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11/22/20302025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:ElectricUtilitiesMemberus-gaap:SeniorLoansMember2026-03-310001923622us-gaap:CashEquivalentsMember2026-01-012026-03-310001923622ck0001923622:DistributorsMember2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 13/03/20262025-12-310001923622us-gaap:CommonStockMemberck0001923622:ClassICommonSharesMember2026-01-012026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310001923622Pryor Learning, LLC (Revolver), Due 2/28/20292026-03-310001923622us-gaap:EquityMethodInvestmentsMember2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/20272025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:IntermediaryManagerAgreementMember2026-01-012026-03-310001923622ck0001923622:SubadvisoryAgreementMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 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4/17/20302026-03-310001923622Sun Orchard, LLC (Delayed Draw), Due 8/7/20282026-03-310001923622ck0001923622:PlanAdministratorMemberck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622ck0001923622:ManagementAgreementMember2026-01-012026-03-310001923622us-gaap:SeniorNotesMember2026-01-012026-03-310001923622ck0001923622:ManagementAgreementMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:VeritaGlobalLLCMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622ck0001923622:PlanAdministratorMember2026-03-310001923622Studio Bidco B.V. (Netherlands), Due 4/24/20312026-03-310001923622Penncomp, LLC, Due 4/17/2030 One2026-03-310001923622country:FR2025-12-310001923622ck0001923622:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:HouseholdProductsSectorMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/20262025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001923622ck0001923622:ClassICommonSharesMember2025-01-012025-12-310001923622ck0001923622:ElectricUtilitiesMember2026-01-012026-03-310001923622us-gaap:SeniorLoansMember2026-01-012026-03-310001923622country:ES2026-01-012026-03-310001923622Efficio Holdco Limited (United Kingdom), Due 7/31/2031 One2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Four2026-03-310001923622ck0001923622:ProfessionalServicesSectorMember2025-01-012025-12-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-01-012026-03-310001923622Avalon Bidco LTD (Delayed Draw) (United Kingdom), Due 4/16/20322026-03-310001923622ck0001923622:SkyrodemaBidcoLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorLoansMember2025-03-310001923622NPPI Buyer, LLC (Revolver), Due 8/20/20292026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:CommercialServicesAndSuppliesSectorMemberus-gaap:SeniorLoansMember2025-12-310001923622CPIG Holdco Inc., Due, 4/28/20282025-12-310001923622Celerion Buyer, Inc., Due 11/5/20292026-03-310001923622Greenfast & Furious Limited (United Kingdom), Due 7/31/20292025-12-310001923622TG Studios US, LLC, Due 4/6/20292026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, Three2025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:HouseholdProductsMemberus-gaap:SeniorLoansMember2025-12-310001923622Toledo AcquisitionCo Inc., Due 8/21/20292026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 24/04/20262025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/20262025-12-310001923622ck0001923622:O2025M2DividendsMemberck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622Universal GEM Gaming, LLC, Due 3/13/20312025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:RenegadeBuyerIncMember2026-03-310001923622Oxya Group (France), Due 8/30/2030 One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026, Four2025-01-012025-12-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622country:NL2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/04/20272025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:PlanAdministratorMember2025-01-012025-03-310001923622us-gaap:FoodAndBeverageSectorMember2026-01-012026-03-310001923622us-gaap:FinancialServicesSectorMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/20262025-12-310001923622ACS Industries, Inc. Due 11/26/20302026-03-310001923622ck0001923622:InformationTechnologyServicesMember2025-01-012025-12-310001923622us-gaap:FairValueMeasurementsRecurringMember2025-12-310001923622us-gaap:CommonStockMemberck0001923622:ClassICommonSharesMember2026-03-310001923622ck0001923622:PharmacyPartnersAcquisitionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Seven2026-03-310001923622ck0001923622:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:NomuraInternationalPlcMember2025-12-310001923622Axiota Animal Health, Inc. (Revolver), Due 2/13/20302026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Two2026-01-012026-03-310001923622APS Acquisition Holdings, LLC, Due 7/11/20292025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 13/03/20262025-01-012025-12-310001923622ck0001923622:ClassDCommonSharesMember2026-05-140001923622us-gaap:NondesignatedMember2026-01-012026-03-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2026M3DividendsMember2026-01-012026-03-310001923622ck0001923622:PaperForestProductsMember2026-01-012026-03-310001923622Controlled - Affiliated Investments - First Lien Debt, Entertainment Earth, LLC2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AdbAcquirorIncMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Sun Orchard, LLC, Due 8/1/2029 One2026-03-310001923622We Work for Kids, LLC, Due 9/26/20292026-03-310001923622ck0001923622:ClassDCommonSharesMemberus-gaap:CommonStockMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027,One2025-01-012025-12-310001923622Sail Energy, LLC (Delayed Draw), Due 1/24/20282026-03-310001923622Studio Bidco B.V. (Netherlands), Due 4/24/20312025-12-310001923622Barchemy BidCo, LLC, Due 10/06/20312025-12-310001923622ADB Acquiror, Inc Due 5/12/20282026-03-310001923622Sun Orchard, LLC, Due 1/08/20292025-12-310001923622country:GB2026-03-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2026M2DividendsMember2026-01-012026-03-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:PromissoryNotesMember2026-03-310001923622Toledo AcquisitionCo Inc., Due 8/21/20292025-12-310001923622ADB Acquiror, Inc (Revolver), Due 5/12/20282025-12-3100019236222025-12-310001923622Capital Construction, LLC (Delayed Draw), Due 10/22/20262025-12-310001923622Nationwide Acquisition, LLC (Revolver), Due 10/1/20292026-03-310001923622ck0001923622:AiredaleNewcoLimitedUnitedKingdomMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:StudioBidcoBVNetherlandsMember2025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/06/20262026-01-012026-03-310001923622The Wells Companies, Inc, Due 4/02/20292025-12-310001923622Medical Device Inc., Due 7/11/20292026-03-310001923622CF Newco, Inc. (Revolver), Due 12/10/20292026-03-310001923622APS Acquisition Holdings, LLC (Delayed Draw), Due 7/11/20292025-12-310001923622ck0001923622:DistributorsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 26/02/20272025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Four2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:VeritaGlobalLLCMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Association Resource Group, LLC (Revolver), Due 2/2/20332026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/2026, One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/20272025-01-012025-12-310001923622srt:WeightedAverageMemberck0001923622:ValuationMarketOrEnterpriseValueApproachMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001923622ck0001923622:SkyrodemaBidcoLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 26/02/20272026-03-3100019236222024-04-012024-06-300001923622ck0001923622:ClassICommonSharesMemberck0001923622:O2026M1DividendsMember2026-01-012026-03-310001923622Controlled - Affiliated Investments - First Lien Debt, Entertainment Earth, LLC2026-01-012026-03-310001923622Legend Buyer, Inc., Due 1/19/20292026-03-310001923622ck0001923622:AgrofreshInc.Memberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Oxya Group (France), Due 8/30/20302025-12-310001923622ck0001923622:ClassSCommonSharesMember2025-12-310001923622ck0001923622:FoodProductsSectorMember2025-01-012025-12-310001923622ck0001923622:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027, Two2025-12-310001923622Sail Energy, LLC (Revolver), Due 1/24/20282025-12-310001923622us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AS1SportsBidcoLimitedUnitedKingdomMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Anne Lewis Strategies LLC (Revolver), Due 5/29/20302026-03-310001923622ck0001923622:AssociationResourceGroupLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:RevolvingCreditFacilityMember2022-11-080001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/20272026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:NppiBuyerLlcMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622ck0001923622:ClassDCommonSharesMember2024-12-310001923622ck0001923622:BuildingProductsSectorMember2026-01-012026-03-310001923622Hometown Food Company, Due 12/03/20302025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/20272025-01-012025-12-310001923622Full Circle Fiber Operating LLC, Due 12/16/20272026-03-310001923622CI (MG) Group, LLC, Due 3/27/20302025-12-310001923622us-gaap:RevolvingCreditFacilityMember2025-01-160001923622us-gaap:CashEquivalentsMember2026-03-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2026M2DividendsMember2026-01-012026-03-310001923622Studio Bidco B.V. (Delayed Draw) (Netherlands), Due 4/24/20312026-03-310001923622AgroFresh, Inc. (Revolver), Due 3/31/20292025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2026M1DividendsMember2026-01-012026-03-310001923622ck0001923622:ClassDCommonSharesMemberus-gaap:CommonStockMember2025-01-012025-03-310001923622ck0001923622:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622HEF Safety Ultimate Holdings, LLC (Revolver), Due 11/19/20292025-12-310001923622ck0001923622:ClassSCommonSharesMember2024-12-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001923622Tetris Bidco Limited (Revolver) (United Kingdom), Due 10/24/20292026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, One2026-03-310001923622NPPI Buyer, LLC (Revolver), Due 8/20/20292025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, One2025-01-012025-12-310001923622ck0001923622:ClassSCommonSharesMember2025-01-012025-03-3100019236222023-01-012023-06-300001923622Nomura International plc, Currency Purchased, Settlement On 30/04/20272025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/20272026-01-012026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001923622Pure HomeRiver LLC (Revolver), Due 1/16/20312026-03-310001923622ck0001923622:EnvironmentalAndFacilitiesServicesSectorMember2026-01-012026-03-310001923622Controlled - Affiliated Investments - Equity, Entertainment Earth, LLC2026-01-012026-03-310001923622us-gaap:RevolvingCreditFacilityMember2023-10-300001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Seven2026-01-012026-03-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001923622:ReverseRepurchaseAgreementMember2026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-3100019236222024-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/20252025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027,One2025-12-310001923622NPPI Buyer, LLC (Delayed Draw), Due 8/20/20292026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 30/04/20272026-01-012026-03-310001923622ck0001923622:ClassDCommonSharesMember2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/04/20272026-03-310001923622us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:BuildingMaterialsMemberus-gaap:SeniorLoansMember2026-03-310001923622Airedale Newco Limited (Revolver) (United Kingdom), Due 12/21/20282025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026, Two2025-12-310001923622CM2, Inc., Due 4/01/20302025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 28/02/20282026-03-310001923622us-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/2026, One2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:JCFKestrelUKBidcoLTDUnitedKingdomMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622us-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001923622us-gaap:ConsumerSectorMember2025-01-012025-12-310001923622ck0001923622:ClassDCommonSharesMember2026-03-310001923622Titan Home Improvement, LLC, Due 5/31/20302025-12-310001923622APS Acquisition Holdings, LLC (Revolver), Due 7/11/20292025-12-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassSCommonSharesMembersrt:MaximumMember2025-01-012025-03-310001923622Nayak Aircraft Services Holdings GmbH (Germany), Due 1/16/20302025-12-310001923622Nayak Aircraft Services Holdings GmbH (Germany), Due 1/16/20302026-03-310001923622ck0001923622:HotelsRestaurantsAndLeisureMember2025-01-012025-12-310001923622Medical Device Inc, Due 7/11/2029 One2025-12-3100019236222023-07-012023-09-300001923622Pryor Learning, LLC (Revolver), Due 2/28/20292025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:ApsAcquisitionHoldingsLlcMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622MKD Electric, LLC, Due 5/31/20292026-03-310001923622ck0001923622:AerospaceDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Anne Lewis Strategies LLC, Due 5/29/20302025-12-310001923622Medical Device Inc, Due 7/11/2029 Two2025-12-310001923622Knowledge Support Systems, Inc., Due 11/17/20292026-03-310001923622us-gaap:ShortTermDebtMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:IvyTechnologyParentIntermediateIIIHoldingsLLCMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassICommonSharesMember2025-03-310001923622Sun Orchard, LLC, Due 8/1/2029 Three2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 07/04/20262026-03-310001923622Skyrodema Bidco, LLC, Due 3/9/20332026-03-310001923622country:ES2025-01-012025-12-310001923622Close The Loop Group USA, Inc., Due 10/26/20292025-12-310001923622ck0001923622:GasUtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 30/11/20272025-12-310001923622Aptive Environmental, LLC (Delayed Draw), Due 10/15/20322025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 30/11/20272026-01-012026-03-310001923622ck0001923622:MedicalDeviceIncOneMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Nine2026-03-310001923622ck0001923622:FoodProductsSectorMember2026-01-012026-03-310001923622APS Acquisition Holdings, LLC (Delayed Draw), Due 7/11/20292026-03-310001923622us-gaap:ConstructionSectorMember2026-01-012026-03-310001923622us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2026-03-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001923622ck0001923622:TradingCompaniesDistributorsSectorMember2026-01-012026-03-310001923622CI (MG) Group, LLC (Delayed Draw), Due 3/27/20302025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 26/02/20272026-01-012026-03-310001923622us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2025-01-012025-03-310001923622country:DE2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/04/20262026-01-012026-03-3100019236222025-01-012025-12-310001923622ck0001923622:TechnologyHardwareStorageAndPeripheralsMember2025-01-012025-12-310001923622us-gaap:SecuritiesFinancingTransactionCostMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 25/09/2026, One2026-03-310001923622ck0001923622:PureHomeRiverLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Winn Holding Limited (United Kingdom), Due 11/24/20302025-12-310001923622ZircoData Holdings Pty Ltd (Australia) , Due 