization for U.S. federal income tax purposes, and accordingly, no gain or loss was recognized by either fund or their respective Unit Holders.

In connection with the Merger, the Fund issued 78,562,994 Units to the former Unit Holders of the Acquired Fund. The exchange ratio was determined by dividing (i) the NAV per Unit of the Acquired Fund of $9.25 by (ii) the NAV per Unit of the Fund of $10.30, resulting in an exchange ratio of 0.8975 Fund Units for each Acquired Fund Unit. All costs and expenses incurred in connection with the Merger were paid by the Adviser, and neither the Fund nor the Acquired Fund recognized reorganization related costs. Below is the summary of activity related to the Merger:


	Investments, at Fair Value		Unrealized Appreciation (Depreciation)			Net Assets		Units Exchanged		Units Exchanged Ratio
Acquired Fund / Accounting Survivor	$	1,623,846,417	$	(6,339,120	)	$	809,469,317		87,532,544		0.8975


	Units Exchanged		Net Assets		Total Net Assets after the Merger
The Fund / Legal Survivor		78,562,994	$	1,030,338	$	810,499,668

The Fund’s NAV per Unit following the Merger was $10.30.

Note 11. Subsequent Events

In preparation of these consolidated financial statements, management has evaluated the events and transactions subsequent to September 30, 2026, through the date when the consolidated financial statements were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures on the Fund’s consolidated financial statements.

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

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

Merger Agreement and Reorganization

On March 25, 2026, Fidelity Private Credit Company LLC (f/k/a Fidelity Private Credit Company II LLC) (the “Fund”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Fidelity Private Credit Company LLC, a Delaware limited liability company (prior to the Merger, the “Acquired Fund”). Pursuant to the Merger Agreement, the Acquired Fund merged with and into the Fund, with the Fund continuing as the surviving company. The boards of directors of both the Acquired Fund and the Fund, in each case including the directors who are not “interested persons” (as such term is defined in the 1940 Act), approved the Merger Agreement. On July 31, 2026, the Acquired Fund merged with and reorganized into the Fund (the “Merger” or the “Reorganization”). In connection with the Reorganization, the Acquired Fund was determined to be the accounting survivor and the Fund as legal survivor.

Overview

The Fund is a non-diversified, closed-end management investment company. The Fund was formed on January 21, 2026, as a Delaware limited liability company and commenced operations on April 15, 2026. The Acquired Fund, the accounting survivor of the Merger, was formed on September 16, 2021 and elected to be regulated as a business development company (“BDC”) on June 1, 2023. Unless otherwise indicated, references to the Fund for periods before July 31, 2026 refer to the Acquired Fund. The Fund elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”) on July 23, 2026, and as a BDC, the Fund intends to elect to be treated for U.S. federal income tax purposes and intends to qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Prior to July 24, 2026, the Fund was treated as a partnership for tax purposes and was not subject to U.S. federal income tax.

The Fund is externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, determining the value of Fund investments, structuring investments and monitoring the Fund’s portfolio on an ongoing basis. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”).

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

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

Key Components of the Fund’s Results of Operations

Investments

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

Revenues

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

Expenses

The Adviser and/or its affiliates shall pay, whether directly or through reimbursement of the Fund, for all costs and expenses incurred in connection with the organization of the Fund, including, without limitation, the following: (i) the offering and sale of the Class I Common Units (“Common Units” or “Units”) of the Fund, (ii) the organization of the Fund, (iii) the Reorganization, (iv) the election to be treated as a BDC under the 1940 Act, and (v) the negotiation, execution and delivery of the Limited Liability Company Agreement, Advisory Agreement, Administration Agreement, and any related or similar documents, including, without limitation, any related legal and accounting fees and expenses, printing costs, travel and out-of-pocket expenses and filing fees and other offering expenses, including costs associated with technology integration between the Fund’s systems and those of participating brokers and reasonable due diligence expenses of participating brokers. Each Unit Holder will be solely responsible for its own legal and tax counsel expenses and any other expenses incurred in connection with acquiring and maintaining a Unit in the Fund.

