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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________________
FORM 10-Q

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

For the Quarterly Period Ended March 31, 2025

OR

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

For the transition period from _____ to _____

Commission File Number 814-01654
North Haven Private Income Fund A LLC
(Exact name of registrant as specified in its charter)
Delaware
92-1385301
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1585 Broadway
10036
New York, NY
(Zip Code)
(Address of principal executive offices)
1 212-761-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
NoneNoneNone

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  ☒     No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☐
Emerging growth company☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

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

The number of the registrant’s Class I Units outstanding at May 13, 2025 was 11,899,055.


North Haven Private Income Fund A LLC
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025
TABLE OF CONTENTS
Part I. Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
SIGNATURES































2
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North Haven Private Income Fund A LLC
Consolidated Statements of Financial Condition
(In thousands, except unit and per unit amounts)
As of
March 31, 2025December 31, 2024
(Unaudited)(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $341,260 and $268,579)
$341,678 $269,888 
Cash27,510 29,112 
Deferred financing costs2,271 2,378 
Interest and dividend receivable from non-controlled/non-affiliated investments1,964 1,903 
Receivable for investments sold/ repaid256 17 
Other assets26 12 
Total assets373,705 303,310 
Liabilities
Debt121,081 91,018 
Payable for investments purchased4,625 4,529 
Payable to affiliates (Note 3)186 40 
Distributions payable2,173 1,459 
Management fees payable198 518 
Subscriptions received in advance (Note 8)17,815 19,143 
Payable for units repurchased5,024 6,487 
Capital gains based incentive fee payable62 182 
Interest and financing costs payable493 177 
Income based incentive fees payable174 395 
Accrued expenses and other liabilities511 636 
Total liabilities152,342 124,584 
Commitments and contingencies (Note 7)
Members' Capital
Common units, par value $0.001 per unit (10,971,409 and 8,811,503 units issued and outstanding)
11 9 
Paid-in capital in excess of par value221,118 177,322 
Distributable earnings (loss)234 1,395 
Total members' capital$221,363 $178,726 
Total liabilities and members' capital$373,705 $303,310 
Net asset value per unit$20.18 $20.28 
    
The accompanying notes are an integral part of these unaudited consolidated financial statements    
3
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North Haven Private Income Fund A LLC
Consolidated Statements of Operations (Unaudited)
(In thousands, except unit and per unit amounts)
For the Three Months Ended
March 31, 2025March 31, 2024
Investment Income:
From non-controlled/non-affiliated investments:
Interest income$7,414 $1,933 
Payment-in-kind income193 15 
Dividend income3 — 
Other income9 44 
Total investment income7,619 1,992 
Expenses:
Interest and other financing expenses2,106 199 
Management fees638 201 
Income based incentive fees614 185 
Capital gains incentive fees(119)5 
Professional fees260 184 
Directors' fees26 26 
Administrative service fees71 41 
Organization and offering costs— 25 
General and other expenses46 40 
Total expenses3,642 906 
Income based incentive fee waiver (Note 3) (440)(185)
Expense support (Note 3)— (245)
Management fees waiver (Note 3)(440)(201)
Net expenses2,762 275 
Net investment income (loss) 4,857 1,717 
Net investment income (loss) after taxes4,857 1,717 
Realized and unrealized gain (loss):
Net realized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments(955)41 
Translation of assets and liabilities in foreign currencies1 — 
Net realized and unrealized gain (loss)$(954)$41 
Net increase (decrease) in members' capital resulting from operations$3,903 $1,758 
Net investment income (loss) per unit (basic and diluted)$0.46 $0.49 
Earnings (loss) per unit (basic and diluted)$0.37 $0.50 
Weighted average units outstanding:10,476,131 3,497,628 
The accompanying notes are an integral part of these unaudited consolidated financial statements
4
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North Haven Private Income Fund A LLC
Consolidated Statements of Changes in Members’ Capital (Unaudited)
(In thousands, except per share amounts)
For the Three Months Ended
March 31, 2025March 31, 2024
Members' Capital at beginning of period:$178,726 $43,368 
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)4,857 1,717 
Net change in unrealized appreciation (depreciation)
(954)41 
Net increase (decrease) in members’ capital resulting from operations3,903 1,758 
Distributions to Unitholders from:
Distributable earnings(5,064)(1,672)
Capital transactions:
Issuance of units47,089 35,661 
Reinvestment of dividends1,733 525 
Repurchased units(5,024)(351)
Net increase in members' capital resulting from capital transactions43,798 35,835 
Total increase (decrease) in members' capital42,637 35,921 
Members' capital at end of period$221,363 $79,289 
Distributions per unit$0.48 $0.48 

The accompanying notes are an integral part of these unaudited consolidated financial statements
5
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
For the Three Months Ended
March 31, 2025March 31, 2024
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations$3,903 $1,758 
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments955 (41)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(1)— 
Net accretion of discount and amortization of premium on investments(131)(64)
Payment-in-kind interest and dividend capitalized(164)(9)
Amortization of deferred financing costs140 101 
Amortization of deferred offering costs— 25 
Purchases of investments and change in payable for investments purchased(76,130)(18,059)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid3,600 403 
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments(61)(167)
(Increase) decrease in deferred financing costs(33)— 
(Increase) decrease in prepaid expenses and other assets(14)(4)
(Decrease) increase in payable to affiliates146 (592)
(Decrease) increase in management fees payable(320)— 
(Decrease) increase in incentive fees payable(341)5 
(Decrease) increase in interest payable316 (53)
(Decrease) increase in accrued expenses and other liabilities(125)110 
Net cash provided by (used in) operating activities(68,260)(16,587)
Cash flows from financing activities:
Borrowings on debt$56,000 $1,100 
Repayments on debt(26,000)(12,100)
Deferred financing costs paid— (250)
Dividend paid in cash(2,617)(860)
Proceeds from issuance of Units27,946 17,199 
Subscriptions received in advance17,815 11,436 
Repurchases of Units(6,487)— 
Net cash provided by (used in) financing activities66,657 16,525 
Net increase (decrease) in cash(1,603)(62)
Effect of foreign exchange rate changes on cash1 — 
Cash at beginning of period29,112 21,310 
Cash at end of period$27,510 $21,248 
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North Haven Private Income Fund A LLC
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Supplemental information and non-cash activities:
Excise tax paid$— $7 
Interest expense paid$1,651 $151 
Distribution reinvestment $1,733 $525 
Distributions payable$2,173 $631 
Accrued but unpaid deferred financing costs$33 $— 
Accrued but unpaid repurchases of common units$5,024 $351 

