Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

The following is a summary of the values by input classification of the Fund’s investments as of June 30, 2025 and December 31, 2024, by major security category or type:


	Total value at 6-30-25		Level 1 quoted price		Level 2 Significant observable inputs		Level 3 Significant unobservable inputs
Investments in securities:
Assets
Senior loans (less unfunded loan commitments)	$	205,755,503		—		—	$	205,755,503
Equity		831,388		—		—		831,388
Short-term investments		14,546,346	$	14,546,346		—		—

Total investments in securities	$	221,133,237	$	14,546,346		—	$	206,586,891


	Total value at 12-31-24		Level 1 quoted price		Level 2 Significant observable inputs		Level 3 Significant unobservable inputs
Investments in securities:
Assets
Senior loans (less unfunded loan commitments)	$	152,865,434		—		—	$	152,865,434
Equity		377,668						377,668
Short-term investments		12,591,254	$	12,591,254		—		—

Total investments in securities	$	165,834,356	$	12,591,254		—	$	153,243,102

Summary of valuation techniques and significant unobservable inputs

The valuation techniques and significant unobservable inputs used in the fair value measurement of the Fund’s Level 3 securities are outlined in the tables below as of June 30, 2025 and as of December 31, 2024.


	Fair Value at 6-30-25		Valuation Technique	Significant Unobservable Inputs	Input Range	Input Weighted Average*
Senior Loans	$	201,508,774	Discounted cash flow	Discount rate	8.17% - 16.50%		9.72%
Senior Loans		4,246,729	Recent transaction	Transaction price	$98.50 - $98.75		$99.08

	$	205,755,503
Equity	$	120,283	Recent transaction	Transaction price	$1.00		$1.00
Equity		711,105	Market Comparable	EV / LTM EBITDA multiple	8.50X - 14.00X		11.82X

	$	831,388

	$	206,586,891


	Fair Value at 12-31-24		Valuation Technique	Significant Unobservable Inputs	Input Range		Input Weighted Average*
Senior Loans	$	130,881,801	Discounted cash flow	Discount rate		8.36% - 13.79%		9.88%
Senior Loans		21,983,633	Recent transaction	Transaction price		$98.00 - $99.75		$98.96

	$	152,865,434
Equity	$	290,738	Recent transaction	Transaction price		$1,000		$1,000
Equity		86,930	Market Comparable	EV / LTM EBITDA multiple		10.5X		10.5X
			Ownership allocation	Percentage of ownership		1.05%		1.05%

	$	377,668

	$	153,243,102

*	A weighted average is an average in which each input in the grouping is assigned a weighting before summing to a single average value. The weighting of the input is determined based on a security’s fair value as a percentage of the total fair value.

Summary of investments excluding unfunded loan commitments

The Fund’s investments (excluding unfunded loan commitments) consisted of the following:


	June 30, 2025				% of Investments at Fair Value			December 31, 2024				% of Investments at Fair Value
	Amortized Cost		Fair Value		% of Investments at Fair Value			Amortized Cost		Fair Value		% of Investments at Fair Value
First-Lien Loans	$	205,671,602	$	205,755,503		93.0	%	$	152,264,090	$	152,865,434		92.2	%
Equity		808,482		831,388		0.4	%		381,798		377,668		0.2	%
Other Securities		14,546,346		14,546,346		6.6	%		12,591,254		12,591,254		7.6	%

Total Investments	$	221,026,430	$	221,133,237		100.0	%	$	165,237,142	$	165,834,356		100.00	%

Summary of percentage of fair value investments

The sector and industry composition of investments at fair value as a percentage of net assets as of June 30, 2025 and December 31, 2024, was as follows:


Sector Composition	as of 6-30-25 (% of net assets)			as of 12-31-24 (% of net assets)
Industrials		71.8			82.9
Health care		35.3			41.9
Consumer discretionary		31.2			30.7
Information technology		12.2			17.9
Consumer staples		9.9			11.5
Financials		8.1			6.8
Materials		2.6			4.0
Short-term investments and other (less unfunded loan commitments)		(71.1	)		(95.7	)
		100			100

Summary of composition of investment based on industry


Industry Composition	as of 6-30-25 (% of net assets)
Health care providers and services		28.8
Commercial services and supplies		22.5
Trading companies and distributors		19.3
Professional services		15.8
Diversified consumer services		10.1
Food products		8.2
Building products		7.2
Hotels, restaurants and leisure		7.1
IT services		6.9
Distributors		6.7
Health care equipment and supplies		6.5
Software		5.3
Capital markets		4.6
Insurance		3.5
Air freight and logistics		2.6
Household durables		2.6
Chemicals		2.6
Machinery		2.6
Specialty retail		2.5
Leisure products		2.2
Construction and engineering		1.8
Consumer staples distribution and retail		1.7
Short-term investments and other (less unfunded loan commitments)		(71.1	)
		100

Percentages include unfunded loan commitments.