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

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

Expense Limitation Agreement

For additional information, see “Item 1. Consolidated Financial Statements. Notes to Consolidated Financial Statements. Note 4. Expenses and Transactions with Affiliates.”

Portfolio and Investment Activity

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


	Nine Months Ended September 30,
	2026			2025
Investments:
Total investments, beginning of period	$	1,677,854,551		$	1,590,134,722
New investments purchased		304,457,148			306,442,327
Payment-in-kind interest capitalized		3,867,068			4,833,253
Net purchases (sales) of short-term securities		(6,490,140	)		5,590,144
Net accretion of discount on investments		7,789,960			7,425,334
Net realized gain (loss) on investments		(34,502,390	)		2,740,198
Investments sold or repaid		(256,696,595	)		(334,953,871	)
Total Investments, End of Period	$	1,696,279,602		$	1,582,212,107

Number of portfolio companies		105			91
Weighted average yield on debt, at amortized cost(1)		9.40	%		9.88	%
Weighted average yield on debt, at fair value(2)		9.40	%		9.84	%
Percentage of debt investments bearing a floating rate, at fair value		99.9	%		100.0	%
Percentage of debt investments bearing a fixed rate, at fair value		0.1	%		0.0	%

(1)

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

(2)

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

Our investments consisted of the following:


	September 30, 2026							December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	1,636,113,455	$	1,622,205,478		96.3	%	$	1,639,776,304	$	1,600,336,929		97.6	%
Unsecured Debt		649,750		645,875		0.0	%		128,340		103,631		0.0	%
Equity		46,918,913		51,324,963		3.0	%		18,862,283		20,153,337		1.2	%
Mutual Funds		12,597,484		12,597,484		0.7	%		19,087,624		19,087,624		1.2	%
Total Investments	$	1,696,279,602	$	1,686,773,800		100.0	%	$	1,677,854,551	$	1,639,681,521		100.0	%

As of September 30, 2026 and December 31, 2025, there were no investments or private credit borrowers on non-accrual status.

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


	September 30, 2026			December 31, 2025
Health Care Services		23.9	%		22.5	%
Application Software		9.6	%		11.5	%
Diversified Support Services		7.9	%		8.9	%
Paper & Plastic Packaging Products & Materials		6.1	%		5.9	%
Trading Companies & Distributors		4.7	%		4.4	%
Industrial Machinery & Supplies & Components		4.1	%		3.9	%
Specialized Consumer Services		4.0	%		6.7	%
Packaged Foods & Meats		3.8	%		3.6	%
Air Freight & Logistics		3.3	%		5.0	%
Soft Drinks & Non-alcoholic Beverages		3.3	%		3.4	%
Health Care Technology		3.2	%		2.0	%
Life Sciences Tools & Services		3.0	%		2.8	%
Automotive Parts & Equipment		3.0	%		1.4	%
Aerospace & Defense		2.7	%		1.3	%
Diversified Financial Services		2.2	%		0.9	%
Data Processing & Outsourced Services		2.0	%		2.1	%
Electrical Components & Equipment		1.9	%		0.5	%
Health Care Facilities		1.8	%		2.0	%
Electronic Components		1.7	%		1.6	%
Environmental & Facilities Services		1.0	%		0.8	%
Research & Consulting Services		1.0	%		1.0	%
IT Consulting & Other Services		0.9	%		1.0	%
Education Services		0.9	%		0.0	%
Advertising		0.8	%		0.2	%
Mutual Funds		0.7	%		1.2	%
Automotive Retail		0.5	%		0.0	%
Technology Hardware, Storage & Peripherals		0.4	%		0.0	%
Insurance Brokers		0.4	%		0.3	%
Health Care Supplies		0.3	%		0.2	%
Building Products		0.3	%		0.1	%
Office Services & Supplies		0.3	%		0.4	%
Food Distributors		0.2	%		0.0	%
Specialty Chemicals		0.1	%		0.1	%
Human Resource & Employment Services		0.0	%		0.0	%
Construction & Engineering		0.0	%		0.0	%
Specialized Finance		0.0	%		0.0	%
Pharmaceuticals		0.0	%		3.0	%
Electronic Manufacturing Services		0.0	%		1.3	%
Total		100.0	%		100.0	%

