North Haven Private Income Fund LLC

Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.

100.00 -> 47.80 (down 52.2% vs prior period); trailing 4-period average 86.95; comparison interval: ~5 months (2025-12-05 -> 2026-04-28; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: https://www.sec.gov/Archives/edgar/data/1851322/000119312526187564/pif_sc_to-i_amendment_q1.htm | SC TO-I/A final results (pro-rated at ~47.8%)

Private-market NAVs move slowly by construction, so a 2%+ single-month markdown is a genuine valuation event, not noise.

18.57 -> 18.12 (down 2.4% vs prior period); trailing 4-period average 18.54; same period prior year 18.82; comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: us-gaap:NetAssetValuePerShare | accession 0001193125-26-221623 | 10-Q filed 2026-05-13

The fund is shrinking: money going out exceeds money coming in. Persistent negative net flows change the fund's behavior (what it can buy, what it must sell) even before any gate is near.

$-49.8M -> $-144.8M (down 190.9% vs prior period); trailing 4-period average $-37.7M; same period prior year $79.9M; breach persisted 3 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: gross_share_sales + drip_reinvestment - shares_redeemed_dollars

Key-person changes at externally managed funds are one of the few governance signals these structures emit. A single departure is usually routine; a pattern (or a departure near other stress signals) is not.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1851322/000119312526076787/ck0001851322-20260223.htm | Item 5.02

The fund is shrinking: money going out exceeds money coming in. Persistent negative net flows change the fund's behavior (what it can buy, what it must sell) even before any gate is near.

$-32.6M -> $-49.8M (down 52.6% vs prior period); trailing 4-period average $18.5M; same period prior year $109.8M; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: gross_share_sales + drip_reinvestment - shares_redeemed_dollars