--12-31false0002012139Q2NONEhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://www.fortress.com/20250630#CanadianOvernightRepoRateAverageMemberhttp://www.fortress.com/20250630#CanadianOvernightRepoRateAverageMemberhttp://www.fortress.com/20250630#CanadianOvernightRepoRateAverageMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberoneonehttp://www.fortress.com/20250630#CoChiefExecutiveOfficersChiefFinancialOfficerAndChiefExecutiveOfficerMemberhttp://fasb.org/us-gaap/2025#UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTaxhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember0002012139srt:AffiliatedEntityMember2025-01-012025-06-300002012139ck0002012139:BuildingProductsMember2025-06-300002012139Riser Fitness, LLC2025-01-012025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Riser Fitness, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+685 Interest Rate 11.17% Maturity Date 3/14/20302025-06-300002012139us-gaap:SubsequentEventMember2025-08-260002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Chemicals Shrieve Chemical Company, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+600 Interest Rate 10.31% Maturity Date 10/30/2030 One2025-06-300002012139Superior Intermediate LLC2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels Phoenix Operating, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.40% Maturity Date 12/18/2027 Two2025-06-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0002012139:LeisureProductsMember2025-06-300002012139us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Solidcore Topco, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+575 Interest Rate 10.01% Maturity Date 11/4/20302025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Food Products Sweet Oak Parent LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+575 Interest Rate 10.03% Maturity Date 8/5/20302025-06-300002012139ck0002012139:DistributorsMember2025-06-300002012139us-gaap:InvestmentsMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Food Products Amy's Kitchen, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.43% Maturity Date 1/31/20302025-06-300002012139Foreign currency forward contract, Settlement Date 8/29/20252025-06-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300002012139Shrieve Chemical Company, LLC2025-06-300002012139us-gaap:NetAssetsGeographicAreaMembercountry:USus-gaap:GeographicConcentrationRiskMember2025-01-012025-06-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:ValuationTechniqueValuationMultipleMemberus-gaap:EquitySecuritiesMember2025-06-300002012139Foreign currency forward contract, Settlement Date 8/29/20252025-01-012025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Financial Services Global Holdings Interco Parent LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+565 Interest Rate 9.97% Maturity Date 9/16/20272025-06-300002012139Juniper Refuel2025-06-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-06-300002012139ck0002012139:ScotiaCreditAgreementMemberus-gaap:SubsequentEventMember2025-08-050002012139ck0002012139:HotelsRestaurantsAndLeisureMember2025-06-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0002012139:ValuationTechniqueBlack-Derman-ToyMember2025-06-300002012139us-gaap:SubsequentEventMemberck0002012139:ScotiaCreditAgreementMember2025-08-052025-08-050002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure BB PEP Bidco, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+675 Interest Rate 11.08% Maturity Date 1/13/20302025-06-3000020121392025-03-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Construction & Engineering Superior Intermediate LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+600 Interest Rate 10.33% Maturity Date 12/18/20292025-06-300002012139us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Commercial Services & Supplies Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc. Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+550 Interest Rate 9.83% Maturity Date 12/31/20292025-06-300002012139us-gaap:LetterOfCreditMemberus-gaap:SubsequentEventMemberck0002012139:ScotiaCreditAgreementMember2025-08-050002012139ck0002012139:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300002012139ck0002012139:DebtSecuritiesFirstLienMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure CV Borrower, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+575 Interest Rate 10.08% Maturity Date 8/30/20302025-06-300002012139LeadVenture Inc2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels Phoenix Operating, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.40% Maturity Date 12/18/2027 Three2025-06-300002012139us-gaap:FinancialServicesSectorMember2025-06-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300002012139us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2025-06-300002012139ck0002012139:DiversifiedTelecommunicationServicesMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure BB PEP Bidco, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+675 Interest Rate 11.08% Maturity Date 1/13/20302025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Riser Fitness, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+685 Interest Rate 11.17% Maturity Date 3/14/20302025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels Phoenix Operating, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.40% Maturity Date 12/18/2027 Four2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Solidcore Topco, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+575 Interest Rate 10.01% Maturity Date 11/4/20302025-06-300002012139Investments Non-controlled, non-affiliated investments Equity investments Food Products Amy's Kitchen, LLC Investment Warrants2025-06-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-06-300002012139ck0002012139:BuildingProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Leisure Products Olibre Borrower LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+575 Interest Rate 10.05% Maturity Date 1/3/20302025-06-3000020121392024-12-310002012139us-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Solidcore Topco, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+575 Interest Rate 10.01% Maturity Date 11/4/20302025-06-300002012139us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300002012139ck0002012139:DebtSecuritiesFirstLienMember2025-01-012025-06-300002012139ck0002012139:OneMonthSecuredOvernightFinancingRateSofrMember2025-06-300002012139Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc2025-06-3000020121392025-06-3000020121392025-09-150002012139Investments Non-controlled, non-affiliated investments Debt investments Software EagleView Technology Corporation Investment First Lien - Term Loan Reference Rate and Spread SOFR+650 Interest Rate 10.80% Maturity Date 8/14/20282025-06-3000020121392025-02-252025-02-250002012139ck0002012139:DebtSecuritiesFirstLienMember2025-06-300002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-06-300002012139us-gaap:SubsequentEventMemberck0002012139:ScotiaCreditAgreementMemberus-gaap:BridgeLoanMember2025-08-050002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberck0002012139:TrancheAMember2025-01-012025-06-300002012139us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300002012139srt:AffiliatedEntityMember2025-04-012025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Chemicals Shrieve Chemical Company, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+600 Interest Rate 10.31% Maturity Date 10/30/20302025-06-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300002012139us-gaap:CommercialAndIndustrialSectorMember2025-06-300002012139us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Ground Transportation Jupiter Refuel US Buyer, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.55% Maturity Date 6/30/20312025-06-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software GS AcquisitionCo, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.55% Maturity Date 5/25/20282025-06-300002012139ck0002012139:ThreeMonthSecuredOvernightFinancingRateSofrMember2025-06-300002012139ck0002012139:BankOfNovaScotiaMember2025-06-300002012139BB PEP Bidco, LLC2025-06-300002012139ck0002012139:ClassICommonSharesMemberus-gaap:SubsequentEventMember2025-08-012025-08-260002012139us-gaap:EquitySecuritiesMember2025-06-300002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-03-070002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMemberus-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMember2025-06-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2025-06-300002012139ck0002012139:ConstructionAndEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300002012139us-gaap:RevolvingCreditFacilityMemberus-gaap:SubordinatedDebtMember2025-01-012025-06-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:ValuationTechniqueValuationMultipleMemberck0002012139:MeasurementInputsLTMEBITDAMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2025-06-300002012139us-gaap:InvestmentsMember2025-01-012025-06-300002012139us-gaap:CommercialAndIndustrialSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300002012139us-gaap:RevolvingCreditFacilityMemberus-gaap:SubordinatedDebtMemberck0002012139:TrancheBMember2025-06-250002012139ck0002012139:LeisureProductsMember2025-06-300002012139ck0002012139:OilGasAndConsumableFuelsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0002012139:ValuationTechniqueBlack-Derman-ToyMember2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software SonicWall, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.82% Maturity Date 5/18/20282025-06-300002012139us-gaap:FoodAndBeverageSectorMember2025-06-300002012139ck0002012139:ConstructionAndEngineeringMember2025-06-300002012139ck0002012139:DistributorsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300002012139Amy's Kitchen, LLC2025-01-012025-06-300002012139us-gaap:EquitySecuritiesMember2025-01-012025-06-300002012139us-gaap:DelayedDrawTermLoanMember2025-06-3000020121392025-04-012025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Ground Transportation Jupiter Refuel Canada Buyer, Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread CORRA+525 Interest Rate 7.93% Maturity Date 6/30/20312025-06-300002012139us-gaap:NetAssetsGeographicAreaMemberus-gaap:GeographicConcentrationRiskMembercountry:CA2025-01-012025-06-300002012139ck0002012139:GroundTransportationMember2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software Cendyn Group, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+550 Interest Rate 9.82% Maturity Date 6/23/2031 One2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments IT Services LeadVenture Inc. Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+525 Interest Rate 9.57% Maturity Date 6/23/20322025-06-300002012139us-gaap:RevolvingCreditFacilityMemberus-gaap:SubordinatedDebtMember2025-06-252025-06-250002012139ck0002012139:SoftwareMember2025-06-300002012139us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002012139srt:MaximumMember2025-01-012025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments IT Services LeadVenture Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.57% Maturity Date 6/23/20322025-06-300002012139ck0002012139:ThreeMonthCanadianOvernightRepoRateAverageCORRAMember2025-06-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0002012139:ValuationTechniqueBlack-Derman-ToyMember2025-06-300002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberck0002012139:TrancheAMember2025-04-280002012139Investments Non-controlled, non-affiliated investments Debt investments IT Services Intermedia Holdings, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.58% Maturity Date 4/4/20292025-06-300002012139us-gaap:RevolvingCreditFacilityMember2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels Phoenix Operating, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.40% Maturity Date 12/18/20272025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Chemicals Shrieve Chemical Company, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+600 Interest Rate 10.31% Maturity Date 10/30/20302025-06-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:ValuationTechniqueValuationMultipleMemberck0002012139:MeasurementInputsLTMEBITDAMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-06-300002012139us-gaap:SubsequentEventMember2025-08-012025-08-260002012139Steele Solutions, Inc2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software GS AcquisitionCo, Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.55% Maturity Date 5/25/20282025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Construction & Engineering Superior Intermediate LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+600 Interest Rate 10.33% Maturity Date 12/18/20292025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Ground Transportation Jupiter Refuel US Buyer, Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.55% Maturity Date 6/30/20312025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments IT Services North America Data Center Acquisition LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+500 Interest Rate 9.29% Maturity Date 5/8/20302025-06-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-06-300002012139ck0002012139:OilGasAndConsumableFuelsMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Distributors Echo Transaction Company, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.83% Maturity Date 5/30/20312025-06-300002012139ck0002012139:ITServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-3000020121392025-01-012025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Ground Transportation Jupiter Refuel Canada Buyer, Inc. Investment First Lien - Revolving Credit Facility Reference Rate and Spread CORRA+525 Interest Rate 7.93% Maturity Date 6/30/20312025-06-300002012139srt:AffiliatedEntityMember2025-06-300002012139us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-06-300002012139ck0002012139:BankOfNovaScotiaMember2025-01-012025-06-300002012139us-gaap:ChemicalsSectorMember2025-06-300002012139Solidcore Topco, LLC2025-06-300002012139us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software Cendyn Group, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR 550 Interest Rate 9.82% Maturity Date 6/23/20312025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Diversified Telecommunication Services GTT Communications, Inc. First Lien - Term Loan Reference Rate and Spread SOFR+600 Interest Rate 10.31% Maturity Date 4/15/20312025-06-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMemberck0002012139:ValuationTechniqueBlack-Derman-ToyMember2025-06-300002012139ck0002012139:SixMonthSecuredOvernightFinancingRateSofrMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Ground Transportation Jupiter Refuel Canada Buyer, Inc. Investment First Lien - Term Loan Reference Rate and Spread CORRA+525 Interest Rate 7.93% Maturity Date 6/30/20312025-06-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:HotelsRestaurantsAndLeisureMemberus-gaap:DebtSecuritiesMember2025-06-300002012139GS AcquisitionCo, Inc2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels Phoenix Operating, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.40% Maturity Date 12/18/2027 One2025-06-300002012139us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberck0002012139:ScotiaCreditAgreementMember2025-08-050002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMemberck0002012139:ValuationTechniqueTransactionalValueMember2025-06-300002012139us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-06-300002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberck0002012139:TrancheBMember2025-01-012025-06-300002012139srt:AffiliatedEntityMember2025-06-012025-06-300002012139Cendyn Group, LLC2025-06-300002012139Amy's Kitchen, LLC2025-06-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:DiversifiedTelecommunicationServicesMemberus-gaap:DebtSecuritiesMember2025-06-300002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-03-072025-03-070002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Commercial Services & Supplies Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.83% Maturity Date 12/31/20292025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Food Products Badger Finance, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+650 Interest Rate 10.83% Maturity Date 11/29/20292025-06-300002012139us-gaap:LineOfCreditMemberck0002012139:ScotiaCreditAgreementMemberus-gaap:SubsequentEventMember2025-08-050002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Building Products Steele Solutions, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+575 Interest Rate 10.01% Maturity Date 3/18/20302025-06-300002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-06-250002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels Halcon Holdings, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+790 Interest Rate 12.20% Maturity Date 12/26/20282025-06-300002012139ck0002012139:ITServicesMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Building Products Steele Solutions, Inc. Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+575 Interest Rate 10.01% Maturity Date 3/18/20302025-06-300002012139us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0002012139:ValuationTechniqueValuationMultipleMemberck0002012139:MeasurementInputsLTMEBITDAMemberus-gaap:EquitySecuritiesMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure BB PEP Bidco, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+675 Interest Rate 11.08% Maturity Date 1/13/20302025-06-300002012139Investments Non-controlled, non-affiliated investments Equity investments Hotels, Restaurants & Leisure Riser Fitness, LLC Investment Warrants2025-06-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:HotelsRestaurantsAndLeisureMemberus-gaap:EquitySecuritiesMember2025-06-300002012139us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Commercial Services & Supplies Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.83% Maturity Date 12/31/20292025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Building Products A-AG US GSI Bidco, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+500 Interest Rate 9.30% Maturity Date 10/31/20312025-06-300002012139Riser Fitness, LLC2025-06-300002012139us-gaap:FairValueMeasurementsRecurringMember2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments IT Services LeadVenture Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.57% Maturity Date 6/23/20322025-06-300002012139srt:MinimumMember2025-01-012025-06-300002012139us-gaap:EquitySecuritiesMember2025-06-300002012139us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Construction & Engineering Superior Intermediate LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+600 Interest Rate 10.33% Maturity Date 12/18/20292025-06-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:GroundTransportationMemberus-gaap:DebtSecuritiesMember2025-06-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2025-06-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software GS AcquisitionCo, Inc. Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+525 Interest Rate 9.55% Maturity Date 5/25/20282025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Food Products Amy's Kitchen, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.43% Maturity Date 1/31/20302025-06-30iso4217:USDxbrli:sharesxbrli:purexbrli:sharesiso4217:CADck0002012139:Segmentiso4217:USD