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

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


	September 30, 2026								December 31, 2025
	Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets			Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	1,651,642,486		97.9	%		205.4	%	$	1,608,084,129		98.1	%		205.5	%
Australia		30,407,948		1.8	%		3.8	%		31,078,536		1.9	%		4.0	%
Canada		4,723,366		0.3	%		0.6	%		518,856		0.0	%		0.1	%
Total	$	1,686,773,800		100.0	%		209.8	%	$	1,639,681,521		100.0	%		209.6	%

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

•

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

•

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

•

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

•

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

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

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

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

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

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

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

The following table shows the composition of our debt portfolio on the 1 to 5 rating scale as of September 30, 2026 and December 31, 2025:


	September 30, 2026		December 31, 2025
Rating	Fair Value		Fair Value
1	$	—	$	—
2		1,500,001,789		1,432,513,559
3		122,849,564		146,838,049
4		—		21,088,952
5		—		—
Total	$	1,622,851,353	$	1,600,440,560

Results of Operations

The following table represents the Fund’s operating results:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Total investment income	$	40,239,179		$	47,747,981		$	124,403,484		$	137,335,882
Net expenses		19,469,717			19,210,694			56,987,871			57,195,578
Net investment income (loss) before taxes		20,769,462			28,537,287			67,415,613			80,140,304
Net change in provision (benefit) for income and excise taxes		3,205			2,700			108,393			140,424
Net investment income (loss) after taxes		20,766,257			28,534,587			67,307,220			79,999,880
Net realized gain (loss)		(34,948,753	)		1,978,618			(34,502,678	)		2,740,340
Net change in unrealized appreciation (depreciation)		34,119,058			(17,355,575	)		28,919,293			(29,788,534	)
Net increase (decrease) in net assets resulting from operations	$	19,936,562		$	13,157,630		$	61,723,835		$	52,951,686

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

Investment Income

Investment income was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Interest income	$	39,446,807	$	47,176,402	$	121,906,360	$	134,916,615
Dividend income		249,749		50,442		649,052		714,486
Other income		542,623		521,137		1,848,072		1,704,781
Total Investment Income	$	40,239,179	$	47,747,981	$	124,403,484	$	137,335,882

For the three and nine months ended September 30, 2026, total investment income was $40.2 million and $124.4 million, respectively, as additional fees earned by the Fund offset declining base rates and a stable investment portfolio at fair value. The size of the Fund’s investment portfolio at fair value was approximately $1.7 billion as of September 30, 2026 and its weighted average yield on debt and income producing investments, at fair value, was 9.40%. For the three and nine months ended September 30, 2025, total investment income was $47.7 million and $137.3 million, respectively, primarily driven by the continued capital deployment increasing the Fund’s investment portfolio and several realizations of both debt and equity investments. The size of the Fund’s investment portfolio at fair value was $1.5 billion as of September 30, 2025 and its weighted average yield on debt and income producing investments, at fair value, was 9.84%. The year over year decline in the weighted average yield on debt and income producing investments is primarily attributable to the decline in the Secured Overnight Financing Rate (“SOFR”) given the floating rate nature of the Fund’s investment portfolio.

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

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

Expenses

Expenses were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025

Interest expense	$	15,517,728		$	15,657,834		$	46,070,195		$	46,775,144
Management fees		2,532,526			2,522,056			7,514,438			7,429,497
Administration fees		509,449			504,533			1,505,824			1,485,808
Custodian fees		1,674			623			10,407			2,849
Board of Directors' fees		51,290			77,354			164,868			252,043
Professional fees		377,583			517,647			1,394,689			1,247,587
Registration fees		3,482			—			3,482			—
Other general and administrative expenses		602,525			230,192			1,084,418			679,059
Total Expenses Before Reductions		19,596,257			19,510,239			57,748,321			57,871,987
Expense reimbursement (support)		(126,540	)		(299,545	)		(760,450	)		(676,409	)
Net Expenses		19,469,717			19,210,694			56,987,871			57,195,578
Net change in provision (benefit) for income and excise taxes		3,205			2,700			108,393			140,424
Net Expenses Including Taxes	$	19,472,922		$	19,213,394		$	57,096,264		$	57,336,002

