lgam-20250331
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International CP, First Lien Debt 12025-03-310001983514Mantech International CP, First Lien Debt 22025-03-310001983514Mantech International CP, First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:AerospaceAndDefenseSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Sonny's Enterprises, LLC, First Lien Debt 12025-03-310001983514Sonny's Enterprises, LLC, First Lien Debt 22025-03-310001983514Sonny's Enterprises, LLC, First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:AutomobileComponentsSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514COP Collisionright Parent, LLC, First Lien Debt 12025-03-310001983514COP Collisionright Parent, LLC, First Lien Debt 22025-03-310001983514COP Collisionright Parent, LLC, First Lien Debt 32025-03-310001983514Drivecentric Holdings, LLC, First Lien Debt 12025-03-310001983514Drivecentric Holdings, LLC, First Lien Debt 22025-03-310001983514Vehlo Purchaser, LLC, First Lien Debt 12025-03-310001983514Vehlo Purchaser, LLC, First Lien Debt 22025-03-310001983514Vehlo Purchaser, LLC, First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:AutomobilesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Triton Water Holdings, Inc., First Lien Debt2025-03-310001983514Vamos Bidco, Inc., First Lien Debt 12025-03-310001983514Vamos Bidco, Inc., First Lien Debt 22025-03-310001983514Vamos Bidco, Inc., First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514GraphPad Software, LLC, First Lien Debt 12025-03-310001983514GraphPad Software, LLC, First Lien Debt 22025-03-310001983514GraphPad Software, LLC, First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:BiotechnologySectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Project Potter Buyer, LLC, First Lien Debt 12025-03-310001983514Project Potter Buyer, LLC, First Lien Debt 22025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:BuildingProductsSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Tank Holding Corp., First Lien Debt 12025-03-310001983514Tank Holding Corp., First Lien Debt 22025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Consor Intermediate II, LLC, First Lien Debt 12025-03-310001983514Consor Intermediate II, LLC, First Lien Debt 22025-03-310001983514Consor Intermediate II, LLC, First Lien Debt 32025-03-310001983514CRCI Longhorn Holdings, Inc., First Lien Debt 12025-03-310001983514CRCI Longhorn Holdings, Inc., First Lien Debt 22025-03-310001983514CRCI Longhorn Holdings, Inc., First Lien Debt 32025-03-310001983514EnergySolutions, LLC, First Lien Debt2025-03-310001983514Firebird Acquisition Corp, Inc., First Lien Debt 12025-03-310001983514Firebird Acquisition Corp, Inc., First Lien Debt 22025-03-310001983514Firebird Acquisition Corp, Inc., First Lien Debt 32025-03-310001983514Hercules Borrower, LLC, First Lien Debt2025-03-310001983514HSI Halo Acquisition, Inc., First Lien Debt 12025-03-310001983514HSI Halo Acquisition, Inc., First Lien Debt 22025-03-310001983514HSI Halo Acquisition, Inc., First Lien Debt 32025-03-310001983514Pye-Barker Fire & Safety, LLC, First Lien Debt 12025-03-310001983514Pye-Barker Fire & Safety, LLC, First Lien Debt 22025-03-310001983514Pye-Barker Fire & Safety, LLC, First Lien Debt 32025-03-310001983514Routeware, Inc., First Lien Debt 12025-03-310001983514Routeware, Inc., First Lien Debt 22025-03-310001983514Routeware, Inc., First Lien Debt 32025-03-310001983514Transit Technologies, LLC, First Lien Debt 12025-03-310001983514Transit Technologies, LLC, First Lien Debt 22025-03-310001983514Transit Technologies, LLC, First Lien Debt 32025-03-310001983514Vensure Employer Services, Inc., First Lien Debt 12025-03-310001983514Vensure Employer Services, Inc., First Lien Debt 22025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:CommercialServicesAndSuppliesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Arcoro Holdings Corp., First Lien Debt 12025-03-310001983514Arcoro Holdings Corp., First Lien Debt 22025-03-310001983514Superman Holdings, LLC, First Lien Debt 12025-03-310001983514Superman Holdings, LLC, First Lien Debt 22025-03-310001983514Superman Holdings, LLC, First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514PDI TA Holdings, Inc., First Lien Debt 12025-03-310001983514PDI TA Holdings, Inc., First Lien Debt 22025-03-310001983514PDI TA Holdings, Inc., First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:ConsumerStaplesDistributionAndRetailSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Bradyplus Holdings, LLC, First Lien Debt 12025-03-310001983514Bradyplus Holdings, LLC, First Lien Debt 22025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Any Hour, LLC, First Lien Debt 12025-03-310001983514Any Hour, LLC, First Lien Debt 22025-03-310001983514Any Hour, LLC, First Lien Debt 32025-03-310001983514Any Hour, LLC, Other Debt2025-03-310001983514DA Blocker Corp., First Lien Debt 12025-03-310001983514DA Blocker Corp., First Lien Debt 22025-03-310001983514DA Blocker Corp., First Lien Debt 32025-03-310001983514Eclipse Buyer, Inc., First Lien Debt 12025-03-310001983514Eclipse Buyer, Inc., First Lien Debt 22025-03-310001983514Eclipse Buyer, Inc., First Lien Debt 32025-03-310001983514Essential Services Holding Corporation, First Lien Debt 12025-03-310001983514Essential Services Holding Corporation, First Lien Debt 22025-03-310001983514Essential Services Holding Corporation, First Lien Debt 32025-03-310001983514EVDR Purchaser, Inc., First Lien Debt 12025-03-310001983514EVDR Purchaser, Inc., First Lien Debt 22025-03-310001983514EVDR Purchaser, Inc., First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:DiversifiedConsumerServicesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Spark Buyer, LLC, First Lien Debt 12025-03-310001983514Spark Buyer, LLC, First Lien Debt 22025-03-310001983514Spark Buyer, LLC, First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514NSI Holdings, Inc., First Lien Debt 12025-03-310001983514NSI Holdings, Inc., First Lien Debt 22025-03-310001983514NSI Holdings, Inc., First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514MAI Capital Management Intermediate, LLC, First Lien Debt 12025-03-310001983514MAI Capital Management Intermediate, LLC, First Lien Debt 22025-03-310001983514MAI Capital Management Intermediate, LLC, First Lien Debt 32025-03-310001983514PMA Parent Holdings, LLC, First Lien Debt 12025-03-310001983514PMA Parent Holdings, LLC, First Lien Debt 22025-03-310001983514RFS Opco, LLC, First Lien Debt 12025-03-310001983514RFS Opco, LLC, First Lien Debt 22025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514SV Newco 2, Inc., First Lien Debt 12025-03-310001983514SV Newco 2, Inc., First Lien Debt 22025-03-310001983514SV Newco 2, Inc., First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:GroundTransportationSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Medline Borrower, LP, First Lien Debt2025-03-310001983514Tidi Legacy Products, Inc., First Lien Debt 12025-03-310001983514Tidi Legacy Products, Inc., First Lien Debt 22025-03-310001983514Tidi Legacy Products, Inc., First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:HealthCareEquipmentAndSuppliesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514DCA Investment Holdings, LLC, First Lien Debt2025-03-310001983514iCIMS, Inc., First Lien Debt 12025-03-310001983514iCIMS, Inc., First Lien Debt 22025-03-310001983514Imagine 360, LLC, First Lien Debt 12025-03-310001983514Imagine 360, LLC, First Lien Debt 22025-03-310001983514Imagine 360, LLC, First Lien Debt 32025-03-310001983514Invictus Buyer, LLC, First Lien Debt 12025-03-310001983514Invictus Buyer, LLC, First Lien Debt 22025-03-310001983514Invictus Buyer, LLC, First Lien Debt 32025-03-310001983514PPV Intermediate Holdings, LLC, First Lien Debt 12025-03-310001983514PPV Intermediate Holdings, LLC, First Lien Debt 22025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Hyland Software, Inc., First Lien Debt 12025-03-310001983514Hyland Software, Inc., First Lien Debt 22025-03-310001983514Project Ruby Ultimate Parent Corp., First Lien Debt2025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:HealthCareTechnologySectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Aptean, Inc., First Lien Debt 12025-03-310001983514Aptean, Inc., First Lien Debt 22025-03-310001983514Aptean, Inc., First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Alliant Holdings Intermediate, LLC, First Lien Debt2025-03-310001983514Foundation Risk Partners Corp., First Lien Debt 12025-03-310001983514Foundation Risk Partners Corp., First Lien Debt 22025-03-310001983514Galway Borrower, LLC, First Lien Debt 12025-03-310001983514Galway Borrower, LLC, First Lien Debt 22025-03-310001983514Higginbotham Insurance Agency, Inc., First Lien Debt 12025-03-310001983514Higginbotham Insurance Agency, Inc., First Lien Debt 22025-03-310001983514High Street Buyer, Inc., First Lien Debt2025-03-310001983514Integrity Marketing Acquisition, LLC, First Lien Debt 12025-03-310001983514Integrity Marketing Acquisition, LLC, First Lien Debt 22025-03-310001983514Patriot Growth Insurance Services, LLC, First Lien Debt2025-03-310001983514Peter C. Foy & Associates Insurance Services, LLC, First Lien Debt 12025-03-310001983514Peter C. Foy & Associates Insurance Services, LLC, First Lien Debt 22025-03-310001983514RSC Acquisition, Inc., First Lien Debt 12025-03-310001983514RSC Acquisition, Inc., First Lien Debt 22025-03-310001983514USI, Inc., First Lien Debt2025-03-310001983514World Insurance Associates, LLC, First Lien Debt2025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Apollo Acquisition, Inc., First Lien Debt 12025-03-310001983514Apollo Acquisition, Inc., First Lien Debt 22025-03-310001983514Apollo Acquisition, Inc., First Lien Debt 32025-03-310001983514Asurion, LLC, First Lien Debt2025-03-310001983514GI DI Cornfield Acquisition, LLC, First Lien Debt 12025-03-310001983514GI DI Cornfield Acquisition, LLC, First Lien Debt 22025-03-310001983514Ridge Trail US Bidco, Inc., First Lien Debt 12025-03-310001983514Ridge Trail US Bidco, Inc., First Lien Debt 22025-03-310001983514Ridge Trail US Bidco, Inc., First Lien Debt 32025-03-310001983514Thrive Buyer, Inc. (Thrive Networks), First Lien Debt 12025-03-310001983514Thrive Buyer, Inc. (Thrive Networks), First Lien Debt 22025-03-310001983514Thrive Buyer, Inc. (Thrive Networks), First Lien Debt 32025-03-310001983514Victors Purchaser, LLC, First Lien Debt 12025-03-310001983514Victors Purchaser, LLC, First Lien Debt 22025-03-310001983514Victors Purchaser, LLC, First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:ITServicesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Model N, Inc., First Lien Debt 12025-03-310001983514Model N, Inc., First Lien Debt 22025-03-310001983514Model N, Inc., First Lien Debt 32025-03-310001983514Parexel International Corporation, First Lien Debt2025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:LifeSciencesToolsAndServicesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514TK Elevator US Newco, Inc., First Lien Debt2025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:MachinerySectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514AWP Group Holdings, Inc., First Lien Debt 12025-03-310001983514AWP Group Holdings, Inc., First Lien Debt 22025-03-310001983514AWP Group Holdings, Inc., First Lien Debt 32025-03-310001983514Vessco Midco Holdings, LLC, First Lien Debt 12025-03-310001983514Vessco Midco Holdings, LLC, First Lien Debt 22025-03-310001983514Vessco Midco Holdings, LLC, First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:UtilitiesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Accordion Partners, LLC, First Lien Debt 12025-03-310001983514Accordion Partners, LLC, First Lien Debt 22025-03-310001983514Accordion Partners, LLC, First Lien Debt 32025-03-310001983514Ascend Partner Services, LLC, First Lien Debt 12025-03-310001983514Ascend Partner Services, LLC, First Lien Debt 22025-03-310001983514Ascend Partner Services, LLC, First Lien Debt 32025-03-310001983514Bullhorn, Inc., First Lien Debt 12025-03-310001983514Bullhorn, Inc., First Lien Debt 22025-03-310001983514Bullhorn, Inc., First Lien Debt 32025-03-310001983514Carr, Riggs and Ingram Capital, LLC, First Lien Debt 12025-03-310001983514Carr, Riggs and Ingram Capital, LLC, First Lien Debt 22025-03-310001983514Carr, Riggs and Ingram Capital, LLC, First Lien Debt 32025-03-310001983514ComPsych Investment Corp., First Lien Debt 12025-03-310001983514ComPsych Investment Corp., First Lien Debt 22025-03-310001983514Corporation Service Company, First Lien Debt2025-03-310001983514Crisis Prevention Institute, Inc., First Lien Debt2025-03-310001983514IG Investment Holdings, LLC, First Lien Debt 12025-03-310001983514IG Investment Holdings, LLC, First Lien Debt 22025-03-310001983514UHY Advisors, Inc., First Lien Debt 12025-03-310001983514UHY Advisors, Inc., First Lien Debt 22025-03-310001983514UHY Advisors, Inc., First Lien Debt 32025-03-310001983514Verdantas, LLC, First Lien Debt 12025-03-310001983514Verdantas, LLC, First Lien Debt 22025-03-310001983514Verdantas, LLC, First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Associations, Inc., First Lien Debt 12025-03-310001983514Associations, Inc., First Lien Debt 22025-03-310001983514Associations, Inc., First Lien Debt 32025-03-310001983514Inhabitiq, Inc., First Lien Debt 12025-03-310001983514Inhabitiq, Inc., First Lien Debt 22025-03-310001983514Inhabitiq, Inc., First Lien Debt 32025-03-310001983514MRI Software, LLC, First Lien Debt 12025-03-310001983514MRI Software, LLC, First Lien Debt 22025-03-310001983514MRI Software, LLC, First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Artifact Bidco, Inc., First Lien Debt 12025-03-310001983514Artifact Bidco, Inc., First Lien Debt 22025-03-310001983514Artifact Bidco, Inc., First Lien Debt 32025-03-310001983514AuditBoard, Inc., First Lien Debt 12025-03-310001983514AuditBoard, Inc., First Lien Debt 22025-03-310001983514AuditBoard, Inc., First Lien Debt 32025-03-310001983514Banyan Software Holdings, LLC, First Lien Debt 12025-03-310001983514Banyan Software Holdings, LLC, First Lien Debt 22025-03-310001983514Banyan Software Holdings, LLC, First Lien Debt 32025-03-310001983514Central Parent, Inc., First Lien Debt2025-03-310001983514Diligent Corporation, First Lien Debt 12025-03-310001983514Diligent Corporation, First Lien Debt 22025-03-310001983514Diligent Corporation, First Lien Debt 32025-03-310001983514Espresso Bidco, Inc., First Lien Debt 12025-03-310001983514Espresso Bidco, Inc., First Lien Debt 22025-03-310001983514Espresso Bidco, Inc., First Lien Debt 32025-03-310001983514Everbridge Holdings, LLC, First Lien Debt 12025-03-310001983514Everbridge Holdings, LLC, First Lien Debt 22025-03-310001983514Everbridge Holdings, LLC, First Lien Debt 32025-03-310001983514Formstack Acquisition Co, First Lien Debt 12025-03-310001983514Formstack Acquisition Co, First Lien Debt 22025-03-310001983514Formstack Acquisition Co, First Lien Debt 32025-03-310001983514Granicus, Inc., First Lien Debt 12025-03-310001983514Granicus, Inc., First Lien Debt 22025-03-310001983514Granicus, Inc., First Lien Debt 32025-03-310001983514GS AcquisitionCo, Inc., First Lien Debt 12025-03-310001983514GS AcquisitionCo, Inc., First Lien Debt 22025-03-310001983514GS AcquisitionCo, Inc., First Lien Debt 32025-03-310001983514Hootsuite, Inc., First Lien Debt 12025-03-310001983514Hootsuite, Inc., First Lien Debt 22025-03-310001983514Icefall Parent, Inc., First Lien Debt 12025-03-310001983514Icefall Parent, Inc., First Lien Debt 22025-03-310001983514LogRhythm, Inc., First Lien Debt 12025-03-310001983514LogRhythm, Inc., First Lien Debt 22025-03-310001983514Nasuni Corporation, First Lien Debt 12025-03-310001983514Nasuni Corporation, First Lien Debt 22025-03-310001983514Onit, Inc., First Lien Debt 12025-03-310001983514Onit, Inc., First Lien Debt 22025-03-310001983514Onit, Inc., First Lien Debt 32025-03-310001983514Saturn Borrower, Inc., First Lien Debt 12025-03-310001983514Saturn Borrower, Inc., First Lien Debt 22025-03-310001983514Saturn Borrower, Inc., First Lien Debt 32025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Les Schwab Tire Centers, First Lien Debt2025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:SpecialtyRetailSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001983514Total Debt Investments - non-controlled/non-affiliated, First Lien Debt2025-03-310001983514KWOR Acquisition, Inc., Second Lien Debt2025-03-310001983514KWOR Acquisition, Inc., Other Debt2025-03-310001983514KWOR Acquisition, Inc., First Lien Debt 12025-03-310001983514KWOR Acquisition, Inc., First Lien Debt 22025-03-310001983514Total Debt Investments - non-controlled/affiliated, First Lien Debt2025-03-310001983514Total Debt Investments, First Lien Debt2025-03-310001983514Firebird Acquisition Corp, Inc., Common Equity2025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:CommercialServicesAndSuppliesSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001983514Eclipse Topco, Inc., Preferred Equity2025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:DiversifiedConsumerServicesSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001983514Sparkstone Electrical Group, Common Equity2025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:ElectricalEquipmentSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001983514Verdantas, LLC, Common Equity2025-03-310001983514Verdantas, LLC, Preferred Equity2025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberlgam:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001983514us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-03-310001983514KWOR Intermediate I, Inc., Common Equity2025-03-310001983514KWOR Intermediate I, Inc., Preferred Equity2025-03-310001983514us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberlgam:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001983514us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-03-310001983514us-gaap:EquitySecuritiesMember2025-03-310001983514lgam:TotalPortfolioInvestmentsMember2025-03-310001983514J.P. Morgan US Government Money Market Fund2025-03-310001983514Cash, Preferred Equity2025-03-310001983514us-gaap:CashAndCashEquivalentsMember2025-03-310001983514lgam:TotalPortfolioInvestmentsCashAndCashEquivalentsMember2025-03-310001983514lgam:CanadianOvernightRepoRateAverageCORRAMember2025-03-310001983514lgam:InterestRatePeriodTwoMemberlgam:EuroInterbankOffredRateEURIBORMember2025-03-310001983514lgam:InterestRatePeriodOneMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-03-310001983514lgam:InterestRatePeriodTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-03-310001983514lgam:InterestRatePeriodThreeMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-03-310001983514lgam:SterlingOvernightIndexAverageSONIAMember2025-03-310001983514us-gaap:PrimeRateMember2025-03-310001983514Investment One2025-03-310001983514Investment Two2025-03-310001983514Investment Three2025-03-310001983514lgam:RestrictedSecuritiesMember2025-03-310001983514AWP Group Holdings, Inc. 12025-03-310001983514AWP Group Holdings, Inc. 22025-03-310001983514Accordion Partners, LLC 12025-03-310001983514Accordion Partners, LLC 22025-03-310001983514Any Hour, LLC 12025-03-310001983514Any Hour, LLC 22025-03-310001983514Apollo Acquisition, Inc. 12025-03-310001983514Apollo Acquisition, Inc. 22025-03-310001983514Aptean, Inc. 12025-03-310001983514Aptean, Inc. 22025-03-310001983514Aptean, Inc. 32025-03-310001983514Aptean, Inc. 42025-03-310001983514Arcoro Holdings Corp.2025-03-310001983514Artifact Bidco, Inc. 12025-03-310001983514Artifact Bidco, Inc. 22025-03-310001983514Ascend Partner Services, LLC 12025-03-310001983514Ascend Partner Services, LLC 22025-03-310001983514Associations, Inc. 12025-03-310001983514Associations, Inc. 22025-03-310001983514AuditBoard, Inc. 12025-03-310001983514AuditBoard, Inc. 22025-03-310001983514Banyan Software Holdings, LLC 12025-03-310001983514Banyan Software Holdings, LLC 22025-03-310001983514Bradyplus Holdings, LLC2025-03-310001983514Bullhorn, Inc. 12025-03-310001983514Bullhorn, Inc. 22025-03-310001983514COP Collisionright Parent, LLC 12025-03-310001983514COP Collisionright Parent, LLC 22025-03-310001983514CRCI Longhorn Holdings, Inc. 12025-03-310001983514CRCI Longhorn Holdings, Inc. 22025-03-310001983514Carr, Riggs and Ingram Capital, LLC 12025-03-310001983514Carr, Riggs and Ingram Capital, LLC 22025-03-310001983514ComPsych Investment Corp.2025-03-310001983514Consor Intermediate II, LLC 12025-03-310001983514Consor Intermediate II, LLC 22025-03-310001983514DA Blocker Corp. 12025-03-310001983514DA Blocker Corp. 22025-03-310001983514Diligent Corporation 12025-03-310001983514Diligent Corporation 22025-03-310001983514Drivecentric Holdings, LLC2025-03-310001983514EVDR Purchaser, Inc. 12025-03-310001983514EVDR Purchaser, Inc. 22025-03-310001983514Eclipse Buyer, Inc. 12025-03-310001983514Eclipse Buyer, Inc. 22025-03-310001983514Espresso Bidco, Inc. 12025-03-310001983514Espresso Bidco, Inc. 22025-03-310001983514Essential Services Holding Corporation 12025-03-310001983514Essential Services Holding Corporation 22025-03-310001983514Everbridge Holdings, LLC 12025-03-310001983514Everbridge Holdings, LLC 22025-03-310001983514Firebird Acquisition Corp, Inc. 12025-03-310001983514Firebird Acquisition Corp, Inc. 22025-03-310001983514Formstack Acquisition Co 12025-03-310001983514Formstack Acquisition Co 22025-03-310001983514Foundation Risk Partners Corp. 12025-03-310001983514Foundation Risk Partners Corp. 22025-03-310001983514GI DI Cornfield Acquisition, LLC2025-03-310001983514GS AcquisitionCo, Inc. 12025-03-310001983514GS AcquisitionCo, Inc. 22025-03-310001983514Granicus, Inc. 12025-03-310001983514Granicus, Inc. 22025-03-310001983514GraphPad Software, LLC 12025-03-310001983514GraphPad Software, LLC 22025-03-310001983514HSI Halo Acquisition, Inc. 12025-03-310001983514HSI Halo Acquisition, Inc. 22025-03-310001983514Higginbotham Insurance Agency, Inc.2025-03-310001983514High Street Buyer, Inc.2025-03-310001983514Hootsuite, Inc.2025-03-310001983514Hyland Software, Inc.2025-03-310001983514IG Investment Holdings, LLC2025-03-310001983514Icefall Parent, Inc.2025-03-310001983514Imagine 360, LLC 12025-03-310001983514Imagine 360, LLC 22025-03-310001983514Inhabitiq, Inc. 12025-03-310001983514Inhabitiq, Inc. 22025-03-310001983514Integrity Marketing Acquisition, LLC2025-03-310001983514Invictus Buyer, LLC 12025-03-310001983514Invictus Buyer, LLC 22025-03-310001983514KWOR Acquisition, Inc. 12025-03-310001983514KWOR Acquisition, Inc. 22025-03-310001983514LogRhythm, Inc.2025-03-310001983514MAI Capital Management Intermediate, LLC 12025-03-310001983514MAI Capital Management Intermediate, LLC 22025-03-310001983514MRI Software, LLC 12025-03-310001983514MRI Software, LLC 22025-03-310001983514Mantech International CP 12025-03-310001983514Mantech International CP 22025-03-310001983514Model N, Inc. 12025-03-310001983514Model N, Inc. 22025-03-310001983514NSI Holdings, Inc. 12025-03-310001983514NSI Holdings, Inc. 22025-03-310001983514Nasuni Corporation2025-03-310001983514Onit, Inc. 12025-03-310001983514Onit, Inc. 22025-03-310001983514PDI TA Holdings, Inc. 12025-03-310001983514PDI TA Holdings, Inc. 22025-03-310001983514PMA Parent Holdings, LLC2025-03-310001983514Peter C. Foy & Associates Insurance Services, LLC2025-03-310001983514Project Potter Buyer, LLC2025-03-310001983514Pye-Barker Fire & Safety, LLC 12025-03-310001983514Pye-Barker Fire & Safety, LLC 22025-03-310001983514RFS Opco, LLC2025-03-310001983514Ridge Trail US Bidco, Inc. 12025-03-310001983514Ridge Trail US Bidco, Inc. 22025-03-310001983514Routeware, Inc. 12025-03-310001983514Routeware, Inc. 22025-03-310001983514SV Newco 2, Inc. 12025-03-310001983514SV Newco 2, Inc. 22025-03-310001983514Saturn Borrower, Inc. 12025-03-310001983514Saturn Borrower, Inc. 22025-03-310001983514Sonny's Enterprises, LLC2025-03-310001983514Spark Buyer, LLC 12025-03-310001983514Spark Buyer, LLC 22025-03-310001983514Superman Holdings, LLC 12025-03-310001983514Superman Holdings, LLC 22025-03-310001983514Thrive Buyer, Inc. (Thrive Networks) 12025-03-310001983514Thrive Buyer, Inc. (Thrive Networks) 22025-03-310001983514Tidi Legacy Products, Inc. 12025-03-310001983514Tidi Legacy Products, Inc. 22025-03-310001983514Transit Technologies, LLC 12025-03-310001983514Transit Technologies, LLC 22025-03-310001983514UHY Advisors, Inc. 12025-03-310001983514UHY Advisors, Inc. 22025-03-310001983514Vamos Bidco, Inc. 12025-03-310001983514Vamos Bidco, Inc. 22025-03-310001983514Vehlo Purchaser, LLC 12025-03-310001983514Vehlo Purchaser, LLC 22025-03-310001983514Vensure Employer Services, Inc.2025-03-310001983514Verdantas, LLC2025-03-310001983514Vessco Midco Holdings, LLC 12025-03-310001983514Vessco Midco Holdings, LLC 22025-03-310001983514Victors Purchaser, LLC 12025-03-310001983514Victors Purchaser, LLC 22025-03-310001983514iCIMS, Inc.2025-03-310001983514Total First Lien Debt Unfunded Commitments2025-03-310001983514Total Unfunded Commitments2025-03-310001983514KWOR Acquisition, Inc.2024-12-310001983514KWOR Acquisition, Inc.2025-01-012025-03-310001983514KWOR Acquisition, Inc.2025-03-310001983514Mantech International CP, First Lien Debt 12024-12-310001983514Mantech International CP, First Lien Debt 22024-12-310001983514Mantech International CP, First Lien Debt 32024-12-310001983514lgam:AerospaceAndDefenseSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Sonny's Enterprises, LLC, First Lien Debt 12024-12-310001983514Sonny's Enterprises, LLC, First Lien Debt 22024-12-310001983514Sonny's Enterprises, LLC, First Lien Debt 32024-12-310001983514lgam:AutomobileComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514COP Collisionright Parent, LLC, First Lien Debt 12024-12-310001983514COP Collisionright Parent, LLC, First Lien Debt 22024-12-310001983514COP Collisionright Parent, LLC, First Lien Debt 32024-12-310001983514Drivecentric Holdings, LLC, First Lien Debt 12024-12-310001983514Drivecentric Holdings, LLC, First Lien Debt 22024-12-310001983514Vehlo Purchaser, LLC, First Lien Debt 12024-12-310001983514Vehlo Purchaser, LLC, First Lien Debt 22024-12-310001983514Vehlo Purchaser, LLC, First Lien Debt 32024-12-310001983514lgam:AutomobilesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Triton Water Holdings, Inc., First Lien Debt2024-12-310001983514lgam:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514GraphPad Software, LLC, First Lien Debt 12024-12-310001983514GraphPad Software, LLC, First Lien Debt 22024-12-310001983514GraphPad Software, LLC, First Lien Debt 32024-12-310001983514lgam:BiotechnologySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Project Potter Buyer, LLC, First Lien Debt 12024-12-310001983514Project Potter Buyer, LLC, First Lien Debt 22024-12-310001983514lgam:BuildingProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Tank Holding Corp., First Lien Debt 12024-12-310001983514Tank Holding Corp., First Lien Debt 22024-12-310001983514us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Consor Intermediate II, LLC, First Lien Debt 12024-12-310001983514Consor Intermediate II, LLC, First Lien Debt 22024-12-310001983514Consor Intermediate II, LLC, First Lien Debt 32024-12-310001983514CRCI Longhorn Holdings, Inc., First Lien Debt 12024-12-310001983514CRCI Longhorn Holdings, Inc., First Lien Debt 22024-12-310001983514CRCI Longhorn Holdings, Inc., First Lien Debt 32024-12-310001983514EnergySolutions, LLC, First Lien Debt2024-12-310001983514Hercules Borrower, LLC, First Lien Debt2024-12-310001983514HSI Halo Acquisition, Inc., First Lien Debt 12024-12-310001983514HSI Halo Acquisition, Inc., First Lien Debt 22024-12-310001983514HSI Halo Acquisition, Inc., First Lien Debt 32024-12-310001983514Pye-Barker Fire & Safety, LLC, First Lien Debt 12024-12-310001983514Pye-Barker Fire & Safety, LLC, First Lien Debt 22024-12-310001983514Pye-Barker Fire & Safety, LLC, First Lien Debt 32024-12-310001983514Routeware, Inc., First Lien Debt 12024-12-310001983514Routeware, Inc., First Lien Debt 22024-12-310001983514Routeware, Inc., First Lien Debt 32024-12-310001983514Transit Technologies, LLC, First Lien Debt 12024-12-310001983514Transit Technologies, LLC, First Lien Debt 22024-12-310001983514Transit Technologies, LLC, First Lien Debt 32024-12-310001983514Vensure Employer Services, Inc., First Lien Debt 12024-12-310001983514Vensure Employer Services, Inc., First Lien Debt 22024-12-310001983514lgam:CommercialServicesAndSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Arcoro Holdings Corp., First Lien Debt 12024-12-310001983514Arcoro Holdings Corp., First Lien Debt 22024-12-310001983514Superman Holdings, LLC, First Lien Debt 12024-12-310001983514Superman Holdings, LLC, First Lien Debt 22024-12-310001983514Superman Holdings, LLC, First Lien Debt 32024-12-310001983514lgam:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514PDI TA Holdings, Inc., First Lien Debt 12024-12-310001983514PDI TA Holdings, Inc., First Lien Debt 22024-12-310001983514PDI TA Holdings, Inc., First Lien Debt 32024-12-310001983514lgam:ConsumerStaplesDistributionAndRetailSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Avalara, Inc., First Lien Debt 12024-12-310001983514Avalara, Inc., First Lien Debt 22024-12-310001983514Bradyplus Holdings, LLC, First Lien Debt 12024-12-310001983514Bradyplus Holdings, LLC, First Lien Debt 22024-12-310001983514lgam:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Any Hour, LLC, First Lien Debt 12024-12-310001983514Any Hour, LLC, First Lien Debt 22024-12-310001983514Any Hour, LLC, First Lien Debt 32024-12-310001983514Any Hour, LLC, Other Debt2024-12-310001983514Eclipse Buyer, Inc., First Lien Debt 12024-12-310001983514Eclipse Buyer, Inc., First Lien Debt 22024-12-310001983514Eclipse Buyer, Inc., First Lien Debt 32024-12-310001983514Essential Services Holding Corporation, First Lien Debt 12024-12-310001983514Essential Services Holding Corporation, First Lien Debt 22024-12-310001983514Essential Services Holding Corporation, First Lien Debt 32024-12-310001983514EVDR Purchaser, Inc., First Lien Debt 12024-12-310001983514EVDR Purchaser, Inc., First Lien Debt 22024-12-310001983514EVDR Purchaser, Inc., First Lien Debt 32024-12-310001983514lgam:DiversifiedConsumerServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Spark Buyer, LLC, First Lien Debt 12024-12-310001983514Spark Buyer, LLC, First Lien Debt 22024-12-310001983514Spark Buyer, LLC, First Lien Debt 32024-12-310001983514lgam:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514NSi Holdings, Inc., First Lien Debt 12024-12-310001983514NSi Holdings, Inc., First Lien Debt 22024-12-310001983514NSi Holdings, Inc., First Lien Debt 32024-12-310001983514lgam:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514MAI Capital Management Intermediate, LLC, First Lien Debt 12024-12-310001983514MAI Capital Management Intermediate, LLC, First Lien Debt 22024-12-310001983514MAI Capital Management Intermediate, LLC, First Lien Debt 32024-12-310001983514PMA Parent Holdings, LLC, First Lien Debt 12024-12-310001983514PMA Parent Holdings, LLC, First Lien Debt 22024-12-310001983514RFS Opco, LLC, First Lien Debt 12024-12-310001983514RFS Opco, LLC, First Lien Debt 22024-12-310001983514us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514SV Newco 2, Inc., First Lien Debt 12024-12-310001983514SV Newco 2, Inc., First Lien Debt 22024-12-310001983514SV Newco 2, Inc., First Lien Debt 32024-12-310001983514lgam:GroundTransportationSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Medline Borrower, LP, First Lien Debt2024-12-310001983514Tidi Legacy Products, Inc., First Lien Debt 12024-12-310001983514Tidi Legacy Products, Inc., First Lien Debt 22024-12-310001983514Tidi Legacy Products, Inc., First Lien Debt 32024-12-310001983514lgam:HealthCareEquipmentAndSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514DCA Investment Holdings, LLC, First Lien Debt2024-12-310001983514iCIMS, Inc., First Lien Debt 12024-12-310001983514iCIMS, Inc., First Lien Debt 22024-12-310001983514Imagine 360, LLC, First Lien Debt 12024-12-310001983514Imagine 360, LLC, First Lien Debt 22024-12-310001983514Imagine 360, LLC, First Lien Debt 32024-12-310001983514Invictus Buyer, LLC, First Lien Debt 12024-12-310001983514Invictus Buyer, LLC, First Lien Debt 22024-12-310001983514Invictus Buyer, LLC, First Lien Debt 32024-12-310001983514PPV Intermediate Holdings, LLC, First Lien Debt 12024-12-310001983514PPV Intermediate Holdings, LLC, First Lien Debt 22024-12-310001983514lgam:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Hyland Software, Inc., First Lien Debt 12024-12-310001983514Hyland Software, Inc., First Lien Debt 22024-12-310001983514Project Ruby Ultimate Parent Corp., First Lien Debt2024-12-310001983514lgam:HealthCareTechnologySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Aptean, Inc., First Lien Debt 12024-12-310001983514Aptean, Inc., First Lien Debt 22024-12-310001983514Aptean, Inc., First Lien Debt 32024-12-310001983514lgam:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Alliant Holdings Intermediate, LLC, First Lien Debt2024-12-310001983514Foundation Risk Partners Corp., First Lien Debt2024-12-310001983514Galway Borrower, LLC, First Lien Debt 12024-12-310001983514Galway Borrower, LLC, First Lien Debt 22024-12-310001983514Higginbotham Insurance Agency, Inc., First Lien Debt 12024-12-310001983514Higginbotham Insurance Agency, Inc., First Lien Debt 22024-12-310001983514High Street Buyer, Inc., First Lien Debt2024-12-310001983514Integrity Marketing Acquisition, LLC, First Lien Debt 12024-12-310001983514Integrity Marketing Acquisition, LLC, First Lien Debt 22024-12-310001983514Peter C. Foy & Associates Insurance Services, LLC, First Lien Debt 12024-12-310001983514Peter C. Foy & Associates Insurance Services, LLC, First Lien Debt 22024-12-310001983514RSC Acquisition, Inc., First Lien Debt 12024-12-310001983514RSC Acquisition, Inc., First Lien Debt 22024-12-310001983514USI, Inc., First Lien Debt2024-12-310001983514World Insurance Associates, LLC, First Lien Debt2024-12-310001983514us-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Apollo Acquisition, Inc., First Lien Debt 12024-12-310001983514Apollo Acquisition, Inc., First Lien Debt 22024-12-310001983514Apollo Acquisition, Inc., First Lien Debt 32024-12-310001983514Asurion, LLC, First Lien Debt2024-12-310001983514GI DI Cornfield Acquisition, LLC, First Lien Debt 12024-12-310001983514GI DI Cornfield Acquisition, LLC, First Lien Debt 22024-12-310001983514Ridge Trail US Bidco, Inc., First Lien Debt 12024-12-310001983514Ridge Trail US Bidco, Inc., First Lien Debt 22024-12-310001983514Ridge Trail US Bidco, Inc., First Lien Debt 32024-12-310001983514Victors Purchaser, LLC, First Lien Debt 12024-12-310001983514Victors Purchaser, LLC, First Lien Debt 22024-12-310001983514Victors Purchaser, LLC, First Lien Debt 32024-12-310001983514lgam:ITServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Model N, Inc., First Lien Debt 12024-12-310001983514Model N, Inc., First Lien Debt 22024-12-310001983514Model N, Inc., First Lien Debt 32024-12-310001983514Parexel International Corporation, First Lien Debt2024-12-310001983514lgam:LifeSciencesToolsAndServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514TK Elevator US Newco, Inc., First Lien Debt2024-12-310001983514lgam:MachinerySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514AWP Group Holdings, Inc., First Lien Debt 12024-12-310001983514AWP Group Holdings, Inc., First Lien Debt 22024-12-310001983514AWP Group Holdings, Inc., First Lien Debt 32024-12-310001983514Vessco Midco Holdings, LLC, First Lien Debt 12024-12-310001983514Vessco Midco Holdings, LLC, First Lien Debt 22024-12-310001983514Vessco Midco Holdings, LLC, First Lien Debt 32024-12-310001983514lgam:UtilitiesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Accordion Partners, LLC, First Lien Debt 12024-12-310001983514Accordion Partners, LLC, First Lien Debt 22024-12-310001983514Accordion Partners, LLC, First Lien Debt 32024-12-310001983514Ascend Partner Services, LLC, First Lien Debt 12024-12-310001983514Ascend Partner Services, LLC, First Lien Debt 22024-12-310001983514Ascend Partner Services, LLC, First Lien Debt 32024-12-310001983514Bullhorn, Inc., First Lien Debt 12024-12-310001983514Bullhorn, Inc., First Lien Debt 22024-12-310001983514Bullhorn, Inc., First Lien Debt 32024-12-310001983514Carr, Riggs and Ingram Capital, LLC, First Lien Debt 12024-12-310001983514Carr, Riggs and Ingram Capital, LLC, First Lien Debt 22024-12-310001983514Carr, Riggs and Ingram Capital, LLC, First Lien Debt 32024-12-310001983514ComPsych Investment Corp., First Lien Debt 12024-12-310001983514ComPsych Investment Corp., First Lien Debt 22024-12-310001983514Corporation Service Company, First Lien Debt2024-12-310001983514Crisis Prevention Institute, Inc., First Lien Debt2024-12-310001983514IG Investment Holdings, LLC, First Lien Debt 12024-12-310001983514IG Investment Holdings, LLC, First Lien Debt 22024-12-310001983514KWOR Acquisition, Inc., First Lien Debt2024-12-310001983514UHY Advisors, Inc., First Lien Debt 12024-12-310001983514UHY Advisors, Inc., First Lien Debt 22024-12-310001983514UHY Advisors, Inc., First Lien Debt 32024-12-310001983514Verdantas, LLC, First Lien Debt 12024-12-310001983514Verdantas, LLC, First Lien Debt 22024-12-310001983514Verdantas, LLC, First Lien Debt 32024-12-310001983514lgam:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Associations, Inc., First Lien Debt 12024-12-310001983514Associations, Inc., First Lien Debt 22024-12-310001983514Associations, Inc., First Lien Debt 32024-12-310001983514MRI Software, LLC, First Lien Debt 12024-12-310001983514MRI Software, LLC, First Lien Debt 22024-12-310001983514MRI Software, LLC, First Lien Debt 32024-12-310001983514us-gaap:RealEstateSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Artifact Bidco, Inc., First Lien Debt 12024-12-310001983514Artifact Bidco, Inc., First Lien Debt 22024-12-310001983514Artifact Bidco, Inc., First Lien Debt 32024-12-310001983514AuditBoard, Inc., First Lien Debt 12024-12-310001983514AuditBoard, Inc., First Lien Debt 22024-12-310001983514AuditBoard, Inc., First Lien Debt 32024-12-310001983514Central Parent, Inc., First Lien Debt2024-12-310001983514Diligent Corporation, First Lien Debt 12024-12-310001983514Diligent Corporation, First Lien Debt 22024-12-310001983514Diligent Corporation, First Lien Debt 32024-12-310001983514Everbridge Holdings, LLC, First Lien Debt 12024-12-310001983514Everbridge Holdings, LLC, First Lien Debt 22024-12-310001983514Everbridge Holdings, LLC, First Lien Debt 32024-12-310001983514Formstack Acquisition Co, First Lien Debt 12024-12-310001983514Formstack Acquisition Co, First Lien Debt 22024-12-310001983514Formstack Acquisition Co, First Lien Debt 32024-12-310001983514Granicus, Inc., First Lien Debt 12024-12-310001983514Granicus, Inc., First Lien Debt 22024-12-310001983514Granicus, Inc., First Lien Debt 32024-12-310001983514GS AcquisitionCo, Inc., First Lien Debt 12024-12-310001983514GS AcquisitionCo, Inc., First Lien Debt 22024-12-310001983514GS AcquisitionCo, Inc., First Lien Debt 32024-12-310001983514Hootsuite, Inc., First Lien Debt 12024-12-310001983514Hootsuite, Inc., First Lien Debt 22024-12-310001983514Icefall Parent, Inc., First Lien Debt 12024-12-310001983514Icefall Parent, Inc., First Lien Debt 22024-12-310001983514LogRhythm, Inc., First Lien Debt 12024-12-310001983514LogRhythm, Inc., First Lien Debt 22024-12-310001983514Nasuni Corporation, First Lien Debt 12024-12-310001983514Nasuni Corporation, First Lien Debt 22024-12-310001983514lgam:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514Les Schwab Tire Centers, First Lien Debt2024-12-310001983514lgam:SpecialtyRetailSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001983514us-gaap:DebtSecuritiesMember2024-12-310001983514Eclipse Topco, Inc., Preferred Equity2024-12-310001983514lgam:DiversifiedConsumerServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001983514Sparkstone Electrical Group, Common Equity2024-12-310001983514lgam:ElectricalEquipmentSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001983514Verdantas, LLC, Common Equity2024-12-310001983514Verdantas, LLC, Preferred Equity2024-12-310001983514lgam:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001983514us-gaap:EquitySecuritiesMember2024-12-310001983514lgam:PortfolioSecuritiesMember2024-12-310001983514J.P. Morgan US Govt Money Market Fund, Preferred Equity2024-12-310001983514Cash, Preferred Equity2024-12-310001983514us-gaap:CashAndCashEquivalentsMember2024-12-310001983514lgam:TotalPortfolioInvestmentsCashAndCashEquivalentsMember2024-12-310001983514lgam:CanadianOvernightRepoRateAverageCORRAMember2024-12-310001983514lgam:InterestRatePeriodTwoMemberlgam:EuroInterbankOffredRateEURIBORMember2024-12-310001983514lgam:InterestRatePeriodOneMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-12-310001983514lgam:InterestRatePeriodTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-12-310001983514lgam:InterestRatePeriodThreeMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-12-310001983514lgam:SterlingOvernightIndexAverageSONIAMember2024-12-310001983514us-gaap:PrimeRateMember2024-12-310001983514Investment One2024-12-310001983514Investment Two2024-12-310001983514Investment Three2024-12-310001983514lgam:RestrictedSecuritiesMember2024-12-310001983514AWP Group Holdings, Inc. 12024-12-310001983514AWP Group Holdings, Inc. 22024-12-310001983514Accordion Partners, LLC 12024-12-310001983514Accordion Partners, LLC 22024-12-310001983514Any Hour, LLC 12024-12-310001983514Any Hour, LLC 22024-12-310001983514Apollo Acquisition, Inc. 12024-12-310001983514Apollo Acquisition, Inc. 22024-12-310001983514Aptean, Inc. 12024-12-310001983514Aptean, Inc. 22024-12-310001983514Arcoro Holdings Corp.2024-12-310001983514Artifact Bidco, Inc. 12024-12-310001983514Artifact Bidco, Inc. 22024-12-310001983514Ascend Partner Services, LLC 12024-12-310001983514Ascend Partner Services, LLC 22024-12-310001983514Associations, Inc. 12024-12-310001983514Associations, Inc. 22024-12-310001983514AuditBoard, Inc. 12024-12-310001983514AuditBoard, Inc. 22024-12-310001983514Avalara, Inc.2024-12-310001983514Bradyplus Holdings, LLC2024-12-310001983514Bullhorn, Inc. 12024-12-310001983514Bullhorn, Inc. 22024-12-310001983514COP Collisionright Parent, LLC 12024-12-310001983514COP Collisionright Parent, LLC 22024-12-310001983514CRCI Longhorn Holdings, Inc. 12024-12-310001983514CRCI Longhorn Holdings, Inc. 22024-12-310001983514Carr, Riggs and Ingram Capital, LLC 12024-12-310001983514Carr, Riggs and Ingram Capital, LLC 22024-12-310001983514ComPsych Investment Corp.2024-12-310001983514Consor Intermediate II, LLC 12024-12-310001983514Consor Intermediate II, LLC 22024-12-310001983514Diligent Corporation 12024-12-310001983514Diligent Corporation 22024-12-310001983514Drivecentric Holdings, LLC2024-12-310001983514EVDR Purchaser, Inc. 12024-12-310001983514EVDR Purchaser, Inc. 22024-12-310001983514Eclipse Buyer, Inc. 12024-12-310001983514Eclipse Buyer, Inc. 22024-12-310001983514Essential Services Holding Corporation 12024-12-310001983514Essential Services Holding Corporation 22024-12-310001983514Everbridge Holdings, LLC 12024-12-310001983514Everbridge Holdings, LLC 22024-12-310001983514Formstack Acquisition Co 12024-12-310001983514Formstack Acquisition Co 22024-12-310001983514Foundation Risk Partners Corp.2024-12-310001983514GI DI Cornfield Acquisition, LLC2024-12-310001983514GS AcquisitionCo, Inc. 12024-12-310001983514GS AcquisitionCo, Inc. 22024-12-310001983514Granicus, Inc. 12024-12-310001983514Granicus, Inc. 22024-12-310001983514GraphPad Software, LLC 12024-12-310001983514GraphPad Software, LLC 22024-12-310001983514HSI Halo Acquisition, Inc. 12024-12-310001983514HSI Halo Acquisition, Inc. 22024-12-310001983514Hercules Borrower, LLC2024-12-310001983514Higginbotham Insurance Agency, Inc.2024-12-310001983514High Street Buyer, Inc.2024-12-310001983514Hootsuite, Inc.2024-12-310001983514Hyland Software, Inc.2024-12-310001983514IG Investment Holdings, LLC2024-12-310001983514Icefall Parent, Inc.2024-12-310001983514Imagine 360, LLC 12024-12-310001983514Imagine 360, LLC 22024-12-310001983514Integrity Marketing Acquisition, LLC2024-12-310001983514Invictus Buyer, LLC 12024-12-310001983514Invictus Buyer, LLC 22024-12-310001983514LogRhythm, Inc.2024-12-310001983514MAI Capital Management Intermediate, LLC 12024-12-310001983514MAI Capital Management Intermediate, LLC 22024-12-310001983514MRI Software, LLC 12024-12-310001983514MRI Software, LLC 22024-12-310001983514Mantech International CP 12024-12-310001983514Mantech International CP 22024-12-310001983514Model N, Inc. 12024-12-310001983514Model N, Inc. 22024-12-310001983514NSi Holdings, Inc. 12024-12-310001983514NSi Holdings, Inc. 22024-12-310001983514Nasuni Corporation2024-12-310001983514PDI TA Holdings, Inc. 12024-12-310001983514PDI TA Holdings, Inc. 22024-12-310001983514PMA Parent Holdings, LLC2024-12-310001983514Peter C. Foy & Associates Insurance Services, LLC2024-12-310001983514Project Potter Buyer, LLC2024-12-310001983514Pye-Barker Fire & Safety, LLC 12024-12-310001983514Pye-Barker Fire & Safety, LLC 22024-12-310001983514RFS Opco, LLC2024-12-310001983514Ridge Trail US Bidco, Inc. 12024-12-310001983514Ridge Trail US Bidco, Inc. 22024-12-310001983514Routeware, Inc. 12024-12-310001983514Routeware, Inc. 22024-12-310001983514SV Newco 2, Inc. 12024-12-310001983514SV Newco 2, Inc. 22024-12-310001983514Sonny's Enterprises, LLC2024-12-310001983514Spark Buyer, LLC 12024-12-310001983514Spark Buyer, LLC 22024-12-310001983514Superman Holdings, LLC 12024-12-310001983514Superman Holdings, LLC 22024-12-310001983514Tank Holding Corp.2024-12-310001983514Tidi Legacy Products, Inc. 12024-12-310001983514Tidi Legacy Products, Inc. 22024-12-310001983514Transit Technologies, LLC 12024-12-310001983514Transit Technologies, LLC 22024-12-310001983514UHY Advisors, Inc. 12024-12-310001983514UHY Advisors, Inc. 22024-12-310001983514Vehlo Purchaser, LLC 12024-12-310001983514Vehlo Purchaser, LLC 22024-12-310001983514Vensure Employer Services, Inc.2024-12-310001983514Verdantas, LLC2024-12-310001983514Vessco Midco Holdings, LLC 12024-12-310001983514Vessco Midco Holdings, LLC 22024-12-310001983514Victors Purchaser, LLC 12024-12-310001983514Victors Purchaser, LLC 22024-12-310001983514iCIMS, Inc.2024-12-310001983514Total First Lien Debt Unfunded Commitments2024-12-310001983514Total Unfunded 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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 814-01674
LGAM Private Credit LLC
(Exact name of registrant as specified in its charter)
Delaware
93-4683111
(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 Common Units outstanding at May 13, 2025 was 7,932,275.