falseQ3--12-310002012139NONEUnlimitedUnlimitedhttp://www.fortress.com/20250930#EuroInterbankOfferedRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://www.fortress.com/20250930#CanadianOvernightRepoRateAverageMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://www.fortress.com/20250930#CanadianOvernightRepoRateAverageMemberhttp://www.fortress.com/20250930#CanadianOvernightRepoRateAverageMemberhttp://www.fortress.com/20250930#CanadianOvernightRepoRateAverageMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://www.fortress.com/20250930#SterlingOvernightIndexAverageMemberhttp://www.fortress.com/20250930#SterlingOvernightIndexAverageMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://www.fortress.com/20250930#CoChiefExecutiveOfficersChiefFinancialOfficerAndChiefExecutiveOfficerMemberhttp://fasb.org/us-gaap/2025#UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTaxhttp://fasb.org/us-gaap/2025#UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTaxhttp://fasb.org/us-gaap/2025#UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTaxhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember0002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets GC Ferry Acquisition I Inc Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+350 Interest Rate 7.48% Maturity Date 6/6/20322025-09-3000020121392025-07-012025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMember2025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:DiversifiedTelecommunicationServicesMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Ruby Bidco Holdings Limited2025-09-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:ValuationTechniqueValuationMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Solidcore Topco, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+575 Interest Rate 9.73% Maturity Date 11/4/2030 One2025-09-300002012139us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300002012139ck0002012139:HotelsRestaurantsAndLeisureMember2025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002012139Jupiter Refuel Canada Buyer, Inc. Investment Type First Lien - Term Loan2025-09-3000020121392025-06-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:BAMLCreditAgreementMember2025-09-300002012139Jupiter Refuel Canada Buyer, Inc. Investment Type First Lien - Revolving Credit Facility2025-09-300002012139us-gaap:DebtSecuritiesMemberck0002012139:SpecialtyRetailMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300002012139us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Ruby Bidco Holdings Limited Investment First Lien - Term Loan Reference Rate and Spread SONIA+500 Interest Rate 9.11% Maturity Date 9/12/20322025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMemberck0002012139:ValuationTechniqueBlack-Derman-ToyMember2025-09-300002012139Solidcore Topco, LLC2025-09-300002012139GC Ferry Acquisition 1 Inc2025-09-300002012139Investments Non-controlled, non-affiliated investments Equity investments Hotels, Restaurants & Leisure Riser Fitness, LLC Investment Warrants2025-09-300002012139ck0002012139:ThreeMonthCanadianOvernightRepoRateAverageCORRAMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Construction & Engineering Superior Intermediate LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.63% Maturity Date 12/18/20292025-09-300002012139ck0002012139:CapitalCalledFromSeedInvestorsMember2025-08-012025-08-310002012139Amy's Kitchen, LLC2025-01-012025-09-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMemberus-gaap:MeasurementInputPriceVolatilityMember2025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:DiversifiedConsumerServicesMemberus-gaap:DebtSecuritiesMember2025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMember2025-01-012025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels Halcon Holdings, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+790 Interest Rate 11.88% Maturity Date 12/26/20282025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Financial Services Global Holdings Interco Parent LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+560 Interest Rate 9.73 Maturity Date 9/16/20272025-09-300002012139Investments Non-controlled, Affiliated investments Debt investments Specialty Retail FR Refuel, LLC Investment First Lien - Team Loan Reference Rate and Spread SOFR+486 Interest Rate 8.99% Maturity Date 11/8/20282025-09-300002012139ck0002012139:O2025M8DividendsMember2025-08-270002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Food Products Amy's Kitchen, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.23% Maturity Date 1/31/20302025-09-300002012139Amy's Kitchen, LLC2025-09-300002012139us-gaap:CommercialAndIndustrialSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:ScotiaCreditAgreementMember2025-08-050002012139ck0002012139:HouseholdProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0002012139:DebtSecuritiesFirstLienMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMember2025-06-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:BAMLCreditAgreementMember2025-09-290002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:RFRLoanMemberck0002012139:ScotiaCreditAgreementMember2025-08-052025-08-050002012139ck0002012139:BankOfNovaScotiaTwoMember2025-09-300002012139us-gaap:FairValueMeasurementsRecurringMember2025-09-300002012139ck0002012139:ProfessionalServicesMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels HighPeak Energy, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+765 Interest Rate 11.63% Maturity Date 9/29/20282025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:HotelsRestaurantsAndLeisureMemberus-gaap:EquitySecuritiesMember2025-09-300002012139ck0002012139:RevolvingAndTermLoanCreditFacilityMemberus-gaap:SubsequentEventMemberck0002012139:ScotiaABLCreditAgreementMember2025-11-0700020121392025-09-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:ValuationTechniqueValuationMultipleMemberck0002012139:MeasurementInputsLTMEBITDAMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-09-300002012139us-gaap:InvestmentAffiliatedIssuerMember2025-01-012025-09-300002012139ck0002012139:PharmaceuticalsSectorMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Chemicals Alltech, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+436 Interest Rate 8.49% Maturity Date 8/13/20302025-09-300002012139Shrieve Chemical Company, LLC2025-09-300002012139ck0002012139:SubscriptionsMember2025-01-012025-09-300002012139G S AcquisitionCo, Inc2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software MRI Software LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+475 Interest Rate 8.73% Maturity Date 2/10/20282025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Food Products Badger Finance, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+650 Interest Rate 10.63% Maturity Date 11/29/20292025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software SonicWall, Inc. Investment First Lien - Team Loan Reference Rate and Spread SOFR+500 Interest Rate 8.98% Maturity Date 5/18/20282025-09-300002012139ck0002012139:O2025M9DividendsMember2025-09-302025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software LeadVenture Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.23% Maturity Date 6/23/20322025-09-300002012139us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software GS AcquisitionCo, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.23% Maturity Date 5/25/20282025-09-300002012139Vibrant Purchaser LLC AND Vibrant Canada Acquisitionco Inc2025-09-300002012139us-gaap:InvestmentAffiliatedIssuerMember2025-07-012025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Building Products Echo Transaction Company, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.48% Maturity Date 5/30/20312025-09-3000020121392025-09-010002012139ck0002012139:GoldmanSachsUSDollarTreasuryLiquidReservesFundMember2025-09-300002012139us-gaap:RevolvingCreditFacilityMemberus-gaap:SubordinatedDebtMember2025-06-252025-06-250002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure CV Borrower, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+575 Interest Rate 9.73% Maturity Date 8/30/20302025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0002012139:SpecializedRealEstateInvestmentsTrustsMember2025-09-300002012139ck0002012139:ScotiaCreditAgreementMember2025-08-050002012139ck0002012139:SpecialtyREITsMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Commercial Services & Supplies Investment Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc. First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.38% Maturity Date 12/31/20292025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Building Products Steele Solutions, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+575 Interest Rate 9.73% Maturity Date 3/18/20302025-09-300002012139Foreign currency forward contract, Settlement Date 12/29/20252025-09-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:ScotiaCreditAgreementMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Insurance Acrisure, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+325 Interest Rate 7.38% Maturity Date 6/20/20322025-09-300002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-03-072025-03-070002012139ck0002012139:ThreeMonthSONIAMember2025-09-300002012139ck0002012139:OilGasAndConsumableFuelsMember2025-09-300002012139us-gaap:RevolvingCreditFacilityMemberus-gaap:SubordinatedDebtMemberck0002012139:TrancheBMember2025-06-250002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300002012139country:CA2025-09-300002012139us-gaap:InvestmentAffiliatedIssuerMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Construction & Engineering Superior Intermediate LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.63% Maturity Date 12/18/20292025-09-300002012139ck0002012139:InsuranceMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Ruby Bidco Holdings Limited Investment Type First Lien - Delayed Draw Term Loan2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Household Products Sweet Oak Parent LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+575 Interest Rate 9.73% Maturity Date 8/5/20302025-09-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:BAMLCreditAgreementMember2025-09-292025-09-290002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Ground Transportation Jupiter Refuel US Buyer, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.23% Maturity Date 6/30/20312025-09-300002012139ck0002012139:BankOfNovaScotiaOneMember2025-09-300002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-06-2500020121392025-08-010002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Communications Equipment Watchguard Technologies, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.38% Maturity Date 7/2/20292025-09-300002012139srt:AffiliatedEntityMember2025-01-012025-09-300002012139srt:MaximumMember2025-08-012025-08-010002012139ck0002012139:FederalFundsRateMemberus-gaap:RevolvingCreditFacilityMemberck0002012139:ScotiaCreditAgreementMember2025-08-052025-08-050002012139Foreign currency forward contract, Settlement Date 2/2/20262025-09-300002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberck0002012139:TrancheAMember2025-04-280002012139us-gaap:InsuranceSectorMember2025-09-300002012139srt:MinimumMember2025-01-012025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Commercial Services & Supplies Investment Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc. First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.38% Maturity Date 12/31/20292025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software LeadVenture Inc. Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+525 Interest Rate 9.23% Maturity Date 6/23/20322025-09-300002012139us-gaap:DelayedDrawTermLoanMember2025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300002012139ck0002012139:OneMonthSecuredOvernightFinancingRateSofrMember2025-09-300002012139us-gaap:EquitySecuritiesMember2025-07-012025-09-300002012139ck0002012139:MachinerySectorMember2025-09-300002012139us-gaap:ContainerAndPackagingSectorMember2025-09-300002012139ck0002012139:SubscriptionsFromPublicOfferingMember2025-08-310002012139us-gaap:FairValueInputsLevel3Memberck0002012139:ValuationTechniqueValuationMultipleMemberck0002012139:MeasurementInputsLTMEBITDAMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels Phoenix Operating, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.08% Maturity Date 12/18/2027 One2025-09-300002012139ck0002012139:OilGasAndConsumableFuelsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Insurance Acrisure, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+300 Interest Rate 7.13% Maturity Date 11/6/20302025-09-300002012139ck0002012139:ReinvestmentOfDistributionsMember2025-07-012025-09-300002012139us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-03-070002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMemberck0002012139:ValuationTechniqueTransactionalValueMember2025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0002012139:CapitalMarketsMember2025-09-300002012139us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300002012139ck0002012139:DiversifiedTelecommunicationServicesMember2025-09-300002012139ck0002012139:ClassICommonSharesMemberus-gaap:SubsequentEventMember2025-10-230002012139ck0002012139:AerospaceAndDefenseMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Ruby Bidco Holdings Limited Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SONIA+500 Interest Rate 9.11% Maturity Date 9/12/20322025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software MRI Software LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+475 Interest Rate 8.73% Maturity Date 2/10/20282025-09-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMemberus-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMember2025-09-300002012139us-gaap:FinancialServicesSectorMember2025-09-3000020121392024-01-012024-12-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Construction & Engineering Superior Intermediate LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+550 Interest Rate 9.63% Maturity Date 12/18/20292025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Commercial Services & Supplies Access CIG, LLC First Lien - Term Loan Reference Rate and Spread SOFR+400 Interest Rate 7.98% Maturity Date 8/18/20302025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMember2025-09-300002012139srt:MaximumMember2025-01-012025-09-300002012139us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139ck0002012139:ITServicesMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Solidcore Topco, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+575 Interest Rate 9.73% Maturity Date 11/4/20302025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Machinery Merlin Buyer Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+400 Interest Rate 7.98% Maturity Date 12/14/20282025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0002012139:CommunicationsEquipmentMember2025-09-300002012139ck0002012139:IndependentPowerAndRenewableElectricityProducersMember2025-09-300002012139srt:MinimumMemberus-gaap:SubsequentEventMemberck0002012139:ScotiaABLCreditAgreementMember2025-11-072025-11-070002012139us-gaap:EquitySecuritiesMember2025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300002012139ck0002012139:CapitalAllocationToSeedInvestorsMember2025-08-012025-08-3100020121392024-07-012024-09-300002012139us-gaap:InvestmentsMember2025-01-012025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0002012139:IndependentPowerAndRenewableElectricityProducersMember2025-09-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:ScotiaCreditAgreementMember2025-08-052025-08-050002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Diversified Telecommunication Services GTT Communications, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+600 Interest Rate 10.13% Maturity Date 4/15/20312025-09-300002012139ck0002012139:O2025M9DividendsMember2025-09-300002012139country:US2025-09-300002012139ck0002012139:LeisureProductsMember2025-09-300002012139ck0002012139:ContainersPackagingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Riser Fitness, LLC2025-01-012025-09-300002012139us-gaap:EquitySecuritiesMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software Olo Parent, Inc. Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+450 Interest Rate 8.48% Maturity Date 9/13/20322025-09-300002012139ck0002012139:SubscriptionsMember2025-07-012025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Containers & Packaging Clydesdale Acquisition Holdings, Inc. Investment First Lien - Term Loan Reference Rate and Spread Reference Rate and Spread SOFR+318 Interest Rate 7.31% Maturity Date 4/13/20292025-09-300002012139ck0002012139:CommunicationsEquipmentSectorMember2025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0002012139:ValuationTechniqueBlack-Derman-ToyMember2025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300002012139ck0002012139:BankOfNovaScotiaMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Ground Transportation Jupiter Refuel Canada Buyer, Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread CORRA+525 Interest Rate 7.70% Maturity Date 6/30/20312025-09-300002012139ck0002012139:O2025M10DividendsMemberus-gaap:SubsequentEventMember2025-10-232025-10-230002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Riser Fitness, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+685 Interest Rate 10.98% Maturity Date 3/14/20302025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002012139Ruby Bidco Holdings Limited Investment Type First Lien - Term Loan2025-09-300002012139ck0002012139:ScotiaCreditAgreementMemberus-gaap:BridgeLoanMember2025-08-050002012139Identifier [Axis] Investments Non-controlled, non-affiliated investments Debt investments Professional Services EagleView Technology Corporation Investment First Lien - Term Loan Reference Rate and Spread SOFR+650 Interest Rate 10.48% Maturity Date 8/14/20282025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Steels Solutions, Inc2025-09-300002012139ck0002012139:ConstructionAndEngineeringMember2025-09-300002012139us-gaap:AutomotiveSectorMember2025-09-300002012139Superior Intermediate, LLC2025-09-300002012139ck0002012139:BankOfNovaScotiaOneMember2025-01-012025-09-3000020121392024-01-012024-09-300002012139ck0002012139:InitialShareIssuanceMember2025-08-012025-08-310002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:ABRLoanMemberck0002012139:ScotiaCreditAgreementMember2025-08-052025-08-050002012139us-gaap:CashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software KnowBe4 Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+375 Interest Rate 7.60% Maturity Date 7/23/20322025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software MRI Software LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+475 Interest Rate 8.73% Maturity Date 2/10/20272025-09-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:MeasurementInputIlliquidityDiscountMemberus-gaap:EquitySecuritiesMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets GC Ferry Acquisition I Inc Investment First Lien - Term Loan Reference Rate and Spread SOFR+350 Interest Rate 7.48% Maturity Date 8/16/20322025-09-300002012139srt:AffiliatedEntityMember2025-06-012025-06-3000020121392024-12-310002012139Investments Non-controlled, non-affiliated investments Debt investments IT Services Asurion, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+435 Interest Rate 8.48% Maturity Date 8/19/20282025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0002012139:ValuationTechniqueBlack-Derman-ToyMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Solidcore Topco, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+575 Interest Rate 9.73% Maturity Date 11/4/20302025-09-300002012139Cendyn Group, LLC2025-09-300002012139ck0002012139:DiversifiedConsumerServicesSectorMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure Riser Fitness, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+685 Interest Rate 10.98% Maturity Date 3/14/20302025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Ground Transportation Jupiter Refuel Canada Buyer, Inc. Investment First Lien - Revolving Credit Facility Reference Rate and Spread CORRA+525 Interest Rate 7.70% Maturity Date 6/30/20312025-09-300002012139us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-09-300002012139ck0002012139:ClassICommonSharesMember2025-09-300002012139Jupiter Refuel Canada Buyer, Inc2025-09-300002012139ck0002012139:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Foreign currency forward contract, Settlement Date 12/29/20252025-01-012025-09-300002012139us-gaap:EquitySecuritiesMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Automobile Components Champions Fing Inc Investment First Lien - Term Loan Reference Rate and Spread SOFR+475 Interest Rate 8.73% Maturity Date 2/23/20292025-09-300002012139us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300002012139Lead Venture Inc2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Containers & Packaging Trident TPI Holdings, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+375 Interest Rate 7.73% Maturity Date 9/15/20282025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0002012139:LeisureProductsMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Chemicals Shrieve Chemical Company, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+600 Interest Rate 9.98% Maturity Date 10/30/20302025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Ground Transportation Jupiter Refuel US Buyer, Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.23% Maturity Date 6/30/20312025-09-300002012139ck0002012139:GroundTransportationMember2025-09-300002012139ck0002012139:ConstructionAndEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Real Estate Management & Development CoreLogic, Inc. (fka First American Corporation, The) Investment First Lien - Term Loan Reference Rate and Spread SOFR+361 Interest Rate 7.74% Maturity Date 6/2/20282025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300002012139us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure BB PEP Bidco, LLC Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+675 Interest Rate 10.73% Maturity Date 1/13/20302025-09-300002012139ck0002012139:ReinvestmentOfDistributionsMember2025-01-012025-09-300002012139ck0002012139:AutomobileComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139us-gaap:SubsequentEventMember2025-10-232025-10-230002012139us-gaap:FoodAndBeverageSectorMember2025-09-300002012139ck0002012139:BuildingProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Commercial Services & Supplies Investment Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc. First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+525 Interest Rate 9.38% Maturity Date 12/31/20292025-09-300002012139ck0002012139:O2025M8DividendsMember2025-08-272025-08-270002012139Albion Fortress Intermediate Holdings LLC Investment Type First Lien - Term Loan2025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:HotelsRestaurantsAndLeisureMemberus-gaap:DebtSecuritiesMember2025-09-300002012139ck0002012139:HouseholdProductsSectorMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Specialized REITs North America Data Center Acquisition LLC Investment First Lien - Team Loan Reference Rate and Spread SOFR+500 Interest Rate 8.98% Maturity Date 5/8/20302025-09-300002012139FR Refuel, LLC2025-09-300002012139Foreign currency forward contract, Settlement Date 2/2/20262025-01-012025-09-300002012139ck0002012139:RealEstateManagementAndDevelopmentMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure BB PEP Bidco, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+675 Interest Rate 10.60% Maturity Date 1/13/20302025-09-300002012139ck0002012139:SixMonthSecuredOvernightFinancingRateSofrMember2025-09-300002012139us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300002012139Foreign Currency Forward Contracts2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software Cendyn Group, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+550 Interest Rate 9.63% Maturity Date 6/23/20312025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Pharmaceuticals CB Biotechnology, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+660 Interest Rate 10.73% Maturity Date 3/21/20302025-09-300002012139ck0002012139:SoftwareMember2025-09-300002012139us-gaap:ChemicalsSectorMember2025-09-300002012139ck0002012139:RealEstateManagementAndDevelopmentMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139us-gaap:ValuationTechniqueDiscountedCashFlowMemberck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300002012139Riser Fitness, LLC2025-09-300002012139Jupiter Refuel US Buyer, Inc2025-09-300002012139MRI Software LLC2025-09-300002012139Olo Parent, Inc2025-09-300002012139ck0002012139:ClassICommonSharesMemberus-gaap:SubsequentEventMember2025-10-232025-10-230002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Chemicals Shrieve Chemical Company, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+600 Interest Rate 10.13% Maturity Date 10/30/20302025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Containers & Packaging Iris Holding, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+485 Interest Rate 8.83% Maturity Date 6/28/20282025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Ground Transportation Jupiter Refuel Canada Buyer, Inc. Investment First Lien - Term Loan Reference Rate and Spread CORRA+525 Interest Rate 7.70% Maturity Date 6/30/20312025-09-3000020121392025-01-012025-09-300002012139ck0002012139:BankOfNovaScotiaThreeMember2025-01-012025-09-300002012139ck0002012139:SpecialtyRetailSectorMember2025-09-300002012139ck0002012139:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0002012139:ValuationTechniqueBlack-Derman-ToyMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets Aretec Group, Inc. (fka RCS Capital Corporation) Investment First Lien - Term Loan Reference Rate and Spread SOFR+350 Interest Rate 7.63% Maturity Date 8/9/20302025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Independent Power & Renewable Electricity Producers Lackawanna Energy Center LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+300 Interest Rate 7.13% Maturity Date 8/5/20322025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software SonicWall, Inc. Investment First Lien - Team Loan Reference Rate and Spread SOFR+550 Interest Rate 9.48% Maturity Date 5/18/20282025-09-300002012139ck0002012139:ScotiaCreditAgreementMember2025-08-052025-08-050002012139ck0002012139:DebtSecuritiesFirstLienMember2025-07-012025-09-300002012139us-gaap:InvestmentAffiliatedIssuerMember2024-12-310002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Food Products Amy's Kitchen, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.23% Maturity Date 1/31/20302025-09-300002012139ck0002012139:CapitalMarketsMember2025-09-300002012139us-gaap:FairValueInputsLevel3Memberck0002012139:MeasurementInputIlliquidityDiscountMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMember2025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:MachineryMemberus-gaap:DebtSecuritiesMember2025-09-300002012139us-gaap:SubsequentEventMembersrt:MaximumMemberck0002012139:ScotiaABLCreditAgreementMember2025-11-072025-11-070002012139country:GB2025-09-300002012139ck0002012139:BankOfNovaScotiaTwoMember2025-01-012025-09-300002012139us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-09-300002012139us-gaap:LetterOfCreditMemberck0002012139:ScotiaCreditAgreementMember2025-08-050002012139us-gaap:RevolvingCreditFacilityMember2025-09-300002012139ck0002012139:BuildingProductsMember2025-09-300002012139ck0002012139:ThreeMonthsEURIBORMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Diversified Telecommunication Services Intermedia Holdings, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.38% Maturity Date 4/4/20292025-09-300002012139us-gaap:InvestmentsMember2025-06-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Aerospace & Defense Albion Fortress Intermediate Holdings LLC Investment First Lien - Term Loan Reference Rate and Spread EURIBOR+575 Interest Rate 7.78% Maturity Date 7/31/20312025-09-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:ScotiaCreditAgreementMember2025-01-012025-09-300002012139ck0002012139:ThreeMonthSecuredOvernightFinancingRateSofrMember2025-09-300002012139us-gaap:SubsequentEventMemberck0002012139:ScotiaABLCreditAgreementMember2025-11-072025-11-070002012139srt:AffiliatedEntityMember2025-09-300002012139us-gaap:InvestmentsMember2025-07-012025-09-300002012139Investments Non-controlled, non-affiliated investments Equity investments Food Products Amy's Kitchen, LLC Investment Warrants2025-09-300002012139us-gaap:LineOfCreditMemberck0002012139:ScotiaCreditAgreementMember2025-08-050002012139Investments Non-controlled, non-affiliated investments Debt investments Software GS AcquisitionCo, Inc. Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+525 Interest Rate 9.23% Maturity Date 5/25/20282025-09-300002012139ck0002012139:O2025M10DividendsMemberus-gaap:SubsequentEventMember2025-10-230002012139ck0002012139:BankOfNovaScotiaThreeMember2025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139us-gaap:SubsequentEventMemberck0002012139:ScotiaABLCreditAgreementMember2025-11-070002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:AerospaceDefenseMemberus-gaap:DebtSecuritiesMember2025-09-300002012139us-gaap:InvestmentsMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Hotels, Restaurants & Leisure BB PEP Bidco, LLC Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+675 Interest Rate 10.73% Maturity Date 1/13/20302025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Insurance Trucordia INS HLDGS LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+325 Interest Rate 7.38% Maturity Date 6/17/20322025-09-300002012139ck0002012139:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Health Care Providers & Services MJH Healthcare Holdings, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+275 Interest Rate 6.88% Maturity Date 1/29/20292025-09-300002012139ck0002012139:HealthCareProvidersAndServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Jupiter Refuel Canada Buyer, Inc. Investment Type First Lien - Delayed Draw Term Loan2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Building Products Steele Solutions, Inc. Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+575 Interest Rate 9.73% Maturity Date 3/18/20302025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Construction & Engineering Crown Subsea Communications Holding, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+350 Interest Rate 7.63% Maturity Date 1/30/20312025-09-300002012139Foreign currency forward contract, Settlement Date 3/11/20262025-01-012025-09-300002012139us-gaap:RevolvingCreditFacilityMemberus-gaap:SubordinatedDebtMember2025-01-012025-09-300002012139us-gaap:EquitySecuritiesMember2025-01-012025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Leisure Products Olibre Borrower LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.48% Maturity Date 1/3/20302025-09-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:BAMLCreditAgreementMember2025-01-012025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software Cendyn Group, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+550 Interest Rate 9.48% Maturity Date 6/23/20312025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software MRI Software LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+475 Interest Rate 8.73% Maturity Date 2/10/20282025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software LeadVenture Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.23% Maturity Date 6/23/20322025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Oil, Gas & Consumable Fuels Phoenix Operating, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+710 Interest Rate 11.08% Maturity Date 12/18/2027 Three2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments IT Services Asurion, LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+410 Interest Rate 8.23% Maturity Date 8/19/20282025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets Edelman Financial Engines Center, LLC, The Investment First Lien - Term Loan Reference Rate and Spread SOFR+300 Interest Rate 7.13% Maturity Date 4/7/20282025-09-300002012139us-gaap:InvestmentUnaffiliatedIssuerMemberck0002012139:GroundTransportationMemberus-gaap:DebtSecuritiesMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software Kaseya Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+325 Interest Rate 7.38% Maturity Date 3/20/20322025-09-300002012139BB PEP Bidco, LLC2025-09-300002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:ScotiaCreditAgreementMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-08-052025-08-050002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets OneDigital Borrower LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+300 Interest Rate 7.13% Maturity Date 7/2/20312025-09-300002012139Investments Non-controlled, Affiliated investments Debt investments Specialty Retail FR Refuel, LLC Investment First Lien - Delayed Draw Team Loan Reference Rate and Spread SOFR+486 Interest Rate 8.99% Maturity Date 7/22/20282025-09-300002012139us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2025-09-300002012139ck0002012139:SubscriptionsFromPublicOfferingMember2025-08-012025-08-310002012139Foreign currency forward contract, Settlement Date 3/11/20262025-09-300002012139ck0002012139:GoldmanSachsFinancialSquareTreasuryInstrumentsFundMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software GS AcquisitionCo, Inc. Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+525 Interest Rate 9.23% Maturity Date 5/25/20282025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Insurance Alera Group, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+325 Interest Rate 7.38% Maturity Date 5/30/20322025-09-300002012139ck0002012139:ITServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300002012139us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeForwardMember2025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Machinery A-AG US GSI Bidco, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+500 Interest Rate 8.98% Maturity Date 10/31/20312025-09-300002012139us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0002012139:DebtSecuritiesFirstLienMember2025-09-300002012139us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-09-300002012139us-gaap:HealthcareSectorMember2025-09-300002012139us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0002012139:ValuationTechniqueValuationMultipleMemberck0002012139:MeasurementInputsLTMEBITDAMemberus-gaap:EquitySecuritiesMember2025-09-3000020121392025-11-100002012139us-gaap:RevolvingCreditFacilityMemberck0002012139:ScotiaCreditAgreementMembersrt:MaximumMember2025-08-052025-08-050002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets Advisor Group Holdings, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+300 Interest Rate 7.13% Maturity Date 7/30/20322025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Capital Markets Apex Group Treasury LLC Investment First Lien - Term Loan Reference Rate and Spread SOFR+350 Interest Rate 7.48% Maturity Date 2/27/20322025-09-300002012139us-gaap:CommercialAndIndustrialSectorMember2025-09-300002012139Investments Non-controlled, Non-affiliated Investments Debt Investments Diversified Consumer Services Grand Circle Corporation, Grand Circle LLC and The Grand Circle River Cruise Lines LLC. Investment First Lien - Term Loan Reference Rate and Spread SOFR+536 Interest Rate 9.49% Maturity Date 9/19/20302025-09-300002012139Investments Non-controlled, non-affiliated investments Debt investments Software Olo Parent, Inc. Investment First Lien - Term Loan Reference Rate and Spread SOFR+450 Interest Rate 8.48% Maturity Date 9/13/20322025-09-30iso4217:EURiso4217:USDxbrli:sharesxbrli:purexbrli:sharesiso4217:CADiso4217:GBPiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended ~~June~~September 30, 2025


