Results

LGAM Private Credit LLC

03/04/2026 | Press release | Distributed by Public on 03/04/2026 15:22

Annual Report for Fiscal Year Ending December 31, 2025 (Form 10-K)

Management's Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per unit amounts, unless otherwise indicated)

The discussion and analysis contained in this section refers to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto in Part II, Item 8 of this Form 10-K, "Consolidated Financial Statements and Supplementary Data." This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to those described in Part I, Item 1A of this Form 10-K, "Risk Factors." Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" appearing elsewhere in this Form 10-K.

OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle market companies. We have elected to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley.

We are a private, perpetual-life BDC, which is a BDC whose Units are not listed for trading on a stock exchange or other securities market. We use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration whose units are intended to be sold by us monthly on a continuous basis at a price generally equal to our monthly net asset value per Unit.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company. For purposes of this Report, "middle-market companies" refers to companies that, in general, generate annual EBITDA in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.

We invest primarily in directly originated senior secured term loans including first lien senior secured term loans (including unitranche loans) and second lien senior secured term loans, with the balance of our investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle-market senior loans may be issued by middle-market companies in the context of LBOs, acquisitions, debt refinancings, recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (such as SOFR). We also make investments in traded bank loans and other liquid debt securities of U.S. corporate issuers, including broadly syndicated loans, which may provide more liquidity than our private credit investments, for cash management purposes, including to manage payment obligations under our unit repurchase program. Depending on various factors, including our cash flows and the market for middle-market company debt investments, we expect that our liquid loan portfolio could represent a material portion of our investments from time to time.

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the Order, we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Entities (each as defined in the Order), in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. The Order contains certain conditions and requires the Board to maintain oversight of our participation in the co-investment program. The Order also requires a "required majority" (as defined in Section 57(o) of the 1940 Act) of our eligible directors to make certain conclusions pursuant to Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of ours is an existing investor in the portfolio company, non-pro rata follow on investments and non-pro rata dispositions of investments.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest and fee income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR.

Interest on these debt investments is generally payable quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Adviser pursuant to the Investment Advisory Agreement; (ii) costs and other expenses and our allocable portion of overhead incurred by the Administrator in performing its administrative obligations under the Administration Agreement between us and the Administrator; and (iii) other operating expenses as detailed below:

•
our initial organizational costs and operating costs incurred prior to the filing of our election to be regulated as a BDC;
•
the costs associated with any offerings of our securities;
•
calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);
•
out-of-pocket expenses, including travel, entertainment, lodging, and meal expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including any investments that are not ultimately made (including, without limitation, any reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments) and monitoring actual portfolio companies and, if necessary, enforcing our rights;
•
the base management fee and any incentive fees payable under the Investment Advisory Agreement;
•
certain costs and expenses relating to distributions paid by us;
•
administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;
•
arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;
•
the allocated costs incurred by the Investment Adviser or Administrator in providing managerial assistance to those portfolio companies that request it;
•
amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, holding, settling, clearing, monitoring, holding or disposing of prospective or actual investments;
•
the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments and dues and expenses incurred in connection with membership in industry or trade organizations;
•
distribution payment agent, transfer agent and custodial fees, and expenses;
•
costs of derivatives and hedging;
•
federal, state and local registration fees;
•
any fees payable to rating agencies;
•
U.S. federal, state and local taxes;
•
costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;
•
Independent Director fees and expenses;
•
costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of compliance with the 1940 Act, the Sarbanes-Oxley Act and applicable federal and state securities laws, and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including the compensation of professionals responsible for the preparation or review of the foregoing;
•
the costs of any reports, proxy statements or other notices to our unitholders (including printing and mailing costs), the costs of any unitholders' meetings and the cost and expenses of preparation of the foregoing and related matters;
•
the costs of specialty and custom software expenses for monitoring risk, compliance and overall investments;
•
our fidelity bond;
•
any necessary insurance premiums;
•
any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company);
•
direct fees and expenses associated with independent audits, agency, consulting and legal costs;
•
costs of winding up;
•
extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company);
•
direct fees and expenses associated with independent audits, agency, consulting and legal costs; and
•
and all other expenses incurred by either the Administrator or us in connection with administering our business and reimbursing third-party expenses incurred by the Administrator under the Administration Agreement in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