LGAM Private Credit 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
Table of Contents
LGAM Private Credit 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 $264,871 and $241,028)
$265,681 $241,840 
Non-controlled/affiliated investments, at fair value (amortized cost of $2,226 and $0)
2,245 — 
Total investments, at fair value (amortized cost of $267,097 and $241,028)
267,926 241,840 
Cash and cash equivalents14,803 7,476 
Deferred financing costs2,558 2,693 
Interest and dividend receivable from non-controlled/non-affiliated investments1,596 1,631 
Interest and dividend receivable from non-controlled/affiliated investments18 — 
Receivable for investments sold/repaid24 32 
Other assets383 11 
Total assets287,308 253,683 
Liabilities
Debt126,600 105,600 
Payable for investments purchased247 — 
Payable to affiliates (Note 3)155 59 
Dividends payable1,212 1,111 
Management fees payable373 333 
Capital gains based incentive fee payable11 103 
Interest payable1,404 1,375 
Income based incentive fees payable414 429 
Accrued expenses and other liabilities375 545 
Total liabilities130,791 109,555 
Commitments and contingencies (Note 7)
Members' Capital
Common Units, par value $0.001 per share (7,776,075 and 7,101,860 units issued and outstanding)
8 7 
Paid-in capital in excess of par value156,150 142,499 
Distributable earnings (accumulated losses)359 1,622 
Total members' capital$156,517 $144,128 
Total liabilities and members' capital$287,308 $253,683 
Net asset value per unit$20.13 $20.29 
    