5/03/20262025-12-310001923622ck0001923622:ClassDCommonSharesMember2026-01-012026-03-310001923622Penncomp, LLC (Delayed Draw), Due 4/17/2030 One2025-12-310001923622TriplePoint Acquisition Holdings LLC (Revolver), Due 5/31/20292025-12-310001923622ck0001923622:DistributorsMember2026-01-012026-03-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001923622country:US2025-12-310001923622ck0001923622:AerospaceDefenseMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Legend Buyer, Inc. (Revolver), Due 1/19/20292026-03-310001923622Penncomp, LLC (Revolver), Due 4/17/20302025-12-310001923622Reverse Repurchase Agreements Broker Macquarie Bank Limited Interest Rate 6.62% Trade Date 12/30/2025 Cost $7,670 Maturity Date 3/30/20262025-01-012025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Six2026-01-012026-03-310001923622ck0001923622:HouseholdProductsSectorMember2025-01-012025-12-310001923622ck0001923622:AptiveEnvironmentalLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622country:US2026-03-310001923622AgroFresh, Inc., Due 3/31/20302026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 28/10/20272025-12-310001923622us-gaap:InvestmentAffiliatedIssuerMember2026-01-012026-03-310001923622Johns-Byrne LLC, Due 8/31/20292025-12-310001923622HEF Safety Ultimate Holdings, LLC, (Delayed Draw), Due 11/19/20292025-12-310001923622country:AU2025-01-012025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:PlanAdministratorMember2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMemberus-gaap:AutomotiveSectorMember2026-03-310001923622Avalon Bidco LTD (United Kingdom), Due 4/16/20322025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/20272026-03-310001923622country:US2026-01-012026-03-310001923622ck0001923622:GasUtilitiesSectorMember2026-01-012026-03-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2025M2DividendsMember2025-01-012025-03-310001923622Nayak Aircraft Services Holdings GmbH (Delayed Draw) (Germany), Due 1/16/20302025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:VeritaGlobalLLCMemberus-gaap:RevolvingCreditFacilityMember2026-03-3100019236222023-10-302023-10-300001923622Medical Device Inc. (Revolver), Due 7/11/2029 Two2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001923622AS1 Sports Bidco Limited (United Kingdom) Due 9/26/20302025-12-310001923622us-gaap:ForeignExchangeContractMember2025-01-012025-03-310001923622Commonwealth Bank Of Australia Currency Purchased, Settlement On 27/02/2026, One2025-01-012025-12-310001923622Hometown Food Company, Due 12/3/20302026-03-310001923622us-gaap:ShortTermDebtMember2025-12-310001923622ck0001923622:ItConsultingAndOtherServicesSectorMember2025-01-012025-12-310001923622ck0001923622:ClassSCommonSharesMember2025-01-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AdbAcquirorIncMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2025M1DividendsMember2025-01-012025-03-310001923622ck0001923622:HealthCareProvidersAndServicesIndustryMember2026-01-012026-03-310001923622ADB Acquiror, Inc (Delayed Draw), Due 5/12/20282026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/07/20262026-01-012026-03-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2026M4DividendsMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Eleven2026-01-012026-03-310001923622ck0001923622:HealthCareEquipmentMember2025-01-012025-12-310001923622Airedale Newco Limited (United Kingdom), Due 12/21/20282025-12-310001923622Iberfrasa (Spain), Due 12/22/20312025-12-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2025M2DividendsMember2025-01-012025-03-310001923622us-gaap:FairValueInputsLevel2Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001923622us-gaap:SeniorNotesMember2025-12-010001923622us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:SeniorLoansMember2025-12-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001923622:PromissoryNotesPayableMember2025-12-310001923622ck0001923622:ClassSCommonSharesMember2025-03-310001923622Renegade Buyer, Inc (Revolver), Due 1/21/20332026-03-310001923622Verita Global, LLC (Delayed Draw), Due 9/25/20302026-03-310001923622us-gaap:NondesignatedMember2025-01-012025-03-310001923622us-gaap:FinancialServicesSectorMember2025-01-012025-12-310001923622ck0001923622:HealthCareProvidersAndServicesIndustryMember2025-01-012025-12-310001923622us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 23/11/20262026-01-012026-03-310001923622Solanum BidCo Limited (United Kingdom), Due 12/17/20302026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 25/09/20262026-01-012026-03-310001923622CM2, Inc., Due 4/1/20302026-03-310001923622us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2025-12-3100019236222023-03-132023-03-130001923622ck0001923622:DiversifiedTelecommunicationServicesMember2025-01-012025-12-310001923622us-gaap:RevolvingCreditFacilityMember2025-01-172025-01-170001923622us-gaap:FoodAndBeverageMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Controlled - Affiliated Investments - First Lien Debt, Entertainment Earth, LLC2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026,One2025-12-310001923622ck0001923622:TermLoanMemberck0001923622:OxyaGroupFranceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001923622us-gaap:ContainerAndPackagingSectorMember2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/01/2025,2025-01-012025-12-310001923622us-gaap:ForeignExchangeContractMember2026-01-012026-03-310001923622ck0001923622:TechnologyHardwareStorageAndPeripheralsMember2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMemberck0001923622:BarchemyBidCoLLCMember2026-03-310001923622ck0001923622:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Three2026-03-3100019236222025-04-012025-04-300001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Three2025-12-310001923622Medical Device Inc. (Revolver), Due 7/11/20292025-12-3100019236222024-10-012024-12-310001923622ck0001923622:ValuationMarketOrEnterpriseValueApproachMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001923622Winn Holding Limited (United Kingdom), Due 11/24/20302026-03-310001923622We Work for Kids, LLC (Revolver), Due 9/26/20292025-12-310001923622Pharmacy Partners Acquisition, LLC, Due 2/28/20292026-03-310001923622ck0001923622:ClassSCommonSharesMemberus-gaap:CommonStockMember2025-01-012025-03-310001923622ck0001923622:ValuationMarketOrEnterpriseValueApproachMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-03-310001923622ck0001923622:TermSecuredOvernightFinancingMembersrt:MinimumMember2023-10-300001923622Regisa DC, S.A. (Spain), Due 12/3/20302026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027, Two2025-01-012025-12-310001923622us-gaap:RevolvingCreditFacilityMember2025-01-012025-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Five2026-03-310001923622ck0001923622:PaperAndForestProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:ClassDCommonSharesMember2025-01-310001923622Axiota Animal Health, Inc., Due 2/13/20302026-03-310001923622CF Newco, Inc., Due 12/10/20292026-03-3100019236222025-12-012025-12-010001923622us-gaap:FairValueInputsLevel2Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/20272026-01-012026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 23/11/20262026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Two2026-03-310001923622ck0001923622:PioneerHOABorrowerLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622ck0001923622:MediaIndustryMember2026-01-012026-03-310001923622CF Newco, Inc., Due 12/10/2029 One2026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 28/10/20272026-03-310001923622Capital Construction, LLC (Delayed Draw), Due 10/22/20262026-03-310001923622country:GB2026-01-012026-03-310001923622ck0001923622:PlanAdministratorMemberck0001923622:ClassICommonSharesMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 