PORTFOLIO AND INVESTMENT ACTIVITY

The composition of our portfolio is presented below:

December 31, 2025

December 31, 2024

Cost

Fair Value

% of Total
Investments
at Fair
Value

Cost

Fair Value

% of Total
Investments
at Fair
Value

First Lien Debt

$

455,963

$

455,473

99.2

%

$

240,020

$

240,817

99.6

%

Second Lien Debt

1,416

1,416

0.3

-

-

-

Other Debt Investments

1,213

1,186

0.3

626

630

0.3

Equity

1,379

1,166

0.2

382

393

0.1

Total

$

459,971

$

459,241

100.0

%

$

241,028

$

241,840

100.0

%

Our debt portfolio (excluding our liquid loan portfolio) displayed the following characteristics of each of our investments(1)(2), unless otherwise noted:

As of

December 31,
2025

December 31,
2024

Number of portfolio companies

132

89

Number of new investment commitments in portfolio companies

54

54

Number of investment commitments exited or fully repaid

11

7

Percentage of performing debt bearing a floating rate, at fair value

99.8

%

99.7

%

Percentage of performing debt bearing a fixed rate, at fair value

0.2

%

0.3

%

Weighted average yield on debt and income producing investments, at cost(3)

8.8

%

9.8

%

Weighted average yield on debt and income producing investments, at fair value(3)

8.8

%

9.7

%

Weighted average yield on portfolio, at cost(4)

8.7

%

9.7

%

Weighted average yield on portfolio, at fair value(4)

8.7

%

9.7

%

Weighted average 12-month EBITDA

$

168.0

$

181.9

Median 12-month EBITDA

$

102.8

$

131.7

Weighted average net leverage through tranche(5)

6.0x

6.1x

Weighted average interest coverage(6)

1.9x

1.7x

Weighted average loan to value of our portfolio companies(7)

39.4

%

39.1

%

Percentage of debt investments with one or more financial covenants

42.5

%

56.3

%

Percentage of our debt investments that are sponsor backed

96.8

%

99.6

%

Percentage of loans and other debt in support of LBOs and acquisitions

65.0

%

63.5

%

Percentage of our debt portfolio subject to business cycle volatility

2.6

%

5.2

%

Percentage of our total portfolio on non-accrual, at cost

1.6

%

1.2

%

Average position size of our investments (in millions)

$

3.48

$

2.72

(1)
Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche in which the Company is a lender, interest coverage and loan to value exclude recurring revenue investments, which are investments in portfolio companies to which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.
(2)
Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.
(3)
Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on debt securities divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.
(4)
Computed as (a) the annual stated spread, plus reference rate, as applicable, plus annual accretion of discounts, as applicable on all investments of the Company divided by (b) total investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.
(5)
Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche in which the Company is a lender, excluding recurring revenue investments.
(6)
Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies to which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.
(7)
Calculated using total outstanding debt through the tranche in which the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

For the Year Ended December 31, 2025

For the Year Ended December 31, 2024

For the period from
February 7, 2023
(inception) through
December 31,
2023

New Investments Committed

Gross Principal Balance(1)

$

327,536

$

209,331

$

116,290

Net New Investments Committed

$

327,536

$

209,331

$

116,290

Investments, at Cost

Investments, beginning of period

$

241,028

$

99,614

$

-

New investments purchased

253,887

167,582

99,765

Net accretion of discount on investments

702

434

20

Payment-in-kind

470

221

-

Net realized gain (loss) on investments

(942

)

13

-

Investments sold or repaid

(35,174

)

(26,836

)

(171

)

Investments, end of period

$

459,971

$

241,028

$

99,614

Principal amount of investments funded

First lien debt investments

$

255,484

$

169,170

$

100,815

Other debt investments

-

589

-

Equity

300

376

-

Total

$

255,784

$

170,135

$

100,815

Amount of investments sold/fully repaid, at principal

First lien debt investments

$

24,697

$

21,340

$

-

Total

$

24,697

$

21,340

$

-

(1)
Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.

Investment Performance Rating

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser's ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser's Internal Risk Rating system:

Risk Rating 1 - In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investment performance is above our initial underwriting expectations and the business trends and risk factors present are generally favorable, which trends or factors may include the performance of the portfolio company, or the likelihood of a potential exit.