Industry composition	as of 12-31-24 (% of net assets)
Health care providers and services		38.6
Commercial services and supplies		27.3
Trading companies and distributors		26.4
Professional services		14.4
IT services		9.8
Food products		8.8
Software		8.1
Hotels, restaurants and leisure		7.4
Building products		6.9
Diversified consumer services		6.5
Distributors		5.3
Insurance		4.9
Air freight and logistics		4.0
Specialty retail		4.0
Household durables		4.0
Chemicals		4.0
Machinery		3.9
Leisure products		3.5
Health care equipment and supplies		3.3
Consumer staples distribution and retail		2.7
Capital markets		1.9
Short-term investments and other (less unfunded loan commitments)		(95.7	)
		100

Summary of unfunded commitments outstanding

As of June 30, 2025 and December 31, 2024, the Fund had the following unfunded commitments outstanding:


	June 30, 2025							December 31, 2024
Unfunded Term Loan	Principal on Delayed Draw Term Loan		Principal on Revolver		Unrealized Appreciation (Depreciation)			Principal on Delayed Draw Term Loan		Principal on Revolver		Unrealized Appreciation (Depreciation)
4M Capital, Ltd.		—	$	528,000	$	1,827			—	$	528,000	$	1,623
AC Blackpoint Acquisition, Inc	$	1,203,988		508,475		(8,487	)	$	2,033,898		508,475		(9	)
Air Buyer, Inc.		—		340,909		(4,327	)		750,000		340,909		(32,009	)
All Glass & Window Holdings, Inc.		1,282,051		769,231		(10,488	)		—		—		—
American Combustion Industries, Inc.		857,214		107,750		(23,234	)		1,005,670		299,307		(2,284	)
Bandon Fitness, Inc.		1,725,959		—		(40,615	)		1,739,184		114,804		14,226
BCTS Parent LLC		3,704,976		354,484		31,453			824,176		283,587		11,708
Beacon Behavioral Holdings LLC		1,652,027		28,628		(5,458	)		2,646,894		114,512		(231	)
Beary Landscaping LLC		—		338,028		5,948			422,535		422,535		11,776
BLP Buyer, Inc.		—		142,742		(319	)		—		229,839		995
Capital Construction LLC		846,096		508,039		(81	)		—		508,039		6,891
Chemtron Supply LLC		1,983,585		362,979		3,327			2,333,630		362,979		(175	)
CPS Holdco, Inc.		1,498,397		705,128		(6,608	)		—		—		—
DAWGS Intermediate Holding Company		—		333,131		701			—		—		—
Diverzify Intermediate LLC		1,371,429		—		(24,540	)		1,371,429		—		(20,191	)
Eastern Communications Solutions, Inc.		—		1,031,519		(1,243	)		—		1,031,519		(33	)
Foodscience LLC		1,726,389		672,222		(14,927	)		2,444,444		763,889		(18,860	)
Galloway & Company LLC		1,970,228		656,743		5,939			—		—		—
GSF Buyer LLC		1,361,162		680,581		(5,602	)		—		—		—
Health Management Associates, Inc.		—		124,004		2,236			155,005		65,102		4,384
Hill Country Dairies, Inc.		870,968		653,226		(26,665	)		870,968		508,065		(19,932	)
HMN Acquirer Corp.		1,041,667		625,000		3,074			1,041,667		625,000		(8,169	)
Impact Climate Technologies LLC		711,718		—		(14,234	)		—		—		—
In Vitro Sciences LLC		—		177,778		(18,480	)		7,111		177,778		(11,611	)
Integrated Openings Solutions LLC		3,502,747		341,209		(29,201	)		4,120,879		303,297		(31,676	)
Jetson Buyer, Inc.		—		425,909		(9,373	)		—		443,656		(13,834	)
Krayden Holdings, Inc.		701,754		566,229		1,080			1,393,071		574,269		9,798
Leap Service Partners LLC		1,314,931		400,000		14,056			752,941		517,647		13,234
LTC Consulting Services LLC		—		454,545		2,153			—		—		—
Library Associates LLC		—		—		—			—		72,418		638
Lockmasters Security Intermediate, Inc.		—		—		—			878,274		205,895		2,875
M&D Midco, Inc.		1,045,311		572,904		5,486			1,045,311		763,871		3,848
Magic Valley Electric LLC		1,526,252		305,250		(1,043	)		—		—		—
Midwest Eye Services LLC		2,460,200		704,931		29,821			2,812,729		704,931		45,607
O2B Early Education Holding, Inc.		1,361,162		680,581		(1,891	)		—		—		—
OIS Management Services LLC		1,666,322		167,626		16,313			1,185,503		167,626		5,956
PAK Quality Foods Acquisition LLC		537,313		268,657		8,132			537,313		313,433		9,755
Pediatric Home Respiratory Services LLC		900,000		320,000		6,561			900,000		420,000		(19	)
PNB Holdings III LLC		1,227,273		531,818		1,709			1,227,273		490,909		2,969
Purple Cow Buyer LLC		1,041,881		277,835		11,054			1,041,881		277,835		(516	)
QM Buyer, Inc.		1,222,222		611,111		7,459			1,222,222		611,111		(233	)
Rapid Buyer LLC		1,295,585		647,793		(11,745	)		1,295,585		647,793		(10,299	)
Redwood MSO LLC		608,989		213,483		(5,083	)		786,517		337,079		(100	)