24/04/20262026-03-310001923622Prestige Employee Administrators, LLC (Delayed Draw), Due 1/14/20302026-03-310001923622ck0001923622:PureHomeRiverLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/08/20262026-03-310001923622country:ES2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:SeniorLoansMember2025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Three2025-01-012025-12-310001923622Titan Home Improvement, LLC (Revolver), Due 5/31/20302026-03-310001923622Pioneer HOA Borrower, LLC (Delayed Draw), Due 2/25/20332026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:MedicalDeviceIncTwoMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:HumanResourceEmploymentServicesSectorMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:LifeSciencesToolsServicesMember2026-01-012026-03-310001923622ck0001923622:ManagerMemberck0001923622:ScenarioExceedingHurdleRateButLessThanRateOfReturnMember2026-03-310001923622ck0001923622:ItConsultingAndOtherServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Ivy Technology Parent Intermediate III Holdings, LLC, Due 2/5/20312026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Four2025-12-310001923622us-gaap:InterestRateRiskMember2026-01-012026-03-310001923622ck0001923622:ClassSCommonSharesMember2026-02-280001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Nine2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/06/20262026-03-310001923622ck0001923622:O2026M2DividendsMemberck0001923622:ClassICommonSharesMember2026-01-012026-03-310001923622ck0001923622:PaperForestProductsMember2025-01-012025-12-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310001923622Knowledge Support Systems, Inc., Due 11/17/20292025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/06/20262026-03-310001923622Johns-Byrne LLC (Revolver), Due 8/31/20292025-12-310001923622ck0001923622:ClassSCommonSharesMember2026-01-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:ApsAcquisitionHoldingsLlcMember2026-03-310001923622ck0001923622:MeasurementInputUnadjustedCostMemberck0001923622:ValuationMarketOrCostApproachMember2026-03-310001923622Sun Orchard, LLC, Due 7/08/20282025-12-310001923622Close The Loop Group USA, Inc., Due 10/26/20292026-03-310001923622Johns-Byrne LLC, Due 8/31/20292026-03-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:SeniorLoansMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027, Two2026-03-310001923622us-gaap:EstimateOfFairValueFairValueDisclosureMemberck0001923622:PromissoryNotesPayableMember2026-03-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001923622:PromissoryNotesPayableMember2026-03-310001923622HEF Safety Ultimate Holdings, LLC (Revolver), Due 11/19/20292026-03-310001923622us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001923622Capital Construction, LLC, Due 10/22/20262025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:RealEstateManagementAndDevelopmentMemberus-gaap:SeniorLoansMember2026-03-310001923622ck0001923622:MediaSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:HotelsRestaurantsAndLeisureMember2026-01-012026-03-310001923622ck0001923622:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 25/09/20262026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 26/02/20272025-01-012025-12-310001923622TriplePoint Acquisition Holdings LLC, Due 5/31/20292026-03-310001923622ck0001923622:ScenarioExceedingHurdleRateMember2026-03-310001923622us-gaap:EquityMethodInvestmentsMember2025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/2027, One2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 13/04/20262026-01-012026-03-310001923622country:AU2026-03-310001923622ck0001923622:NomuraInternationalPlcMember2026-03-310001923622ck0001923622:LifeSciencesToolsServicesMember2025-01-012025-12-310001923622ck0001923622:ItConsultingAndOtherServicesSectorMember2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMemberck0001923622:BarchemyBidCoLLCMember2025-12-310001923622ck0001923622:AerospaceComponentsBuyerLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622ck0001923622:GasUtilitiesSectorMember2025-01-012025-12-310001923622ADB Acquiror, Inc (Delayed Draw), Due 5/12/20282025-12-310001923622CPIG Holdco Inc., Due, 4/28/20282026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001923622TG Studios US, LLC, Due 4/06/20292025-12-310001923622Sun Orchard, LLC (Delayed Draw), Due 7/08/2028 Two2025-12-310001923622ck0001923622:TriplepointAcquisitionHoldingsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Ivy Technology Parent Intermediate III Holdings, LLC (Revolver), Due 2/5/20312026-03-310001923622us-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001923622ck0001923622:CapitalConstructionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Tetris Bidco Limited (United Kingdom), Due 10/24/20292026-03-310001923622Penncomp, LLC (Delayed Draw), Due 4/17/20302025-12-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:IntermediaryManagerAgreementMember2026-01-012026-03-310001923622exch:CBAE2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 25/09/20262025-01-012025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, One2025-12-310001923622Efficio Holdco Limited (United Kingdom), Due 7/31/2031 One2026-03-310001923622ck0001923622:ReverseRepurchaseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001923622country:FR2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/07/20262025-12-310001923622Pure HomeRiver LLC (Delayed Draw), Due 1/16/20312026-03-310001923622HEF Safety Ultimate Holdings, LLC, Due 11/19/20292025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Five2026-01-012026-03-310001923622us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Ten2026-01-012026-03-310001923622ck0001923622:SoftwareSectorMember2025-01-012025-12-310001923622Universal GEM Gaming, LLC, Due 3/13/20312026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001923622Commonwealth Bank Of Australia Currency Purchased, Settlement On 27/02/2026, One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/20262025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026, Three2025-12-310001923622ck0001923622:ClassICommonSharesMemberck0001923622:O2026M3DividendsMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/20252025-12-310001923622us-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassICommonSharesMember2026-02-280001923622srt:WeightedAverageMemberck0001923622:ValuationMarketOrEnterpriseValueApproachMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026,One2025-01-012025-12-310001923622Legend Buyer, Inc., Due 1/19/20292025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 28/10/20272025-01-012025-12-310001923622Nationwide Acquisition, LLC (Revolver), Due 10/01/20292025-12-310001923622us-gaap:SeniorLoansMember2025-12-310001923622us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2026-01-012026-03-310001923622ck0001923622:ElectricUtilitiesMember2025-01-012025-12-310001923622AS1 Sports Bidco Limited (United Kingdom) Due 9/26/20302026-03-310001923622ck0001923622:ClassDCommonSharesMember2025-12-310001923622ck0001923622:HealthCareProvidersAndServicesIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001923622ck0001923622:ClassSCommonSharesMembersrt:MaximumMember2026-01-012026-03-310001923622ck0001923622:PioneerHOABorrowerLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Eleven2026-03-310001923622Penncomp, LLC, Due 4/17/20302025-12-310001923622Medical Device Inc. (Revolver), Due 7/11/2029 Two2026-03-310001923622ck0001923622:MedicalDeviceIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Medical Device Inc. (Revolver), Due 7/11/2029 One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/04/20272026-01-012026-03-310001923622us-gaap:CommercialAndIndustrialSectorMember2025-01-012025-12-310001923622Penncomp, LLC, Due 