Risk Rating 2 - In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 2 investments are generally performing in line with our initial underwriting expectations, and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Risk Rating 2.

Risk Rating 3 - In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as due to declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Risk Rating 4 - In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan's risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance, and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

The distribution of our portfolio on the Investment Adviser's Internal Risk Rating System is as follows:

December 31, 2025

December 31, 2024

Fair Value

% of Total

Fair Value

% of Total

Risk rating 1

$

-

- %

$

-

- %

Risk rating 2

453,360

98.7

239,651

99.1

Risk rating 3

-

-

-

-

Risk rating 4

5,881

1.3

2,189

0.9

$

459,241

100.0

%

$

241,840

100.0

%

The table below presents the amortized cost of our performing and non-accrual debt investments as of the following periods:

December 31, 2025

December 31, 2024

Amortized
Cost

% of
Total

Amortized
Cost

% of
Total

Performing

$

452,786

98.4

%

$

238,047

98.8

%

Non-accrual(1)

7,185

1.6

2,981

1.2

Total

$

459,971

100.0

%

$

241,028

100.0

%

(1)
As of December 31, 2025 and December 31, 2024, the Company had certain investments in one and one portfolio company that was on non-accrual status, respectively.

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. We may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

For the Year Ended December 31, 2025

For the Year Ended December 31, 2024

Total investment income

$

30,722

$

19,529

Less: Net expenses

16,189

7,859

Net investment income (loss)

14,533

11,670

Less: Excise tax expense

-

30

Net investment income after taxes

14,533

11,640

Net change in unrealized appreciation (depreciation)

(1,541

)

679

Net realized gain (loss)

(940

)

13

Net increase (decrease) in net assets resulting from operations

$

12,052

$

12,332

Investment Income

Investment income was as follows:

For the Year Ended December 31, 2025

For the Year Ended December 31, 2024

Investment income:

Interest income

$

29,477

$

18,779

Payment-in-kind

442

222

Dividend income

73

6

Other income

730

522

Total Investment Income

$

30,722

$

19,529

In the table above, total investment income increased from $19,529 to $30,722 for the year ended December 31, 2024, and December 31, 2025, respectively. The increase was primarily driven by our deployment of capital. The size of our investment portfolio at amortized cost increased from $241,028 as of December 31, 2024 to $459,971 as of December 31, 2025. This was partially offset by a decrease in our weighted average yield at cost and fair value to 8.8% and 8.8% at December 31, 2025 from 9.8% and 9.7% at December 31, 2024, which was primarily driven by the reduction in base rates and repricing on our existing portfolio.

Expenses

Expenses were as follows:

For the Year Ended December 31, 2025

For the Year Ended December 31, 2024

Expenses:

Interest and other financing expenses

$

11,017

$

6,195

Management fees

1,738

1,119

Income based incentive fees

2,058

1,485

Capital gains incentive fees

(104

)

87

Professional fees

1,048

739

Organization and Offering costs

-

31

Directors' fees

105

122

Administrative service fees

138

64

General and other expenses

214

156

Total expenses

$

16,214

$

9,998

Expense support

(25

)

(297

)

Management fees waiver

-

(786

)

Income based incentive fees waiver

-

(1,056

)

Net expenses

$

16,189

$

7,859

Excise tax expense

$

-

$

30

Interest and Other Financing Expenses

Interest and other financing expenses, including unused commitment fees and deferred financing costs, increased from $6,195 to $11,017 for the year ended December 31, 2024 and December 31, 2025, respectively. The increase was primarily due to higher average borrowings outstanding during the year ended December 31, 2025. For the years ended December 31, 2025 and December 31, 2024, average borrowings outstanding were $149,730 and $64,349, respectively.

Management Fees

Base management fees, net of waiver, were $1,738 and $333 for the year ended December 31, 2025 and December 31, 2024, respectively.

Incentive Fee

The incentive fee consists of two components: (1) income based incentive fee and (2) capital gains incentive fee. The income based incentive fees, net of waiver, were $2,058 and $429 for the years ended December 31, 2025 and December 31, 2024, respectively.