The accompanying notes are an integral part of these unaudited consolidated financial statements    
3
Table of Contents
LGAM Private Credit 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$6,250 $3,202 
Payment-in-kind income53 63 
Dividend income3 — 
Other income124 88 
From non-controlled/affiliated investments:
Interest income12 — 
Payment-in-kind income6 — 
Total investment income6,448 3,353 
Expenses:
Interest and other financing expenses2,297 809 
Management fees373 227 
Income based incentive fees414 284 
Capital gains incentive fees(92)3 
Professional fees329 201 
Organization and offering costs— 9 
Directors' fees26 43 
Administrative service fees50 15 
General and other expenses63 11 
Total expenses3,460 1,602 
Expense support (Note 3)— (222)
Management fees waiver (Note 3)— (227)
Income based incentive fees waiver (Note 3)— (284)
Net expenses3,460 869 
Net investment income (loss) 2,988 2,484 
Net realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments(755)3 
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments(5)19 
Non-controlled/affiliated investments19 — 
Translation of assets and liabilities in foreign currencies2 — 
Net unrealized appreciation (depreciation)16 19 
Net realized and unrealized gain (loss)(739)22 
Net increase (decrease) in members' capital resulting from operations$2,249 $2,506 
Net investment income (loss) per unit (basic and diluted):$0.40 $0.53 
Earnings (loss) per unit (basic and diluted):$0.30 $0.54 
Weighted average units outstanding 7,495,293 4,659,472 

The accompanying notes are an integral part of these unaudited consolidated financial statements    
4
Table of Contents
LGAM Private Credit LLC
Consolidated Statements of Changes in Members’ Capital (Unaudited)
(In thousands, except unit and per unit amount)
For the Three Months Ended
March 31, 2025March 31, 2024
Members' capital at beginning of period:$144,128 $85,211 
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)2,988 2,484 
Net realized gain (loss)
(755)3 
Net change in unrealized appreciation (depreciation)
16 19 
Net increase (decrease) in members’ capital resulting from operations2,249 2,506 
Distributions to unitholders from:
Dividends declared (3,512)(2,126)
Total distributions to unitholders(3,512)(2,126)
Capital transactions:
Issuance of common Units13,652 12,469 
Net increase in members' capital resulting from capital transactions13,652 12,469 
Total increase (decrease) in members' capital12,389 12,849 
Members' capital at end of period$156,517 $98,060 
Dividends per unit$0.47 $0.46 