The accompanying notes are an integral part of these unaudited consolidated financial statements
7
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Debt Investments
Aerospace & Defense
Mantech International CP(6) (8) First Lien DebtS +5.00%9.29%09/14/20291,906 $1,906 $1,906 0.86 %
Mantech International CP(6) (8) (14)First Lien DebtS +5.00%9.29%09/14/2029— — — — 
Mantech International CP(6) (8) (14)First Lien DebtS +5.00%9.29%09/14/2028— — — — 
1,906 1,906 0.86 
Automobile Components
LTI Holdings, Inc.First Lien DebtS +4.25%8.58%07/19/2029995 1,002 991 0.45 
Sonny's Enterprises, LLC(6) (7)First Lien DebtS +5.50%9.95%08/05/2028753 739 714 0.32 
Sonny's Enterprises, LLC(6) (7)First Lien DebtS +5.50%9.95%08/05/2028165 163 157 0.07 
Sonny's Enterprises, LLC(6) (7) (14)First Lien DebtS +5.50%9.95%08/05/202784 82 76 0.03 
1,986 1,938 0.88 
Automobiles
COP Collisionright Parent, LLC(6) (7)First Lien DebtS +5.50%9.79%01/29/2030774 761 774 0.35 
COP Collisionright Parent, LLC(6) (7) (14)First Lien DebtS +5.50%9.79%01/29/2030350 343 350 0.16 
COP Collisionright Parent, LLC(6) (7) (14)First Lien DebtS +5.50%9.79%01/29/203019 17 19 0.01 
Drivecentric Holdings, LLC(6) (8)First Lien DebtS +4.75%9.07%08/15/20314,412 4,370 4,393 1.98 
Drivecentric Holdings, LLC(6) (8) (14)First Lien DebtS +4.75%9.07%08/15/2031— (5)(3)— 
Turbo Buyer, Inc.(6) (7)First Lien DebtS +6.00%10.45%12/02/2025749 745 712 0.32 
Turbo Buyer, Inc.(6) (7)First Lien DebtS +6.00%10.45%12/02/20251,054 1,048 1,002 0.45 
Vehlo Purchaser, LLC(6) (8)First Lien DebtS +5.25%9.58%05/24/2028350 348 348 0.16 
Vehlo Purchaser, LLC(6) (8) (14)First Lien DebtS +5.25%9.58%05/24/202885 76 76 0.03 
Vehlo Purchaser, LLC(6) (8) (14)First Lien DebtS +5.25%9.58%05/24/2028— — — — 
7,703 7,671 3.47 
Beverages
Vamos Bidco, Inc.(6) (9)First Lien DebtS +4.75%9.05%01/30/20322,700 2,673 2,673 1.21 
Vamos Bidco, Inc.(6) (9) (14)First Lien DebtS +4.75%9.05%01/30/2032— (6)(6)— 
Vamos Bidco, Inc.(6) (9) (14)First Lien DebtS +4.75%9.05%01/30/2032— (3)(3)— 
2,664 2,664 1.20 
Biotechnology
GraphPad Software, LLC(6) (8)First Lien DebtS +4.75%9.05%06/30/20317,386 7,352 7,386 3.34 
GraphPad Software, LLC(6) (8) (14)First Lien DebtS +4.75%9.05%06/30/203111 10 11 — 
GraphPad Software, LLC(6) (8) (14)First Lien DebtS +4.75%9.05%06/30/2031— — — — 
7,362 7,397 3.34 
Building Products
Project Potter Buyer, LLC(6) (7)First Lien DebtS +6.00%10.30%04/23/20276,748 6,748 6,748 3.05 
Project Potter Buyer, LLC(6) (7) (14)First Lien DebtS +6.00%10.30%04/23/2026— — — — 
8
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
$6,748 $6,748 3.05 %
Chemicals
Tank Holding Corp.(8)First Lien DebtS +6.00%10.43%03/31/20282,782 2,718 2,672 1.21 
Tank Holding Corp.(8)First Lien DebtS +6.00%10.43%03/31/2028233 228 223 0.10 
2,946 2,895 1.31 
Commercial Services & Supplies
Allied Universal Holdco, LLC(9)First Lien DebtS +3.75%8.18%05/12/2028990 992 988 0.45 
Belfor Holdings, Inc.(9)First Lien DebtS +3.00%7.33%11/01/2030976 985 973 0.44 
Consor Intermediate II, LLC(6) (8)First Lien DebtS +4.50%8.80%05/12/2031886 879 886 0.40 
Consor Intermediate II, LLC(6) (8) (14)First Lien DebtS +4.50%8.80%05/12/2031— (2)— — 
Consor Intermediate II, LLC(6) (8) (14)First Lien DebtS +4.50%8.80%05/12/2031— (1)— — 
CRCI Longhorn Holdings, Inc.(6) (8)First Lien DebtS +5.00%9.33%08/27/20312,817 2,790 2,817 1.27 
CRCI Longhorn Holdings, Inc.(6) (8) (14)First Lien DebtS +5.00%9.33%08/27/2031— (3)— — 
CRCI Longhorn Holdings, Inc.(6) (8) (14)First Lien DebtS +5.00%9.33%08/27/2031245 240 245 0.11 
Firebird Acquisition Corp, Inc.(6) (8)First Lien DebtS +
5.00% (incl. 2.75% PIK)
9.29%02/02/20323,400 3,383 3,383 1.53 
Firebird Acquisition Corp, Inc.(6) (8) (14)First Lien DebtS +
5.00% (incl. 2.75% PIK)
9.29%02/02/2032— (5)(5)— 
Firebird Acquisition Corp, Inc.(6) (8) (14)First Lien DebtS +
5.00% (incl. 2.75% PIK)
9.29%02/02/2032— (3)(3)— 
Helios Service Partners, LLC(6) (7)First Lien DebtS +5.00%9.56%03/19/2027241 238 240 0.11 
Helios Service Partners, LLC(6) (7) (14)First Lien DebtS +5.00%9.56%03/19/2027408 398 403 0.18 
Helios Service Partners, LLC(6) (7) (14)First Lien DebtS +5.00%9.56%03/19/2027— (1)— — 
Hercules Borrower, LLC(6) (8)First Lien DebtS +5.25%9.64%12/15/20262,537 2,517 2,527 1.14 
HSI Halo Acquisition, Inc.(6) (8)First Lien DebtS +5.00%9.29%06/30/20317,431 7,363 7,431 3.36 
HSI Halo Acquisition, Inc.(6) (8) (14)First Lien DebtS +5.00%9.29%06/30/203116 15 16 0.01 
HSI Halo Acquisition, Inc.(6) (8) (14)First Lien DebtS +5.00%9.29%06/28/2030— (1)— — 
Iris Buyer, LLC(6) (7) (10)First Lien DebtS +5.25%9.54%10/02/20301,378 1,346 1,373 0.62 
Iris Buyer, LLC(6) (7) (10)First Lien DebtS +5.25%9.54%10/02/2030130 127 130 0.06 
Iris Buyer, LLC(6) (7) (10) (14)First Lien DebtS +5.25%9.54%10/02/202960 56 59 0.03 
Pye-Barker Fire & Safety, LLC(6) (8)First Lien DebtS +4.50%8.80%05/26/20311,755 1,755 1,755 0.79 
Pye-Barker Fire & Safety, LLC(6) (8) (14)First Lien DebtS +4.50%8.80%05/26/2031283 278 283 0.13 
Pye-Barker Fire & Safety, LLC(6) (8) (14)First Lien DebtS +4.50%8.80%05/24/203030 28 30 0.01 
Routeware, Inc.(6) (7)First Lien DebtS +5.25%9.55%09/18/20313,182 3,152 3,163 1.43 
Routeware, Inc.(6) (7) (14)First Lien DebtS +5.25%9.55%09/18/203191 84 82 0.04 
Routeware, Inc.(6) (7) (14)First Lien DebtS +5.25%9.55%09/18/2031— (3)(2)— 
Transit Technologies, LLC(6) (8)First Lien DebtS +4.75%9.17%08/20/20312,545 2,522 2,545 1.15 
Transit Technologies, LLC(6) (8) (14)First Lien DebtS +4.75%9.17%08/20/2031285 279 285 0.13 
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Transit Technologies, LLC(6) (8) (14)First Lien DebtS +4.75%9.17%08/20/2030— $(5)$— — %
Vensure Employer Services, Inc.(6) (9)First Lien DebtS +5.00%9.30%09/26/20312,008 1,989 1,994 0.90 
Vensure Employer Services, Inc.(6) (9) (14)First Lien DebtS +5.00%9.30%09/26/203177 74 74 0.03 
VRC Companies, LLC(6) (7)First Lien DebtS +5.75%10.07%06/29/20276,678 6,670 6,678 3.02 
VRC Companies, LLC(6) (7)First Lien DebtS +5.75%10.07%06/29/2027251 248 251 0.11 
VRC Companies, LLC(6) (7) (14)First Lien DebtS +5.75%10.07%06/29/2027— — — — 
38,384 38,601 17.44 
Construction & Engineering
Arcoro Holdings Corp.(6) (7)First Lien DebtS +5.50%9.80%03/28/20303,222 3,192 3,123 1.41 
Arcoro Holdings Corp.(6) (7) (14)First Lien DebtS +5.50%9.80%03/28/2030— (4)(8)— 
Superman Holdings, LLC(6) (8)First Lien DebtS +4.50%8.80%08/29/20314,761 4,749 4,761 2.15 
Superman Holdings, LLC(6) (8) (14)First Lien DebtS +4.50%8.80%08/29/2031558 553 558 0.25 
Superman Holdings, LLC(6) (8) (14)First Lien DebtS +4.50%8.80%08/29/2031— (2)— — 
8,488 8,434 3.81 
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.(6) (8) (11)First Lien DebtS +5.50%9.79%02/03/20315,724 5,703 5,724 2.59 
PDI TA Holdings, Inc.(6) (8) (14)First Lien DebtS +5.50%9.79%02/03/2031— (2)— — 
PDI TA Holdings, Inc.(6) (8) (14)First Lien DebtS +5.50%9.79%02/03/203131 29 31 0.01 
5,730 5,755 2.60 
Containers & Packaging
BP Purchaser, LLC(6) (8)First Lien DebtS +
5.50% PIK
10.06%12/11/20281,966 1,945 1,731 0.78 
Proampac PG Borrower, LLC(8)First Lien DebtS +4.00%8.31%09/15/2028495 498 491 0.22 
2,443 2,222 1.00 
Distributors
Bradyplus Holdings, LLC(6) (7)First Lien DebtS +5.00%9.29%10/31/20291,784 1,755 1,784 0.81 
Bradyplus Holdings, LLC(6) (7) (14)First Lien DebtS +5.00%9.29%10/31/202911 10 11 — 
1,765 1,795 0.81 
Diversified Consumer Services
Any Hour, LLC(6) (9)First Lien DebtS +5.25%9.55%05/23/20302,355 2,323 2,321 1.05 
Any Hour, LLC(6) (9) (14)First Lien DebtS +5.25%9.55%05/23/203067 62 57 0.03 
Any Hour, LLC(6) (9) (14)First Lien DebtS +5.25%9.55%05/23/2030187 183 182 0.08 
Any Hour, LLC(6)Unsecured Debt
13.00% PIK
13.00%05/23/2031658 647 645 0.29 
DA Blocker Corp.(6) (8) (10)First Lien DebtS +4.75%9.05%02/10/20322,116 2,095 2,095 0.95 
DA Blocker Corp.(6) (8) (10) (14)First Lien DebtS +4.75%9.05%02/10/2032— (3)(3)— 
DA Blocker Corp.(6) (8) (10) (14)First Lien DebtS +4.75%9.05%02/10/203266 64 64 0.03 
Eclipse Buyer, Inc.(6) (9)First Lien DebtS +4.75%9.06%09/08/2031943 934 943 0.43 
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Eclipse Buyer, Inc.(6) (9) (14)First Lien DebtS +4.75%9.06%09/08/2031— $(1)$— — %
Eclipse Buyer, Inc.(6) (9) (14)First Lien DebtS +4.75%9.06%09/08/2031— (1)— — 
Essential Services Holding Corporation(6) (8)First Lien DebtS +5.00%9.30%06/17/20319,850 9,760 9,850 4.45 
Essential Services Holding Corporation(6) (8) (14)First Lien DebtS +5.00%9.30%06/17/2031— — — — 
Essential Services Holding Corporation(6) (8) (14)First Lien DebtS +5.00%9.30%06/17/20309 9 9 — 
EVDR Purchaser, Inc.(6) (8)First Lien DebtS +5.50%9.83%02/14/20312,038 2,002 2,038 0.92 
EVDR Purchaser, Inc.(6) (8) (14)First Lien DebtS +5.50%9.83%02/14/2031— (5)— — 
EVDR Purchaser, Inc.(6) (8) (14)First Lien DebtS +5.50%9.83%02/14/203135 29 35 0.02 
Vertex Service Partners, LLC(6) (8)First Lien DebtS +6.00%10.30%11/08/2030311 304 311 0.14 
Vertex Service Partners, LLC(6) (8) (14)First Lien DebtS +6.00%10.30%11/08/2030795 777 795 0.36 
Vertex Service Partners, LLC(6) (8) (14)First Lien DebtS +6.00%10.30%11/08/203029 27 29 0.01 
19,206 19,371 8.75 
Electric Utilities
Kohler Energy Co, LLCFirst Lien DebtS +3.75%8.05%05/01/2031918 929 902 0.41 
Electrical Equipment
Spark Buyer, LLC(6) (8)First Lien DebtS +5.25%9.57%10/15/2031779 768 772 0.35 
Spark Buyer, LLC(6) (8) (14)First Lien DebtS +5.25%9.57%10/15/2031— (2)(3)— 
Spark Buyer, LLC(6) (8) (14)First Lien DebtS +5.25%9.57%10/15/2031— (2)(1)— 
764 768 0.35 
Electronic Equipment, Instruments & Components
Chamberlain Group, Inc.First Lien DebtS +3.25%7.68%11/03/2028995 999 985 0.44 
DG Investment Intermediate Holdings 2, Inc.First Lien DebtS +3.75%8.19%03/31/2028497 503 494 0.22 
Magneto Components Buyco, LLC(6) (8)First Lien DebtS +
6.00% (incl. 2.58% PIK)
10.30%12/05/20302,579 2,524 2,529 1.14 
Magneto Components Buyco, LLC(6) (8) (14)First Lien DebtS +
6.00% (incl. 2.58% PIK)
10.30%12/05/2030— (5)(10)— 
Magneto Components Buyco, LLC(6) (8) (14)First Lien DebtS +
6.00% (incl. 2.58% PIK)
10.30%12/05/2029— (8)(8)— 
NSI Holdings, Inc.(6) (8)First Lien DebtS +5.00%9.30%11/15/20314,410 4,368 4,367 1.97 
NSI Holdings, Inc.(6) (8) (14)First Lien DebtS +5.00%9.30%11/15/2031— (3)(8)— 
NSI Holdings, Inc.(6) (8) (14)First Lien DebtS +5.00%9.30%11/15/2031— (8)(8)— 
8,370 8,341 3.77 
Financial Services
MAI Capital Management Intermediate, LLC(6) (8)First Lien DebtS +4.75%9.05%08/29/20311,544 1,529 1,544 0.70 
MAI Capital Management Intermediate, LLC(6) (8) (14)First Lien DebtS +4.75%9.05%08/29/2031361 355 361 0.16 
MAI Capital Management Intermediate, LLC(6) (8) (14)First Lien DebtS +4.75%9.05%08/29/203183 80 83 0.04 
PMA Parent Holdings, LLC(6) (8)First Lien DebtS +5.25%9.58%01/31/20312,102 2,072 2,084 0.94 
11
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
PMA Parent Holdings, LLC(6) (8) (14)First Lien DebtS +5.25%9.58%01/31/2031— $(2)$(1)— %
RFS Opco, LLC(6) (9)First Lien DebtS +4.75%9.05%04/04/20311,492 1,494 1,492 0.67 
RFS Opco, LLC(6) (9) (14)First Lien DebtS +3.50%7.79%04/04/20291,000 988 998 0.45 
Trintech, Inc.(6) (7)First Lien DebtS +5.50%9.83%07/25/20291,834 1,791 1,822 0.82 
Trintech, Inc.(6) (7) (14)First Lien DebtS +5.50%9.83%07/25/202941 38 40 0.02 
8,345 8,423 3.81 
Ground Transportation
SV Newco 2, Inc.(6) (8) (10)First Lien DebtS +4.75%9.05%06/02/20313,986 3,966 3,971 1.79 
SV Newco 2, Inc.(6) (8) (10) (14)First Lien DebtS +4.75%9.05%06/02/2031368 359 365 0.16 
SV Newco 2, Inc.(6) (8) (10) (14)First Lien DebtS +4.75%9.05%06/02/2031— (7)(2)— 
4,318 4,334 1.96 
Health Care Equipment & Supplies
Journey Personal Care Corp.(8)First Lien DebtS +3.75%8.05%03/01/2028992 995 980 0.44 
Medline Borrower, LP(9)First Lien DebtS +2.25%6.58%10/23/2028990 995 988 0.45 
Tidi Legacy Products, Inc.(6) (7)First Lien DebtS +5.25%9.58%12/19/20294,352 4,330 4,352 1.97 
Tidi Legacy Products, Inc.(6) (7) (14)First Lien DebtS +5.25%9.58%12/19/2029— (3)— — 
Tidi Legacy Products, Inc.(6) (7) (14)First Lien DebtS +5.25%9.58%12/19/2029— (4)— — 
YI, LLC(6) (7)First Lien DebtS +5.75%10.05%12/03/20291,690 1,662 1,687 0.76 
YI, LLC(6) (7) (14)First Lien DebtS +5.75%10.05%12/03/2029— (3)(1)— 
YI, LLC(6) (7) (14)First Lien DebtS +5.75%10.05%12/03/2029— (4)(1)— 
7,968 8,005 3.62 
Health Care Providers & Services
DCA Investment Holdings, LLC(6) (8)First Lien DebtS +6.50%10.73%04/03/20282,039 2,014 1,998 0.90 
Gateway US Holdings, Inc.(6) (8) (10)First Lien DebtS +4.75%9.05%09/22/20281,404 1,384 1,404 0.63 
Gateway US Holdings, Inc.(6) (8) (10)First Lien DebtS +4.75%9.05%09/22/2028423 418 423 0.19 
Gateway US Holdings, Inc.(6) (8) (10) (14)First Lien DebtS +4.75%9.05%09/22/2028— (1)— — 
iCIMS, Inc.(6) (8)First Lien DebtS +5.75%10.04%08/18/2028949 944 949 0.43 
iCIMS, Inc.(6) (8) (14)First Lien DebtS +5.75%10.04%08/18/20289 9 9 — 
Imagine 360, LLC(6) (8)First Lien DebtS +4.75%9.05%10/02/20283,234 3,205 3,225 1.46 
Imagine 360, LLC(6) (8) (14)First Lien DebtS +4.75%9.05%10/02/2028— (2)(1)— 
Imagine 360, LLC(6) (8) (14)First Lien DebtS +4.75%9.05%10/02/2028— (3)(1)— 
Invictus Buyer, LLC(6) (8)First Lien DebtS +4.75%9.05%06/03/20311,612 1,597 1,606 0.73 
Invictus Buyer, LLC(6) (8) (14)First Lien DebtS +4.75%9.05%06/03/2031— (3)(3)— 
Invictus Buyer, LLC(6) (8) (14)First Lien DebtS +4.75%9.05%06/03/2031— (2)(1)— 
PPV Intermediate Holdings, LLC(6) (8)First Lien DebtS +6.00%10.31%08/31/2029666 662 666 0.30 
10,222 10,274 4.64 
12
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Health Care Technology
Athenahealth, Inc.(9)First Lien DebtS +3.00%7.33%02/15/2029992 $992 $979 0.44 %
Cotiviti CorporationFirst Lien DebtS +2.75%7.07%05/01/2031990 994 968 0.44 
Hyland Software, Inc.(6) (8)First Lien DebtS +5.00%9.33%09/19/20302,824 2,792 2,824 1.28 
Hyland Software, Inc.(6) (8) (14)First Lien DebtS +5.00%9.33%09/19/2029— (1)— — 
Imprivata, Inc.(9)First Lien DebtS +3.50%7.79%12/01/2027495 499 494 0.22 
5,276 5,265 2.38 
Household Products
Kronos Acquisition Holdings, Inc.First Lien DebtS +4.00%8.30%07/08/2031992 989 849 0.38 
Industrial Conglomerates
Aptean, Inc.(6) (8)First Lien DebtS +5.25%9.56%01/30/20311,955 1,942 1,950 0.88 
Aptean, Inc.(6) (8) (14)First Lien DebtS +4.75%9.06%01/30/203149 45 45 0.02 
Aptean, Inc.(6) (8) (14)First Lien DebtS +4.75%9.06%01/30/203134 33 33 0.01 
2,020 2,028 0.92 
Insurance Services
Alliant Holdings Intermediate, LLC(9)First Lien DebtS +2.75%7.07%09/19/2031993 998 986 0.45 
Amerilife Holdings, LLC(6) (8)First Lien DebtS +5.00%9.26%08/31/20294,326 4,316 4,326 1.95 
Amerilife Holdings, LLC(6) (8) (14)First Lien DebtS +5.00%9.26%08/31/2029— (2)(2)— 
Amerilife Holdings, LLC(6) (8) (14)First Lien DebtS +5.00%9.26%08/31/2028— (1)— — 
Foundation Risk Partners Corp.(6) (8) (14)First Lien DebtS +5.00%9.30%10/29/2030— (5)(5)— 
Foundation Risk Partners Corp.(6) (8) (14)First Lien DebtS +5.00%9.30%10/29/2029— (2)— — 