4/17/2030 One2025-12-310001923622Controlled - Affiliated Investments - First Lien Debt, Entertainment Earth, LLC2024-12-310001923622ck0001923622:MediaIndustryMember2025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 25/09/20262025-12-310001923622Nationwide Acquisition, LLC, Due 10/1/20292026-03-310001923622ck0001923622:ClassICommonSharesMember2026-05-140001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/20262025-12-310001923622Kandelium Group GmbH (Delayed Draw) (France), Due 11/22/20302026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/20262026-03-310001923622us-gaap:RevolvingCreditFacilityMember2023-10-302023-10-300001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026, Four2025-12-310001923622Oxya Group (France), Due 8/30/20302026-03-310001923622Sun Orchard, LLC (Delayed Draw), Due 7/08/2028 One2025-12-310001923622ck0001923622:O2025M3DividendsMemberck0001923622:ClassSCommonSharesMember2025-01-012025-03-310001923622ck0001923622:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Delaware Valley Floral Group LLC (Revolver), Due 8/24/20282025-12-310001923622ck0001923622:BuildingProductsSectorMember2025-01-012025-12-310001923622Golden State Buyer, Inc. (Revolver), Due 4/2/20312026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 23/11/20262025-01-012025-12-310001923622Commonwealth Bank Of Australia Currency Purchased, Settlement On 27/02/20262025-01-012025-12-310001923622ck0001923622:CapitalConstructionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622ck0001923622:ClassSCommonSharesMember2026-03-310001923622ck0001923622:O2026M4DividendsMemberck0001923622:ClassICommonSharesMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001923622ck0001923622:PlanAdministratorMemberck0001923622:ClassSCommonSharesMember2026-01-012026-03-3100019236222023-03-312023-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Eight2026-03-310001923622ck0001923622:TermLoanMemberck0001923622:OxyaGroupFranceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:NppiBuyerLlcMember2026-03-310001923622ck0001923622:TitanHomeImprovementLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Pharmacy Partners Acquisition, LLC (Revolver), Due 2/28/20292025-12-310001923622us-gaap:BaseRateMembersrt:MinimumMember2023-10-300001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001923622us-gaap:CommonStockMemberck0001923622:ClassICommonSharesMember2025-03-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/2027, One2026-01-012026-03-310001923622ck0001923622:ClassSCommonSharesMemberck0001923622:O2026M1DividendsMember2026-01-012026-03-310001923622Entertainment Earth, LLC, Trading Companies & Distributors2026-03-310001923622ck0001923622:PrestigeEmployeeAdministratorsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622ck0001923622:DiversifiedTelecommunicationServicesMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/04/20262026-03-310001923622us-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Titan Home Improvement, LLC, Due 5/31/20302026-03-310001923622us-gaap:ShortTermDebtMember2026-01-012026-03-310001923622Titan Home Improvement, LLC (Delayed Draw), Due 5/31/20302025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 28/02/20282026-01-012026-03-310001923622Nayak Aircraft Services Holdings GmbH (Delayed Draw) (Germany), Due 1/16/20302026-03-310001923622HDS Intermediate, LLC (Revolver), Due 10/15/20322026-03-3100019236222024-07-012024-09-300001923622ck0001923622:TermSecuredOvernightFinancingMembersrt:MaximumMember2023-10-302023-10-300001923622us-gaap:FairValueMeasurementsRecurringMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/2026, Two2025-12-310001923622Frozen Bakery Acquisition, LLC, Due 7/07/20292025-12-310001923622CI (MG) Group, LLC (Delayed Draw), Due 3/27/20302026-03-310001923622us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001923622Sail Energy, LLC, Due 1/24/20282025-12-310001923622us-gaap:SubsequentEventMember2026-05-050001923622Due 5/12/20282026-03-310001923622JCF Kestrel UK Bidco LTD (Delayed Draw) (United Kingdom), Due 2/27/20322025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2025M1DividendsMember2025-01-012025-03-310001923622ck0001923622:CIMGGroupLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622country:NL2025-12-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001923622The Wells Companies, Inc, Due 4/02/2029 One2025-12-310001923622Ivy Technology Parent Intermediate III Holdings, LLC, Due 2/05/20312025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMemberck0001923622:HotelsRestaurantsAndLeisureSectorMember2026-03-310001923622Iberfrasa (Spain), Due 12/22/20312026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Eight2026-01-012026-03-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001923622MajorKey Technologies Holdings LLC, Due 12/3/20262026-03-310001923622Nomura International plc, Currency 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Limited, Currency Purchased, Settlement On 24/04/20262025-01-012025-12-310001923622BlueSun Holdco, S.L (Spain), Due 5/30/20322026-03-310001923622ck0001923622:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Verita Global, LLC, Due 9/25/20302025-12-310001923622ck0001923622:ScenarioExceedingHurdleRateButLessThanRateOfReturnMember2026-03-310001923622Verita Global, LLC, Due 9/25/20302026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/20272026-03-310001923622Aptive Environmental, LLC (Revolver), Due 10/15/20322025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/2026, One2025-01-012025-12-310001923622CI (MG) Group, LLC (Revolver), Due 3/27/20302026-03-310001923622Equity Investments, Trading Companies & Distributors, Entertainment Earth, 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1/21/20332026-03-310001923622ck0001923622:CIMGGroupLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622us-gaap:ShortTermDebtMember2025-01-012025-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:HouseholdProductsMemberus-gaap:SeniorLoansMember2026-03-310001923622JCF Kestrel UK Bidco LTD (Delayed Draw) (United Kingdom), Due 2/27/20322026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/2027,One2026-01-012026-03-310001923622Verita Global, LLC (Revolver), Due 9/25/20302025-12-310001923622Aptive Environmental, LLC, Due 10/15/20322026-03-310001923622us-gaap:AutomotiveSectorMember2025-01-012025-12-3100019236222024-01-012024-03-310001923622country:FR2025-01-012025-12-310001923622ck0001923622:ValuationMarketOrEnterpriseValueApproachMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001923622NPPI Buyer, LLC, Due 8/20/20292026-03-310001923622AgroFresh, Inc., Due 4/1/2030 One2026-03-310001923622ck0001923622:LifeSciencesToolsServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622ck0001923622:PlanAdministratorMember2025-03-310001923622ACS Industries, Inc. Due 11/26/20302025-12-310001923622Sun Orchard, LLC (Delayed Draw), Due 7/08/20282025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 26/02/20272026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 30/10/20262025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:TetrisBidcoLimitedUnitedKingdomMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Medical Device Inc. (Revolver), Due 7/11/2029 One2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:HefSafetyUltimateHoldingsLlcMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:ApsAcquisitionHoldingsLlcMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:SailEnergyLlcMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassSCommonSharesMember2026-05-140001923622Nomura International plc, Currency Purchased, Settlement On 26/02/20272026-01-012026-03-310001923622us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Renegade Buyer, Inc (Delayed Draw), Due 