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

For the transition period from __________ to __________

Commission File No. 814-01880

Fortress Private Lending Fund
(Exact name of registrant as specified in its charter)


Delaware		33-6515727
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)


1345 Avenue of the Americas New York, New York		10105
(Address of principal executive offices)		(Zip Code)

(212) 497-2976

(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

      Title of each class

      Trading Symbol(s)

      Name of each exchange on which
registered

      None

      None

      None

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 ☒ 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 the 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 ☒

As of ~~September~~November 1512, 2025, the issuer had ~~the following shares outstanding: 30~~31,~~501~~960,~~210~~592 Class I shares outstanding. Class I shares outstanding exclude shares issuable in connection with ~~September~~November 2025 subscriptions, which are not yet finalized.

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q (this “"Form 10-Q”") contains forward-looking statements, which relate to future events or the future performance or financial condition of Fortress Private Lending Fund (the “"Company,”" “"we,”" “"us,”" or “"our”"). Forward-looking statements can be identified by the use of forward-looking terminology such as “"may,”" “"will,”" “"should,”" “"expect,”" “"anticipate,”" “"target,”" “"project,”" “"estimate,”" “"intend,”" “"continue”" or “"believe”" or the negatives thereof or other variations thereon or comparable terminology, although not all forward-looking statements include these words. Some of the statements in this Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Form 10-Q may include statements as to:

•

the Company’s future operating results and distributions;

•

the Company’s business prospects and the prospects of its investments, including the dependence of the Company’s future success on general economic and political trends and other external factors;

•

the ability of the FPLF Management LLC, a Delaware limited liability company (the “"Adviser”" or “"Administrator”", as applicable) and an indirect subsidiary of Fortress Investment Group LLC (“"Fortress”") to identify suitable investments for the Company and to monitor and administer the Company’s investments;

•

the effect of investments that the Company expects to make and the competition for those investments;

•

the ability of the Company’s investments to achieve their expected performance;

•

the availability of debt and equity capital and the Company’s use of borrowed money to finance a portion of its investments;

•

the adequacy of the Company’s financing sources and working capital;

•

the Company’s ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations;

•

the timing of cash flows, if any, from the Company’s investments;

•

the timing, form and amount of any distributions;

•

the Company’s contractual arrangements and relationships with third parties;

•

the outcome and impact of any litigation or regulatory proceeding;

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•

actual and potential conflicts of interest with the Adviser and its affiliates;

•

the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

•

the Company’s ability to qualify and maintain its qualification as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “"Code”"), and as a business development company (“"BDC”");

•

the Company’s ability to recover unrealized losses;

•

the Company’s ability to deploy any capital raised in its continuous private offering of securities (the “"Offering”");

•

uncertainty surrounding global financial stability;

•

general fluctuations in the values of financial assets; and

•

the impact of changes in laws and regulations.

iii

Table of Contents

The forward-looking statements contained in this Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “"Item 1A. Risk Factors”" in our Registration Statement on Form 10 initially filed with the Securities and Exchange Commission (the “"SEC”") on June 6, 2025, as amended (the “"Registration Statement”") and the following factors:

•

the ability to source high-quality investment opportunities to deploy capital;

•

risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy;

•

periods of disruption and instability in the capital markets, including as a result of United States trade policy developments, tariffs and other trade restrictions;

•

fluctuations in interest rates and credit spreads could reduce our ability to generate income on our loans and other investments, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments and may limit our ability to pay dividends to holders of our Class I common shares of beneficial interest, par value $0.01 per share (the “"Shares”" and holder of such Shares, "Shareholder");

•

certain economic events may cause our Shareholders to request that we repurchase their Shares, and if we decide to satisfy any or all of such requests, our cash flow and our results of operations and financial condition could be materially adversely affected. Further, our Board of Trustees (the “"Board”") may make exceptions to modify or suspend our share repurchase plan (including to make exceptions to the repurchase limitations or purchase fewer Shares than such repurchase limitations) if it deems such action to be in our best interest;

•

distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds (including from sales of our Shares to Fortress affiliates), proceeds from repayments of our debt investments, sales of our liquid investments and, if necessary, sales of our investments and/or assets, and we have no limits on the amounts we may fund from such sources;

•

the valuation of our investments may not be certain or transparent as a result of the highly volatile environments we operate in;

•

the purchase prices for our Shares are generally based on our prior month’s net asset value (“"NAV”") and are not based on any public trading market;

•

future changes in laws or regulations and conditions in our operating areas;

•

our ability to raise additional funds to enable us to make additional investments and diversify the risk profile of our portfolio;

•

our ability to capitalize on potential investment opportunities on attractive terms;

•

our ability to accurately identify or adequately evaluate potential risks in volatile investing environments with limited market liquidity or price transparency;

•

the incurrence of contingent liabilities as a result of our investments, including our assumption of default risk or other third-party risks;

•

our ability to forecast correlations between the value of our portfolio and the direction of exchange rates, interest rates and the price of securities in order to effectively or appropriately mitigate risks associated with our investments;

•

defaults by borrowers in paying debt service on outstanding indebtedness;

•

certain risks associated with limitations on our remedies under bankruptcy laws;

•

system failures and cybersecurity breaches;

•

substantial compliance costs that may be required to meet the constantly evolving legal and regulatory landscape for data protection and privacy;

•

potential misconduct and unauthorized conduct from third-party providers;

~~iii~~ii

Table of Contents

•

compliance with state and local laws, statutes, regulations and ordinances relating to pollution, the protection of the environment and human health and safety;

•

risks associated with joint ventures;

•

risks associated with our relationship with Fortress and the Adviser; ~~and~~

•

changes to United States federal income tax laws.; and

•

political and regulatory conditions that contribute to uncertainty and market volatility including the impact of a prolonged U.S. government shutdown as well as the legislative, regulatory, trade, immigration and other policies associated with the current U.S. presidential administration.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions could also be inaccurate. In light of these and other uncertainties, the inclusion of a forward-looking statement in this Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved.