Galway Borrower, LLC(6) (8)First Lien DebtS +4.50%8.80%09/29/2028367 363 367 0.17 
Galway Borrower, LLC(6) (8)First Lien DebtS +4.50%8.80%09/29/2028609 604 609 0.28 
Higginbotham Insurance Agency, Inc.(6) (7)First Lien DebtS +4.50%8.83%11/24/20284,759 4,749 4,733 2.14 
Higginbotham Insurance Agency, Inc.(6) (7) (14)First Lien DebtS +4.50%8.83%11/24/2028394 388 390 0.18 
High Street Buyer, Inc.(6) (8) (14)First Lien DebtS +5.25%9.55%04/14/2028163 154 163 0.07 
HUB International LimitedFirst Lien DebtS +2.50%6.79%06/20/2030495 499 492 0.22 
Inszone Mid, LLC(6) (7)First Lien DebtS +5.25%9.55%11/30/2029928 912 928 0.42 
Inszone Mid, LLC(6) (7) (14)First Lien DebtS +5.25%9.55%11/30/2029839 824 839 0.38 
Inszone Mid, LLC(6) (7) (14)First Lien DebtS +5.25%9.55%11/30/2029— (2)— — 
Integrity Marketing Acquisition, LLC(6) (8)First Lien DebtS +5.00%9.31%08/25/20284,927 4,927 4,927 2.23 
Integrity Marketing Acquisition, LLC(6) (8) (14)First Lien DebtS +5.00%9.31%08/25/2028— — — — 
Patriot Growth Insurance Services, LLC(6) (8)First Lien DebtS +5.00%9.45%10/16/20284,987 4,987 4,987 2.25 
Peter C. Foy & Associates Insurance Services, LLC(6) (8)First Lien DebtS +5.50%9.90%11/01/2028591 582 591 0.27 
Peter C. Foy & Associates Insurance Services, LLC(6) (8) (14)First Lien DebtS +5.50%9.90%11/01/2028751 744 751 0.34 
RSC Acquisition, Inc.(6) (7)First Lien DebtS +4.75%9.05%11/01/2029171 171 171 0.08 
13
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
RSC Acquisition, Inc.(6) (8)First Lien DebtS +4.75%9.05%11/01/2029414 $413 $414 0.19 %
USI, Inc.First Lien DebtS +2.25%6.55%09/29/2030990 995 979 0.44 
World Insurance Associates, LLC(6) (7)First Lien DebtS +5.00%9.30%04/03/20306,465 6,437 6,400 2.89 
33,051 33,046 14.93 
IT Services
Apollo Acquisition, Inc.(6) (8)First Lien DebtS +5.00%9.33%12/30/20314,021 3,982 3,968 1.79 
Apollo Acquisition, Inc.(6) (8) (14)First Lien DebtS +5.00%9.33%12/30/2031— (7)(18)(0.01)
Apollo Acquisition, Inc.(6) (8) (14)First Lien DebtS +5.00%9.33%12/30/2030— (5)(7)— 
Asurion, LLCFirst Lien DebtS +4.25%8.58%09/19/2030992 987 978 0.44 
Catalis Intermediate, Inc.(6) (8)First Lien DebtS +5.50%9.95%08/04/20272,067 2,067 2,047 0.92 
Catalis Intermediate, Inc.(6) (8)First Lien DebtS +5.50%9.95%08/04/2027680 680 673 0.30 
Catalis Intermediate, Inc.(6) (8) (14)First Lien DebtS +5.50%9.95%08/04/202785 85 82 0.04 
GI DI Cornfield Acquisition, LLC(6) (8)First Lien DebtS +4.50%8.92%03/09/20283,880 3,833 3,857 1.74 
GI DI Cornfield Acquisition, LLC(6) (8) (14)First Lien DebtS +4.50%8.92%03/09/2028— (12)(12)(0.01)
Ridge Trail US Bidco, Inc.(6) (7) (10)First Lien DebtS +4.50%8.80%09/30/20314,913 4,864 4,856 2.19 
Ridge Trail US Bidco, Inc.(6) (7) (10) (14)First Lien DebtS +4.50%8.80%09/30/2031— (8)(14)(0.01)
Ridge Trail US Bidco, Inc.(6) (7) (10) (14)First Lien DebtS +4.50%8.80%03/31/2031106 101 102 0.05 
Sedgwick Claims Management Services, Inc.First Lien DebtS +3.00%7.31%07/31/2031992 998 989 0.45 
Thrive Buyer, Inc. (Thrive Networks)(6) (8)First Lien DebtS +4.75%9.05%02/02/20325,412 5,359 5,359 2.42 
Thrive Buyer, Inc. (Thrive Networks)(6) (8) (14)First Lien DebtS +4.75%9.05%02/02/203275 66 66 0.03 
Thrive Buyer, Inc. (Thrive Networks)(6) (8) (14)First Lien DebtS +4.75%9.05%02/02/2032— (7)(7)— 
22,983 22,919 10.35 
Leisure Products
Recess Holdings, Inc.(7)First Lien DebtS +3.75%8.05%02/20/2030993 1,003 991 0.45 
Life Sciences Tools & Services
Model N, Inc.(6) (8)First Lien DebtS +4.75%9.05%06/27/20316,814 6,751 6,814 3.08 
Model N, Inc.(6) (8) (14)First Lien DebtS +4.75%9.05%06/27/2031— — — — 
Model N, Inc.(6) (8) (14)First Lien DebtS +4.75%9.05%06/27/2031— (1)— — 
6,750 6,814 3.08 
Machinery
AI Aqua Merger Sub, Inc.(9)First Lien DebtS +3.00%7.32%07/31/2028497 500 493 0.22 
Chase Intermediate, LLC(6) (8) (14)First Lien DebtS +4.75%9.06%10/30/2028488 481 488 0.22 
Chase Intermediate, LLC(6) (8) (14)First Lien DebtS +4.75%9.06%10/30/20284 3 4 — 
CPM Holdings, Inc.(9)First Lien DebtS +4.50%8.82%09/28/2028495 496 486 0.22 
Engineered Machinery Holdings, Inc.(8)First Lien DebtS +3.75%8.31%05/19/2028992 997 992 0.45 
Icebox Holdco III, Inc.(9)First Lien DebtS +3.50%8.06%12/22/2028497 503 497 0.22 
14
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
TK Elevator US Newco, Inc.(9)First Lien DebtS +3.50%7.74%04/30/2030993 $1,001 $989 0.45 %
3,981 3,949 1.78 
Media
Aragorn Parent CorporationFirst Lien DebtS +4.00%8.32%12/15/2028995 1,004 996 0.45 
Multi-Utilities
AWP Group Holdings, Inc.(6) (7)First Lien DebtS +4.75%9.08%12/23/20301,862 1,838 1,862 0.84 
AWP Group Holdings, Inc.(6) (7)First Lien DebtS +4.75%9.08%12/23/20301,007 989 1,007 0.45 
AWP Group Holdings, Inc.(6) (7) (14)First Lien DebtS +4.75%9.08%12/23/203045 41 45 0.02 
2,868 2,914 1.32 
Professional Services
Accordion Partners, LLC(6) (8)First Lien DebtS +5.25%9.55%11/17/20315,870 5,813 5,843 2.64 
Accordion Partners, LLC(6) (8) (14)First Lien DebtS +5.25%9.55%11/17/2031157 152 152 0.07 
Accordion Partners, LLC(6) (8) (14)First Lien DebtS +5.25%9.55%11/17/2031— (6)(3)— 
Ascend Partner Services, LLC(6) (8)First Lien DebtS +4.50%8.75%08/11/20311,955 1,937 1,955 0.88 
Ascend Partner Services, LLC(6) (8) (14)First Lien DebtS +4.50%8.75%08/11/2031949 930 949 0.43 
Ascend Partner Services, LLC(6) (8) (14)First Lien DebtS +4.50%8.75%08/11/2031215 209 215 0.10 
Bullhorn, Inc.(6) (7)First Lien DebtS +5.00%9.33%10/01/20291,047 1,039 1,047 0.47 
Bullhorn, Inc.(6) (7)First Lien DebtS +5.00%9.33%10/01/2029389 387 389 0.18 
Bullhorn, Inc.(6) (7) (14)First Lien DebtS +5.00%9.33%10/01/2029— — — — 
Carr, Riggs and Ingram Capital, LLC(6) (9)First Lien DebtS +4.75%9.07%11/18/20313,450 3,417 3,416 1.54 
Carr, Riggs and Ingram Capital, LLC(6) (9) (14)First Lien DebtS +4.75%9.07%11/18/2031285 277 268 0.12 
Carr, Riggs and Ingram Capital, LLC(6) (9) (14)First Lien DebtS +4.75%9.07%11/18/2031200 192 192 0.09 
Crisis Prevention Institute, Inc.(9)First Lien DebtS +4.00%8.30%04/09/2031998 993 997 0.45 
GPS Merger Sub, LLC(6) (7)First Lien DebtS +6.00%10.33%10/02/20291,280 1,260 1,276 0.58 
GPS Merger Sub, LLC(6) (7) (14)First Lien DebtS +6.00%10.33%10/02/2029— (3)(1)— 
GPS Merger Sub, LLC(6) (7) (14)First Lien DebtS +6.00%10.33%10/02/2029— (4)(1)— 
IG Investment Holdings, LLC(6) (8)First Lien DebtS +5.00%9.29%09/22/20284,483 4,442 4,460 2.01 
IG Investment Holdings, LLC(6) (8) (14)First Lien DebtS +5.00%9.29%09/22/2028— (5)(3)— 
KENG Acquisition, Inc.(6) (7)First Lien DebtS +5.00%9.33%08/01/2029286 280 283 0.13 
KENG Acquisition, Inc.(6) (7) (14)First Lien DebtS +5.00%9.33%08/01/2029136 132 133 0.06 
KENG Acquisition, Inc.(6) (7) (14)First Lien DebtS +5.00%9.33%08/01/2029— (1)(1)— 
UHY Advisors, Inc.(6) (8)First Lien DebtS +4.75%9.06%11/21/20312,208 2,187 2,200 0.99 
UHY Advisors, Inc.(6) (8) (14)First Lien DebtS +4.75%9.06%11/21/2031— (10)(8)— 
UHY Advisors, Inc.(6) (8) (14)First Lien DebtS +4.75%9.06%11/21/2031130 124 128 0.06 
Verdantas, LLC(6) (8)First Lien DebtS +5.25%9.58%05/06/20315,122 5,085 5,119 2.31 
Verdantas, LLC(6) (8)First Lien DebtS +5.25%9.58%05/06/2031115 113 115 0.05 
Verdantas, LLC(6) (8) (14)First Lien DebtS +5.25%9.58%05/06/2030— (4)— — 
15
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
$28,936 $29,120 13.15 %
Real Estate Management & Development
Associations, Inc.(6) (7)First Lien DebtS +6.50%11.07%07/03/2028869 869 869 0.39 
Associations, Inc.(6) (7) (14)First Lien DebtS +6.50%11.07%07/03/202817 17 17 0.01 
Associations, Inc.(6) (7) (14)First Lien DebtS +6.50%11.07%07/03/202840 40 40 0.02 
Inhabitiq, Inc.(6) (8)First Lien DebtS +4.50%8.83%01/12/20324,134 4,114 4,114 1.86 
Inhabitiq, Inc.(6) (8) (14)First Lien DebtS +4.50%8.83%01/12/2032— (3)(3)— 
Inhabitiq, Inc.(6) (8) (14)First Lien DebtS +4.50%8.83%01/12/2032— (3)(3)— 
MRI Software, LLC(6) (7)First Lien DebtS +4.75%9.05%02/10/20275,779 5,791 5,745 2.60 
MRI Software, LLC(6) (7) (14)First Lien DebtS +4.75%9.05%02/10/202712 11 11 — 
MRI Software, LLC(6) (7) (14)First Lien DebtS +4.75%9.05%02/10/202710 9 9 — 
10,845 10,799 4.88 
Software
Artifact Bidco, Inc.(6) (9)First Lien DebtS +4.50%8.80%07/28/20312,113 2,094 2,113 0.95 
Artifact Bidco, Inc.(6) (9) (14)First Lien DebtS +4.50%8.80%07/28/2031— (2)— — 
Artifact Bidco, Inc.(6) (9) (14)First Lien DebtS +4.50%8.80%07/26/2030— (3)— — 
AuditBoard, Inc.(6) (7)First Lien DebtS +4.75%9.05%07/14/20313,600 3,567 3,600 1.63 
AuditBoard, Inc.(6) (7) (14)First Lien DebtS +4.75%9.05%07/14/2031— (8)— — 
AuditBoard, Inc.(6) (7) (14)First Lien DebtS +4.75%9.05%07/14/2031— (6)— — 
Banyan Software Holdings, LLC(6) (7)First Lien DebtS +5.25%9.58%01/02/20312,435 2,411 2,411 1.09 
Banyan Software Holdings, LLC(6) (7) (14)First Lien DebtS +5.25%9.58%01/02/2031507 498 498 0.22 
Banyan Software Holdings, LLC(6) (7) (14)First Lien DebtS +5.25%9.58%01/02/2031— (3)(3)— 
Central Parent, Inc.(9)First Lien DebtS +3.25%7.55%07/06/2029498 500 426 0.19 
Cloud Software Group, Inc.(9)First Lien DebtS +3.50%7.80%03/30/2029370 370 366 0.17 
Coupa Holdings, LLC(6) (8)First Lien DebtS +5.25%9.54%02/27/20301,629 1,603 1,626 0.73 
Coupa Holdings, LLC(6) (8) (14)First Lien DebtS +5.25%9.54%02/27/2030— (1)— — 
Coupa Holdings, LLC(6) (8) (14)First Lien DebtS +5.25%9.54%02/27/2029— (2)— — 
Diligent Corporation(6) (8)First Lien DebtS +5.00%9.31%08/02/20305,628 5,590 5,610 2.53 
Diligent Corporation(6) (8) (14)First Lien DebtS +5.00%9.31%08/02/2030— (5)(2)— 
Diligent Corporation(6) (8) (14)First Lien DebtS +5.00%9.31%08/02/2030— (4)(2)— 
E-Discovery AcquireCo, LLC(6) (7)First Lien DebtS +5.75%10.02%08/29/20291,458 1,441 1,442 0.65 
E-Discovery AcquireCo, LLC(6) (7) (14)First Lien DebtS +5.75%10.02%08/29/202919 18 19 0.01 
Epicor Software Corporation(8)First Lien DebtS +2.75%7.08%05/30/2031497 499 496 0.22 
Espresso Bidco, Inc.(6) (7)First Lien DebtS +5.25%9.55%03/25/20324,286 4,222 4,222 1.91 
Espresso Bidco, Inc.(6) (7) (14)First Lien DebtS +5.25%9.55%03/25/2032— (9)(9)— 
Espresso Bidco, Inc.(6) (7) (14)First Lien DebtS +5.25%9.55%03/25/2032— (8)(8)— 
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Everbridge Holdings, LLC(6) (8)First Lien DebtS +5.00%9.31%07/02/20317,830 $7,794 $7,830 3.54 %
Everbridge Holdings, LLC(6) (8) (14)First Lien DebtS +5.00%9.31%07/02/203142 42 42 0.02 
Everbridge Holdings, LLC(6) (8) (14)First Lien DebtS +5.00%9.31%07/02/2031— — — — 
Formstack Acquisition Co(6) (7)First Lien DebtS +5.25%9.55%03/28/20301,864 1,840 1,829 0.83 
Formstack Acquisition Co(6) (7) (14)First Lien DebtS +5.25%9.55%03/28/2030185 180 171 0.08 
Formstack Acquisition Co(6) (7) (14)First Lien DebtS +5.25%9.55%03/28/203060 55 53 0.02 
Granicus, Inc.(6) (8)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.04%01/17/20311,575 1,562 1,575 0.71 
Granicus, Inc.(6) (8) (14)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.04%01/17/20312,411 2,385 2,411 1.09 
Granicus, Inc.(6) (8) (14)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.04%01/17/2031— (2)— — 
GS AcquisitionCo, Inc.(6) (7)First Lien DebtS +5.25%9.55%05/25/20281,570 1,564 1,570 0.71 
GS AcquisitionCo, Inc.(6) (8) (14)First Lien DebtS +5.25%9.55%05/25/202835 35 35 0.02 
GS AcquisitionCo, Inc.(6) (7) (14)First Lien DebtS +5.25%9.55%05/22/2028— (1)— — 
Hootsuite, Inc.(6) (10)First Lien DebtS +5.50%9.80%05/22/20302,680 2,644 2,673 1.21 
Hootsuite, Inc.(6) (10) (14)First Lien DebtS +5.50%9.80%05/22/2030— (4)(1)— 
Icefall Parent, Inc.(6) (7)First Lien DebtS +6.50%10.79%01/25/20301,826 1,795 1,816 0.82 
Icefall Parent, Inc.(6) (7) (14)First Lien DebtS +6.50%10.79%01/25/2030— (3)(1)— 
LogRhythm, Inc.(6) (7)First Lien DebtS +7.50%11.81%07/02/20291,364 1,327 1,333 0.60 
LogRhythm, Inc.(6) (7) (14)First Lien DebtS +7.50%11.81%07/02/2029— (3)(3)— 
Nasuni Corporation(6) (8)First Lien DebtS +5.75%10.05%09/10/20304,138 4,080 4,138 1.87 
Nasuni Corporation(6) (8) (14)First Lien DebtS +5.75%10.05%09/10/2030— (12)— — 
OceanKey (U.S.) II Corp.(9)First Lien DebtS +3.50%7.93%12/15/2028992 996 989 0.45 
Onit, Inc.(6) (8)First Lien DebtS +4.75%9.80%01/27/20323,463 3,429 3,429 1.55 
Onit, Inc.(6) (8) (14)First Lien DebtS +4.75%9.80%01/27/2032— (7)(7)— 
Onit, Inc.(6) (8) (14)First Lien DebtS +4.75%9.80%01/27/2032— (5)(5)— 
Optimizely North America, Inc.(6) (8) (10)First Lien DebtS +5.00%9.33%10/30/20313,052 3,023 3,041 1.37 
Optimizely North America, Inc.(6) (8) (10)First Lien DebtE +5.25%7.61%10/30/2031€1,124 1,209 1,209 0.55 
Optimizely North America, Inc.(6) (8) (10)First Lien DebtSA +5.50%9.96%10/30/2031£375 483 482 0.22 
Optimizely North America, Inc.(6) (8) (10) (14)First Lien DebtS +5.00%9.33%10/30/2031— (4)(2)— 
Runway Bidco, LLC(6) (9)First Lien DebtS +5.00%9.30%12/17/20315,464 5,411 5,443 2.46 
Runway Bidco, LLC(6) (9) (14)First Lien DebtS +5.00%9.30%12/17/2031— (7)(5)— 
Runway Bidco, LLC(6) (9) (14)First Lien DebtS +5.00%9.30%12/17/2031— (7)(3)— 
Saturn Borrower, Inc.(6) (7)First Lien DebtS +6.00%10.30%11/10/20285,238 5,163 5,163 2.33 
Saturn Borrower, Inc.(6) (7) (14)First Lien DebtS +6.00%10.30%11/10/2028— (14)(14)(0.01)
Saturn Borrower, Inc.(6) (7) (14)First Lien DebtS +6.00%10.30%11/10/2028— (12)(12)(0.01)
UKG, Inc.First Lien DebtS +3.00%7.30%02/10/2031496 498 495 0.22 
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Vision Solutions, Inc.First Lien DebtS +4.00%8.55%04/24/2028995 $991 $956 0.43 %
69,187 69,435 31.37 
Specialty Retail
Les Schwab Tire Centers(9)First Lien DebtS +2.50%6.81%04/23/2031498 499 493 0.22 
Textiles, Apparel & Luxury Goods
Varsity Brands, Inc.(11)First Lien DebtS +3.50%7.82%08/26/20311,000 1,004 978 0.44 
Transportation Infrastructure
KKR Apple Bidco, LLCFirst Lien DebtS +2.50%6.83%09/23/2031495 495 491 0.22 
Wireless Telecommunication Services
CCI Buyer, Inc.(8)First Lien DebtS +4.00%8.30%12/17/2027495 494 495 0.22 
Mobile Communications America, Inc.(6) (7)First Lien DebtS +5.25%9.53%10/16/20291,011 999 1,011 0.46 
Mobile Communications America, Inc.(6) (7) (14)First Lien DebtS +5.25%9.53%10/16/202995 92 95 0.04 
Mobile Communications America, Inc.(6) (7) (14)First Lien DebtS +5.25%9.53%10/16/2029— (2)— — 
1,583 1,601 0.72 
Total Debt Investments$340,721 $341,132 154.11 %
18
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and SpreadAcquisition Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.(6) (12) (13)Common Equity02/03/2025145,000 $138 $138 0.06 %
Diversified Consumer Services
Eclipse Topco, Inc.(6) (12)Preferred Equity
12.50% PIK
09/05/202415 148 149 0.07 
Electrical Equipment
Sparkstone Electrical Group(6) (12) (13)Common Equity10/15/20241,500 150 150 0.07 
Professional Services
Verdantas, LLC(6) (12) (13)Common Equity05/03/2024796 1 1 — 
Verdantas, LLC(6) (12)Preferred Equity10.00%05/03/202478,804 86 88 0.04 
87 89 0.04 
Software
Reveal Data Solutions(6) (12) (13)Common Equity08/29/202312,307 16 20 0.01 
Total Equity Investments$539 $546 0.25 %
Total Portfolio Investments$341,260 $341,678 154.35 %