Interest Expense

Total interest expense (including unused fees and amortization of deferred financing costs) for the three and nine months ended September 30, 2026 was approximately $15.5 million and $46.1 million, respectively. Total interest expense (including unused fees and amortization of deferred financing costs) for the three and nine months ended September 30, 2025 was $15.7 million and $46.8 million, respectively. The decrease in interest expense was primarily driven by lower interest rates, partially offset by greater borrowings under the Fund’s credit facilities as the Fund continues to grow the portfolio. The weighted average interest rate paid decreased to 5.83% and 5.82%, respectively, for the three and nine months ended September 30, 2026, compared to 6.46% and 6.49%, respectively, for the three and nine months ended September 30, 2025. The average principal balance outstanding increased to $872.2 million and $878.2 million, respectively, for the three and nine months ended September 30, 2026, compared to $835.3 million and $863.4 million, respectively, for the three and nine months ended September 30, 2025.

Management Fees

For the three and nine months ended September 30, 2026, management fees were $2.5 million and $7.5 million, respectively. For the three and nine months ended September 30, 2025, management fees were $2.5 million and $7.4 million, respectively. The flat change in management fees was due to stable net assets, compared to the three and nine months ended September 30, 2025. Under the Advisory Agreement, which has governed the Management Fee since the Merger, the Management Fee is calculated based on the Fund’s net assets as of the beginning of the first business day of each month, rather than on average daily net assets throughout the month as under the Prior Advisory Agreement, at the same annual rate of 1.25%, payable monthly in arrears.

Other Expenses

For the three and nine months ended September 30, 2026, total other expenses were $1.5 million and $4.2 million, respectively. For the three and nine months ended September 30, 2025, total other expenses were $1.3 million and $3.7 million, respectively. The relatively flat change in total other expenses was driven by consistent balances in larger associated costs with managing the Fund such as administration fees and professional fees, offset by fluctuations across the remaining expense balances.

Income Taxes, Including Excise Taxes

Effective June 6, 2023, the Acquired Fund elected to be classified as a corporation for U.S. federal income tax purposes and to be treated as a RIC under the Code for its taxable period starting June 6, 2023 and ended December 31, 2023 and qualified annually thereafter. The Fund was formerly classified as a partnership for U.S. federal income tax purposes. While the Fund was classified as a partnership no provisions for income taxes were recorded on the consolidated financial statements since the Fund was not subject to income tax. Tax obligations relating to the Fund’s activities were the responsibility of the Unit Holders. The Fund intends to elect to be classified as a corporation for U.S. federal income tax purposes and to be treated as a RIC under the Code for its taxable period starting July 24, 2026 and ending December 31, 2026 and intends to qualify annually thereafter. To qualify for tax treatment as a RIC, the Fund must, among other things, distribute to its Unit Holders in each taxable year generally at least 90% of the sum of its investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain its tax treatment as a RIC, the Fund, among other things, intends to make the requisite distributions to its Unit Holders, which generally relieve it from corporate-level U.S. federal income taxes. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unit Holders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund’s investors and would not be reflected on the consolidated financial statements of the Fund.

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

Net Realized Gain (Loss)

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net realized gain (loss) on non-controlled / non-affiliate investments	$	(34,948,755	)	$	1,978,660		$	(34,502,390	)	$	2,740,198
Net realized gain (loss) on foreign currency transactions		2			(39	)		(288	)		145
Benefit (provision) for taxes on realized gain on investments		—			(3	)		—			(3	)
Net Realized Gain (Loss)	$	(34,948,753	)	$	1,978,618		$	(34,502,678	)	$	2,740,340

For the three and nine months ended September 30, 2026, the Fund incurred approximately $34.9 million and $34.5 million, respectively, of net realized loss on investments, primarily due to the closed restructuring in the third quarter of 2026 of one of its larger broadly syndicated loan investments. Net impact on net asset value (“NAV”) during the period was relatively immaterial as the loans had already been written down near fair value due to the Fund’s regular valuation process. For the three and nine months ended September 30, 2025, the Fund generated approximately $2.0 million and $2.7 million, respectively, of net realized gain on investments, primarily from the sale of investments.