The accompanying notes are an integral part of these unaudited consolidated financial statements
5
Table of Contents
LGAM Private Credit 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$2,249 $2,506 
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments(14)(19)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies(2)— 
Net realized (gain) loss on investments755 (3)
Net accretion of discount and amortization of premium on investments(148)(55)
Payment-in-kind interest and dividend capitalized(47)(19)
Amortization of deferred financing costs149 74 
Amortization of deferred offering costs— 9 
Purchases of investments and change in payable for investments purchased(34,267)(41,343)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid7,892 2,503 
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments and non-controlled/affiliated investments17 (318)
(Increase) decrease in other assets(372)(306)
(Decrease) increase in payable to affiliates96 (25)
(Decrease) increase in management fees payable40 — 
(Decrease) increase in incentive fees payable(107)2 
(Decrease) increase in interest payable29 400 
(Decrease) increase in accrued expenses and other liabilities(170)223 
Net cash provided by (used in) operating activities(23,900)(36,371)
Cash flows from financing activities:
Borrowings on debt25,000 13,100 
Repayments on debt(4,000)(5,600)
Deferred financing costs paid(14)(123)
Dividends paid(3,411)(2,008)
Proceeds from issuance of Common units13,652 12,469 
Net Cash provided by (used in) financing activities31,227 17,838 
Net increase (decrease) in cash and cash equivalents7,327 (18,533)
Cash and cash equivalents at beginning of period7,476 24,832 
Cash and cash equivalents at end of period$14,803 $6,299 
Supplemental information and non-cash activities:
Excise tax paid$27 $2 
Interest expense paid$2,120 $336 
Accrued but unpaid dividends$1,212 $756 
Non-cash purchases of investments$(2,226)$— 
Non-cash sales of investments$2,226 $— 
The accompanying notes are an integral part of these unaudited consolidated financial statements
6
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited)
March 31, 2025
(In thousands, except share amounts)
Investments(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Debt Investments - non controlled/non-affiliated
Aerospace & Defense
Mantech International CP(5) (7) (9)First Lien DebtS +5.00%9.29%9/14/20292,669 $2,669 $2,669 1.71 %
Mantech International CP(5) (7) (13)First Lien DebtS +5.00%9.29%9/14/2029— — — — 
Mantech International CP(5) (7) (13)First Lien DebtS +5.00%9.29%9/14/2028— — — — 
2,669 2,669 1.71 
Automobile Components
Sonny's Enterprises, LLC(5) (6) (9)First Lien DebtS +5.50%9.95%8/5/20283,011 2,960 2,856 1.82 
Sonny's Enterprises, LLC(5) (6) (9)First Lien DebtS +5.50%9.95%8/5/2028662 651 628 0.40 
Sonny's Enterprises, LLC(5) (6) (13)First Lien DebtS +5.50%9.95%8/5/2027336 328 306 0.20 
3,939 3,790 2.42 
Automobiles
COP Collisionright Parent, LLC(5) (6) (9)First Lien DebtS +5.50%9.79%1/29/20301,161 1,141 1,161 0.74 
COP Collisionright Parent, LLC(5) (6) (13)First Lien DebtS +5.50%9.79%1/29/2030525 515 525 0.34 
COP Collisionright Parent, LLC(5) (6) (13)First Lien DebtS +5.50%9.79%1/29/203028 25 28 0.02 
Drivecentric Holdings, LLC(5) (7) (9)First Lien DebtS +4.75%9.07%8/15/20313,529 3,497 3,514 2.25 
Drivecentric Holdings, LLC(5) (7) (13)First Lien DebtS +4.75%9.07%8/15/2031— (4)(2)— 
Vehlo Purchaser, LLC(5) (7) (9)First Lien DebtS +5.25%9.58%5/24/2028251 248 250 0.16 
Vehlo Purchaser, LLC(5) (7) (13)First Lien DebtS +5.25%9.58%5/24/202861 54 54 0.03 
Vehlo Purchaser, LLC(5) (7) (13)First Lien DebtS +5.25%9.58%5/24/2028— — — — 
5,476 5,530 3.53 
Beverages
Triton Water Holdings, Inc.(8)First Lien DebtS +2.25%6.55%3/31/2028985 979 980 0.63 
Vamos Bidco, Inc.(5) (8) (9)First Lien DebtS +4.75%9.05%1/30/20321,890 1,871 1,871 1.20 
Vamos Bidco, Inc.(5) (8) (13)First Lien DebtS +4.75%9.05%1/30/2032— (4)(4)— 
Vamos Bidco, Inc.(5) (8) (13)First Lien DebtS +4.75%9.05%1/30/2032— (2)(2)— 
2,844 2,845 1.82 
Biotechnology
GraphPad Software, LLC(5) (7) (9)First Lien DebtS +4.75%9.05%6/30/20315,502 5,477 5,502 3.52 
GraphPad Software, LLC(5) (7) (13)First Lien DebtS +4.75%9.05%6/30/203111 10 11 0.01 
GraphPad Software, LLC(5) (7) (13)First Lien DebtS +4.75%9.05%6/30/2031— — — — 
5,487 5,513 3.52 
Building Products
Project Potter Buyer, LLC(5) (6) (9)First Lien DebtS +6.00%10.30%4/23/20274,774 4,774 4,774 3.05 
Project Potter Buyer, LLC(5) (6) (13)First Lien DebtS +6.00%10.30%4/23/2026— — — — 
4,774 4,774 3.05 
7
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Chemicals
Tank Holding Corp.(7) (9)First Lien DebtS +6.00%10.43%3/31/20283,429 $3,361 $3,285 2.10 %
Tank Holding Corp.(7)First Lien DebtS +6.00%10.43%3/31/2028979 957 938 0.60 
4,318 4,223 2.70 
Commercial Services & Supplies
Consor Intermediate II, LLC(5) (7) (9)First Lien DebtS +4.50%8.80%5/12/2031591 586 591 0.38 
Consor Intermediate II, LLC(5) (7) (13)First Lien DebtS +4.50%8.80%5/12/2031— (2)— — 
Consor Intermediate II, LLC(5) (7) (13)First Lien DebtS +4.50%8.80%5/12/2031— (1)— — 
CRCI Longhorn Holdings, Inc.(5) (7) (9)First Lien DebtS +5.00%9.33%8/27/20312,816 2,790 2,816 1.80 
CRCI Longhorn Holdings, Inc.(5) (7) (13)First Lien DebtS +5.00%9.33%8/27/2031— (3)— — 
CRCI Longhorn Holdings, Inc.(5) (7) (13)First Lien DebtS +5.00%9.33%8/27/2031245 241 245 0.16 
EnergySolutions, LLC(8)First Lien DebtS +3.25%7.58%9/20/2030829 830 825 0.53 
Firebird Acquisition Corp, Inc.(5) (7)First Lien DebtS +
5.00% (incl. 2.75% PIK)
9.29%2/2/2032567 564 564 0.36 
Firebird Acquisition Corp, Inc.(5) (7) (13)First Lien DebtS +
5.00% (incl. 2.75% PIK)
9.29%2/2/2032— (1)(1)— 
Firebird Acquisition Corp, Inc.(5) (7) (13)First Lien DebtS +
5.00% (incl. 2.75% PIK)
9.29%2/2/2032— (1)(1)— 
Hercules Borrower, LLC(5) (7)First Lien DebtS +5.25%9.64%12/15/20262,023 2,008 2,016 1.29 
HSI Halo Acquisition, Inc.(5) (7) (9)First Lien DebtS +5.00%9.29%6/30/20314,588 4,546 4,588 2.93 
HSI Halo Acquisition, Inc.(5) (7) (13)First Lien DebtS +5.00%9.29%6/30/203116 15 16 0.01 
HSI Halo Acquisition, Inc.(5) (7) (13)First Lien DebtS +5.00%9.29%6/28/2030— (1)— — 
Pye-Barker Fire & Safety, LLC(5) (7) (9)First Lien DebtS +4.50%8.80%5/26/20311,755 1,755 1,755 1.12 
Pye-Barker Fire & Safety, LLC(5) (7) (13)First Lien DebtS +4.50%8.80%5/26/2031283 278 283 0.18 
Pye-Barker Fire & Safety, LLC(5) (7) (13)First Lien DebtS +4.50%8.80%5/24/203030 28 30 0.02 
Routeware, Inc.(5) (6) (9)First Lien DebtS +5.25%9.55%9/18/20313,182 3,152 3,163 2.02 
Routeware, Inc.(5) (6) (13)First Lien DebtS +5.25%9.55%9/18/203191 84 82 0.05 
Routeware, Inc.(5) (6) (13)First Lien DebtS +5.25%9.55%9/18/2031— (3)(2)— 
Transit Technologies, LLC(5) (7) (9)First Lien DebtS +4.75%9.17%8/20/20311,591 1,576 1,591 1.02 
Transit Technologies, LLC(5) (7) (13)First Lien DebtS +4.75%9.17%8/20/2031178 175 178 0.11 
Transit Technologies, LLC(5) (7) (13)First Lien DebtS +4.75%9.17%8/20/2030— (3)— — 
Vensure Employer Services, Inc.(5) (8) (9)First Lien DebtS +5.00%9.30%9/26/20312,007 1,989 1,994 1.27 
Vensure Employer Services, Inc.(5) (8) (13)First Lien DebtS +5.00%9.30%9/26/203177 74 74 0.05 
20,676 20,807 13.29 
Construction & Engineering
Arcoro Holdings Corp.(5) (6) (9)First Lien DebtS +5.50%9.80%3/28/20303,222 3,193 3,123 2.00 
Arcoro Holdings Corp.(5) (6) (13)First Lien DebtS +5.50%9.80%3/28/2030— (4)(8)(0.01)
Superman Holdings, LLC(5) (7) (9)First Lien DebtS +4.50%8.80%8/29/20313,664 3,651 3,664 2.34 
8
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Superman Holdings, LLC(5) (7) (13)First Lien DebtS +4.50%8.80%8/29/2031558 $553 $558 0.36 %
Superman Holdings, LLC(5) (7) (13)First Lien DebtS +4.50%8.80%8/29/2031— (2)— — 
7,391 7,337 4.69 
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.(5) (7) (9)First Lien DebtS +5.50%9.79%2/3/20313,366 3,338 3,366 2.15 
PDI TA Holdings, Inc.(5) (7) (13)First Lien DebtS +5.50%9.79%2/3/2031— (3)— — 
PDI TA Holdings, Inc.(5) (7) (13)First Lien DebtS +5.50%9.79%2/3/203140 38 40 0.03 
3,373 3,406 2.18 
Distributors
Bradyplus Holdings, LLC(5) (6) (9)First Lien DebtS +5.00%9.29%10/31/20293,121 3,071 3,121 1.99 
Bradyplus Holdings, LLC(5) (6) (13)First Lien DebtS +5.00%9.29%10/31/202920 19 20 0.01 
3,090 3,141 2.01 
Diversified Consumer Services
Any Hour, LLC(5) (8) (9)First Lien DebtS +5.25%9.55%5/23/20302,355 2,323 2,321 1.48 
Any Hour, LLC(5) (8) (13)First Lien DebtS +5.25%9.55%5/23/203067 62 57 0.04 
Any Hour, LLC(5) (8) (13)First Lien DebtS +5.25%9.55%5/23/2030187 183 182 0.12 
Any Hour, LLC(5) (8)Other Debt
13.00% PIK
13.00%5/23/2031658 647 645 0.41 
DA Blocker Corp.(5) (7) (9) (10)First Lien DebtS +4.75%9.05%2/13/20322,116 2,095 2,095 1.34 
DA Blocker Corp.(5) (7) (10) (13)First Lien DebtS +4.75%9.05%2/13/2032— (3)(3)— 
DA Blocker Corp.(5) (7) (10) (13)First Lien DebtS +4.75%9.05%2/13/203266 64 64 0.04 
Eclipse Buyer, Inc.(5) (8) (9)First Lien DebtS +4.75%9.06%9/8/2031943 934 943 0.60 
Eclipse Buyer, Inc.(5) (8) (13)First Lien DebtS +4.75%9.06%9/8/2031— (1)— — 
Eclipse Buyer, Inc.(5) (8) (13)First Lien DebtS +4.75%9.06%9/8/2031— (1)— — 
Essential Services Holding Corporation(5) (7) (9)First Lien DebtS +5.00%9.30%6/17/20315,850 5,796 5,850 3.74 
Essential Services Holding Corporation(5) (7) (13)First Lien DebtS +5.00%9.30%6/17/2031— — — — 
Essential Services Holding Corporation(5) (7) (13)First Lien DebtS +5.00%9.30%6/17/20309 9 9 0.01 
EVDR Purchaser, Inc.(5) (7) (9)First Lien DebtS +5.50%9.83%2/14/20312,715 2,668 2,715 1.73 
EVDR Purchaser, Inc.(5) (7) (13)First Lien DebtS +5.50%9.83%2/14/2031— (7)— — 
EVDR Purchaser, Inc.(5) (7) (13)First Lien DebtS +5.50%9.83%2/14/203147 39 47 0.03 
14,808 14,925 9.54 
Electrical Equipment
Spark Buyer, LLC(5) (7) (9)First Lien DebtS +5.25%9.57%10/15/2031779 768 772 0.49 
Spark Buyer, LLC(5) (7) (13)First Lien DebtS +5.25%9.57%10/15/2031— (2)(3)— 
Spark Buyer, LLC(5) (7) (13)First Lien DebtS +5.25%9.57%10/15/2031— (2)(1)— 
764 768 0.49 
Electronic Equipment, Instruments & Components
NSI Holdings, Inc.(5) (7) (9)First Lien DebtS +5.00%9.30%11/15/2031735 728 728 0.47 
9
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
NSI Holdings, Inc.(5) (7) (13)First Lien DebtS +5.00%9.30%11/15/2031— $(1)$(2)— %
NSI Holdings, Inc.(5) (7) (13)First Lien DebtS +5.00%9.30%11/15/2031— (1)(1)— 
726 725 0.46 
Financial Services
MAI Capital Management Intermediate, LLC(5) (7) (9)First Lien DebtS +4.75%9.05%8/29/20311,544 1,529 1,544 0.99 
MAI Capital Management Intermediate, LLC(5) (7) (13)First Lien DebtS +4.75%9.05%8/29/2031361 355 361 0.23 
MAI Capital Management Intermediate, LLC(5) (7) (13)First Lien DebtS +4.75%9.05%8/29/203183 80 83 0.05 
PMA Parent Holdings, LLC(5) (7) (9)First Lien DebtS +5.25%9.58%1/31/20312,102 2,072 2,084 1.33 
PMA Parent Holdings, LLC(5) (7) (13)First Lien DebtS +5.25%9.58%1/31/2031— (2)(1)— 
RFS Opco, LLC(5) (8) (9)First Lien DebtS +4.75%9.05%4/4/20311,492 1,494 1,492 0.95 
RFS Opco, LLC(5) (8) (13)First Lien DebtS +3.50%7.79%4/4/20291,000 988 998 0.64 
6,516 6,561 4.19 
Ground Transportation
SV Newco 2, Inc.(5) (7) (9) (10)First Lien DebtS +4.75%9.05%6/2/20312,989 2,968 2,977 1.90 
SV Newco 2, Inc.(5) (7) (10) (13)First Lien DebtS +4.75%9.05%6/2/2031368 359 365 0.23 
SV Newco 2, Inc.(5) (7) (10) (13)First Lien DebtS +4.75%9.05%6/2/2031— (7)(2)— 
3,320 3,340 2.13 
Health Care Equipment & Supplies
Medline Borrower, LP(8)First Lien DebtS +2.25%6.58%10/23/2028897 899 895 0.57 
Tidi Legacy Products, Inc.(5) (6) (9)First Lien DebtS +5.25%9.58%12/19/20293,355 3,332 3,355 2.14 
Tidi Legacy Products, Inc.(5) (6) (13)First Lien DebtS +5.25%9.58%12/19/2029— (3)— — 
Tidi Legacy Products, Inc.(5) (6) (13)First Lien DebtS +5.25%9.58%12/19/2029— (4)— — 
4,224 4,250 2.72 
Health Care Providers & Services
DCA Investment Holdings, LLC(5) (7) (9)First Lien DebtS +6.50%10.73%4/3/20287,281 7,238 7,132 4.56 
iCIMS, Inc.(5) (7) (9)First Lien DebtS +5.75%10.04%8/18/20285,534 5,505 5,534 3.54 
iCIMS, Inc.(5) (7) (13)First Lien DebtS +5.75%10.04%8/18/202854 52 54 0.03 
Imagine 360, LLC(5) (7) (9)First Lien DebtS +4.75%9.05%10/2/20283,234 3,205 3,225 2.06 
Imagine 360, LLC(5) (7) (13)First Lien DebtS +4.75%9.05%10/2/2028— (2)(1)— 
Imagine 360, LLC(5) (7) (13)First Lien DebtS +4.75%9.05%10/2/2028— (2)(1)— 
Invictus Buyer, LLC(5) (7) (9)First Lien DebtS +4.75%9.05%6/3/20311,612 1,597 1,606 1.03 
Invictus Buyer, LLC(5) (7) (13)First Lien DebtS +4.75%9.05%6/3/2031— (3)(3)— 
Invictus Buyer, LLC(5) (7) (13)First Lien DebtS +4.75%9.05%6/3/2031— (2)(1)— 
PPV Intermediate Holdings, LLC(5) (7) (9)First Lien DebtS +5.75%10.06%8/31/20291,985 1,985 1,985 1.27 
PPV Intermediate Holdings, LLC(5) (7) (9)First Lien DebtS +6.00%10.31%8/31/20291,258 1,248 1,258 0.80 
20,821 20,788 13.28 
10
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Health Care Technology
Hyland Software, Inc.(5) (7) (9)First Lien DebtS +5.00%9.33%9/19/20303,765 $3,725 $3,765 2.41 %
Hyland Software, Inc.(5) (7) (13)First Lien DebtS +5.00%9.33%9/19/2029— (2)— — 
Project Ruby Ultimate Parent Corp.First Lien DebtS +3.00%7.44%3/10/2028987 986 983 0.63 
4,709 4,748 3.03 
Industrial Conglomerates
Aptean, Inc.(5) (7) (9)First Lien DebtS +5.25%9.56%1/30/20312,440 2,421 2,433 1.55 
Aptean, Inc.(5) (7) (13)First Lien DebtS +4.75%9.06%1/30/203154 51 52 0.03 
Aptean, Inc.(5) (7) (13)First Lien DebtS +4.75%9.06%1/30/2031— (2)(1)— 
2,470 2,484 1.59 
Insurance Services
Alliant Holdings Intermediate, LLCFirst Lien DebtS +2.75%7.07%9/19/2031988 991 981 0.63 
Foundation Risk Partners Corp.(5) (7) (13)First Lien DebtS +5.00%9.30%10/29/2030— (5)(5)— 
Foundation Risk Partners Corp.(5) (7) (13)First Lien DebtS +5.00%9.30%10/29/2029— (1)— — 
Galway Borrower, LLC(5) (7) (9)First Lien DebtS +4.50%8.80%9/29/20282,300 2,273 2,300 1.47 
Galway Borrower, LLC(5) (7)First Lien DebtS +4.50%8.80%9/29/20282,435 2,419 2,435 1.56 
Higginbotham Insurance Agency, Inc.(5) (6) (9)First Lien DebtS +4.50%8.83%11/24/20284,744 4,736 4,718 3.01 
Higginbotham Insurance Agency, Inc.(5) (6) (13)First Lien DebtS +4.50%8.83%11/24/2028282 278 279 0.18 
High Street Buyer, Inc.(5) (7) (13)First Lien DebtS +5.25%9.55%4/14/2028117 110 117 0.07 
Integrity Marketing Acquisition, LLC(5) (7) (9)First Lien DebtS +5.00%9.31%8/25/20284,927 4,927 4,927 3.15 
Integrity Marketing Acquisition, LLC(5) (7) (13)First Lien DebtS +5.00%9.31%8/25/2028— — — — 
Patriot Growth Insurance Services, LLC(5) (7) (9)First Lien DebtS +5.00%9.45%10/16/20281,995 1,995 1,995 1.27 
Peter C. Foy & Associates Insurance Services, LLC(5) (7) (9)First Lien DebtS +5.50%9.90%11/1/20281,477 1,456 1,477 0.94 
Peter C. Foy & Associates Insurance Services, LLC(5) (7) (13)First Lien DebtS +5.50%9.90%11/1/2028751 744 751 0.48 
RSC Acquisition, Inc.(5) (7) (9)First Lien DebtS +4.75%9.05%11/1/2029122 122 122 0.08 
RSC Acquisition, Inc.(5) (7) (9)First Lien DebtS +4.75%9.05%11/1/2029295 293 294 0.19 
USI, Inc.First Lien DebtS +2.25%6.55%11/21/2029985 989 975 0.62 
World Insurance Associates, LLC(5) (6) (9)First Lien DebtS +5.00%9.30%4/3/20305,478 5,366 5,423 3.46 
26,693 26,789 17.12 
IT Services
Apollo Acquisition, Inc.(5) (7) (9)First Lien DebtS +5.00%9.33%12/30/20312,011 1,991 1,984 1.27 
Apollo Acquisition, Inc.(5) (7) (13)First Lien DebtS +5.00%9.33%12/30/2031— (3)(9)(0.01)
Apollo Acquisition, Inc.(5) (7) (13)First Lien DebtS +5.00%9.33%12/30/2030— (3)(4)— 
Asurion, LLC(7)First Lien DebtS +3.25%7.69%7/31/2027985 975 976 0.62 
GI DI Cornfield Acquisition, LLC(5) (9)First Lien DebtS +4.50%8.92%3/9/20283,880 3,833 3,857 2.46 
GI DI Cornfield Acquisition, LLC(5) (13)First Lien DebtS +4.50%8.92%3/9/2028— (12)(12)(0.01)
11
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Ridge Trail US Bidco, Inc.(5) (6) (9) (10)First Lien DebtS +4.50%8.80%9/30/20313,915 $3,867 $3,870 2.47 %
Ridge Trail US Bidco, Inc.(5) (6) (10) (13)First Lien DebtS +4.50%8.80%9/30/2031— (8)(14)(0.01)
Ridge Trail US Bidco, Inc.(5) (6) (10) (13)First Lien DebtS +4.50%8.80%3/31/2031106 101 102 0.07 
Thrive Buyer, Inc. (Thrive Networks)(5) (7) (9)First Lien DebtS +4.75%9.05%2/2/20323,382 3,349 3,349 2.14 
Thrive Buyer, Inc. (Thrive Networks)(5) (7) (13)First Lien DebtS +4.75%9.05%2/2/203247 41 41 0.03 
Thrive Buyer, Inc. (Thrive Networks)(5) (7) (13)First Lien DebtS +4.75%9.05%2/2/2032— (4)(4)— 
Victors Purchaser, LLC(5) (8) (9)First Lien DebtS +4.75%9.05%8/15/20313,630 3,596 3,629 2.32 
Victors Purchaser, LLC(5) (8) (13)First Lien DebtS +4.75%9.05%8/15/2031188 183 188 0.12 
Victors Purchaser, LLC(5) (8) (13)First Lien DebtS +4.75%9.05%8/15/2031— (4)— — 
17,902 17,953 11.47 
Life Sciences Tools & Services
Model N, Inc.(5) (7) (9)First Lien DebtS +4.75%9.05%6/27/20314,825 4,780 4,825 3.08 
Model N, Inc.(5) (7) (13)First Lien DebtS +4.75%9.05%6/27/2031— — — — 
Model N, Inc.(5) (7) (13)First Lien DebtS +4.75%9.05%6/27/2031— — — — 
Parexel International Corporation(8)First Lien DebtS +2.50%6.83%11/15/2028947 948 944 0.60 
5,728 5,769 3.69 
Machinery
TK Elevator US Newco, Inc.(8)First Lien DebtS +3.50%7.74%4/30/2030988 991 984 0.63 
991 984 0.63 
Multi-Utilities
AWP Group Holdings, Inc.(5) (6) (9)First Lien DebtS +4.75%9.08%12/23/20303,253 3,206 3,253 2.08 
AWP Group Holdings, Inc.(5) (6) (13)First Lien DebtS +4.75%9.08%12/23/2030727 717 727 0.46 
AWP Group Holdings, Inc.(5) (6) (13)First Lien DebtS +4.75%9.08%12/23/2030106 98 106 0.07 
Vessco Midco Holdings, LLC(5) (7) (9)First Lien DebtS +4.75%9.05%7/24/20314,072 4,035 4,072 2.60 
Vessco Midco Holdings, LLC(5) (7) (13)First Lien DebtS +4.75%9.05%7/24/2031357 350 357 0.23 
Vessco Midco Holdings, LLC(5) (7) (13)First Lien DebtS +4.75%9.05%7/24/2031— (4)— — 
8,402 8,515 5.44 
Professional Services
Accordion Partners, LLC(5) (7) (9)First Lien DebtS +5.25%9.55%11/17/20311,565 1,550 1,558 1.00 
Accordion Partners, LLC(5) (7) (13)First Lien DebtS +5.25%9.55%11/17/203142 41 41 0.03 
Accordion Partners, LLC(5) (7) (13)First Lien DebtS +5.25%9.55%11/17/2031— (2)(1)— 
Ascend Partner Services, LLC(5) (7) (9)First Lien DebtS +4.50%8.75%8/11/20311,629 1,614 1,629 1.04 
Ascend Partner Services, LLC(5) (7) (13)First Lien DebtS +4.50%8.75%8/11/2031791 775 791 0.51 
Ascend Partner Services, LLC(5) (7) (13)First Lien DebtS +4.50%8.75%8/11/2031180 174 180 0.12 
Bullhorn, Inc.(5) (6) (9)First Lien DebtS +5.00%9.33%10/1/20296,188 6,156 6,188 3.95 
Bullhorn, Inc.(5) (6) (9)First Lien DebtS +5.00%9.33%10/1/2029745 743 745 0.48 
Bullhorn, Inc.(5) (6) (13)First Lien DebtS +5.00%9.33%10/1/2029— (2)— — 
12
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Carr, Riggs and Ingram Capital, LLC(5) (8) (9)First Lien DebtS +4.75%9.07%11/18/2031575 $569 $569 0.36 %
Carr, Riggs and Ingram Capital, LLC(5) (8) (13)First Lien DebtS +4.75%9.07%11/18/203148 46 45 0.03 
Carr, Riggs and Ingram Capital, LLC(5) (8) (13)First Lien DebtS +4.75%9.07%11/18/203133 32 32 0.02 
ComPsych Investment Corp.(5) (7) (9)First Lien DebtS +4.75%9.04%7/22/20314,646 4,625 4,646 2.97 
ComPsych Investment Corp.(5) (7) (13)First Lien DebtS +4.75%9.04%7/22/2031— (3)— — 
Corporation Service Company(8)First Lien DebtS +2.00%6.33%11/2/2029867 871 862 0.55 
Crisis Prevention Institute, Inc.(8) (9)First Lien DebtS +4.00%8.30%4/9/2031998 993 997 0.64 
IG Investment Holdings, LLC(5) (7) (9)First Lien DebtS +5.00%9.29%9/22/2028898 890 893 0.57 
IG Investment Holdings, LLC(5) (7) (13)First Lien DebtS +5.00%9.29%9/22/2028— (1)(1)— 
UHY Advisors, Inc.(5) (7) (9)First Lien DebtS +4.75%9.06%11/21/2031442 437 440 0.28 
UHY Advisors, Inc.(5) (7) (13)First Lien DebtS +4.75%9.06%11/21/2031— (2)(2)— 
UHY Advisors, Inc.(5) (7) (13)First Lien DebtS +4.75%9.06%11/21/203126 25 26 0.02 
Verdantas, LLC(5) (7) (9)First Lien DebtS +5.25%9.58%5/6/20314,224 4,187 4,222 2.70 
Verdantas, LLC(5) (7) (9)First Lien DebtS +5.25%9.58%5/6/2031115 113 115 0.07 
Verdantas, LLC(5) (7) (13)First Lien DebtS +5.25%9.58%5/6/2030— (4)— — 
23,827 23,975 15.32 
Real Estate Management & Development
Associations, Inc.(5) (6) (9)First Lien DebtS +6.50%11.07%7/3/2028869 869 869 0.56 
Associations, Inc.(5) (6) (13)First Lien DebtS +6.50%11.07%7/3/202817 17 17 0.01 
Associations, Inc.(5) (6) (13)First Lien DebtS +6.50%11.07%7/3/202840 40 40 0.03 
Inhabitiq, Inc.(5) (7)First Lien DebtS +4.50%8.83%1/12/2032689 686 686 0.44 
Inhabitiq, Inc.(5) (7) (13)First Lien DebtS +4.50%8.83%1/12/2032— — — — 
Inhabitiq, Inc.(5) (7) (13)First Lien DebtS +4.50%8.83%1/12/2032— (1)(1)— 
MRI Software, LLC(5) (6) (9)First Lien DebtS +4.75%9.05%2/10/20276,620 6,595 6,581 4.20 
MRI Software, LLC(5) (6) (13)First Lien DebtS +4.75%9.05%2/10/202712 11 11 0.01 
MRI Software, LLC(5) (6) (13)First Lien DebtS +4.75%9.05%2/10/202728 26 25 0.02 
8,243 8,228 5.26 
Software
Artifact Bidco, Inc.(5) (8) (9)First Lien DebtS +4.50%8.80%7/28/20312,113 2,094 2,113 1.35 
Artifact Bidco, Inc.(5) (8) (13)First Lien DebtS +4.50%8.80%7/28/2031— (2)— — 
Artifact Bidco, Inc.(5) (8) (13)First Lien DebtS +4.50%8.80%7/26/2030— (3)— — 
AuditBoard, Inc.(5) (6) (9)First Lien DebtS +4.75%9.05%7/14/20313,000 2,972 3,000 1.92 
AuditBoard, Inc.(5) (6) (13)First Lien DebtS +4.75%9.05%7/14/2031— (6)— — 
AuditBoard, Inc.(5) (6) (13)First Lien DebtS +4.75%9.05%7/14/2031— (5)— — 
Banyan Software Holdings, LLC(5) (6) (9)First Lien DebtS +5.25%9.58%1/2/20311,217 1,206 1,206 0.77 
Banyan Software Holdings, LLC(5) (6) (13)First Lien DebtS +5.25%9.58%1/2/2031253 249 249 0.16 
Banyan Software Holdings, LLC(5) (6) (13)First Lien DebtS +5.25%9.58%1/2/2031— (1)(1)— 
13
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Central Parent, Inc.First Lien DebtS +3.25%7.55%7/6/2029995 $998 $851 0.54 %
Diligent Corporation(5) (7) (9)First Lien DebtS +5.00%9.31%8/2/20305,628 5,590 5,610 3.58 
Diligent Corporation(5) (7) (13)First Lien DebtS +5.00%9.31%8/2/2030— (5)(2)— 
Diligent Corporation(5) (7) (13)First Lien DebtS +5.00%9.31%8/2/2030— (4)(2)— 
Espresso Bidco, Inc.(5) (6)First Lien DebtS +5.25%9.55%3/25/20322,143 2,111 2,111 1.35 
Espresso Bidco, Inc.(5) (6) (13)First Lien DebtS +5.25%9.55%3/25/2032— (4)(4)— 
Espresso Bidco, Inc.(5) (6) (13)First Lien DebtS +5.25%9.55%3/25/2032— (4)(4)— 
Everbridge Holdings, LLC(5) (7) (9)First Lien DebtS +5.00%9.31%7/2/20316,833 6,801 6,833 4.37 
Everbridge Holdings, LLC(5) (7) (13)First Lien DebtS +5.00%9.31%7/2/203142 42 42 0.03 
Everbridge Holdings, LLC(5) (7) (13)First Lien DebtS +5.00%9.31%7/2/2031— — — — 
Formstack Acquisition Co(5) (6) (9)First Lien DebtS +5.25%9.55%3/28/20301,864 1,840 1,829 1.17 
Formstack Acquisition Co(5) (6) (13)First Lien DebtS +5.25%9.55%3/28/2030185 180 171 0.11 
Formstack Acquisition Co(5) (6) (13)First Lien DebtS +5.25%9.55%3/28/203060 55 53 0.03 
Granicus, Inc.(5) (7) (9)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.04%1/17/20312,362 2,342 2,362 1.51 
Granicus, Inc.(5) (7) (13)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.04%1/17/20311,802 1,791 1,802 1.15 
Granicus, Inc.(5) (7) (13)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.04%1/17/2031— (3)— — 
GS AcquisitionCo, Inc.(5) (6) (9)First Lien DebtS +5.25%9.55%5/25/20286,510 6,480 6,510 4.16 
GS AcquisitionCo, Inc.(5) (6) (13)First Lien DebtS +5.25%9.55%5/25/20284 4 4 — 
GS AcquisitionCo, Inc.(5) (6) (13)First Lien DebtS +5.25%9.55%5/22/2028— (2)— — 
Hootsuite, Inc.(5) (9) (10)First Lien DebtS +5.50%9.80%5/22/20302,680 2,644 2,673 1.71 
Hootsuite, Inc.(5) (10) (13)First Lien DebtS +5.50%9.80%5/22/2030— (4)(1)— 
Icefall Parent, Inc.(5) (6) (9)First Lien DebtS +6.50%10.79%1/25/20302,739 2,692 2,724 1.74 
Icefall Parent, Inc.(5) (6) (13)First Lien DebtS +6.50%10.79%1/25/2030— (4)(2)— 
LogRhythm, Inc.(5) (6) (9)First Lien DebtS +7.50%11.81%7/2/20291,364 1,328 1,333 0.85 
LogRhythm, Inc.(5) (6) (13)First Lien DebtS +7.50%11.81%7/2/2029— (4)(3)— 
Nasuni Corporation(5) (7) (9)First Lien DebtS +5.75%10.05%9/10/20304,138 4,080 4,138 2.64 
Nasuni Corporation(5) (7) (13)First Lien DebtS +5.75%10.05%9/10/2030— (12)— — 
Onit, Inc.(5) (7) (9)First Lien DebtS +4.75%9.80%1/27/2032630 623 623 0.40 
Onit, Inc.(5) (7) (13)First Lien DebtS +4.75%9.80%1/27/2032— (1)(1)— 
Onit, Inc.(5) (7) (13)First Lien DebtS +4.75%9.80%1/27/2032— (1)(1)— 
Saturn Borrower, Inc.(5) (6) (9)First Lien DebtS +6.00%10.30%11/10/20283,274 3,227 3,227 2.06 
Saturn Borrower, Inc.(5) (6) (13)First Lien DebtS +6.00%10.30%11/10/2028— (9)(9)(0.01)
Saturn Borrower, Inc.(5) (6) (13)First Lien DebtS +6.00%10.30%11/10/2028— (8)(8)(0.01)
49,267 49,426 31.58 
14
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Specialty Retail
Les Schwab Tire CentersFirst Lien DebtS +2.50%6.81%4/23/2031990 $991 $982 0.63 %
991 982 0.63 
Total Debt Investments - non-controlled/non-affiliated$264,439 $265,245 169.47 %
Debt Investments - non-controlled/affiliated
Professional Services
KWOR Acquisition, Inc.(5) (6) (14)Second Lien DebtS +
6.25% (incl. 5.25% PIK)
10.56%2/28/20301,361 $1,361 $1,361 0.87 %
KWOR Acquisition, Inc.(5) (6) (14)Other DebtS +
8.00% PIK
12.31%2/28/2030454 454 454 0.29 
KWOR Acquisition, Inc.(5) (6) (13) (14)First Lien DebtS +
6.25% (incl. 5.25% PIK)
10.56%2/28/20308 — 8 0.01 
KWOR Acquisition, Inc.(5) (6) (13) (14)First Lien DebtS +
6.25% (incl. 5.25% PIK)
10.56%2/28/203011 — 11 0.01 
Total Debt Investments - non-controlled/affiliated1,815 1,834 1.17 %
Total Debt Investments$266,254 $267,079 170.64 %%