(1)
Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned 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. As of March 31, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2025, the Company is not an “affiliated person” of any of its portfolio companies.
(2)Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the SMBC Facility (as defined below). See Note 6 "Debt".
(3)
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E"), SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2025. As of March 31, 2025, the reference rates for our variable rate loans were the C at 2.77% 1-month E 2.36%, 1-month S at 4.32%, 3-month S at 4.29%, 6-month S at 4.19%, SA at 4.46% and the P at 7.50%.
(4)
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").
(5)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(6)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(7)
Loan includes interest rate floor of 1.00%.
(8)
Loan includes interest rate floor of 0.75%.
(9)
Loan includes interest rate floor of 0.50%.
(10)
The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025 non-qualifying assets represented 5.95% of total assets as calculated in accordance with regulatory requirements.
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Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
(11)
Position or portion thereof unsettled as of March 31, 2025.
(12)
Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities.” As of March 31, 2025, the aggregate fair value of these securities is $546 or 0.25% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(13)Non-income producing security.
(14) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date started. See below for more information on the Company’s unfunded commitments as of March 31, 2025:





Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
AWP Group Holdings, Inc.Delayed Draw Term Loan08/23/2026$1,284 $— 
AWP Group Holdings, Inc.Revolver12/23/2030179 — 
Accordion Partners, LLCDelayed Draw Term Loan11/15/2026822 (4)
Accordion Partners, LLCRevolver11/17/2031652 (3)
Amerilife Holdings, LLCDelayed Draw Term Loan02/28/2027651 (2)
Amerilife Holdings, LLCRevolver08/31/2028326 — 
Any Hour, LLCDelayed Draw Term Loan05/23/2026625 (9)
Any Hour, LLCRevolver05/23/2030159 (2)
Apollo Acquisition, Inc.Delayed Draw Term Loan12/30/20261,406 (18)
Apollo Acquisition, Inc.Revolver12/30/2030563 (7)
Aptean, Inc.Delayed Draw Term Loan01/30/202639 — 
Aptean, Inc.Delayed Draw Term Loan07/24/20251,559 — 
Aptean, Inc.Delayed Draw Term Loan02/14/20271,386 (3)
Aptean, Inc.Revolver01/30/2031216 — 
Arcoro Holdings Corp.Revolver03/28/2030261 (8)
Artifact Bidco, Inc.Delayed Draw Term Loan05/22/2027517 — 
Artifact Bidco, Inc.Revolver07/26/2030369 — 
Ascend Partner Services, LLCDelayed Draw Term Loan08/09/20262,418 — 
Ascend Partner Services, LLCRevolver08/11/2031458 — 
Associations, Inc.Delayed Draw Term Loan07/03/202851 — 
Associations, Inc.Revolver07/03/202814 — 
AuditBoard, Inc.Delayed Draw Term Loan07/12/20261,714 — 
AuditBoard, Inc.Revolver07/14/2031686 — 
Banyan Software Holdings, LLCDelayed Draw Term Loan01/02/2027798 (5)
Banyan Software Holdings, LLCRevolver01/02/2031261 (2)
Bradyplus Holdings, LLCDelayed Draw Term Loan10/31/202541 — 
Bullhorn, Inc.Delayed Draw Term Loan05/11/202663 — 
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Bullhorn, Inc.Revolver10/01/2029$74 $— 
COP Collisionright Parent, LLCDelayed Draw Term Loan01/29/2026101 — 
COP Collisionright Parent, LLCRevolver01/29/2030108 — 
CRCI Longhorn Holdings, Inc.Delayed Draw Term Loan08/27/2026706 — 
CRCI Longhorn Holdings, Inc.Revolver08/27/2031226 — 
Carr, Riggs and Ingram Capital, LLCDelayed Draw Term Loan11/18/20261,465 (15)
Carr, Riggs and Ingram Capital, LLCRevolver11/18/2031600 (6)
Catalis Intermediate, Inc.Revolver08/04/2027161 (2)
Chase Intermediate, LLCDelayed Draw Term Loan08/31/2025209 — 
Chase Intermediate, LLCRevolver10/30/202831 — 
Consor Intermediate II, LLCDelayed Draw Term Loan05/10/2026552 — 
Consor Intermediate II, LLCRevolver05/12/2031183 — 
Coupa Holdings, LLCDelayed Draw Term Loan08/27/2025147 — 
Coupa Holdings, LLCRevolver02/27/2029112 — 
DA Blocker Corp.Delayed Draw Term Loan02/10/2027661 (3)
DA Blocker Corp.Revolver02/13/2032154 (2)
Diligent CorporationDelayed Draw Term Loan04/30/2026824 (2)
Diligent CorporationRevolver08/02/2030549 (2)
Drivecentric Holdings, LLCRevolver08/15/2031588 (3)
E-Discovery AcquireCo, LLCRevolver08/29/202976 — 
EVDR Purchaser, Inc.Delayed Draw Term Loan08/14/2025588 — 
EVDR Purchaser, Inc.Revolver02/14/2031318 — 
Eclipse Buyer, Inc.Delayed Draw Term Loan09/06/2026160 — 
Eclipse Buyer, Inc.Revolver09/08/203181 — 
Espresso Bidco, Inc.Delayed Draw Term Loan03/25/20271,187 (9)
Espresso Bidco, Inc.Revolver03/25/2032528 (8)
Essential Services Holding CorporationDelayed Draw Term Loan06/17/202692 — 
Essential Services Holding CorporationRevolver06/17/203049 — 
Everbridge Holdings, LLCDelayed Draw Term Loan07/02/202665 — 
Everbridge Holdings, LLCRevolver07/02/203143— 
Firebird Acquisition Corp, Inc.Delayed Draw Term Loan01/31/20272,000(5)
Firebird Acquisition Corp, Inc.Revolver02/02/2032600 (3)
Formstack Acquisition CoDelayed Draw Term Loan03/30/2026561 (11)
Formstack Acquisition CoRevolver03/28/2030315 (6)
Foundation Risk Partners Corp.Delayed Draw Term Loan02/26/20272,000 (5)
Foundation Risk Partners Corp.Revolver10/29/2029200 — 
GI DI Cornfield Acquisition, LLCDelayed Draw Term Loan05/31/20262,000 (12)
GPS Merger Sub, LLCDelayed Draw Term Loan10/02/2026335 (1)
GPS Merger Sub, LLCRevolver10/02/2029268 (1)
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
GS AcquisitionCo, Inc.Delayed Draw Term Loan03/26/2026$123 $— 
GS AcquisitionCo, Inc.Revolver05/22/2028194 — 
Gateway US Holdings, Inc.Revolver09/22/202854 — 
Granicus, Inc.Delayed Draw Term Loan01/17/2026838 — 
Granicus, Inc.Revolver01/17/2031220 — 
GraphPad Software, LLCDelayed Draw Term Loan06/28/202698 — 
GraphPad Software, LLCRevolver06/30/203141 — 
HSI Halo Acquisition, Inc.Delayed Draw Term Loan06/28/202674 — 
HSI Halo Acquisition, Inc.Revolver06/28/203060 — 
Helios Service Partners, LLCDelayed Draw Term Loan02/10/202647 — 
Helios Service Partners, LLCDelayed Draw Term Loan07/24/2025399 (2)
Helios Service Partners, LLCRevolver03/19/202746 — 
Higginbotham Insurance Agency, Inc.Delayed Draw Term Loan03/27/2026554 (2)
High Street Buyer, Inc.Delayed Draw Term Loan03/11/2026742 — 
Hootsuite, Inc.Revolver05/22/2030300 (1)
Hyland Software, Inc.Revolver09/19/2029136 — 
IG Investment Holdings, LLCRevolver09/22/2028505 (3)
Icefall Parent, Inc.Revolver01/25/2030174 (1)
Imagine 360, LLCDelayed Draw Term Loan09/20/2026458 (1)
Imagine 360, LLCRevolver10/02/2028284 (1)
Inhabitiq, Inc.Delayed Draw Term Loan01/11/20271,148 (3)
Inhabitiq, Inc.Revolver01/12/2032718 (3)
Inszone Mid, LLCDelayed Draw Term Loan11/30/202594 — 
Inszone Mid, LLCRevolver11/30/2029117 — 
Integrity Marketing Acquisition, LLCRevolver08/25/202848 — 
Invictus Buyer, LLCDelayed Draw Term Loan06/03/2026675 (3)
Invictus Buyer, LLCRevolver06/03/2031250 (1)
Iris Buyer, LLCRevolver10/02/2029140 (1)
KENG Acquisition, Inc.Delayed Draw Term Loan08/01/202582 (1)
KENG Acquisition, Inc.Revolver08/01/202979 (1)
LogRhythm, Inc.Revolver07/02/2029136 (3)
MAI Capital Management Intermediate, LLCDelayed Draw Term Loan08/29/2026551 — 
MAI Capital Management Intermediate, LLCRevolver08/29/2031261 — 
MRI Software, LLCDelayed Draw Term Loan09/04/202626 — 
MRI Software, LLCRevolver02/10/2027166 (1)
Magneto Components Buyco, LLCDelayed Draw Term Loan06/05/2025507 (10)
Magneto Components Buyco, LLCRevolver12/05/2029423 (8)
Mantech International CPDelayed Draw Term Loan06/14/2025290 — 
Mantech International CPRevolver09/14/2028227 — 
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Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Mobile Communications America, Inc.Delayed Draw Term Loan10/16/2025$235 $— 
Mobile Communications America, Inc.Revolver10/16/2029165 — 
Model N, Inc.Delayed Draw Term Loan06/26/202698 — 
Model N, Inc.Revolver06/27/203152 — 
NSI Holdings, Inc.Delayed Draw Term Loan11/15/2026790 (8)
NSI Holdings, Inc.Revolver11/15/2031790 (8)
Nasuni CorporationRevolver09/10/2030862 — 
Onit, Inc.Delayed Draw Term Loan01/27/20271,528 (7)
Onit, Inc.Revolver01/27/2032509 (5)
Optimizely North America, Inc.Revolver10/30/2031449 (2)
PDI TA Holdings, Inc.Delayed Draw Term Loan02/01/2026230 — 
PDI TA Holdings, Inc.Revolver02/03/2031198 — 
PMA Parent Holdings, LLCRevolver01/31/2031148 (1)
Peter C. Foy & Associates Insurance Services, LLCDelayed Draw Term Loan04/23/202672 — 
Project Potter Buyer, LLCRevolver04/23/2026150 — 
Pye-Barker Fire & Safety, LLCDelayed Draw Term Loan05/24/2026419 — 
Pye-Barker Fire & Safety, LLCRevolver05/24/2030213 — 
RFS Opco, LLCRevolver04/04/2029500 (1)
Ridge Trail US Bidco, Inc.Delayed Draw Term Loan03/30/20271,181 (14)
Ridge Trail US Bidco, Inc.Revolver03/31/2031287 (3)
Routeware, Inc.Delayed Draw Term Loan09/18/20261,386 (8)
Routeware, Inc.Revolver09/18/2031341 (2)
Runway Bidco, LLCDelayed Draw Term Loan12/17/20261,358 (5)
Runway Bidco, LLCRevolver12/17/2031679 (3)
SV Newco 2, Inc.Delayed Draw Term Loan05/31/2026569 (2)
SV Newco 2, Inc.Revolver06/02/2031563 (2)
Saturn Borrower, Inc.Delayed Draw Term Loan01/24/20271,905 (14)
Saturn Borrower, Inc.Revolver11/10/2028857 (12)
Sonny's Enterprises, LLCRevolver08/05/202761 (3)
Spark Buyer, LLCDelayed Draw Term Loan10/15/2026313 (3)
Spark Buyer, LLCRevolver10/15/2031156 (1)
Superman Holdings, LLCDelayed Draw Term Loan08/28/2026314 — 
Superman Holdings, LLCRevolver08/29/2031387 — 
Thrive Buyer, Inc. (Thrive Networks)Delayed Draw Term Loan01/31/20271,807 (9)
Thrive Buyer, Inc. (Thrive Networks)Revolver02/02/2032706 (7)
Tidi Legacy Products, Inc.Delayed Draw Term Loan06/19/2025362 — 
Tidi Legacy Products, Inc.Revolver12/19/2029261 — 
Transit Technologies, LLCDelayed Draw Term Loan08/20/2026624 — 
Transit Technologies, LLCRevolver08/20/2030545 — 
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Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Trintech, Inc.Revolver07/25/2029$102 $(1)
UHY Advisors, Inc.Delayed Draw Term Loan11/22/20262,208 (8)
UHY Advisors, Inc.Revolver11/21/2031455 (2)
VRC Companies, LLCRevolver06/29/202759 — 
Vamos Bidco, Inc.Delayed Draw Term Loan01/30/20271,125 (5)
Vamos Bidco, Inc.Revolver01/30/2032338 (3)
Vehlo Purchaser, LLCDelayed Draw Term Loan10/05/20251,729 (9)
Vehlo Purchaser, LLCRevolver05/24/202817 — 
Vensure Employer Services, Inc.Delayed Draw Term Loan09/27/2026410 (3)
Verdantas, LLCRevolver05/06/2030292 — 
Vertex Service Partners, LLCDelayed Draw Term Loan10/01/2026804 — 
Vertex Service Partners, LLCRevolver11/08/203053 — 
YI, LLCDelayed Draw Term Loan06/01/2025356 (1)
YI, LLCRevolver12/03/2029267 — 
iCIMS, Inc.Revolver08/18/202875 — 
Total First Lien Debt Unfunded Commitments$78,080 $(357)
Total Unfunded Commitments$78,080 $(357)