You should read this Form 10-Q and the documents that we reference herein and have filed as exhibits hereto with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Form 10-Q, whether as a result of any new information, future events or otherwise.

For more information regarding these and other risks and uncertainties that we face, see the section entitled “"Item 1A. Risk Factors”" in our Registration Statement and any such updated factors included in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document. Because the Company is an investment company, the forward-looking statements contained in this Form 10-Q are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “"Exchange Act”").

iviii

Table of Contents

Fortress Private Lending Fund

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED ~~JUNE~~SEPTEMBER 30, 2025

TABLE OF CONTENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS		iii
PART I - FINANCIAL INFORMATION		1
	ITEM 1. FINANCIAL STATEMENTS	1
	Condensed Consolidated Financial Statements:
	Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	1
	Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024	1
	Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2025 (unaudited)	2
	Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2025 (unaudited)	2
	Condensed Consolidated Statement of Changes in Net Assets for the three and six months ended June 30, 2025 (unaudited)	3
	Condensed Consolidated Statement of Changes in Net Assets for the three and nine months ended September 30, 2025 (unaudited)	3
	Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2025 and June 30,2024 (unaudited)	4
	Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 and 2024(unaudited)	4
	Consolidated Schedule of Investments as of June 30, 2025 (unaudited)	5
	Consolidated Schedule of Investments as of September 30, 2025 (unaudited)	5
	Notes to Condensed Consolidated Financial Statements (unaudited)	810
	ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	2330
	ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.	35
	ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	46
	ITEM 4. CONTROLS AND PROCEDURES	3647
PART II - OTHER INFORMATION		3748
	ITEM 1. LEGAL PROCEEDINGS	3748
	ITEM 1A. RISK FACTORS	3748
	ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	3748
	ITEM 3. DEFAULTS UPON SENIOR SECURITIES.	3748
	ITEM 4. MINE SAFETY DISCLOSURES	3748
	ITEM 5. OTHER INFORMATION	3748
	ITEM 6. EXHIBITS	3850
SIGNATURES		3951

viv

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Fortress Private Lending Fund

Consolidated Statement of Financial Condition

($ in thousands)	As of June 30,		As of December 31,
($ in thousands, except per share data)	As of September 30,		As of December 31,
Assets	2025 (Unaudited)		2024
Investments, at fair value
Non-controlled, non-affiliated investments (amortized cost of $334,683 and $0, respectively)	$	335,387	$	—
Non-controlled, non-affiliated investments (amortized cost of $972,028 and $0, respectively)	$	971,358	$	—
Total investments, at fair value		335,387		—
Non-controlled, affiliated investments (amortized cost of $7,541 and $0, respectively)		7,481		-
Deferred offering costs		997		—
Total investments, at fair value		978,839		—
Cash and cash equivalents		856,~~727~~596		—
Interest receivable		1,719		—
Deferred offering costs		830		—
Other assets		141		—
Interest receivable		7,809		—
Total assets	$	346,971	$	—
Receivable for investments sold		15,686		—
Unrealized gain on forward currency contracts		118		—
Other assets		1,096		—
Total assets	$	1,060,974	$	—
Liabilities
Debt (net of unamortized debt issuance costs of $1,427 and $0, respectively)	$	309,573	$	—
Debt (net of unamortized debt issuance costs of $3,869 and $0, respectively)	$	246,631	$	—
Due to affiliates		30,365		—
Distribution payable		4,621
Payable for investments purchased		3,358		—
Incentive fee payable		1,333		—
Accrued expenses and other liabilities		1,505		—
Interest payable		240		—
Interest payable		984		—
Payable for investments purchased		41,129		—
Subscription received in advance		50		—
Accrued expenses and other liabilities		2,666		—
Unrealized loss on forward foreign currency contracts		44		—
Total liabilities	$	296,620	$	—
Incentive fee payable		88		—
Commitments and Contingencies (Note 11)
Total liabilities	$	345,967	$	—
Commitments and Contingencies (Note 9)
Net Assets
Total Net Assets		1,004		—
Common shares, $0.01 par value, unlimited authorized, 30,566,728 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		306
Total Liabilities and Net Assets	$	346,971	$	—
Paid in capital in excess of par value		763,864
Distributable earnings (accumulated loss)		184
Total Net Assets		764,354		—
Total Liabilities and Net Assets	$	1,060,974	$	—
Net asset value per share	$	25.01	$	-

[See accompanying notes to the consolidated financial statements.]

Table of Contents

Fortress Private Lending Fund

Consolidated Statement of Operations

(Unaudited)

($ in thousands)	For theThree Months EndedJune 30, 2025			For theSix Months EndedJune 30, 2025
($ in thousands, except per share data)	For theThree Months EndedSeptember 30, 2025			For theNine Months EndedSeptember 30, 2025
Investment income
From non-controlled, non-affiliated investments
Interest income	$	215,~~522~~924		$	218,~~531~~455
Payment-in-kind interest income		25101			25126
Other income		~~537~~68			~~550~~618
Total investment income from non-controlled, non-affiliated investments		316,~~084~~093			319,~~106~~199
Total investment income	$	3,084		$	3,106
From non-controlled, affiliated investments
Operating Expenses
Interest income		97			97
Organization costs	$	247		$	2,638
Other income		4			4
Interest expense		2,266			2,440
Total investment income from non-controlled, affiliated investments		101			101
Administration fees		109			137
Total investment income	$	16,194		$	19,300
Capital gains incentive fee		74			88
Operating Expenses
Investment income incentive fee		86			86
Organization costs	$	157		$	2,796
Professional fees		68			71
Offering Costs		167			167
Other expenses		1			2
Interest expense		2,820			5,260
Total Operating Expenses		2,851			5,462
Management fee		2,377			2,377
Expense support (Note 3)		(247	)		(2,638	)
Investment income incentive fee		1,469			1,555
Investment income incentive fee waiver		(86	)		(86	)
Capital gains incentive fee		(88	)		-
Net Operating Expenses		2,518			2,738
Administration fees		747			884
Net investment income (loss) before taxes		566			368
Professional fees		362			433
Income taxes, including unincorporated business tax expense		68			68
Other expenses		283			285
Net investment income (loss)		498			300
Total operating expenses before expense support and waivers		8,294			13,757
Net Realized Gain (Loss)
Expense support (Note 3)		(148	)		(2,786	)
Net realized gain (loss) from:
Management fee waiver		(2,377	)		(2,377	)
Non-controlled, non-affiliated investments		14			14
Investment income incentive fee waiver		(135	)		(221	)
Foreign currency transactions		30			30
Net Operating Expenses		5,634			8,373
Total Net Realized Gain (Loss)		44			44
Net investment income (loss) before taxes		10,560			10,928
Net Unrealized Gain (Loss)
Income taxes, including unincorporated business tax expense		55			123
Net unrealized gain (loss) from:
Net investment income (loss)		10,505			10,805
Non-controlled, non-affiliated investments		589			704
Net realized gain (loss)
Forward foreign currency contracts		(44	)		(44	)
Net realized gain (loss) from:
Total Unrealized Gain (Loss)		545			660
Non-controlled, non-affiliated investments		(89	)		(75	)
Total Net Realized and Unrealized Gain (Loss)		589			704
Foreign currency transactions		(22	)		8
Total Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,087		$	1,004
Forward currency contracts		(214	)		(214	)
Total net realized gain (loss)		(325	)		(281	)
Net change in unrealized gain (loss)
Net change in unrealized gain (loss) from:
Non-controlled, non-affiliated investments		(1,374	)		(670	)
Non-controlled, affiliated investments		(61	)		(61	)
Foreign currency transactions		-			-
Forward foreign currency contracts		162			118
Total net change in unrealized gain (loss)		(1,273	)		(613	)
Total net realized and change in unrealized gain (loss)		(1,598	)		(894	)
Total Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,907		$	9,911
Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted)	$	0.34		$	0.36
Earnings per share (basic and diluted)	$	0.29		$	0.32
Weighted average shares outstanding		30,533,432			30,533,432

[See accompanying notes to the consolidated financial statements.]

Table of Contents

Fortress Private Lending Fund

Consolidated Statement of Changes in Net Assets

(Unaudited)

($ in thousands)	For theThree Months ~~EndedJune~~EndedSeptember 30, 2025			For ~~theSix~~theNine Months ~~EndedJune~~EndedSeptember 30, 2025
Operations
Net investment income (loss)	$	~~498~~10,505		$	~~300~~10,805
Total Net Realized and Unrealized Gain (Loss)		589			704
Total net realized gain (loss)		(325	)		(281	)
Net increase (decrease) in net assets resulting from operations		1,087			1,004
Total net change in unrealized gain (loss)		(1,273	)		(613	)
Total increase (decrease) in net assets		1,087			1,004
Net increase (decrease) in net assets resulting from operations	$	8,907		$	9,911
Net assets at beginning of period		(83	)		—
Distributions
Net assets at end of period	$	1,004		$	1,004
Class I	$	(9,069	)	$	(9,069	)
Capital allocation		(658	)		(658	)
Net increase (decrease) in net assets resulting from distributions	$	(9,727	)	$	(9,727	)
Capital Share Transactions
Class I:
Issuance of Shares	$	763,330		$	763,330
Reinvestment of shareholders' distributions		840			840
Net increase (decrease) in net assets resulting from capital share transactions	$	764,170		$	764,170
Total increase (decrease) in net assets		763,350			764,354
Net assets at beginning of period		1,004			—
Net assets at end of period	$	764,354		$	764,354

[See accompanying notes to the consolidated financial statements.]