Professional Fees, Administrative Service Fee and Other Expenses

Professional fees include legal, audit, tax, valuation and other professional fees incurred related to the management of our Company. Administrative service fee represents fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.

Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments

For the Year Ended December 31, 2025

For the Year Ended December 31, 2024

Realized and unrealized gain (loss):

Net realized gain(loss) on non-controlled/non-affiliated investments

$

(942

)

$

13

Foreign currency and other transactions

2

-

Net realized gain (loss):

$

(940

)

$

13

Net change in unrealized appreciation (depreciation):

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments

(1,344

)

679

Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments

(200

)

-

Translation of assets and liabilities in foreign currencies

3

-

Net change in unrealized appreciation (depreciation):

(1,541

)

679

Net realized and unrealized gain (loss)

$

(2,481

)

$

692

For the year ended December 31, 2025, net realized losses on investments were $942 which was primarily due to the sale and/or restructuring of certain portfolio companies.

For the year ended December 31, 2025, net change in unrealized depreciation on our investments of $1,544 was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies. For the year ended December 31, 2024, net change in unrealized appreciation on our investments of $679 was primarily driven by changes in spreads in the primary and secondary markets.

We determine the fair value of our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation or depreciation. For further details, see Note 5 "Fair Value Measurements" to our consolidated financial statements included in this report.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Units, net borrowings from our credit facility, and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of any closing of our continuous private offering of our Units. Our primary use of cash is investments in portfolio companies, payments of our expenses, funding repurchases under our unit repurchase program and payment of cash distributions to our unitholders. Details of our credit facility is described in "Debt"below. We may, from time to time, enter into new credit facilities, increase the size of existing credit facility or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of December 31, 2025, we had approximately $20.1 million of unrestricted cash, cash equivalents, and short term investments (including investments in money market funds), which, taken together with our approximately $138.3 million of availability under the Citibank Funding Facility (subject to borrowing base availability) (as defined in Note 6. "Debt" in the notes to the accompanying consolidated financial statements), respectively, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of December 31, 2025, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $121.8 million.

Unregistered Sales of Equity Securities

The following table summarizes the total Units issued and proceeds received from the closings of our continuous private offering that occurred for the years ended December 31, 2025 and December 31, 2024:

Unit Issuance Date

Units Issued

Proceeds Received

For the Year Ended December 31, 2025

January 01, 2025

92,026

$

1,867

February 01, 2025

324,243

6,569

March 01, 2025

257,946

5,216

April 01, 2025

156,200

3,144

May 01, 2025

104,734

2,103

June 01, 2025

78,354

1,570

July 01, 2025

747,037

14,993

August 01, 2025

237,133

4,757

September 01, 2025

502,254

10,075

October 01, 2025

455,191

9,131

November 01, 2025

515,804

10,332

December 01, 2025

513,689

10,267

Total

3,984,611

$

80,024

For the Year Ended December 31, 2024

January 01, 2024

166,242

$

3,331

February 01, 2024

273,008

5,477

March 01, 2024

181,929

3,661

April 01, 2024

221,212

4,453

May 01, 2024

202,466

4,078

June 01, 2024

195,918

3,962

July 01, 2024

265,989

5,367

August 01, 2024

267,484

5,401

September 01, 2024

181,120

3,668

October 01, 2024

224,139

4,539

November 01, 2024

234,669

4,755

December 01, 2024

436,434

8,855

Total

2,850,610

$

57,547

Distributions

The following table summarizes the Company's distributions declared and payable for the years ended December 31, 2025 and December 31, 2024:

Date Declared

Record Date

Payment Date

Per Unit Amount

For the Year Ended December 31, 2025

January 27, 2025

January 31, 2025

February 05, 2025

$

0.1564

February 27, 2025

February 28, 2025

March 05, 2025

0.1562

March 25, 2025

March 31, 2025

April 03, 2025

0.1559

April 25, 2025

April 30, 2025

May 05, 2025

0.1510

May 22, 2025

May 31, 2025

June 04, 2025

0.1505

June 18, 2025

June 30, 2025

July 03, 2025

0.1420

July 24, 2025

July 31, 2025

August 05, 2025

0.1380

August 21, 2025

August 31, 2025

September 03, 2025

0.1379

September 22, 2025

September 30, 2025

October 03, 2025

0.1379

October 23, 2025

October 31, 2025

November 05, 2025

0.1379

November 20, 2025

November 30, 2025

December 03, 2025

0.1377

December 22, 2025

December 31, 2025

January 06, 2026

0.1416

Total Distributions

$

1.7430

For the Year Ended December 31, 2024

January 29, 2024

January 31, 2024

February 05, 2024

$

0.1503

February 27, 2024

February 29, 2024

March 05, 2024

0.1505

March 25, 2024

March 31, 2024

April 04, 2024

0.1551

April 25, 2024

April 30, 2024

May 03, 2024

0.1552

May 28, 2024

May 31, 2024

June 05, 2024

0.1553

June 25, 2024

June 28, 2024

July 03, 2024

0.2304

(1)

July 25, 2024

July 31, 2024

August 05, 2024

0.1556

August 27, 2024

August 31, 2024

September 05, 2024

0.1556

September 24, 2024

September 30, 2024

October 03, 2024

0.1561

October 25, 2024

October 31, 2024

November 05, 2024

0.1561

November 25, 2024

November 29, 2024

December 04, 2024

0.1562

December 23, 2024

December 31, 2024

January 06, 2025

0.1564

Total Distributions

$

1.9328

(1)
Includes a special distribution of $0.0745 per unit

Distribution Reinvestment

We have adopted an "opt in" dividend reinvestment plan ("DRIP"). As a result, if we declare a cash distribution, unitholders that specifically opt in to the DRIP will have their cash distributions automatically reinvested in additional Units. For the years ended December 31, 2025 and December 31, 2024, we did not issue any Units pursuant to our DRIP. For further details, see Note 8 "Members' Capital" to our consolidated financial statements included in this report.

Unit Repurchase Program

At the discretion of the Board of Directors, we may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. The limitations and restrictions described in the applicable offer to repurchase units may prevent us from accommodating all repurchase requests made in any quarter. The unit repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market. We will offer to repurchase Units on such terms as may be determined by our Board of Directors in its complete and absolute discretion.

For the years ended December 31, 2025 and December 31, 2024, no units were repurchased.

For further details, see Note 8 "Members' Capital" to our consolidated financial statements included in this report.

Debt

Our outstanding debt obligations were as follows:

December 31, 2025

December 31, 2024

Aggregate
Principal
Committed

Outstanding
Principal

Unused
Portion

Aggregate
Principal
Committed

Outstanding
Principal

Unused
Portion

Citibank Funding Facility

$

400,000

$

261,700

$

138,300

$

250,000

$

105,600

$

144,400

For further details, see Note 6 "Debt" to our consolidated financial statements included in this report.

RECENT DEVELOPMENTS

January Issuances and Distribution Declarations

Pursuant to our continuous private offering, we issued approximately 773,332 Units for an aggregate offering price of $15.4 million effective January 1, 2026.

On January 26, 2026, our Board of Directors declared a distribution to unitholders of record in the amount of $0.1412 per unit and payable on February 04, 2026 as of January 31, 2026.

February Issuances and Distribution Declarations

Pursuant to our continuous private offering, we issued approximately 526,732 Units for an aggregate offering price of $10.5 million effective February 1, 2026.

On February 26, 2026, our Board of Directors declared a distribution to unitholders of record in the amount of $0.1411 per unit and payable on March 4, 2026 as of February 28, 2026.

Citibank Funding Facility Amendment

On January 15, 2026, the Company increased the Citibank Funding Facility amount from $400.0 million to $500.0 million. The other material terms of the Citibank Funding Facility remain unchanged.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part II, Item 8 of this Report, including Note 2 "Significant Accounting Policies."

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For a further discussion and disclosure of key inputs and considerations related to this estimate, refer to Note 5 "Fair Value Measurements"included in the notes to the consolidated financial statements in Part II, Item 8 in this Report.

RELATED PARTY TRANSACTIONS

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):

•
the Investment Advisory Agreement;
•
the Administration Agreement; and
•
the Expense Support Agreement.

For further details, see Note 3. "Related Party Transactions" to our consolidated financial statements included in this Report.

LGAM Private Credit LLC published this content on March 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 04, 2026 at 21:23 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]