15
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments(1)
FootnotesInvestmentReference Rate and SpreadAcquisition Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Equity Investments - non-controlled/non-affiliated
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.(5) (11) (12)Common Equity2/3/202550,000 $48 $48 0.03 %
48 48 0.03 
Diversified Consumer Services
Eclipse Topco, Inc.(5) (11)Preferred Equity
12.50% PIK
9/5/202415 147 149 0.10 
147 149 0.10 
Electrical Equipment
Sparkstone Electrical Group(5) (11) (12)Common Equity10/15/20241,500 150 150 0.10 
150 150 0.10 
Professional Services
Verdantas, LLC(5) (11) (12)Common Equity5/3/2024796 1 1 — 
Verdantas, LLC(5) (11)Preferred Equity10.00%5/3/202478,804 86 88 0.06 
87 89 0.06 
Total Equity Investments - non-controlled/non-affiliated$432 $436 0.28 %
Professional Services
KWOR Intermediate I, Inc.(5) (11) (12) (14)Common Equity2/28/2025283 $109 $109 0.07 %
KWOR Intermediate I, Inc.(5) (11) (14)Preferred EquityS +
8.00% PIK
2/28/2025302,502 302 302 0.19 
411 411 0.26 
Total Equity Investments - non-controlled/affiliated411 411 0.26 %
Total Equity Investments843 847 0.54 %
Total Portfolio Investments$267,097 $267,926 171.18 %
Cash and Cash Equivalents
J.P. Morgan US Government Money Market Fund12,005 12,005 7.67 
Cash2,798 2,798 1.79 
Total Cash and Cash Equivalents$14,803 $14,803 9.46 %
Total Portfolio Investments, Cash and Cash Equivalents$281,900 $282,729 180.64 %


16
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except 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 (including preferred 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 an “affiliated person” of one of its portfolio companies, as indicated below.
(2)
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or 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 at 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%.
(3)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").
(4)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)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.
(6)
Loan includes interest rate floor of 1.00%.
(7)
Loan includes interest rate floor of 0.75%.
(8)
Loan includes interest rate floor of 0.50%.
(9)Assets or a portion thereof are pledged as collateral for the Citibank Funding Facility. See Note 6 "Debt".
(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 4.22% of total assets as calculated in accordance with regulatory requirements.
(11)
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 $847 or 0.54% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(12)Non-income producing security.
(13) 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 stated. 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 Loan8/23/2026$51 $— 
AWP Group Holdings, Inc.Revolver12/23/2030424 — 
Accordion Partners, LLCDelayed Draw Term Loan11/15/2026219 (1)
Accordion Partners, LLCRevolver11/17/2031174 (1)
Any Hour, LLCDelayed Draw Term Loan5/23/2026625 (9)
Any Hour, LLCRevolver5/23/2030159 (2)
Apollo Acquisition, Inc.Delayed Draw Term Loan12/30/2026703 (9)
Apollo Acquisition, Inc.Revolver12/30/2030281 (4)
Aptean, Inc.Delayed Draw Term Loan1/30/202656 — 
Aptean, Inc.Delayed Draw Term Loan7/24/2025891 — 
Aptean, Inc.Delayed Draw Term Loan2/14/2027792 (2)
17
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Aptean, Inc.Revolver1/30/2031$253 $(1)
Arcoro Holdings Corp.Revolver3/28/2030261 (8)
Artifact Bidco, Inc.Delayed Draw Term Loan5/22/2027517 — 
Artifact Bidco, Inc.Revolver7/26/2030369 — 
Ascend Partner Services, LLCDelayed Draw Term Loan8/9/20262,015 — 
Ascend Partner Services, LLCRevolver8/11/2031382 — 
Associations, Inc.Delayed Draw Term Loan7/3/202851 — 
Associations, Inc.Revolver7/3/202814 — 
AuditBoard, Inc.Delayed Draw Term Loan7/12/20261,429 — 
AuditBoard, Inc.Revolver7/14/2031571 — 
Banyan Software Holdings, LLCDelayed Draw Term Loan1/2/2027399 (3)
Banyan Software Holdings, LLCRevolver1/2/2031130 (1)
Bradyplus Holdings, LLCDelayed Draw Term Loan10/31/202572 — 
Bullhorn, Inc.Delayed Draw Term Loan5/11/202648 — 
Bullhorn, Inc.Revolver10/1/2029336 — 
COP Collisionright Parent, LLCDelayed Draw Term Loan1/29/2026152 — 
COP Collisionright Parent, LLCRevolver1/29/2030162 — 
CRCI Longhorn Holdings, Inc.Delayed Draw Term Loan8/27/2026706 — 
CRCI Longhorn Holdings, Inc.Revolver8/27/2031226 — 
Carr, Riggs and Ingram Capital, LLCDelayed Draw Term Loan11/18/2026244 (2)
Carr, Riggs and Ingram Capital, LLCRevolver11/18/2031100 (1)
ComPsych Investment Corp.Delayed Draw Term Loan7/23/20271,333 — 
Consor Intermediate II, LLCDelayed Draw Term Loan5/10/2026368 — 
Consor Intermediate II, LLCRevolver5/12/2031122 — 
DA Blocker Corp.Delayed Draw Term Loan2/10/2027661 (3)
DA Blocker Corp.Revolver2/13/2032154 (2)
Diligent CorporationDelayed Draw Term Loan4/30/2026824 (2)
Diligent CorporationRevolver8/2/2030549 (2)
Drivecentric Holdings, LLCRevolver8/15/2031471 (2)
EVDR Purchaser, Inc.Delayed Draw Term Loan8/14/2025784 — 
EVDR Purchaser, Inc.Revolver2/14/2031423 — 
Eclipse Buyer, Inc.Delayed Draw Term Loan9/6/2026160 — 
Eclipse Buyer, Inc.Revolver9/8/203181 — 
Espresso Bidco, Inc.Delayed Draw Term Loan3/25/2027594 (5)
Espresso Bidco, Inc.Revolver3/25/2032264 (4)
Essential Services Holding CorporationDelayed Draw Term Loan6/17/202692 — 
Essential Services Holding CorporationRevolver6/17/203048 — 
Everbridge Holdings, LLCDelayed Draw Term Loan7/2/202665 — 
18
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LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Everbridge Holdings, LLCRevolver7/2/2031$43 $— 
Firebird Acquisition Corp, Inc.Delayed Draw Term Loan1/31/2027333 (1)
Firebird Acquisition Corp, Inc.Revolver2/2/2032100 (1)
Formstack Acquisition CoDelayed Draw Term Loan3/30/2026561 (11)
Formstack Acquisition CoRevolver3/28/2030315 (6)
Foundation Risk Partners Corp.Delayed Draw Term Loan2/26/20272,000 (5)
Foundation Risk Partners Corp.Revolver10/29/2029134 — 
GI DI Cornfield Acquisition, LLCDelayed Draw Term Loan5/31/20262,000 (12)
GS AcquisitionCo, Inc.Delayed Draw Term Loan3/26/202613 — 
GS AcquisitionCo, Inc.Revolver5/22/2028487 — 
Granicus, Inc.Delayed Draw Term Loan1/17/2026559 — 
Granicus, Inc.Revolver1/17/2031329 — 
GraphPad Software, LLCDelayed Draw Term Loan6/28/202698 — 
GraphPad Software, LLCRevolver6/30/203141 — 
HSI Halo Acquisition, Inc.Delayed Draw Term Loan6/28/202674 — 
HSI Halo Acquisition, Inc.Revolver6/28/203060 — 
Higginbotham Insurance Agency, Inc.Delayed Draw Term Loan3/27/2026397 (2)
High Street Buyer, Inc.Delayed Draw Term Loan3/11/2026531 — 
Hootsuite, Inc.Revolver5/22/2030300 (1)
Hyland Software, Inc.Revolver9/19/2029181 — 
IG Investment Holdings, LLCRevolver9/22/2028101 (1)
Icefall Parent, Inc.Revolver1/25/2030261 (1)
Imagine 360, LLCDelayed Draw Term Loan9/20/2026458 (1)
Imagine 360, LLCRevolver10/2/2028284 (1)
Inhabitiq, Inc.Delayed Draw Term Loan1/11/2027191 — 
Inhabitiq, Inc.Revolver1/12/2032120 (1)
Integrity Marketing Acquisition, LLCRevolver8/25/202848 — 
Invictus Buyer, LLCDelayed Draw Term Loan6/3/2026675 (3)
Invictus Buyer, LLCRevolver6/3/2031250 (1)
KWOR Acquisition, Inc.Delayed Draw Term Loan2/28/2027307 — 
KWOR Acquisition, Inc.Revolver2/28/2030225 — 
LogRhythm, Inc.Revolver7/2/2029136 (3)
MAI Capital Management Intermediate, LLCDelayed Draw Term Loan8/29/2026551 — 
MAI Capital Management Intermediate, LLCRevolver8/29/2031261 — 
MRI Software, LLCDelayed Draw Term Loan9/4/202626 — 
MRI Software, LLCRevolver2/10/2027478 (3)
Mantech International CPDelayed Draw Term Loan6/14/2025406 — 
Mantech International CPRevolver9/14/2028318 — 
19
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Model N, Inc.Delayed Draw Term Loan6/26/2026$98 $— 
Model N, Inc.Revolver6/27/203152 — 
NSI Holdings, Inc.Delayed Draw Term Loan11/15/2026132 (1)
NSI Holdings, Inc.Revolver11/15/2031132 (1)
Nasuni CorporationRevolver9/10/2030862 — 
Onit, Inc.Delayed Draw Term Loan1/27/2027278 (1)
Onit, Inc.Revolver1/27/203293 (1)
PDI TA Holdings, Inc.Delayed Draw Term Loan2/1/2026307 — 
PDI TA Holdings, Inc.Revolver2/3/2031263 — 
PMA Parent Holdings, LLCRevolver1/31/2031148 (1)
Peter C. Foy & Associates Insurance Services, LLCDelayed Draw Term Loan4/23/202672 — 
Project Potter Buyer, LLCRevolver4/23/2026150 — 
Pye-Barker Fire & Safety, LLCDelayed Draw Term Loan5/24/2026419 — 
Pye-Barker Fire & Safety, LLCRevolver5/24/2030213 — 
RFS Opco, LLCRevolver4/4/2029500 (1)
Ridge Trail US Bidco, Inc.Delayed Draw Term Loan3/30/20271,181 (14)
Ridge Trail US Bidco, Inc.Revolver3/31/2031287 (3)
Routeware, Inc.Delayed Draw Term Loan9/18/20261,386 (8)
Routeware, Inc.Revolver9/18/2031341 (2)
SV Newco 2, Inc.Delayed Draw Term Loan5/31/2026569 (2)
SV Newco 2, Inc.Revolver6/2/2031563 (2)
Saturn Borrower, Inc.Delayed Draw Term Loan1/24/20271,190 (8)
Saturn Borrower, Inc.Revolver11/10/2028536 (8)
Sonny's Enterprises, LLCRevolver8/5/2027243 (12)
Spark Buyer, LLCDelayed Draw Term Loan10/15/2026313 (3)
Spark Buyer, LLCRevolver10/15/2031156 (1)
Superman Holdings, LLCDelayed Draw Term Loan8/28/2026314 — 
Superman Holdings, LLCRevolver8/29/2031387 — 
Thrive Buyer, Inc. (Thrive Networks)Delayed Draw Term Loan1/31/20271,129 (6)
Thrive Buyer, Inc. (Thrive Networks)Revolver2/2/2032441 (4)
Tidi Legacy Products, Inc.Delayed Draw Term Loan6/19/2025362 — 
Tidi Legacy Products, Inc.Revolver12/19/2029261 — 
Transit Technologies, LLCDelayed Draw Term Loan8/20/2026390 — 
Transit Technologies, LLCRevolver8/20/2030341 — 
UHY Advisors, Inc.Delayed Draw Term Loan11/22/2026442 (2)
UHY Advisors, Inc.Revolver11/21/203191 — 
Vamos Bidco, Inc.Delayed Draw Term Loan1/30/2027787 (4)
Vamos Bidco, Inc.Revolver1/30/2032236 (2)
20
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2025
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Vehlo Purchaser, LLCDelayed Draw Term Loan10/5/2025$1,235 $(6)
Vehlo Purchaser, LLCRevolver5/24/202812 — 
Vensure Employer Services, Inc.Delayed Draw Term Loan9/27/2026410 (3)
Verdantas, LLCRevolver5/6/2030292 — 
Vessco Midco Holdings, LLCDelayed Draw Term Loan7/24/20261,000 — 
Vessco Midco Holdings, LLCRevolver7/24/2031452 — 
Victors Purchaser, LLCDelayed Draw Term Loan8/15/2026678 — 
Victors Purchaser, LLCRevolver8/15/2031495 — 
iCIMS, Inc.Revolver8/18/2028436 — 
Total First Lien Debt Unfunded Commitments$54,132 $(214)
Total Unfunded Commitments$54,132 $(214)
(14) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the three months ended March 31, 2025 were as follows:

Fair Value as of December 31, 2024
Gross Additions (2)
Gross Reductions (3)
Net Change in Unrealized Gains (Losses)Net Realized Gain (Loss)Fair Value as of March 31, 2025Interest, Dividend and Other Income
KWOR Acquisition, Inc.(1)
$— $2,226 $— $19 $— $2,245 $18 
Total$— $2,226 $— $19 $— $2,245 $18 

(1) Inclusive of positions titled KWOR Intermediate I, Inc.
(2) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(3) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.










