North Haven Fund Assets Soar 55% on Investment Growth, Income Doubles

TL;DR

**North Haven's aggressive asset growth and doubled income are bullish, but watch that soaring debt – it's a double-edged sword.**

AI Summary

North Haven Private Income Fund A LLC reported a significant increase in total assets, growing from $303,310 thousand as of December 31, 2024, to $470,342 thousand as of September 30, 2025. This 55% growth was primarily driven by an increase in non-controlled/non-affiliated investments, which rose from $269,888 thousand to $449,424 thousand. The fund's net investment income for the nine months ended September 30, 2025, more than doubled to $17,306 thousand, compared to $8,305 thousand for the same period in 2024, largely due to a surge in interest income from $10,272 thousand to $26,043 thousand. Total expenses also increased substantially, from $4,699 thousand to $13,052 thousand, with interest and other financing expenses rising from $1,884 thousand to $7,309 thousand. Despite higher expenses, net increase in members' capital from operations grew from $8,674 thousand to $16,856 thousand. The fund's debt increased from $91,018 thousand to $185,207 thousand, reflecting increased leverage to finance its investment growth. Net asset value per unit slightly decreased from $20.28 to $20.22.

Why It Matters

This significant growth in assets and investment income for North Haven Private Income Fund A LLC indicates a robust expansion strategy, likely appealing to investors seeking exposure to private credit. The substantial increase in debt, however, introduces higher financial risk, which could impact returns if interest rates rise further or investment performance falters. For employees, this growth suggests stability and potential expansion, while customers of the underlying portfolio companies benefit from continued access to capital. In the broader market, this reflects the ongoing demand and expansion within the private credit sector, potentially drawing more capital away from traditional fixed-income markets and increasing competition among private lenders.

Risk Assessment

Risk Level: medium — The fund's debt nearly doubled from $91,018 thousand to $185,207 thousand between December 31, 2024, and September 30, 2025, indicating increased leverage. While investment income surged, the corresponding rise in interest and other financing expenses from $1,884 thousand to $7,309 thousand for the nine months ended September 30, 2025, highlights sensitivity to interest rate fluctuations and increased financial burden.

Analyst Insight

Investors should scrutinize the quality and diversification of the fund's rapidly expanding investment portfolio, particularly given the increased leverage. While income growth is strong, assess the sustainability of these returns against rising interest expenses and potential market downturns. Consider if the slight decrease in Net Asset Value per unit from $20.28 to $20.22 is a minor fluctuation or an early indicator of pressure.

Financial Highlights

debt To Equity

0.66

revenue

$26,043,000

total Assets

$470,342,000

total Debt

$185,207,000

net Income

$16,856,000

eps

$1.22

revenue Growth

+153.5%

Revenue Breakdown

Key Numbers

• $470.3M — Total Assets (Increased 55% from $303.3M as of December 31, 2024)
• $17.3M — Net Investment Income (More than doubled from $8.3M for the nine months ended September 30, 2024)
• $26.0M — Interest Income (Increased from $10.3M for the nine months ended September 30, 2024)
• $185.2M — Debt (Increased from $91.0M as of December 31, 2024)
• $7.3M — Interest and Other Financing Expenses (Increased from $1.9M for the nine months ended September 30, 2024)
• $20.22 — Net Asset Value per Unit (Slightly decreased from $20.28 as of December 31, 2024)
• 13,827,418 — Class I Units Outstanding (As of November 10, 2025)

Key Players & Entities

• North Haven Private Income Fund A LLC (company) — registrant
• $470,342 thousand (dollar_amount) — total assets as of September 30, 2025
• $303,310 thousand (dollar_amount) — total assets as of December 31, 2024
• $17,306 thousand (dollar_amount) — net investment income for nine months ended September 30, 2025
• $8,305 thousand (dollar_amount) — net investment income for nine months ended September 30, 2024
• $185,207 thousand (dollar_amount) — debt as of September 30, 2025
• $91,018 thousand (dollar_amount) — debt as of December 31, 2024
• $20.22 (dollar_amount) — net asset value per unit as of September 30, 2025
• $20.28 (dollar_amount) — net asset value per unit as of December 31, 2024
• Bloomberg (company) — publisher

FAQ

Risk Factors

• Increased Leverage and Debt Financing [high — financial]: The fund's debt has more than doubled from $91,018,000 as of December 31, 2024, to $185,207,000 as of September 30, 2025. This substantial increase in leverage is used to finance the growth in investments but exposes the fund to higher interest expenses and financial risk.
• Rising Interest and Financing Expenses [medium — financial]: Interest and other financing expenses have surged from $1,884,000 for the nine months ended September 30, 2024, to $7,309,000 for the same period in 2025. This increase is directly linked to the higher debt levels and impacts the fund's profitability.
• Dependence on Non-Controlled Investments [medium — market]: The fund's total assets grew by 55% to $470,342,000, primarily driven by an increase in non-controlled/non-affiliated investments to $449,424,000. The performance and valuation of these external investments are critical to the fund's overall financial health.
• Slight Decrease in Net Asset Value Per Unit [low — financial]: Despite operational growth, the Net Asset Value (NAV) per unit slightly decreased from $20.28 to $20.22. This indicates that the growth in assets and income has not fully translated into an increase in per-unit value, potentially due to increased unit count or valuation adjustments.

