North Haven Private Income Fund LLC reported its financial results for the year ended December 31, 2025, showcasing a net increase in members' capital resulting from operations of $238.4 million, compared to $259.9 million in the previous year. Total investment income reached $657.6 million, up from $552.3 million in 2024, primarily driven by increased capital deployment and the acquisition of SL Investment Corp. However, this was partially offset by declining base rates and repricing of the existing portfolio. Net expenses increased to $336.5 million from $273.8 million in the prior year, reflecting higher interest and financing expenses due to increased borrowings.
The company's portfolio consisted primarily of first lien debt, representing 97.1% of total investments at fair value, with a weighted average yield of 9.0% at cost. Investments in second lien debt accounted for 0.5% of the portfolio. The company had investments in 313 portfolio companies across 44 industries. Approximately 99.9% of the debt portfolio was invested in debt bearing a floating interest rate, which are primarily subject to interest rate floors for the applicable reference rate. The company's asset coverage ratio, as defined by the 1940 Act, was 202.00% as of December 31, 2025, compared to 213.0% as of December 31, 2024.
Key operational developments included the acquisition of SL Investment Corp. in July 2024, which added 148 portfolio companies across 29 industries to the investment portfolio. The company also continued to execute its unit repurchase program, repurchasing 24.7 million units for a total of $461.9 million during the year. The company's board declared total distributions of $312.9 million, or $1.6705 per unit, for the year ended December 31, 2025.
Looking ahead, North Haven Private Income Fund LLC will continue to focus on directly originated senior secured term loans to U.S. middle-market companies. The company's investment pace will depend on several factors including the market environment, the current economic environment, and deal flow. The company intends to maintain an allocation to syndicated loans and other liquid investments to provide liquidity for unit repurchases.
About North Haven Private Income Fund LLC
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