21
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Debt Investments
Aerospace & Defense
Mantech International CP(5) (7)First Lien DebtS +5.00%9.59%9/14/20292,676 $2,676 $2,676 1.86 %
Mantech International CP(5) (7) (9) (14)First Lien DebtS +5.00%9.59%9/14/2029— — — — 
Mantech International CP(5) (7) (9) (14)First Lien DebtS +5.00%9.59%9/14/2028— — — — 
2,676 2,676 1.86 
Automobile Components
Sonny's Enterprises, LLC(5) (6)First Lien DebtS +5.50%10.17%8/5/20283,018 2,964 2,922 2.03 
Sonny's Enterprises, LLC(5) (6)First Lien DebtS +5.50%10.17%8/5/2028664 652 642 0.45 
Sonny's Enterprises, LLC(5) (6) (9) (14)First Lien DebtS +5.50%10.17%8/5/2027145 136 126 0.09 
3,752 3,690 2.56 
Automobiles
COP Collisionright Parent, LLC(5) (6)First Lien DebtS +5.50%10.09%1/29/20301,164 1,143 1,150 0.80 
COP Collisionright Parent, LLC(5) (6) (9) (14)First Lien DebtS +5.50%10.09%1/29/2030341 332 333 0.23 
COP Collisionright Parent, LLC(5) (6) (9) (14)First Lien DebtS +5.50%10.09%1/29/203028 25 26 0.02 
Drivecentric Holdings, LLC(5) (7)First Lien DebtS +4.75%9.27%8/15/20313,529 3,495 3,527 2.45 
Drivecentric Holdings, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.27%8/15/2031— (4)— — 
Vehlo Purchaser, LLC(5) (7)First Lien DebtS +5.25%9.61%5/24/2028251 248 248 0.17 
Vehlo Purchaser, LLC(5) (7) (9) (14)First Lien DebtS +5.25%9.61%5/24/202861 54 52 0.04 
Vehlo Purchaser, LLC(5) (7) (9) (14)First Lien DebtS +5.25%9.61%5/24/2028— — — — 
5,293 5,336 3.70 
Beverages
Triton Water Holdings, Inc.(8) (9)First Lien DebtS +3.25%7.84%3/31/2028987 981 994 0.69 
981 994 0.69 
Biotechnology
GraphPad Software, LLC(5) (7)First Lien DebtS +4.75%9.08%6/30/20315,516 5,490 5,516 3.83 
GraphPad Software, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.08%6/30/203111 10 11 0.01 
GraphPad Software, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.08%6/30/2031— — — — 
5,500 5,527 3.83 
Building Products
Project Potter Buyer, LLC(5) (6) First Lien DebtS +6.00%10.33%4/23/20274,786 4,786 4,786 3.32 
Project Potter Buyer, LLC(5) (6) (9) (14)First Lien DebtS +6.00%10.33%4/23/2026— — — — 
4,786 4,786 3.32 
Chemicals
Tank Holding Corp.(5) (7) First Lien DebtS +5.75%10.27%3/31/20283,437 3,365 3,422 2.37 
Tank Holding Corp.(5) (7) (9) (14)First Lien DebtS +5.75%10.27%3/31/2028833 812 829 0.58 
4,177 4,251 2.95 
22
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Commercial Services & Supplies
Consor Intermediate II, LLC(5) (7)First Lien DebtS +4.50%8.83%5/12/2031502 $498 $499 0.35 %
Consor Intermediate II, LLC(5) (7) (9) (14)First Lien DebtS +4.50%8.83%5/12/2031— (2)(3)— 
Consor Intermediate II, LLC(5) (7) (9) (14)First Lien DebtS +4.50%8.83%5/12/2031— (1)(1)— 
CRCI Longhorn Holdings, Inc.(5) (7)First Lien DebtS +5.00%9.36%8/27/20312,824 2,796 2,824 1.96 
CRCI Longhorn Holdings, Inc.(5) (7) (9) (14)First Lien DebtS +5.00%9.36%8/27/2031— (3)— — 
CRCI Longhorn Holdings, Inc.(5) (7) (9) (14)First Lien DebtS +5.00%9.36%8/27/2031212 207 212 0.15 
EnergySolutions, LLC(8) (9)First Lien DebtS +3.25%7.61%9/20/2030831 832 833 0.58 
Hercules Borrower, LLC(5) (7) (9) (14)First Lien DebtS +5.25%9.68%12/15/2026194 186 188 0.13 
HSI Halo Acquisition, Inc.(5) (7)First Lien DebtS +5.00%9.59%6/30/20314,600 4,557 4,600 3.19 
HSI Halo Acquisition, Inc.(5) (7) (9) (14)First Lien DebtS +5.00%9.59%6/30/203116 15 16 0.01 
HSI Halo Acquisition, Inc.(5) (7) (9) (14)First Lien DebtS +5.00%9.59%6/28/2030— (1)— — 
Pye-Barker Fire & Safety, LLC(5) (7)First Lien DebtS +4.50%8.83%5/26/20311,755 1,755 1,755 1.22 
Pye-Barker Fire & Safety, LLC(5) (7) (9) (14)First Lien DebtS +4.50%8.83%5/26/2031250 245 250 0.17 
Pye-Barker Fire & Safety, LLC(5) (7) (9) (14)First Lien DebtS +4.50%8.83%5/24/203030 28 30 0.02 
Routeware, Inc.(5) (6)First Lien DebtS +5.25%9.60%9/18/20313,182 3,151 3,182 2.21 
Routeware, Inc.(5) (6) (9) (14)First Lien DebtS +5.25%9.60%9/18/2031— (7)— — 
Routeware, Inc.(5) (6) (9) (14)First Lien DebtS +5.25%9.60%9/18/2031— (3)— — 
Transit Technologies, LLC(5) (7)First Lien DebtS +4.75%9.51%8/20/20311,591 1,576 1,591 1.10 
Transit Technologies, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.51%8/20/2031— (3)— — 
Transit Technologies, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.51%8/20/2030— (3)— — 
Vensure Employer Services, Inc.(5) (8)First Lien DebtS +5.00%9.33%9/29/20311,993 1,974 1,993 1.38 
Vensure Employer Services, Inc.(5) (8) (9) (14)First Lien DebtS +5.00%9.33%9/29/203177 74 77 0.05 
17,871 18,046 12.52 
Construction & Engineering
Arcoro Holdings Corp.(5) (6)First Lien DebtS +5.50%9.83%3/28/20301,730 1,700 1,718 1.19 
Arcoro Holdings Corp.(5) (6) (9) (14)First Lien DebtS +5.50%9.83%3/28/2030— (5)(2)— 
Superman Holdings, LLC(5) (7)First Lien DebtS +4.50%8.86%8/29/20312,673 2,660 2,673 1.85 
Superman Holdings, LLC(5) (7) (9) (14)First Lien DebtS +4.50%8.86%8/29/2031— (2)— — 
Superman Holdings, LLC(5) (7) (9) (14)First Lien DebtS +4.50%8.86%8/29/2031— (2)— — 
4,351 4,389 3.05 
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.(5) (7)First Lien DebtS +5.50%10.09%2/3/20312,986 2,961 2,971 2.06 
PDI TA Holdings, Inc.(5) (7) (9) (14)First Lien DebtS +5.50%10.09%2/3/2031388 382 384 0.27 
PDI TA Holdings, Inc.(5) (7) (9) (14)First Lien DebtS +5.50%10.09%2/3/2031— (3)(2)— 
3,340 3,353 2.33 
23
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Distributors
Avalara, Inc.(5) (7) First Lien DebtS +6.25%10.58%10/19/20285,857 $5,824 $5,857 4.06 %
Avalara, Inc.(5) (9) (14)First Lien DebtS +6.25%10.58%10/19/2028— (3)— — 
Bradyplus Holdings, LLC(5) (6)First Lien DebtS +5.00%9.52%10/31/20293,129 3,077 3,129 2.17 
Bradyplus Holdings, LLC(5) (6) (9) (14)First Lien DebtS +5.00%9.52%10/31/202920 18 20 0.01 
8,916 9,006 6.25 
Diversified Consumer Services
Any Hour, LLC(5)First Lien DebtS +5.00%9.33%5/23/20302,360 2,328 2,336 1.62 
Any Hour, LLC(5) (9) (14)First Lien DebtS +5.00%9.33%5/23/203067 62 60 0.04 
Any Hour, LLC(5) (9) (14)First Lien DebtS +5.00%9.33%5/23/2030166 161 163 0.11 
Any Hour, LLC(5) (9)Other Debt
13.00% PIK
13.00%5/23/2031637 626 630 0.44 
Eclipse Buyer, Inc.(5) (8)First Lien DebtS +4.75%9.26%9/8/2031943 934 943 0.65 
Eclipse Buyer, Inc.(5) (8) (14)First Lien DebtS +4.75%9.26%9/8/2031— (1)— — 
Eclipse Buyer, Inc.(5) (8) (9) (14)First Lien DebtS +4.75%9.26%9/6/2031— (1)— — 
Essential Services Holding Corporation(5) (7) (9)First Lien DebtS +5.00%9.65%6/17/20315,850 5,795 5,850 4.06 
Essential Services Holding Corporation(5) (7) (9) (14)First Lien DebtS +5.00%9.65%6/17/2031— — — — 
Essential Services Holding Corporation(5) (7) (9) (14)First Lien DebtS +5.00%9.65%6/17/2030— (1)— — 
EVDR Purchaser, Inc.(5) (7)First Lien DebtS +5.50%9.86%2/14/20312,722 2,673 2,722 1.89 
EVDR Purchaser, Inc.(5) (7) (9) (14)First Lien DebtS +5.50%9.86%2/14/2031— (7)— — 
EVDR Purchaser, Inc.(5) (7) (9) (14)First Lien DebtS +5.50%9.86%2/14/203178 70 78 0.05 
12,639 12,782 8.87 
Electrical Equipment
Spark Buyer, LLC(5) (7)First Lien DebtS +5.25%9.77%10/15/2031781 770 770 0.53 
Spark Buyer, LLC(5) (7) (9) (14)First Lien DebtS +5.25%9.77%10/15/2031— (3)(3)— 
Spark Buyer, LLC(5) (7) (9) (14)First Lien DebtS +5.25%9.77%10/15/2031— (2)(2)— 
765 765 0.53 
Electronic Equipment, Instruments & Components
NSi Holdings, Inc.(5) (7)First Lien DebtS +5.00%9.36%11/15/2031737 730 730 0.51 
NSi Holdings, Inc.(5) (7) (9) (14)First Lien DebtS +5.00%9.36%11/15/2031— (1)(1)— 
NSi Holdings, Inc.(5) (7) (14)First Lien DebtS +5.00%9.36%11/15/2031— (1)(1)— 
728 728 0.51 
Financial Services
MAI Capital Management Intermediate, LLC(5) (7)First Lien DebtS +4.75%9.08%8/29/20311,544 1,529 1,544 1.07 
MAI Capital Management Intermediate, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.08%8/29/2031289 283 289 0.20 
MAI Capital Management Intermediate, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.08%8/29/203146 43 46 0.03 
PMA Parent Holdings, LLC(5) (7)First Lien DebtS +5.50%9.83%1/31/20312,102 2,071 2,071 1.44 
PMA Parent Holdings, LLC(5) (7) (9) (14)First Lien DebtS +5.50%9.83%1/31/2031— (2)(2)— 
24
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
RFS Opco, LLC(5) (8) First Lien DebtS +4.75%9.08%4/4/20311,496 $1,483 $1,490 1.03 %
RFS Opco, LLC(5) (8) (9) (14)First Lien DebtS +3.50%7.83%4/4/2029270 257 264 0.18 
5,664 5,702 3.96 
Ground Transportation
SV Newco 2, Inc.(5) (7) (10)First Lien DebtS +4.75%9.26%6/2/20311,496 1,475 1,484 1.03 
SV Newco 2, Inc.(5) (7) (9) (10) (14)First Lien DebtS +4.75%9.26%6/2/2031— (6)(7)— 
SV Newco 2, Inc.(5) (7) (9) (10) (14)First Lien DebtS +4.75%9.26%6/2/2031— (8)(4)— 
1,461 1,473 1.02 
Health Care Equipment & Supplies
Medline Borrower, LP(8) (9)First Lien DebtS +2.25%6.61%10/23/2028899 901 902 0.63 
Tidi Legacy Products, Inc.(5) (6)First Lien DebtS +5.25%9.61%12/19/20291,363 1,339 1,361 0.94 
Tidi Legacy Products, Inc.(5) (6) (9) (14)First Lien DebtS +5.25%9.61%12/19/2029— (3)(1)— 
Tidi Legacy Products, Inc.(5) (6) (9) (14)First Lien DebtS +5.25%9.61%12/19/2029— (4)(1)— 
2,233 2,261 1.57 
Health Care Providers & Services
DCA Investment Holdings, LLC(5) (7)First Lien DebtS +6.50%10.77%4/3/20287,301 7,255 7,245 5.03 
iCIMS, Inc.(5) (7)First Lien DebtS +5.75%10.38%8/18/20285,534 5,504 5,534 3.84 
iCIMS, Inc.(5) (7) (9) (14)First Lien DebtS +5.75%10.38%8/18/202898 95 98 0.07 
Imagine 360, LLC(5) (7)First Lien DebtS +4.75%9.10%10/2/20283,242 3,211 3,242 2.25 
Imagine 360, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.10%10/2/2028— (2)— — 
Imagine 360, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.10%10/2/2028— (3)— — 
Invictus Buyer, LLC(5) (7)First Lien DebtS +4.75%9.08%6/3/20311,616 1,601 1,611 1.12 
Invictus Buyer, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.08%6/3/2031— (3)(2)— 
Invictus Buyer, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.08%6/3/2031— (2)(1)— 
PPV Intermediate Holdings, LLC(5) (7)First Lien DebtS +5.75%10.26%8/31/20291,990 1,990 1,988 1.38 
PPV Intermediate Holdings, LLC(5) (7)First Lien DebtS +6.00%10.52%8/31/20291,262 1,251 1,262 0.88 
20,897 20,977 14.55 
Health Care Technology
Hyland Software, Inc.(5) (7)First Lien DebtS +6.00%10.36%9/19/20303,774 3,733 3,774 2.62 
Hyland Software, Inc.(5) (7)First Lien DebtS +6.00%10.36%9/19/2029— (2)— — 
Project Ruby Ultimate Parent Corp.(9)First Lien DebtS +3.00%7.47%3/10/2028990 988 993 0.69 
4,719 4,767 3.31 
Industrial Conglomerates
Aptean, Inc.(5) (7)First Lien DebtS +5.00%9.59%1/30/20312,173 2,154 2,170 1.51 
Aptean, Inc.(5) (7) (9) (14)First Lien DebtS +5.00%9.59%1/30/203135 34 35 0.02 
25
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Aptean, Inc.(5) (7) (9) (14)First Lien DebtS +5.00%9.59%1/30/2031— $(1)$— — %
2,187 2,205 1.53 
Insurance Services
Alliant Holdings Intermediate, LLC(8) (9)First Lien DebtS +2.75%7.11%9/19/2031990 993 992 0.69 
Foundation Risk Partners Corp.(5) (7) (9) (14)First Lien DebtS +5.25%9.58%10/29/2029— (1)— — 
Galway Borrower, LLC(5) (7)First Lien DebtS +4.50%8.83%9/29/20282,307 2,278 2,307 1.60 
Galway Borrower, LLC(5) (7) (9)First Lien DebtS +4.50%8.83%9/29/20282,441 2,424 2,441 1.69 
Higginbotham Insurance Agency, Inc.(5) (6)First Lien DebtS +4.50%8.86%11/24/20284,756 4,747 4,735 3.29 
Higginbotham Insurance Agency, Inc.(5) (6) (9) (14)First Lien DebtS +4.50%8.86%11/24/2028197 193 194 0.13 
High Street Buyer, Inc.(5) (7) (9) (14)First Lien DebtS +5.25%9.58%4/14/2028— (6)(2)— 
Integrity Marketing Acquisition, LLC(5) (7) First Lien DebtS +5.00%9.51%8/25/20284,939 4,939 4,939 3.43 
Integrity Marketing Acquisition, LLC(5) (7) (9) (14)First Lien DebtS +5.00%9.51%8/25/2028— — — — 
Peter C. Foy & Associates Insurance Services, LLC(5) (7) First Lien DebtS +5.50%9.83%11/1/20281,481 1,459 1,481 1.03 
Peter C. Foy & Associates Insurance Services, LLC(5) (7) (9) (14)First Lien DebtS +5.50%9.83%11/1/2028694 688 691 0.48 
RSC Acquisition, Inc.(5) (6)First Lien DebtS +4.75%9.21%11/1/2029123 122 123 0.09 
RSC Acquisition, Inc.(5) (7)First Lien DebtS +4.75%9.21%11/1/2029295 294 295 0.20 
USI, Inc.(9)First Lien DebtS +2.75%7.02%11/22/2029988 992 985 0.68 
World Insurance Associates, LLC(5) (6)First Lien DebtS +6.00%10.34%4/3/20284,728 4,610 4,625 3.21 
23,732 23,806 16.52 
IT Services
Apollo Acquisition, Inc.(5)First Lien DebtS +5.00%9.33%12/30/20312,016 1,996 1,995 1.38 
Apollo Acquisition, Inc.(5) (9) (14)First Lien DebtS +5.00%9.33%12/30/2031— (4)(4)— 
Apollo Acquisition, Inc.(5) (9) (14)First Lien DebtS +5.00%9.33%12/30/2030— (3)(3)— 
Asurion, LLC(7) (9)First Lien DebtS +4.25%8.61%9/19/2030987 977 984 0.68 
GI DI Cornfield Acquisition, LLC(5)First Lien DebtS +4.50%8.84%3/9/20283,880 3,830 3,842 2.67 
GI DI Cornfield Acquisition, LLC(5) (7) (9) (14)First Lien DebtS +4.50%8.84%3/9/2028— (13)(19)(0.01)
Ridge Trail US Bidco, Inc.(5) (6) (10)First Lien DebtS +4.50%8.83%9/30/20313,425 3,375 3,416 2.37 
Ridge Trail US Bidco, Inc.(5) (6) (9) (10) (14)First Lien DebtS +4.50%8.83%9/30/2031— (8)(3)— 
Ridge Trail US Bidco, Inc.(5) (6) (9) (10) (14)First Lien DebtS +4.50%8.83%3/31/2031106 101 105 0.07 
Victors Purchaser, LLC(5) (8)First Lien DebtS +4.75%9.08%8/15/20313,639 3,604 3,639 2.52 
Victors Purchaser, LLC(5) (8) (9) (14)First Lien DebtS +4.75%9.08%8/15/2031— (4)— — 
Victors Purchaser, LLC(5) (8) (9) (14)First Lien DebtS +4.75%9.08%8/15/2031C$104 70 73 0.05 
13,921 14,025 9.73 
Life Sciences Tools & Services
Model N, Inc.(5) (7)First Lien DebtS +5.00%9.33%6/27/20314,836 4,791 4,836 3.36 
26
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Model N, Inc.(5) (7) (9) (14)First Lien DebtS +5.00%9.33%6/27/2031— $— $— — %
Model N, Inc.(5) (7) (9) (14)First Lien DebtS +5.00%9.33%6/27/2031— (1)— — 
Parexel International Corporation(8) (9)First Lien DebtS +3.00%7.36%11/15/2028949 951 955 0.66 
5,741 5,791 4.02 
Machinery
TK Elevator US Newco, Inc.(8) (9)First Lien DebtS +3.50%8.59%4/30/2030990 993 997 0.69 
993 997 0.69 
Multi-Utilities
AWP Group Holdings, Inc.(5) (6)First Lien DebtS +4.75%9.11%12/23/20303,261 3,213 3,261 2.26 
AWP Group Holdings, Inc.(5) (6) (9) (14)First Lien DebtS +4.75%9.11%12/23/2030729 718 729 0.51 
AWP Group Holdings, Inc.(5) (6) (9) (14)First Lien DebtS +4.75%9.11%12/23/203027 18 27 0.02 
Vessco Midco Holdings, LLC(5) (7)First Lien DebtS +4.75%9.11%7/24/20314,072 4,034 4,072 2.83 
Vessco Midco Holdings, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.11%7/24/2031357 350 357 0.25 
Vessco Midco Holdings, LLC(5) (7) (9) (14)First Lien DebtS +4.75%9.11%7/24/2031— (4)— — 
8,329 8,446 5.86 
Professional Services
Accordion Partners, LLC(5) (7)First Lien DebtS +5.25%9.58%11/17/20311,565 1,550 1,550 1.08 
Accordion Partners, LLC(5) (7) (9) (14)First Lien DebtS +5.25%9.58%11/17/2031— (1)(1)— 
Accordion Partners, LLC(5) (7) (9) (14)First Lien DebtS +5.25%9.58%11/17/2031— (2)(2)— 
Ascend Partner Services, LLC(5) (7) First Lien DebtS +4.50%8.86%8/11/20311,633 1,617 1,633 1.13 
Ascend Partner Services, LLC(5) (7) (9) (14)First Lien DebtS +4.50%8.86%8/11/2031— (13)— — 
Ascend Partner Services, LLC(5) (7) (9) (14)First Lien DebtS +4.50%8.86%8/11/2031337 331 337 0.23 
Bullhorn, Inc.(5) (6) First Lien DebtS +5.00%9.36%10/1/20296,188 6,154 6,188 4.29 
Bullhorn, Inc.(5) (6) First Lien DebtS +5.00%9.36%10/1/2029746 743 746 0.52 
Bullhorn, Inc.(5) (6) (9) (14)First Lien DebtS +5.00%9.36%10/1/2029— (2)— — 
Carr, Riggs and Ingram Capital, LLC(5) (8) First Lien DebtS +4.75%9.24%11/18/2031575 569 569 0.39 
Carr, Riggs and Ingram Capital, LLC(5) (8) (9) (14)First Lien DebtS +4.75%9.24%11/18/2031— (1)(1)— 
Carr, Riggs and Ingram Capital, LLC(5) (8) (9) (14)First Lien DebtS +4.75%9.24%11/18/203117 15 15 0.01 
ComPsych Investment Corp.(5) (7)First Lien DebtS +4.75%9.38%7/22/20314,658 4,636 4,658 3.23 
ComPsych Investment Corp.(5) (7) (9) (14)First Lien DebtS +4.75%9.38%7/22/2031— (3)— — 
Corporation Service Company(8) (9)First Lien DebtS +2.50%6.86%11/2/2029877 881 881 0.61 
Crisis Prevention Institute, Inc.(5) (8)First Lien DebtS +4.00%8.39%4/9/20311,000 995 1,000 0.69 
IG Investment Holdings, LLC(5) (7)First Lien DebtS +5.00%9.57%9/22/2028900 891 891 0.62 
IG Investment Holdings, LLC(5) (7) (9) (14)First Lien DebtS +5.00%9.57%9/22/2028— (1)(1)— 
KWOR Acquisition, Inc.(5) (11)First Lien DebtP +4.25%11.75%12/22/20282,981 2,981 2,189 1.52 
UHY Advisors, Inc.(5) (7)First Lien DebtS +4.75%9.26%11/21/2031442 437 437 0.30 
UHY Advisors, Inc.(5) (7) (9) (14)First Lien DebtS +4.75%9.26%11/21/2031— (2)(2)— 
27
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
UHY Advisors, Inc.(5) (7) (9) (14)First Lien DebtS +4.75%9.26%11/21/2031— $(1)$(1)— %
Verdantas, LLC(5) (7)First Lien DebtS +5.00%9.45%5/6/20312,735 2,697 2,707 1.88 
Verdantas, LLC(5) (7) First Lien DebtS +5.00%9.45%5/6/2031115 114 114 0.08 
Verdantas, LLC(5) (7) (9) (14)First Lien DebtS +5.00%9.45%5/6/2030— (4)(3)— 
24,581 23,904 16.59 
Real Estate Management & Development
Associations, Inc.(5) (6)First Lien DebtS +6.50%11.32%7/3/2028872 871 872 0.61 
Associations, Inc.(5) (6) (9) (14)First Lien DebtS +6.50%11.32%7/3/202811 11 11 0.01 
Associations, Inc.(5) (6) (9) (14)First Lien DebtS +6.50%11.32%7/3/202827 27 27 0.02 
MRI Software, LLC(5) (6)First Lien DebtS +4.75%9.08%2/10/20276,637 6,610 6,632 4.60 
MRI Software, LLC(5) (6) (9) (14)First Lien DebtS +4.75%9.08%2/10/20274 3 4 — 
MRI Software, LLC(5) (6) (9) (14)First Lien DebtS +4.75%9.08%2/10/202728 26 28 0.02 
7,548 7,574 5.26 
Software
Artifact Bidco, Inc.(5) (8)First Lien DebtS +4.50%8.83%7/1/20312,113 2,093 2,113 1.47 
Artifact Bidco, Inc.(5) (8) (9) (14)First Lien DebtS +4.50%8.83%7/1/2031— (2)— — 
Artifact Bidco, Inc.(5) (8) (9) (14)First Lien DebtS +4.50%8.83%7/1/2030— (3)— — 
AuditBoard, Inc.(5) (6)First Lien DebtS +4.75%9.08%7/14/20313,000 2,971 3,000 2.08 
AuditBoard, Inc.(5) (6) (9) (14)First Lien DebtS +4.75%9.08%7/14/2031— (7)— — 
AuditBoard, Inc.(5) (8) (9) (14)First Lien DebtS +4.75%9.08%7/14/2031— (5)— — 
Central Parent, Inc.(8) (9)First Lien DebtS +3.25%7.58%7/6/2029998 1,001 983 0.68 
Diligent Corporation(5) (7)First Lien DebtS +5.00%10.09%8/2/20305,628 5,589 5,628 3.90 
Diligent Corporation(5) (7) (9) (14)First Lien DebtS +5.00%10.09%8/2/2030— (6)— — 
Diligent Corporation(5) (7) (9) (14)First Lien DebtS +5.00%10.09%8/2/2030— (4)— — 
Everbridge Holdings, LLC(5) (7)First Lien DebtS +5.00%9.59%7/2/20316,850 6,817 6,850 4.75 
Everbridge Holdings, LLC(5) (7) (9) (14)First Lien DebtS +5.00%9.59%7/2/203142 42 42 0.03 
Everbridge Holdings, LLC(5) (7) (9) (14)First Lien DebtS +5.00%9.59%7/2/2031— — — — 
Formstack Acquisition Co(5) (6)First Lien DebtS +5.25%9.58%3/28/20301,868 1,843 1,856 1.29 
Formstack Acquisition Co(5) (6) (9) (14)First Lien DebtS +5.25%9.58%3/28/2030187 180 182 0.13 
Formstack Acquisition Co(5) (6) (9) (14)First Lien DebtS +5.25%9.58%3/28/203038 33 35 0.02 
Granicus, Inc.(5) (7) (9)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.34%1/17/20312,354 2,334 2,354 1.63 
Granicus, Inc.(5) (7) (9) (14)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.34%1/17/20311,796 1,784 1,795 1.25 
Granicus, Inc.(5) (7) (9) (14)First Lien DebtS +
5.75% (incl. 2.25% PIK)
10.34%1/17/2031— (3)— — 
GS AcquisitionCo, Inc.(5) (6)First Lien DebtS +5.25%9.58%5/25/20286,527 6,495 6,527 4.53 
GS AcquisitionCo, Inc.(5) (7) (9) (14)First Lien DebtS +5.25%9.58%5/25/20284 4 4 — 
28
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments-non-controlled/non-affiliated(1)
FootnotesInvestmentReference Rate and Spread
Interest Rate(2)
Maturity Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
GS AcquisitionCo, Inc.(5) (6) (9) (14)First Lien DebtS +5.25%9.58%5/25/2028— $(2)$— — %
Hootsuite, Inc.(5) (10)First Lien DebtS +5.50%9.83%5/22/20302,687 2,649 2,663 1.85 
Hootsuite, Inc.(5) (9) (10) (14)First Lien DebtS +5.50%9.83%5/22/2030— (4)(3)— 
Icefall Parent, Inc.(5) (6) First Lien DebtS +6.50%10.86%1/25/20302,739 2,691 2,696 1.87 
Icefall Parent, Inc.(5) (6) (9) (14)First Lien DebtS +6.50%10.86%1/25/2030— (4)(4)— 
LogRhythm, Inc.(5) (6) First Lien DebtS +7.50%11.86%7/2/20291,364 1,326 1,339 0.93 
LogRhythm, Inc.(5) (6) (9) (14)First Lien DebtS +7.50%11.86%7/2/2029— (4)(2)— 
Nasuni Corporation(5) (7)First Lien DebtS +5.75%10.18%9/10/20304,138 4,078 4,138 2.87 
Nasuni Corporation(5) (7) (9) (14)First Lien DebtS +5.75%10.18%9/10/2030— (12)— — 
41,874 42,196 29.28 
Specialty Retail
Les Schwab Tire Centers(8) (9)First Lien DebtS +3.00%7.36%4/23/2031990 991 994 0.69 
991 994 0.69 
Total Debt Investments$240,646 $241,447 167.52 %