Industry Context

The private income fund sector typically focuses on generating current income through debt investments in private companies. Growth in this sector is often driven by increased demand for alternative credit and the ability of funds to source attractive yield opportunities. Competition exists from other private credit funds and traditional fixed-income markets.

Regulatory Implications

As a private fund, North Haven Private Income Fund A LLC is subject to various regulatory requirements, including those related to investor disclosures and anti-money laundering. Changes in financial regulations or increased scrutiny on private investment vehicles could impact operations and compliance costs.

What Investors Should Do

1. Monitor the performance and valuation of non-controlled/non-affiliated investments, as they constitute the largest portion of the fund's assets and are key to its growth.
2. Analyze the sustainability of the increased interest income and the impact of rising interest expenses on future profitability, given the fund's higher leverage.
3. Investigate the reasons behind the slight decrease in Net Asset Value per unit despite strong operational income growth to understand potential dilution or valuation impacts.

Glossary

Non-controlled/non-affiliated investments

Investments in entities where North Haven Private Income Fund A LLC does not have significant influence or control over the operating and financial policies. These are typically passive investments. (This category represents the vast majority of the fund's assets ($449,424,000 out of $470,342,000), making its performance and valuation crucial to the fund's overall financial results.)

Net investment income

The income generated from a fund's investments after deducting investment-related expenses, but before considering other operating expenses. (The significant doubling of net investment income to $17,306,000 is a key driver of the fund's operational performance for the period.)

Net asset value per unit

The value of a fund's net assets (assets minus liabilities) divided by the number of outstanding units. It represents the per-unit market value of the fund. (The slight decrease from $20.28 to $20.22, despite strong operational income growth, warrants investor attention to understand the underlying causes.)

Year-Over-Year Comparison

Compared to the prior period, North Haven Private Income Fund A LLC has experienced substantial growth in total assets (55%) and net investment income (more than doubled). This growth is fueled by a significant increase in interest income and a corresponding rise in debt and interest expenses, indicating a strategy of increased leverage to drive investment expansion. However, this growth has been accompanied by a slight decrease in Net Asset Value per unit, suggesting a need for closer examination of the underlying drivers.

Filing Documents

• ck0001973476-20250930.htm (10-Q) — 16913KB
• ck0001973476-ex31_1.htm (EX-31.1) — 14KB
• ck0001973476-ex31_2.htm (EX-31.2) — 14KB
• ck0001973476-ex32_1.htm (EX-32.1) — 7KB
• ck0001973476-ex32_2.htm (EX-32.2) — 8KB
• 0001193125-25-274285.txt ( ) — 50156KB
• ck0001973476-20250930.xsd (EX-101.SCH) — 1223KB
• ck0001973476-20250930_htm.xml (XML) — 12116KB

Financial Information

Part I. Financial Information Item 1. Consolidated Financial Statements (Unaudited) Consolidated Statements of Financial Condition 3 Consolidated Statements of Operations 4 Consolidated Statements of Changes in Members' Capital 5 Consolidated Statements of Cash Flows 6 Consolidated Schedules of Investments 7 Notes to the Consolidated Financial Statements 38 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 66 Item 4.

Controls and Procedures

Controls and Procedures 67

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 68 Item 1A.

Risk Factors

Risk Factors 68 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 69

SIGNATURES

SIGNATURES 2 Table of Contents North Haven Private Income Fund A LLC Consolidated St atements of Financial Condition (In thousands, except unit and per unit amounts) As of September 30, 2025 December 31, 2024 (Unaudited) (Audited) Assets Non-controlled/non-affiliated investments, at fair value (amortized cost of $ 448,379 and $ 268,579 ) $ 449,424 $ 269,888 Cash 13,614 29,112 Deferred financing costs 2,205 2,378 Interest and dividend receivable from non-controlled/non-affiliated investments 2,267 1,903 Receivable for investments sold/ repaid 39 17 Other assets 2,793 12 Total assets 470,342 303,310 Liabilities Debt 185,207 91,018 Payable for investments purchased — 4,529 Payable to affiliates (Note 3) 214 40 Distributions payable 2,656 1,459 Management fees payable 98 518 Subscriptions received in advance (Note 8) 2,641 19,143 Payable for units repurchased 3,134 6,487 Capital gains based incentive fee payable 125 182 Interest and financing costs payable 524 177 Income based incentive fees payable 92 395 Accrued expenses and other liabilities 540 636 Total liabilities 195,231 124,584 Commitments and contingencies (Note 7) Members' Capital Common units, par value $ 0.001 per unit ( 13,604,341 and 8,811,503 units issued and outstanding) 14 9 Paid-in capital in excess of par value 274,248 177,322 Distributable earnings (loss) 849 1,395 Total members' capital $ 275,111 $ 178,726 Total liabilities and members' capital $ 470,342 $ 303,310 Net asset value per unit $ 20.22 $ 20.28 The accompanying notes are an integral part of these unaudited consolidated financial statements 3 Table of Contents North Haven Private Income Fund A LLC Consolidated Sta tements of Operations (Unaudited) (In thousands, except unit and per unit amounts) For the Three Months Ended For the Nine

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