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

















24
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Debt Investments
Aerospace & Defense
Mantech International CP(6) (8) First Lien DebtS +5.00%9.59%09/14/20291,911 $1,911 $1,911 1.07 %
Mantech International CP(6) (8) (14)First Lien DebtS +5.00%9.59%09/14/2029— — — — 
Mantech International CP(6) (8) (14)First Lien DebtS +5.00%9.59%09/14/2028— — — — 
1,911 1,911 1.07 
Automobile Components
LTI Holdings, Inc.First Lien DebtS +4.75%9.11%07/19/2029998 1,005 998 0.56 
Sonny's Enterprises, LLC(6) (7)First Lien DebtS +5.50%10.17%08/05/2028755 741 730 0.41 
Sonny's Enterprises, LLC(6) (7)First Lien DebtS +5.50%10.17%08/05/2028166 163 161 0.09 
Sonny's Enterprises, LLC(6) (7) (14)First Lien DebtS +5.50%10.17%08/05/202736 34 31 0.02 
1,943 1,920 1.07 
Automobiles
COP Collisionright Parent, LLC(6) (7)First Lien DebtS +5.50%10.09%01/29/2030776 762 767 0.43 
COP Collisionright Parent, LLC(6) (7) (14)First Lien DebtS +5.50%10.09%01/29/2030227 221 222 0.12 
COP Collisionright Parent, LLC(6) (7) (14)First Lien DebtS +5.50%10.09%01/29/203019 17 17 0.01 
Drivecentric Holdings, LLC(6) (8)First Lien DebtS +4.75%9.27%08/15/20314,412 4,369 4,408 2.47 
Drivecentric Holdings, LLC(6) (8) (14)First Lien DebtS +4.75%9.27%08/15/2031— (5)— — 
Turbo Buyer, Inc.(6) (7)First Lien DebtS +6.00%10.48%12/02/2025751 746 726 0.41 
Turbo Buyer, Inc.(6) (7)First Lien DebtS +6.00%10.48%12/02/20251,056 1,049 1,020 0.57 
Vehlo Purchaser, LLC(6) (8)First Lien DebtS +5.25%9.61%05/24/2028350 347 348 0.19 
Vehlo Purchaser, LLC(6) (8) (14)First Lien DebtS +5.25%9.61%05/24/202885 75 73 0.04 
Vehlo Purchaser, LLC(6) (8) (14)First Lien DebtS +5.25%9.61%05/24/2028— — — — 
7,581 7,581 4.24 
Biotechnology
GraphPad Software, LLC(6) (8)First Lien DebtS +4.75%9.08%06/30/20317,405 7,370 7,405 4.14 
GraphPad Software, LLC(6) (8) (14)First Lien DebtS +4.75%9.08%06/30/203111 10 11 0.01 
GraphPad Software, LLC(6) (8) (14)First Lien DebtS +4.75%9.08%06/30/2031— — — — 
7,380 7,416 4.15 
Building Products
Project Potter Buyer, LLC(6) (7)First Lien DebtS +6.00%10.33%04/23/20276,766 6,766 6,766 3.79 
Project Potter Buyer, LLC(6) (7) (14)First Lien DebtS +6.00%10.33%04/23/2026— — — — 
6,766 6,766 3.79 
Chemicals
Tank Holding Corp.(6) (8)First Lien DebtS +5.75%10.31%03/31/20282,789 2,720 2,746 1.54 
Tank Holding Corp.(6) (8) (14)First Lien DebtS +5.75%10.31%03/31/2028199 194 197 0.11 
2,914 2,943 1.65 
25
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Commercial Services & Supplies
Allied Universal Holdco, LLC(9)First Lien DebtS +3.75%8.21%05/12/2028992 $995 $995 0.56 %
Belfor Holdings, Inc.First Lien DebtS +3.75%8.11%11/01/2030997 1,007 1,007 0.56 
Consor Intermediate II, LLC(6) (8)First Lien DebtS +4.50%8.83%05/12/2031753 746 749 0.42 
Consor Intermediate II, LLC(6) (8) (14)First Lien DebtS +4.50%8.83%05/12/2031— (3)(4)— 
Consor Intermediate II, LLC(6) (8) (14)First Lien DebtS +4.50%8.83%05/12/2031— (2)(1)— 
CRCI Longhorn Holdings, Inc.(6) (8)First Lien DebtS +5.00%9.36%08/27/20312,824 2,796 2,824 1.58 
CRCI Longhorn Holdings, Inc.(6) (8) (14)First Lien DebtS +5.00%9.36%08/27/2031— (3)— — 
CRCI Longhorn Holdings, Inc.(6) (8) (14)First Lien DebtS +5.00%9.36%08/27/2031212 207 212 0.12 
Helios Service Partners, LLC(6) (7)First Lien DebtS +5.00%9.59%03/19/2027242 238 242 0.14 
Helios Service Partners, LLC(6) (7) (14)First Lien DebtS +5.00%9.59%03/19/2027395 385 391 0.22 
Helios Service Partners, LLC(6) (7) (14)First Lien DebtS +5.00%9.59%03/19/2027— (1)— — 
Hercules Borrower, LLC(6) (8) (14)First Lien DebtS +5.25%9.68%12/15/2026243 233 235 0.13 
HSI Halo Acquisition, Inc.(6) (8)First Lien DebtS +5.00%9.59%06/30/20317,450 7,379 7,450 4.17 
HSI Halo Acquisition, Inc.(6) (8) (14)First Lien DebtS +5.00%9.59%06/30/203116 15 16 0.01 
HSI Halo Acquisition, Inc.(6) (8) (14)First Lien DebtS +5.00%9.59%06/28/2030— (1)— — 
Iris Buyer, LLC(6) (7)First Lien DebtS +6.25%10.84%10/02/20301,382 1,349 1,382 0.77 
Iris Buyer, LLC(6) (7) (14)First Lien DebtS +6.25%10.84%10/02/2030130 126 130 0.07 
Iris Buyer, LLC(6) (7) (14)First Lien DebtS +6.25%10.84%10/02/2029— (4)— — 
Pye-Barker Fire & Safety, LLC(6) (8)First Lien DebtS +4.50%8.83%05/26/20311,755 1,755 1,755 0.98 
Pye-Barker Fire & Safety, LLC(6) (8) (14)First Lien DebtS +4.50%8.83%05/26/2031250 245 250 0.14 
Pye-Barker Fire & Safety, LLC(6) (8) (14)First Lien DebtS +4.50%8.83%05/24/203030 28 30 0.02 
Routeware, Inc.(6) (7)First Lien DebtS +5.25%9.60%09/18/20313,182 3,151 3,182 1.78 
Routeware, Inc.(6) (7) (14)First Lien DebtS +5.25%9.60%09/18/2031— (7)— — 
Routeware, Inc.(6) (7) (14)First Lien DebtS +5.25%9.60%09/18/2031— (3)— — 
Transit Technologies, LLC(6) (8)First Lien DebtS +4.75%9.51%08/20/20312,545 2,521 2,545 1.42 
Transit Technologies, LLC(6) (8) (14)First Lien DebtS +4.75%9.51%08/20/2031— (4)— — 
Transit Technologies, LLC(6) (8) (14)First Lien DebtS +4.75%9.51%08/20/2030— (5)— — 
Vensure Employer Services, Inc.(6) (9)First Lien DebtS +5.00%9.33%09/29/20311,993 1,974 1,993 1.12 
Vensure Employer Services, Inc.(6) (9) (14)First Lien DebtS +5.00%9.33%09/29/203177 74 77 0.04 
VRC Companies, LLC(6) (7)First Lien DebtS +5.75%10.27%06/29/20272,896 2,887 2,896 1.62 
VRC Companies, LLC(6) (7)First Lien DebtS +5.75%10.27%06/29/2027251 248 251 0.14 
VRC Companies, LLC(6) (7) (14)First Lien DebtS +5.75%10.27%06/29/2027— — — — 
28,326 28,607 16.01 
Construction & Engineering
Arcoro Holdings Corp.(6) (7)First Lien DebtS +5.50%9.83%03/28/20301,730 1,699 1,718 0.96 
Arcoro Holdings Corp.(6) (7) (14)First Lien DebtS +5.50%9.83%03/28/2030— (4)(2)— 
26
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Superman Holdings, LLC(6) (8)First Lien DebtS +4.50%8.86%08/29/20312,673 $2,660 $2,673 1.50 %
Superman Holdings, LLC(6) (8) (14)First Lien DebtS +4.50%8.86%08/29/2031— (2)— — 
Superman Holdings, LLC(6) (8) (14)First Lien DebtS +4.50%8.86%08/29/2031— (2)— — 
4,351 4,389 2.46 
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.(6) (8)First Lien DebtS +5.50%10.09%02/03/20312,240 2,221 2,228 1.25 
PDI TA Holdings, Inc.(6) (8) (14)First Lien DebtS +5.50%10.09%02/03/2031291 286 288 0.16 
PDI TA Holdings, Inc.(6) (8) (14)First Lien DebtS +5.50%10.09%02/03/2031— (2)(1)— 
2,505 2,515 1.41 
Containers & Packaging
BP Purchaser, LLC(6) (8)First Lien DebtS +5.50%10.16%12/11/20281,876 1,854 1,740 0.97 
Proampac PG Borrower, LLC(8)First Lien DebtS +4.00%8.60%09/15/2028496 499 497 0.28 
2,353 2,237 1.25 
Distributors
Avalara, Inc.(6) (8)First Lien DebtS +6.25%10.58%10/19/20281,091 1,085 1,091 0.61 
Avalara, Inc.(6) (14)First Lien DebtS +6.25%10.58%10/19/2028— (1)— — 
Bradyplus Holdings, LLC(6) (7)First Lien DebtS +5.00%9.52%10/31/20291,788 1,758 1,788 1.00 
Bradyplus Holdings, LLC(6) (7) (14)First Lien DebtS +5.00%9.52%10/31/202911 11 11 0.01 
2,853 2,890 1.62 
Diversified Consumer Services
Any Hour, LLC(6)First Lien DebtS +5.00%9.33%05/23/20302,360 2,328 2,335 1.31 
Any Hour, LLC(6) (14)First Lien DebtS +5.00%9.33%05/23/203067 62 60 0.03 
Any Hour, LLC(6) (14)First Lien DebtS +5.00%9.33%05/23/2030166 162 163 0.09 
Any Hour, LLC(6)Other Debt
13.00% PIK
13.00%05/23/2031637 626 630 0.35 
Eclipse Buyer, Inc.(6) (9)First Lien DebtS +4.75%9.26%09/08/2031943 934 943 0.53 
Eclipse Buyer, Inc.(6) (9) (14)First Lien DebtS +4.75%9.26%09/08/2031— (1)— — 
Eclipse Buyer, Inc.(6) (9) (14)First Lien DebtS +4.75%9.26%09/06/2031— (1)— — 
Essential Services Holding Corporation(6) (8)First Lien DebtS +5.00%9.65%06/17/20319,850 9,757 9,850 5.51 
Essential Services Holding Corporation(6) (8) (14)First Lien DebtS +5.00%9.65%06/17/2031— — — — 
Essential Services Holding Corporation(6) (8) (14)First Lien DebtS +5.00%9.65%06/17/2030— (1)— — 
EVDR Purchaser, Inc.(6) (8)First Lien DebtS +5.50%9.86%02/14/20312,044 2,006 2,044 1.14 
EVDR Purchaser, Inc.(6) (8) (14)First Lien DebtS +5.50%9.86%02/14/2031— (5)— — 
EVDR Purchaser, Inc.(6) (8) (14)First Lien DebtS +5.50%9.86%02/14/203159 53 59 0.03 
Vertex Service Partners, LLC(6) (8)First Lien DebtS +5.75%10.11%11/08/2030312 305 312 0.17 
Vertex Service Partners, LLC(6) (8) (14)First Lien DebtS +5.75%10.11%11/08/2030621 603 616 0.34 
Vertex Service Partners, LLC(6) (8) (14)First Lien DebtS +5.75%10.11%11/08/203072 70 72 0.04 
16,898 17,084 9.56 
27
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Electric Utilities
Kohler Energy Co, LLCFirst Lien DebtS +3.75%8.11%05/01/2031918 $930 $916 0.51 %
Electrical Equipment
Spark Buyer, LLC(6) (8)First Lien DebtS +5.25%9.77%10/15/2031781 770 770 0.43 
Spark Buyer, LLC(6) (8) (14)First Lien DebtS +5.25%9.77%10/15/2031— (3)(3)— 
Spark Buyer, LLC(6) (8) (14)First Lien DebtS +5.25%9.77%10/15/2031— (2)(2)— 
765 765 0.43 
Electronic Equipment, Instruments & Components
Chamberlain Group, Inc.(10)First Lien DebtS +3.25%7.71%11/03/2028997 1,003 1,002 0.56 
DG Investment Intermediate Holdings 2, Inc.(10)First Lien DebtS +3.75%8.22%03/31/2028499 504 503 0.28 
Magneto Components Buyco, LLC(6) (8)First Lien DebtS +
6.00% (incl. 1.50% PIK)
10.33%12/05/20302,567 2,510 2,549 1.43 
Magneto Components Buyco, LLC(6) (8) (14)First Lien DebtS +
6.00% (incl. 1.50% PIK)
10.33%12/05/2030— (5)(3)— 
Magneto Components Buyco, LLC(6) (8) (14)First Lien DebtS +
6.00% (incl. 1.50% PIK)
10.33%12/05/2029— (9)(3)— 
NSI Holdings, Inc.(6) (8)First Lien DebtS +5.00%9.36%11/15/20314,421 4,378 4,378 2.45 
NSI Holdings, Inc.(6) (8) (14)First Lien DebtS +5.00%9.36%11/15/2031— (4)(4)— 
NSI Holdings, Inc.(6) (8) (14)First Lien DebtS +5.00%9.36%11/15/2031— (8)(8)— 
8,369 8,414 4.71 
Financial Services
MAI Capital Management Intermediate, LLC(6) (8)First Lien DebtS +4.75%9.08%08/29/20311,544 1,529 1,544 0.86 
MAI Capital Management Intermediate, LLC(6) (8) (14)First Lien DebtS +4.75%9.08%08/29/2031289 283 289 0.16 
MAI Capital Management Intermediate, LLC(6) (8) (14)First Lien DebtS +4.75%9.08%08/29/203146 43 46 0.03 
PMA Parent Holdings, LLC(6) (8)First Lien DebtS +5.50%9.83%01/31/20312,102 2,071 2,071 1.16 
PMA Parent Holdings, LLC(6) (8) (14)First Lien DebtS +5.50%9.83%01/31/2031— (2)(2)— 
RFS Opco, LLC(6) (9)First Lien DebtS +4.75%9.08%04/04/20311,496 1,482 1,490 0.83 
RFS Opco, LLC(6) (9) (14)First Lien DebtS +3.50%7.83%04/04/2029270 257 264 0.15 
Trintech, Inc.(6) (7)First Lien DebtS +5.50%9.86%07/25/20291,839 1,794 1,812 1.01 
Trintech, Inc.(6) (7) (14)First Lien DebtS +5.50%9.86%07/25/202941 38 39 0.02 
7,495 7,553 4.23 
Ground Transportation
SV Newco 2, Inc.(6) (8) (11)First Lien DebtS +4.75%9.26%06/02/20311,496 1,475 1,484 0.83 
SV Newco 2, Inc.(6) (8) (11) (14)First Lien DebtS +4.75%9.26%06/02/2031— (6)(7)— 
SV Newco 2, Inc.(6) (8) (11) (14)First Lien DebtS +4.75%9.26%06/02/2031— (8)(4)— 
1,461 1,473 0.82 
28
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Health Care Equipment & Supplies
Journey Personal Care Corp.(8)First Lien DebtS +3.75%8.11%03/01/2028995 $998 $994 0.56 %
Medline Borrower, LP(9)First Lien DebtS +2.25%6.61%10/23/2028993 998 995 0.56 
Tidi Legacy Products, Inc.(6) (7)First Lien DebtS +5.25%9.61%12/19/20291,363 1,339 1,361 0.76 
Tidi Legacy Products, Inc.(6) (7) (14)First Lien DebtS +5.25%9.61%12/19/2029— (3)(1)— 
Tidi Legacy Products, Inc.(6) (7) (14)First Lien DebtS +5.25%9.61%12/19/2029— (4)— — 
YI, LLC(6) (7)First Lien DebtS +5.75%10.39%12/03/20291,694 1,665 1,694 0.95 
YI, LLC(6) (7) (14)First Lien DebtS +5.75%10.39%12/03/2029— (3)— — 
YI, LLC(6) (7) (14)First Lien DebtS +5.75%10.39%12/03/2029— (5)— — 
4,985 5,043 2.82 
Health Care Providers & Services
DCA Investment Holdings, LLC(6) (8)First Lien DebtS +6.50%10.77%04/03/20282,045 2,018 2,029 1.14 
Gateway US Holdings, Inc.(6) (8) (11)First Lien DebtS +4.75%9.08%09/22/20281,404 1,382 1,404 0.79 
Gateway US Holdings, Inc.(6) (8) (11)First Lien DebtS +4.75%9.08%09/22/2028423 418 423 0.24 
Gateway US Holdings, Inc.(6) (8) (11) (14)First Lien DebtS +4.75%9.08%09/22/2028— (1)— — 
iCIMS, Inc.(6) (8)First Lien DebtS +5.75%10.38%08/18/2028949 943 949 0.53 
iCIMS, Inc.(6) (8) (14)First Lien DebtS +5.75%10.38%08/18/202817 16 17 0.01 
Imagine 360, LLC(6) (8)First Lien DebtS +4.75%9.10%10/02/20283,242 3,211 3,242 1.81 
Imagine 360, LLC(6) (8) (14)First Lien DebtS +4.75%9.10%10/02/2028— (2)— — 
Imagine 360, LLC(6) (8) (14)First Lien DebtS +4.75%9.10%10/02/2028— (3)— — 
Invictus Buyer, LLC(6) (8)First Lien DebtS +4.75%9.08%06/03/20311,616 1,601 1,611 0.90 
Invictus Buyer, LLC(6) (8) (14)First Lien DebtS +4.75%9.08%06/03/2031— (3)(2)— 
Invictus Buyer, LLC(6) (8) (14)First Lien DebtS +4.75%9.08%06/03/2031— (2)(1)— 
PPV Intermediate Holdings, LLC(6) (8)First Lien DebtS +6.00%10.52%08/31/2029668 664 668 0.37 
10,242 10,340 5.79 
Health Care Technology
Athenahealth, Inc.(9)First Lien DebtS +3.25%7.61%02/15/2029992 992 993 0.56 
Cotiviti CorporationFirst Lien DebtS +2.75%7.30%05/01/2031993 997 997 0.56 
Hyland Software, Inc.(6) (8)First Lien DebtS +6.00%10.36%09/19/20302,831 2,798 2,831 1.58 
Hyland Software, Inc.(6) (8) (14)First Lien DebtS +6.00%10.36%09/19/2029— (1)— — 
Imprivata, Inc.(9)First Lien DebtS +3.50%8.09%12/01/2027496 500 499 0.28 
5,286 5,320 2.98 
Household Products
Kronos Acquisition Holdings, Inc.First Lien DebtS +4.00%8.58%07/08/2031995 991 937 0.52 
Industrial Conglomerates
Aptean, Inc.(6) (8)First Lien DebtS +5.00%9.59%01/30/20311,521 1,508 1,519 0.85 
29
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Aptean, Inc.(6) (8) (14)First Lien DebtS +5.00%9.59%01/30/203125 $24 $25 0.01 %
Aptean, Inc.(6) (8) (14)First Lien DebtS +5.00%9.59%01/30/2031— (1)— — 
1,531 1,544 0.86 
Insurance Services
Alliant Holdings Intermediate, LLCFirst Lien DebtS +2.75%7.11%09/19/2031995 1,001 996 0.56 
Amerilife Holdings, LLC(6) (8)First Lien DebtS +5.00%9.70%08/31/20292,383 2,383 2,383 1.33 
Foundation Risk Partners Corp.(6) (8) (14)First Lien DebtS +5.25%9.58%10/29/2029— (2)— — 
Galway Borrower, LLC(6) (8)First Lien DebtS +4.50%8.83%09/29/2028369 363 369 0.21 
Galway Borrower, LLC(6) (8)First Lien DebtS +4.50%8.83%09/29/2028610 606 610 0.34 
Higginbotham Insurance Agency, Inc.(6) (7)First Lien DebtS +4.50%8.86%11/24/20284,771 4,761 4,750 2.66 
Higginbotham Insurance Agency, Inc.(6) (7) (14)First Lien DebtS +4.50%8.86%11/24/2028275 270 271 0.15 
High Street Buyer, Inc.(6) (8) (14)First Lien DebtS +5.25%9.58%04/14/2028— (8)(3)— 
HUB International LimitedFirst Lien DebtS +2.75%7.37%06/20/2030496 500 499 0.28 
Inszone Mid, LLC(6) (7)First Lien DebtS +5.25%9.50%11/30/2029930 914 930 0.52 
Inszone Mid, LLC(6) (7) (14)First Lien DebtS +5.25%9.50%11/30/2029780 765 780 0.44 
Inszone Mid, LLC(6) (7) (14)First Lien DebtS +5.25%9.50%11/30/2029— (2)— — 
Integrity Marketing Acquisition, LLC(6) (8)First Lien DebtS +5.00%9.51%08/25/20284,939 4,939 4,939 2.76 
Integrity Marketing Acquisition, LLC(6) (8) (14)First Lien DebtS +5.00%9.51%08/25/2028— — — — 
Peter C. Foy & Associates Insurance Services, LLC(6) (8)First Lien DebtS +5.50%9.83%11/01/2028592 583 592 0.33 
Peter C. Foy & Associates Insurance Services, LLC(6) (8) (14)First Lien DebtS +5.50%9.83%11/01/2028694 688 691 0.39 
RSC Acquisition, Inc.(6) (7)First Lien DebtS +4.75%9.21%11/01/2029172 171 172 0.10 
RSC Acquisition, Inc.(6) (8)First Lien DebtS +4.75%9.21%11/01/2029415 412 415 0.23 
USI, Inc.First Lien DebtS +2.25%6.58%09/27/2030993 997 990 0.55 
World Insurance Associates, LLC(6) (7)First Lien DebtS +6.00%10.34%04/03/20283,465 3,436 3,436 1.92 
22,777 22,820 12.77 
IT Services
Apollo Acquisition, Inc.(6)First Lien DebtS +5.00%9.33%12/30/20314,031 3,991 3,991 2.23 
Apollo Acquisition, Inc.(6) (14)First Lien DebtS +5.00%9.33%12/30/2031— (7)(7)— 
Apollo Acquisition, Inc.(6) (14)First Lien DebtS +5.00%9.33%12/30/2030— (5)(5)— 
Asurion, LLCFirst Lien DebtS +4.25%8.61%09/19/2030995 989 991 0.55 
GI DI Cornfield Acquisition, LLC(6)First Lien DebtS +4.50%8.96%03/09/20283,880 3,830 3,842 2.15 
GI DI Cornfield Acquisition, LLC(6) (14)First Lien DebtS +4.50%8.96%03/09/2028— (13)(19)(0.01)
Ridge Trail US Bidco, Inc.(6) (7) (11)First Lien DebtS +4.50%8.83%09/30/20313,425 3,375 3,416 1.91 
Ridge Trail US Bidco, Inc.(6) (7) (11) (14)First Lien DebtS +4.50%8.83%09/30/2031— (9)(3)— 
Ridge Trail US Bidco, Inc.(6) (7) (11) (14)First Lien DebtS +4.50%8.83%03/31/2031106 101 105 0.06 
Sedgwick Claims Management Services, Inc.First Lien DebtS +3.00%7.59%07/31/2031995 1,001 1,000 0.56 
13,253 13,311 7.45 
30
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Leisure Products
Recess Holdings, Inc.(10)First Lien DebtS +4.50%9.09%02/20/2030996 $1,007 $1,005 0.56 %
Life Sciences Tools & Services
Model N, Inc.(6) (8)First Lien DebtS +5.00%9.33%06/27/20316,831 6,766 6,831 3.82 
Model N, Inc.(6) (8) (14)First Lien DebtS +5.00%9.33%06/27/2031— — — — 
Model N, Inc.(6) (8) (14)First Lien DebtS +5.00%9.33%06/27/2031— (1)— — 
6,765 6,831 3.82 
Machinery
AI Aqua Merger Sub, Inc.(9)First Lien DebtS +3.50%8.05%07/31/2028498 500 498 0.28 
Chase Intermediate, LLC(6) (14)First Lien DebtS +4.75%9.08%10/30/2028284 279 283 0.16 
Chase Intermediate, LLC(6) (14)First Lien DebtS +4.75%9.08%10/30/2028— (1)— — 
CPM Holdings, Inc.(9)First Lien DebtS +4.50%9.05%09/28/2028496 497 480 0.27 
Engineered Machinery Holdings, Inc.(8)First Lien DebtS +3.75%8.34%05/19/2028995 1,000 1,000 0.56 
Icebox Holdco III, Inc.(10)First Lien DebtS +3.50%8.09%12/22/2028499 504 502 0.28 
TK Elevator US Newco, Inc.(9)First Lien DebtS +3.50%8.59%04/30/2030995 1,004 1,002 0.56 
3,783 3,765 2.11 
Media
Aragorn Parent Corporation(10)First Lien DebtS +4.00%8.34%12/15/2028997 1,007 1,003 0.56 
Multi-Utilities
AWP Group Holdings, Inc.(6) (7)First Lien DebtS +4.75%9.11%12/23/20301,867 1,842 1,867 1.04 
AWP Group Holdings, Inc.(6) (7)(14)First Lien DebtS +4.75%9.11%12/23/20301,010 990 1,010 0.57 
AWP Group Holdings, Inc.(6) (7) (14)First Lien DebtS +4.75%9.11%12/23/203011 7 11 0.01 
2,839 2,888 1.62 
Professional Services
Accordion Partners, LLC(6) (8)First Lien DebtS +5.25%9.58%11/17/20315,870 5,812 5,812 3.25 
Accordion Partners, LLC(6) (8) (14)First Lien DebtS +5.25%9.58%11/17/2031— (5)(5)— 
Accordion Partners, LLC(6) (8) (14)First Lien DebtS +5.25%9.58%11/17/2031— (6)(6)— 
Ascend Partner Services, LLC(6) (8)First Lien DebtS +4.50%8.86%08/11/20311,960 1,941 1,960 1.10 
Ascend Partner Services, LLC(6) (8) (14)First Lien DebtS +4.50%8.86%08/11/2031— (16)— — 
Ascend Partner Services, LLC(6) (8) (14)First Lien DebtS +4.50%8.86%08/11/2031404 398 404 0.23 
Bullhorn, Inc.(6) (7)First Lien DebtS +5.00%9.36%10/01/20291,047 1,039 1,047 0.59 
Bullhorn, Inc.(6) (7)(14)First Lien DebtS +5.00%9.36%10/01/2029389 387 389 0.22 
Bullhorn, Inc.(6) (7) (14)First Lien DebtS +5.00%9.36%10/01/2029— — — — 
Carr, Riggs and Ingram Capital, LLC(6) (9)First Lien DebtS +4.75%9.24%11/18/20313,450 3,416 3,416 1.91 
Carr, Riggs and Ingram Capital, LLC(6) (9) (14)First Lien DebtS +4.75%9.24%11/18/2031— (9)(9)(0.01)
31
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Carr, Riggs and Ingram Capital, LLC(6) (9) (14)First Lien DebtS +4.75%9.24%11/18/2031100 $92 $92 0.05 %
Crisis Prevention Institute, Inc.(6) (9)First Lien DebtS +4.00%8.39%04/09/20311,000 995 1,000 0.56 
GPS Merger Sub, LLC(6) (7)First Lien DebtS +6.00%10.36%10/02/20291,284 1,262 1,284 0.72 
GPS Merger Sub, LLC(6) (7) (14)First Lien DebtS +6.00%10.36%10/02/2029— (3)— — 
GPS Merger Sub, LLC(6) (7) (14)First Lien DebtS +6.00%10.36%10/02/2029— (4)— — 
IG Investment Holdings, LLC(6) (8)First Lien DebtS +5.00%9.57%09/22/20284,494 4,451 4,451 2.49 
IG Investment Holdings, LLC(6) (8) (14)First Lien DebtS +5.00%9.57%09/22/2028— (5)(5)— 
KENG Acquisition, Inc.(6) (7)First Lien DebtS +5.00%9.36%08/01/2029286 281 285 0.16 
KENG Acquisition, Inc.(6) (7) (14)First Lien DebtS +5.00%9.36%08/01/202998 94 96 0.05 
KENG Acquisition, Inc.(6) (7) (14)First Lien DebtS +5.00%9.36%08/01/2029— (2)— — 
UHY Advisors, Inc.(6) (8)First Lien DebtS +4.75%9.26%11/21/20312,208 2,186 2,186 1.22 
UHY Advisors, Inc.(6) (8) (14)First Lien DebtS +4.75%9.26%11/21/2031— (11)(11)(0.01)
UHY Advisors, Inc.(6) (8) (14)First Lien DebtS +4.75%9.26%11/21/2031— (6)(6)— 
Verdantas, LLC(6) (8)First Lien DebtS +5.00%9.45%05/06/20312,735 2,697 2,707 1.51 
Verdantas, LLC(6) (8)First Lien DebtS +5.00%9.45%05/06/2031116 113 114 0.06 
Verdantas, LLC(6) (8) (14)First Lien DebtS +5.00%9.45%05/06/2030— (4)(3)— 
25,093 25,198 14.10 
Real Estate Management & Development
Associations, Inc.(6) (7)First Lien DebtS +6.50%11.32%07/03/2028871 871 871 0.49 
Associations, Inc.(6) (7) (14)First Lien DebtS +6.50%11.32%07/03/202811 11 11 0.01 
Associations, Inc.(6) (7) (14)First Lien DebtS +6.50%11.32%07/03/202827 27 27 0.02 
MRI Software, LLC(6) (7)First Lien DebtS +4.75%9.08%02/10/20275,794 5,808 5,790 3.24 
MRI Software, LLC(6) (7) (14)First Lien DebtS +4.75%9.08%02/10/20274 4 4 — 
MRI Software, LLC(6) (7) (14)First Lien DebtS +4.75%9.08%02/10/202710 9 10 0.01 
6,730 6,713 3.76 
Software
Artifact Bidco, Inc.(6) (9)First Lien DebtS +4.50%8.83%07/01/20312,113 2,093 2,113 1.18 
Artifact Bidco, Inc.(6) (9) (14)First Lien DebtS +4.50%8.83%07/01/2031— (2)— — 
Artifact Bidco, Inc.(6) (9) (14)First Lien DebtS +4.50%8.83%07/01/2031— (3)— — 
AuditBoard, Inc.(6) (7)First Lien DebtS +4.75%9.08%07/14/20313,600 3,566 3,600 2.01 
AuditBoard, Inc.(6) (7) (14)First Lien DebtS +4.75%9.08%07/14/2031— (8)— — 
AuditBoard, Inc.(6) (7) (14)First Lien DebtS +4.75%9.08%07/14/2031— (6)— — 
Central Parent, Inc.(9)First Lien DebtS +3.25%7.58%07/06/2029499 502 491 0.27 
Cloud Software Group, Inc.(9)First Lien DebtS +3.50%7.83%03/30/2029371 370 371 0.21 
Coupa Holdings, LLC(6) (8)First Lien DebtS +5.50%10.09%02/27/20301,633 1,606 1,626 0.91 
Coupa Holdings, LLC(6) (8) (14)First Lien DebtS +5.50%10.09%02/27/2030— (1)(1)— 
Coupa Holdings, LLC(6) (8) (14)First Lien DebtS +5.50%10.09%02/27/2029— (2)(1)— 
32
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Diligent Corporation(6) (8)First Lien DebtS +5.00%10.09%08/02/20305,628 $5,589 $5,628 3.15 %
Diligent Corporation(6) (8) (14)First Lien DebtS +5.00%10.09%08/02/2030— (6)— — 
Diligent Corporation(6) (8) (14)First Lien DebtS +5.00%10.09%08/02/2030— (4)— — 
E-Discovery AcquireCo, LLC(6) (7)First Lien DebtS +6.25%10.70%08/29/20291,458 1,440 1,453 0.81 
E-Discovery AcquireCo, LLC(6) (7) (14)First Lien DebtS +6.25%10.70%08/29/2029— (1)— — 
Epicor Software Corporation(8)First Lien DebtS +2.75%7.11%05/30/2031499 500 502 0.28 
Everbridge Holdings, LLC(6) (8)First Lien DebtS +5.00%9.59%07/02/20317,850 7,813 7,850 4.39 
Everbridge Holdings, LLC(6) (8) (14)First Lien DebtS +5.00%9.59%07/02/203142 42 42 0.02 
Everbridge Holdings, LLC(6) (8) (14)First Lien DebtS +5.00%9.59%07/02/2031— — — — 
Formstack Acquisition Co(6) (7)First Lien DebtS +5.25%9.58%03/28/20301,868 1,843 1,856 1.04 
Formstack Acquisition Co(6) (7) (14)First Lien DebtS +5.25%9.58%03/28/2030187 180 182 0.10 
Formstack Acquisition Co(6) (7) (14)First Lien DebtS +5.25%9.58%03/28/203038 33 35 0.02 
Granicus, Inc.(6) (8)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.34%01/17/20311,570 1,556 1,570 0.88 
Granicus, Inc.(6) (8) (14)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.34%01/17/20312,403 2,376 2,402 1.34 
Granicus, Inc.(6) (8) (14)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.34%01/17/2031— (2)— — 
GS AcquisitionCo, Inc.(6) (7)First Lien DebtS +5.25%9.58%05/25/20281,574 1,568 1,574 0.88 
GS AcquisitionCo, Inc.(6) (8) (14)First Lien DebtS +5.25%9.58%05/25/202835 35 35 0.02 
GS AcquisitionCo, Inc.(6) (7) (14)First Lien DebtS +5.25%9.58%05/25/2028— (1)— — 
Hootsuite, Inc.(6) (11)First Lien DebtS +5.50%9.83%05/22/20302,687 2,649 2,663 1.49 
Hootsuite, Inc.(6) (11) (14)First Lien DebtS +5.50%9.83%05/22/2030— (4)(3)— 
Icefall Parent, Inc.(6) (7)First Lien DebtS +6.50%10.86%01/25/20301,826 1,794 1,797 1.01 
Icefall Parent, Inc.(6) (7) (14)First Lien DebtS +6.50%10.86%01/25/2030— (3)(3)— 
LogRhythm, Inc.(6) (7)First Lien DebtS +7.50%11.86%07/02/20291,364 1,326 1,339 0.75 
LogRhythm, Inc.(6) (7) (14)First Lien DebtS +7.50%11.86%07/02/2029— (4)(2)— 
Mediaocean, LLC(9)First Lien DebtS +3.50%7.96%12/15/2028995 998 997 0.56 
Nasuni Corporation(6) (8)First Lien DebtS +5.75%10.18%09/10/20304,138 4,078 4,138 2.32 
Nasuni Corporation(6) (8) (14)First Lien DebtS +5.75%10.18%09/10/2030— (12)— — 
Optimizely North America, Inc.(6) (8) (11)First Lien DebtS +5.00%9.36%10/30/20313,052 3,022 3,022 1.69 
Optimizely North America, Inc.(6) (8) (11)First Lien DebtE +5.25%8.11%10/30/2031€1,124 1,208 1,152 0.64 
Optimizely North America, Inc.(6) (8) (11)First Lien DebtSA +5.50%10.20%10/30/2031£375 482 465 0.26 
Optimizely North America, Inc.(6) (8) (11) (14)First Lien DebtS +5.00%9.36%10/30/2031— (4)(4)— 
Runway Bidco, LLC(6) (9)First Lien DebtS +5.00%9.33%12/17/20315,464 5,409 5,409 3.03 
Runway Bidco, LLC(6) (9) (14)First Lien DebtS +5.00%9.33%12/17/2031— (7)(7)— 
Runway Bidco, LLC(6) (9) (14)First Lien DebtS +5.00%9.33%12/17/2031— (7)(7)— 
UKG, Inc.First Lien DebtS +3.00%7.33%02/10/2031498 500 501 0.28 
33
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Vision Solutions, Inc.First Lien DebtS +4.00%8.85%04/24/2028997 $994 $981 0.55 %
53,495 53,766 30.08 
Specialty Retail
Les Schwab Tire Centers(9)First Lien DebtS +3.00%7.36%04/23/2031498 499 499 0.28 
Textiles, Apparel & Luxury Goods
Varsity Brands, Inc.(10)First Lien DebtS +3.75%8.27%08/26/20311,000 1,004 1,000 0.56 
Transportation Infrastructure
KKR Apple Bidco, LLC(9)First Lien DebtS +2.75%7.22%09/22/2028496 497 498 0.28 
Wireless Telecommunication Services
CCI Buyer, Inc.(8)First Lien DebtS +4.00%8.33%12/17/2027496 495 496 0.28 
Mobile Communications America, Inc.(6) (7)First Lien DebtS +5.25%9.78%10/16/20291,014 1,001 1,014 0.57 
Mobile Communications America, Inc.(6) (7) (14)First Lien DebtS +5.25%9.78%10/16/202963 61 63 0.04 
Mobile Communications America, Inc.(6) (7) (14)First Lien DebtS +5.25%9.78%10/16/202941 39 41 0.02 
1,596 1,614 0.90 
Total Debt Investments$268,181 $269,475 150.78 %
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and SpreadAcquisition Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Equity Investments
Diversified Consumer Services
Eclipse Topco, Inc.(6) (12)Preferred Equity
12.5% PIK
09/05/202415 $147 $147 0.08 %
Electrical Equipment
Sparkstone Electrical Group(6) (12) (13)Common Equity10/15/20241,500 150 150 0.08 
Professional Services
Verdantas, LLC(6) (12) (13)Common Equity05/03/2024796 1 1 — 
Verdantas, LLC(6) (12)Preferred Equity10.00%05/03/202478,804 84 95 0.05 
85 96 0.05 
Software
Reveal Data Solutions(6) (12) (13)Common Equity08/29/202312,307 16 20 0.01 
Total Equity Investments398 413 0.23 
Total Portfolio Investments$268,579 $269,888 151.01 
%

34
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
(1)
Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned 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. As of December 31, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company is not an “affiliated person” of any of its portfolio companies.
(2)Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the SMBC Facility (as defined below). See Note 6 "Debt".
(3)
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E"), SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024. As of December 31, 2024, the reference rates for our variable rate loans were the C at 3.32% 1-month E 2.85%, 1-month S at 4.33%, 3-month S at 4.31%, 6-month S at 4.25%, SA at 4.70% and the P at 7.50%.
(4)
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").
(5)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(6)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(7)
Loan includes interest rate floor of 1.00%.
(8)
Loan includes interest rate floor of 0.75%.
(9)
Loan includes interest rate floor of 0.50%.
(10)
Position or portion thereof unsettled as of December 31, 2024.
(11)
The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024 non-qualifying assets represented 4.65% of total assets as calculated in accordance with regulatory requirements.
(12)
Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities.” As of December 31, 2024, the aggregate fair value of these securities is $413 or 0.23% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(13)Non-income producing security.
(14) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date started. See below for more information on the Company’s unfunded commitments as of December 31, 2024.



