Net Change in Unrealized Appreciation (Depreciation)

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net change in unrealized appreciation (depreciation) on non-controlled / non-affiliate investments	$	33,036,767		$	(17,199,482	)	$	27,564,343		$	(29,557,904	)
Net change in unrealized appreciation (depreciation) on non-controlled / affiliate investments		1,102,885			—			1,102,885			—
Net change in unrealized appreciation (depreciation) on foreign currency translation		(4,614	)		282			(5,483	)		119
Net change in benefit (provision) for deferred taxes on unrealized appreciation (depreciation) on investments		(15,980	)		(156,375	)		257,548			(230,749	)
Net change in unrealized appreciation (depreciation)	$	34,119,058		$	(17,355,575	)	$	28,919,293		$	(29,788,534	)

For the three months ended September 30, 2026, the Fund recorded an increase in the net change in unrealized appreciation, primarily attributable to the reversal of the unrealized depreciation with the closing of the broadly syndicated loan restructuring referenced above during the quarter. For the nine months ended September 30, 2026, the unrealized appreciation adjustment from the third quarter restructuring was offset by unrealized depreciation in the private credit portfolio, where five private credit loans represent a majority of the unrealized depreciation during the period. Furthermore, as of September 30, 2026, certain appreciated investments held in a subsidiary that is treated as a corporation for tax purposes, became less appreciated in comparison to September 30, 2025. For the three and nine months ended September 30, 2025, the Fund recorded a decrease in the net change in unrealized appreciation (depreciation) primarily due to the markdown of one of the Fund's portfolio companies, which is a broadly syndicated loan, and to a lesser extent, the performance of a small sub-set of underlying assets.

Financial Condition, Liquidity and Capital Resources

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

As of September 30, 2026 and December 31, 2025, the Fund had one asset-based leverage facility and one revolving credit facility.

In order to finance certain investment transactions, the Fund may, from time to time, enter into short-term borrowing arrangements. Such short-term borrowing arrangements include reverse repurchase agreements, whereby the Fund sells an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon purchase price at a future date. During the nine months ended September 30, 2026 and 2025, there were no short-term borrowings.

The Fund may, from time to time, enter into additional credit facilities, increase the size of the Fund’s existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt or other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions and may be denominated in currencies other than the U.S. Dollars (“USD”). Additionally, any such incurrence or issuance would be subject to prevailing market conditions, the Fund’s liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, the Fund is only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of September 30, 2026 and December 31, 2025, the Fund had an aggregate amount of $903.3 million and $893.4 million of debt outstanding and the Fund’s asset coverage ratio was 189% and 188%, respectively.

Cash as of September 30, 2026, taken together with the Fund’s $396.7 million of available capacity under its credit facilities (subject to borrowing base availability), proceeds from new or amended financing arrangements and proceeds from calling capital from unfunded commitments is expected to be sufficient for the Fund’s investing activities and to conduct the Fund’s operations in the near term. This determination is based in part on the Fund’s expectations for the timing of funding investment purchases and the use of existing and future financing arrangements.

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

As of September 30, 2026, the Fund had $25.6 million in cash and $12.6 million in short-term liquid investments. During the nine months ended September 30, 2026, cash provided by operating activities was $17.8 million, primarily as a result of investment income and sales of investments and principal repayments, partially offset by funding portfolio investments. Cash used in financing activities was $26.4 million during the period, primarily as a result of distributions to investors, partially offset by net proceeds from borrowings.

As of September 30, 2025, the Fund had $43.5 million in cash and $8.8 million in short-term liquid investments. During the nine months ended September 30, 2025, cash provided by operating activities was $89.9 million, primarily as a result of sales of investments and principal repayments, partially offset by funding portfolio investments. Cash used in financing activities was $80.2 million during the period, primarily as a result of net repayment of borrowings, distributions to investors and repurchased units, partially offset by capital called from investors.

Equity

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

On April 1, 2025, the Acquired Fund released unfunded Capital Commitments from a Unit Holder of $12.3 million.

