Wed, May 14, 9:29 PM (39 days ago)
### Summary of Lord Abbett Private Credit Fund (Ticker: None) **Financial Health and Performance (Q1 2025):** - **Revenue and Profit Margins:** - Total investment income: $14,425,000. - Net investment income: $6,808,000. - Net realized gain/(loss) and change in unrealized appreciation (depreciation): $355,000. - Net increase (decrease) in net assets resulting from operations: $7,163,000. - Distributions to common shareholders: $6,951,000. - **Cash Flow:** - Net cash provided by (used in) operating activities: $(112,188,000). - Net cash provided by (used in) financing activities: $93,745,000. - Net increase (decrease) in cash and cash equivalents: $(18,443,000). - **Earnings Changes:** - Net investment income increased significantly compared to the previous period. - Net realized gain/(loss) and change in unrealized appreciation (depreciation) showed a positive trend. - **Quarterly Performance Discussion:** - The fund experienced a notable increase in investment income and net assets. - The distribution to shareholders remained substantial, indicating strong cash flow management. - **Trends and Uncertainties:** - The fund's investment strategy focuses on senior secured loans to U.S. middle-market companies. - Economic and market conditions, interest rates, and competitive environments are key factors influencing performance. - **Future Operations Impact:** - The fund aims to distribute substantially all available earnings annually. - Continued focus on generating current income and long-term capital appreciation. **Key Metrics (Q1 2025):** - **Net Asset Value (NAV) per share:** $25.24 (end of period). - **Total return based on NAV:** 2.97%. - **Ratio of expenses before waivers and reimbursements to average NAV:** 13.75%. - **Ratio of net expenses to average NAV:** 13.15%. - **Ratio of net investment income to average NAV:** 11.50%. **Investment Portfolio:** - **First Lien Secured Debt:** $557,966,000 (94.37% of total investments). - **Investments in Joint Venture:** $33,308,000 (5.63% of total investments). **Debt Obligations:** - **SMBC Revolving Credit Facility:** $188,000,000 outstanding. - **ABL Credit Facility:** $230,500,000 outstanding. - **Total debt:** $418,500,000. **Subsequent Events:** - Declared a distribution of $0.24 per share on April 24, 2025. - Issued and sold 513,669 common shares on April 1, 2025. - Received approximately $20.1 million in net proceeds from share issuances in May 2025. **Conclusion:** Lord Abbett Private Credit Fund demonstrated strong financial performance in Q1 2025, with significant increases in investment income and net assets. The fund's strategic focus on senior secured loans and effective cash flow management position it well for future growth and shareholder value. However, market conditions and economic uncertainties remain key factors to monitor.