35
Table of Contents
North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
AWP Group Holdings, Inc.Delayed Draw Term Loan08/23/2026$1,284 $— 
AWP Group Holdings, Inc.Revolver12/23/2030212 — 
Accordion Partners, LLCDelayed Draw Term Loan11/15/2026978 (5)
Accordion Partners, LLCRevolver11/17/2031652 (6)
Any Hour, LLCDelayed Draw Term Loan05/23/2026625 (7)
Any Hour, LLCRevolver05/23/2030180 (2)
Apollo Acquisition, Inc.Delayed Draw Term Loan12/30/20261,406 (7)
Apollo Acquisition, Inc.Revolver12/30/2030563 (6)
Aptean, Inc.Delayed Draw Term Loan01/30/202670 — 
Aptean, Inc.Revolver01/30/2031127 — 
Arcoro Holdings Corp.Revolver03/28/2030261 (2)
Artifact Bidco, Inc.Delayed Draw Term Loan05/22/2027517 — 
Artifact Bidco, Inc.Revolver07/26/2030370 — 
Ascend Partner Services, LLCDelayed Draw Term Loan08/09/20263,367 — 
Ascend Partner Services, LLCRevolver08/11/2031269 — 
Associations, Inc.Delayed Draw Term Loan07/03/202856 — 
Associations, Inc.Revolver07/03/202827 — 
AuditBoard, Inc.Delayed Draw Term Loan07/12/20261,714 — 
AuditBoard, Inc.Revolver07/14/2031686 — 
Avalara, Inc.Revolver10/19/2028109 — 
Bradyplus Holdings, LLCDelayed Draw Term Loan10/31/202541 — 
Bullhorn, Inc.Delayed Draw Term Loan05/11/202663 — 
Bullhorn, Inc.Revolver10/01/202974 — 
COP Collisionright Parent, LLCDelayed Draw Term Loan01/29/2026225 (3)
COP Collisionright Parent, LLCRevolver01/29/2030108 (1)
CRCI Longhorn Holdings, Inc.Delayed Draw Term Loan08/27/2026706 — 
CRCI Longhorn Holdings, Inc.Revolver08/27/2031259 — 
Carr, Riggs and Ingram Capital, LLCDelayed Draw Term Loan11/18/20261,750 (9)
Carr, Riggs and Ingram Capital, LLCRevolver11/18/2031700 (7)
Chase Intermediate, LLCDelayed Draw Term Loan08/31/2025414 (1)
Chase Intermediate, LLCRevolver10/30/202835 — 
Consor Intermediate II, LLCDelayed Draw Term Loan05/10/2026687 (4)
Consor Intermediate II, LLCRevolver05/12/2031183 (1)
Coupa Holdings, LLCDelayed Draw Term Loan08/27/2025147 (1)
Coupa Holdings, LLCRevolver02/27/2029112 (1)
Diligent CorporationDelayed Draw Term Loan04/30/2026824 — 
Diligent CorporationRevolver08/02/2030549 — 
Drivecentric Holdings, LLCRevolver08/15/2031588 — 
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
E-Discovery AcquireCo, LLCRevolver08/29/2029$95 $— 
EVDR Purchaser, Inc.Delayed Draw Term Loan08/14/2025588 — 
EVDR Purchaser, Inc.Revolver02/14/2031294 — 
Eclipse Buyer, Inc.Delayed Draw Term Loan09/06/2026160 — 
Eclipse Buyer, Inc.Revolver09/06/203181 — 
Essential Services Holding CorporationDelayed Draw Term Loan06/17/202692 — 
Essential Services Holding CorporationRevolver06/17/203058 — 
Everbridge Holdings, LLCDelayed Draw Term Loan07/02/202665 — 
Everbridge Holdings, LLCRevolver07/02/203143 — 
Formstack Acquisition CoDelayed Draw Term Loan03/30/2026561 (4)
Formstack Acquisition CoRevolver03/28/2030338 (2)
Foundation Risk Partners Corp.Revolver10/29/2029200 — 
GI DI Cornfield Acquisition, LLCDelayed Draw Term Loan05/31/20262,000 (19)
GPS Merger Sub, LLCDelayed Draw Term Loan10/02/2026335 — 
GPS Merger Sub, LLCRevolver10/02/2029268 — 
GS AcquisitionCo, Inc.Delayed Draw Term Loan03/26/2026123 — 
GS AcquisitionCo, Inc.Revolver05/25/2028194 — 
Gateway US Holdings, Inc.Revolver09/22/202854 — 
Granicus, Inc.Delayed Draw Term Loan01/17/2026838(1)
Granicus, Inc.Revolver01/17/2031220—
GraphPad Software, LLCDelayed Draw Term Loan06/28/202698 — 
GraphPad Software, LLCRevolver06/30/203141 — 
HSI Halo Acquisition, Inc.Delayed Draw Term Loan06/28/202674 — 
HSI Halo Acquisition, Inc.Revolver06/28/203060 — 
Helios Service Partners, LLCDelayed Draw Term Loan02/10/2025460 (4)
Helios Service Partners, LLCRevolver03/19/202746 — 
Hercules Borrower, LLCDelayed Draw Term Loan04/05/20262,300 (7)
Higginbotham Insurance Agency, Inc.Delayed Draw Term Loan03/27/2026674 (3)
High Street Buyer, Inc.Delayed Draw Term Loan03/11/2026905 (3)
Hootsuite, Inc.Revolver05/22/2030300 (3)
Hyland Software, Inc.Revolver09/19/2029136 — 
IG Investment Holdings, LLCRevolver09/22/2028505 (5)
Icefall Parent, Inc.Revolver01/25/2030174 (3)
Imagine 360, LLCDelayed Draw Term Loan09/20/2026458 — 
Imagine 360, LLCRevolver10/02/2028284 — 
Inszone Mid, LLCDelayed Draw Term Loan11/10/2025156 — 
Inszone Mid, LLCRevolver11/12/2029117 — 
Integrity Marketing Acquisition, LLCRevolver08/25/202848 — 
Invictus Buyer, LLCDelayed Draw Term Loan06/03/2026675 (2)
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Invictus Buyer, LLCRevolver06/03/2031$250 $(1)
Iris Buyer, LLCDelayed Draw Term Loan04/02/202568 — 
Iris Buyer, LLCRevolver10/02/2029199 — 
KENG Acquisition, Inc.Delayed Draw Term Loan08/01/2025121 (1)
KENG Acquisition, Inc.Revolver08/01/202979 — 
LogRhythm, Inc.Revolver07/02/2029136 (2)
MAI Capital Management Intermediate, LLCDelayed Draw Term Loan08/29/2026623 — 
MAI Capital Management Intermediate, LLCRevolver08/29/2031298 — 
MRI Software, LLCDelayed Draw Term Loan09/04/202634 — 
MRI Software, LLCRevolver02/10/2027166 — 
Magneto Components Buyco, LLCDelayed Draw Term Loan06/05/2025507 (3)
Magneto Components Buyco, LLCRevolver12/05/2029423 (3)
Mantech International CPDelayed Draw Term Loan06/14/2025290 — 
Mantech International CPRevolver09/14/2028227 — 
Mobile Communications America, Inc.Delayed Draw Term Loan10/16/2025267 — 
Mobile Communications America, Inc.Revolver10/16/2029124 — 
Model N, Inc.Delayed Draw Term Loan06/26/202698 — 
Model N, Inc.Revolver06/27/203152 — 
NSI Holdings, Inc.Delayed Draw Term Loan11/15/2026790 (4)
NSI Holdings, Inc.Revolver11/15/2031790 (8)
Nasuni CorporationRevolver09/10/2030862 — 
Optimizely North America, Inc.Revolver10/30/2031450 (4)
PDI TA Holdings, Inc.Delayed Draw Term Loan02/01/2026230 (1)
PDI TA Holdings, Inc.Revolver02/03/2031228 (1)
PMA Parent Holdings, LLCRevolver01/31/2031148 (2)
Peter C. Foy & Associates Insurance Services, LLCDelayed Draw Term Loan04/23/2026130 (1)
Project Potter Buyer, LLCRevolver04/23/2026150 — 
Pye-Barker Fire & Safety, LLCDelayed Draw Term Loan05/24/2026451 — 
Pye-Barker Fire & Safety, LLCRevolver05/24/2030213 — 
RFS Opco, LLCRevolver04/04/20291,230 (5)
Ridge Trail US Bidco, Inc.Delayed Draw Term Loan08/30/20271,181 (3)
Ridge Trail US Bidco, Inc.Revolver03/31/2031288 (1)
Routeware, Inc.Delayed Draw Term Loan09/18/20261,477 — 
Routeware, Inc.Revolver09/18/2031341 — 
Runway Bidco, LLCDelayed Draw Term Loan12/17/20261,358 (7)
Runway Bidco, LLCRevolver12/17/2031679 (7)
SV Newco 2, Inc.Delayed Draw Term Loan05/31/2026938 (7)
SV Newco 2, Inc.Revolver06/02/2031563 (4)
Sonny's Enterprises, LLCRevolver08/05/2027109 (3)
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North Haven Private Income Fund A LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except per share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Spark Buyer, LLCDelayed Draw Term Loan10/15/2026$313 $(2)
Spark Buyer, LLCRevolver10/15/2031156 (2)
Superman Holdings, LLCDelayed Draw Term Loan08/28/2026874 — 
Superman Holdings, LLCRevolver08/29/2031387 — 
Tank Holding Corp.Delayed Draw Term Loan11/22/202535 — 
Tidi Legacy Products, Inc.Delayed Draw Term Loan06/19/2025362 (1)
Tidi Legacy Products, Inc.Revolver12/19/2029261 — 
Transit Technologies, LLCDelayed Draw Term Loan08/20/2026909 — 
Transit Technologies, LLCRevolver08/20/2030546 — 
Trintech, Inc.Revolver07/25/2029102 (1)
UHY Advisors, Inc.Delayed Draw Term Loan11/22/20262,208 (11)
UHY Advisors, Inc.Revolver11/21/2031584 (6)
VRC Companies, LLCRevolver06/29/202759 — 
Vehlo Purchaser, LLCDelayed Draw Term Loan10/05/20251,729 (11)
Vehlo Purchaser, LLCRevolver05/24/202817 — 
Vensure Employer Services, Inc.Delayed Draw Term Loan09/27/2026430 — 
Verdantas, LLCRevolver05/06/2030292 (3)
Vertex Service Partners, LLCDelayed Draw Term Loan10/01/2026979 (5)
Vertex Service Partners, LLCRevolver11/08/20309 — 
YI, LLCDelayed Draw Term Loan06/01/2025356 — 
YI, LLCRevolver12/03/2029267 — 
iCIMS, Inc.Revolver08/18/202867 — 
Total First Lien Debt Unfunded Commitments$62,566 $(229)
Total Unfunded Commitments$62,566 $(229)


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











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North Haven Private Income Fund A LLC
Notes to the Consolidated Financial Statements (Unaudited)
March 31, 2025
(In thousands, except unit and per unit amounts)



(1)        ORGANIZATION
North Haven Private Income Fund A LLC (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of, or consolidated with, Morgan Stanley.
The Company was formed as a Delaware limited liability company on November 30, 2022 with the name “PIF 2 LLC.” The Company changed its name to “North Haven Private Income Fund A LLC” on January 9, 2023. The Company commenced operations on July 17, 2023. The Company is externally managed by MS Capital Partners Adviser Inc., an indirect wholly owned subsidiary of Morgan Stanley (the “Adviser” or “Investment Adviser”).
The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company.
The Company is conducting a continuous private offering of its units in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Company has offered and currently intends to offer one class of units, Class I Units (the “Units”) in its continuous private offering.
(2)SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Company's functional currency is U.S. Dollars ("USD") and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to Regulation S-X. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2025.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.
Consolidation
As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.
The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. The Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: Broadway Funding Holdings II LLC (“Broadway”), PIF A CA SPV LLC (“CA SPV”), PIF A Financing SPV LLC (“Financing SPV”) and PIF A Equity Holdings LLC (“Equity Holdings,” and collectively with Broadway, CA SPV and Financing SPV, the
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“subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.
Cash
Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.
Foreign Currency Translation
Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.
Investments
Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Financial Condition consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. 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 without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.
The Company’s Board of Directors (the “Board of Directors” or “Board”), with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 “Fair Value Measurements” for the Company's framework for determining fair value, fair value hierarchies, and the composition of the Company's portfolio.
Revenue Recognition
Interest Income
Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.
PIK Income
The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to unitholders in the form of distributions in order for the Company to qualify as a RIC, even though the Company has not yet collected cash.
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Dividend Income
Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Dividend income is presented net of withholding tax, if any.
Other Income
The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.
Non-Accrual Investments
Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual investments are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.
As of March 31, 2025 and December 31, 2024, the Company had no investments on non-accrual status.
Offering Costs
Offering costs consist of fees and expenses incurred in connection with equity offerings. Offering costs are charged against the proceeds from equity offerings when proceeds are received.
Deferred Financing Costs
Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the Company’s borrowings. The aforementioned costs are amortized using the straight-line method over each instrument’s term. Deferred financing costs related to a revolving credit facility is presented separately as an asset on the Company’s Consolidated Statements of Financial Condition.
Income Taxes
The Company intends to elect to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its unitholders as distributions.
In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.
The minimum distribution requirements applicable to RICs require the Company to distribute to its unitholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI.
In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each 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 the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For both the three months ended March 31, 2025 and March 31, 2024, the Company accrued $— and $— U.S. federal excise tax, respectively.
The Company 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. All penalties and interest associated with income taxes, if any, are included in income tax expense.
Segment Reporting
The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation, primarily from directly originated senior secured term loans. The Company’s chief operating
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decision maker (the “CODM”) includes the Chief Executive Officer, President, Chief Financial Officer, and Chief Operating Officer. The CODM uses the net increase (decrease) in net assets resulting from operations to assess the performance and makes operating decisions of the Company. The evaluation of this metric is used in determining the Company’s distribution policy, portfolio construction and deployment, and strategic initiatives. Segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

(3)RELATED PARTY TRANSACTIONS
Investment Advisory Agreement
On January 31, 2023, the Company entered into an investment advisory agreement with the Investment Adviser (the “Investment Advisory Agreement”). The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors or the Company’s unitholders, including, in each case, a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The renewal of the Investment Advisory Agreement was most recently approved in August 2024.
The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are ultimately be borne by the unitholders.
Base Management Fee
The base management fee is calculated at an annual rate of 1.25% of the Company’s average net asset value at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any subsequent month prior to the termination of the Investment Advisory Agreement and any such recoupment would be subject to any applicable expense waiver. Base management fees for any partial month are prorated based on the number of days in the month. The base management fee is payable quarterly in arrears, any base management fees waived are not subject to recoupment by the Adviser.
For the three months ended March 31, 2025 and March 31, 2024, base management fees were $638 and $201, respectively, and the Investment Adviser irrevocably agreed to waive $440 and $201, respectively. As of March 31, 2025 and December 31, 2024, $198 and $518, respectively, was payable to the Investment Adviser relating to base management fees.
Incentive Fee
The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains.
i.     Incentive Fee based on Income
Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below) and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee and any servicing fees and/or distribution fees paid to broker dealers. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash.
Pursuant to the Investment Advisory Agreement, the Company pays the Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows:
•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% (5% annualized);
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•100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.4286% in any quarter (5.7143% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.4286%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 12.5% of pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter; and
•12.5% of the pre-incentive fee net investment income, if any, that exceeds 1.4286% in any calendar quarter (5.7143% annualized), which reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all pre-incentive fee net investment income is paid to the Investment Adviser.
For the three months ended March 31, 2025 and March 31, 2024, income-based incentive fees were $614, and $185, respectively, and the Investment Adviser irrevocably agreed to waive $440 and $185, respectively. Any income-based incentive fees waived are not subject to recoupment by the Adviser. As of March 31, 2025 and December 31, 2024, $174 and $395, respectively, was payable to the Investment Adviser relating to income-based incentive fees.
ii.    Incentive Fee based on Capital Gains
The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.5% of the realized capital gains, if any, on a cumulative basis from the date of the Company’s election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”).
Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 12.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period.
For the three months ended March 31, 2025 and March 31, 2024, capital gains incentive fees accrued to the Investment Adviser were $(119) and $5, respectively. As of March 31, 2025 and December 31, 2024, $62 and $182, respectively, was payable to the Investment Adviser relating to capital gains incentive fees incentive fees.
The Investment Advisory Agreement does not include unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end.
Administration Agreement
MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to the administration agreement between the Company and the Administrator dated January 31, 2023 (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement has an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which was most recently re-approved in August 2024.
For the three months ended March 31, 2025 and March 31, 2024, the Company incurred $71 and $41, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. Amounts unpaid and included in the payable to affiliates on the Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024 was $32 and $2, respectively.
Placement Agent Agreements
On January 31, 2023, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Morgan Stanley Distribution Inc. (the “Paying Agent”), Morgan Stanley Smith Barney LLC (the “Placement Agent”) and the Investment Adviser. Under the terms of the Placement Agent Agreement, the Placement Agent and certain of its affiliates assist in the placement of Units in the Company’s private offering. The Company is not liable for any payments to the Placement Agent pursuant to the Placement Agent Agreement, which payments are made by the Investment Adviser and, to the extent the Paying Agent receives any payments, the Paying Agent.
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On August 14, 2023, the Company entered into a placement agency agreement (the “MSDI Agreement”) with Morgan Stanley Distribution Inc. (“MSDI”). Under the terms of the MSDI Agreement, MSDI assists in the placement of Units in the Company’s private offering.
Expense Support and Conditional Reimbursement Agreement
On January 31, 2023, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Investment Adviser (the “Expense Support Agreement”). The Investment Adviser may elect to pay the Company’s expenses on its behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any of the Company’s interest expense. The Expense Support Agreement may require the Company to repay the Investment Adviser for previously waived reimbursement of expense payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver. Any reimbursement to the Adviser pursuant to the terms of the Expense Support Agreement would be an expense of the Company and would ultimately be borne by its unitholders.
For the three months ended March 31, 2025 and March 31, 2024, there were $— and $245, respectively, of Expense Payments under the Expense Support Agreement, which were recorded in expense support on the Consolidated Statements of Operations.
Indemnification Agreements
The Company has entered into indemnification agreements with its directors and officers. The indemnification agreements are intended to provide the directors and officers the maximum indemnification permitted under Delaware law and the 1940 Act. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act.
MS Credit Partners Holdings, Inc. Investment
MS Credit Partners Holdings, Inc., (“MS Credit Partners Holdings”), an indirect, wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, has entered into subscription agreements to purchase Units up to an aggregate amount of $25,000 or such amount so that the Company is not considered to be “controlled” by Morgan Stanley or its affiliates for purposes of the Bank Holding Company Act of 1956, as amended from time to time. As of March 31, 2025, MS Credit Partners Holdings, has made an aggregate capital contribution of $7,663, in exchange for 379,961 Units. MS Credit Partners Holdings has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.
(4) INVESTMENTS
The composition of the Company’s investment portfolio was as follows:
The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments.