Table of Contents

Fortress Private Lending Fund

Consolidated Statement of Cash Flows

(Unaudited)

($ in thousands)		For ~~the~~theNine ~~Six~~ Months ~~Ended~~EndedSeptember ~~June~~ 30, 2025				For ~~the~~theNine ~~Six~~ Months ~~Ended~~EndedSeptember ~~June~~ 30, 2024
Cash flows from operating activities
Net increase/(decrease) in Net Assets resulting from operations	$		19,~~004~~911		$		—
Adjustments to reconcile net increase/(decrease) in Net Assets resulting from operations to net cash, cash equivalents provided by/(used in) operating activities:
Amortization of debt issuance and financing costs			~~513~~631				—
Accretion/amortization of original issue discount/premium on investments			(86470	)			—
Paid-in-kind interest on investments			(25126	)			—
Net realized gain/(loss) on investments			~~(14~~75	)
Net unrealized gain/(loss) on investments and derivatives			(704	)			—
Net change in unrealized gain/(loss) on investments and derivatives			731				—
Net unrealized gain/(loss) on forward foreign currency contracts			44				—
Net change in unrealized gain/(loss) on forward foreign currency contracts			(118	)			—
Purchases of investments and derivatives			(~~348~~1,~~380~~032,687	)			—
Proceeds from sales and paydowns of investments			1353,~~822~~638				—
Changes in operating assets and liabilities:
(Increase)/decrease in interest receivable			(17,~~719~~809	)			—
(Increase)/decrease in deferred offering costs			(997	)
(Increase)/decrease in receivable for investments sold			(15,686	)			—
(Increase)/decrease in other assets			(141	)			—
(Increase)/decrease in deferred offering costs			(830	)
Increase/(decrease) in interest payable			984				—
(Increase)/decrease in other assets			(1,096	)			—
Increase/(decrease) in due to affiliates			30,365				—
Increase/(decrease) in interest payable			240				—
Increase/(decrease) in due to payable for investments purchased			341,~~358~~129				—
Increase/(decrease) in subscription received in advance			50				—
Increase/(decrease) in incentive fee payable			1,333				—
Increase/(decrease) in incentive fee payable			88				—
Increase/(decrease) in accrued expenses and other liabilities			2,666				—
Increase/(decrease) in accrued expenses and other liabilities			1,505				—
Net cash and cash equivalents provided by/(used in) operating activities	$		(948,468	)			—
Net cash and cash equivalents provided by/(used in) operating activities			(300,333	)			—
Cash flows from financing activities
Payment for debt issuance and financing costs			(1,940	)			—
Proceeds from issuance of common shares			764,170				—
Drawdown on loans			311,000				—
Distribution paid to Shareholders, net of distribution payable			(4,448	)			—
Repayment of loans			—				—
Capital Allocation paid to Shareholders			(658	)
Net cash and cash equivalents provided by/(used in) financing activities			309,060				—
Payment for debt issuance and financing costs			(4,500	)			—
Net increase/(decrease) in cash and cash equivalents			8,727				—
Drawdown on loans			721,200				—
Repayment of loans			(470,700	)			—
Net cash and cash equivalents provided by/(used in) financing activities	$		1,005,064				—
Net increase/(decrease) in cash and cash equivalents			56,596				—
Cash and cash equivalents at beginning of period			—				—
Cash and cash equivalents at end of period	$		856,~~727~~596		$		—
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$		~~943~~4,389		$		—

[See accompanying notes to the consolidated financial statements.]

Table of Contents

Fortress Private Lending Fund

Consolidated Schedule of Investments as of JuneSeptember 30, 2025

(Unaudited)

Company	~~Investment~~Note		~~ReferenceRate andSpread (1)~~		~~Interest Rate (%)~~Investment		ReferenceRate andSpread (1)	~~MaturityDate~~Note	~~Par/Shares (2)~~	Interest Rate (%)		~~Amortized Cost (3,5)~~	MaturityDate	Par/Shares (2)		~~FairValue (4,5)~~		Amortized Cost (3,5)	~~% of NetAssets~~				FairValue (4,5)			% of NetAssets
Investments
Non-controlled, non-affiliated investments
Debt investments
Building Products
Aerospace & Defense
A-AG US GSI Bidco, Inc.	First Lien - Term Loan		SOFR+500	(9)		9.30		10/31/2031	$	2,708,520		$	2,658		$		2,688			268
Albion Fortress Intermediate Holdings LLC	(6)	(16)			First Lien - Term Loan		EURIBOR+575	(13)			7.78		7/31/2031	€		23,592,695		$		26,248		$		27,145			3.55
Steele Solutions, Inc.	First Lien - Term Loan		SOFR+575	(10)		10.01		3/18/2030		24,675,382			24,435				24,384			2,428
																				26,248				27,145			3.55
Steele Solutions, Inc.	First Lien - Revolving Credit Facility		SOFR+575	(10)		10.01		3/18/2030		—			(34	)			(41	)		(4	)
Automobile Components
													27,059				27,031			2,692
Champions Fing Inc	(18)				First Lien - Term Loan		SOFR+475	(10)	(7)		8.73		2/23/2029	$		11,470,960		$		10,921		$		10,725			1.40
Chemicals													-				-
																				10,921				10,725			1.40
Shrieve Chemical Company, LLC	First Lien - Term Loan		SOFR+600	(9)		10.31		10/30/2030	$	5,984,560		$	5,895		$		5,865			584
Building Products
Shrieve Chemical Company, LLC	First Lien - Term Loan		SOFR+600	(9)		10.31		10/30/2030		1,302,000			1,283				1,276			127
Echo Transaction Company, LLC					First Lien - Term Loan		SOFR+550	(10)			9.48		5/30/2031	$		12,824,040		$		12,577		$		12,577			1.65
Shrieve Chemical Company, LLC	First Lien - Revolving Credit Facility		SOFR+600	(10)		10.31		10/30/2030		—			(8	)			(10	)		(1	)
Steele Solutions, Inc.					First Lien - Term Loan		SOFR+575	(10)			9.73		3/18/2030			24,613,539				24,384				24,386			3.19
													7,170				7,131			710
Steele Solutions, Inc.	(18)				First Lien - Revolving Credit Facility		SOFR+575	(10)			9.73		3/18/2030			—				(32	)			(33	)		-
Commercial Services & Supplies													-				-
																				36,929				36,930			4.84
Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc.	First Lien - Term Loan		SOFR+550	(9)		9.83		12/31/2029	$	14,328,000		$	14,132		$		14,131			1,407
Capital Markets
Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc.	First Lien - Revolving Credit Facility		SOFR+550	(9)		9.83		12/31/2029		—			(36	)			(36	)		(4	)
Advisor Group Holdings, Inc.					First Lien - Term Loan		SOFR+300	(9)	(7)		7.13		7/30/2032	$		25,000,000		$		24,939		$		24,982			3.27
Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc.	First Lien - Delayed Draw Term Loan		SOFR+550	(9)		9.83		12/31/2029		—			(44	)			(44	)		(4	)
Apex Group Treasury LLC	(18)				First Lien - Term Loan		SOFR+350	(10)	(7)		7.48		2/27/2032			24,937,343				24,870				24,324			3.18
													14,052				14,051			1,399
Aretec Group, Inc. (fka RCS Capital Corporation)	(18)				First Lien - Term Loan		SOFR+350	(9)	(7)		7.63		8/9/2030			4,987,437				5,000				4,987			0.65
Construction & Engineering													-				-
Edelman Financial Engines Center, LLC, The					First Lien - Term Loan		SOFR+300	(9)	(7)		7.13		4/7/2028			5,984,925				6,006				5,987			0.78
Superior Intermediate LLC	First Lien - Term Loan		SOFR+600	(10)		10.33		12/18/2029	$	9,434,879		$	9,256		$		9,259			922
GC Ferry Acquisition I Inc					First Lien - Term Loan		SOFR+350	(10)	(7)		7.48		8/16/2032			21,354,167				21,036				21,124			2.76
Superior Intermediate LLC	First Lien - Revolving Credit Facility		SOFR+600	(10)		10.33		12/18/2029		—			(27	)			(27	)		(3	)
GC Ferry Acquisition I Inc	(18)				First Lien - Delayed Draw Term Loan		SOFR+350	(10)	(7)		7.48		6/6/2032			—				-				(39	)		(0.01	)
Superior Intermediate LLC	First Lien - Delayed Draw Term Loan		SOFR+600	(10)		10.33		12/18/2029		—			(69	)			(68	)		(7	)
OneDigital Borrower LLC					First Lien - Term Loan		SOFR+300	(9)	(7)		7.13		7/2/2031			4,668,233				4,668				4,662			0.61
													9,160				9,165			912
																				86,519				86,027			11.24
Distributors													-				-
Chemicals
Echo Transaction Company, LLC	First Lien - Term Loan		SOFR+550	(9)		9.83		5/30/2031	$	12,856,180		$	12,602		$		12,600			1,255
Alltech, Inc.	(18)				First Lien - Term Loan		SOFR+436	(9)	(7)		8.49		8/13/2030	$		2,992,481		$		3,007		$		2,992			0.39
													12,602				12,600			1,255
Shrieve Chemical Company, LLC					First Lien - Term Loan		SOFR+600	(10)			9.98		10/30/2030			7,268,274				7,162				7,132			0.93
Diversified Telecommunication Services													-				-
Shrieve Chemical Company, LLC					First Lien - Revolving Credit Facility		SOFR+600	(9)			10.13		10/30/2030			168,410				161				159			0.02
GTT Communications, Inc.	First Lien - Term Loan		SOFR+600	(9)		10.31		4/15/2031	$	7,435,662		$	7,290		$		7,285			725
																				10,330				10,283			1.34
													7,290				7,285			725
Commercial Services & Supplies
Financial Services													-				-
Access CIG, LLC	(18)				First Lien - Term Loan		SOFR+400	(10)	(7)		7.98		8/18/2030	$		2,577,304		$		2,597		$		2,582			0.34
Global Holdings Interco Parent LLC	First Lien - Term Loan		SOFR+565	(9)		9.97		9/16/2027	$	1,670,259		$	1,670		$		1,670			166
Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc.					First Lien - Term Loan		SOFR+525	(9)			9.38		12/31/2029			14,292,000				14,103				14,131			1.85
													1,670				1,670			166
Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc.					First Lien - Revolving Credit Facility		SOFR+525	(9)			9.38		12/31/2029			960,000				926				927			0.12
Food Products													-				-
Vibrant Purchaser LLC and Vibrant Canada Acquisitionco Inc.	(18)				First Lien - Delayed Draw Term Loan		SOFR+525	(9)			9.38		12/31/2029			—				(41	)			(36	)		-
Amy's Kitchen, LLC	First Lien - Term Loan		SOFR+710	(9)		11.43		1/31/2030	$	5,124,849		$	4,911		$		4,923			490
																				17,585				17,604			2.31
Amy's Kitchen, LLC	First Lien - Delayed Draw Term Loan		SOFR+710	(11)		11.43		1/31/2030		—			(54	)			(51	)		(5	)
Communications Equipment
Badger Finance, LLC	First Lien - Term Loan		SOFR+650	(9)		10.83		11/29/2029		14,812,500			14,131				14,139			1,408
Watchguard Technologies, Inc.	(18)				First Lien - Term Loan		SOFR+525	(9)	(7)		9.38		7/2/2029	$		2,992,288		$		2,985		$		2,985			0.39
Sweet Oak Parent LLC	First Lien - Term Loan		SOFR+575	(9)		10.03		8/5/2030		18,447,086			18,224				18,228			1,815
																				2,985				2,985			0.39
													37,213				37,239			3,708
Construction & Engineering
Ground Transportation													-				-
Crown Subsea Communications Holding, Inc.					First Lien - Term Loan		SOFR+350	(9)	(7)		7.63		1/30/2031	$		5,000,000		$		5,044		$		5,026			0.66
Jupiter Refuel Canada Buyer, Inc. (6)	First Lien - Term Loan		CORRA+525	(12)		7.93		6/30/2031	C$	31,789,715		$	22,995		$		22,995			2,289
Superior Intermediate LLC					First Lien - Term Loan		SOFR+550	(9)			9.63		12/18/2029			9,434,879				9,263				9,267			1.21
Jupiter Refuel Canada Buyer, Inc. (6)	First Lien - Revolving Credit Facility		CORRA+525	(12)		7.93		6/30/2031		767,868			513				513			51
Superior Intermediate LLC	(18)				First Lien - Revolving Credit Facility		SOFR+550	(9)			9.63		12/18/2029			—				(26	)			(26	)		-
Jupiter Refuel Canada Buyer, Inc. (6)	First Lien - Delayed Draw Term Loan		CORRA+525	(12)		7.93		6/30/2031		—			(38	)			(38	)		(4	)
Superior Intermediate LLC	(18)				First Lien - Delayed Draw Term Loan		SOFR+550	(9)			9.63		12/18/2029			—				(65	)			(65	)		(0.01	)
Jupiter Refuel US Buyer, Inc. (6)	First Lien - Term Loan		SOFR+525	(9)		9.55		6/30/2031	$	2,590,722		$	2,552		$		2,552			254
																				14,216				14,202			1.86
Jupiter Refuel US Buyer, Inc. (6)	First Lien - Delayed Draw Term Loan		SOFR+525	(10)		9.55		6/30/2031		—			(4	)			(4	)		-
Containers & Packaging
													26,017				26,017			2,590
Clydesdale Acquisition Holdings, Inc.					First Lien - Term Loan		SOFR+318	(9)	(7)		7.31		4/13/2029	$		20,000,000		$		20,045		$		19,966			2.61
Hotels, Restaurants & Leisure													-				-
Iris Holding, Inc.					First Lien - Term Loan		SOFR+485	(10)	(7)		8.83		6/28/2028			19,948,586				19,487				19,338			2.53
BB PEP Bidco, LLC	First Lien - Term Loan		SOFR+675	(9)		11.08		1/13/2030	$	11,756,250		$	11,479		$		11,484			1,143
Trident TPI Holdings, Inc.					First Lien - Term Loan		SOFR+375	(10)	(7)		7.73		9/15/2028			9,974,874				9,868				9,784			1.28
BB PEP Bidco, LLC	First Lien - Delayed Draw Term Loan		SOFR+675	(10)		11.08		1/13/2030		678,571			628				629			63
																				49,400				49,088			6.42
BB PEP Bidco, LLC	First Lien - Revolving Credit Facility		SOFR+675	(10)		11.08		1/13/2030		285,714			261				261			26
Diversified Consumer Services
CV Borrower, LLC	First Lien - Term Loan		SOFR+575	(9)		10.08		8/30/2030		6,064,876			5,991				5,993			597
Grand Circle Corporation, Grand Circle LLC and The Grand Circle River Cruise Lines LLC					First Lien - Term Loan		SOFR+536	(9)			9.49		9/19/2030	$		64,221,301		$		63,741		$		63,740			8.34
Riser Fitness, LLC	First Lien - Delayed Draw Term Loan		SOFR+685	(10)		11.17		3/14/2030		2,706,231			2,575				2,588			258
																				63,741				63,740			8.34
Riser Fitness, LLC	First Lien - Revolving Credit Facility		SOFR+685	(10)		11.17		3/14/2030		—			(14	)			(9	)		(1	)
Diversified Telecommunication Services
Solidcore Topco, LLC	First Lien - Term Loan		SOFR+575	(9)		10.01		11/4/2030		9,598,881			9,468				9,518			948
GTT Communications, Inc.					First Lien - Term Loan		SOFR+600	(9)			10.13		4/15/2031	$		7,417,073		$		7,275		$		7,276			0.95
Solidcore Topco, LLC	First Lien - Revolving Credit Facility		SOFR+575	(10)		10.01		11/4/2030		—			(13	)			(8	)		(1	)
Intermedia Holdings, Inc.					First Lien - Term Loan		SOFR+525	(9)			9.38		4/4/2029			10,576,212				10,402				10,470			1.37
Solidcore Topco, LLC	First Lien - Delayed Draw Term Loan		SOFR+575	(10)		10.01		11/4/2030		—			(26	)			(16	)		(2	)
													30,348				30,439			3,031