Investments-non-controlled/non-affiliated(1)FootnotesInvestmentReference Rate and SpreadAcquisition Date
Par Amount/ Shares(3)
Cost(4)
Fair ValuePercentage of Net Assets
Equity Investments
Diversified Consumer Services
Eclipse Topco, Inc.(5) (9) (12)Preferred Equity
12.50% PIK
9/5/202415 $147 $147 0.10 %
147 147 0.10 
Electrical Equipment
Sparkstone Electrical Group(5) (9) (12) (13)Common Equity10/15/20241,500 150 150 0.10 
150 150 0.10 
Professional Services
Verdantas, LLC(5) (9) (12) (13)Common Equity5/3/2024796 1 1 — 
Verdantas, LLC(5) (9) (12)Preferred Equity10.00%5/3/202478,804 84 95 0.07 
85 96 0.07 
Total Equity Investments$382 $393 0.27 %
Total Portfolio Investments$241,028 $241,840 167.80 %
Cash and Cash Equivalents
J.P. Morgan US Govt Money Market Fund$5,289 $5,289 3.67 %
Cash2,187 2,187 1.52 
Total Cash and Cash Equivalents$7,476 $7,476 5.19 %
Total Portfolio Investments, Cash and Cash Equivalents$248,504 $249,316 172.98 %

29
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except 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)
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or 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 at 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%.
(3)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").
(4)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)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.
(6)
Loan includes interest rate floor of 1.00%.
(7)
Loan includes interest rate floor of 0.75%.
(8)
Loan includes interest rate floor of 0.50%.
(9)Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the Citibank Funding Facility (as defined below). See Note 6 "Debt".
(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 December 31, 2024 non-qualifying assets represented 3.02% of total assets as calculated in accordance with regulatory requirements.
(11)
Investment was on non-accrual status as of December 31, 2024.
(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 $393 or 0.27% 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 stated. See below for more information on the Company’s unfunded commitments as of December 31, 2024.


Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
AWP Group Holdings, Inc.Delayed Draw Term Loan8/23/2026$51 $— 
AWP Group Holdings, Inc.Revolver12/23/2030503 — 
Accordion Partners, LLCDelayed Draw Term Loan11/15/2026261 (1)
Accordion Partners, LLCRevolver11/17/2031174 (2)
Any Hour, LLCDelayed Draw Term Loan5/23/2026625 (7)
Any Hour, LLCRevolver5/23/2030180 (2)
Apollo Acquisition, Inc.Delayed Draw Term Loan12/30/2026703 (3)
Apollo Acquisition, Inc.Revolver12/30/2030281 (3)
Aptean, Inc.Delayed Draw Term Loan1/30/202699 — 
30
Table of Contents
LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Aptean, Inc.Revolver1/30/2031$182 $— 
Arcoro Holdings Corp.Revolver3/28/2030261 (2)
Artifact Bidco, Inc.Delayed Draw Term Loan5/22/2027517 — 
Artifact Bidco, Inc.Revolver7/26/2030369 — 
Ascend Partner Services, LLCDelayed Draw Term Loan8/9/20262,806 — 
Ascend Partner Services, LLCRevolver8/11/2031224 — 
Associations, Inc.Delayed Draw Term Loan7/3/202856 — 
Associations, Inc.Revolver7/3/202827 — 
AuditBoard, Inc.Delayed Draw Term Loan7/12/20261,429 — 
AuditBoard, Inc.Revolver7/14/2031571 — 
Avalara, Inc.Revolver10/19/2028586 — 
Bradyplus Holdings, LLCDelayed Draw Term Loan10/31/202572 — 
Bullhorn, Inc.Delayed Draw Term Loan5/11/202648 — 
Bullhorn, Inc.Revolver10/1/2029336 — 
COP Collisionright Parent, LLCDelayed Draw Term Loan1/29/2026337 (4)
COP Collisionright Parent, LLCRevolver1/29/2030162 (2)
CRCI Longhorn Holdings, Inc.Delayed Draw Term Loan8/27/2026706 — 
CRCI Longhorn Holdings, Inc.Revolver8/27/2031259 — 
Carr, Riggs and Ingram Capital, LLCDelayed Draw Term Loan11/18/2026292 (1)
Carr, Riggs and Ingram Capital, LLCRevolver11/18/2031117 (1)
ComPsych Investment Corp.Delayed Draw Term Loan7/23/20271,333 — 
Consor Intermediate II, LLCDelayed Draw Term Loan5/10/2026458 (3)
Consor Intermediate II, LLCRevolver5/12/2031122 (1)
Diligent CorporationDelayed Draw Term Loan4/30/2026824 — 
Diligent CorporationRevolver8/2/2030549 — 
Drivecentric Holdings, LLCRevolver8/15/2031471 — 
EVDR Purchaser, Inc.Delayed Draw Term Loan8/14/2025784 — 
EVDR Purchaser, Inc.Revolver2/14/2031392 — 
Eclipse Buyer, Inc.Delayed Draw Term Loan9/6/2026160 — 
Eclipse Buyer, Inc.Revolver9/6/203181 — 
Essential Services Holding CorporationDelayed Draw Term Loan6/17/202692 — 
Essential Services Holding CorporationRevolver6/17/203058 — 
Everbridge Holdings, LLCDelayed Draw Term Loan7/2/202665 — 
Everbridge Holdings, LLCRevolver7/2/203143 — 
Formstack Acquisition CoDelayed Draw Term Loan3/30/2026561 (4)
Formstack Acquisition CoRevolver3/28/2030338 (2)
Foundation Risk Partners Corp.Revolver10/29/2029134 — 
GI DI Cornfield Acquisition, LLCDelayed Draw Term Loan5/31/20262,000 (19)
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LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
GS AcquisitionCo, Inc.Delayed Draw Term Loan3/26/2026$13 $— 
GS AcquisitionCo, Inc.Revolver5/25/2028487 — 
Granicus, Inc.Delayed Draw Term Loan1/17/2026559 (1)
Granicus, Inc.Revolver1/17/2031329 — 
GraphPad Software, LLCDelayed Draw Term Loan6/28/202698 — 
GraphPad Software, LLCRevolver6/30/203141 — 
HSI Halo Acquisition, Inc.Delayed Draw Term Loan6/28/202674 — 
HSI Halo Acquisition, Inc.Revolver6/28/203060 — 
Hercules Borrower, LLCDelayed Draw Term Loan4/5/20261,835 (6)
Higginbotham Insurance Agency, Inc.Delayed Draw Term Loan3/27/2026483 (2)
High Street Buyer, Inc.Delayed Draw Term Loan3/11/2026648 (2)
Hootsuite, Inc.Revolver5/22/2030300 (3)
Hyland Software, Inc.Revolver9/19/2029181 — 
IG Investment Holdings, LLCRevolver9/22/2028101 (1)
Icefall Parent, Inc.Revolver1/25/2030261 (4)
Imagine 360, LLCDelayed Draw Term Loan9/20/2026458 — 
Imagine 360, LLCRevolver10/2/2028284 — 
Integrity Marketing Acquisition, LLCRevolver8/25/202848 — 
Invictus Buyer, LLCDelayed Draw Term Loan6/3/2026675 (2)
Invictus Buyer, LLCRevolver6/3/2031250 (1)
LogRhythm, Inc.Revolver7/2/2029136 (2)
MAI Capital Management Intermediate, LLCDelayed Draw Term Loan8/29/2026623 — 
MAI Capital Management Intermediate, LLCRevolver8/29/2031298 — 
MRI Software, LLCDelayed Draw Term Loan9/4/202634 — 
MRI Software, LLCRevolver2/10/2027478 — 
Mantech International CPDelayed Draw Term Loan6/14/2025406 — 
Mantech International CPRevolver9/14/2028318 — 
Model N, Inc.Delayed Draw Term Loan6/26/202698 — 
Model N, Inc.Revolver6/27/203152 — 
NSi Holdings, Inc.Delayed Draw Term Loan11/15/2026131 (1)
NSi Holdings, Inc.Revolver11/15/2031131 (1)
Nasuni CorporationRevolver9/10/2030862 — 
PDI TA Holdings, Inc.Delayed Draw Term Loan2/1/2026307 (2)
PDI TA Holdings, Inc.Revolver2/3/2031304 (2)
PMA Parent Holdings, LLCRevolver1/31/2031148 (2)
Peter C. Foy & Associates Insurance Services, LLCDelayed Draw Term Loan4/23/2026130 (1)
Project Potter Buyer, LLCRevolver4/23/2026150 — 
Pye-Barker Fire & Safety, LLCDelayed Draw Term Loan5/24/2026451 — 
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LGAM Private Credit LLC
Consolidated Schedule of Investments
December 31, 2024
(In thousands, except share amounts)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Pye-Barker Fire & Safety, LLCRevolver5/24/2030$213 $— 
RFS Opco, LLCRevolver4/4/20291,230 (5)
Ridge Trail US Bidco, Inc.Delayed Draw Term Loan8/30/20271,181 (3)
Ridge Trail US Bidco, Inc.Revolver3/31/2031287 (1)
Routeware, Inc.Delayed Draw Term Loan9/18/20261,477 — 
Routeware, Inc.Revolver9/18/2031341 — 
SV Newco 2, Inc.Delayed Draw Term Loan5/31/2026938 (7)
SV Newco 2, Inc.Revolver6/2/2031563 (4)
Sonny's Enterprises, LLCRevolver8/5/2027434 (14)
Spark Buyer, LLCDelayed Draw Term Loan10/15/2026312 (2)
Spark Buyer, LLCRevolver10/15/2031156 (2)
Superman Holdings, LLCDelayed Draw Term Loan8/28/2026874 — 
Superman Holdings, LLCRevolver8/29/2031387 — 
Tank Holding Corp.Delayed Draw Term Loan11/22/2025148 (1)
Tidi Legacy Products, Inc.Delayed Draw Term Loan6/19/2025362 (1)
Tidi Legacy Products, Inc.Revolver12/19/2029261 — 
Transit Technologies, LLCDelayed Draw Term Loan8/20/2026568 — 
Transit Technologies, LLCRevolver8/20/2030341 — 
UHY Advisors, Inc.Delayed Draw Term Loan11/22/2026442 (2)
UHY Advisors, Inc.Revolver11/21/2031117 (1)
Vehlo Purchaser, LLCDelayed Draw Term Loan10/5/20251,235 (8)
Vehlo Purchaser, LLCRevolver5/24/202812 — 
Vensure Employer Services, Inc.Delayed Draw Term Loan9/27/2026430 — 
Verdantas, LLCRevolver5/6/2030292 (3)
Vessco Midco Holdings, LLCDelayed Draw Term Loan7/24/20261,000 — 
Vessco Midco Holdings, LLCRevolver7/24/2031452 — 
Victors Purchaser, LLCDelayed Draw Term Loan8/15/2026866 — 
Victors Purchaser, LLCRevolver8/15/2031421 (4)
iCIMS, Inc.Revolver8/18/2028392 — 
Total First Lien Debt Unfunded Commitments$48,673 $(148)
Total Unfunded Commitments$48,673 $(148)






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LGAM Private Credit LLC
Notes to the Consolidated Financial Statements (Unaudited)
March 31, 2025
(In thousands, except unit and per unit amounts)



(1)        ORGANIZATION
LGAM Private Credit 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 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 February 7, 2023 with the name “LTMS Fund LLC”. The Company changed its name to “LGAM Private Credit LLC” on March 20, 2023. The Company commenced operations on December 1, 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 (the “Private Offering”) of its units in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), including the exemption provided by Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. The Company is offering one class of its units (the “Units”) in its continuous private offering.
(2)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. As of March 31, 2025, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: 1585 Koala Holdings LLC (“1585 Koala Holdings”), LGAM Equity Holdings LLC (“Equity Holdings”), LGAM CA SPV LLC (“CA SPV”) and LGAM Financing SPV LLC (“LGAM SPV LLC” and together with 1585 Koala Holdings, Equity
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Holdings and CA SPV, the “subsidiaries”). The Company consolidates its wholly-owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.
Cash and Cash Equivalents
Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents 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 the “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 an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.
As of March 31, 2025, the Company had no investments on non-accrual status. As of December 31, 2024, the Company had certain investments in one portfolio company that was on non-accrual status. The amortized cost of investments on non-accrual status as of December 31, 2024 was $2,981.
Organization and Offering Costs
Costs associated with the organization of the Company are expensed as incurred. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Units are capitalized as “deferred offering costs” on the Consolidated Statements of Financial Condition and amortized over a twelve-month period from incurrence of such offering of Units. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Units.
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 has elected 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 continue 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
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distributed. For the three months ended March 31, 2025 and March 31, 2024, the Company accrued $0 and $0 of 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 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 Financial Condition 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)SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS
Investment Advisory Agreement
On December 1, 2023, the Company entered into the investment advisory agreement with the Investment Adviser (the “Investment Advisory Agreement”). The Investment Advisory Agreement has 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 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 borne by the unitholders.
Base Management Fee
The base management fee is calculated at an annual rate of 1.00% 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 Investment Adviser.
For the three months ended March 31, 2025 and March 31, 2024, base management fees were $373 and $227, respectively, and the Investment Adviser irrevocably agreed to waive $0 and $227, respectively. As of March 31, 2025 and December 31, 2024, $373 and $333, 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 Fees based on Income
Pre-incentive fee net investment income is defined as interest income, distribution 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.
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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);
•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 there were $414 and $284, respectively, of income based incentive fees accrued, and the Investment Adviser irrevocably agreed to waive $0 and $284, respectively. As of March 31, 2025 and December 31, 2024, $414 and $429, respectively, was payable to the Investment Adviser relating to income based incentive fees.
ii. Incentive Fees 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 $(92) and $3, respectively. 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. As of March 31, 2025 and December 31, 2024, $11 and $103, respectively, was payable to the Investment Adviser relating to capital gains incentive fees.
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 December 1, 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.
For the three months ended March 31, 2025 and March 31, 2024, the Company incurred $50 and $15, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. As of March 31, 2025 and December 31, 2024, $13 and $4, respectively, was payable for administrative service fees which was included in payable to affiliates on the Consolidated Statements of Financial Condition.
Expense Support and Conditional Reimbursement Agreement
On December 1, 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
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expense. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. 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; provided, that no reimbursement will be made if the reimbursement payment causes the distribution rate in effect at the time of reimbursement to be lower than the distribution rate at the time the Expense Payment was initially paid by the Adviser on behalf of the Company. 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 $0 and $222, respectively, of Expense Payments under the Expense Support Agreement, which were recorded under Expense support on the Consolidated Statements of Operations.
(4) INVESTMENTS
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 at cost and fair value 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$263,792 $264,619 98.8 %$240,020 $240,817 99.6 %
Second Lien Debt1,361 1,361 0.5 — — — 
Other Debt Investments 1,101 1,099 0.4 626 630 0.3 
Equity843 847 0.3 382 393 0.1 
Total$267,097 $267,926 100.0 %$241,028 $241,840 100.0 %
The industry composition of investments at fair value was as follows:
March 31, 2025December 31, 2024
Aerospace & Defense1.0 %1.1 %
Automobile Components1.4 1.5 
Automobiles2.1 2.2 
Beverages1.1 0.4 
Biotechnology2.1 2.3 
Building Products1.8 2.0 
Chemicals1.6 1.8 
Commercial Services & Supplies7.8 7.5 
Construction & Engineering2.7 1.8 
Consumer Staples Distribution & Retail1.3 1.4 
Distributors1.2 3.7 
Diversified Consumer Services5.6 5.3 
Electrical Equipment0.3 0.4 
Electronic Equipment, Instruments & Components0.3 0.3 
Financial Services2.4 2.4 
Ground Transportation1.2 0.6 
Health Care Equipment & Supplies1.6 0.9 
Health Care Providers & Services7.8 8.7 
Health Care Technology1.8 2.0 
Industrial Conglomerates0.9 0.9 
Insurance Services10.0 9.8 
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IT Services6.7 5.8 
Life Sciences Tools & Services2.2 2.4 
Machinery0.4 0.4 
Multi-Utilities3.2 3.5 
Professional Services9.8 9.9 
Real Estate Management & Development3.1 3.1 
Software18.2 17.4 
Specialty Retail0.4 0.5 
Total100.0 %100.0 %

The geographic composition of investments at cost and fair value was as follows:
March 31, 2025December 31, 2024
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
United States$261,137 $261,914 97.8 %$236,922 $237,707 98.3 %
Canada5,960 6,012 2.2 4,106 4,133 1.7 
Total$267,097 $267,926 100.0 %$241,028 $241,840 100.0 %
(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.
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
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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;
•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 of Directors 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 investments:
March 31, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
First Lien Debt$— $16,459 $248,160 $264,619 $— $11,493 $229,324 $240,817 
Second Lien Debt— — 1,361 1,361 — — — — 
Other Debt Investments— — 1,099 1,099 — — 630 630 
Equity— — 847 847 — — 393 393 
Total Investments$— $16,459 $251,467 $267,926 $— $11,493 $230,347 $241,840 
Cash equivalents$12,005 $— $— $12,005 $5,289 $— $— $5,289 