Refocus Management Services LLC		1,792,503		84,211		949			680,000		210,526		7,587
Renovation Systems LLC		102,203		25,053		1,406			142,865		68,894		2,810
Rocket Holdco Intermediate II LLC		—		801,887		(62	)		—		—		—
RPC TopCo, Inc.		—		545,455		3,127			—		545,455		2,341
Simon Pearce LLC		—		450,000		1,633			—		642,857		(245	)
Star Logistics & Hospitality Services LLC		1,232,143		321,429		(105,513	)		1,232,143		535,714		(32,401	)
StartKleen Legacy Holdings LLC		1,282,051		1,025,641		(14,736	)		—		—		—
Stellar Buyer LLC		1,529,801		819,536		9,585			1,639,073		819,536		(12,846	)
Steward Partners Global Advisory LLC		5,127,547		955,881		(24,487	)		317,951		311,716		10,841
SurfacePrep Buyer LLC		199,136		479,452		6,675			227,397		479,452		10,226
The Smilist DSO LLC		929,263		140,351		(3,071	)		2,086,698		140,351		1,959
VPD Management, Inc.		2,299,948		105,143		14,322			2,299,948		137,143		5,715
Vybond Buyer LLC		1,051,402		788,551		(4,395	)		—		—		—
WeLocalize, Inc.		—		202,367		(1,012	)		—		354,142		(4,427	)
Wildcat Purchaser LLC		903,021		312,735		(5,860	)		—		—		—
WWEC Holdings III Corp.		824,818		434,020		17,319			824,818		434,020		15,110
XpressMyself.com LLC		—		233,050		3,076			—		233,050		3,900
Total	$	61,493,632	$	24,863,240	($	206,359	)	$	46,297,003	$	18,648,965	($	13,328	)

Senior Loans [Member]

Accounting Policies [Line Items]

Summary of investments

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. There were no transfers into or out of Level 3 during the six months ended June 30, 2025 and year ended December 31, 2024.


Investments in securities	Senior loans			Equity		Total
Beginning balance as of 12-31-24	$	152,865,434		$	377,668	$	153,243,102
Purchases		61,168,887			426,683		61,595,570
Sales		(8,314,063	)		—		(8,314,063	)
Net amortization of (premium) discount		497,616			—		497,616
Realized gain (loss)		55,073			—		55,073
Change in unrealized appreciation (depreciation) at period end		(517,444	)		27,037		(490,407	)

Ending balance as of 6-30-25	$	205,755,503		$	831,388	$	206,586,891

Change in unrealized appreciation (depreciation) at period end*	($	488,193	)	$	27,037	($	461,156	)


Investments in securities	Senior loans			Equity			Total
Beginning balance as of 12-31-23	$	47,912,823			—		$	47,912,823
Purchases and drawdowns		118,987,369		$	381,798			119,369,167
Sales and paydowns		(14,769,563	)		—			(14,769,563	)
Net amortization of (premium) discount		541,066			—			541,066
Realized gain (loss)		187,238			—			187,238
Change in unrealized appreciation (depreciation)		6,501			(4,130	)	$	2,371

Ending balance as of 12-31-24	$	152,865,434		$	377,668		$	153,243,102

Change in unrealized appreciation (depreciation) at period end*	$	44,162		($	4,130	)	$	40,032

*	Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.

Manulife Private Credit Fund 10-Q