1/21/20332026-03-310001923622us-gaap:CashEquivalentsMember2025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:LegendBuyerInc.Memberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/2026, One2026-01-012026-03-310001923622ck0001923622:HealthCareProvidersAndServicesIndustryMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Nationwide Acquisition, LLC, Due 10/01/2029 One2025-12-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMemberck0001923622:TradingCompaniesDistributorsSectorMemberus-gaap:EquityMethodInvestmentsMember2026-03-3100019236222025-10-012025-12-310001923622ck0001923622:HumanResourceEmploymentServicesSectorMember2025-01-012025-12-310001923622Efficio Holdco Limited (United Kingdom), Due 7/31/20312026-03-310001923622Entertainment Earth, LLC, Due 3/31/20282025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 30/11/20272025-01-012025-12-310001923622ck0001923622:InformationTechnologyServicesMember2026-01-012026-03-310001923622ck0001923622:CIMGGroupLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMemberck0001923622:PryorLearningLlcMember2025-12-310001923622Kandelium Group GmbH (France), Due 11/22/2030 One2026-03-310001923622Frozen Bakery Acquisition, LLC, Due 7/7/20292026-03-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001923622us-gaap:FairValueInputsLevel3Member2026-03-310001923622ck0001923622:MacquarieBankLimitedMember2025-12-310001923622Sail Energy, LLC (Revolver), Due 1/24/20282026-03-310001923622Verita Global, LLC (Revolver), Due 9/25/20302026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMemberck0001923622:ConsumerCyclicalServicesMember2026-03-310001923622ck0001923622:TradingCompaniesDistributorsSectorMember2025-01-012025-12-310001923622us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001923622Prestige Employee Administrators, LLC (Delayed Draw), Due 1/14/20302025-12-310001923622country:ES2025-12-310001923622ck0001923622:TechnologyHardwareStorageAndPeripheralsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ADB Companies, LLC, Due 7/07/2026 One2025-12-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2025M3DividendsMember2025-01-012025-03-310001923622Greenfast & Furious Limited (United Kingdom), Due 7/31/20292026-03-310001923622Aerospace Components Buyer, LLC, Due 1/6/20312026-03-310001923622us-gaap:SeniorLoansMember2026-03-310001923622ck0001923622:ClassDCommonSharesMember2025-03-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2026M3DividendsMember2026-01-012026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, Three2025-12-310001923622ck0001923622:StudioBidcoB.v.Memberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Ten2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 07/04/20262026-01-012026-03-310001923622Anne Lewis Strategies LLC (Revolver), Due 5/29/20302025-12-310001923622ck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001923622us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Capital Construction, LLC (Revolver), Due 10/22/20262026-03-310001923622ck0001923622:PharmacyPartnersAcquisitionLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622HEF Safety Ultimate Holdings, LLC, Due 11/19/20292026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Two2025-01-012025-12-310001923622ADB Acquiror, Inc (Revolver), Due 5/12/2028 One2025-12-310001923622us-gaap:RealEstateSectorMember2025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AxiotaAnimalHealthIncMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:CommonStockMemberck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622ck0001923622:AnneLewisStrategiesLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Tetris Bidco Limited (Revolver) (United Kingdom), Due 10/24/20292025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, One2025-01-012025-12-310001923622ck0001923622:PlanAdministratorMemberck0001923622:ClassSCommonSharesMember2025-01-012025-03-310001923622ck0001923622:ValuationMarketOrEnterpriseValueApproachMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001923622Commonwealth Bank Of Australia Currency Purchased, Settlement On 27/02/2026, Two2025-01-012025-12-310001923622Tetris Bidco Limited (United Kingdom), Due 10/24/20292025-12-310001923622Controlled - Affiliated Investments - Equity, Entertainment Earth, LLC2025-01-012025-12-310001923622Kandelium Group GmbH (France), Due 11/22/2030 One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 04/03/20262025-12-310001923622TriplePoint Acquisition Holdings LLC, Due 5/31/20292025-12-310001923622country:AU2026-01-012026-03-310001923622Suja Merger Sub, LLC, Due 8/23/20292025-12-310001923622country:DE2026-01-012026-03-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:O2026M4DividendsMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001923622JCF Kestrel UK Bidco LTD (United Kingdom), Due 2/27/20322026-03-310001923622ck0001923622:JohnsByrneLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Aptive Environmental, LLC, Due 10/15/20322025-12-310001923622Studio Bidco B.V. (Delayed Draw) (Netherlands), Due 4/24/20312025-12-310001923622Delaware Valley Floral Group LLC, Due 8/24/20282025-12-310001923622ck0001923622:AerospaceAndDefenseSectorMember2025-01-012025-12-310001923622Aerospace Components Buyer, LLC (Revolver), Due 1/6/20312026-03-310001923622ck0001923622:EnvironmentalAndFacilitiesServicesSectorMember2025-01-012025-12-310001923622Pharmacy Partners Acquisition, LLC (Revolver), Due 2/28/20292026-03-310001923622ck0001923622:HumanResourceEmploymentServicesSectorMember2026-01-012026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/06/2026, One2026-01-012026-03-3100019236222023-01-012026-03-310001923622us-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 30/11/20272026-03-310001923622ck0001923622:AerospaceAndDefenseSectorMember2026-01-012026-03-310001923622ck0001923622:PaperAndForestProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Kandelium Group GmbH (France), Due 11/22/20302025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AS1SportsBidcoLimitedUnitedKingdomMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:CommercialAndIndustrialSectorMember2026-01-012026-03-310001923622Medical Device Inc, Due 7/11/2029 Two2026-03-310001923622ck0001923622:DelawareValleyFloralGroupLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622ck0001923622:ClassDCommonSharesMember2026-01-310001923622ck0001923622:HealthCareEquipmentMember2026-01-012026-03-310001923622ck0001923622:PromissoryNotesPayableMember2025-12-310001923622Nationwide Acquisition, LLC (Delayed Draw), Due 10/1/20292026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/2026, One2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 24/04/20262026-01-012026-03-310001923622AS1 Sports Bidco Limited (Revolver) (United Kingdom), Due 9/26/20302025-12-310001923622Sail Energy, LLC, Due 1/24/20282026-03-310001923622TriplePoint Acquisition Holdings LLC, Due 5/31/2029 One2026-03-310001923622ck0001923622:ClassSCommonSharesMember2025-02-280001923622country:AU2025-12-310001923622ck0001923622:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:ExpenseLimitationAndReimbursementAgreementMember2026-01-012026-03-310001923622country:US2025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AerospaceComponentsBuyerLLCMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001923622HH Global Finance LTD, Due 2/25/20272025-12-310001923622ck0001923622:AssociationResourceGroupLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 25/09/2026, One2026-01-012026-03-310001923622Commonwealth Bank Of Australia Currency Purchased, Settlement On 27/02/2026, Two2025-12-310001923622Kandelium Group GmbH (France), Due 11/22/20302026-03-310001923622MajorKey Technologies Holdings LLC, Due 