Table of Contents

Fortress Private Lending Fund

Consolidated Schedule of Investments as of JuneSeptember 30, 2025- (cont'd)

(Unaudited)

Company	Investment	ReferenceRate andSpread (1)		Interest Rate (%)		MaturityDate	Par/Shares (2)		Amortized Cost (3,5)				FairValue (4,5)			% of NetAssets
IT Services										-				-
Intermedia Holdings, Inc.	First Lien - Term Loan	SOFR+525	(10)		9.58	4/4/2029	$	10,643,150	$	10,460		$		10,537			1,049
LeadVenture Inc.	First Lien - Term Loan	SOFR+525	(9)		9.57	6/23/2032		10,752,395		10,591				10,591			1,054
LeadVenture Inc.	First Lien - Delayed Draw Term Loan	SOFR+525	(10)		9.57	6/23/2032		675,865		661				661			66
LeadVenture Inc.	First Lien - Revolving Credit Facility	SOFR+525	(10)		9.57	6/23/2032		—		(15	)			(15	)		(2	)
North America Data Center Acquisition LLC	First Lien - Term Loan	SOFR+500	(9)		9.29	5/8/2030		12,681,250		12,589				12,600			1,254
										34,286				34,373			3,421
Leisure Products										-				-
Olibre Borrower LLC	First Lien - Term Loan	SOFR+575	(9)		10.05	1/3/2030	$	14,925,000	$	14,572		$		14,682			1,462
										14,572				14,682			1,462
Oil, Gas & Consumable Fuels										-				-
Halcon Holdings, LLC	First Lien - Term Loan	SOFR+790	(9)		12.20	12/26/2028	$	14,625,000	$	14,230		$		14,201			1,414
Phoenix Operating, LLC	First Lien - Delayed Draw Term Loan	SOFR+710	(9)		11.40	12/18/2027		16,277,300		16,277				16,093			1,602
Phoenix Operating, LLC	First Lien - Term Loan	SOFR+710	(9)		11.40	12/18/2027		16,277,300		15,817				16,093			1,602
Phoenix Operating, LLC	First Lien - Term Loan	SOFR+710	(9)		11.40	12/18/2027		9,226,825		9,099				9,122			908
Phoenix Operating, LLC	First Lien - Term Loan	SOFR+710	(9)		11.40	12/18/2027		7,543,787		7,440				7,458			743
Phoenix Operating, LLC	First Lien - Delayed Draw Term Loan	SOFR+710	(9)		11.40	12/18/2027		3,229,389		3,185				3,193			318
										66,049				66,161			6,587
Software										-				-
Cendyn Group, LLC	First Lien - Term Loan	SOFR+550	(9)		9.82	6/23/2031	$	15,605,503	$	15,294		$		15,293			1,523
Cendyn Group, LLC	First Lien - Revolving Credit Facility	SOFR+550	(10)		9.82	6/23/2031		—		(38	)			(38	)		(4	)
EagleView Technology Corporation (7,8)	First Lien - Term Loan	SOFR+650	(9)		10.80	8/14/2028		9,975,918		9,550				9,689			965
GS AcquisitionCo, Inc.	First Lien - Term Loan	SOFR+525	(9)		9.55	5/25/2028		8,262,061		8,262				8,221			818
GS AcquisitionCo, Inc.	First Lien - Revolving Credit Facility	SOFR+525	(10)		9.55	5/25/2028		4,495		4				3			-
GS AcquisitionCo, Inc.	First Lien - Delayed Draw Term Loan	SOFR+525	(10)		9.55	5/25/2028		—		(17	)			(54	)		(5	)
SonicWall, Inc.	First Lien - Term Loan	SOFR+550	(9)		9.82	5/18/2028		14,062,614		13,785				13,922			1,386
										46,840				47,035			4,683
Total Debt investments									$	334,328		$		334,880			33,341
										-				-
Equity investments (13)
Food Products
Amy's Kitchen, LLC	Warrants	N/A		N/A		N/A	$	2,296	$	264		$		281			28
										264				281			28
Hotels, Restaurants & Leisure
Riser Fitness, LLC	Warrants	N/A		N/A		N/A	$	91,098	$	91		$		226			23
										91				226			23
Total Equity investments									$	355		$		507			51
										-				-
Non-controlled, non-affiliated investments									$	334,683		$		335,387			33,392
Total Investments									$	334,683		$		335,387			33,392

      Company

      Note

      Investment

      Reference
Rate and
Spread (1)
 
      Note

      Interest Rate (%)
 
      Maturity
Date

      Par/Shares (2)

      Amortized 
Cost (3,5)

      Fair
Value (4,5)

      % of Net
Assets


													17,677			17,746		2.32
Financial Services
Global Holdings Interco Parent LLC				First Lien - Term Loan	SOFR+560	(9)		9.73	9/16/2027	$	1,666,083	$	1,666		$	1,666		0.22
													1,666			1,666		0.22
Food Products
Amy's Kitchen, LLC				First Lien - Term Loan	SOFR+710	(9)		11.23	1/31/2030	$	5,112,005	$	4,908		$	4,928		0.64
Amy's Kitchen, LLC	(18)			First Lien - Delayed Draw Term Loan	SOFR+710	(9)		11.23	1/31/2030		—		(51	)		(46	)	(0.01	)
Badger Finance, LLC				First Lien - Term Loan	SOFR+650	(9)		10.63	11/29/2029		14,718,750		14,071			14,545		1.90
													18,928			19,427		2.53
Ground Transportation
Jupiter Refuel Canada Buyer, Inc.	(6)	(16)		First Lien - Term Loan	CORRA+525	(12)		7.70	6/30/2031	C$	31,789,715	$	23,002		$	22,609		2.96
Jupiter Refuel Canada Buyer, Inc.	(6)	(16)		First Lien - Revolving Credit Facility	CORRA+525	(12)		7.70	6/30/2031		767,868		515			518		0.07
Jupiter Refuel Canada Buyer, Inc.	(6)	(16)	(18)	First Lien - Delayed Draw Term Loan	CORRA+525	(12)		7.70	6/30/2031		—		(37	)		(51	)	(0.01	)
Jupiter Refuel US Buyer, Inc.	(6)			First Lien - Term Loan	SOFR+525	(10)		9.23	6/30/2031	$	2,590,722	$	2,553		$	2,564		0.34
Jupiter Refuel US Buyer, Inc.	(6)	(18)		First Lien - Delayed Draw Term Loan	SOFR+525	(10)		9.23	6/30/2031		—		(4	)		(6	)	-
													26,029			25,634		3.36
Health Care Providers & Services
MJH Healthcare Holdings, LLC				First Lien - Term Loan	SOFR+275	(9)	(7)	6.88	1/29/2029	$	4,987,500	$	4,999		$	4,967		0.65
													4,999			4,967		0.65
Hotels, Restaurants & Leisure
BB PEP Bidco, LLC				First Lien - Term Loan	SOFR+675	(11)		10.60	1/13/2030	$	11,726,786	$	11,462		$	11,513		1.51
BB PEP Bidco, LLC				First Lien - Delayed Draw Term Loan	SOFR+675	(10)		10.73	1/13/2030		1,426,875		1,379			1,388		0.18
BB PEP Bidco, LLC				First Lien - Revolving Credit Facility	SOFR+675	(10)		10.73	1/13/2030		928,571		904			909		0.12
CV Borrower, LLC				First Lien - Term Loan	SOFR+575	(10)		9.73	8/30/2030		6,049,600		5,977			5,980		0.78
Riser Fitness, LLC				First Lien - Delayed Draw Term Loan	SOFR+685	(9)		10.98	3/14/2030		3,745,814		3,462			3,515		0.46
Riser Fitness, LLC	(18)			First Lien - Revolving Credit Facility	SOFR+685	(9)		10.98	3/14/2030		—		(13	)		(8	)	-
Ruby Bidco Holdings Limited	(6)	(16)		First Lien - Term Loan	SONIA+500	(14)		9.11	9/12/2032	£	16,203,704	$	21,554		$	21,466		2.81
Ruby Bidco Holdings Limited	(6)	(16)	(18)	First Lien - Delayed Draw Term Loan	SONIA+500	(14)		9.11	9/12/2032		—		(76	)		(76	)	(0.01	)
Solidcore Topco, LLC				First Lien - Term Loan	SOFR+575	(10)		9.73	11/4/2030	$	21,536,010	$	21,170		$	21,110		2.76
Solidcore Topco, LLC	(18)			First Lien - Revolving Credit Facility	SOFR+575	(10)		9.73	11/4/2030		—		(13	)		(19	)	-
Solidcore Topco, LLC	(18)			First Lien - Delayed Draw Term Loan	SOFR+575	(10)		9.73	11/4/2030		—		(70	)		(129	)	(0.02	)
													65,736			65,649		8.59
Household Products
Sweet Oak Parent LLC				First Lien - Term Loan	SOFR+575	(10)		9.73	8/5/2030	$	18,400,620	$	18,186		$	18,189		2.38
													18,186			18,189		2.38
Independent Power & Renewable Electricity Producers
Lackawanna Energy Center LLC				First Lien - Term Loan	SOFR+300	(9)	(7)	7.13	8/5/2032	$	14,490,468	$	14,457		$	14,596		1.91
													14,457			14,596		1.91
Insurance
Acrisure, LLC				First Lien - Term Loan	SOFR+300	(9)	(7)	7.13	11/6/2030	$	16,957,286	$	17,002		$	16,910		2.21
Acrisure, LLC				First Lien - Term Loan	SOFR+325	(9)	(7)	7.38	6/20/2032		4,987,500		5,012			4,977		0.65
Alera Group, Inc.				First Lien - Term Loan	SOFR+325	(9)	(7)	7.38	5/30/2032		18,000,000		18,133			18,057		2.36
Trucordia INS HLDGS LLC				First Lien - Term Loan	SOFR+325	(9)		7.38	6/17/2032		13,000,000		13,108			13,016		1.70
													53,255			52,960		6.92
IT Services
Asurion, LLC				First Lien - Term Loan	SOFR+410	(9)	(7)	8.23	8/19/2028	$	19,948,586	$	19,991		$	19,983		2.61
Asurion, LLC				First Lien - Term Loan	SOFR+435	(9)	(7)	8.48	8/19/2028		1,994,885		1,990			2,001		0.26
													21,981			21,984		2.87
Leisure Products
Olibre Borrower LLC				First Lien - Term Loan	SOFR+550	(10)		9.48	1/3/2030	$	14,887,500	$	14,548		$	14,534		1.90
													14,548			14,534		1.90
Machinery
A-AG US GSI Bidco, Inc.				First Lien - Term Loan	SOFR+500	(10)		8.98	10/31/2031	$	2,701,731	$	2,652		$	2,688		0.35
Merlin Buyer Inc.				First Lien - Term Loan	SOFR+400	(10)		7.98	12/14/2028		6,627,820		6,628			6,644		0.87
													9,280			9,332		1.22