The Fund’s Amended and Restated Limited Liability Company Agreement, dated as of March 18, 2026, continued as the limited liability company agreement of the Fund as the surviving company in the Merger, and was further amended on July 31, 2026. The Fund expects to cease drawing down Capital Commitments from each subscriber once the Fund has drawn 90% of the Capital Commitment(s) of such subscriber, however, the Fund may draw down additional Capital Commitments as necessary in its sole discretion.

Affiliates, in aggregate, were owners of record of 100% of the total Units as of September 30, 2026 and December 31, 2025.

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

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


	September 30, 2026
	Capital Commitments		Unfunded Capital Commitments		% Unfunded Capital Commitments
Common Units	$	802,510,000	$	112,549,966		14.0	%
Total	$	802,510,000	$	112,549,966		14.0	%


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


Unit Issue Date	Units Issued		Proceeds Received
For the Nine Months Ended September 30, 2025
February 24, 2025		2,588,127	$	25,286,000
March 28, 2025		2,564,103		25,000,000
Total capital drawdowns		5,152,230	$	50,286,000

Distributions

The following tables summarize distributions declared for the nine months ended September 30, 2026 and 2025:


Month	Distribution per Unit		Gross Distributions		Reinvestment of Distributions
January 2026	$	—	$	—	$	—
February 2026		0.10		7,418,845		4,071,940
March 2026		0.10		7,626,759		4,203,790
April 2026		0.08		6,389,323		3,536,848
May 2026		0.11		8,557,193		4,753,892
June 2026		0.11		8,780,608		4,901,242
July 2026		0.10		15,110,155		8,492,413
August 2026		0.08		6,214,377		3,512,916
September 2026		0.12		9,085,486		—
	$	0.80	$	69,182,746	$	33,473,041


Month	Distribution per Unit		Gross Distributions		Reinvestment of Distributions
January 2025	$	—	$	—	$	—
February 2025		0.09		6,872,061		3,343,410
March 2025		0.10		8,426,153		4,211,266
April 2025		0.11		8,781,463		4,468,957
May 2025		0.10		8,583,617		4,392,023
June 2025		0.12		9,959,767		5,123,315
July 2025		0.09		7,351,036		3,804,303
August 2025		0.10		8,309,181		4,319,107
September 2025		0.12		9,788,635		5,113,394
	$	0.83	$	68,071,913	$	34,775,775

Repurchase Program

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

The following table summarizes the Unit repurchases completed during the nine months ended September 30, 2026 and 2025:

     Repurchase deadline request

     Percentage of Outstanding Units the Fund Offered to Repurchase

     Average Price Paid Per Unit

     Repurchase Pricing Date

     Amount Repurchased

     Number of Units
Repurchased

     Percentage of Outstanding
Units Repurchased

September 28, 2026

2.50%

10.26

September 30, 2026

5,768,312

562,000

0.71% ⁽¹⁾

(1)


Repurchase deadline request	Percentage of Outstanding Units the Fund Offered to Repurchase	Average Price Paid Per Unit		Repurchase Pricing Date	Amount Repurchased		Number of Units Repurchased		Percentage of Outstanding Units Repurchased
March 27, 2025	2.50%	$	9.69	March 31, 2025	$	18,917,680		1,952,289	2.50% ⁽¹⁾
September 26, 2025	2.50%	$	9.47	September 30, 2025	$	21,512,513		2,270,785	2.72% ⁽²⁾

(1)

(2)

Borrowings

The Fund’s average outstanding debt and weighted average interest rate paid for the three and nine months ended September 30, 2026 were $872.2 million and 5.83% and $878.2 million and 5.82%, respectively. The Fund’s average outstanding debt and weighted average interest rate paid for the three and nine months ended September 30, 2025 were $835.3 million and 6.46% and $863.4 million and 6.49%, respectively. The Fund’s weighted average interest rate paid as of September 30, 2026 and December 31, 2025 was 5.89% and 6.09%, respectively.