The composition of the Company’s investment portfolio was as follows:

March 31, 2025December 31, 2024
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$340,074 $340,487 99.6 %$267,555 $268,845 99.6 %
Other Debt Investments
647 645 0.2 626 630 0.2 
Equity
539 546 0.2 398 413 0.2 

Total$341,260 $341,678 100.0 %$268,579 $269,888 100.0 %

The industry composition of investments at fair value was as follows:
March 31, 2025December 31, 2024
Aerospace & Defense0.6 %0.7 %
Automobile Components0.6 0.7 
Automobiles2.2 2.8 
Beverages0.8 — 
Biotechnology2.2 2.7 
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Building Products1.9 2.5 
Chemicals0.8 1.1 
Commercial Services & Supplies11.3 10.6 
Construction & Engineering2.5 1.6 
Consumer Staples Distribution & Retail1.7 0.9 
Containers & Packaging0.7 0.8 
Distributors0.5 1.1 
Diversified Consumer Services5.7 6.4 
Electrical Equipment0.3 0.3 
Electronic Equipment, Instruments & Components2.4 3.1 
Electric Utilities0.3 0.3 
Financial Services2.5 2.8 
Ground Transportation1.3 0.5 
Health Care Equipment & Supplies2.3 1.9 
Health Care Providers & Services3.0 3.8 
Health Care Technology1.5 2.1 
Household Products0.2 0.3 
Industrial Conglomerates
0.6 0.6 
Insurance Services9.7 8.5 
IT Services6.7 4.9 
Leisure Products0.3 0.4 
Life Sciences Tools & Services2.0 2.5 
Machinery
1.2 1.4 
Media0.3 0.4 
Multi-Utilities0.9 1.1 
Professional Services8.5 9.4 
Real Estate Management & Development3.2 2.5 
Software20.3 19.9 
Specialty Retail0.1 0.2 
Textiles, Apparel & Luxury Goods0.3 0.4 
Transportation Infrastructure0.1 0.2 
Wireless Telecommunication Services0.5 0.6 
Total100.0 %100.0 %

The geographic composition of investments at cost and fair value was as follows:
March 31, 2025December 31, 2024
GeographicCostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
Canada$8,759 $8,833 2.6 %$5,905 $5,960 2.2 %
United States332,501 332,845 97.4 262,674 263,928 97.8 
Total$341,260 $341,678 100.0 %$268,579 $269,888 100.0 %


(5) FAIR VALUE MEASUREMENTS
ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.
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The three-level hierarchy for fair value measurements is defined as follows:
Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.
Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.
Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, first and second lien debt, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.
Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.
The valuation of investments which are illiquid or for which the pricing source, agent, service, and/or broker (as applicable) does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board, does not represent fair value, will each be valued as determined in good faith by the Valuation Designee, based on, among other things, the input of the Valuation Firms (as defined below).

As part of the valuation process, the Valuation Designee, takes into account relevant factors and appropriate techniques in determining the fair value of the Company’s investments, with the assistance of the independent valuation firms ("Valuation Firms"). The valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses.
Non-controlled debt investments are generally fair valued using the discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:

•With respect to each portfolio company or investment for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

•With respect to each portfolio company or investment for which market quotations are not readily available, the Valuation Designee will engage one or more Valuation Firms to provide a preliminary independent valuations of the investments to the Valuation Designee. The Valuation Firms independently value such investments using quantitative and qualitative information according to the valuation methodologies in the Investment Adviser’s valuation policy;

•The Valuation Designee reviews the recommended valuations and determines the fair value of each investment;

•The Valuation Designee provides to the valuation committee, which is comprised of members of the Investment Adviser’s senior management, its valuation recommendation along with valuation-related information for each portfolio company or investment;
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•Each quarter, the Audit Committee reviews the valuation assessments provided by the Valuation Designee and provides the Board with a report of the results of such review; and

•The Board and Audit Committee each oversee the Valuation Designee and the valuation process.
Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.
The Board is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.
The following tables present the fair value hierarchy of the investments as of:
March 31, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
First Lien Debt$— $31,027 $309,460 $340,487 $— $29,567 $239,278 $268,845 
Other Debt Investments— — 645 645 — — 630 630 
Equity— — 546 546 — — 413 413 
Total$— $31,027 $310,651 $341,678 $— $29,567 $240,321 $269,888 

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025:
First Lien DebtOther Debt InvestmentsEquityTotal Investments
Fair value, beginning of period$239,278 $630 $413 $240,321 
Purchases of investments (1)
76,055 — 138 76,193 
Proceeds from principal repayments and sales of investments (2)
(3,750)— — (3,750)
Accretion of discount/amortization of premium131 — — 131 
Payment-in-kind141 21 2 164 
Net change in unrealized appreciation (depreciation)(382)(6)(7)(395)
Transfers into/out of Level 3 (3)
(2,013)— — (2,013)
Fair value, end of period$309,460 $645 $546 $310,651 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025$(375)$(6)$(7)$(388)
(1) Purchases may include investments received in corporate actions and restructurings.
(2) Sales may include investments delivered in corporate actions and restructurings.
(3) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.
The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2024:
First Lien DebtOther Debt InvestmentsEquityTotal Investments
Fair value, beginning of period$49,629 $16 $— $49,629 
Purchases of investments (1)
20,690 — — 20,690 
Proceeds from principal repayments and sales of investments (2)
(395)— — (395)
Accretion of discount/amortization of premium59 — — 59 
Payment-in-kind9 — — 9 
Net change in unrealized appreciation (depreciation)(19)1 — (19)
Transfers into/out of Level 3 (3)
(924)— — (924)
Fair value, end of period$69,049 $17 $— $69,049 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024$(19)$1 $— $(18)
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(1) Purchases may include investments received in corporate actions and restructurings.
(2) Sales may include investments delivered in corporate actions and restructurings.
(3) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2025 and December 31, 2024, respectively. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

March 31, 2025
Fair
Value
Valuation Technique(3)
Significant Unobservable
Input
Range(1)
Weighted
Average(2)
LowHigh
Investments in first lien debt$309,460 Yield AnalysisDiscount Rate5.85 %16.42 %9.33 %
Other debt645 Yield AnalysisDiscount Rate14.20 %
Preferred equity149 Income ApproachDiscount Rate13.02 %
90 Market ApproachEBITDA Multiple14.50x
Common equity288 Market ApproachEBITDA Multiple12.70x17.50x15.00x
19 Market Approach
Revenue Multiple
22.50x
Total Investments$310,651 

(1) For an asset category that contains a single investment, the range is not included.
(2) Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.
(3) During the three months ended March 31, 2025, one preferred equity position with a fair value of $0.09 million transitioned from an income approach to a market approach valuation technique.

December 31, 2024
Fair
Value
Valuation Technique(2)
Significant Unobservable
Input		Range
Weighted
Average(1)
LowHigh
Investments in first lien debt$239,278 Yield AnalysisDiscount Rate7.92 %15.23 %9.38 %
Other debt630 Yield AnalysisDiscount Rate9.42 %
Preferred equity242 Income ApproachDiscount Rate14.80 %17.50 %16.44 %
Common equity151 Market ApproachEBITDA Multiple13.02x14.80x13.03x
20 Market Approach
Revenue Multiple
7.60x
Total Investments$240,321 

(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.
(2) During the three months ended December 31, 2024, no positions transitioned valuation techniques or valuation approaches.
The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The significant unobservable inputs used in the income approach are the comparative yield or discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.
Financial instruments disclosed but not carried at fair value
The Company’s debt, including its credit facility, is presented at carrying value on the Consolidated Statements of Financial Condition. The fair value of the Company’s credit facility is estimated in accordance with the Company’s valuation policy. The carrying value and fair value of the Company’s debt were as follows:
March 31, 2025December 31, 2024
LevelCarrying ValueFair ValueCarrying ValueFair Value
SMBC Facility3$121,081 $121,081 $91,018 $91,018 
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The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.
(6)DEBT
The Company’s outstanding debt obligations were as follows:
March 31, 2025December 31, 2024
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
SMBC Facility$315,000 $121,081 $193,919 $315,000 $91,018 $223,982 
The Company’s summary information of its debt obligations were as follows:
For the Three Months Ended
March 31, 2025March 31, 2024
Weighted average interest rate(1)
6.58 %8.13 %
Weighted average effective interest rate(2)(3)
7.10 %NM
Weighted average outstanding balance$107,665 $157 
(1) Excludes unused fees and financing costs.
(2) Excludes unused fees.
(3) Not a meaningful measure (“NM”) due to the short duration of the Company’s debt balance outstanding during the 3 month ended March 31, 2024.

SMBC Facility
On July 19, 2023, the Company entered into a Senior Secured Revolving Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “SMBC Facility”) with the Company, as a borrower, Sumitomo Mitsui Banking Corporation (“SMBC”), as administrative agent, lead arranger, and sole bookrunner, and the lenders from time to time party thereto. Pursuant to the SMBC Facility, the lenders have agreed to extend credit to the Company in an aggregate principal amount of up to $315,000, subject to availability under a borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Facility may be increased to $500,000 through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The availability period of the SMBC Facility will terminate on July 25, 2028 and will mature on July 25, 2029.
The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the SMBC Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greater of (a) zero and (b) the highest of (i) the prime rate as publicly announced by The Wall Street Journal, (ii) the sum of the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus 0.5%, and (iii) the rate per annum equal to 1% plus (x) the greater of (A) Term SOFR and (B) zero) plus 1.00% or 1.125%, based on certain borrowing base conditions and (y) for loans for which the Company elects the SOFR option, Term SOFR for such interest period, plus 2.000% or 2.125%, depending on certain borrowing base conditions. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the SMBC Facility.
The summary information of the SMBC Facility is as follows:
For the Three Months Ended
March 31, 2025March 31, 2024
Borrowing interest expense$1,771 $3 
Facility unused commitment fees194 95 
Amortization of deferred financing costs141 101 
Total$2,106 $199 

(7)COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise, and accordingly, the Company has not accrued any liability in connection with such indemnifications.
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The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, the Company had $78,080 and $62,566, respectively, of unfunded commitments to fund delayed draw and revolving senior secured loans.

(8)MEMBERS’ CAPITAL
The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Financial Condition:
As of
March 31, 2025December 31, 2024
Net distributable earnings, beginning of period$1,395 $354 
Net investment income (loss)4,857 11,272 
Net realized gain (loss)— 73 
Net unrealized appreciation (depreciation)(954)1,221 
Distributions declared(5,064)(11,577)
Tax reclassification of unitholders' equity — 52 
Net distributable earnings, end of period$234 $1,395 
The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred were as follow:
Unit Issuance DateClass I Units IssuedProceeds Received
For the three months ended March 31, 2025
January 01, 2025943,938$19,143 
February 01, 2025634,38212,859
March 01, 2025745,02015,087
Total2,323,340 $47,089 
For the three months ended March 31, 2024
January 01, 2024918,507$18,462 
February 01, 2024366,2717,373
March 01, 2024487,3969,826
Total1,772,174 $35,661 
The following table summarizes the Company’s distributions declared and payable were as follow:
Date DeclaredRecord DatePayment DatePer Unit AmountTotal Amount
For the Three Months Ended March 31, 2025
January 27, 2025January 31, 2025February 05, 2025$0.1430 $1,398 
February 27, 2025February 28, 2025March 05, 20250.1429 1,492 
March 25, 2025March 31, 2025April 03, 20250.1430 1,605 
January 27, 2025March 31, 2025April 03, 20250.0507 569 
Total Distributions$0.4796 $5,064 
For the Three Months Ended March 31, 2024
January 29, 2024January 31, 2024February 05, 2024$0.1591 $490 
February 27, 2024February 29, 2024March 05, 20240.1593 551 
March 25, 2024March 31, 2024April 04, 20240.1596 631 
Total Distributions$0.4780 $1,672 

The Company adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless unitholders elect to “opt out” of the DRIP, unitholders will have their cash dividends or distributions automatically reinvested in additional units of same class of units to which the distribution relates, rather than receiving cash. Unitholders who receive distributions in the form of Units will generally be
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subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes.
The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP were as follow:
Payment DateDRIP Units IssuedDRIP Units Value
For the three months ended March 31, 2025
January 06, 202525,363 $514 
February 05, 202528,796 584 
March 05, 202531,379 635 
Total85,538 $1,733 
For the three months ended March 31, 2024
January 04, 20244,483 $90 
February 05, 20249,919 200 
March 05, 202411,682 235 
Total26,084 $525 
Unit Repurchase Program
At the discretion of the Board of Directors, the Company may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. Units purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units.
In the event the amount of Units tendered exceeds the repurchase offer amount, Units will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the unit repurchase plan, as applicable.
The following table further summarizes the unit repurchases completed for the three months ended March 31, 2025:
Repurchase Deadline Request
Percentage of Outstanding Units the Company Offered to Repurchase(1)
Price Paid Per UnitRepurchase Pricing DateAmount RepurchasedNumber of Units Repurchased
Percentage of Outstanding Units Repurchased(1)
Maximum number of units that may yet be purchased under the repurchase program(2)
March 07, 20255.00%$20.18 March 31, 2025$5,024 248,972 2.83 %—
Total$5,024 248,972 
(1)    Percentage is based on total units as of the close of the previous calendar quarter.
(2)    All repurchase requests were satisfied in full.

For the three months ended March 31, 2024, units repurchased as follows:
Repurchase Deadline Request
Percentage of Outstanding Units the Company Offered to Repurchase(1)
Price Paid Per UnitRepurchase Pricing DateAmount RepurchasedNumber of Units Repurchased
Percentage of Outstanding Units Repurchased(1)
Maximum number of units that may yet be purchased under the repurchase program(2)
March 05, 20245.00%$20.13 March 31, 2024$351 17,435 0.44 %—
Total$351 17,435 

(1)    Percentage is based on total units as of the close of the previous calendar quarter.
(2)    All repurchase requests were satisfied in full.


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(9)EARNINGS (LOSS) PER UNIT
The following table sets forth the computation of basic and diluted earnings per Unit:
For the Three Months Ended
March 31, 2025March 31, 2024
Numerator—net increase/(decrease) in Members' Capital resulting from operations$3,903 $1,758 
Denominator—weighted average Units outstanding10,476,131 3,497,628 
Basic and diluted earnings (loss) per Unit$0.37 $0.50 
(10)CONSOLIDATED FINANCIAL HIGHLIGHTS
The following are the financial highlights:
For the Three Months Ended
March 31, 2025March 31, 2024
Per Unit Data:(1)
Net asset value, beginning of period$20.28$20.10
Net investment income (loss)0.460.49
Net unrealized and realized gain (loss)(2)
(0.08)0.02
Net increase (decrease) in net assets resulting from operations0.380.51
Distributions declared(0.48)(0.48)
Total increase (decrease) in net assets(0.10)0.03
Net asset value, end of period$20.18$20.13
Units outstanding, end of period10,971,4093,938,696
Weighted average units outstanding10,476,1313,497,628
Total return based on net asset value(3)
1.88 %2.55 %
Ratio/Supplemental Data:
Members' Capital, end of period$221,363$79,289
Ratio of expenses before waivers to average Members' Capital(4)
6.23 %4.23 %
Ratio of net expenses to average Members’ Capital(4)
5.18 %1.43 %
Ratio of net investment income to average Members’ Capital(4)
9.33 %9.87 %
Asset coverage ratio(5)(6)
283.00 %— %
Portfolio turnover rate1.20 %0.65 %
(1) The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.
(2) The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3) Total return (not annualized) is calculated assuming a purchase of units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP
(4) Amounts are annualized except for incentive fees, organization and offering costs, and other expenses for which expense support was provided, as applicable.
(5) Effective January 31, 2023, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to January 31, 2023, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.
(6) No debt outstanding as of March 31, 2024.



(11)SUBSEQUENT EVENTS
Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.
April Issuances and Distribution Declarations
Pursuant to the Company’s continuous private offering, the Company issued approximately 882,789 Units for an aggregate offering price of $17.8 million effective April 1, 2025.
On April 25, 2025, the Company declared a distribution in the amount of $0.1429 per unit and payable on or around May 5, 2025 to unitholders of record as of April 30, 2025.
May Issuances
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Pursuant to the Company’s continuous private offering, the Company held a close relating to the sale of the Company’s Units for an aggregate offering price of $7.4 million effective May 1, 2025.
Multi-Class Exemptive Relief
On April 15, 2025, the SEC issued an order (the “Multi-Class Order”) granting the Company’s application for exemptive relief from sections 18(a)(2), 18(c), 18(i) and 61(a) under the 1940 Act. Under the terms of the Multi-Class Order, the Company is permitted to offer multiple classes of its common units with varying sales loads and asset-based distribution and/or service fees.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per unit amounts, unless otherwise indicated)
In this Quarterly Report on Form 10-Q, or this “Report,” except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to North Haven Private Income Fund A LLC and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential”, “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:
•our future operating results;
•our business prospects and the prospects of our portfolio companies;
•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events and natural disasters;
•uncertainty and changes in the general interest rate environment;
•general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;
•the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;
•the impact of interruptions in the supply chain on our portfolio companies;
•disruptions related to tariffs and other trade or sanction issues;
•our contractual arrangements and relationships with third parties;
•actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or “Investment Adviser”), and its affiliates;
•the dependence of our future success on the general economy and its effect on the industries in which we invest;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;
•the ability of our Adviser and its affiliates to attract and retain highly talented professionals;
•our ability to maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”), under the Internal Revenue Code of 1986, as amended (the “Code”);
•the impact on our business of U.S. and international financial reform legislation, rules and regulations;
•currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars, could adversely affect the results of our investments in foreign companies;
•the effect of changes in tax laws and regulations and interpretations thereof; and
•the risks, uncertainties and other factors we identify under “Part I, Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and elsewhere in this Report.
The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.
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OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we intend to elect to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are a private, perpetual-life BDC, which is a BDC whose units are not listed for trading on a stock exchange or other securities market. We use the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration whose units are intended to be sold by us monthly on a continuous basis at a price generally equal to our monthly net asset value per unit. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by the Adviser, an indirect wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, Morgan Stanley.
Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company. For the purposes of this Report, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.
We invest primarily in directly originated senior secured term loans, including first lien senior secured term loans (including unitranche loans) and second lien senior secured term loans, with the balance of our investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (such as the Secured Overnight Financing Rate, or SOFR). We also make investments in traded bank loans and other liquid debt securities of U.S. corporate issuers, including broadly syndicated loans, which may provide more liquidity than our private credit investments, for cash management purposes, including to manage payment obligations under our unit repurchase program. Depending on various factors, including our cash flows and the market for middle-market company debt investments, we expect that our liquid loan portfolio could represent a material portion of our investments from time to time.
We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.
Pursuant to the exemptive relief granted by the SEC to us and our Adviser (as amended, the “Order”), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the Order), including any proprietary accounts of Morgan Stanley, if applicable, in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our unitholders and do not involve overreaching in respect of us or our unitholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our unitholders and is consistent with our investment objective and strategies.
We have applied for a new exemptive relief order which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the application). There can be no assurance that we will obtain such new exemptive relief from the SEC.
KEY COMPONENTS OF OUR RESULTS OF OPERATIONS
Investments
Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.
Revenue
We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is generally paid
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quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.
Expenses
Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (the “Investment Advisory Agreement”); (ii) costs and other expenses and our allocable portion of overhead incurred by MS Private Credit Administrative Services LLC (the “Administrator”) in performing its administrative obligations under the administration agreement (the “Administration Agreement”) between us and the Administrator; and (iii) other operating expenses as detailed below:
•initial organization costs and offering costs incurred;
•costs associated with any private offerings of our common units (the “Units”) and any other securities offerings;
•the cost of effecting any sales and repurchases of our Units and other securities;
•calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);
•out of pocket expenses, including travel, entertainment, lodging, and meal expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies (including, without limitation, any reverse termination fees and any liquidated damage and any costs related to broken deals) and monitoring actual portfolio companies and, if necessary, enforcing our rights;
•base management fee and any incentive fees payable under the Investment Advisory Agreement;
•certain costs and expenses relating to distributions paid by us;
•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;
•arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;
•the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;
•amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, settling, clearing, monitoring, holding or disposing of prospective or actual investments;
•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;
•dues and expenses incurred in connection with membership industry or trade organizations;
•fees and expenses payable under any dealer manager agreements;
•escrow agent, distribution agent, transfer agent and custodial fees and expenses;
•costs of derivatives and hedging;
•commissions and other compensation payable to brokers or dealers;
•any fees payable to rating agencies;
•federal and state registration fees;
•U.S. federal, state and local taxes, including any excise taxes;
•costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;
•Independent Director fees and expenses;
•costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of 1940 Act compliance, Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration fees, and the compensation of professionals responsible for the preparation or review of the foregoing;
•the costs of any reports, proxy statements or other notices to our unitholders (including printing and mailing costs), the costs of any unitholders’ meetings, and costs and expenses of preparation for the foregoing and related matters;
•the costs of specialty and custom software for monitoring risk, compliance and overall investments;
•fees and expenses associated with marketing efforts;
•any fidelity bond required by applicable law;
•any necessary insurance premiums;
•any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company),
•direct fees and expenses associated with independent audits, agency, consulting and legal costs;
•cost of winding up; and
•all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement based upon our allocable portion of the compensation paid to our Chief
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Financial Officer and Chief Compliance Officer and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.
We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.
PORTFOLIO AND INVESTMENT ACTIVITY
Our portfolio is presented below:
March 31, 2025December 31, 2024
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$340,074 $340,487 99.6 %$267,555 $268,845 99.6 %
Other Debt Investments
647 645 0.2 626 630 0.2 
Equity
539 546 0.2 398 413 0.2 