Table of Contents

(1)Fortress ForPrivate eachLending loan, the Company has indicated the reference rate used and provided the spread in effect as of June 30, 2025.Fund

(2)Consolidated TheSchedule totalof parInvestments amountas is presented for debt investments and the number of sharesSeptember or30, units2025- owned is presented for equity investments.cont'd

(3Unaudited) $ in thousands. All debt investments are shown at amortized cost.

~~(4)~~Company $Note inInvestment ~~thousands.~~ReferenceRate ~~Unless~~andSpread ~~otherwise~~(1) ~~indicated,~~Note ~~these~~Interest ~~investments~~Rate ~~were~~(%) ~~valued~~MaturityDate ~~using~~Par/Shares ~~unobservable~~(2) ~~inputs~~Amortized ~~and~~Cost ~~are considered Level~~ (3,5) ~~investments.~~FairValue ~~All~~(4,5) ~~determinations~~% of ~~fair market value of investments are reviewed and approved by the Board. Refer to Note. 5 Fair Value Measurements.~~NetAssets

(5) Negative fair market value indicate investment had an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.


Oil, Gas & Consumable Fuels
Halcon Holdings, LLC			First Lien - Term Loan	SOFR+790	(10)			11.88	12/26/2028	$	14,250,000	$	13,887		$	13,894		1.82
HighPeak Energy, Inc.	(6)		First Lien - Term Loan	SOFR+765	(10)			11.63	9/29/2028		47,927,914		47,814			47,928		6.27
Phoenix Operating, LLC			First Lien - Term Loan	SOFR+710	(10)			11.08	12/18/2027		33,047,911		32,417			32,912		4.31
Phoenix Operating, LLC			First Lien - Delayed Draw Term Loan	SOFR+710	(10)			11.08	12/18/2027		19,506,689		19,466			19,426		2.54
													113,584			114,160		14.94
Pharmaceuticals
CB Biotechnology, LLC			First Lien - Term Loan	SOFR+660	(9)			10.73	3/21/2030	$	45,676,923	$	45,219		$	45,220		5.92
													45,219			45,220		5.92
Professional Services
EagleView Technology Corporation	(8)	(18)	First Lien - Term Loan	SOFR+650	(10)	(7)		10.48	8/14/2028		48,270,187		47,317			47,335		6.19
													47,317			47,335		6.19
Real Estate Management & Development
CoreLogic, Inc. (fka First American Corporation, The)			First Lien - Term Loan	SOFR+361	(9)	(7)		7.74	6/2/2028		24,935,065		24,924			24,910		3.26
													24,924			24,910		3.26
Software
Cendyn Group, LLC			First Lien - Term Loan	SOFR+550	(10)			9.48	6/23/2031	$	15,566,489	$	15,260		$	15,263		2.00
Cendyn Group, LLC			First Lien - Revolving Credit Facility	SOFR+550	(9)			9.63	6/23/2031		570,933		535			534		0.07
GS AcquisitionCo, Inc.			First Lien - Term Loan	SOFR+525	(10)			9.23	5/25/2028		8,240,255		8,240			8,137		1.06
GS AcquisitionCo, Inc.			First Lien - Revolving Credit Facility	SOFR+525	(10)			9.23	5/25/2028		20,228		20			19		-
GS AcquisitionCo, Inc.	(18)		First Lien - Delayed Draw Term Loan	SOFR+525	(10)			9.23	5/25/2028		—		(16	)		(91	)	(0.01	)
Kaseya Inc.			First Lien - Term Loan	SOFR+325	(9)	(7)		7.38	3/20/2032		22,526,859		22,682			22,547		2.95
KnowBe4 Inc.			First Lien - Term Loan	SOFR+375	(11)			7.60	7/23/2032		11,150,088		11,124			11,150		1.46
LeadVenture Inc.			First Lien - Term Loan	SOFR+525	(10)			9.23	6/23/2032		10,752,395		10,593			10,605		1.39
LeadVenture Inc.			First Lien - Delayed Draw Term Loan	SOFR+525	(10)			9.23	6/23/2032		675,865		661			648		0.08
LeadVenture Inc.	(18)		First Lien - Revolving Credit Facility	SOFR+525	(10)			9.23	6/23/2032		—		(15	)		(14	)	-
MRI Software LLC			First Lien - Term Loan	SOFR+475	(10)			8.73	2/10/2028		4,912,811		4,930			4,901		0.64
MRI Software LLC			First Lien - Term Loan	SOFR+475	(10)			8.73	2/10/2027		2,018,243		2,025			2,013		0.26
MRI Software LLC	(18)		First Lien - Revolving Credit Facility	SOFR+475	(10)			8.73	2/10/2028		3,982		4			3		-
MRI Software LLC	(18)		First Lien - Delayed Draw Term Loan	SOFR+475	(10)			8.73	2/10/2028		—		(1	)		(1	)	-
Olo Parent, Inc.			First Lien - Term Loan	SOFR+450	(10)			8.48	9/13/2032		28,708,340		28,578			28,565		3.74
Olo Parent, Inc.	(18)		First Lien - Revolving Credit Facility	SOFR+450	(10)			8.48	9/13/2032		—		(14	)		(14	)	-
SonicWall, Inc.	(18)		First Lien - Term Loan	SOFR+500	(10)	(7)		8.98	5/18/2028		24,070,734		23,906			22,867		2.99
SonicWall, Inc.			First Lien - Term Loan	SOFR+550	(10)			9.48	5/18/2028		14,062,614		13,805			13,781		1.80
													142,317			140,913		18.43
Specialized REITs
North America Data Center Acquisition LLC			First Lien - Term Loan	SOFR+500	(10)			8.98	5/8/2030	$	12,681,250	$	12,593		$	12,666		1.66
													12,593			12,666		1.66
Total non-controlled, non-affiliated debt investments												$	971,570		$	970,617		126.96
Equity investments (17)
Food Products
Amy's Kitchen, LLC	(18)		Warrants	N/A			N/A		N/A	$	2,296	$	264		$	286		0.04
													264			286		0.04
Hotels, Restaurants & Leisure
Riser Fitness, LLC	(18)		Warrants	N/A			N/A		N/A	$	194,344	$	194		$	455		0.06
													194			455		0.06
Total non-controlled, non-affiliated equity investments												$	458		$	741		0.10
Total non-controlled, non-affiliated investments												$	972,028		$	971,358		127.06
Non-controlled, affiliated investments
Debt investments
Specialty Retail
FR Refuel, LLC			First Lien - Term Loan	SOFR+486	(9)			8.99	11/8/2028	$	7,572,093	$	7,541		$	7,497		0.98
FR Refuel, LLC	(18)		First Lien - Delayed Draw Term Loan	SOFR+486	(9)			8.99	7/22/2028		—		-			(16	)	-
												$	7,541		$	7,481		0.98
Total non-controlled, affiliated debt investments												$	7,541		$	7,481		0.98
Total non-controlled, affiliated investments												$	7,541		$	7,481		0.98

(6) Considered non-qualifying when subject to Section 55(a) of the 1940 Act.

(7) Investment is valued using observable inputs and considered a Level 2 investment.

(8) Investment earned part of investment income as paid-in-kind interest income. Interest rate includes 1% of PIK.

(9) The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2025 was 4.32%.

(10) The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2025 was 4.29%.

(11) The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2025 was 4.15%.

(12) The interest rate on these loans is subject to 3 month CORRA, which as of June 30, 2025 was 2.68%.

(13) These investments qualify as restricted investments under Reg S-X 210.12-12 due to contractual limitations on trading and transfers as private warrants. See additional information regarding these securities below:

Issuer	Acquisition Date
Amy's Kitchen, LLC	6/30/2025
Riser Fitness, LLC	3/14/2025

Derivative Instrument								Settlement Date			Notional amount to be purchased				Notional amount to be sold				FairValue
Foreign currency forward contract								8/29/2025			$		28,379		C$		38,604		$	(44	)

Fortress Private Lending Fund

Consolidated Statement of Financial Condition

Fortress Private Lending Fund

Consolidated Statement of Operations

(Unaudited)

[See accompanying notes to the consolidated financial statements.]

Fortress Private Lending Fund

Consolidated Statement of Changes in Net Assets

(Unaudited)

Fortress Private Lending Fund

Consolidated Statement of Cash Flows

(Unaudited)

Fortress Private Lending Fund

Consolidated Schedule of Investments as of JuneSeptember 30, 2025

(Unaudited)

Fortress Private Lending Fund

Consolidated Schedule of Investments as of JuneSeptember 30, 2025- (cont'd)

(Unaudited)

(1)Fortress ForPrivate eachLending loan, the Company has indicated the reference rate used and provided the spread in effect as of June 30, 2025.Fund

(2)Consolidated TheSchedule totalof parInvestments amountas is presented for debt investments and the number of sharesSeptember or30, units2025- owned is presented for equity investments.cont'd

(3Unaudited) $ in thousands. All debt investments are shown at amortized cost.

Fortress Private Lending Fund

Consolidated Schedule of Investments as of September 30, 2025- cont'd

(Unaudited)

Filing Compare · Fortress Private Lending Fund