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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 DebtSecond Lien DebtOther Debt InvestmentsEquityTotal Investments
Fair value, beginning of period$229,324 $— $630 $393 $230,347 
Purchases of investments(1)
34,320 1,361 454 459 36,594 
Proceeds from principal repayments and sales of investments(2)
(10,062)— — — (10,062)
Accretion of discount/amortization of premium141 — — — 141 
Payment-in-kind24 — 21 2 47 
Net change in unrealized appreciation (depreciation)419 — (6)(7)406 
Net realized gains (losses)(755)— — — (755)
Transfers into/out of Level 3(3)
(5,251)(5,251)
Fair value, end of period$248,160 $1,361 $1,099 $847 $251,467 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025$455 $— $(6)$(7)$442 
(1) Purchases may include investments received in corporate action and restructurings.
(2) Sales may include investments received in corporate action 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 DebtTotal Investments
Fair value, beginning of period$84,758 $84,758 
Purchases of investments(1)
25,016 25,016 
Proceeds from principal repayments and sales of investments(2)
(1,026)(1,026)
Accretion of discount/amortization of premium55 55 
Payment-in-kind19 19 
Net change in unrealized appreciation (depreciation)36 36 
Net realized gains (losses)3 3 
Transfers into/out of Level 3(3)
(3,878)(3,878)
Fair value, end of period$104,983 $104,983 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024$36 $36 
(1) Purchases may include investments received in corporate action and restructurings.
(2) Sales may include investments received in corporate action 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.
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March 31, 2025
Asset CategoryFair
Value
Valuation Technique (2)
Unobservable
Input
Range (1)
Weighted
Average(3)
LowHigh
Investments in first lien debt$248,141 Yield AnalysisDiscount Rate5.85 %11.98 %9.31 %
19 Market ApproachEBITDA Multiple8.25x
Investments in second lien debt1,361 Market ApproachEBITDA Multiple8.25x
Other Debt645 Yield AnalysisDiscount Rate14.20 %
454 Market ApproachEBITDA Multiple8.25x
Preferred Equity149 Income ApproachDiscount Rate13.02 %
391 Market ApproachEBITDA Multiple8.25x14.5x9.66x
Common Equity307 Market ApproachEBITDA Multiple8.25x17.5x11.87x
Total Investments$251,467 
(1) For an asset category that contains a single investment, the range is not included.
(2) During the three months ended March 31, 2025, one preferred equity position with a fair value of $88 transitioned from an yield analysis approach to a market approach valuation technique.
(3) 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.
December 31, 2024
Fair
Value		Valuation TechniqueUnobservable
Input
Range (1)
Weighted
Average(3)
LowHigh
First Lien Debt$229,324 Yield AnalysisDiscount Rate7.92 %14.84 %9.48 %
Other Debt630 Yield AnalysisDiscount Rate9.42 %
Preferred Equity242 Income ApproachDiscount Rate14.80 %17.50 %16.44 %
Common Equity151 Market ApproachEBITDA Multiple13.02x14.8x13.0x
Total Investments$230,347 
(1) For an asset category that contains a single investment, the range is not included.
(2) During the year ended December 31, 2024, no positions transitioned techniques or valuation approaches.
(3) 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.
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
Citibank Funding Facility3$126,600 $126,600 $105,600 $105,600 
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
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The Company’s outstanding debt obligations were as follows:
March 31, 2025December 31, 2024
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
Citibank Funding Facility$250,000 $126,600 $123,400 $250,000 $105,600 $144,400 
The Company’s summary information of its debt obligations were as follows:
For the Three Months Ended
March 31, 2025
March 31, 2024
Weighted average interest rate(1)
6.63 %8.17 %
Weighted average effective interest rate (2)
7.13 %9.35 %
Weighted average debt outstanding
$117,978 $24,908 
(1) Excludes unused commitment fees and amortization of financing costs.
(2) Excludes unused commitment fees.
Citibank Funding Facility

On December 4, 2023, LGAM SPV LLC entered into a Credit and Security Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”) with LGAM SPV LLC, as the borrower, the lenders party thereto (the “Lenders”), Citibank, N.A. (“Citibank”), as the administrative agent for the Lenders, the Company, as the collateral manager and equityholder, U.S. Bank Trust Company, National Association, as collateral administrator and collateral agent, and U.S. Bank National Association, as document custodian, pursuant to which the Lenders have agreed to extend credit to LGAM SPV LLC in an aggregate principal amount up to $250 million at any one time outstanding (the “Citibank Funding Facility”).

The Citibank Funding Facility is a revolving funding facility with a reinvestment period ending December 6, 2027 and a final maturity date of December 7, 2029. Advances under the Citibank Funding Facility are available in US dollars, British Pounds, Euros or Canadian dollars and such advances bear interest at a rate equal to an applicable margin plus a benchmark rate based on Term SOFR, SONIA, the EURIBOR Rate or Daily Compounded CORRA, as applicable (or, if such rate is not available, a benchmark replacement) (each as defined in the Credit and Security Agreement) or (b) a “base rate” (which is a rate per annum equal to the highest of a prime rate, the federal funds rate plus 0.50%, and the applicable benchmark for a three-month period plus 1.00%). The applicable margin with respect to advances under the Citibank Funding Facility is 2.25% (or 2.75% after the reinvestment period).

The obligations of LGAM SPV LLC under the Citibank Funding Facility are secured by all of the assets held by LGAM SPV LLC (the “Collateral”), including certain corporate loans and corporate debt securities that the Company has originated or acquired, or will originate or acquire, from time to time (the “Portfolio Investments”), to be sold, contributed or otherwise transferred by the Company to LGAM SPV LLC pursuant to the terms of the Sale and Contribution Agreement dated as of December 4, 2023 (the “Sale and Contribution Agreement” and, together with the Credit and Security Agreement, the “Agreements”) between the Company and LGAM SPV LLC, entered into in connection with the Citibank Funding Facility. Under the Agreements, the Company and LGAM SPV LLC, as applicable, have made customary representations and warranties regarding the Portfolio Investments, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Portfolio Investments, reporting requirements and other customary requirements for similar revolving funding facilities. The Credit and Security Agreement includes usual and customary affirmative and negative covenants and events of default for revolving funding facilities of this nature. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the Citibank Funding Facility.
The summary information of the Citibank Funding Facility is as follows:
For the Three Months Ended
March 31, 2025March 31, 2024
Borrowing interest expense$1,955 $514 
Facility unused commitment fees193 221 
Amortization of deferred financing costs149 74 
Total$2,297 $809 
(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
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such claims exist or are expected to arise, and accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, the Company had $54,132 and $48,673, respectively, of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

(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 (losses), beginning of period$1,622 $192 
Net investment income (loss)2,988 11,640 
Net realized gain (loss)(755)13 
Net unrealized appreciation (depreciation)16 679 
Dividends declared(3,512)(10,962)
Tax reclassification of unitholders' equity— 60 
Net distributable earnings (losses), end of period$359 $1,622 
The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the three months ended March 31, 2025 and March 31, 2024:

Unit Issuance Date Units IssuedProceeds Received
For the Three Months Ended March 31, 2025
January 01, 202592,026$1,867 
February 01, 2025324,2436,569
March 01, 2025257,9465,216
Total674,215 $13,652 
For the Three Months Ended March 31, 2024
January 01, 2024166,242$3,331 
February 01, 2024273,0085,477
March 01, 2024181,9293,661
Total621,179 $12,469 
















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The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2025 and March 31, 2024:
Date DeclaredRecord DatePayment DatePer Unit Amount
For the Three Months Ended March 31, 2025
January 27, 2025January 31, 2025February 05, 2025$0.1564 
February 27, 2025February 28, 2025March 05, 20250.1562 
March 25, 2025March 31, 2025April 03, 20250.1559 
Total Distributions$0.4685 
For the Three Months Ended March 31, 2024
January 29, 2024January 31, 2024February 05, 2024$0.1503 
February 27, 2024February 29, 2024March 05, 20240.1505 
March 25, 2024March 31, 2024April 04, 20240.1551 
Total Distributions$0.4559 
Distribution Reinvestment Plan
The Company has adopted an “opt in” distribution reinvestment plan (“DRIP”). As a result, if the Company declares a cash distribution, unitholders that specifically opt in to the DRIP will have their cash distributions automatically reinvested in additional Units. 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 application taxes.

The Company did not issue any Units pursuant to the DRIP plan for the three months ended March 31, 2025 and March 31, 2024.
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.
For the three months ended March 31, 2025 and March 31, 2024, no Units were repurchased.
(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 from operations$2,249 $2,506 
Denominator-weighted average Units outstanding7,495,293 4,659,472 
Basic and diluted earnings (loss) per Unit$0.30 $0.54 
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(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$20.29$20.04
Net investment income (loss)0.400.53
Net unrealized and realized gain (loss)(2)
(0.09)0.02
Net increase (decrease) in net assets resulting from operations0.310.55
Dividends declared(0.47)(0.46)
Total increase (decrease) in net assets (0.16)0.09
Net asset value, end of period$20.13$20.13
Units outstanding, end of period7,776,0754,872,429
Weighted average Units outstanding7,495,2934,659,472
Total return based on net assets (3)
1.53 %2.74 %
Ratio/Supplemental Data:
Members' capital, end of period$156,517$98,060
Ratio of expenses before waivers to average members' capital(4)
8.58 %5.89 %
Ratio of net expenses to average members' capital(4)
8.58 %3.68 %
Ratio of net investment income to average members' capital(4)
8.62 %10.65 %
Asset coverage ratio(5)
224.00 %432.00 %
Portfolio turnover rate3.01 %2.78 %
(1)    The per unit data was derived by using the weighted average units outstanding during the applicable 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 expense support.
(5)    Effective November 30, 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 November 30, 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.


(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 156,200 Units for an aggregate offering price of $3.1 million effective April 1, 2025.
On April 25, 2025, the Board of Directors of the Company declared a distribution to unitholders of record in the amount of $0.1510 per unit and payable on May 5, 2025 as of April 30, 2025.
May Issuances
Pursuant to the Company’s continuous private offering, the Company held a closing relating to the sale of the Company’s Units for an aggregate offering price of $2.1 million effective May 1, 2025.





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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 LGAM Private Credit 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 sanctions 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 the “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 timing and amount of cash flows, distributions and dividends, if any, from the operations of our portfolio companies;
•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 qualify and 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 1, 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, or the Form 10-K, 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”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private
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Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.
OVERVIEW
We are a Delaware limited liability company formed on February 7, 2023 with the name “LTMS Fund LLC.” We changed our name to “LGAM Private Credit LLC” on March 20, 2023. We are structured as 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 have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. 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 our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of or consolidated with Morgan Stanley. We commenced operations on December 1, 2023.
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.
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 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 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
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We generate revenue primarily in the form of interest and fee 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 payable 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 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:
•our initial organizational costs and operating costs incurred prior to the filing of our election to be regulated as a BDC;
•the costs associated with any offerings of our 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 any investments that are not ultimately made (including, without limitation, any reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments) and monitoring actual portfolio companies and, if necessary, enforcing our rights;
•the 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 or Administrator in providing managerial assistance to those portfolio companies that request it;
•amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, holding, 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 and dues and expenses incurred in connection with membership in industry or trade organizations;
•distribution payment agent, transfer agent and custodial fees, and expenses;
•costs of derivatives and hedging;
•federal, state and local registration fees;
•any fees payable to rating agencies;
•U.S. federal, state and local 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 financial statements and maintaining books and records, costs of preparing tax returns, costs of compliance with the 1940 Act, the Sarbanes-Oxley Act and applicable federal and state securities laws, and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including 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 the cost and expenses of preparation of the foregoing and related matters;
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•the costs of specialty and custom software expenses for monitoring risk, compliance and overall investments;
•our fidelity bond;
•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;
•costs of winding up;
•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; and
•and all other expenses incurred by either the Administrator or us in connection with administering our business and reimbursing third-party expenses incurred by the Administrator under the Administration Agreement 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

The composition of 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$263,792 $264,619 98.8 %$240,020 $240,817 99.6 %
Second Lien Debt1,361 1,361 0.5 — — — 
Other Debt Investments 1,101 1,099 0.4 626 630 0.3 
Equity843 847 0.3 382 393 0.1 
Total$267,097 $267,926 100.0 %$241,028 $241,840 100.0 %
Our debt portfolio (excluding our liquid loan portfolio) displayed the following characteristics of each of our investments(1)(2), unless otherwise noted:
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As of
March 31, 2025December 31, 2024
Number of portfolio companies9889
Number of new investment commitments in portfolio companies1054
Number of portfolio companies exited or fully repaid17
Percentage of performing debt bearing a floating rate, at fair value99.8 %99.7 %
Percentage of performing debt bearing a fixed rate, at fair value0.2 %0.3 %
Weighted average yield on debt and income producing investments, at cost(3)
9.7 %9.8 %
Weighted average yield on debt and income producing investments, at fair value(3)
9.6 %9.7 %
Weighted average 12-month EBITDA$169.7 $181.9 
Median 12-month EBITDA$117.5 $131.7 
Weighted average net leverage through tranche(4)
6.1x6.1x
Weighted average interest coverage(5)
1.8x1.7x
Weighted average loan to value(6)
39.9 %39.1 %
Percentage of debt investments with one or more financial covenants55.5 %56.3 %
Percentage of our debt investments that are sponsor backed98.3 %99.6 %
Percentage of loans and other debt in support of LBOs and acquisitions66.2 %63.5 %
Percentage of our debt portfolio subject to business cycle volatility4.6 %5.2 %
Average position size of our investments (in millions)$2.7 $2.7 
(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, interest coverage 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 reference rate, as applicable, plus the annual accretion of discounts, as applicable on 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.
(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.
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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)
$39,243 $33,912 
Net new investments committed$39,243 $33,912 
Investments, at cost
Investments, beginning of period$241,028 $99,614 
New investments purchased34,513 26,102 
Net accretion of discount on investments148 55 
Payment-in-kind47 19 
Net realized gain (loss) on investments(755)3 
Investments sold or repaid(7,884)(3,154)
Investments, end of period$267,097 $122,639 
Amount of investments funded, at principal
First lien debt investments$34,723 $26,474 
Other debt investments50 — 
Total$34,773 $26,474 
Amount of investments sold/fully repaid, at principal
First lien debt investments$5,857 $1,995 
Total$5,857 $1,995 
(1)    Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.
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.
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.






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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 2267,817 100.0 239,651 99.1 
Risk rating 3— — — — 
Risk rating 4109 0.0 2,189 0.9 
$267,926 100.0 %$241,840 100.0 %
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$267,097 100.0 %$238,047 98.8 %
Non-accrual— — 2,981 1.2 
Total$267,097 100.0 %$241,028 100.0 %
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$6,448 $3,353 
Less: Net expenses3,460 869 
Net investment income (loss)2,988 2,484 
Net realized gain (loss)(755)3 
Net change in unrealized appreciation (depreciation)16 19 
Net increase (decrease) in net assets resulting from operations$2,249 $2,506 
Investment Income
Investment income was as follows:
For the Three Months Ended
March 31, 2025March 31, 2024
Investment income:
Interest income$6,262 $3,202 
Payment-in-kind income59 63 
Dividend income3 — 
Other income124 88 
Total investment income$6,448 $3,353 
In the table above, total investment income increased from $3,353 for the three months ended March 31, 2024 to $6,448 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 amortized cost increased from $122,639 as of March 31, 2024 to $267,097 as of March 31, 2025. This was partially offset by a decrease in our weighted average yield at cost to 9.7% at March 31, 2025 from 11.4% at March 31, 2024, which was primarily driven by the reduction in base rates and repricing on our existing portfolio.



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Expenses
Expenses were as follows:
For the Three Months Ended
March 31, 2025March 31, 2024
Expenses:
Interest and other financing expenses$2,297 $809 
Management fees373 227 
Income based incentive fees414 284 
Capital gains incentive fees(92)3 
Professional fees329 201 
Organization costs— 9 
Directors' fees26 43 
Administrative service fees50 15 
General and other expenses63 11 
Total expenses$3,460 $1,602 
Expense support— (222)
Management fees waiver— (227)
Income based incentive fees waiver— (284)
Net expenses$3,460 $869 
Interest and Other Financing Expenses
Interest and other financing expenses, including unused commitment fees and deferred financing costs, were $2,297 and $809 for the three months ended March 31, 2025 and March 31, 2024, respectively. The increase was primarily due to higher average borrowings outstanding during the three months ended March 31, 2025. For the three months ended March 31, 2025 and March 31, 2024, average borrowings outstanding were $117,978 and $24,908, respectively.
Management Fees
Base management fees, net of waiver, were $373 and $0 for the three months ended March 31, 2025 and March 31, 2024, respectively.
Incentive Fee
The incentive fee consists of two components: (1) income based incentive fee and (2) capital gains incentive fee. The income based incentive fees, net of waiver, were $414 and $0 for the three months ended March 31, 2025 and March 31, 2024, respectively. Capital gains incentive fees for the three months ended March 31, 2025 and March 31, 2024 were $(92) and $3, respectively.
Professional Fees, Administrative Service Fee and Other Expenses
Professional fees include legal, audit, tax, valuation and other professional fees incurred related to the management of our Company. Administrative service fee represents fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.
Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments
For the Three Months Ended
March 31, 2025March 31, 2024
Net realized and unrealized gains (losses):
Net realized gain (loss):
Net realized gain (loss) on investments$(755)$3 
Net change in unrealized appreciation (depreciation):
Net change in unrealized appreciation (depreciation) on investments14 19 
Translation of assets and liabilities in foreign currencies2 — 
Net unrealized appreciation (depreciation)16 19 
Net realized and unrealized gain (loss)$(739)$22 
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For the three months ended March 31, 2025, net realized losses on our investments was $755, which was primarily due to the restructuring of one portfolio company.
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 facility is described in “Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facility 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 $14.8 million of cash and cash equivalents, which taken together with our approximately $123.4 million of availability under the Citibank Funding 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 $54.1 million.
Unregistered Sales of Equity Securities
The following table summarizes the total Units issued and proceeds received from the closings of our continuous private offering that occurred for the three months ended March 31, 2025 and March 31, 2024:
Unit Issuance Date Units IssuedProceeds Received
For the Three Months Ended March 31, 2025
January 01, 202592,026$1,867 
February 01, 2025324,2436,569
March 01, 2025257,9465,216
Total674,215 $13,652 
For the Three Months Ended March 31, 2024
January 01, 2024166,242$3,331 
February 01, 2024273,0085,477
March 01, 2024181,9293,661
Total621,179 $12,469 
Distributions
The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2025 and March 31, 2024:
Date DeclaredRecord DatePayment DatePer Unit Amount
For the Three Months Ended March 31, 2025
January 27, 2025January 31, 2025February 05, 2025$0.1564 
February 27, 2025February 28, 2025March 05, 20250.1562 
March 25, 2025March 31, 2025April 03, 20250.1559 
Total Distributions$0.4685 
For the Three Months Ended March 31, 2024
January 29, 2024January 31, 2024February 05, 2024$0.1503 
February 27, 2024February 29, 2024March 05, 20240.1505 
March 25, 2024March 31, 2024April 04, 20240.1551 
Total Distributions$0.4559 


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Distribution Reinvestment
We have adopted an “opt in” dividend reinvestment plan (“DRIP”). As a result, if we declare a cash distribution, unitholders that specifically opt in to the DRIP will have their cash distributions automatically reinvested in additional Units. For the three months ended March 31, 2025 and March 31, 2024, we did not issue any Units pursuant to our DRIP. For further details, see Note 8 “Members’ Capital” to our consolidated financial statements included in this report.
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.
For the three months ended March 31, 2025 and March 31, 2024, no units were repurchased.
For further details, see Note 8 “Members’ Capital” to our consolidated financial statements included in this report.
Debt
Our outstanding debt obligations were as follows:
March 31, 2025December 31, 2024
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
Citibank Funding Facility$250,000 $126,600 $123,400 $250,000 $105,600 $144,400 
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 156,200 Units for an aggregate offering price of $3.1 million effective April 1, 2025.
On April 25, 2025, our Board declared a distribution to unitholders of record in the amount of $0.1510 per unit and payable on May 5, 2025 as of April 30, 2025.
May Issuances
Pursuant to our continuous private offering, we held a closing relating to the sale of our Units for an aggregate offering price of $2.1 million effective May 1, 2025.
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 a 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 included in 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; and
•the Expense Support Agreement.
For further details, see Note 3. “Related Party Transactions” to our consolidated financial statements included in this Report.
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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 the Board of Directors, 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 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$8,046 $(3,798)$4,248 
Up 200 basis points$5,364 $(2,532)$2,832 
Up 100 basis points$2,682 $(1,266)$1,416 
Up 25 basis points$670 $(317)$353 
Down 25 basis points$(670)$317 $(353)
Down 100 basis points$(2,682)$1,266 $(1,416)
Down 200 basis points$(5,364)$2,532 $(2,832)
Down 300 basis points$(8,046)$3,798 $(4,248)
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
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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 below and 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.
Laws and regulations regulating insurance activities are complex and could negatively affect the business of our portfolio companies in the insurance services industry, which could reduce their profitability and potentially limit their growth.
We could invest in portfolio companies in the insurance services industry and a downturn in the industry could significantly impact the aggregate returns we realize on such investments. For example, the insurance industry in the United States is heavily regulated, and the insurance regulatory framework addresses, among other things: (i) granting licenses to companies and agents to transact particular business activities; and (ii) regulating trade, marketing, compensation, and claims practices. Certain of our portfolio companies may be subject to laws and regulations applicable to insurance brokers and to the authority of the insurance regulators in their respective jurisdictions of operation. The cost of compliance with such regulations or any non-compliance could impose material costs on our portfolio companies and negatively affect their business, marketing practices, and budgets. Any of these factors could affect our portfolio company investments and, in turn, materially adversely affect our business, financial condition and results of operations.
Furthermore, the laws and regulations governing the sale of insurance may change in ways that adversely impact the business of our portfolio companies. These changes could impact the manner in which our portfolio companies are permitted to conduct their businesses and could result in increased expenses and/or decreased revenues as well as negatively affect their marketing practices, budgets, and overall level of business, which could adversely impact our business, financial condition, operating results and cash flows.
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 Form 10-K and our Current Reports 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
None
Item 3: Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended 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.”
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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, as amended, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
LGAM Private Credit 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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