Total$341,260 $341,678 100.0 %$268,579 $269,888 100.0 %

Our debt portfolio (excluding our liquid loan portfolio) displayed the following characteristics of each of our investments(1)(2), unless otherwise noted:
As of
March 31, 2025December 31, 2024
Number of portfolio companies138 128 
Number of new investment commitments in portfolio companies11 92 
Number of investment commitments exited or fully repaid1 5 
Percentage of debt investments bearing a floating rate, at fair value99.8 %99.8 %
Percentage of debt investments bearing a fixed rate, at fair value0.2 %0.2 %
Weighted average yield on debt and income producing investments, at cost(3)
9.5 %9.7 %
Weighted average yield on debt and income producing investments, at fair value(3)
9.5 %9.7 %
Weighted average 12-month EBITDA$145.3$161.8
Median 12-month EBITDA$102.8$111.3
Weighted average net leverage through tranche(4)
6.0x6.2x
Weighted average interest coverage(5)
1.9x1.7x
Weighted average loan to value(6)
39.5 %40.4 %
Percentage of debt investments with one or more financial covenants50.4 %50.7 %
Percentage of our debt investments that are sponsor backed98.7 %99.6 %
Percentage of loans and other debt in support of LBOs and acquisitions66.8 %59.7 %
Percentage of our debt portfolio subject to business cycle volatility4.4 %6.1 %
Average position size of our investments$2.5 $2.1 
(1) Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche that the Company is a lender and loan to value exclude recurring revenue investments, which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.
(2) Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.
(3) Computed as (a) the annual stated spread, plus applicable reference rate, as applicable, plus the annual accretion of discounts, as applicable, on accruing debt securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.
(4) Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche that the Company is a lender, excluding recurring revenue investments.
(5) Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.
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(6) Calculated using total outstanding debt through the tranche that the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.


Investment Activity
Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):
For the Three Months Ended
March 31, 2025March 31, 2024
New investments committed
Gross principal balance(1)
$101,500 $30,064 
Net new investments committed$101,500 $30,064 
Investments, at cost
Investments, beginning of period$268,579 $51,386 
New investments purchased76,225 20,730 
Net accretion of discount on investments131 64 
Payment-in-kind164 9 
Net realized gain (loss) on investments— — 
Investments sold or repaid(3,839)(403)
Investments, end of period$341,260 $71,786 
Principal amount of investments funded
First lien debt76,584 21,037 
Second lien debt— — 
Other debt investments— — 
Equity(2)
145 — 
Total$76,729 $21,037 
Amount of investments sold/fully repaid, at principal
First lien debt investments$(3,839)$— 
Total$(3,839)$— 

(1) Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.
(2) Represents dollar amount of equity investments funded.

Investment Performance Rating
As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser’s Internal Risk Rating system:
Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company, or the likelihood of a potential exit.
Risk Rating 2 — In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 2 investments are generally performing in line with our initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Risk Rating 2.
Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.
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Risk Rating 4 — In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.
The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System is as follows:
 March 31, 2025December 31, 2024
Fair Value% of TotalFair Value% of Total
Risk rating 1$— — %$— — %
Risk rating 2341,678 100.0 269,888 100.0 
Risk rating 3— — — — 
Risk rating 4— — — — 
Total$341,678 100.0 %$269,888 100.0 %
The table below presents the amortized cost of our performing and non-accrual debt investments as of the following periods:
March 31, 2025December 31, 2024
Amortized Cost% of TotalAmortized Cost% of Total
Performing$341,260 100.0 %$268,579 100.0 %
Non-accrual— — — — 
Total$341,260 100.0 %$268,579 100.0 %
Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. We may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

CONSOLIDATED RESULTS OF OPERATIONS
The following table represents our operating results:
For the Three Months Ended
March 31, 2025March 31, 2024
Total investment income$7,619 $1,992 
Less: Net expenses2,762 275 
Net investment income (loss) 4,857 1,717 
Less: Excise tax expense— — 
Net investment income (loss) after taxes4,857 1,717 
Net change in unrealized appreciation (depreciation)(954)41 
Net realized gain (loss)— — 
Net increase (decrease) in Members' Capital resulting from operations$3,903 $1,758 
Investment Income
Investment income was as follows:
For the Three Months Ended
March 31, 2025March 31, 2024
Investment income:
Interest income$7,414 $1,933 
Payment-in-kind income193 15 
Dividend income3 — 
Other income9 44 
Total Investment Income$7,619 $1,992 
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In the table above, total investment income increased from $1,992 for the three months ended March 31, 2024 to $7,619 for the three months ended March 31, 2025. The increase was primarily driven by our deployment of capital. The size of our investment portfolio at cost increased from $268,579 as of December 31, 2024 to $341,260 as of March 31, 2025.


Expenses
Expenses were as follows:
For the Three Months Ended
March 31, 2025March 31, 2024
Expenses:
Interest and other financing expenses$2,106 $199 
Management fees638 201 
Income based incentive fees614 185 
Capital gains incentive fees(119)5 
Professional fees260 184 
Directors' fees26 26 
Administrative service fees71 41 
Organization and offering costs— 25 
General and other expenses46 40 
Total expenses$3,642 $906 
Income based incentive fee waiver (Note 3) (440)(185)
Expense support (Note 3)— (245)
Management fees waiver (Note 3)(440)(201)
Net expenses$2,762 $275 
Excise tax expense$— $— 
Interest and Other Financing Expenses
•Interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, increased from $199 for the three months ended March 31, 2024, to $2,106 for the three months ended March 31, 2025. The increase was primarily driven by our increased borrowings. Our debt outstanding (at par) increased from $91,018 as of December 31, 2024 to $121,081 as of March 31, 2025.
Base Management Fee
•For the three months ended March 31, 2025 and March 31, 2024, management fees net of waiver was $198 and $—.
Incentive Fee
•For the three months ended March 31, 2025 and March 31, 2024, income-based incentive fees net of waiver was $174 and $—. For the three months ended March 31, 2025 and March 31, 2024, capital gains incentive fees accrued to the Investment Adviser were $(119) and $5, respectively.
Professional Fees, Administrative Service Fee and Other Expenses
•Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company which include costs of a financial printer utilized for certain preparation, printing and distribution services related to the offering materials.










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Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments
For the Three Months Ended
March 31, 2025March 31, 2024
Net realized and unrealized gain (loss):
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments$(955)$41 
Translation of assets and liabilities in foreign currencies1 — 
Net realized and unrealized gain (loss)$(954)$41 


For the three months ended March 31, 2025 , net change in unrealized depreciation on our investments of $(955) was primarily driven by the net decrease of valuations of our debt and equity investments as a result of the changes in spreads in the primary and secondary markets.



FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
We generate cash from the net proceeds of offerings of our Units, net borrowings from our credit facility, and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of any closing of our continuous private offering of our Units. Our primary use of cash is investments in portfolio companies, payments of our expenses, funding repurchases under our unit repurchase program and payment of cash distributions to our unitholders. Details of our credit facilities are described in “—Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.
As of March 31, 2025, we had approximately $27.5 million of cash, which taken together with our approximately $193.9 million of availability under the SMBC Facility (subject to borrowing base availability) (as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements), respectively, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of March 31, 2025, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $78.08 million.
Unregistered Sales of Equity Securities
The following table summarizes total Units issued and proceeds received for the three months ended March 31, 2025 and March 31, 2024, respectively:
Unit Issuance DateClass I Units IssuedProceeds Received
For the three months ended March 31, 2025
January 01, 2025943,938 $19,143 
February 01, 2025634,38212,859
March 01, 2025745,02015,087
Total2,323,340 $47,089 
For the three months ended March 31, 2024
January 01, 2024918,507$18,462 
February 01, 2024366,2717,373
March 01, 2024487,3969,826
Total1,772,174 $35,661 





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Distribution Reinvestment
The following table summarizes our distributions declared and payable for the three months ended March 31, 2025 and March 31, 2024, respectively:
Date DeclaredRecord DatePayment DatePer Unit AmountTotal Amount
For the Three Months Ended March 31, 2025
January 27, 2025January 31, 2025February 05, 2025$0.1430 $1,398 
February 27, 2025February 28, 2025March 05, 20250.1429 1,492 
March 25, 2025March 31, 2025April 03, 20250.1430 1,605 
January 27, 2025March 31, 2025April 03, 20250.0507 569 
Total Distributions$0.4796 $5,064 
For the Three Months Ended March 31, 2024
January 29, 2024January 31, 2024February 05, 2024$0.1591 $490 
February 27, 2024February 29, 2024March 05, 20240.1593 551 
March 25, 2024March 31, 2024April 04, 20240.1596 631 
Total Distributions$0.4780 $1,672 

We have adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless unitholders elect to “opt out” of the DRIP, unitholders will have their cash dividends or distributions automatically reinvested in additional units of the same class of units to which the distribution relates, rather than receiving cash. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes.

The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP were as follow:
Payment DateDRIP Units IssuedDRIP Units Value
For the three months ended March 31, 2025
January 06, 202525,363 $514 
February 05, 202528,796 584 
March 05, 202531,379 635 
Total85,538 $1,733 
For the three months ended March 31, 2024
January 04, 20244,483 90 
February 05, 20249,919 200 
March 05, 202411,682 235 
Total26,084 $525 
Unit Repurchase Program
At the discretion of the Board of Directors, we may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. The limitations and restrictions described in the applicable offer to repurchase Units may prevent us from accommodating all repurchase requests made in any quarter. The unit repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market. We will offer to repurchase Units on such terms as may be determined by our Board of Directors in its complete and absolute discretion.





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The following table further summarizes the unit repurchases completed for the three months ended March 31, 2025:
Repurchase Deadline Request
Percentage of Outstanding Units the Company Offered to Repurchase(1)
Price Paid Per UnitRepurchase Pricing DateAmount RepurchasedNumber of Units Repurchased
Percentage of Outstanding Units Repurchased(1)
Maximum number of units that may yet be purchased under the repurchase program(2)
March 07, 20255.00%$20.18 March 31, 2025$5,024 248,972 2.83 %—
Total$5,024 248,972 
(1)    Percentage is based on total units as of the close of the previous calendar quarter.
(2)    All repurchase requests were satisfied in full.
For the three months ended March 31, 2024, units repurchased as follows.
Repurchase Deadline Request
Percentage of Outstanding Units the Company Offered to Repurchase(1)
Price Paid Per UnitRepurchase Pricing DateAmount RepurchasedNumber of Units Repurchased
Percentage of Outstanding Units Repurchased(1)
Maximum number of units that may yet be purchased under the repurchase program(2)
March 05, 20245.00%$20.13 March 31, 2024$351 17,435 0.44 %—
Total$351 17,435 
(1)    Percentage is based on total units as of the close of the previous calendar quarter.
(2)    All repurchase requests were satisfied in full.
Debt
Our outstanding debt obligations were as follows:
March 31, 2025December 31, 2024
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
SMBC Facility$315,000 $121,081 $193,919 $315,000 $91,018 $223,982 
For further details, see Note 6 “Debt” to our consolidated financial statements included in this Report.

RECENT DEVELOPMENTS
April Issuances and Distribution Declarations
Pursuant to our continuous private offering, we issued approximately 882,789 Units for an aggregate offering price of $17.8 million effective April 1, 2025.
On April 25, 2025, we declared a distribution in the amount of $0.1429 per unit and payable on or around May 5, 2025 to unitholders of record as of April 30, 2025.
May Issuances
Pursuant to our continuous private offering, we held a close relating to the sale of our Units for an aggregate offering price of $7.4 million effective May 1, 2025.
Multi-Class Exemptive Relief
On April 15, 2025, the SEC issued an order (the “Multi-Class Order”) granting our application for exemptive relief from sections 18(a)(2), 18(c), 18(i) and 61(a) under the 1940 Act. Under the terms of the Multi-Class Order, we are permitted to offer multiple classes of common units with varying sales loads and asset-based distribution and/or service fees.


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CRITICAL ACCOUNTING ESTIMATES
The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1 of this Report, including Note 2 “Significant Accounting Policies.”

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For further discussion and disclosure of key inputs and considerations related to this estimate, refer to "Note 5—Fair Value Measurements" included in the notes to the consolidated financial statements in Part 1, Item 1 of this Report.
RELATED PARTY TRANSACTIONS
We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):
•the Investment Advisory Agreement;
•the Administration Agreement;
•the Placement Agent Agreement;
•the MSDI Agreement; and
•the Expense Support Agreement.
For further details see Note 3. “Related Party Transactions” to our consolidated financial statements included in this Report.

MS Credit Partners Holdings, an indirect wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, has entered into subscription agreements to purchase Units up to an aggregate amount of $25,000 or such amount so that the Company is not considered to be “controlled” by Morgan Stanley or its affiliates for purposes of the Bank Holding Company Act of 1956, as amended from time to time. As of March 31, 2025, MS Credit Partners Holdings has made an aggregate capital contribution of $7,663, in exchange for 379,961 Units. MS Credit Partners Holdings, has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including valuation risk, market risk and interest rate risk.
Valuation Risk
We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by our Board of Directors, based on, among other things, the input of the Investment Adviser, including the Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of our Board of Directors, or our Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.
Market Risk
The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, international conflicts, trade policies and tariffs, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I, Item 1A. Risk Factors—General Risk Factors—We are operating in a period of capital markets disruption and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.” and “Part I, Item 1A. Risk Factors—General Risk Factors—Terrorist attacks, acts of war, natural disasters, outbreaks or
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pandemics, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” of our most recent Annual Report on Form 10-K.
Interest Rate Risk
We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2025, approximately 99.8% of our debt investments were at floating rates. Based on our Consolidated Statements of Financial Condition as of March 31, 2025, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of March 31, 2025) (dollar amounts in thousands):
InterestInterestNet
Basis Point Change - Interest RatesIncomeExpenseIncome
Up 300 basis points$10,287 $(3,633)$6,654 
Up 200 basis points$6,858 $(2,422)$4,436 
Up 100 basis points$3,429 $(1,211)$2,218 
Up 25 basis points$857 $(303)$554 
Down 25 basis points$(857)$303 $(554)
Down 100 basis points$(3,429)$1,211 $(2,218)
Down 200 basis points$(6,858)$2,422 $(4,436)
Down 300 basis points$(10,287)$3,633 $(6,654)
We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
As of March 31, 2025 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred for the fiscal quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II
Item 1. Legal Proceedings
The Company, the Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Adviser, and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company.

See also “Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data” of this Form 10-Q.

Item 1A. Risk Factors
In addition to the other information set forth in this Report, you should carefully consider the risk factors set forth below and the risk factors previously disclosed under Item 1A of the Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.
We may be subject to risks associated with our investments in the software industry.
We could invest in portfolio companies in the software industry and a downturn in the industry could significantly impact the aggregate returns we realize on such investments. For example, portfolio companies in the software industry are subject to a number of risks. The revenue, income (or losses) and valuations of software and other technology-related companies can and often do fluctuate suddenly and dramatically. In addition, because of rapid technological change, the average selling prices of software products have historically decreased over their productive lives. As a result, the average selling prices of software offered by our portfolio companies may decrease over time, which could adversely affect their operating results and, correspondingly, the value of any securities that we may hold. Additionally, companies operating in the software industry are subject to vigorous competition, changing technology, changing client and end-consumer needs, evolving industry standards and frequent introductions of new products and services. Our portfolio companies in the software industry could compete with companies that are larger and could be engaged in a greater range of businesses or have greater financial, technical, sales or other resources than our portfolio companies do. Our portfolio companies could lose market share if their competitors introduce or acquire new products that compete with their software and related services or add new features to existing products. Any deterioration in the results of our portfolio companies due to competition or otherwise could, in turn, materially adversely affect our business, financial condition and results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Sales of Unregistered Securities
Refer to “Item 1, Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 8. Members’ Capital” in this Report, the Annual Report on Form 10-K and our Current Report on Form 8-K filed on January 29, 2025, February 27, 2025, and March 27, 2025 for the issuance of our Units for the three months ended March 31, 2025. Such issuances were part of our continuous private offering and were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.
Issuer Purchases of Equity Securities
At the discretion of the Board of Directors, we have in the past and may in the future conduct quarterly repurchase offers pursuant to a unit repurchase program. The purpose of the unit repurchase program is to provide liquidity to unitholders. We intend to limit the number of Units to be repurchased in each quarter to no more than 5% of our outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end. All Units purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units. Any Units to be purchased from any of our officers, directors or affiliates will be on the same terms and conditions as any other purchase of Units.
On February 5, 2025, we announced a quarterly tender offer that commenced on February 6, 2025 and ended at 12:01 a.m., Eastern Time, on March 7, 2025 (the “Offer”). Because there is no secondary trading market for our Units, our Board of Directors determined, after consideration of various matters, that the Offer was in the best interests of unitholders in order to provide liquidity for our unitholders. Approximately 248,972 of our Units were validly tendered and not withdrawn prior to the expiration of the Offer. The Units were repurchased at a price of $20.18 per Unit, which represents the net asset value per Unit as of March 31, 2025. The payment of the purchase price of the Units tendered was promptly made in cash issued to the unitholders whose tenders were accepted for purchase by us in accordance with the terms of the Offer.
Item 3: Defaults Upon Senior Securities
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None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
Rule 10b5-1 Trading Plans
During the fiscal quarter ended March 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Item 6. Exhibits

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

ExhibitDescription
31.1*
31.2*
32.1**
32.2**
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)
*Filed herewith
**Furnished herewith

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


North Haven Private Income Fund A LLC
Dated: May 13, 2025
By:/s/ Jeffrey S. Levin
Jeffrey S. Levin
Director and Chief Executive Officer (Principal Executive Officer)
Dated: May 13, 2025
By:/s/ David Pessah
David Pessah
Chief Financial Officer
(Principal Financial Officer)

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