12/03/20262025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/07/20262025-01-012025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/20262026-03-310001923622ck0001923622:ClassICommonSharesMember2025-01-310001923622TriplePoint Acquisition Holdings LLC (Revolver), Due 5/31/20292026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, One2025-12-310001923622CF Newco, Inc. (Revolver), Due 12/10/20292025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Six2026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 30/10/20262026-01-012026-03-310001923622country:DE2026-03-310001923622ck0001923622:ClassSCommonSharesMemberus-gaap:CommonStockMember2025-03-310001923622Nationwide Acquisition, LLC, Due 10/01/20292025-12-310001923622ck0001923622:PharmaceuticalsMember2025-01-012025-12-310001923622ck0001923622:MacquarieBankLimitedMemberck0001923622:ReverseRepurchaseAgreementMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/08/20262026-01-012026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 23/11/20262025-12-310001923622Controlled - Affiliated Investments - Equity, Entertainment Earth, LLC2024-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/07/20262026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:SeniorLoansMember2026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:NppiBuyerLlcMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/20272025-01-012025-12-310001923622ck0001923622:O2025M3DividendsMemberck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622ck0001923622:EnvironmentalAndFacilitiesServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Pharmacy Partners Acquisition, LLC, Due 2/28/20292025-12-310001923622Pryor Learning, LLC, Due 2/28/20292025-12-310001923622us-gaap:ChemicalsSectorMember2026-01-012026-03-310001923622Suja Merger Sub, LLC, Due 8/23/20292026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:NppiBuyerLlcMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:AxiotaAnimalHealthIncMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/20272026-03-310001923622Pioneer HOA Borrower, LLC, Due 2/25/20332026-03-310001923622ck0001923622:AptiveEnvironmentalLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622ck0001923622:TitanHomeImprovementLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622Sun Orchard, LLC, Due 8/1/20292026-03-310001923622Anne Lewis Strategies LLC, Due 5/29/20302026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/20262026-03-310001923622ck0001923622:NayakAircraftServicesHoldingsGmbHGermanyMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001923622Sail Energy, LLC (Delayed Draw), Due 1/24/20282025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/07/20272025-12-310001923622us-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Cold Spring Brewing Company, Due 12/10/20302026-03-310001923622ck0001923622:ManagerMemberck0001923622:ScenarioExceedingRateOfReturnMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/01/2026, Two2025-01-012025-12-310001923622ck0001923622:ClassDCommonSharesMember2025-01-012025-03-310001923622ck0001923622:HealthCareEquipmentSuppliesMember2026-01-012026-03-310001923622Skyrodema Bidco, LLC (Delayed Draw), Due 3/9/20332026-03-310001923622Medical Device Inc. (Revolver), Due 7/11/20292026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Two2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:LegendBuyerInc.Memberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Legend Buyer, Inc. (Revolver), Due 1/19/20292025-12-310001923622Capital Construction, LLC (Revolver), Due 10/22/20262025-12-310001923622CF Newco, Inc., Due 12/10/2029 One2025-12-310001923622ck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001923622HH Global Finance LTD (United Kingdom), Due 2/25/20272026-03-310001923622ck0001923622:ClassDCommonSharesMemberus-gaap:CommonStockMember2026-01-012026-03-3100019236222026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:IvyTechnologyParentIntermediateIIIHoldingsLLCMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:ConstructionSectorMember2025-01-012025-12-310001923622ck0001923622:CurrencyRiskMember2026-01-012026-03-310001923622HDS Intermediate, LLC, Due 11/14/20302026-03-310001923622ck0001923622:HealthCareEquipmentSuppliesMember2025-01-012025-12-310001923622ADB Companies, LLC, Due 7/07/20262025-12-310001923622CF Newco, Inc., Due 12/10/20292025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/04/20272025-01-012025-12-310001923622Ivy Technology Parent Intermediate III Holdings, LLC (Revolver), Due 2/05/20312025-12-310001923622us-gaap:RelatedPartyMemberck0001923622:ManagementAgreementMemberck0001923622:ManagerMember2026-01-012026-03-310001923622ck0001923622:ClassDCommonSharesMemberck0001923622:PromissoryNotesMember2026-03-310001923622us-gaap:RevolvingCreditFacilityMember2026-03-310001923622country:NL2026-03-310001923622Penncomp, LLC, Due 4/17/20302026-03-310001923622country:GB2025-12-310001923622ck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001923622ck0001923622:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquityMethodInvestmentsMember2025-12-310001923622country:DE2025-01-012025-12-310001923622ck0001923622:MeasurementInputUnadjustedCostMemberck0001923622:ValuationMarketOrCostApproachMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:SailEnergyLlcMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622us-gaap:SeniorNotesMember2025-12-012025-12-010001923622ck0001923622:MacquarieBankLimitedMember2026-03-310001923622ck0001923622:ValuationMarketOrEnterpriseValueApproachMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001923622Johns-Byrne LLC (Revolver), Due 8/31/20292026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 23/11/20262026-01-012026-03-310001923622Tetris Bidco Limited (United Kingdom), Due 10/24/2029 One2026-03-3100019236222023-03-282023-03-280001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:WeWorkForKidsLlcMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/2026, Two2025-01-012025-12-310001923622Hoffmaster Group, Inc, Due 2/24/20282025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 30/04/2026, One2026-03-310001923622Avalon Bidco LTD (Delayed Draw) (United Kingdom), Due 4/16/20322025-12-310001923622HDS Intermediate, LLC (Revolver), Due 11/14/20302025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:WeWorkForKidsLlcMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622ck0001923622:ReverseRepurchaseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, One2026-01-012026-03-310001923622us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 30/10/20262026-03-310001923622ck0001923622:ClassDCommonSharesMember2025-02-280001923622ck0001923622:ClassICommonSharesMember2026-03-310001923622ck0001923622:ClassSCommonSharesMember2026-01-012026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001923622ck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 03/06/20262026-03-310001923622CI (MG) Group, LLC (Revolver), Due 3/27/20302025-12-310001923622ck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2026-03-310001923622Medical Device Inc, Due 7/11/2029 One2026-03-310001923622Aptive Environmental, LLC (Revolver), Due 10/15/20322026-03-310001923622ck0001923622:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622ck0001923622:ValuationRiskMember2026-01-012026-03-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorLoansMember2024-12-310001923622Entertainment Earth, LLC, Due 3/31/20282026-03-310001923622TriplePoint Acquisition Holdings LLC, Due 5/31/2029 One2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMemberck0001923622:PenncompLlcMember2026-03-310001923622Efficio Holdco Limited (United Kingdom), Due 7/31/20312025-12-310001923622AgroFresh, Inc. (Revolver), Due 