The Fund’s outstanding debt obligations were as follows:


	September 30, 2026
	Aggregate Principal Committed		Outstanding Principal		Carrying Value
Fidelity Direct Lending Fund I JSPV LLC Facility ⁽¹⁾	$	700,000,000	$	560,327,443	$	560,327,443
Truist Senior Secured Revolving Credit Facility		600,000,000		343,000,000		343,000,000
Total	$	1,300,000,000	$	903,327,443	$	903,327,443

(1)


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

(1)

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


Delaware	41-3806186
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
245 Summer Street Boston, Massachusetts	02210
(Address of principal executive offices)	(Zip Code)


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


		Page

PART I.	FINANCIAL INFORMATION	2

Item 1.	Consolidated Financial Statements	2

	Consolidated Statements of Assets and Liabilities as of September 30, 2026 (unaudited) and December 31, 2025	2

	Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025 (unaudited)	3

	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2026 and 2025 (unaudited)	4

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025 (unaudited)	5

	Consolidated Schedules of Investments as of September 30, 2026 (unaudited) and December 31, 2025	6

	Notes to Consolidated Financial Statements (unaudited)	51

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	79

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	93

Item 4.	Controls and Procedures	93

PART II.	OTHER INFORMATION	94

Item 1.	Legal Proceedings	94

Item 1A.	Risk Factors	94

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	94

Item 3.	Defaults Upon Senior Securities	95

Item 4.	Mine Safety Disclosures	95

Item 5.	Other Information	95

Item 6.	Exhibits	96

Signatures		97


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


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


	Interest Income			Interest Expense			Net Income
Up 300 basis points	$	49,568,924		$	27,099,823		$	22,469,101
Up 200 basis points		33,045,949			18,066,549			14,979,400
Up 100 basis points		16,522,975			9,033,274			7,489,701
Down 100 basis points		(16,522,975	)		(9,033,274	)		(7,489,701	)
Down 200 basis points		(33,044,575	)		(18,066,549	)		(14,978,026	)
Down 300 basis points		(48,546,176	)		(27,099,823	)		(21,446,353	)


Exhibit Number		Description

2.1		Agreement and Plan of Merger, by and among Fidelity Private Credit Company LLC, Fidelity Private Credit Company II LLC, and Fidelity Diversifying Solutions LLC, dated as of March 25, 2026.(1)

3.1		Certificate of Merger of Fidelity Private Credit Company LLC with and into Fidelity Private Credit Company II LLC.(4)

3.2		Amended and Restated Limited Liability Company Agreement of the Fund, dated March 18, 2026.(3)

3.3		First Amendment to the Amended and Restated Limited Liability Company Agreement of the Fund.(5)

10.1		Limited Consent and First Amendment to Senior Secured Revolving Credit Agreement, by and among Fidelity Private Credit Company LLC, as borrower, Fidelity Private Credit Company II LLC, Truist Bank, as administrative agent, the lenders and issuing banks party thereto, and the subsidiary guarantors party thereto, dated as of March 24, 2026.(2)

10.2		Second Amendment to Senior Secured Revolving Credit Agreement, by and among Fidelity Private Credit Company LLC (f/k/a Fidelity Private Credit Company II LLC), as borrower, Truist Bank, as administrative agent and as collateral agent, the lenders and issuing banks party thereto, and the subsidiary guarantors party thereto, dated as of August 25, 2026.(7)

10.3		Consent and Fifth Amendment to Loan and Security Agreement, dated as of July 9, 2026, by and among Fidelity Direct Lending Fund I JSPV LLC, as borrower, Fidelity Private Credit Company LLC, as portfolio manager, the lenders party thereto, JPMorgan Chase Bank, National Association, as administrative agent, State Street Bank and Trust Company, as collateral agent and securities intermediary, and Virtus Group, LP, as collateral administrator.(6)

31.1		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

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

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


	FIDELITY PRIVATE CREDIT COMPANY LLC

Date: November 13, 2026	By:	/s/ Heather Bonner
	Name:	Heather Bonner
	Title:	President and Treasurer (Principal Executive Officer)


	FIDELITY PRIVATE CREDIT COMPANY LLC

Date: November 13, 2026	By:	/s/ Stephanie Caron
	Name:	Stephanie Caron
	Title:	Chief Financial Officer (Principal Financial Officer)