3/31/20292026-03-3100019236222025-04-012025-06-300001923622us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:RenegadeBuyerIncMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622srt:WeightedAverageMemberck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001923622We Work for Kids, LLC (Revolver), Due 9/26/20292026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 14/04/2026, Three2026-01-012026-03-310001923622ck0001923622:PrestigeEmployeeAdministratorsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2026-03-310001923622srt:WeightedAverageMemberck0001923622:ValuationIncomeOrDiscountedCashFlowApproachMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMemberck0001923622:PryorLearningLlcMember2026-03-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 04/03/20262025-01-012025-12-3100019236222025-07-012025-09-300001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:HDSIntermediateLLCMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMemberck0001923622:FoodProductsSectorMember2025-12-310001923622us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 15/10/20252025-12-310001923622us-gaap:RealEstateSectorMember2026-01-012026-03-310001923622us-gaap:ChemicalsSectorMember2025-01-012025-12-310001923622ck0001923622:ClassICommonSharesMember2025-02-280001923622Sun Orchard, LLC, Due 8/1/2029 Two2026-03-310001923622us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MinimumMember2026-03-310001923622APS Acquisition Holdings, LLC, Due 7/11/20292026-03-310001923622ck0001923622:O2025M1DividendsMemberck0001923622:ClassICommonSharesMember2025-01-012025-03-310001923622ck0001923622:AptiveEnvironmentalLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Controlled - Affiliated Investments - First Lien Debt, Entertainment Earth, LLC2026-03-310001923622Avalon Bidco LTD (United Kingdom), Due 4/16/20322026-03-310001923622ck0001923622:MedicalDeviceIncOneMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Skyrodema Bidco, LLC (Revolver), Due 3/9/20332026-03-310001923622Association Resource Group, LLC (Delayed Draw), Due 2/2/20332026-03-310001923622HEF Safety Ultimate Holdings, LLC, (Delayed Draw), Due 11/19/20292026-03-310001923622ck0001923622:TriplepointAcquisitionHoldingsLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622Axiota Animal Health, Inc. (Delayed Draw), Due 2/13/20302026-03-310001923622ck0001923622:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622Verita Global, LLC (Delayed Draw), Due 9/25/20302025-12-310001923622us-gaap:FairValueInputsLevel3Member2025-12-310001923622Johns-Byrne LLC (Delayed Draw), Due 8/31/20292026-03-310001923622us-gaap:ContainerAndPackagingSectorMember2026-01-012026-03-310001923622Nomura International plc, Currency Purchased, Settlement On 17/02/2026, Four2025-01-012025-12-310001923622Association Resource Group, LLC, Due 2/2/20332026-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, Two2025-12-310001923622Prestige Employee Administrators, LLC, Due 1/14/20302025-12-310001923622Barchemy BidCo, LLC (Revolver), Due 10/6/20312026-03-310001923622Nationwide Acquisition, LLC, Due 10/1/2029 One2026-03-310001923622Pryor Learning, LLC, Due 2/28/20292026-03-3100019236222025-03-310001923622us-gaap:EquityMethodInvestmentsMember2026-03-310001923622ADB Acquiror, Inc (Revolver), Due 5/12/20282026-03-310001923622ck0001923622:AptiveEnvironmentalLlcMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DelayedDrawTermLoanMember2025-12-310001923622Hoffmaster Group, Inc, Due 2/24/20282026-03-310001923622Prestige Employee Administrators, LLC, Due 1/14/20302026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:MedicalDeviceIncTwoMemberus-gaap:RevolvingCreditFacilityMember2026-03-310001923622ck0001923622:ClassDCommonSharesMembersrt:MaximumMember2025-01-012025-03-3100019236222026-01-012026-03-310001923622us-gaap:EstimateOfFairValueFairValueDisclosureMemberck0001923622:PromissoryNotesPayableMember2025-12-310001923622Titan Home Improvement, LLC (Delayed Draw), Due 5/31/20302026-03-310001923622ck0001923622:ClassSCommonSharesMemberus-gaap:CommonStockMember2026-03-310001923622us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2025-12-310001923622ck0001923622:PgimStrategicInvestmentsInc.Member2026-03-310001923622AgroFresh, Inc., Due 4/01/20302025-12-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMemberck0001923622:HotelsRestaurantsAndLeisureSectorMember2025-12-310001923622country:FR2026-03-310001923622Titan Home Improvement, LLC (Revolver), Due 5/31/20302025-12-310001923622Macquarie Bank Limited, Currency Purchased, Settlement On 30/01/2025,2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/20252025-01-012025-12-310001923622NPPI Buyer, LLC, Due 8/20/20292025-12-310001923622us-gaap:SecuritiesFinancingTransactionFairValueMember2025-12-310001923622Medical Device Inc, Due 7/11/20 One2025-12-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 03/06/20262026-01-012026-03-310001923622Aerospace Components Buyer, LLC (Delayed Draw), Due 1/6/20312026-03-310001923622ck0001923622:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:SeniorLoansMember2026-03-310001923622Regisa DC, S.A. (Spain), Due 12/03/20302025-12-310001923622BlueSun Holdco, S.L (Spain), Due 5/30/20322025-12-310001923622Nomura International plc, Currency Purchased, Settlement On 28/10/20272026-01-012026-03-310001923622us-gaap:SeniorLoansMember2025-01-012025-12-310001923622Controlled - Affiliated Investments - Equity, Entertainment Earth, LLC2025-12-310001923622us-gaap:ConsumerSectorMember2026-01-012026-03-310001923622AS1 Sports Bidco Limited (Revolver) (United Kingdom), Due 9/26/20302026-03-310001923622Golden State Buyer, Inc., Due 4/2/20312026-03-310001923622ck0001923622:ClassDCommonSharesMemberus-gaap:CommonStockMember2025-03-310001923622Commonwealth Bank Of Australia, Currency Purchased, Settlement On 15/10/2025, Four2025-01-012025-12-310001923622us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001923622AgroFresh, Inc., Due 4/1/20302026-03-310001923622us-gaap:InvestmentUnaffiliatedIssuerMemberck0001923622:HefSafetyUltimateHoldingsLlcMemberus-gaap:RevolvingCreditFacilityMember2025-12-310001923622Cold Spring Brewing Company, Due 12/10/20302025-12-31iso4217:AUDiso4217:EURxbrli:pureiso4217:USDxbrli:sharesxbrli:sharesck0001923622:Componentck0001923622:Itemiso4217:GBPiso4217:USDck0001923622:PromissoryNotesck0001923622:Derivativeck0001923622:Segment\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒\n\nQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n \n\n☐\n\nTransition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934\n\n \n\nFor the transition period from to ______\n\n \n\nCommission File Number: 814-01582\n\n \n\nPGIM Private Credit Fund\n\n(Exact name of Registrant as specified in its Charter)\n\n \n\nDelaware\n\n \n\n88-1771414\n\n(State or Other Jurisdiction of Incorporation or Organization)\n\n \n\n(IRS Employer Identification No.)\n\n \n\n \n\n \n\n655 Broad Street\n\n \n\n \n\nNewark, NJ\n\n \n\n07102-4410\n\n(Address of Principal Executive Offices)\n\n \n\n(Zip Code)\n\n \n\n(Registrant’s telephone number, including area code): (973) 802-5032\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nNone\n\nNot applicable\n\nNot applicable\n\n(Title of each class)\n\n(Trading Symbol(s))\n\n(Name of each exchange on which registered)\n\nIndicate 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 ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller Reporting company\n\n☐\n\nEmerging growth company\n\n☒\n\n \n\n \n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nThe number of shares of Registrant’s common shares of beneficial interest, $0.001 par value per share, outstanding as of May 14, 2026 was 10,817,031, 100,192 and 660 of Class I, Class S and Class D, respectively.\n\n \n\n \n\n \n\n \n\n[Table of Contents](#toc_page)\n\n## Table of Contents\n\n \n\nPART I\n\nFinancial Information\n\nPAGE"}